T.
ROWE
PRICE
Blue
Chip
Growth
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.7%
COMMUNICATION
SERVICES
16.2%
Entertainment
1.9%
Netflix (1)
1,821,730
428,908
Sea,
ADR (1)(2)
6,792,215
380,704
Spotify
Technology (1)
848,346
73,212
Walt
Disney (1)
2,020,774
190,620
1,073,444
Interactive
Media
&
Services
13.8%
Alphabet,
Class
A (1)
5,807,478
555,485
Alphabet,
Class
C (1)
56,178,797
5,401,591
Meta
Platforms,
Class
A (1)
11,704,377
1,588,050
Tencent
Holdings
(HKD)
5,478,940
185,059
7,730,185
Wireless
Telecommunication
Services
0.5%
T-Mobile
U.S. (1)
1,988,084
266,741
266,741
Total
Communication
Services
9,070,370
CONSUMER
DISCRETIONARY
21.5%
Automobiles
5.4%
Tesla (1)
11,526,495
3,057,403
3,057,403
Hotels,
Restaurants
&
Leisure
1.5%
Booking
Holdings (1)
182,494
299,876
Chipotle
Mexican
Grill (1)
377,461
567,233
867,109
Internet
&
Direct
Marketing
Retail
10.9%
Amazon.com (1)
53,244,591
6,016,639
DoorDash,
Class
A (1)
2,242,424
110,888
6,127,527
Multiline
Retail
1.1%
Dollar
General
2,529,696
606,773
606,773
Specialty
Retail
1.3%
Carvana (1)(2)(3)
5,307,132
107,735
Ross
Stores
5,699,803
480,322
TJX
2,151,973
133,681
721,738
Textiles,
Apparel
&
Luxury
Goods
1.3%
Lululemon
Athletica (1)
1,286,468
359,645
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
1
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NIKE,
Class
B
4,323,341
359,356
719,001
Total
Consumer
Discretionary
12,099,551
FINANCIALS
3.5%
Capital
Markets
2.6%
Charles
Schwab
5,570,524
400,353
Goldman
Sachs
Group
2,189,251
641,560
MSCI
212,850
89,778
S&P
Global
1,138,693
347,700
1,479,391
Insurance
0.9%
Chubb
1,282,263
233,218
Marsh
&
McLennan
1,748,774
261,074
494,292
Total
Financials
1,973,683
HEALTH
CARE
13.7%
Health
Care
Equipment
&
Supplies
2.5%
Align
Technology (1)
356,132
73,759
Intuitive
Surgical (1)
4,101,813
768,844
Stryker
2,335,920
473,117
Teleflex
518,937
104,545
1,420,265
Health
Care
Providers
&
Services
5.5%
Humana
1,101,360
534,369
UnitedHealth
Group
5,083,773
2,567,508
3,101,877
Health
Care
Technology
0.3%
Veeva
Systems,
Class
A (1)
948,969
156,466
156,466
Life
Sciences
Tools
&
Services
2.2%
Danaher
3,172,962
819,545
Thermo
Fisher
Scientific
854,274
433,279
1,252,824
Pharmaceuticals
3.2%
AstraZeneca,
ADR
3,290,220
180,436
Eli
Lilly
3,850,276
1,244,987
Zoetis
2,378,963
352,776
1,778,199
Total
Health
Care
7,709,631
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
1.1%
Commercial
Services
&
Supplies
0.2%
Cintas
255,876
99,328
99,328
Industrial
Conglomerates
0.8%
General
Electric
2,584,717
160,020
Roper
Technologies
872,664
313,845
473,865
Professional
Services
0.1%
TransUnion
1,325,620
78,861
78,861
Total
Industrials
&
Business
Services
652,054
INFORMATION
TECHNOLOGY
42.7%
Electronic
Equipment,
Instruments
&
Components
0.2%
TE
Connectivity
1,019,942
112,561
112,561
IT
Services
7.3%
Adyen
(EUR) (1)
62,211
77,587
Affirm
Holdings (1)(2)
2,962,110
55,569
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $104,886 (1)(4)(5)
27,519,082
54,213
Block,
Class
A (1)
3,149,593
173,196
Mastercard,
Class
A
4,558,174
1,296,071
MongoDB (1)(2)
1,250,663
248,332
PayPal
Holdings (1)
1,918,462
165,122
Shopify,
Class
A (1)(2)
6,709,733
180,760
Snowflake,
Class
A (1)
848,185
144,158
Visa,
Class
A
9,678,469
1,719,380
4,114,388
Semiconductors
&
Semiconductor
Equipment
5.5%
Advanced
Micro
Devices (1)
7,274,321
460,901
ASML
Holding
1,161,805
482,556
Marvell
Technology
5,011,619
215,049
Monolithic
Power
Systems
694,351
252,327
NVIDIA
10,019,367
1,216,251
Taiwan
Semiconductor
Manufacturing,
ADR
2,434,648
166,919
Texas
Instruments
2,047,648
316,935
3,110,938
Software
19.9%
Atlassian,
Class
A (1)
1,685,079
354,861
Bill.com
Holdings (1)(2)
2,311,131
305,924
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $99,124 (1)(4)
(5)
58,155
55,535
Confluent,
Class
A (1)(2)
2,972,140
70,648
Crowdstrike
Holdings,
Class
A (1)
723,778
119,286
Datadog,
Class
A (1)
1,338,892
118,867
Fortinet (1)
2,561,706
125,857
Gusto,
Acquisition
Date:
10/4/21,
Cost $32,574 (1)(4)(5)
1,131,497
21,306
HashiCorp,
Class
A (1)(2)
781,686
25,162
Intuit
2,434,784
943,041
Microsoft
29,936,983
6,972,323
Paycom
Software (1)
195,781
64,606
ServiceNow (1)
3,198,008
1,207,600
Synopsys (1)
2,519,087
769,606
11,154,622
Technology
Hardware,
Storage
&
Peripherals
9.8%
Apple
39,650,821
5,479,743
5,479,743
Total
Information
Technology
23,972,252
MATERIALS
0.9%
Chemicals
0.9%
Linde
986,583
265,973
Sherwin-Williams
1,030,415
210,977
Total
Materials
476,950
REAL
ESTATE
0.1%
Real
Estate
Management
&
Development
0.1%
Opendoor
Technologies,
Class
A (1)(2)
14,000,478
43,541
Total
Real
Estate
43,541
Total
Common
Stocks
(Cost
$34,581,637)
55,998,032
CONVERTIBLE
PREFERRED
STOCKS
0.2%
INFORMATION
TECHNOLOGY
0.2%
Software
0.2%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $6,254 (1)(4)(5)
3,669
3,504
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $699 (1)(4)(5)
410
391
Canva,
Series
A-4,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $77 (1)(4)(5)
45
43
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $14 (1)(4)(5)
8
8
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $31,087 (1)
(4)(5)
525,810
29,074
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $93,418 (1)
(4)(5)
1,271,268
70,292
Gusto,
Series
E,
Acquisition
Date:
7/31/21,
Cost $46,365 (1)(4)(5)
1,525,418
28,724
Total
Information
Technology
132,036
Total
Convertible
Preferred
Stocks
(Cost
$177,914)
132,036
CORPORATE
BONDS
0.2%
Carvana,
10.25%,
5/1/30 (3)(6)
161,440,429
106,147
Total
Corporate
Bonds
(Cost
$161,441)
106,147
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (3)(7)
104,200,679
104,201
Total
Short-Term
Investments
(Cost
$104,201)
104,201
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (3)(7)
104,484,443
104,484
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
104,484
Total
Securities
Lending
Collateral
(Cost
$104,484)
104,484
Total
Investments
in
Securities
100.5%
(Cost
$35,129,677)
$
56,444,900
Other
Assets
Less
Liabilities
(0.5)%
(291,299)
Net
Assets
100.0%
$
56,153,601
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2022.
(3)
Affiliated
Companies
(4)
Level
3
in
fair
value
hierarchy.
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
6
.
.
.
.
.
.
.
.
.
.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$263,090
and
represents
0.5%
of
net
assets.
(6)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$106,147
and
represents
0.2%
of
net
assets.
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
EUR
Euro
HKD
Hong
Kong
Dollar
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
7
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Carvana
$
(1,721)
$
(996,687)
$
—
Carvana,
10.25%,
5/1/30
6,513
(55,294)
6,671
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
840++
Totals
$
4,792#
$
(1,051,981)
$
7,511+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
Carvana
$
*
$
131,640
$
4,078
$
107,735
Carvana,
10.25%,
5/1/30
—
162,356
915
106,147
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
139,810
¤
¤
208,685
Total
$
422,567^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$840
of
dividend
income
and
$6,671
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$1,707,904.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
Blue
Chip
Growth
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
9
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
10
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
11
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F93-054Q3
09/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
55,604,332
$
262,646
$
131,054
$
55,998,032
Convertible
Preferred
Stocks
—
—
132,036
132,036
Corporate
Bonds
—
106,147
—
106,147
Short-Term
Investments
104,201
—
—
104,201
Securities
Lending
Collateral
104,484
—
—
104,484
Total
$
55,813,017
$
368,793
$
263,090
$
56,444,900