T.
ROWE
PRICE
Mid-Cap
Growth
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.6%
COMMUNICATION
SERVICES
3.7%
Entertainment
1.7%
Liberty
Media-Liberty
Formula
One,
Class
C (1)
4,000,000
173,160
Playtika
Holding (1)
2,125,000
57,821
Spotify
Technology (1)
650,000
174,168
Zynga,
Class
A (1)
23,000,000
234,830
639,979
Interactive
Media
&
Services
2.0%
IAC/InterActiveCorp (1)
1,276,735
276,171
Match
Group (1)
3,500,000
480,830
757,001
Total
Communication
Services
1,396,980
CONSUMER
DISCRETIONARY
14.1%
Auto
Components
1.0%
Aptiv
2,750,000
379,225
379,225
Diversified
Consumer
Services
1.2%
Bright
Horizons
Family
Solutions (1)
500,000
85,725
Terminix
Global
Holdings (1)(2)
7,500,000
357,525
443,250
Hotels,
Restaurants
&
Leisure
4.4%
Chipotle
Mexican
Grill (1)
231,455
328,856
Domino's
Pizza
500,000
183,895
DraftKings
,
Class
A (1)
2,000,000
122,660
Hilton
Worldwide
Holdings
4,000,000
483,680
Marriott
International,
Class
A
1,000,000
148,110
MGM
Resorts
International
4,500,000
170,955
Vail
Resorts
800,000
233,328
1,671,484
Internet
&
Direct
Marketing
Retail
1.4%
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $43,768
(GBP) (1)(3)
24,637,800
92,753
DoorDash
,
Class
A (1)
106,498
13,965
DoorDash
,
Class
A,
Acquisition
Date:
6/17/20,
Cost $7,333 (1)(3)
159,747
19,900
Etsy (1)
1,500,000
302,505
Farfetch
,
Class
A (1)
2,115,958
112,188
541,311
Multiline
Retail
2.2%
Dollar
General
2,200,000
445,764
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Dollar
Tree (1)
3,250,000
371,995
817,759
Specialty
Retail
3.4%
Burlington
Stores (1)
2,100,000
627,480
Five
Below (1)
600,000
114,474
O'Reilly
Automotive (1)
700,000
355,075
Ross
Stores
1,700,000
203,847
1,300,876
Textiles,
Apparel
&
Luxury
Goods
0.5%
Lululemon
Athletica
(1)
175,000
53,674
VF
1,725,000
137,862
191,536
Total
Consumer
Discretionary
5,345,441
CONSUMER
STAPLES
2.4%
Beverages
0.3%
Boston
Beer,
Class
A (1)
97,697
117,850
117,850
Food
&
Staples
Retailing
1.3%
Casey's
General
Stores (2)
2,300,000
497,237
497,237
Food
Products
0.5%
TreeHouse
Foods (1)(2)
3,700,000
193,288
193,288
Household
Products
0.3%
Reynolds
Consumer
Products
4,000,000
119,120
119,120
Total
Consumer
Staples
927,495
ENERGY
0.2%
Oil,
Gas
&
Consumable
Fuels
0.2%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $4,038 (1)(3)(4)
1,337
7,441
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $33,184 (1)(3)(4)
9,021
50,204
Total
Energy
57,645
FINANCIALS
6.2%
Banks
0.5%
Webster
Financial
3,500,000
192,885
192,885
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Capital
Markets
3.7%
Cboe
Global
Markets
3,500,000
345,415
Dragoneer
Growth
Opportunities,
Class
A (1)
475,000
4,821
Dragoneer
Growth
Opportunities
SPAC/CCC
Intelligent
Solutions
Holdings
PIPE (1)(5)
1,273,239
11,631
KKR
7,000,000
341,950
MarketAxess
Holdings
350,000
174,272
Pershing
Square
Tontine
Holdings,
Class
A (1)
3,000,000
72,030
Pershing
Square
Tontine
Holdings,
Class
A,
Warrants,
7/24/21 (1)
425,000
3,464
Raymond
James
Financial
1,000,000
122,560
Tradeweb
Markets,
Class
A
4,400,000
325,600
1,401,743
Diversified
Financial
Services
0.3%
Social
Finance,
Acquisition
Date:
12/30/20,
Cost $75,384 (1)(3)
4,090,313
116,129
116,129
Insurance
1.7%
Assurant
2,000,000
283,540
Axis
Capital
Holdings
3,700,000
183,409
GoHealth
,
Class
A (1)
2,750,000
32,148
Kemper
1,200,000
95,664
Selectquote
(1)
1,750,000
51,642
646,403
Total
Financials
2,357,160
HEALTH
CARE
25.9%
Biotechnology
4.7%
Alkermes
(1)
7,450,000
139,166
Alnylam
Pharmaceuticals (1)
1,250,000
176,488
Argenx
,
ADR (1)
736,197
202,741
Ascendis
Pharma,
ADR (1)
300,000
38,664
Exact
Sciences (1)
1,500,000
197,670
Exelixis
(1)
2,500,000
56,475
Incyte
(1)
3,500,000
284,445
Ionis
Pharmaceuticals (1)
3,750,000
168,600
Kodiak
Sciences (1)
200,000
22,678
Neurocrine
Biosciences (1)
1,500,000
145,875
Seagen
(1)
1,750,000
243,005
Ultragenyx
Pharmaceutical (1)
1,000,000
113,860
1,789,667
Health
Care
Equipment
&
Supplies
9.7%
Alcon (1)
3,250,000
228,085
Align
Technology (1)
250,000
135,383
Cooper
1,600,000
614,544
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
DENTSPLY
SIRONA
1,750,000
111,667
Hologic
(1)(2)
13,500,000
1,004,130
ICU
Medical (1)
800,000
164,352
IDEXX
Laboratories (1)
150,000
73,396
JAND,
Class
A,
Acquisition
Date:
11/19/20,
Cost $1,899 (1)(3)(4)
77,240
1,895
Ortho
Clinical
Diagnostics
Holdings (1)
4,750,000
91,651
Quidel
(1)
1,600,000
204,688
Teleflex
2,150,000
893,239
West
Pharmaceutical
Services
550,000
154,979
3,678,009
Health
Care
Providers
&
Services
1.1%
Acadia
Healthcare (1)(2)
5,250,000
299,985
Molina
Healthcare (1)
525,000
122,724
422,709
Health
Care
Technology
1.3%
Multiplan (1)
15,500,000
86,025
Veeva
Systems,
Class
A (1)
1,500,000
391,860
477,885
Life
Sciences
Tools
&
Services
5.6%
Agilent
Technologies
5,750,000
731,055
Avantor
(1)
14,750,000
426,718
Bruker (2)
9,700,000
623,516
PPD (1)
3,150,000
119,196
PRA
Health
Sciences (1)
1,448,100
222,037
2,122,522
Pharmaceuticals
3.5%
Catalent
(1)
7,515,000
791,405
Elanco
Animal
Health (1)
8,500,000
250,325
Perrigo (2)
7,000,000
283,290
1,325,020
Total
Health
Care
9,815,812
INDUSTRIALS
&
BUSINESS
SERVICES
17.4%
Aerospace
&
Defense
2.5%
BWX
Technologies
4,250,000
280,245
Textron (2)
12,000,000
672,960
953,205
Airlines
1.0%
Alaska
Air
Group
3,000,000
207,630
Southwest
Airlines
3,000,000
183,180
390,810
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Commercial
Services
&
Supplies
0.4%
Waste
Connections
1,500,000
161,970
161,970
Electrical
Equipment
0.6%
Array
Technologies (1)
4,750,000
141,645
Shoals
Technologies
Group,
Class
A (1)
1,995,554
69,405
211,050
Industrial
Conglomerates
0.8%
Roper
Technologies
745,000
300,488
300,488
Machinery
5.0%
Colfax (1)(2)
8,500,000
372,385
Fortive
4,750,000
335,540
IDEX
2,400,000
502,368
Ingersoll
Rand (1)
14,000,000
688,940
1,899,233
Professional
Services
5.7%
Clarivate
(1)
16,800,000
443,352
CoStar
Group (1)
475,000
390,398
Dun
&
Bradstreet
Holdings (1)
5,000,000
119,050
Equifax
2,100,000
380,373
Leidos
Holdings
1,000,000
96,280
TransUnion
4,250,000
382,500
Verisk
Analytics
2,100,000
371,049
2,183,002
Road
&
Rail
1.4%
JB
Hunt
Transport
Services
3,200,000
537,824
537,824
Total
Industrials
&
Business
Services
6,637,582
INFORMATION
TECHNOLOGY
19.8%
Electronic
Equipment,
Instruments
&
Components
3.5%
Amphenol,
Class
A
2,500,000
164,925
Cognex
1,200,000
99,588
Corning
7,750,000
337,203
Keysight
Technologies (1)
3,250,000
466,050
National
Instruments
6,250,000
269,906
1,337,672
IT
Services
2.8%
Black
Knight (1)
3,750,000
277,462
Broadridge
Financial
Solutions
1,000,000
153,100
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
FleetCor
Technologies (1)
1,600,000
429,808
Jack
Henry
&
Associates
500,000
75,860
WEX (1)
700,000
146,454
1,082,684
Semiconductors
&
Semiconductor
Equipment
7.5%
Entegris
3,100,000
346,580
KLA
1,310,000
432,824
Lattice
Semiconductor (1)
739,692
33,301
Marvell
Technology
Group
11,000,000
538,780
Maxim
Integrated
Products
2,396,700
218,986
Microchip
Technology
5,800,000
900,276
Skyworks
Solutions
2,000,000
366,960
2,837,707
Software
6.0%
Atlassian
,
Class
A (1)
1,300,000
273,988
Bentley
Systems,
Class
B
600,000
28,158
Bill.com
Holdings (1)
600,000
87,300
Ceridian
HCM
Holding (1)
4,000,000
337,080
Citrix
Systems
1,600,000
224,576
Crowdstrike
Holdings,
Class
A (1)
899,000
164,076
DocuSign (1)
2,000,000
404,900
Five9 (1)
575,000
89,890
Fortinet (1)
1,300,000
239,746
nCino
(1)
650,000
43,368
Procore
Technologies,
Acquisition
Date:
7/15/20
-
12/9/20,
Cost $13,094 (1)(3)(4)
232,493
14,647
PTC (1)
800,000
110,120
Splunk
(1)
1,737,000
235,329
Squarespace,
Class
C,
Acquisition
Date:
3/16/21,
Cost $10,449 (1)(3)(4)
152,718
10,449
Vimeo,
Class
A,
Acquisition
Date:
1/25/21,
Cost $21,281 (1)(3)(4)
656,621
21,890
2,285,517
Total
Information
Technology
7,543,580
MATERIALS
5.5%
Chemicals
0.5%
RPM
International
2,000,000
183,700
183,700
Construction
Materials
0.4%
Martin
Marietta
Materials
400,000
134,328
134,328
Containers
&
Packaging
4.2%
Avery
Dennison
2,000,000
367,300
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Ball
9,500,000
805,030
Gores
Holdings
V
SPAC/
Ardagh
Group
PIPE (1)(5)
4,543,567
40,810
Packaging
Corp.
of
America
1,000,000
134,480
Sealed
Air
5,500,000
252,010
1,599,630
Metals
&
Mining
0.4%
Kirkland
Lake
Gold
4,700,000
158,860
158,860
Total
Materials
2,076,518
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork
,
Class
A,
Acquisition
Date:
5/26/15,
Cost $3,315 (1)(3)
233,899
2,629
Total
Real
Estate
2,629
UTILITIES
1.4%
Electric
Utilities
0.2%
Eversource
Energy
1,000,000
86,590
86,590
Multi-Utilities
1.2%
Ameren
1,750,000
142,380
Sempra
Energy
2,250,000
298,305
440,685
Total
Utilities
527,275
Total
Common
Stocks
(Cost
$20,858,015)
36,688,117
CONVERTIBLE
PREFERRED
STOCKS
1.0%
CONSUMER
DISCRETIONARY
0.8%
Automobiles
0.8%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $60,831 (1)(3)(4)
5,661,867
208,640
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $32,752 (1)(3)(4)
2,114,408
77,916
286,556
Internet
&
Direct
Marketing
Retail
0.0%
Maplebear
DBA
Instacart
,
Series
I,
Acquisition
Date:
2/26/21,
Cost $9,259 (1)(3)(4)
74,070
9,259
9,259
Total
Consumer
Discretionary
295,815
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
HEALTH
CARE
0.0%
Health
Care
Equipment
&
Supplies
0.0%
JAND,
Series
AA,
Acquisition
Date:
11/19/20,
Cost $3,929 (1)(3)
(4)
159,904��
3,922
JAND,
Series
B,
Acquisition
Date:
11/19/20,
Cost $5 (1)(3)(4)
211
5
Total
Health
Care
3,927
INFORMATION
TECHNOLOGY
0.0%
Software
0.0%
Databricks
,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,479 (1)
(3)(4)
70,358
12,479
Procore
Technologies,
Series
B,
Acquisition
Date:
7/15/20,
Cost $2,600 (1)(3)(4)
57,740
3,638
Total
Information
Technology
16,117
MATERIALS
0.1%
Chemicals
0.1%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $38,032 (1)(3)
(4)
921,478
38,032
Total
Materials
38,032
REAL
ESTATE
0.1%
Real
Estate
Management
&
Development
0.1%
WeWork
,
Series
D-1,
Acquisition
Date:
12/9/14,
Cost $21,046 (1)
(3)
1,263,943
14,207
WeWork
,
Series
D-2,
Acquisition
Date:
12/9/14,
Cost $16,537 (1)
(3)
993,098
11,162
Total
Real
Estate
25,369
Total
Convertible
Preferred
Stocks
(Cost
$197,470)
379,260
SHORT-TERM
INVESTMENTS
2.8%
Money
Market
Funds
2.8%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (2)(6)
1,052,335,951
1,052,336
Total
Short-Term
Investments
(Cost
$1,052,336)
1,052,336
Total
Investments
in
Securities
100.4%
(Cost
$22,107,821)
$
38,119,713
Other
Assets
Less
Liabilities
(0.4)%
(141,575)
Net
Assets
100.0%
$
37,978,138
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Affiliated
Companies
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
9
.
.
.
.
.
.
.
.
.
.
(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
$717,197
and
represents
1.9%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2021,
was
$58,168
and
was
valued
at
$52,441
(0.1%
of
net
assets).
(6)
Seven-day
yield
ADR
American
Depositary
Receipts
GBP
British
Pound
PIPE
Private
Investment
in
Public
Equity
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
10
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,
2021.
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
Acadia
Healthcare
$
571
$
33,687
$
—
Bruker
2,104
96,351
388
Casey's
General
Stores
1,029
85,382
782
Colfax
678
44,727
—
Hologic
2,625
18,300
—
Perrigo
12
(29,414)
1,680
Terminix
Global
Holdings
1,814
(26,921)
—
Textron
1,566
91,433
240
TreeHouse
Foods
110
35,965
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
—
—
146
Totals
$
10,509#
$
349,510
$
3,236+
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
11
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
Acadia
Healthcare
$
251,300
$
15,650
$
652
$
299,985
Bruker
525,061
2,636
532
623,516
Casey's
General
Stores
410,826
2,031
1,002
497,237
Colfax
315,480
13,040
862
372,385
Hologic
983,205
4,647
2,022
1,004,130
Perrigo
*
85,750
1,118
283,290
Terminix
Global
Holdings
387,676
1,689
4,919
357,525
Textron
579,960
2,728
1,161
672,960
TreeHouse
Foods
157,213
750
640
193,288
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
986,974
¤
¤
1,052,336
Total
$
5,
356,65
2^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$3,236
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
$3,757,585
.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
12
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
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
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
13
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the
fund's
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value,
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
14
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.
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
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.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
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;
discounted
cash
flows;
yield
to
maturity;
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
investment.
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.
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
15
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(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,
2021.
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,
2021,
totaled $163,677,000 for
the
period ended
March
31,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
F64-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
36,297,739
$
283,852
$
106,526
$
36,688,117
Convertible
Preferred
Stocks
—
25,369
353,891
379,260
Short-Term
Investments
1,052,336
—
—
1,052,336
Total
$
37,350,075
$
309,221
$
460,417
$
38,119,713
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Out
of
Level
3
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
149,571
$
609
$
31,730
$
(75,384
)
$
106,526
Convertible
Preferred
Stocks
210,299
163,068
59,770
(79,246
)
353,891
Total
$
359,870
$
163,677
$
91,500
$
(154,630
)
$
460,417