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