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