T.
ROWE
PRICE
Mid-Cap
Growth
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.5%
COMMUNICATION
SERVICES
4.6%
Entertainment
1.9%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
3,099,500
193,099
Liberty
Media
Corp-Liberty
Live,
Class
C (1)
145,520
4,671
Spotify
Technology (1)
2,199,600
340,146
537,916
Interactive
Media
&
Services
0.4%
Match
Group (1)
2,800,000
109,690
109,690
Media
2.3%
New
York
Times,
Class
A
1,700,000
70,040
Trade
Desk,
Class
A (1)
7,266,000
567,838
637,878
Total
Communication
Services
1,285,484
CONSUMER
DISCRETIONARY
11.2%
Automobile
Components
0.1%
Mobileye
Global,
Class
A (1)
490,630
20,386
20,386
Diversified
Consumer
Services
0.5%
Bright
Horizons
Family
Solutions (1)
1,350,000
109,971
Clear
Secure,
Class
A
1,687,000
32,120
142,091
Hotels,
Restaurants
&
Leisure
5.7%
Caesars
Entertainment (1)
1,493,000
69,201
Chipotle
Mexican
Grill (1)
59,700
109,360
Domino's
Pizza
1,080,494
409,280
Hilton
Worldwide
Holdings
3,084,600
463,245
MGM
Resorts
International
7,000,000
257,320
Yum!
Brands
2,400,000
299,856
1,608,262
Specialty
Retail
4.5%
Bath
&
Body
Works
5,772,900
195,124
Burlington
Stores (1)
2,499,600
338,196
Five
Below (1)
1,250,000
201,125
O'Reilly
Automotive (1)
90,000
81,797
Ross
Stores
2,499,600
282,330
Tractor
Supply
398,200
80,855
Ulta
Beauty (1)
250,000
99,862
1,279,289
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Textiles,
Apparel
&
Luxury
Goods
0.4%
Lululemon
Athletica (1)
324,900
125,285
125,285
Total
Consumer
Discretionary
3,175,313
CONSUMER
STAPLES
3.9%
Beverages
0.3%
Boston
Beer,
Class
A (1)
250,000
97,382
97,382
Consumer
Staples
Distribution
&
Retail
2.2%
Casey's
General
Stores
1,000,000
271,520
Dollar
General
275,000
29,095
Dollar
Tree (1)
2,700,000
287,415
Maplebear (1)
444,053
13,184
Maplebear,
Acquisition
Date:
2/26/21
-
11/19/21,
Cost $66,815 (1)
(2)
552,769
16,412
617,626
Food
Products
0.4%
TreeHouse
Foods (1)
2,739,610
119,392
119,392
Household
Products
0.4%
Reynolds
Consumer
Products
3,941,000
101,008
101,008
Personal
Care
Products
0.6%
Kenvue
7,999,000
160,620
160,620
Total
Consumer
Staples
1,096,028
ENERGY
4.1%
Energy
Equipment
&
Services
0.3%
TechnipFMC
3,750,000
76,275
76,275
Oil,
Gas
&
Consumable
Fuels
3.8%
Cheniere
Energy
2,250,000
373,410
Coterra
Energy
5,721,400
154,764
EQT
5,700,000
231,306
Pioneer
Natural
Resources
1,194,000
274,083
Range
Resources
1,000,000
32,410
1,065,973
Total
Energy
1,142,248
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
7.8%
Capital
Markets
4.8%
Cboe
Global
Markets
298,500
46,629
Intercontinental
Exchange
2,686,500
295,569
KKR
6,472,300
398,694
MarketAxess
Holdings
599,900
128,162
Raymond
James
Financial
1,741,800
174,929
Tradeweb
Markets,
Class
A
3,881,700
311,312
1,355,295
Financial
Services
1.2%
FleetCor
Technologies (1)
1,324,800
338,274
338,274
Insurance
1.8%
Assurant
2,185,600
313,808
Axis
Capital
Holdings
1,990,100
112,182
Kemper
699,900
29,417
Markel
Group (1)
32,900
48,445
503,852
Total
Financials
2,197,421
HEALTH
CARE
24.1%
Biotechnology
5.5%
Alnylam
Pharmaceuticals (1)
1,674,700
296,589
Apellis
Pharmaceuticals (1)
1,349,800
51,347
Argenx,
ADR (1)
314,900
154,814
Ascendis
Pharma,
ADR (1)
1,144,600
107,180
Biogen (1)
900,000
231,309
CRISPR
Therapeutics (1)
1,194,000
54,196
Exact
Sciences (1)
1,439,900
98,230
Ionis
Pharmaceuticals (1)
4,725,400
214,344
Karuna
Therapeutics (1)
625,150
105,707
Roivant
Sciences (1)
5,250,000
61,320
Sarepta
Therapeutics (1)
900,000
109,098
Seagen (1)
298,500
63,327
1,547,461
Health
Care
Equipment
&
Supplies
8.1%
Alcon
3,120,300
240,450
Cooper
849,900
270,277
DENTSPLY
SIRONA
2,484,400
84,867
Enovis (1)
3,233,100
170,482
Hologic (1)
10,694,100
742,171
ICU
Medical (1)
824,900
98,171
QuidelOrtho (1)
2,125,000
155,210
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Teleflex (3)
2,580,700
506,875
2,268,503
Health
Care
Providers
&
Services
2.3%
Acadia
Healthcare (1)
3,981,300
279,925
agilon
health (1)
7,168,400
127,311
Molina
Healthcare (1)
726,600
238,245
645,481
Health
Care
Technology
1.6%
Veeva
Systems,
Class
A (1)
2,186,000
444,742
444,742
Life
Sciences
Tools
&
Services
5.6%
Agilent
Technologies
4,978,100
556,651
Avantor (1)
17,997,000
379,377
Bruker
5,499,100
342,594
West
Pharmaceutical
Services
760,000
285,159
1,563,781
Pharmaceuticals
1.0%
Catalent (1)
5,862,920
266,939
266,939
Total
Health
Care
6,736,907
INDUSTRIALS
&
BUSINESS
SERVICES
17.0%
Aerospace
&
Defense
2.5%
BWX
Technologies
1,737,900
130,308
Textron
7,450,000
582,143
712,451
Commercial
Services
&
Supplies
0.3%
Waste
Connections
696,700
93,567
93,567
Electrical
Equipment
0.2%
Shoals
Technologies
Group,
Class
A (1)
2,470,200
45,081
45,081
Ground
Transportation
1.7%
JB
Hunt
Transport
Services
2,587,900
487,871
487,871
Industrial
Conglomerates
1.0%
Roper
Technologies
559,900
271,148
271,148
Machinery
4.9%
Esab
3,112,082
218,530
Fortive
5,948,400
441,133
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IDEX
824,900
171,596
Ingersoll
Rand
8,500,000
541,620
1,372,879
Passenger
Airlines
0.8%
Southwest
Airlines
8,498,600
230,057
230,057
Professional
Services
4.8%
Broadridge
Financial
Solutions
1,374,649
246,131
Equifax
1,899,700
347,987
Paylocity
Holding (1)
1,194,400
217,023
TransUnion
3,980,100
285,731
Verisk
Analytics
1,049,800
248,005
1,344,877
Trading
Companies
&
Distributors
0.8%
United
Rentals
532,500
236,734
236,734
Total
Industrials
&
Business
Services
4,794,665
INFORMATION
TECHNOLOGY
17.6%
Electronic
Equipment,
Instruments
&
Components
2.6%
Amphenol,
Class
A
2,709,200
227,546
Cognex
2,481,300
105,306
Keysight
Technologies (1)
2,569,000
339,905
Littelfuse
207,772
51,386
724,143
IT
Services
0.3%
MongoDB (1)
248,200
85,842
85,842
Semiconductors
&
Semiconductor
Equipment
7.6%
KLA
627,000
287,580
Lattice
Semiconductor (1)
2,089,500
179,550
Marvell
Technology
12,918,600
699,284
Microchip
Technology
11,197,500
873,965
NXP
Semiconductors
499,900
99,940
2,140,319
Software
7.1%
Atlassian,
Class
A (1)
647,000
130,377
BILL
Holdings (1)
1,247,641
135,456
CCC
Intelligent
Solutions
Holdings (1)
15,424,941
205,923
Confluent,
Class
A (1)
993,400
29,414
Crowdstrike
Holdings,
Class
A (1)
2,488,300
416,492
Fair
Isaac (1)
333,400
289,568
Fortinet (1)
3,399,400
199,477
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
HashiCorp,
Class
A (1)
496,000
11,324
Klaviyo,
Class
A (1)
510,542
17,614
PTC (1)
2,599,600
368,311
Synopsys (1)
270,000
123,922
Tyler
Technologies (1)
200,000
77,228
2,005,106
Total
Information
Technology
4,955,410
MATERIALS
5.2%
Chemicals
0.6%
RPM
International
1,849,700
175,370
175,370
Construction
Materials
1.2%
Martin
Marietta
Materials
799,900
328,343
328,343
Containers
&
Packaging
3.4%
Avery
Dennison
1,991,300
363,751
Ball
8,750,000
435,575
Sealed
Air
4,999,200
164,273
963,599
Total
Materials
1,467,312
REAL
ESTATE
1.0%
Real
Estate
Management
&
Development
1.0%
CoStar
Group (1)
3,672,300
282,363
Total
Real
Estate
282,363
Total
Common
Stocks
(Cost
$18,927,831)
27,133,151
CONVERTIBLE
PREFERRED
STOCKS
0.3%
HEALTH
CARE
0.1%
Biotechnology
0.1%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $26,556 (1)(2)(4)
3,278,524
17,540
Total
Health
Care
17,540
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $18,583 (1)
(2)(4)
252,883
18,587
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $7,088 (1)(2)
(4)
96,442
7,088
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $17,506 (1)(2)(4)
839,788
5,207
Total
Information
Technology
30,882
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $19,360 (1)(2)(4)
408,411
19,496
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $38,032 (1)(2)
(4)
921,478
18,687
Total
Materials
38,183
Total
Convertible
Preferred
Stocks
(Cost
$127,125)
86,605
SHORT-TERM
INVESTMENTS
3.3%
Money
Market
Funds
3.3%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40% (3)(5)
934,576,693
934,577
Total
Short-Term
Investments
(Cost
$934,577)
934,577
Total
Investments
in
Securities
100.1%
(Cost
$19,989,533)
$
28,154,333
Other
Assets
Less
Liabilities
(0.1)%
(26,907)
Net
Assets
100.0%
$
28,127,426
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$103,017
and
represents
0.4%
of
net
assets.
(3)
Affiliated
Companies
(4)
Level
3
in
fair
value
hierarchy.
(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
nine
months
ended
September
30,
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
$
2,476
$
(140,026)
$
2,641
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40%
—
—
39,651
Totals
$
2,476#
$
(140,026)
$
42,292+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
Teleflex
$
648,264
$
—
$
1,363
$
506,875
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
¤
¤
—
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40%
1,068,456
¤
¤
934,577
Total
$
1,441,452^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$42,292
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
$1,275,292.
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
September
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
27,116,739
$
16,412
$
—
$
27,133,151
Convertible
Preferred
Stocks
—
—
86,605
86,605
Short-Term
Investments
934,577
—
—
934,577
Total
$
28,051,316
$
16,412
$
86,605
$
28,154,333
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
12
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.
F64-054Q3
09/23