PABGX Blue Chip Growth Fund– Advisor Class · Further market advances will likely hinge on a resumption in earnings growth, which stalled in 2019, and there is no shortage of global

T. ROWE PRICE

December 31, 2019ANNUAL REPORT

TRBCX Blue Chip Growth Fund

PABGX Blue Chip Growth Fund– Advisor Class

RRBGX Blue Chip Growth Fund– R Class

TBCIX Blue Chip Growth Fund– I Class

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T. ROWE PRICE BluE ChIP GROWTh Fund

HIGHLIGHTS

nn The Blue Chip Growth Fund generated a substantial positive return in the 12-month period ended December 31, 2019, but slightly underperformed the S&P 500 Index.

nn Stock selection in information technology, financials, and industrials and business services detracted from the fund’s relative performance. Underweight allocations to the consumer staples and real estate sectors were modest contributors.

nn The fund’s top sector allocations are in information technology, consumer discretionary, communication services, and health care—areas that we believe offer the most fertile ground for innovation and growth.

nn Overall, we continue to emphasize “all season” growth companies that we believe can continue to generate strong earnings and free cash flow growth in most economic and regulatory environments.


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CIO Market Commentary

Stocks posted strong gains in 2019 as most major U.S. indexes hit record highs in a broad-based rally that more than offset 2018’s losses. Large- and mid-cap growth stocks were the strongest performers, with the S&P 500 and Nasdaq benchmarks recording their best year since 2013. U.S. shares outpaced their global counterparts, although most non-U.S. indexes also finished with solid double-digit gains.

Technology shares performed best within the S&P 500, helped by strong gains from industry giants Apple and Microsoft, and financial stocks also outperformed the broader market. Fixed income securities produced solid gains during the period as well—with corporate bonds leading the way—as longer-term Treasury yields fell to historic lows in late summer before partially rebounding.

In a sign that public markets have retained discipline, investors expressed skepticism about certain private-equity valuation levels when compared with their prospects for financial profitability. Relatively few initial public offerings (IPOs) saw their prices appreciate during the year, and one high-profile IPO candidate (WeWork) decided to withdraw its offering altogether after its valuation was dramatically reduced in the weeks before its proposed IPO.

Although the year opened with concerns that an escalating U.S.-China trade dispute could lead to a recession, global central banks played a key role in supporting markets. Fed policymakers delivered quarter-percentage-point rate cuts in July, September, and October and took steps to maintain liquidity in short-term lending markets. Other central banks also acted to address flagging growth, including the European Central Bank, which lowered its benchmark deposit rate deeper into negative territory and announced that it was restarting its quantitative easing program.

The pivot to a more accommodative monetary policy was a marked change from 2018, when the Fed raised rates four times, and appeared to be successful in reenergizing the economy. After contracting earlier in 2019, key U.S. manufacturing indicators showed signs of stabilizing by year-end, and the labor market remained strong, with solid payroll gains and an unemployment rate hovering near a 50-year low. With this more encouraging economic backdrop, it was not a surprise that in December Fed officials seemed satisfied that monetary policy was properly positioned to support continued growth and forecast no additional rate moves in 2020.


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Besides central bank policy, investors also closely followed developments in the U.S.-China trade dispute. Stocks stumbled in May and August after the U.S. announced new tariffs on some Chinese imports and China retaliated with new tariffs of its own. However, investors generally took an optimistic view of trade negotiations, which limited the trade war’s toll on markets, and in December the two countries announced a “phase one” agreement to reduce some existing tariffs and cancel the imposition of new ones.

With monetary policy worldwide largely committed to ensuring market liquidity and some global economic indicators showing signs of improvement, there are reasons to be optimistic in 2020. However, we caution investors not to expect the outsized gains of the past year. If the post-World War II era is to be a guide, the S&P 500 has on average generated mid-single-digit returns in the fourth year of a presidential cycle.

Further market advances will likely hinge on a resumption in earnings growth, which stalled in 2019, and there is no shortage of global risks in the year ahead. Unresolved trade issues, tensions in the Middle East, and policy debates on taxes, health care, and wealth disparity leading up to the U.S. presidential election all have the potential to cause market volatility.

In addition to these risks, T. Rowe Price analysts will be closely following how disruptive forces such as innovation, technological change, and automation could impact a growing number of global industries. In an uncertain environment, with a wide dispersion of returns possible, we believe that in-depth fundamental research that integrates environmental, social, and governance considerations will be critical to successfully assess opportunities and risks. I am confident our strategic investing approach will continue to serve our shareholders well.

Thank you for your continued confidence in T. Rowe Price.

Sincerely,

Robert SharpsGroup Chief Investment Officer


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Management’s discussion of Fund Performance

INVESTMENT OBJECTIVE

The fund seeks to provide long-term capital growth. Income is a secondary objective.

FUND COMMENTARY

How did the fund perform in the past 12 months?

The Blue Chip Growth Fund returned 29.97% for the 12 months ended December 31, 2019, modestly underperforming its benchmark, the S&P 500 Index. The fund also lagged the style-specific Russell 1000 Growth Index and

its peer group, the Lipper Large-Cap Growth Funds Index. (Returns for the Advisor, R, and I Class shares varied slightly, reflecting their different fee structures. Past performance cannot guarantee future results.)

What factors influenced the fund’s performance?

Despite enduring numerous thematic headwinds in 2019, your fund generated a substantial return for the 12-month period. In addition to the negative sentiment shift related to political rhetoric around

health care, regulatory scrutiny on major internet platform companies, and trade negotiations between the U.S. and China, there were two stocks that meaningfully impacted the fund’s relative performance—our underweight position in Apple and our overweight position in Boeing. (Please refer to our portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)

Our underweight position in Apple was a significant drag on relative performance as its shares rose a remarkable 89% for the year. It’s worth noting, however, that the rise in the stock was driven by multiple expansion, not earnings growth. While our view that several of our other large holdings

Total ReturnPeriods Ended 12/31/19 6 Months 12 Months

Blue Chip Growth Fund 7.54% 29.97%

Blue Chip Growth Fund–Advisor Class 7.39 29.62

Blue Chip Growth Fund– R Class 7.25 29.28

Blue Chip Growth Fund– I Class 7.61 30.13

S&P 500 Index 10.92 31.49

lipper large-Cap Growth Funds Index 9.76 33.56

Russell 1000 Growth Index 12.27 36.39

PERFORMANCE COMPARISON


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will generate more durable growth is largely intact, we have adopted a more constructive view. Our analyst upgraded the stock, and we began to narrow our underweight in the fourth quarter ahead of the 5G iPhone cycle slated for the fall of 2020, which could surprise on the upside given the step-up in technology.

Boeing traded lower after a series of negative events, including the investigation of its 737 MAX jet involved in two tragic crashes, an extended recertification timeline for the 737 MAX, a production halt in order to manage growing inventory, and the departure of its CEO. The production halt and extended recertification timeline are expected to push out the anticipated ramp-up in profitability. We remain overweight but trimmed Boeing during the year given the extended timeline and heightened risk.

The fund’s overweight exposure to the health care sector weighed on relative performance as political rhetoric regarding a single-payer health care system hurt the group for most of the year. While further bouts of volatility are likely as the 2020 presidential election approaches, we have maintained an overweight exposure to the sector based on our constructive outlook over the next three to five years. That decision has started to pay off for us as managed care companies, including Cigna and UnitedHealth Group, bounced back sharply in the fourth quarter.

While investing in the health care sector has been challenging in 2019, we mitigated the drag with good stock picking. Top contributors in the sector included our holdings in medical devices and equipment manufacturers—Stryker, Danaher, and Thermo Fisher Scientific. Our average holding period for this trio of steady compounders is over 10 years.

Increased regulatory scrutiny of the major internet platform companies was another notable headwind in 2019 that affected some of the fund’s core holdings, including Amazon.com and Alphabet, its two largest positions. We will continue to monitor the situation closely given the likelihood that various government entities will continue to scrutinize, and possibly attempt to regulate, the large internet companies more stringently. Aside from the regulatory overhang, the market also expressed some concern regarding Amazon’s investment spending related to its cloud computing business and its one-day shipping initiative. While reinvesting for future growth will pressure profitability in the near to intermediate term, it could strengthen its dominant competitive position.

Despite mounting regulatory uncertainty, Facebook was a top contributor and one of our largest purchases for the year. User growth and engagement continued to trend positively, along with robust advertising demand. We


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believe the company has multiple levers to unlock value for shareholders. Facebook’s share of consumer time spent on mobile devices, coupled with its ad monetization and targeting capabilities, could help it capture a sizable chunk of the secular growth in online advertising.

Signs of progress on U.S.-China trade relations and strong revenue growth helped drive shares of Alibaba Group Holding higher in the back half of the year, making the Chinese internet giant the top relative performance contributor for the year. Signs of progress on the trade front also boosted shares of Tencent Holdings, China’s leader in social and gaming platforms.

The global shift to electronic payments is a powerful secular trend that continued to benefit your portfolio. The major credit card processors, MasterCard and Visa, have been compounding value for your fund for more than a decade and were once again among the top absolute and relative contributors for the year. The fund was also well positioned to capitalize on a flurry of merger activity within the broader financial technology industry. In 2019, Fidelity National Information Services received approval to acquire Worldpay and Fiserv announced plans to acquire First Data in an attractive deal that we think could be accretive to earnings. Global Payments also announced it would buy Total System Services, sending both stocks higher.

How is the fund positioned?

The fund continues to emphasize secular growth companies with strong competitive positions in large addressable markets that support multiyear growth horizons. Prominent sectors in the portfolio—including information technology (IT), consumer discretionary, communication services, and health care—are areas that we continue to believe offer fertile ground for innovative companies to achieve above-average growth prospects.

The information technology sector remains our largest allocation, but it’s important to keep in mind that the sector represents a very diverse group of companies. Our exposure in the sector skews heavily toward software and IT services firms. On the other hand, the hardware and semiconductor industries are among our largest underweights. This important distinction reflects our focus on secular—as opposed to cyclical—growth. However, we do own selected semiconductor companies with above-average secular growth prospects, and several of these could also benefit if trade relations with China improve.

Consumer discretionary is the second-largest sector in absolute terms, but the largest relative overweight. E-commerce behemoths Alibaba and Amazon were the fund’s top two positive bets relative to the benchmark as of year-end and


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make up the bulk of our exposure in the sector. Internet and direct marketing retail is the largest industry overweight across all sectors, whereas specialty retail is among the most deeply underweight industries.

The third-largest relative sector weight is communication services, which was essentially carved out of the information technology sector in 2018. We increased our exposure to the sector throughout the year, with notable additions to Facebook, Alphabet, Netflix, and Tencent Holdings.

Our allocation to the health care sector is largely composed of high-quality managed care organizations and medical device companies that we believe have limited exposure to potential regulatory pressures. While we moderated our exposure to managed care companies to help manage volatility risk, we remain

overweight as, over time, we expect the group to benefit from industry consolidation and an increasing focus on providing cost-effective solutions. In 2019, we further trimmed our exposure to therapeutics; the fund remains underweight in pharmaceuticals and biotechnology given the relatively meager pipelines and ongoing pressure on drug prices.

What is portfolio management’s outlook?

Despite the near- to intermediate-term uncertainties, we still see plenty of reasons to be optimistic about the performance of high-quality, large-cap growth stocks. The

U.S. economy is on solid footing, and the basic building blocks for good stock performance remain. Low inflation and accommodative monetary policies should be supportive for asset prices in 2020 and could help offset potential volatility caused by regulatory uncertainty and a politically charged backdrop.

Percent of net Assets6/30/19 12/31/19

Information Technology 30.2% 33.5%

Consumer discretionary 21.4 21.0

Communication Services 15.7 18.1

health Care 16.9 15.6

Industrials and Business Services 9.1 6.1

Financials 5.3 4.4

Materials 0.6 0.7

Energy 0.4 0.3

utilities 0.4 0.2

Consumer Staples 0.0 0.0

Real Estate 0.0 0.0

Other and Reserves 0.0 0.1

Total 100.0% 100.0%

Historical weightings reflect current industry/sector classifications.

SECTOR DIVERSIFICATION


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Nevertheless, the possibility of extreme outcomes in either a negative or positive direction appears higher than in recent years. Two factors we’re watching closely are trade relations with China and the outcome of the 2020 election.

We recognize that it is difficult to forecast how these macroeconomic factors will develop and how much they will affect stock prices. Therefore, we continue to emphasize “all season” growth companies that we believe can continue to generate strong earnings and free cash flow growth in most economic and regulatory environments.

As always, we maintain a disciplined adherence to our rigorous investment process, which is rooted in bottom-up, fundamental research. We appreciate your support in this endeavor.

The views expressed reflect the opinions of T. Rowe Price as of the date of this report and are subject to change based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


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RISKS OF STOCK INVESTING

The fund’s share price can fall because of weakness in the stock markets, a particular industry, or specific holdings. Stock markets can decline for many reasons, including adverse political or economic developments, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the investment manager’s assessment of companies held in a fund may prove incorrect, resulting in losses or poor performance even in rising markets.

RISKS OF GROWTH INVESTING

Growth stocks can be volatile for several reasons. Since these companies usually invest a high portion of earnings in their businesses, they may lack the dividends of value stocks that can cushion stock prices in a falling market. Also, earnings disappointments often lead to sharply falling prices because investors buy growth stocks in anticipation of superior earnings growth.

BENCHMARK INFORMATION

Note: Frank Russell Company (Russell) is the source and owner of the Russell index data contained or reflected in these materials and all trademarks and copyrights related thereto. Russell® is a registered trademark of Russell. Russell is not responsible for the formatting or configuration of these materials or for any inaccuracy in T. Rowe Price Associates’ presentation thereof.


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TWENTY-FIVE LARGEST HOLDINGS

Percent of net Assets

12/31/19

Amazon.com 8.8 %Alphabet 6.5 Facebook 6.5 Microsoft 5.0 Alibaba Group holding 4.4

Visa 3.7 MasterCard 3.2 Apple 2.6 Tencent holdings 2.3 Boeing 2.2

unitedhealth Group 2.0 Global Payments 1.9 Servicenow 1.9 Salesforce.com 1.9 Intuit 1.8

Stryker 1.8 Cigna 1.8 Fidelity national Information Services 1.7 Vertex Pharmaceuticals 1.7 Fiserv 1.6

PayPal holdings 1.6 Booking holdings 1.5 Intuitive Surgical 1.5 netflix 1.5 Becton, dickinson & Company 1.4

Total 70.8 %

Note: The information shown does not reflect any exchange-traded funds (ETFs), cash reserves, or collateral for securities lending that may be held in the portfolio.

PORTFOLIO HIGHLIGHTS


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This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

GROWTH OF $10,000

As of 12/31/19

$43,98535,66636,027

Blue Chip Growth FundS&P 500 IndexLipper Large-Cap Growth Funds Index

12/1912/1812/1712/1612/1512/1412/1312/1212/1112/1012/09

10,000

18,400

26,800

35,200

43,600

$52,000

BLUE CHIP GROWTH FUND

Note: Performance for the Advisor, R, and I Class shares will vary due to their differing fee structures. See returns table on the next page.


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AVERAGE ANNUAL COMPOUND TOTAL RETURN

Periods Ended 12/31/19 1 Year 5 Years 10 YearsSince

InceptionInception

date

Blue Chip Growth Fund 29.97% 15.24% 15.97% – –

Blue Chip Growth Fund– Advisor Class 29.62 14.92 15.67 – –

Blue Chip Growth Fund– R Class 29.28 14.63 15.37 – –

Blue Chip Growth Fund– I Class 30.13 – – 16.25% 12/17/15

The fund’s performance information represents only past performance and is not necessarily an indication of future results. Current performance may be lower or higher than the performance data cited. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, please visit our website (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132 or, for Advisor, R, and I Class shares, 1-800-638-8790.

This table shows how the fund would have performed each year if its actual (or cumulative) returns had been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns.


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EXPENSE RATIO

Blue Chip Growth Fund 0.70%

Blue Chip Growth Fund–Advisor Class 0.97

Blue Chip Growth Fund–R Class 1.23

Blue Chip Growth Fund–I Class 0.57

The expense ratio shown is as of the fund’s most recent prospectus. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, includes acquired fund fees and expenses but does not include fee or expense waivers.

FUND EXPENSE EXAMPLE

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period.

Please note that the fund has four share classes: The original share class (Investor Class) charges no distribution and service (12b-1) fee, Advisor Class shares are offered only through unaffiliated brokers and other financial intermediaries and charge a 0.25% 12b-1 fee, R Class shares are available to retirement plans serviced by intermediaries and charge a 0.50% 12b-1 fee, and I Class shares are available to institutionally oriented clients and impose no 12b-1 or administrative fee payment. Each share class is presented separately in the table.

Actual ExpensesThe first line of the following table (Actual) provides information about actual account values and expenses based on the fund’s actual returns. You may use the information on this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison PurposesThe information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses derived from the fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the fund’s actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.


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FUND EXPENSE EXAMPLE (CONTINUED)

Note: T. Rowe Price charges an annual account service fee of $20, generally for accounts with less than $10,000. The fee is waived for any investor whose T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account statements, transaction confirmations, prospectuses, and shareholder reports; or accounts of an investor who is a T. Rowe Price Personal Services or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $250,000). This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as redemption fees or sales loads. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher.

Beginning Account Value

7/1/19

Ending Account Value

12/31/19

Expenses Paid during Period*

7/1/19 to 12/31/19

Investor ClassActual $1,000.00 $1,075.40 $3.61

hypothetical (assumes 5% return before expenses) 1,000.00 1,021.73 3.52

Advisor ClassActual 1,000.00 1,073.90 5.02


R ClassActual 1,000.00 1,072.50 6.43


I ClassActual 1,000.00 1,076.10 2.93


* Expenses are equal to the fund’s annualized expense ratio for the 6-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), and divided by the days in the year (365) to reflect the half-year period. The annualized expense ratio of the Investor Class was 0.69%, the Advisor Class was 0.96%, the R Class was 1.23%, and the I Class was 0.56%.

BLUE CHIP GROWTH FUND


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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

Investor Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

NET ASSET VALUE Beginning of period $ 96.03 $ 96.31 $ 72.61 $ 72.38 $ 67.27

Investment activities

Net investment income(1) (2) 0.08 0.09 0.08 0.08 0.01

Net realized and unrealized gain/loss 28.69 1.97 26.45 0.64 7.46

Total from investment activities 28.77 2.06 26.53 0.72 7.47

Distributions

Net investment income (0.11) – (0.06) (0.05) –

Net realized gain (0.34) (2.34) (2.77) (0.44) (2.36)

Total distributions (0.45) (2.34) (2.83) (0.49) (2.36)

NET ASSET VALUE End of period $124.35 $ 96.03 $ 96.31 $ 72.61 $ 72.38


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The accompanying notes are an integral part of these financial statements.



Investor Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Ratios/Supplemental Data

Total return(2) (3) 29.97% 2.01% 36.55% 0.98% 11.15%

Ratios to average net assets:(2)

Gross expenses before waivers/payments by Price Associates 0.69% 0.70% 0.70% 0.72% 0.71%

Net expenses after waivers/payments by Price Associates 0.69% 0.70% 0.70% 0.72% 0.71%

Net investment income 0.07% 0.09% 0.09% 0.11% 0.01%

Portfolio turnover rate 31.5% 27.2% 34.5% 32.4% 33.1%

Net assets, end of period (in millions) $ 44,552 $ 34,938 $ 33,347 $ 25,640 $ 27,812

(1) Per share amounts calculated using average shares outstanding method. (2) See Note 5 for details of expense-related arrangements with Price Associates. (3) Total return reflects the rate that an investor would have earned on an investment in the fund

during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable.


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Advisor Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15



Net investment loss(1)(2) (0.23) (0.21) (0.15) (0.10) (0.18)



Distributions




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Advisor Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15


Total return(2) (3) 29.62% 1.73% 36.17% 0.72% 10.86%




Net investment loss (0.21)% (0.20)% (0.18)% (0.15)% (0.26)%


Net assets, end of period (in millions) $ 3,480 $ 3,035 $ 3,648 $ 2,894 $ 2,936




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R Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15



Net investment loss(1)(2) (0.50) (0.45) (0.36) (0.28) (0.36)



Distributions




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R Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15


Total return(2) (3) 29.28% 1.46% 35.82% 0.45% 10.57%




Net investment loss (0.47)% (0.45)% (0.44)% (0.41)% (0.51)%


Net assets, end of period (in thousands) $ 909,996 $ 789,759 $ 750,239 $ 577,521 $ 530,979




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I Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16

12/17/15(1) Through 12/31/15



Net investment income(2) (4) 0.22 0.24 0.19 0.22 –(3)

Net realized and unrealized gain/loss 28.73 1.95 26.46 0.61 (0.03)

Total from investment activities 28.95 2.19 26.65 0.83 (0.03)

Distributions

Net investment income (0.26) (0.06) (0.17) (0.15) –

Net realized gain (0.34) (2.34) (2.77) (0.44) –

Total distributions (0.60) (2.40) (2.94) (0.59) –



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I Class

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16

12/17/15(1) Through 12/31/15


Total return(4) (5) 30.13% 2.14% 36.71% 1.13% (0.04)%


Gross expenses before waivers/payments by Price Associates 0.56% 0.57% 0.57% 0.58% 0.63%(6)

Net expenses after waivers/payments by Price Associates 0.56% 0.57% 0.57% 0.58% 0.62%(6)

Net investment income 0.20% 0.22% 0.22% 0.31% 0.88%(6)


Net assets, end of period (in millions) $ 20,898 $ 11,719 $ 8,058 $ 3,669 $ 11

(1) Inception date (2) Per share amounts calculated using average shares outstanding method. (3) Amounts round to less than $0.01 per share. (4) See Note 5 for details of expense-related arrangements with Price Associates. (5) Total return reflects the rate that an investor would have earned on an investment in the fund

during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year.

(6) Annualized


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december 31, 2019

PORTFOLIO OF INVESTMENTS‡

(Cost and value in $000s)

Shares $ Value

COMMON STOCKS 99.9%

COMMUNICATION SERVICES 18.1%

Entertainment 2.0%

Electronic Arts (1) 1,538,030 165,354

Netflix (1) 3,165,350 1,024,212

Spotify Technology (1)(2) 1,174,410 175,633

1,365,199

Interactive Media & Services 16.1%

Alphabet, Class A (1) 640,758 858,225

Alphabet, Class C (1) 2,768,178 3,701,109

Facebook, Class A (1) 21,950,660 4,505,373

IAC/InterActiveCorp (1)(2) 1,825,853 454,838

Match Group (1)(2) 1,534,110 125,966

Tencent Holdings (HKD) 33,626,200 1,619,982

11,265,493

Total Communication Services 12,630,692CONSUMER DISCRETIONARY 21.0%

Auto Components 0.6%

Aptiv 4,174,350 396,438

396,438

Automobiles 0.1%

Ferrari 436,170 72,204

72,204

Hotels, Restaurants & Leisure 1.9%

Chipotle Mexican Grill (1) 65,000 54,412

Hilton Worldwide Holdings 3,438,693 381,385

Marriott International, Class A 2,003,570 303,401

Restaurant Brands International 1,806,604 115,207

Royal Caribbean Cruises 1,209,290 161,452

Wynn Resorts 1,502,239 208,616

Yum! Brands 795,420 80,123

1,304,596


23

Shares $ Value



Internet & Direct Marketing Retail 14.8%

Alibaba Group Holding, ADR (1) 14,393,030 3,052,762

Amazon.com (1) 3,326,620 6,147,061

Booking Holdings (1) 506,781 1,040,791

Trip.com Group, ADR (1) 3,136,790 105,208

10,345,822

Multiline Retail 1.4%

Dollar General 5,233,580 816,334

Dollar Tree (1) 1,521,710 143,117

959,451

Specialty Retail 1.0%

Ross Stores 5,384,276 626,838

TJX 1,816,460 110,913

737,751

Textiles, Apparel & Luxury Goods 1.2%

Lululemon Athletica (1) 1,405,000 325,496

NIKE, Class B 4,118,860 417,282

VF 1,031,650 102,814

845,592

Total Consumer Discretionary 14,661,854CONSUMER STAPLES 0.0%

Beverages 0.0%

Constellation Brands, Class A 31,430 5,964

5,964

Tobacco 0.0%

Philip Morris International 25,000 2,127

2,127

Total Consumer Staples 8,091ENERGY 0.3%

Oil, Gas & Consumable Fuels 0.3%

Concho Resources 883,590 77,376

Pioneer Natural Resources 872,390 132,054

Total Energy 209,430


24

Shares $ Value



FINANCIALS 4.4%

Banks 0.1%

Citigroup 261,240 20,870

JPMorgan Chase 101,620 14,166

35,036

Capital Markets 2.6%

Charles Schwab 5,232,958 248,879

Goldman Sachs Group 215,740 49,605

Intercontinental Exchange 4,168,880 385,830

Morgan Stanley 5,446,500 278,425

S&P Global 1,474,780 402,689

State Street 1,329,000 105,124

TD Ameritrade Holding 7,787,426 387,035

1,857,587

Insurance 1.7%

American International Group 1,783,600 91,552

Chubb 953,190 148,374

Marsh & McLennan 2,247,040 250,343

Willis Towers Watson 3,320,300 670,501

1,160,770

Total Financials 3,053,393HEALTH CARE 15.6%

Biotechnology 2.1%

Alexion Pharmaceuticals (1) 2,358,546 255,077

Amgen 51,000 12,294

Seattle Genetics (1) 315,000 35,992

Vertex Pharmaceuticals (1) 5,272,000 1,154,304

1,457,667

Health Care Equipment & Supplies 6.0%

Abbott Laboratories 423,150 36,755

Becton Dickinson & Company 3,529,407 959,893

Boston Scientific (1) 244,370 11,050

Danaher 5,273,911 809,440

Exact Sciences (1)(2) 1,131,550 104,645


25

Shares $ Value



Intuitive Surgical (1) 1,734,529 1,025,367

Stryker 5,892,530 1,237,078

Teleflex 44,830 16,876

4,201,104

Health Care Providers & Services 6.0%

Anthem 2,344,048 707,973

Centene (1)(2) 5,027,329 316,068

Cigna 6,048,794 1,236,918

HCA Healthcare 2,232,320 329,959

UnitedHealth Group 4,648,050 1,366,434

WellCare Health Plans (1) 710,599 234,647

4,191,999

Health Care Technology 0.1%

Veeva Systems, Class A (1) 509,830 71,713

71,713

Life Sciences Tools & Services 1.2%

Agilent Technologies 154,370 13,169

Thermo Fisher Scientific 2,528,737 821,511

834,680

Pharmaceuticals 0.2%

Zoetis 804,140 106,428

106,428

Total Health Care 10,863,591INDUSTRIALS & BUSINESS SERVICES 6.1%

Aerospace & Defense 3.0%

Boeing 4,686,432 1,526,652

L3Harris Technologies 1,016,710 201,176

Northrop Grumman 974,860 335,323

2,063,151

Air Freight & Logistics 0.0%

United Parcel Service, Class B 47,000 5,502

5,502


26

Shares $ Value



Airlines 0.5%

United Airlines Holdings (1) 4,084,020 359,761

359,761

Commercial Services & Supplies 0.1%

Cintas 269,350 72,477

72,477

Industrial Conglomerates 0.9%

Honeywell International 1,174,830 207,945

Roper Technologies 1,253,690 444,095

652,040

Machinery 0.0%

Fortive 323,190 24,688

24,688

Professional Services 0.7%

CoStar Group (1) 502,220 300,478

Equifax 928,830 130,148

IHS Markit (1) 1,125,086 84,775

515,401

Road & Rail 0.9%

Canadian Pacific Railway (2) 640,420 163,275

Kansas City Southern 475,690 72,856

Norfolk Southern 648,456 125,885

Union Pacific 1,250,290 226,040

588,056

Total Industrials & Business Services 4,281,076INFORMATION TECHNOLOGY 33.5%

Communications Equipment 0.0%

Motorola Solutions 35,970 5,796

5,796

IT Services 14.5%

ANT International, Class C, Acquisition Date: 6/7/18, Cost $104,886 (1)(3)(4) 18,696,173 120,216

Automatic Data Processing 564,090 96,177


27

Shares $ Value



Fidelity National Information Services 8,337,650 1,159,684

Fiserv (1) 9,726,900 1,124,721

FleetCor Technologies (1) 1,230,030 353,904

Global Payments 7,321,180 1,336,555

Mastercard, Class A 7,584,470 2,264,647

PayPal Holdings (1) 10,283,680 1,112,386

Visa, Class A 13,785,620 2,590,318

10,158,608

Semiconductors & Semiconductor Equipment 2.9%

Advanced Micro Devices (1) 4,606,000 211,231

Applied Materials 4,802,310 293,133

Broadcom 43,250 13,668

KLA 1,148,120 204,561

Lam Research 662,440 193,697

Marvell Technology Group (2) 11,039,500 293,209

Maxim Integrated Products 1,113,550 68,494

Microchip Technology (2) 389,790 40,819

NVIDIA 1,964,510 462,249

QUALCOMM 1,755,820 154,916

Texas Instruments 835,950 107,244

Xilinx 44,652 4,366

2,047,587

Software 13.5%

Atlassian, Class A (1) 465,648 56,036

DocuSign (1) 1,898,480 140,696

Intuit 4,910,175 1,286,122

Microsoft 22,052,130 3,477,621

Paycom Software (1) 664,000 175,801

salesforce.com (1) 8,025,935 1,305,338

ServiceNow (1) 4,718,800 1,332,212

Splunk (1) 3,635,000 544,414

Synopsys (1) 496,650 69,134

VMware, Class A (1)(2) 2,141,230 325,017

Workday, Class A (1) 4,252,490 699,322

9,411,713


28

Shares $ Value



Technology Hardware, Storage & Peripherals 2.6%

Apple 6,094,660 1,789,697

1,789,697

Total Information Technology 23,413,401MATERIALS 0.7%

Chemicals 0.7%

Air Products & Chemicals 219,960 51,688

Linde 1,115,520 237,494

Sherwin-Williams 311,790 181,942

Total Materials 471,124REAL ESTATE 0.0%

Equity Real Estate Investment Trusts 0.0%

American Tower, REIT 16,020 3,682

Total Real Estate 3,682UTILITIES 0.2%

Electric Utilities 0.0%

NextEra Energy 27,800 6,732

6,732

Multi-Utilities 0.2%

Sempra Energy 1,107,239 167,725

167,725

Total Utilities 174,457

Total Common Stocks (Cost $36,092,984) 69,770,791

SHORT-TERM INVESTMENTS 0.0%

Money Market Funds 0.0%

T. Rowe Price Government Reserve Fund, 1.59% (5)(6) 29,638,022 29,638

Total Short-Term Investments (Cost $29,638) 29,638


29

Shares $ Value



SECURITIES LENDING COLLATERAL 0.3%

Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.3%

Short-Term Funds 0.3%

T. Rowe Price Short-Term Fund, 1.79% (5)(6) 17,877,488 178,775

Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 178,775

Total Securities Lending Collateral (Cost $178,775) 178,775

Total Investments in Securities 100.2% of Net Assets (Cost $36,301,397) $ 69,979,204

‡ Shares are denominated in U.S. dollars unless otherwise noted. (1) Non-income producing (2) See Note 3. All or a portion of this security is on loan at December 31, 2019. (3)

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 has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $120,216 and represents 0.2% of net assets.

(4) See Note 2. Level 3 in fair value hierarchy. (5) Affiliated Companies (6) Seven-day yield

ADR American Depositary Receipts HKD Hong Kong Dollar REIT

A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder


30



($000s)

AFFILIATED COMPANIES

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 year ended December 31, 2019. 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 NetUnrealizedGain/Loss

InvestmentIncome

T. Rowe Price Government Reserve Fund $ — $ — $ 1,385 T. Rowe Price Short-Term Fund — — —++ Totals $ —# $ — $ 1,385+ Supplementary Investment Schedule Affiliate

Value12/31/18

PurchaseCost

SalesCost

Value12/31/19

T. Rowe Price Government Reserve Fund $ 226,447 ¤ ¤ $ 29,638 T. Rowe Price Short-Term Fund 607,463 ¤ ¤ 178,775 $ 208,413^

# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). ++ Excludes earnings on securities lending collateral, which are subject to rebates and fees as

described in Note 3. + Investment income comprised $1,385 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 $208,413.


31


december 31, 2019

($000s, except shares and per share amounts)

STATEMENT OF ASSETS AND LIABILITIES

Assets Investments in securities, at value (cost $36,301,397) $ 69,979,204 Receivable for investment securities sold 255,390 Receivable for shares sold 108,055 Dividends receivable 15,285 Other assets 675 Total assets 70,358,609

Liabilities Payable for shares redeemed 255,129 Obligation to return securities lending collateral 178,775 Payable for investment securities purchased 44,747 Investment management fees payable 32,156 Due to affiliates 1,373 Payable to directors 49 Other liabilities 6,800 Total liabilities 519,029

N E T A S S E T S $ 6 9 , 8 3 9 , 5 8 0


32


december 31, 2019

($000s, except shares and per share amounts)


STATEMENT OF ASSETS AND LIABILITIES

Net Assets Consist of: Total distributable earnings (loss) $ 33,911,382 Paid-in capital applicable to 562,475,181 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares authorized 35,928,198

N E T A S S E T S $ 6 9 , 8 3 9 , 5 8 0

NET ASSET VALUE PER SHARE

Investor Class ($44,551,570,838 / 358,288,512 shares outstanding) $ 124.35 Advisor Class ($3,479,790,424 / 28,505,344 shares outstanding) $ 122.08 R Class ($909,995,660 / 7,778,232 shares outstanding) $ 116.99 I Class ($20,898,223,496 / 167,903,093 shares outstanding) $ 124.47


33


($000s)

STATEMENT OF OPERATIONS

Year Ended

12/31/19Investment Income (Loss) Income

Dividend $ 471,498 Securities lending 2,475 Other 10 Total income 473,983

Expenses Investment management 345,683 Shareholder servicing

Investor Class $ 53,099 Advisor Class 5,093 R Class 1,457 I Class 432 60,081

Rule 12b-1 fees Advisor Class 8,399 R Class 4,402 12,801

Prospectus and shareholder reports Investor Class 1,088 Advisor Class 53 R Class 13 I Class 420 1,574

Registration 1,563 Custody and accounting 1,321 Directors 194 Legal and audit 31 Miscellaneous 335 Total expenses 423,583

Net investment income 50,400

Realized and Unrealized Gain / Loss Net realized gain (loss)

Securities 1,802,101 Foreign currency transactions 41 Net realized gain 1,802,142


34


($000s)


STATEMENT OF OPERATIONS

Year Ended

12/31/19Change in net unrealized gain / loss

Securities 13,767,660 Other assets and liabilities denominated in foreign currencies 5 Change in net unrealized gain / loss 13,767,665

Net realized and unrealized gain / loss 15,569,807

INCREASE IN NET ASSETS FROM OPERATIONS $ 15,620,207


35


($000s)

STATEMENT OF CHANGES IN NET ASSETS

YearEnded

12/31/19 12/31/18 (1)

Increase (Decrease) in Net Assets Operations

Net investment income $ 50,400 $ 45,481 Net realized gain 1,802,142 2,415,268 Change in net unrealized gain / loss 13,767,665 (1,852,053) Increase in net assets from operations 15,620,207 608,696

Distributions to shareholders Net earnings

Investor Class (160,862) (839,792) Advisor Class (9,691) (75,542) R Class (2,649) (19,885) I Class (99,417) (279,885)

Decrease in net assets from distributions (272,619) (1,215,104)

Capital share transactions* Shares sold

Investor Class 9,297,930 11,803,071 Advisor Class 716,007 982,314 R Class 181,211 262,532 I Class 8,094,320 7,358,498

Distributions reinvested Investor Class 151,870 794,542 Advisor Class 9,428 74,145 R Class 2,649 19,885 I Class 91,635 257,815

Shares redeemed Investor Class (10,071,594) (10,762,404) Advisor Class (1,132,633) (1,697,954) R Class (281,746) (231,194) I Class (3,049,668) (3,575,026)

Increase in net assets from capital share transactions 4,009,409 5,286,224


36


($000s)


STATEMENT OF CHANGES IN NET ASSETS

YearEnded

12/31/19 12/31/18 (1)

Net Assets Increase during period 19,356,997 4,679,816 Beginning of period 50,482,583 45,802,767 En d o f p e r i o d $ 6 9 , 8 3 9 , 5 8 0 $ 5 0 , 4 8 2 , 5 8 3

*Share information Shares sold

Investor Class 82,386 111,503 Advisor Class 6,425 9,393 R Class 1,696 2,607 I Class 71,850 69,249

Distributions reinvested Investor Class 1,251 7,825 Advisor Class 79 742 R Class 23 207 I Class 754 2,537

Shares redeemed Investor Class (89,178) (101,757) Advisor Class (10,136) (16,388) R Class (2,642) (2,301) I Class (26,625) (33,508)

Increase in shares outstanding 35,883 50,109

(1)Pursuant to the SEC's Disclosure Update and Simplification rule, certain prior year amounts have been reclassified to conform to current year presentation.


37


NOTES TO FINANCIAL STATEMENTS

T. Rowe Price Blue Chip Growth Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The fund seeks to provide long-term capital growth. Income is a secondary objective. The fund has four classes of shares: the Blue Chip Growth Fund (Investor Class), the Blue Chip Growth Fund–Advisor Class (Advisor Class), the Blue Chip Growth Fund–R Class (R Class), and the Blue Chip Growth Fund–I Class (I Class). Advisor Class shares are sold only through various brokers and other financial intermediaries, and R Class shares are available through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other retirement accounts. I Class shares require a $1 million initial investment minimum, although the minimum generally is waived for retirement plans, financial intermediaries, and certain other accounts. The Advisor Class and R Class each operate under separate Board-approved Rule 12b-1 plans, pursuant to which each class compensates financial intermediaries for distribution, shareholder servicing, and/or certain administrative services; the Investor and I Classes do not pay Rule 12b-1 fees. Each class has exclusive voting rights on matters related solely to that class; separate voting rights on matters that relate to all classes; and, in all other respects, the same rights and obligations as the other classes.

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including, but not limited to, ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity. Certain prior year amounts in the accompanying financial statements and financial highlights have been restated to conform to current year presentation.

Investment Transactions, Investment Income, and Distributions Investment transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Income tax-related interest and penalties, if incurred, are recorded as income tax


38


expense. Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Distributions from REITs are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid by each class annually. A capital gain distribution may also be declared and paid by the fund annually.

Currency Translation Assets, including investments, and liabilities 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 quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective date of such transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is not bifurcated from the portion attributable to changes in market prices.

Class Accounting Shareholder servicing, prospectus, and shareholder report expenses incurred by each class are charged directly to the class to which they relate. Expenses common to both classes, investment income, and realized and unrealized gains and losses are allocated to the classes based upon the relative daily net assets of each class. The Advisor Class and R Class each pay Rule 12b-1 fees, in an amount not exceeding 0.25% and 0.50%, respectively, of the class’s average daily net assets.

In-Kind Redemptions In accordance with guidelines described in the fund’s prospectus, and when considered to be in the best interest of all shareholders, the fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended December 31, 2019, the fund realized $629,705,000 of net gain on $924,405,000 of in-kind redemptions.

New Accounting Guidance Effective January 1, 2019, the fund adopted FASB guidance that shortened the amortization period for certain callable debt securities held at a premium. Adoption had no effect on the fund’s net assets or results of operations.

Indemnification In the normal course of business, the fund may provide indemnification in connection with its officers and directors, service providers, and/or private company investments. The fund’s maximum exposure under these arrangements is unknown; however, the risk of material loss is currently considered to be remote.


39


NOTE 2 - VALUATION

The fund’s financial instruments are valued and each class’s net asset value (NAV) per share is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC.

Fair Value The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.

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

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.


40


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 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.

For valuation purposes, 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, the fund will adjust the previous quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 may also fair value securities in other situations, such as when a particular foreign market is closed but the fund is open. 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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the next day’s opening prices in the same markets, and adjusted prices.

Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value hierarchy.


41


Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are categorized in Level 1 of the fair value hierarchy. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted securities, warrants, rights, and other securities that are not publicly traded.

Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will determine an appropriate valuation technique based on available information, which may include both observable and unobservable inputs. The Valuation Committee 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 Committee 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; or some combination. Fair value determinations are reviewed on a regular basis and updated as information becomes available, including actual purchase and sale transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from those of other market participants. Depending on the relative significance of unobservable inputs, including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.


42


Valuation Inputs The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values on December 31, 2019 (for further detail by category, please refer to the accompanying Portfolio of Investments):

($000s) Level 1 Level 2 Level 3 Total Value

Assets

Common Stocks $ 68,030,593 $ 1,619,982 $ 120,216 $ 69,770,791

Short-Term Investments 29,638 — — 29,638

Securities lending Collateral 178,775 — — 178,775

Total $ 68,239,006 $ 1,619,982 $ 120,216 $ 69,979,204

Following is a reconciliation of the fund’s Level 3 holdings for the year ended December 31, 2019. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any, and is included on the accompanying Statement of Operations. The change in unrealized gain/loss on Level 3 instruments held at December 31, 2019, totaled $15,330,000 for the year ended December 31, 2019.

($000s) Beginning Balance 1/1/19

Gain (Loss) During Period

Ending Balance

12/31/19

Investment in Securities

Common Stocks $ 104,886 $ 15,330 $ 120,216

NOTE 3 - OTHER INVESTMENT TRANSACTIONS

Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks and/or to enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund’s prospectus and Statement of Additional Information.

Restricted Securities The fund invests in securities that are subject to legal or contractual restrictions on resale. Prompt sale of such securities at an acceptable price may be difficult and may involve substantial delays and additional costs.

Securities Lending The fund may lend its securities to approved borrowers to earn additional income. Its securities lending activities are administered by a lending agent in accordance with a securities lending agreement. Security loans generally do not have


43


stated maturity dates, and the fund may recall a security at any time. The fund receives collateral in the form of cash or U.S. government securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any additional collateral required due to changes in security values is delivered to the fund the next business day. Cash collateral is invested in accordance with investment guidelines approved by fund management. Additionally, the lending agent indemnifies the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities, collateral investments decline in value, and the lending agent fails to perform. Securities lending revenue consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower, compensation to the lending agent, and other administrative costs. In accordance with GAAP, investments made with cash collateral are reflected in the accompanying financial statements, but collateral received in the form of securities is not. At December 31, 2019, the value of loaned securities was $174,831,000 the value of cash collateral and related investments was $178,775,000.

Other Purchases and sales of portfolio securities other than short-term securities aggregated $23,300,490,000 and $19,606,807,000, respectively, for the year ended December 31, 2019.

NOTE 4 - FEDERAL INCOME TAXES

No provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. Distributions determined in accordance with federal income tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes.

The fund files U.S. federal, state, and local tax returns as required. The fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The permanent book/tax adjustments have no impact on results of operations or net assets and relate primarily


44


to redemptions in kind and a tax practice that treats a portion of the proceeds from each redemption of capital shares as a distribution of taxable net investment income or realized capital gain. For the year ended December 31, 2019, the following reclassification was recorded:

($000s)

Total distributable earnings (loss) $ (1,193,497)

Paid-in capital 1,193,497

Distributions during the years ended December 31, 2019 and December 31, 2018, were characterized for tax purposes as follows:

($000s)

December 31

2019 2018

Ordinary income $ 82,403 $ 53,459

long-term capital gain 190,216 1,161,645

Total distributions $ 272,619 $ 1,215,104

At December 31, 2019, the tax-basis cost of investments and components of net assets were as follows:

($000s)

Cost of investments $ 36,612,436

unrealized appreciation $ 33,723,340

unrealized depreciation (356,567)

net unrealized appreciation (depreciation) 33,366,773

undistributed ordinary income 722

undistributed long-term capital gain 543,887

Paid-in capital 35,928,198

net assets $ 69,839,580

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales, for tax purposes.


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NOTE 5 - RELATED PARTY TRANSACTIONS

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). The investment management agreement between the fund and Price Associates provides for an annual investment management fee, which is computed daily and paid monthly. The fee consists of an individual fund fee and a group fee. The individual fund fee is equal to 0.30% of the fund’s average daily net assets up to $15 billion and 0.255% of the fund’s average daily net assets in excess of $15 billion. The group fee rate is calculated based on the combined net assets of certain mutual funds sponsored by Price Associates (the group) applied to a graduated fee schedule, with rates ranging from 0.48% for the first $1 billion of assets to 0.265% for assets in excess of $650 billion. The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets. At December 31, 2019, the effective annual group fee rate was 0.29%.

The I Class is subject to an operating expense limitation (I Class Limit) pursuant to which Price Associates is contractually required to pay all operating expenses of the I Class, excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; and other non-recurring expenses permitted by the investment management agreement, to the extent such operating expenses, on an annualized basis, exceed the I Class Limit. This agreement will continue through the expense limitation date indicated in the table below, and may be renewed, revised, or revoked only with approval of the fund’s Board. The I Class is required to repay Price Associates for expenses previously paid to the extent the class’s net assets grow or expenses decline sufficiently to allow repayment without causing the class’s operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) the I Class Limit in place at the time such amounts were paid; or (2) the current I Class Limit. However, no repayment will be made more than three years after the date of a payment or waiver.

Pursuant to this agreement, expenses were waived/paid by and/or repaid to Price Associates during the year ended December 31, 2019 as indicated in the table below. At December 31, 2019, there were no amounts subject to repayment by the fund. Any repayment of expenses previously waived/paid by Price Associates during the period would be included in the net investment income and expense ratios presented on the accompanying Financial Highlights.

I Class

Expense limitation/I Class limit 0.05%

Expense limitation date 04/30/20

(Waived)/repaid during the period ($000s) $—


46


In addition, the fund has entered into service agreements with Price Associates and two wholly owned subsidiaries of Price Associates, each an affiliate of the fund (collectively, Price). Price Associates provides certain accounting and administrative services to the fund. T. Rowe Price Services, Inc. provides shareholder and administrative services in its capacity as the fund’s transfer and dividend-disbursing agent. T. Rowe Price Retirement Plan Services, Inc. provides subaccounting and recordkeeping services for certain retirement accounts invested in the Investor Class, R Class, and Advisor Class. For the year ended December 31, 2019, expenses incurred pursuant to these service agreements were $70,000 for Price Associates; $6,356,000 for T. Rowe Price Services, Inc.; and $4,789,000 for T. Rowe Price Retirement Plan Services, Inc. All amounts due to and due from Price, exclusive of investment management fees payable, are presented net on the accompanying Statement of Assets and Liabilities.

Additionally, the fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund’s Board of Directors, shareholder servicing costs associated with each college savings plan are borne by the fund in proportion to the average daily value of its shares owned by the college savings plan. For the year ended December 31, 2019, the fund was charged $1,445,000 for shareholder servicing costs related to the college savings plans, of which $1,082,000 was for services provided by Price. All amounts due to and due from Price, exclusive of investment management fees payable, are presented net on the accompanying Statement of Assets and Liabilities. At December 31, 2019, approximately 2% of the outstanding shares of the Investor Class were held by college savings plans.

The fund is also one of several mutual funds sponsored by Price Associates (underlying Price Funds) in which the T. Rowe Price Spectrum Funds (Spectrum Funds) may invest. The Spectrum Funds do not invest in the underlying Price Funds for the purpose of exercising management or control. Pursuant to special servicing agreements, expenses associated with the operation of the Spectrum Funds are borne by each underlying Price Fund to the extent of estimated savings to it and in proportion to the average daily value of its shares owned by the Spectrum Funds. Expenses allocated under these special servicing agreements are reflected as shareholder servicing expense in the accompanying financial statements. For the year ended December 31, 2019, the fund was allocated $397,000 of Spectrum Funds’ expenses. Of these amounts, $250,000 related to services provided by Price. All amounts due to and due from Price, exclusive of investment management fees payable, are presented net on the accompanying Statement of Assets and Liabilities. At December 31, 2019, approximately 1% of the outstanding shares of the Investor Class were held by the Spectrum Funds.


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The fund may invest its cash reserves in certain open-end management investment companies managed by Price Associates and considered affiliates of the fund: the T. Rowe Price Government Reserve Fund or the T. Rowe Price Treasury Reserve Fund, organized as money market funds, or the T. Rowe Price Short-Term Fund, a short-term bond fund (collectively, the Price Reserve Funds). The Price Reserve Funds are offered as short-term investment options to mutual funds, trusts, and other accounts managed by Price Associates or its affiliates and are not available for direct purchase by members of the public. Cash collateral from securities lending is invested in the T. Rowe Price Short-Term Fund. The Price Reserve Funds pay no investment management fees.

As of December 31, 2019, T. Rowe Price Group, Inc., or its wholly owned subsidiaries owned 734,719 shares of the Investor Class, representing less than 1% of the Investor Class’s net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund’s Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the year ended December 31, 2019, the aggregate value of purchases and sales cross trades with other funds or accounts advised by Price Associates was less than 1% of the fund’s net assets as of December 31, 2019.


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To the Board of Directors and Shareholders of T. Rowe Price Blue Chip Growth Fund, Inc.

Opinion on the Financial StatementsWe have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of T. Rowe Price Blue Chip Growth Fund, Inc. (the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for OpinionThese financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP Baltimore, Maryland February 14, 2020

We have served as the auditor of one or more investment companies in the T. Rowe Price group of investment companies since 1973.


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TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/19

We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.

The fund’s distributions to shareholders included:

§ $41,000 from short-term capital gains,

§ $757,363,000 from long-term capital gains, subject to a long-term capital gains tax rate not greater than 20%.

For taxable non-corporate shareholders, $50,442,000 of the fund’s income represents qualified dividend income subject to a long-term capital gains tax rate of not greater than 20%.

For corporate shareholders, $50,442,000 of the fund’s income qualifies for the dividends-received deduction.

INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS

A description of the policies and procedures used by T. Rowe Price funds and portfolios to determine how to vote proxies relating to portfolio securities is available in each fund’s Statement of Additional Information. You may request this document by calling 1-800-225-5132 or by accessing the SEC’s website, sec.gov.

The description of our proxy voting policies and procedures is also available on our corporate website. To access it, please visit the following Web page:

https://www.troweprice.com/corporate/en/utility/policies.html

Scroll down to the section near the bottom of the page that says, “Proxy Voting Policies.” Click on the Proxy Voting Policies link in the shaded box.

Each fund’s most recent annual proxy voting record is available on our website and through the SEC’s website. To access it through T. Rowe Price, visit the website location shown above, and scroll down to the section near the bottom of the page that says, “Proxy Voting Records.” Click on the Proxy Voting Records link in the shaded box.

HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGSEffective for reporting periods on or after March 1, 2019, a fund, except a money market fund, files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Prior to March 1, 2019, a fund, including a money market fund, filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A money market fund files detailed month-end portfolio holdings information on Form N-MFP with the SEC each month and posts a complete schedule of portfolio holdings on its website (troweprice.com) as of each month-end for the previous six months. A fund’s Forms N-PORT, N-MFP, and N-Q are available electronically on the SEC’s website (sec.gov).


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ABOUT THE FUND’S DIRECTORS AND OFFICERS

Your fund is overseen by a Board of directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the fund, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Board elects the fund’s officers, who are listed in the final table. At least 75% of the Board’s members are independent of the Boards of T. Rowe Price Associates, Inc. (T. Rowe Price), and its affiliates; “inside” or “interested” directors are employees or officers of T. Rowe Price. The business address of each director and officer is 100 East Pratt Street, Baltimore, Maryland 21202. The Statement of Additional Information includes additional information about the fund directors and is available without charge by calling a T. Rowe Price representative at 1-800-638-5660.

INDEPENDENT DIRECTORS(a)

Name(Year of Birth)Year Elected[Number of T. Rowe PricePortfolios Overseen]

Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years

Teresa Bryce Bazemore(1959)2018[189]

President, Radian Guaranty (2008 to 2017); Chief Executive Officer, Bazemore Consulting llC (2018 to present); director, Chimera Investment Corporation (2017 to present); director, Federal home loan Bank of Pittsburgh (2017 to present)

Ronald J. daniels(1959)2018[189]

President, The Johns hopkins university(b) and Professor, Political Science department, The Johns hopkins university (2009 to present); director, lyndhurst holdings (2015 to present)

Bruce W. duncan(1951)2013[189]

Chief Executive Officer and director (January 2009 to december 2016), Chairman of the Board (January 2016 to present), and President (January 2009 to September 2016), First Industrial Realty Trust, an owner and operator of industrial properties; Chairman of the Board (2005 to September 2016) and director (1999 to September 2016), Starwood hotels & Resorts, a hotel and leisure company; Member, Investment Company Institute Board of Governors (2017 to present); Member, Independent directors Council Governing Board (2017 to present); Senior Advisor, KKR (november 2018 to present); director, Boston Properties (May 2016 to present); director, Marriott International, Inc. (September 2016 to present)

Robert J. Gerrard, Jr.(1952) 2012[189]

Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to January 2016); Chairman of the Board, all funds (July 2018 to present)

Paul F. McBride(1956)2013[189]

Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, dunbar Armored (2012 to 2018)


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INDEPENDENT DIRECTORS(a) (CONTINUED)

Name(Year of Birth)Year Elected[Number of T. Rowe PricePortfolios Overseen]


Cecilia E. Rouse, Ph.d.(1963)2012[189]

dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton university (1992 to present); director, MdRC, a nonprofit education and social policy research organization (2011 to present); Member, national Academy of Education (2010 to present); Research Associate of labor Studies Program at the national Bureau of Economic Research (2011 to 2015); Board Member, national Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession of the American Economic Association (2012 to 2018); Vice President (2015 to 2016) and Board Member, American Economic Association (2018 to present)

John G. Schreiber(1946)2001[189]

Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder, Partner, and Cochairman of the Investment Committee, Blackstone Real Estate Advisors, l.P. (1992 to 2015); director, Blackstone Mortgage Trust, a real estate finance company (2012 to 2016); director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); director, hilton Worldwide (2007 to present); director, hudson Pacific Properties (2014 to 2016); director, Invitation homes (2014 to 2017); director, JMB Realty Corporation (1980 to present)

Mark R. Tercek(c)

(1957)2009[0]

President and Chief Executive Officer, The nature Conservancy (2008 to present)

(a) All information about the independent directors was current as of February 19, 2019, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this report.

(b) William J. Stromberg, president and chief executive officer of T. Rowe Price Group, Inc., the parent company of the Price Funds’ investment advisor, has served on the Board of Trustees of Johns Hopkins University since 2014 and is a member of the Johns Hopkins University Board’s Compensation Committee.

(c) Effective February 15, 2019, Mr. Tercek resigned from his role as independent director of the Price Funds.


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INSIDE DIRECTOR

Name(Year of Birth)Year Elected*[Number of T. Rowe Price Portfolios Overseen]


david Oestreicher(1967)2018[189]

Chief legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President and Secretary, T. Rowe Price, T. Rowe Price hong Kong (Price hong Kong), and T. Rowe Price International; Vice President, T. Rowe Price Japan (Price Japan) and T. Rowe Price Singapore (Price Singapore); Principal Executive Officer and Executive Vice President, all funds

Robert W. Sharps, CFA, CPA**(1971)2017[189]

director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; Vice President, Blue Chip Growth Fund

*Each inside director serves until retirement, resignation, or election of a successor.** Mr. Sharps replaced Edward A. Wiese as director of the domestic fixed income Price Funds effective

January 1, 2019.

OFFICERS

Name (Year of Birth)Position Held With Blue Chip Growth Fund Principal Occupation(s)

Jason R. Adams (1979)Vice President

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Ziad Bakri, M.d., CFA (1980)Vice President


Peter J. Bates, CFA (1974)Vice President


darrell n. Braman (1963)Vice President and Secretary

Vice President, Price hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.

Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least 5 years.


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Eric l. deVilbiss, CFA (1983)Vice President


Greg dunham, CFA (1974)Vice President


Alan S. dupski, CPA (1982)Assistant Treasurer


John R. Gilner (1961)Chief Compliance Officer

Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc., and T. Rowe Price Investment Services, Inc.

Gary J. Greb (1961)Vice President

Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Price Trust Company

Paul d. Greene II (1978)Vice President


Ryan S. hedrick, CFA (1980)Vice President


Thomas J. huber, CFA (1966)Vice President

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

Paul J. Krug, CPA (1964)Vice President


George A. Marzano (1980)Vice President


Catherine d. Mathews (1963)Principal Financial Officer, Vice President, and Treasurer


larry J. Puglia, CFA, CPA (1960)President


Vivek Rajeswaran (1985)Vice President


John W. Ratzesberger (1975)Vice President


Shannon h. Rauser (1987)Assistant Secretary

Assistant Vice President, T. Rowe Price

david l. Rowlett, CFA (1975)Vice President



OFFICERS (CONTINUED)


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Taymour R. Tamaddon, CFA (1976)Vice President


Alan Tu (1985)Vice President


Megan Warren (1968)Vice President

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; formerly, Executive director, JPMorgan Chase (to 2017)

Justin P. White (1981) Vice President


Rouven J. Wool-lewis, Ph.d. (1973)Vice President



OFFICERS (CONTINUED)


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202002-1048044F93-050 2/20

You have manyinvestment goals.

Explore products and services that can help you achieve them.Whether you want to put away more money for retirement, for a child’s education, or for other priorities, we have solutions for you. See how we can help you accomplish the investment goals that are important to you.

RETIREMENTn IRAs: Traditional, Roth,

Rollover/Transfer, or Brokerage

n Small Business Plans help minimize taxes, maximize savings

n T. Rowe Price® ActivePlus Portfolios1 for online investing powered by experts

GENERAL INVESTINGn Individual or Joint

Tenantn Brokerage2 offers

access to stocks, ETFs, bonds, and more

n Gifts and transfers to a child (UGMA/UTMAs)

n Trustn Transfer on Death

COLLEGE SAVINGSn T. Rowe Price-managed

529 plans offer tax-advantaged solutions for families saving money for college tuition and education-related expenses

Visit troweprice.com/broadrange

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

All mutual funds are subject to market risk, including possible loss of principal. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

2 Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

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PABGX Blue Chip Growth Fund– Advisor Class · Further market advances will likely hinge on a resumption in earnings growth, which stalled in 2019, and there is no shortage of global