NPORT-EX 2 70A6TRP033125.htm T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
March
31,
2025
(Unaudited)
1
Portfolio
of
Investments
Shares/Par
$
Value
(Cost
and
value
in
$000s)
COMMON
STOCKS
 97.4%
COMMUNICATION
SERVICES
 15.8%
Entertainment
 2.9%
Netflix (1)
1,469,596‌
1,370,442‌
Sea,
ADR (1)
1,999,131‌
260,867‌
1,631,309‌
Interactive
Media
&
Services
 11.6%
Alphabet,
Class
4,069,661‌
629,333‌
Alphabet,
Class
20,377,753‌
3,183,616‌
Meta
Platforms,
Class
4,781,538‌
2,755,887‌
6,568,836‌
Wireless
Telecommunication
Services
 1.3%
T-Mobile
U.S. 
2,833,294‌
755,668‌
755,668‌
Total
Communication
Services
8,955,813‌
CONSUMER
DISCRETIONARY
 16.1%
Automobiles
 2.2%
Tesla (1)
4,846,515‌
1,256,023‌
1,256,023‌
Broadline
Retail
 8.4%
Amazon.com (1)
24,906,180‌
4,738,650‌
4,738,650‌
Hotels,
Restaurants
&
Leisure
 2.3%
Booking
Holdings 
121,167‌
558,206‌
Chipotle
Mexican
Grill (1)
9,424,124‌
473,185‌
DoorDash,
Class
A (1)
1,441,333‌
263,432‌
1,294,823‌
Specialty
Retail
 3.1%
Carvana (1)
5,953,399‌
1,244,737‌
Ross
Stores 
1,889,025‌
241,399‌
TJX 
2,209,354‌
269,099‌
1,755,235‌
Textiles,
Apparel
&
Luxury
Goods
 0.1%
Lululemon
Athletica (1)
292,596‌
82,822‌
82,822‌
Total
Consumer
Discretionary
9,127,553‌
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CONSUMER
STAPLES
 1.2%
Food
Products
 0.3%
Mondelez
International,
Class
2,148,571‌
145,781‌
145,781‌
Household
Products
 0.9%
Colgate-Palmolive 
2,662,878‌
249,511‌
Procter
&
Gamble 
1,495,105‌
254,796‌
504,307‌
Total
Consumer
Staples
650,088‌
ENERGY
 0.2%
Energy
Equipment
&
Services
 0.2%
Schlumberger 
2,965,522‌
123,959‌
Total
Energy
123,959‌
FINANCIALS
 10.3%
Capital
Markets
 1.7%
Charles
Schwab 
2,604,929‌
203,914‌
Goldman
Sachs
Group 
465,207‌
254,138‌
Morgan
Stanley 
2,135,240‌
249,118‌
S&P
Global 
444,308‌
225,753‌
932,923‌
Financial
Services
 6.9%
Adyen
(EUR) (1)
74,001‌
113,428‌
Fiserv (1)
719,458‌
158,878‌
Mastercard,
Class
2,821,214‌
1,546,364‌
Visa,
Class
5,960,581‌
2,088,945‌
3,907,615‌
Insurance
 1.7%
Chubb 
2,136,866‌
645,312‌
Marsh
&
McLennan 
1,182,540‌
288,575‌
933,887‌
Total
Financials
5,774,425‌
HEALTH
CARE
 8.9%
Health
Care
Equipment
&
Supplies
 2.2%
Intuitive
Surgical (1)
1,868,149‌
925,238‌
Stryker 
889,516‌
331,123‌
1,256,361‌
Health
Care
Providers
&
Services
 1.8%
Elevance
Health 
388,422‌
168,948‌
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UnitedHealth
Group 
1,667,049‌
873,117‌
1,042,065‌
Life
Sciences
Tools
&
Services
 1.3%
Danaher 
1,798,137‌
368,618‌
Thermo
Fisher
Scientific 
749,997‌
373,199‌
741,817‌
Pharmaceuticals
 3.6%
AstraZeneca,
ADR 
224,806‌
16,523‌
Eli
Lilly 
2,425,649‌
2,003,368‌
Zoetis 
64,256‌
10,580‌
2,030,471‌
Total
Health
Care
5,070,714‌
INDUSTRIALS
&
BUSINESS
SERVICES
 2.7%
Aerospace
&
Defense
 1.2%
General
Electric 
2,379,248‌
476,207‌
TransDigm
Group 
126,083‌
174,409‌
650,616‌
Commercial
Services
&
Supplies
 0.3%
Cintas 
702,043‌
144,291‌
Veralto 
328,806‌
32,042‌
176,333‌
Electrical
Equipment
 0.3%
GE
Vernova 
482,276‌
147,229‌
147,229‌
Ground
Transportation
 0.3%
Old
Dominion
Freight
Line 
896,455‌
148,318‌
148,318‌
Industrial
Conglomerates
 0.6%
Roper
Technologies 
607,872‌
358,389‌
358,389‌
Total
Industrials
&
Business
Services
1,480,885‌
INFORMATION
TECHNOLOGY
 40.5%
Electronic
Equipment,
Instruments
&
Components
 0.4%
TE
Connectivity 
1,551,521‌
219,261‌
219,261‌
IT
Services
 0.7%
Shopify,
Class
A (1)
4,415,850‌
421,625‌
421,625‌
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Semiconductors
&
Semiconductor
Equipment
 14.5%
ASML
Holding 
710,321‌
470,680‌
Broadcom 
6,802,021‌
1,138,862‌
Monolithic
Power
Systems 
410,925‌
238,328‌
NVIDIA 
55,612,249‌
6,027,256‌
Taiwan
Semiconductor
Manufacturing,
ADR 
1,452,356‌
241,091‌
Texas
Instruments 
428,834‌
77,062‌
8,193,279‌
Software
 15.6%
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $99,123 (1)
(2)(3)
58,155‌
110,075‌
Confluent,
Class
A (1)
1,488,343‌
34,887‌
Crowdstrike
Holdings,
Class
A (1)
480,377‌
169,371‌
Datadog,
Class
A (1)
653,348‌
64,819‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $32,574 (1)(2)(3)
1,131,497‌
27,416‌
Intuit 
622,842‌
382,419‌
Microsoft 
17,375,523‌
6,522,597‌
ServiceNow (1)
1,357,463‌
1,080,731‌
Synopsys (1)
1,034,311‌
443,564‌
8,835,879‌
Technology
Hardware,
Storage
&
Peripherals
 9.3%
Apple 
23,705,396‌
5,265,680‌
5,265,680‌
Total
Information
Technology
22,935,724‌
MATERIALS
 0.9%
Chemicals
 0.9%
Linde 
513,584‌
239,145‌
Sherwin-Williams 
685,202‌
239,266‌
Total
Materials
478,411‌
UTILITIES
 0.7%
Electric
Utilities
 0.7%
Constellation
Energy 
1,958,935‌
394,980‌
Total
Utilities
394,980‌
Total
Miscellaneous
Common
Stocks
 0.1% (4)
26,912‌
Total
Common
Stocks
(Cost
$14,700,775)
55,019,464‌
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CONVERTIBLE
PREFERRED
STOCKS
 0.4%
INFORMATION
TECHNOLOGY
 0.4%
Software
 0.4%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $6,254 (1)(2)(3)
3,669‌
6,945‌
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $699 (1)(2)(3)
410‌
776‌
Canva,
Series
A-4,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $77 (1)(2)(3)
45‌
85‌
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $14 (1)(2)(3)
8‌
15‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $31,087 (1)
(2)(3)
525,810‌
48,637‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $93,418 (1)(2)(3)
1,271,268‌
117,592‌
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $10,421 (1)
(2)(3)
141,790‌
13,116‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $46,366 (1)(2)
(3)
1,525,418‌
36,961‌
Total
Information
Technology
224,127‌
Total
Convertible
Preferred
Stocks
(Cost
$188,336)
224,127‌
CORPORATE
BONDS
 0.3%
Carvana,
9.00%,
12/1/28,
(9.00%
Cash
or
12.00%
PIK) (5)(6)
32,002,692‌
32,843‌
Carvana,
9.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK) (5)(6)
56,360,311‌
59,601‌
Carvana,
9.00%,
6/1/31,
(14.00%
PIK) (5)(6)
72,006,598‌
79,837‌
Total
Corporate
Bonds
(Cost
$144,577)
172,281‌
EQUITY
MUTUAL
FUNDS
 1.4%
Total
Miscellaneous
Equity
Mutual
Funds
 1.4% (4)
817,765‌
Total
Equity
Mutual
Funds
(Cost
$819,981)
817,765‌
SHORT-TERM
INVESTMENTS
 0.6%
Money
Market
Funds
 0.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.39% (7)(8)
312,647,653‌
312,648‌
Total
Short-Term
Investments
(Cost
$312,648)
312,648‌
Total
Investments
in
Securities
 100.1%
(Cost
$16,166,317)
$
56,546,285‌
Other
Assets
Less
Liabilities
(0.1)%
(62,934‌)
Net
Assets
100.0%
$
56,483,351‌
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
6
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
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
$361,618
and
represents
0.6%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(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
$172,281
and
represents
0.3%
of
net
assets.
(7)
Seven-day
yield
(8)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
PIK
Payment-in-kind
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
three
months
ended
March
31,
2025.
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
T.
Rowe
Price
Government
Reserve
Fund,
4.39%
$
—‌
$
—‌
$
3,926‌++
Totals
$
—‌#
$
—‌
$
3,926‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
3/31/25
T.
Rowe
Price
Government
Reserve
Fund,
4.39%
$
339,765‌
 ¤
 ¤
$
312,648‌
Total
$
312,648‌^
#
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
$3,926
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$312,648.
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.
Eastern
time,
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
valuation
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)
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
9
Level
3
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
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 Valuation
Designee
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
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
T.
ROWE
PRICE
Blue
Chip
Growth
Fund
10
those
prices.
The Valuation
Designee
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
factors
such
as,
but
not
limited
to,
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.
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
March
31,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS 
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F93-054Q1
03/25
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
54,768,545‌
$
113,428‌
$
137,491‌
$
55,019,464‌
Convertible
Preferred
Stocks
—‌
—‌
224,127‌
224,127‌
Corporate
Bonds
—‌
172,281‌
—‌
172,281‌
Equity
Mutual
Funds
817,765‌
—‌
—‌
817,765‌
Short-Term
Investments
312,648‌
—‌
—‌
312,648‌
Total
$
55,898,958‌
$
285,709‌
$
361,618‌
$
56,546,285‌