T.
ROWE
PRICE
Mid-Cap
Growth
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.2%
COMMUNICATION
SERVICES
3.5%
Entertainment
2.0%
Liberty
Media-Liberty
Formula
One,
Class
C (1)
4,021,500
206,745
Playtika
Holding (1)
2,997,400
82,818
Spotify
Technology (1)
1,323,900
298,328
Zynga,
Class
A (1)
19,982,500
150,468
738,359
Interactive
Media
&
Services
1.5%
IAC/InterActiveCorp (1)
1,243,135
161,968
Match
Group (1)
1,500,000
235,485
Pinterest,
Class
A (1)
1,000,000
50,950
Vimeo (1)
3,500,000
102,795
551,198
Total
Communication
Services
1,289,557
CONSUMER
DISCRETIONARY
13.7%
Auto
Components
0.7%
Aptiv (1)
1,823,300
271,617
271,617
Diversified
Consumer
Services
1.1%
Bright
Horizons
Family
Solutions (1)
964,600
134,485
Clear
Secure,
Class
A (1)
513,937
21,097
Terminix
Global
Holdings (1)
6,100,000
254,187
409,769
Hotels,
Restaurants
&
Leisure
4.8%
Chipotle
Mexican
Grill (1)
225,393
409,656
Domino's
Pizza
486,600
232,089
DraftKings,
Class
A (1)
2,472,600
119,080
Hilton
Worldwide
Holdings (1)
3,894,400
514,489
MGM
Resorts
International
5,495,200
237,118
Vail
Resorts
829,300
277,028
1,789,460
Internet
&
Direct
Marketing
Retail
1.4%
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $43,768
(GBP) (1)(2)
24,637,800
91,205
Etsy (1)
1,514,800
315,018
Farfetch,
Class
A (1)
2,472,600
92,673
Wayfair,
Class
A (1)
50,000
12,776
511,672
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Multiline
Retail
1.6%
Dollar
General
2,000,000
424,280
Dollar
Tree (1)
2,000,000
191,440
615,720
Specialty
Retail
3.6%
Bath
&
Body
Works
1,500,000
94,545
Burlington
Stores (1)
2,023,200
573,719
Five
Below (1)
499,900
88,387
O'Reilly
Automotive (1)
681,500
416,437
Ross
Stores
1,655,000
180,147
1,353,235
Textiles,
Apparel
&
Luxury
Goods
0.5%
Lululemon
Athletica (1)
197,846
80,068
On
Holding,
Class
A (1)
620,401
18,693
VF
1,200,000
80,388
179,149
Total
Consumer
Discretionary
5,130,622
CONSUMER
STAPLES
2.2%
Beverages
0.4%
Boston
Beer,
Class
A (1)
310,000
158,022
158,022
Food
&
Staples
Retailing
1.0%
Casey's
General
Stores (3)
1,998,300
376,580
376,580
Food
Products
0.4%
TreeHouse
Foods (1)(3)
3,397,100
135,476
135,476
Household
Products
0.3%
Reynolds
Consumer
Products
3,996,500
109,264
109,264
Personal
Products
0.1%
Olaplex
Holdings (1)
1,965,198
48,147
48,147
Total
Consumer
Staples
827,489
ENERGY
0.1%
Oil,
Gas
&
Consumable
Fuels
0.1%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $4,038 (1)(2)(4)
1,337
6,137
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $33,184 (1)(2)(4)
9,021
41,407
Total
Energy
47,544
FINANCIALS
5.8%
Banks
0.4%
Webster
Financial
2,750,000
149,765
149,765
Capital
Markets
3.6%
Cboe
Global
Markets
2,497,800
309,378
KKR
6,815,000
414,897
MarketAxess
Holdings
449,654
189,165
Raymond
James
Financial
1,123,950
103,718
Tradeweb
Markets,
Class
A
4,283,600
346,029
1,363,187
Consumer
Finance
0.3%
SoFi
Technologies
(1)
7,389,729
117,349
117,349
Insurance
1.5%
Assurant
1,954,800
308,370
Axis
Capital
Holdings
3,602,200
165,845
Bright
Health
Group (1)
1,782,800
14,548
Kemper
1,248,900
83,414
572,177
Total
Financials
2,202,478
HEALTH
CARE
26.2%
Biotechnology
4.4%
Alkermes (1)
6,644,200
204,907
Alnylam
Pharmaceuticals (1)
1,270,700
239,921
Argenx,
ADR (1)
618,400
186,757
Exact
Sciences (1)
1,460,300
139,386
Exelixis (1)
2,327,200
49,197
Incyte (1)
2,568,041
176,630
Ionis
Pharmaceuticals (1)
3,708,700
124,390
Kodiak
Sciences (1)
299,770
28,772
Neurocrine
Biosciences (1)
1,460,300
140,057
Seagen (1)
1,703,800
289,305
Ultragenyx
Pharmaceutical (1)
988,900
89,189
1,668,511
Health
Care
Equipment
&
Supplies
9.4%
Alcon
3,164,200
254,623
Cooper
1,250,000
516,637
DENTSPLY
SIRONA
2,248,100
130,502
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Hologic (1)(3)
13,193,900
973,842
ICU
Medical (1)
900,000
210,042
Ortho
Clinical
Diagnostics
Holdings (1)
6,000,000
110,880
Quidel (1)
1,730,800
244,302
Teleflex
2,114,255
796,123
Warby
Parker,
Class
A (1)
237,355
12,592
West
Pharmaceutical
Services
679,900
288,645
3,538,188
Health
Care
Providers
&
Services
1.3%
Acadia
Healthcare (1)(3)
5,111,300
325,999
agilon
health (1)
1,332,229
34,918
Molina
Healthcare (1)
511,100
138,666
499,583
Health
Care
Technology
1.5%
Doximity,
Class
A (1)
741,900
59,871
Multiplan (1)
15,089,900
84,956
Veeva
Systems,
Class
A (1)
1,460,300
420,815
565,642
Life
Sciences
Tools
&
Services
5.5%
Agilent
Technologies
4,750,000
748,267
Avantor (1)
14,359,900
587,320
Bruker (3)
8,992,200
702,291
PPD (1)
575,000
26,904
2,064,782
Pharmaceuticals
4.1%
Catalent (1)
7,243,700
963,919
Elanco
Animal
Health (1)
8,000,000
255,120
Perrigo
6,500,000
307,645
1,526,684
Total
Health
Care
9,863,390
INDUSTRIALS
&
BUSINESS
SERVICES
16.4%
Aerospace
&
Defense
2.8%
BWX
Technologies
4,137,500
222,846
Textron (3)
11,639,800
812,574
1,035,420
Airlines
0.8%
Alaska
Air
Group (1)
50,000
2,930
Southwest
Airlines (1)
6,000,000
308,580
311,510
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
0.5%
Waste
Connections
1,557,600
196,149
196,149
Electrical
Equipment
0.1%
Shoals
Technologies
Group,
Class
A (1)
1,942,754
54,164
54,164
Industrial
Conglomerates
0.8%
Roper
Technologies
649,400
289,717
289,717
Machinery
4.8%
Colfax (1)(3)
8,992,200
412,742
Fortive
4,624,300
326,337
IDEX
1,748,500
361,852
Ingersoll
Rand (1)
13,629,600
687,068
1,787,999
Professional
Services
5.2%
Clarivate (1)
17,307,700
379,039
CoStar
Group (1)
4,624,500
397,984
Equifax
1,500,000
380,130
Legalzoom.com (1)
257,391
6,795
Leidos
Holdings
1,099,100
105,657
TransUnion
4,203,400
472,084
Upwork (1)
1,248,900
56,238
Verisk
Analytics
849,200
170,069
1,967,996
Road
&
Rail
1.4%
JB
Hunt
Transport
Services
3,115,500
520,974
520,974
Total
Industrials
&
Business
Services
6,163,929
INFORMATION
TECHNOLOGY
20.1%
Electronic
Equipment,
Instruments
&
Components
3.6%
Amphenol,
Class
A
2,747,600
201,207
Cognex
1,174,000
94,178
Corning
7,545,100
275,321
Keysight
Technologies (1)
3,164,200
519,846
Littelfuse
120,000
32,792
National
Instruments
6,084,800
238,707
1,362,051
IT
Services
1.9%
Broadridge
Financial
Solutions
799,300
133,195
FleetCor
Technologies (1)
1,698,500
443,767
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Jack
Henry
&
Associates
486,600
79,832
Thoughtworks
Holding (1)
1,092,198
31,357
Toast,
Class
A (1)
155,708
7,778
695,929
Semiconductors
&
Semiconductor
Equipment
7.1%
Entegris
3,018,000
379,966
KLA
1,275,600
426,701
Lattice
Semiconductor (1)
1,112,600
71,930
Marvell
Technology
10,490,800
632,700
Microchip
Technology
5,819,900
893,297
Skyworks
Solutions
1,703,800
280,752
2,685,346
Software
7.5%
Atlassian,
Class
A (1)
600,000
234,852
Bill.com
Holdings (1)
584,100
155,926
Black
Knight (1)
3,713,700
267,386
CCC
Intelligent
Solutions
Holdings (1)
4,800,000
50,448
Ceridian
HCM
Holding (1)
3,894,400
438,587
Citrix
Systems
1,711,800
183,796
Crowdstrike
Holdings,
Class
A (1)
875,300
215,131
DocuSign (1)
1,823,400
469,398
Fortinet (1)
1,265,800
369,664
nCino (1)
999,100
70,966
Procore
Technologies (1)
84,780
7,574
Procore
Technologies,
Acquisition
Date:
7/15/20
-
5/20/21,
Cost $16,330 (1)(2)
290,233
24,633
PTC (1)
1,750,000
209,633
SentinelOne,
Class
A (1)
318,146
17,043
Splunk (1)
849,200
122,888
2,837,925
Total
Information
Technology
7,581,251
MATERIALS
5.9%
Chemicals
0.5%
RPM
International
2,300,000
178,595
178,595
Construction
Materials
0.5%
Martin
Marietta
Materials
516,000
176,307
176,307
Containers
&
Packaging
4.4%
Ardagh
Metal
Packaging (1)
4,543,567
45,254
Avery
Dennison
1,673,500
346,766
Ball
9,274,400
834,418
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Packaging
Corp.
of
America
973,600
133,812
Sealed
Air
5,354,600
293,378
1,653,628
Metals
&
Mining
0.5%
Kirkland
Lake
Gold
4,575,700
190,303
190,303
Total
Materials
2,198,833
UTILITIES
1.3%
Electric
Utilities
0.2%
Eversource
Energy
973,600
79,602
79,602
Multi-Utilities
1.1%
Ameren
1,703,800
138,008
Sempra
Energy
2,190,500
277,098
415,106
Total
Utilities
494,708
Total
Common
Stocks
(Cost
$19,925,934)
35,799,801
CONVERTIBLE
PREFERRED
STOCKS
1.8%
CONSUMER
DISCRETIONARY
1.5%
Automobiles
1.5%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $60,831 (1)(2)(4)
5,661,867
402,163
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $32,752 (1)(2)(4)
2,114,408
150,186
552,349
Internet
&
Direct
Marketing
Retail
0.0%
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $9,259 (1)(2)(4)
74,070
9,259
9,259
Total
Consumer
Discretionary
561,608
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
26,556
Total
Health
Care
26,556
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,480 (1)
(2)(4)
70,358
15,511
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $19,734 (1)
(2)(4)
89,518
19,734
Total
Information
Technology
35,245
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $19,360 (1)(2)(4)
408,411
19,360
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $38,032 (1)(2)
(4)
921,478
38,032
Total
Materials
57,392
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork,
Series
D-1,
Acquisition
Date:
12/9/14,
Cost $21,046 (1)
(2)
1,263,943
9,407
WeWork,
Series
D-2,
Acquisition
Date:
12/9/14,
Cost $8,897 (1)(2)
534,339
3,977
Total
Real
Estate
13,384
Total
Convertible
Preferred
Stocks
(Cost
$248,947)
694,185
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (3)(5)
1,125,109,241
1,125,109
Total
Short-Term
Investments
(Cost
$1,125,109)
1,125,109
Total
Investments
in
Securities
100.0%
(Cost
$21,299,990)
$
37,619,095
Other
Assets
Less
Liabilities
(0.0)%
(18,430)
Net
Assets
100.0%
$
37,600,665
‡
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
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
$857,567
and
represents
2.3%
of
net
assets.
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
9
.
.
.
.
.
.
.
.
.
.
(3)
Affiliated
Companies
(4)
Level
3
in
fair
value
hierarchy.
(5)
Seven-day
yield
ADR
American
Depositary
Receipts
GBP
British
Pound
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
nine
months
ended
September
30,
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
$
5,282
$
63,745
$
—
Bruker
38,452
193,961
1,130
Casey's
General
Stores
24,002
8,158
2,225
Colfax
5,668
58,703
—
Hologic
14,201
(3,367)
—
Perrigo
(5,695)
23,934
5,012
Terminix
Global
Holdings
14,507
(78,974)
—
Textron
16,737
240,224
709
TreeHouse
Foods
(7,021)
(190)
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
—
—
307
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
106,133#
$
506,194
$
9,383+
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
09/30/21
Acadia
Healthcare
$
251,300
$
15,650
$
4,696
$
325,999
Bruker
525,061
2,636
19,367
702,291
Casey's
General
Stores
410,826
5,998
48,402
376,580
Colfax
315,480
44,769
6,210
412,742
Hologic
983,205
8,084
14,080
973,842
Perrigo
*
93,142
37,503
*
Terminix
Global
Holdings
387,676
1,689
56,204
*
Textron
579,960
2,728
10,338
812,574
TreeHouse
Foods
157,213
749
22,296
135,476
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
986,974
¤
¤
1,125,109
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
¤
¤
—
Total
$
4,864,613^
#
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.
+
Investment
income
comprised
$9,383
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
$3,116,605.
*
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
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
September
30,
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
September
30,
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
September
30,
2021,
totaled $421,792,000 for
the
period ended
September
30,
2021.
F64-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
35,636,419
$
115,838
$
47,544
$
35,799,801
Convertible
Preferred
Stocks
—
13,384
680,801
694,185
Short-Term
Investments
1,125,109
—
—
1,125,109
Total
$
36,761,528
$
129,222
$
728,345
$
37,619,095
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
149,571
$
(7,162)
$
3,934
$
(98,799)
$
47,544
Convertible
Preferred
Stocks
210,299
395,384
125,420
(50,302)
680,801
Total
$
359,870
$
388,222
$
129,354
$
(149,101)
$
728,345