(PUB) Morningstar FundInvestor

February 2 014

Morningstar FundInvestor

7

Data through January 31, 2014 T. Rowe Price Growth Stock

Ticker

Status Yield Total Assets

Mstar Category

PRGFX Open

0.0% $41,569 mil

Large Growth

Morningstar Analyst Rating 01-30-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Average Above Avg

97% 97% 94% 99% 99% 96% 98% 98%

ˇ

Manager Change Partial Manager Change

14.0 18.0 22.0 26.8

Morningstar Pillars Process Performance

Growth of $10,000

Neutral Neutral Positive Positive Positive

¶ ¶

Investment Values of Fund Investment Values of S&P 500

People Parent Price

∞ ∞ ∞

10.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 01-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

24.33 31.23

26.67 10.24 -0.64

28.40

31.63 14.05 -1.74

33.66

19.24

27.51 43.25 16.79

32.15 16.93

31.83 -0.97 -3.08 -3.61 0.02 -0.99

37.78 18.92

52.57 39.20

51.63 -1.79 1.67 1.06 0.00 -1.79

NAV

6.56 1.65 1.30 0.07 6.49 0.02 0.00 0.72 0.42 48

-42.26 10.37

Total Return %

2.55 1.48 0.27

4.88 -1.44 0.66

-5.26 -3.82 0.36

1.87 0.22 0.06

2.92 3.66 0.22

6.81 5.72 0.05

+/-S&P 500

3.94 0.62 9.62 0.15 0.00 0.74 0.72 27

4.98 0.67

6.04 0.26

+/-Russ 1000Gr Income Return % Capital Return %

30.96

13.38

-42.62 9.71

42.99

16.87

18.70

39.15

26

7

67

65

17

35

39

14

12

22

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.05 0.00 0.76 0.29

0.19 0.57 0.70 0.53

0.21 1.01 0.67 0.64

0.12 0.07 0.71 0.49

0.05 0.00 0.73 0.25

0.02 0.00 0.70 0.06

0.01 0.00 0.70 0.04

0.07 0.00 0.70 0.25

0.02 0.00

0.00 0.00

Income $

§ Negative

¶ Neutral

Capital Gains $

Expense Ratio % . . Income Ratio % . . Turnover Rate % . .

Performance 01-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

36 . .

38

51

56

59

42

30

31

2009 2010 2011 2012 2013

0.21 14.89 14.00 9.15 43.25 4.29 -11.78 14.14 11.34 16.93 5.19 0.06 -14.48 10.01 -0.97 19.13 -4.91 6.07 -1.04 18.92 7.73 3.17 11.86 11.97 39.20

37,244 37,244 27,354 22,840 22,080 18,348 12,613 21,493 16,078 11,149 8,238 5,645

Net Assets $mil

Portfolio Analysis 12-31-13 Share change since 09-13 Total Stocks:116 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Google, Inc. Class A Amazon.com Inc MasterCard Incorporated

Technology 33.0 5.38 6.14

1 Yr 3 Yr 5 Yr

31.73 16.61 22.47

Trailing

Total

+/-

+/- Russ %Rank Growth of

Cnsmr Cyc

-10.06 5.28

.

Return% S&P 500 1000Gr

Cat

$10,000

High +Avg +Avg

Avg Avg Avg

Finan Svs 30.0 -9.28 3.03 Cnsmr Cyc 33.0 -1.51 2.98 Technology 12.4 -10.77 2.85 Finan Svs 27.4 -3.26 2.81 Hlth care 44.3 7.39 2.77

3 Mo 6 Mo 1 Yr

4.70 2.70 16.25 9.40 31.73 10.21 16.61 2.68 22.47 3.28 8.50 1.67 6.39 2.24

1.96 6.10 7.38 2.24 1.59 1.20 3.65

21 10,470 7 11,625 10 13,173 8 15,857 15 27,552 18 22,610 15 25,323

Priceline.com, Inc.

10 Yr Incept

8.50

Apple Inc

10.82

Visa, Inc. Class A Gilead Sciences Inc Crown Castle Internation Danaher Corporation Precision Castparts Corp Home Depot, Inc. American Tower Corp

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index S&P 500 M* U.S. Grwth TR

Comm Svs

-3.36 2.28

.

Industrl Industrl

20.8 -3.64 2.22 23.3 -5.40 2.18

Alpha

1.4

1.3

Beta

1.09

1.04

Cnsmr Cyc 20.8 -6.67 1.87

R-Squared

89

98

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 16.58 5 0.03 10 22.43 13 0.03 10 8.29 14 0.19 28 Potential Capital Gain Exposure: 46% of assets

Real Est

55.0 1.33 1.85

Standard Deviation

14.27 16.61

Biogen Idec Inc

Hlth care 43.9 11.83 1.78

Starbucks Corporation

Cnsmr Cyc

-9.27 1.73

Mean

.

McKesson Corp

Hlth care 32.7 8.06 1.69

Sharpe Ratio

1.15

Boeing Co

Industrl

22.2 -8.23 1.56

T. Rowe Price Reserve In

1.33

. . . Technology 20.3 -0.04 1.26 Cnsmr Cyc 29.2 -2.98 1.22 Cnsmr Cyc 25.4 -3.03 1.22

Morningstar’s Take by Katie Rushkewicz Reichart, CFA 01-30-14 T. Rowe Price Growth Stock’s new manager has a strong pedigree but is untested on his own.

Qualcomm, Inc.

Las Vegas Sands Corp

Where he’ll need to do more work is at the tail end of the portfolio: Growth Stock’s 118-name portfolio is broader than the 74-stock institutional fund. This fund won’t likely become much more concentrated under Fath, though he may be willing to make more bets on cyclical stocks and turnarounds than his predecessor. The core of the fund still will focus on firms with growing market opportunities, strong management teams, and solid free cash flow, with a growth bent that can invite price risk. It will take time to assess Fath’s process and see how he positions the fund, which at $58 billion strategywide, is a lot to manage. He’s also taking over after a huge market rally, which could prove challenging. Despite the success of the institutional fund, which surpassed 96% of its peers when he was involved, the record is not his own, and he was not in charge of portfolio construction. Whether that fund’s heightened risk profile--highlighted by steeper losses than peers in down markets--carries over to this fund remains to be seen.

eBay Inc

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Manager Rob Bartolo unexpectedly resigned from the firm in mid-January. He left behind a record that had slightly edged the Russell 1000 Growth Index and surpassed 80% of its large-growth peers since his late 2007 start. While his successor Joe Fath won’t benefit from the transition period that’s common when T. Rowe funds change managers, he does come to the post prepared. After joining the firm as an analyst in 2002, he became associate portfolio manager at Silver-rated T. Rowe Price Institutional Large Cap Growth TRLGX in April 2008, helping manager Rob Sharps source ideas and keep tabs on the fund. In that role, he worked with the firm’s growth managers, including Bartolo, as well as T. Rowe’s analysts across sectors. That experience gives Fath a running start. He’s familiar with many of this fund’s top holdings, which are also held in Institutional Large Cap Growth (there was 65% overlap in assets as of December 2013).

Market Cap % Giant 44.3 Large 36.8 Mid 18.9 Small 0.0 Micro 0.0 Avg $mil: 50,109

Value Blnd Growth

Large Mid Small

Cyclical 43.08 1.50 BasicMat 3.47 1.13 4 1 CnsmrCyc28.04 3.27 29 19 FinanSvs 9.68 0.62 10 8 Real Est 1.89 1.29 2 0 Sensitive 40.61 0.93 CommSrvs 3.51 0.88 5 3 Energy 4.80 0.45 8 4 Industrl 13.33 1.17 21 13 Technlgy 18.97 1.08 33 18 Defensive16.31 0.59 CnsmrDef 4.48 0.37 8 2 Hlthcare 11.83 1.00 12 6 Utilities 0.00 0.00 . .

h r t y u j i o p a k s d f

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

25.39 5.22 2.54 18.11 0.78 16.37 11.81 12.17 13.98 13.45

1.42 1.82 1.40 1.81 0.59 1.22 1.14 1.52 1.08 0.61

% Rel Category

Composition - Net

Cash 1.3 Stocks 98.0 Bonds 0.0 Other 0.7 Foreign 5.8

Address:

100 East Pratt Street Baltimore, MD 21202 800-638-5660 www.troweprice.com

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Add: $100

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

18.79 9.67 14.22

0.90 0.99 1.01

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.25% mx./0.21% mn., 0.15%A Mgt:0.53% Dist: .

(% of Stock)

04-11-50

Actual Fees:

T. Rowe Price Associates, Inc.

Expense Projections: Income Distribution:

3Yr:$224 Annually

5Yr:$390 10Yr:$871

None

N/A

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted to be accurate, correct, complete or timely. Pastperformance is no guarantee of future results.Accessupdated reportsat To order reprints, call 312-696-6100. mfb.morningstar.com.

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