T. Rowe Price Mid-Cap Growth Fund Advisor Class (PAMCX) NPORT-P T. Rowe Price Mid-Cap Growth Fund, Inc. (Mar 2022 report)

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.2%

COMMUNICATION

SERVICES

2.4%

Entertainment

1.7%

Liberty

Media-Liberty

Formula

One,

Class

C (1)

4,341,400‌

303,204‌

Playtika

Holding (1)

2,987,800‌

57,754‌

Spotify

Technology (1)

1,348,300‌

203,620‌

564,578‌

Interactive

Media

&

Services

0.7%

IAC/InterActiveCorp (1)

924,700‌

92,729‌

Match

Group (1)

998,200‌

108,544‌

Vimeo (1)

3,588,700‌

42,634‌

243,907‌

Total

Communication

Services

808,485‌

CONSUMER

DISCRETIONARY

14.7%

Auto

Components

0.2%

Aptiv (1)

499,800‌

59,831‌

59,831‌

Automobiles

1.1%

Rivian

Automotive,

Acquisition

Date:

12/23/19

-

7/10/20,

Cost $93,583 (1)(2)

7,776,275‌

371,146‌

371,146‌

Diversified

Consumer

Services

1.4%

Bright

Horizons

Family

Solutions (1)

1,248,400‌

165,650‌

Clear

Secure,

Class

A (1)

599,300‌

16,109‌

Terminix

Global

Holdings (1)

5,981,100‌

272,918‌

454,677‌

Hotels,

Restaurants

&

Leisure

4.8%

Chipotle

Mexican

Grill (1)

227,570‌

360,022‌

Domino's

Pizza 

549,900‌

223,815‌

DraftKings,

Class

A (1)

3,998,900‌

77,859‌

Hilton

Worldwide

Holdings (1)

2,999,800‌

455,190‌

MGM

Resorts

International 

6,492,100‌

272,279‌

Vail

Resorts 

749,700‌

195,124‌

1,584,289‌

Internet

&

Direct

Marketing

Retail

0.7%

Deliveroo

(GBP) (1)

14,245,612‌

21,002‌

DoorDash,

Class

A (1)

549,300‌

64,373‌

Etsy (1)

899,700‌

111,815‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Farfetch,

Class

A (1)

2,464,900‌

37,269‌

234,459‌

Leisure

Products

0.2%

Peloton

Interactive,

Class

A (1)

1,997,800‌

52,782‌

52,782‌

Multiline

Retail

2.4%

Dollar

General 

1,993,600‌

443,835‌

Dollar

Tree (1)

2,096,000‌

335,675‌

779,510‌

Specialty

Retail

3.4%

Bath

&

Body

Works 

2,699,300‌

129,027‌

Burlington

Stores (1)

2,374,300‌

432,526‌

Five

Below (1)

749,900‌

118,762‌

O'Reilly

Automotive (1)

424,400‌

290,697‌

Ross

Stores 

1,399,600‌

126,608‌

Warby

Parker,

Class

A (1)

524,800‌

17,743‌

1,115,363‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Deckers

Outdoor (1)

360,000‌

98,557‌

Lululemon

Athletica (1)

197,265‌

72,047‌

170,604‌

Total

Consumer

Discretionary

4,822,661‌

CONSUMER

STAPLES

2.4%

Beverages

0.4%

Boston

Beer,

Class

A (1)

374,700‌

145,560‌

145,560‌

Food

&

Staples

Retailing

1.2%

Casey's

General

Stores (3)

1,961,700‌

388,750‌

388,750‌

Food

Products

0.3%

TreeHouse

Foods (1)(3)

3,198,900‌

103,197‌

103,197‌

Household

Products

0.4%

Reynolds

Consumer

Products 

3,983,900‌

116,888‌

116,888‌

Personal

Products

0.1%

Olaplex

Holdings (1)

1,980,800‌

30,960‌

30,960‌

Total

Consumer

Staples

785,355‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

ENERGY

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $4,038 (1)(2)(4)

1,337‌

7,955‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17

-

3/8/18,

Cost $33,184 (1)(2)(4)

9,021‌

53,677‌

Total

Energy

61,632‌

FINANCIALS

5.9%

Capital

Markets

3.8%

Cboe

Global

Markets 

1,997,400‌

228,542‌

KKR 

6,542,100‌

382,517‌

MarketAxess

Holdings 

454,900‌

154,757‌

Raymond

James

Financial 

998,900‌

109,789‌

Tradeweb

Markets,

Class

A 

4,270,300‌

375,231‌

1,250,836‌

Consumer

Finance

0.1%

SoFi

Technologies (1)

3,998,900‌

37,790‌

37,790‌

Insurance

2.0%

Assurant 

1,997,500‌

363,205‌

Axis

Capital

Holdings 

3,590,800‌

217,136‌

Kemper 

1,244,800‌

70,381‌

650,722‌

Total

Financials

1,939,348‌

HEALTH

CARE

25.7%

Biotechnology

4.0%

Alkermes (1)

6,623,200‌

174,256‌

Alnylam

Pharmaceuticals (1)

1,548,000‌

252,773‌

Apellis

Pharmaceuticals (1)

349,900‌

17,778‌

Argenx,

ADR (1)

649,900‌

204,920‌

Exact

Sciences (1)

1,455,800‌

101,789‌

Exelixis (1)

2,319,800‌

52,590‌

Ionis

Pharmaceuticals (1)

4,248,800‌

157,376‌

Neurocrine

Biosciences (1)

1,455,800‌

136,481‌

Seagen (1)

999,700‌

144,007‌

Ultragenyx

Pharmaceutical (1)

985,800‌

71,589‌

1,313,559‌

Health

Care

Equipment

&

Supplies

9.5%

Alcon 

3,154,200‌

250,223‌

Cooper 

1,224,600‌

511,381‌

DENTSPLY

SIRONA 

1,696,800‌

83,516‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Hologic (1)(3)

13,152,300‌

1,010,360‌

ICU

Medical (1)

897,200‌

199,753‌

Ortho

Clinical

Diagnostics

Holdings (1)

5,981,100‌

111,607‌

Quidel (1)

1,725,400‌

194,038‌

Teleflex 

2,147,500‌

761,997‌

3,122,875‌

Health

Care

Providers

&

Services

1.6%

Acadia

Healthcare (1)(3)

5,095,000‌

333,875‌

agilon

health (1)

1,327,829‌

33,661‌

Molina

Healthcare (1)

509,459‌

169,950‌

537,486‌

Health

Care

Technology

1.5%

Doximity,

Class

A (1)

1,248,800‌

65,050‌

Multiplan (1)

15,042,000‌

70,396‌

Veeva

Systems,

Class

A (1)

1,749,500‌

371,699‌

507,145‌

Life

Sciences

Tools

&

Services

5.7%

Agilent

Technologies 

4,442,800‌

587,916‌

Avantor (1)

14,314,800‌

484,126‌

Bruker (3)

7,490,900‌

481,665‌

West

Pharmaceutical

Services 

804,896‌

330,579‌

1,884,286‌

Pharmaceuticals

3.4%

Catalent (1)

7,220,700‌

800,776‌

Elanco

Animal

Health (1)

5,693,100‌

148,533‌

Perrigo 

4,099,700‌

157,551‌

1,106,860‌

Total

Health

Care

8,472,211‌

INDUSTRIALS

&

BUSINESS

SERVICES

17.2%

Aerospace

&

Defense

3.3%

BWX

Technologies 

4,124,600‌

222,151‌

Textron (3)

11,603,300‌

863,053‌

1,085,204‌

Airlines

1.1%

Southwest

Airlines (1)

7,997,900‌

366,304‌

366,304‌

Commercial

Services

&

Supplies

0.7%

Waste

Connections 

1,552,700‌

216,912‌

216,912‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Electrical

Equipment

0.1%

Shoals

Technologies

Group,

Class

A (1)

2,497,000‌

42,549‌

42,549‌

Industrial

Conglomerates

0.9%

Roper

Technologies 

647,300‌

305,674‌

305,674‌

Machinery

4.8%

Enovis (1)(3)

8,963,900‌

356,674‌

Fortive 

4,609,700‌

280,869‌

IDEX 

1,299,600‌

249,172‌

Ingersoll

Rand 

13,586,800‌

684,095‌

1,570,810‌

Professional

Services

4.8%

Clarivate (1)

11,496,900‌

192,688‌

CoStar

Group (1)

4,096,300‌

272,855‌

Equifax 

1,199,700‌

284,449‌

Leidos

Holdings 

1,095,700‌

118,357‌

TransUnion 

4,190,300‌

433,026‌

Upwork (1)

1,073,700‌

24,953‌

Verisk

Analytics 

1,198,800‌

257,298‌

1,583,626‌

Road

&

Rail

1.5%

JB

Hunt

Transport

Services 

2,549,300‌

511,874‌

511,874‌

Total

Industrials

&

Business

Services

5,682,953‌

INFORMATION

TECHNOLOGY

20.6%

Electronic

Equipment,

Instruments

&

Components

3.9%

Amphenol,

Class

A 

2,738,900‌

206,376‌

Cognex 

1,999,400‌

154,254‌

Corning 

5,498,500‌

202,950‌

Keysight

Technologies (1)

2,596,900‌

410,232‌

Littelfuse 

209,872‌

52,344‌

National

Instruments 

6,065,600‌

246,203‌

1,272,359‌

IT

Services

1.6%

Broadridge

Financial

Solutions 

598,800‌

93,239‌

FleetCor

Technologies (1)

1,706,800‌

425,096‌

Thoughtworks

Holding (1)

1,088,898‌

22,660‌

540,995‌

Semiconductors

&

Semiconductor

Equipment

7.6%

Entegris 

799,700‌

104,969‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

KLA 

1,349,700‌

494,071‌

Lattice

Semiconductor (1)

1,109,200‌

67,606‌

Marvell

Technology 

10,137,700‌

726,974‌

Microchip

Technology 

11,236,300‌

844,295‌

Skyworks

Solutions 

1,698,400‌

226,363‌

Wolfspeed (1)

474,800‌

54,061‌

2,518,339‌

Software

7.5%

Atlassian,

Class

A (1)

499,151‌

146,666‌

Bill.com

Holdings (1)

749,800‌

170,047‌

Black

Knight (1)

3,701,900‌

214,673‌

CCC

Intelligent

Solutions

Holdings (1)

8,285,717‌

91,474‌

Ceridian

HCM

Holding (1)

3,995,800‌

273,153‌

Crowdstrike

Holdings,

Class

A (1)

872,600‌

198,150‌

DocuSign (1)

1,499,600‌

160,637‌

Fortinet (1)

1,598,600‌

546,306‌

HashiCorp,

Class

A (1)

56,803‌

3,067‌

nCino (1)

873,200‌

35,784‌

Paylocity

Holding (1)

150,000‌

30,865‌

Procore

Technologies (1)

339,588‌

19,683‌

PTC (1)

1,744,400‌

187,907‌

SentinelOne,

Class

A (1)

1,099,700‌

42,602‌

Synopsys (1)

424,900‌

141,606‌

Trade

Desk,

Class

A (1)

2,999,200‌

207,695‌

2,470,315‌

Total

Information

Technology

6,802,008‌

MATERIALS

6.1%

Chemicals

0.6%

RPM

International 

2,499,200‌

203,535‌

203,535‌

Construction

Materials

0.9%

Martin

Marietta

Materials 

749,900‌

288,629‌

288,629‌

Containers

&

Packaging

4.6%

Ardagh

Metal

Packaging (1)

4,744,600‌

38,574‌

Avery

Dennison 

1,899,500‌

330,456‌

Ball 

8,816,050‌

793,444‌

Sealed

Air 

5,337,800‌

357,419‌

1,519,893‌

Total

Materials

2,012,057‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

REAL

ESTATE

0.0%

Real

Estate

Management

&

Development

0.0%

eXp

World

Holdings 

798,700‌

16,908‌

Total

Real

Estate

16,908‌

Total

Common

Stocks

(Cost

$18,809,483)

31,403,618‌

CONVERTIBLE

PREFERRED

STOCKS

0.5%

CONSUMER

DISCRETIONARY

0.2%

Internet

&

Direct

Marketing

Retail

0.2%

Maplebear

DBA

Instacart,

Series

E,

Acquisition

Date:

11/19/21,

Cost $57,556 (1)(2)(4)

478,699‌

45,955‌

Maplebear

DBA

Instacart,

Series

I,

Acquisition

Date:

2/26/21,

Cost $9,259 (1)(2)(4)

74,070‌

7,111‌

Total

Consumer

Discretionary

53,066‌

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

INFORMATION

TECHNOLOGY

0.1%

Software

0.1%

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $12,479 (1)

(2)(4)

70,358‌

11,671‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $19,734 (1)

(2)(4)

89,518‌

14,849‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $17,506 (1)(2)(4)

839,788‌

17,506‌

Total

Information

Technology

44,026‌

MATERIALS

0.1%

Chemicals

0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $19,360 (1)(2)(4)

408,411‌

21,299‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $38,032 (1)(2)

(4)

921,478‌

28,722‌

Total

Materials

50,021‌

Total

Convertible

Preferred

Stocks

(Cost

$200,482)

173,669‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

4.2%

Money

Market

Funds

4.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

0.29% (3)(5)

1,397,111,807‌

1,397,112‌

Total

Short-Term

Investments

(Cost

$1,397,112)

1,397,112‌

Total

Investments

in

Securities

99.9%

(Cost

$20,407,077)

$

32,974,399‌

Other

Assets

Less

Liabilities

0.1%

32,773‌

Net

Assets

100.0%

$

33,007,172‌

‡

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

$606,447

and

represents

1.8%

of

net

assets.

(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

9

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,

2022.

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 

$

310‌

$

24,297‌

$

—‌

Bruker 

959‌

(

147,949‌

)

375‌

Casey's

General

Stores 

170‌

1,082‌

687‌

Enovis ‡

384‌

(

55,803‌

)

—‌

Hologic 

1,096‌

2,264‌

—‌

Textron 

1,336‌

(

34,030‌

)

232‌

TreeHouse

Foods 

(

8,528‌

)

(

17,792‌

)

—‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.29%

—‌

—‌

401‌

Totals

$

(

4,273‌

)

#

$

(

227,931‌

)

$

1,695‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

Acadia

Healthcare 

$

309,649‌

$

259‌

$

330‌

$

333,875‌

Bruker 

629,325‌

491‌

202‌

481,665‌

Casey's

General

Stores 

393,595‌

358‌

6,285‌

388,750‌

Enovis ‡

412,572‌

365‌

460‌

356,674‌

Hologic 

1,008,157‌

910‌

971‌

1,010,360‌

Textron 

896,848‌

785‌

550‌

863,053‌

TreeHouse

Foods 

137,417‌

116‌

16,544‌

103,197‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.29%

1,208,662‌

¤

¤

1,397,112‌

Total

$

4,934,686‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$1,695

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

$3,327,695.

‡

Includes

previously

reported

affiliate

Colfax.

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

Unaudited

Notes

to

Portfolio

of

Investments

10

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

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)

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

11

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

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.

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

12

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2022

(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

$

30,949,838‌

$

392,148‌

$

61,632‌

$

31,403,618‌

Convertible

Preferred

Stocks

—‌

—‌

173,669‌

173,669‌

Short-Term

Investments

1,397,112‌

—‌

—‌

1,397,112‌

Total

$

32,346,950‌

$

392,148‌

$

235,301‌

$

32,974,399‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

13

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

a

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.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F64-054Q1

03/22