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