Not FDIC-insured. May lose value. No bank guarantee.

Growth Stock Fund Investor Class: PRGFXMarch 31, 2020

Strategically investing inGROWTH THAT HAS STOOD THE TEST OF TIME.

GROWTH DISCIPLINEThe fund's manager works closely with our 160+ global analysts to find growing businesses in growing industries. Mr. Fath takes a long-term approach to investing and focuses on companies we believe can produce repeatable double-digit growth over time.

GROWTH ROOTSLaunched in 1950 by Thomas Rowe Price, Jr., this was our company's first mutual fund. As shown below, the large-cap growth strategy set out by our founder has been time-tested and has weathered countless market cycles and world events.

GROWTH SEEKERSThe fund seeks high-quality companies with proven performance records, strong management teams, and good business models. We aim to maximize returns by choosing durable and sustainable growth companies in and outside the U.S.

Growth Stock Fund Through the YearsGrowth of $10,000 from fund inception through 12/31/19

Average annual total returns as of 12/31/19 were: 1 Year, 30.82%; 5 Years, 14.23%; 10 Years, 15.03%Average annual total returns as of 03/31/20 were: 1 Year, -3.67%; 5 Years, 9.38%; 10 Years, 12.75%

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, or to request a prospectus or, if available, a summary prospectus which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call 1-855-405-6488 or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

All investments are subject to risks, including the possible loss of principal. International investments are subject to additional risks, including the potential for adverse political and economic developments, greater volatility, less liquidity, and the possibility that foreign currencies will decline against the dollar.

T. Rowe Price Investment Services, Inc., Distributor.201907-895054

March 31, 2020Growth Stock Fund

Experienced Management

Joseph Fath

Investment Experience:19 YearsAt T. Rowe Price:17 Years

Morningstar®Overall Morningstar Rating

Morningstar Category Large Growth

Rated against 1,231 Large Growth funds, as of 03/31/2020, based on risk-adjusted returns.

He (Fath) benefits from T. Rowe's deep analyst bench, which is particularly strong in growth-leaning sectors that are in this strategy's wheelhouse...

- MorningstarApril 15, 2019

As of 03/31/2020, the Growth Stock Fund, received 3 stars for 3 Years/1,231 funds, 3 stars for 5 Years/1,086 funds, and 4 stars for 10 Years/812 funds in the Large Growth category. Ratings are subject to change. The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a singlepopulation for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product'smonthly excess performance, placing more emphasison downward variations and rewarding consistentperformance. The top 10% of products in eachproduct category receive 5 stars, the next 22.5%receive 4 stars, the next 35% receive 3 stars, the next22.5% receive 2 stars, and the bottom 10% receive 1star. Past performance cannot guarantee futureresults.*

Top 20 HoldingsRank Issue Industry Country % of Net Assets1 Amazon.com Internet & Direct Marketing Retail United States 8.85%2 Microsoft Software United States 6.89%3 Facebook Interactive Media & Services United States 4.91%

4 Apple Technology Hardware, Storage & Peripherals United States 4.72%

5 Visa IT Services United States 3.58%6 MasterCard IT Services United States 3.28%7 Alphabet Class A Interactive Media & Services United States 3.22%8 Alphabet Class C Interactive Media & Services United States 2.79%9 Netflix Entertainment United States 2.59%10 Alibaba Group Holding Internet & Direct Marketing Retail China 2.33%

11 Fidelity National Information Services IT Services United States 2.08%

12 UnitedHealth Group Health Care Providers & Services United States 1.86%13 Salesforce.com Software United States 1.75%14 Intuit Software United States 1.55%15 Intuitive Surgical Health Care Equipment & Supplies United States 1.47%16 Vertex Pharmaceuticals Biotechnology United States 1.44%17 Fiserv IT Services United States 1.41%18 Stryker Health Care Equipment & Supplies United States 1.38%19 Centene Health Care Providers & Services United States 1.27%20 Global Payments IT Services United States 1.23%

Total Portfolio Holdings 71 companies

Cumulative ReturnsInvestor ClassHypothetical Growth of $10,000

0.65%Expense Ratio:

$33,204.36

Average Annual Total Returns AnnualizedGrowth Stock FundInception Date: 04/11/50

Three Months Year-to-Date One Year Three Years Five Years Ten Years Since Inception

Investor Class -14.66% -14.66% -3.67% 9.94% 9.38% 12.75% 10.79%

The expense ratio is as of the fund's most recent prospectus.

*Source for Morningstar data: © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance cannot guarantee future results.

© 2020 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.