T.
ROWE
PRICE
Mid-Cap
Growth
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.7%
COMMUNICATION
SERVICES
3.6%
Entertainment
1.9%
Liberty
Media-Liberty
Formula
One,
Class
C (1)
4,693,000
351,177
Spotify
Technology (1)
1,500,000
200,430
551,607
Interactive
Media
&
Services
0.2%
Match
Group (1)
1,246,700
47,861
47,861
Media
1.5%
Trade
Desk,
Class
A (1)
7,148,300
435,403
435,403
Total
Communication
Services
1,034,871
CONSUMER
DISCRETIONARY
11.2%
Automobile
Components
0.1%
Mobileye
Global,
Class
A (1)
493,030
21,333
21,333
Diversified
Consumer
Services
0.5%
Bright
Horizons
Family
Solutions (1)
1,500,000
115,485
Clear
Secure,
Class
A
1,695,500
44,371
159,856
Hotels,
Restaurants
&
Leisure
5.6%
Caesars
Entertainment (1)
850,000
41,489
Chipotle
Mexican
Grill (1)
99,900
170,658
Domino's
Pizza
850,000
280,389
Hilton
Worldwide
Holdings
3,100,000
436,697
MGM
Resorts
International
10,325,000
458,636
Vail
Resorts
549,400
128,384
Yum!
Brands
747,900
98,783
1,615,036
Specialty
Retail
4.7%
Bath
&
Body
Works
4,500,000
164,610
Burlington
Stores (1)
2,742,900
554,340
Five
Below (1)
1,098,300
226,217
O'Reilly
Automotive (1)
274,800
233,300
Ross
Stores
1,625,000
172,461
1,350,928
Textiles,
Apparel
&
Luxury
Goods
0.3%
Lululemon
Athletica (1)
184,651
67,248
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
On
Holding,
Class
A (1)
400,000
12,412
79,660
Total
Consumer
Discretionary
3,226,813
CONSUMER
STAPLES
4.1%
Beverages
0.4%
Boston
Beer,
Class
A (1)
325,000
106,828
106,828
Consumer
Staples
Distribution
&
Retail
2.8%
Casey's
General
Stores
1,248,300
270,207
Dollar
General
1,000,000
210,460
Dollar
Tree (1)
2,400,000
344,520
825,187
Food
Products
0.5%
TreeHouse
Foods (1)
2,753,310
138,849
138,849
Household
Products
0.4%
Reynolds
Consumer
Products
3,960,700
108,919
108,919
Total
Consumer
Staples
1,179,783
ENERGY
3.2%
Oil,
Gas
&
Consumable
Fuels
3.2%
Cheniere
Energy
1,197,600
188,742
Coterra
Energy
5,750,000
141,105
Devon
Energy
1,497,900
75,809
EQT
1,750,000
55,842
Pioneer
Natural
Resources
1,450,000
296,148
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $4,038 (1)(2)(3)
1,337
22,901
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $33,184 (1)(2)(3)
9,021
154,515
Total
Energy
935,062
FINANCIALS
7.5%
Capital
Markets
4.6%
Cboe
Global
Markets
400,000
53,696
Intercontinental
Exchange
2,500,000
260,725
KKR
6,504,600
341,622
MarketAxess
Holdings
735,000
287,598
Raymond
James
Financial
992,700
92,589
Tradeweb
Markets,
Class
A
3,611,600
285,389
1,321,619
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Financial
Services
1.3%
FleetCor
Technologies (1)
1,743,500
367,617
367,617
Insurance
1.6%
Assurant
2,196,600
263,746
Axis
Capital
Holdings
2,000,000
109,040
Kemper
1,000,000
54,660
Markel (1)
33,000
42,154
469,600
Total
Financials
2,158,836
HEALTH
CARE
24.5%
Biotechnology
4.6%
Alnylam
Pharmaceuticals (1)
1,500,000
300,480
Apellis
Pharmaceuticals (1)
1,200,000
79,152
Argenx,
ADR (1)
349,700
130,291
Ascendis
Pharma,
ADR (1)
900,000
96,498
CRISPR
Therapeutics (1)
1,200,000
54,276
Exact
Sciences (1)
1,447,000
98,121
Horizon
Therapeutics (1)
1,500,000
163,710
Ionis
Pharmaceuticals (1)
4,748,900
169,726
Karuna
Therapeutics (1)
500,000
90,820
Seagen (1)
800,000
161,976
1,345,050
Health
Care
Equipment
&
Supplies
9.5%
Alcon
3,135,800
221,199
Cooper
949,800
354,617
DENTSPLY
SIRONA
2,496,700
98,070
Enovis (1)
3,249,200
173,800
Hologic (1)
10,747,500
867,323
ICU
Medical (1)
860,200
141,899
Novocure (1)
749,800
45,093
QuidelOrtho (1)
1,994,800
177,717
Teleflex (4)
2,593,500
656,960
2,736,678
Health
Care
Providers
&
Services
1.5%
Acadia
Healthcare (1)
3,599,100
260,035
agilon
health (1)
1,319,729
31,343
Molina
Healthcare (1)
575,000
153,807
445,185
Health
Care
Technology
1.6%
Doximity,
Class
A (1)
1,994,700
64,588
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Veeva
Systems,
Class
A (1)
2,197,000
403,787
468,375
Life
Sciences
Tools
&
Services
6.1%
Agilent
Technologies
4,593,100
635,409
Avantor (1)
16,750,000
354,095
Bruker
6,175,000
486,837
West
Pharmaceutical
Services
800,796
277,452
1,753,793
Pharmaceuticals
1.2%
Catalent (1)
5,142,500
337,914
337,914
Total
Health
Care
7,086,995
INDUSTRIALS
&
BUSINESS
SERVICES
17.0%
Aerospace
&
Defense
2.6%
BWX
Technologies
1,746,600
110,106
Textron
9,049,105
639,138
749,244
Commercial
Services
&
Supplies
0.4%
Waste
Connections
798,900
111,103
111,103
Electrical
Equipment
0.2%
Shoals
Technologies
Group,
Class
A (1)
2,482,500
56,576
56,576
Ground
Transportation
1.5%
JB
Hunt
Transport
Services
2,496,300
438,001
438,001
Industrial
Conglomerates
1.0%
Roper
Technologies
644,300
283,937
283,937
Machinery
5.2%
Esab
3,127,582
184,747
Fortive
5,978,100
407,527
IDEX
996,300
230,175
Ingersoll
Rand
11,982,400
697,136
1,519,585
Passenger
Airlines
1.0%
Southwest
Airlines
8,983,000
292,307
292,307
Professional
Services
4.6%
Broadridge
Financial
Solutions
1,098,500
161,007
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CoStar
Group (1)
3,690,600
254,098
Equifax
1,849,500
375,152
Leidos
Holdings
350,000
32,221
TransUnion
4,000,000
248,560
Verisk
Analytics
1,392,300
267,127
1,338,165
Trading
Companies
&
Distributors
0.5%
United
Rentals
398,900
157,869
157,869
Total
Industrials
&
Business
Services
4,946,787
INFORMATION
TECHNOLOGY
19.5%
Electronic
Equipment,
Instruments
&
Components
3.4%
Amphenol,
Class
A
2,722,800
222,507
Cognex
2,493,600
123,558
Corning
1,999,500
70,542
Keysight
Technologies (1)
2,581,800
416,909
Littelfuse
208,872
55,997
National
Instruments
1,750,000
91,718
981,231
IT
Services
0.2%
MongoDB (1)
249,500
58,163
58,163
Semiconductors
&
Semiconductor
Equipment
6.9%
KLA
699,900
279,379
Lattice
Semiconductor (1)
2,100,000
200,550
Marvell
Technology
12,983,100
562,168
Microchip
Technology
11,000,000
921,580
NXP
Semiconductors
249,700
46,563
2,010,240
Software
9.0%
Atlassian,
Class
A (1)
749,800
128,343
BILL
Holdings (1)
925,000
75,055
Black
Knight (1)
4,000,000
230,240
CCC
Intelligent
Solutions
Holdings (1)
14,713,400
131,979
Confluent,
Class
A (1)
998,400
24,031
Crowdstrike
Holdings,
Class
A (1)
1,847,500
253,588
Fair
Isaac (1)
400,000
281,076
Fortinet (1)
7,750,000
515,065
HashiCorp,
Class
A (1)
498,400
14,598
Palo
Alto
Networks (1)
375,000
74,903
Paylocity
Holding (1)
1,150,000
228,597
PTC (1)
2,000,000
256,460
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Synopsys (1)
1,000,000
386,250
2,600,185
Total
Information
Technology
5,649,819
MATERIALS
5.1%
Chemicals
0.6%
RPM
International
1,996,000
174,131
174,131
Construction
Materials
1.1%
Martin
Marietta
Materials
870,800
309,186
309,186
Containers
&
Packaging
3.4%
Avery
Dennison
1,888,200
337,855
Ball
7,472,800
411,826
Sealed
Air
5,306,900
243,640
993,321
Total
Materials
1,476,638
Total
Common
Stocks
(Cost
$18,118,441)
27,695,604
CONVERTIBLE
PREFERRED
STOCKS
0.4%
CONSUMER
STAPLES
0.0%
Consumer
Staples
Distribution
&
Retail
0.0%
Maplebear
DBA
Instacart,
Series
E,
Acquisition
Date:
11/19/21,
Cost $57,556 (1)(2)(3)
478,699
17,712
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $9,259 (1)(2)(3)
74,070
2,741
Total
Consumer
Staples
20,453
HEALTH
CARE
0.1%
Biotechnology
0.1%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $26,556 (1)(2)(3)
3,278,524
21,573
Total
Health
Care
21,573
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $18,583 (1)
(2)(3)
252,883
15,173
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $17,506 (1)(2)(3)
839,788
11,656
Total
Information
Technology
26,829
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
0.2%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $19,360 (1)(2)(3)
408,411
20,678
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $38,032 (1)(2)
(3)
921,478
28,722
Total
Materials
49,400
Total
Convertible
Preferred
Stocks
(Cost
$186,852)
118,255
SHORT-TERM
INVESTMENTS
3.6%
Money
Market
Funds
3.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83% (4)(5)
1,051,893,380
1,051,893
Total
Short-Term
Investments
(Cost
$1,051,893)
1,051,893
Total
Investments
in
Securities
99.7%
(Cost
$19,357,186)
$
28,865,752
Other
Assets
Less
Liabilities
0.3%
81,229
Net
Assets
100.0%
$
28,946,981
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(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
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
$295,671
and
represents
1.0%
of
net
assets.
(4)
Affiliated
Companies
(5)
Seven-day
yield
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
8
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,
2023.
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
Teleflex
$
523
$
8,983
$
882
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
—
—
12,347
Totals
$
523#
$
8,983
$
13,229+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
Teleflex
$
648,264
$
—
$
287
$
656,960
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
1,068,456
¤
¤
1,051,893
Total
$
1,708,853^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$13,229
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
$1,393,684.
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
Mid-Cap
Growth
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
10
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.
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
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
11
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2023,
totaled $6,644,000 for
the
period ended
March
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
27,518,188
$
—
$
177,416
$
27,695,604
Convertible
Preferred
Stocks
—
—
118,255
118,255
Short-Term
Investments
1,051,893
—
—
1,051,893
Total
$
28,570,081
$
—
$
295,671
$
28,865,752
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
153,249
$
24,167
$
177,416
Convertible
Preferred
Stocks
135,778
(17,523)
118,255
Total
$
289,027
$
6,644
$
295,671
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
12
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F64-054Q1
03/23