# EDGAR Filing Document

**Accession Number:** 0000887147
**File Stem:** 0001193125-26-062999
**Filing Date:** 2026-2
**Character Count:** 148992
**Document Hash:** e84a6888240517aadedb975ffd5a6255
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-062999.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001193125-26-062999

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Mid-Cap Growth Fund, Inc.
- **CENTRAL INDEX KEY:** 0000887147

**ORGANIZATION NAME:**
- **EIN:** 521784828
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06665
- **FILM NUMBER:** 26662912

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE MID CAP GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### T. Rowe Price Mid-Cap Growth Fund, Inc. (Series ID: S000002102)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000005470 | T. Rowe Price Mid-Cap Growth Fund, Inc.         | RPMGX           |
| C000005471 | T. Rowe Price Mid-Cap Growth Fund-Advisor Class | PAMCX           |
| C000005472 | T. Rowe Price Mid-Cap Growth Fund-R Class       | RRMGX           |
| C000159676 | T. Rowe Price Mid-Cap Growth Fund-I Class       | RPTIX           |
| C000219320 | T. Rowe Price Mid-Cap Growth Fund-Z Class       | TRQZX           |

?xml version='1.0' encoding='ASCII'? Mid-Cap Growth Fund_MCG

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-06665

T. Rowe Price Mid-Cap Growth Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g837968iadbd632a2f9fc3530131.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Mid-Cap Growth Fund

# Investor Class (RPMGX)
This annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid-Cap Growth Fund - Investor Class | $78 | 0.77% |

---

## What drove fund performance during the past 12 months?
* Mid-cap growth stocks rose in 2025 but lagged other investment styles. After a challenging start to the year, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve resumed reducing short-term interest rates in the latter part of the year. 

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in consumer staples. Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. Stock selection in energy, notably our holding in global offshore oil field service and equipment company TechnipFMC, also added value.

* On the negative side, the leading detractor from relative performance was health care due to stock choices. Shares of medical device maker Teleflex declined as investors took in announcements, including a tax-free spinoff of a portion of its business and the retirement of its CFO. Stock selection in industrials and business services also weighed on relative results. Our stake in human capital management software vendor Paylocity was a notable detractor in the sector; in addition, we avoided several names in the space with more speculative characteristics that had strong results.

* The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth. We pay careful attention to risk and valuation relative to growth prospects, and our focus remains on owning quality companies with durable growth prospects and prudent balance sheets.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 25,764 Regulatory Benchmark 38,012 Strategy Benchmark 32,448](g837968i903517097874ec192282.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9958 | 10097 | 10058 |
| **2016** | 10151 | 10362 | 10215 |
| **2016** | 10580 | 10818 | 10684 |
| **2016** | 10630 | 11274 | 10733 |
| **2017** | 11498 | 11921 | 11473 |
| **2017** | 12184 | 12280 | 11956 |
| **2017** | 12709 | 12842 | 12588 |
| **2017** | 13272 | 13656 | 13445 |
| **2018** | 13811 | 13568 | 13737 |
| **2018** | 13936 | 14095 | 14171 |
| **2018** | 14970 | 15099 | 15244 |
| **2018** | 13002 | 12940 | 12806 |
| **2019** | 15109 | 14757 | 15319 |
| **2019** | 16156 | 15361 | 16146 |
| **2019** | 16039 | 15540 | 16038 |
| **2019** | 17101 | 16954 | 17348 |
| **2020** | 13135 | 13410 | 13872 |
| **2020** | 16788 | 16364 | 18070 |
| **2020** | 18169 | 17871 | 19763 |
| **2020** | 21234 | 20495 | 23522 |
| **2021** | 21878 | 21796 | 23389 |
| **2021** | 23320 | 23592 | 25979 |
| **2021** | 23348 | 23568 | 25781 |
| **2021** | 24431 | 25754 | 26516 |
| **2022** | 21681 | 24395 | 23180 |
| **2022** | 18222 | 20321 | 18296 |
| **2022** | 17483 | 19413 | 18176 |
| **2022** | 18928 | 20808 | 19431 |
| **2023** | 20296 | 22302 | 21206 |
| **2023** | 21367 | 24172 | 22528 |
| **2023** | 20349 | 23386 | 21351 |
| **2023** | 22734 | 26209 | 24457 |
| **2024** | 24659 | 28835 | 26779 |
| **2024** | 23523 | 29762 | 25919 |
| **2024** | 24918 | 31616 | 27614 |
| **2024** | 24871 | 32448 | 29863 |
| **2025** | 23098 | 30916 | 27736 |
| **2025** | 25135 | 34314 | 32785 |
| **2025** | 25569 | 37120 | 33696 |
| **2025** | 25764 | 38012 | 32448 |

---

202501-4140694, 202601-5112812

F64-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Mid-Cap Growth Fund (Investor Class) | 3.59% | 3.94% | 9.93% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell Midcap Growth Index (Strategy Benchmark) | 8.66 | 6.65 | 12.49 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$25,097,409

* Number of Portfolio Holdings131

* Investment Advisory Fees Paid (000s)$136,697

* Portfolio Turnover Rate31.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 21.0% |
| Information Technology | 19.5 |
| Consumer Discretionary | 19.0 |
| Industrials & Business Services | 14.8 |
| Financials | 8.2 |
| Communication Services | 4.0 |
| Energy | 4.0 |
| Consumer Staples | 3.2 |
| Materials | 2.8 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Hilton Worldwide Holdings | 2.4% |
| Agilent Technologies | 2.1 |
| PTC | 2.0 |
| Lattice Semiconductor | 1.9 |
| Yum! Brands | 1.9 |
| Mettler-Toledo International | 1.8 |
| Viking Holdings | 1.7 |
| Assurant | 1.6 |
| Tyler Technologies | 1.6 |
| Liberty Media Corp-Liberty Formula One | 1.6 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Mid-Cap Growth Fund

Investor Class (RPMGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g837968i971e4c57ee8ca43e5a55.jpg)

![Image](g837968iadbd632a2f9fc3530131.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Mid-Cap Growth Fund

# Advisor Class (PAMCX)
This annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid-Cap Growth Fund - Advisor Class | $104 | 1.02% |

---

## What drove fund performance during the past 12 months?
* Mid-cap growth stocks rose in 2025 but lagged other investment styles. After a challenging start to the year, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve resumed reducing short-term interest rates in the latter part of the year. 

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in consumer staples. Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. Stock selection in energy, notably our holding in global offshore oil field service and equipment company TechnipFMC, also added value.

* On the negative side, the leading detractor from relative performance was health care due to stock choices. Shares of medical device maker Teleflex declined as investors took in announcements, including a tax-free spinoff of a portion of its business and the retirement of its CFO. Stock selection in industrials and business services also weighed on relative results. Our stake in human capital management software vendor Paylocity was a notable detractor in the sector; in addition, we avoided several names in the space with more speculative characteristics that had strong results.

* The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth. We pay careful attention to risk and valuation relative to growth prospects, and our focus remains on owning quality companies with durable growth prospects and prudent balance sheets.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Advisor Class 25,092 Regulatory Benchmark 38,012 Strategy Benchmark 32,448](g837968ifd183fd2fea095e9f52d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9951 | 10097 | 10058 |
| **2016** | 10139 | 10362 | 10215 |
| **2016** | 10560 | 10818 | 10684 |
| **2016** | 10603 | 11274 | 10733 |
| **2017** | 11461 | 11921 | 11473 |
| **2017** | 12137 | 12280 | 11956 |
| **2017** | 12652 | 12842 | 12588 |
| **2017** | 13204 | 13656 | 13445 |
| **2018** | 13730 | 13568 | 13737 |
| **2018** | 13846 | 14095 | 14171 |
| **2018** | 14862 | 15099 | 15244 |
| **2018** | 12900 | 12940 | 12806 |
| **2019** | 14985 | 14757 | 15319 |
| **2019** | 16013 | 15361 | 16146 |
| **2019** | 15882 | 15540 | 16038 |
| **2019** | 16923 | 16954 | 17348 |
| **2020** | 12984 | 13410 | 13872 |
| **2020** | 16585 | 16364 | 18070 |
| **2020** | 17938 | 17871 | 19763 |
| **2020** | 20950 | 20495 | 23522 |
| **2021** | 21570 | 21796 | 23389 |
| **2021** | 22975 | 23592 | 25979 |
| **2021** | 22987 | 23568 | 25781 |
| **2021** | 24036 | 25754 | 26516 |
| **2022** | 21317 | 24395 | 23180 |
| **2022** | 17905 | 20321 | 18296 |
| **2022** | 17171 | 19413 | 18176 |
| **2022** | 18575 | 20808 | 19431 |
| **2023** | 19905 | 22302 | 21206 |
| **2023** | 20944 | 24172 | 22528 |
| **2023** | 19933 | 23386 | 21351 |
| **2023** | 22253 | 26209 | 24457 |
| **2024** | 24122 | 28835 | 26779 |
| **2024** | 22996 | 29762 | 25919 |
| **2024** | 24345 | 31616 | 27614 |
| **2024** | 24282 | 32448 | 29863 |
| **2025** | 22535 | 30916 | 27736 |
| **2025** | 24510 | 34314 | 32785 |
| **2025** | 24915 | 37120 | 33696 |
| **2025** | 25092 | 38012 | 32448 |

---

202501-4140694, 202601-5112812

F264-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Mid-Cap Growth Fund (Advisor Class) | 3.33% | 3.67% | 9.64% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell Midcap Growth Index (Strategy Benchmark) | 8.66 | 6.65 | 12.49 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$25,097,409

* Number of Portfolio Holdings131

* Investment Advisory Fees Paid (000s)$136,697

* Portfolio Turnover Rate31.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 21.0% |
| Information Technology | 19.5 |
| Consumer Discretionary | 19.0 |
| Industrials & Business Services | 14.8 |
| Financials | 8.2 |
| Communication Services | 4.0 |
| Energy | 4.0 |
| Consumer Staples | 3.2 |
| Materials | 2.8 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Hilton Worldwide Holdings | 2.4% |
| Agilent Technologies | 2.1 |
| PTC | 2.0 |
| Lattice Semiconductor | 1.9 |
| Yum! Brands | 1.9 |
| Mettler-Toledo International | 1.8 |
| Viking Holdings | 1.7 |
| Assurant | 1.6 |
| Tyler Technologies | 1.6 |
| Liberty Media Corp-Liberty Formula One | 1.6 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Mid-Cap Growth Fund

Advisor Class (PAMCX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g837968i971e4c57ee8ca43e5a55.jpg)

![Image](g837968iadbd632a2f9fc3530131.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Mid-Cap Growth Fund

# R Class (RRMGX)
This annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid-Cap Growth Fund - R Class | $133 | 1.31% |

---

## What drove fund performance during the past 12 months?
* Mid-cap growth stocks rose in 2025 but lagged other investment styles. After a challenging start to the year, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve resumed reducing short-term interest rates in the latter part of the year. 

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in consumer staples. Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. Stock selection in energy, notably our holding in global offshore oil field service and equipment company TechnipFMC, also added value.

* On the negative side, the leading detractor from relative performance was health care due to stock choices. Shares of medical device maker Teleflex declined as investors took in announcements, including a tax-free spinoff of a portion of its business and the retirement of its CFO. Stock selection in industrials and business services also weighed on relative results. Our stake in human capital management software vendor Paylocity was a notable detractor in the sector; in addition, we avoided several names in the space with more speculative characteristics that had strong results.

* The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth. We pay careful attention to risk and valuation relative to growth prospects, and our focus remains on owning quality companies with durable growth prospects and prudent balance sheets.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. R Class 24,429 Regulatory Benchmark 38,012 Strategy Benchmark 32,448](g837968i5691b15e2c5316d7daac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9944 | 10097 | 10058 |
| **2016** | 10125 | 10362 | 10215 |
| **2016** | 10538 | 10818 | 10684 |
| **2016** | 10576 | 11274 | 10733 |
| **2017** | 11423 | 11921 | 11473 |
| **2017** | 12088 | 12280 | 11956 |
| **2017** | 12594 | 12842 | 12588 |
| **2017** | 13135 | 13656 | 13445 |
| **2018** | 13651 | 13568 | 13737 |
| **2018** | 13756 | 14095 | 14171 |
| **2018** | 14757 | 15099 | 15244 |
| **2018** | 12801 | 12940 | 12806 |
| **2019** | 14854 | 14757 | 15319 |
| **2019** | 15864 | 15361 | 16146 |
| **2019** | 15726 | 15540 | 16038 |
| **2019** | 16746 | 16954 | 17348 |
| **2020** | 12843 | 13410 | 13872 |
| **2020** | 16393 | 16364 | 18070 |
| **2020** | 17719 | 17871 | 19763 |
| **2020** | 20680 | 20495 | 23522 |
| **2021** | 21278 | 21796 | 23389 |
| **2021** | 22652 | 23592 | 25979 |
| **2021** | 22646 | 23568 | 25781 |
| **2021** | 23665 | 25754 | 26516 |
| **2022** | 20972 | 24395 | 23180 |
| **2022** | 17602 | 20321 | 18296 |
| **2022** | 16872 | 19413 | 18176 |
| **2022** | 18239 | 20808 | 19431 |
| **2023** | 19533 | 22302 | 21206 |
| **2023** | 20535 | 24172 | 22528 |
| **2023** | 19530 | 23386 | 21351 |
| **2023** | 21788 | 26209 | 24457 |
| **2024** | 23604 | 28835 | 26779 |
| **2024** | 22487 | 29762 | 25919 |
| **2024** | 23786 | 31616 | 27614 |
| **2024** | 23709 | 32448 | 29863 |
| **2025** | 21989 | 30916 | 27736 |
| **2025** | 23895 | 34314 | 32785 |
| **2025** | 24275 | 37120 | 33696 |
| **2025** | 24429 | 38012 | 32448 |

---

202501-4140694, 202601-5112812

F464-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Mid-Cap Growth Fund (R Class) | 3.04% | 3.39% | 9.34% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell Midcap Growth Index (Strategy Benchmark) | 8.66 | 6.65 | 12.49 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$25,097,409

* Number of Portfolio Holdings131

* Investment Advisory Fees Paid (000s)$136,697

* Portfolio Turnover Rate31.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 21.0% |
| Information Technology | 19.5 |
| Consumer Discretionary | 19.0 |
| Industrials & Business Services | 14.8 |
| Financials | 8.2 |
| Communication Services | 4.0 |
| Energy | 4.0 |
| Consumer Staples | 3.2 |
| Materials | 2.8 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Hilton Worldwide Holdings | 2.4% |
| Agilent Technologies | 2.1 |
| PTC | 2.0 |
| Lattice Semiconductor | 1.9 |
| Yum! Brands | 1.9 |
| Mettler-Toledo International | 1.8 |
| Viking Holdings | 1.7 |
| Assurant | 1.6 |
| Tyler Technologies | 1.6 |
| Liberty Media Corp-Liberty Formula One | 1.6 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Mid-Cap Growth Fund

R Class (RRMGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g837968i971e4c57ee8ca43e5a55.jpg)

![Image](g837968iadbd632a2f9fc3530131.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Mid-Cap Growth Fund

# I Class (RPTIX)
This annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid-Cap Growth Fund - I Class | $64 | 0.63% |

---

## What drove fund performance during the past 12 months?
* Mid-cap growth stocks rose in 2025 but lagged other investment styles. After a challenging start to the year, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve resumed reducing short-term interest rates in the latter part of the year. 

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in consumer staples. Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. Stock selection in energy, notably our holding in global offshore oil field service and equipment company TechnipFMC, also added value.

* On the negative side, the leading detractor from relative performance was health care due to stock choices. Shares of medical device maker Teleflex declined as investors took in announcements, including a tax-free spinoff of a portion of its business and the retirement of its CFO. Stock selection in industrials and business services also weighed on relative results. Our stake in human capital management software vendor Paylocity was a notable detractor in the sector; in addition, we avoided several names in the space with more speculative characteristics that had strong results.

* The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth. We pay careful attention to risk and valuation relative to growth prospects, and our focus remains on owning quality companies with durable growth prospects and prudent balance sheets.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 1,305,059 Regulatory Benchmark 1,900,583 Strategy Benchmark 1,622,386](g837968i151dee9a29e239e02fc4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 500000 | 500000 | 500000 |
| **2016** | 498090 | 504841 | 502896 |
| **2016** | 507912 | 518121 | 510754 |
| **2016** | 529532 | 540907 | 534208 |
| **2016** | 532256 | 563676 | 536643 |
| **2017** | 575834 | 596049 | 573641 |
| **2017** | 610442 | 614023 | 597820 |
| **2017** | 636998 | 642092 | 629403 |
| **2017** | 665434 | 682784 | 672242 |
| **2018** | 692660 | 678383 | 686859 |
| **2018** | 699161 | 704764 | 708546 |
| **2018** | 751243 | 754971 | 762215 |
| **2018** | 652758 | 646994 | 640306 |
| **2019** | 758659 | 737854 | 765940 |
| **2019** | 811481 | 768069 | 807315 |
| **2019** | 805840 | 776999 | 801878 |
| **2019** | 859563 | 847685 | 867421 |
| **2020** | 660432 | 670521 | 693590 |
| **2020** | 844322 | 818221 | 903476 |
| **2020** | 914036 | 893559 | 988164 |
| **2020** | 1068591 | 1024747 | 1176105 |
| **2021** | 1101353 | 1089787 | 1169457 |
| **2021** | 1174242 | 1179583 | 1298941 |
| **2021** | 1176036 | 1178384 | 1289069 |
| **2021** | 1230917 | 1287709 | 1325802 |
| **2022** | 1092739 | 1219738 | 1159012 |
| **2022** | 918811 | 1016027 | 914788 |
| **2022** | 881907 | 970666 | 908814 |
| **2022** | 955085 | 1040379 | 971535 |
| **2023** | 1024380 | 1115082 | 1060294 |
| **2023** | 1078849 | 1208602 | 1126395 |
| **2023** | 1027711 | 1169276 | 1067553 |
| **2023** | 1148547 | 1310429 | 1222841 |
| **2024** | 1246159 | 1441725 | 1338968 |
| **2024** | 1189104 | 1488091 | 1295943 |
| **2024** | 1260136 | 1580787 | 1380715 |
| **2024** | 1258068 | 1622413 | 1493126 |
| **2025** | 1168781 | 1545804 | 1386813 |
| **2025** | 1272405 | 1715707 | 1639239 |
| **2025** | 1294664 | 1855986 | 1684798 |
| **2025** | 1305059 | 1900583 | 1622386 |

---

202501-4140694, 202601-5112812

F524-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Mid-Cap Growth Fund (I Class) | 3.74% | 4.08% | 10.07% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell Midcap Growth Index (Strategy Benchmark) | 8.66 | 6.65 | 12.49 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$25,097,409

* Number of Portfolio Holdings131

* Investment Advisory Fees Paid (000s)$136,697

* Portfolio Turnover Rate31.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 21.0% |
| Information Technology | 19.5 |
| Consumer Discretionary | 19.0 |
| Industrials & Business Services | 14.8 |
| Financials | 8.2 |
| Communication Services | 4.0 |
| Energy | 4.0 |
| Consumer Staples | 3.2 |
| Materials | 2.8 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Hilton Worldwide Holdings | 2.4% |
| Agilent Technologies | 2.1 |
| PTC | 2.0 |
| Lattice Semiconductor | 1.9 |
| Yum! Brands | 1.9 |
| Mettler-Toledo International | 1.8 |
| Viking Holdings | 1.7 |
| Assurant | 1.6 |
| Tyler Technologies | 1.6 |
| Liberty Media Corp-Liberty Formula One | 1.6 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Mid-Cap Growth Fund

I Class (RPTIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g837968i971e4c57ee8ca43e5a55.jpg)

![Image](g837968iadbd632a2f9fc3530131.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Mid-Cap Growth Fund

# Z Class (TRQZX)
This annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid-Cap Growth Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* Mid-cap growth stocks rose in 2025 but lagged other investment styles. After a challenging start to the year, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve resumed reducing short-term interest rates in the latter part of the year. 

* Versus the Russell Midcap Growth Index, the leading contributor to relative performance was stock selection in consumer staples. Shares of Dollar Tree advanced, aided by the announcement of the divestiture of the struggling Family Dollar business. Stock selection in energy, notably our holding in global offshore oil field service and equipment company TechnipFMC, also added value.

* On the negative side, the leading detractor from relative performance was health care due to stock choices. Shares of medical device maker Teleflex declined as investors took in announcements, including a tax-free spinoff of a portion of its business and the retirement of its CFO. Stock selection in industrials and business services also weighed on relative results. Our stake in human capital management software vendor Paylocity was a notable detractor in the sector; in addition, we avoided several names in the space with more speculative characteristics that had strong results.

* The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth. We pay careful attention to risk and valuation relative to growth prospects, and our focus remains on owning quality companies with durable growth prospects and prudent balance sheets.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 22,271 Regulatory Benchmark 30,798 Strategy Benchmark 25,643](g837968i11ff276bdc7d9faead98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **3/16/20** | 10000 | 10000 | 10000 |
| **3/31/20** | 10871 | 10865 | 10963 |
| **6/30/20** | 13922 | 13259 | 14280 |
| **9/30/20** | 15094 | 14480 | 15618 |
| **12/31/20** | 17673 | 16606 | 18589 |
| **3/31/21** | 18242 | 17659 | 18484 |
| **6/30/21** | 19479 | 19115 | 20530 |
| **9/30/21** | 19538 | 19095 | 20374 |
| **12/31/21** | 20481 | 20867 | 20955 |
| **3/31/22** | 18211 | 19765 | 18319 |
| **6/30/22** | 15335 | 16464 | 14459 |
| **9/30/22** | 14743 | 15729 | 14364 |
| **12/31/22** | 15991 | 16859 | 15356 |
| **3/31/23** | 17178 | 18069 | 16758 |
| **6/30/23** | 18120 | 19585 | 17803 |
| **9/30/23** | 17289 | 18948 | 16873 |
| **12/31/23** | 19352 | 21235 | 19328 |
| **3/31/24** | 21030 | 23362 | 21163 |
| **6/30/24** | 20099 | 24114 | 20483 |
| **9/30/24** | 21332 | 25616 | 21823 |
| **12/31/24** | 21331 | 26290 | 23600 |
| **3/31/25** | 19848 | 25049 | 21919 |
| **6/30/25** | 21640 | 27802 | 25909 |
| **9/30/25** | 22055 | 30075 | 26629 |
| **12/31/25** | 22271 | 30798 | 25643 |

---

202501-4140694, 202601-5112812

F1260-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/16/20** |
| Mid-Cap Growth Fund (Z Class) | 4.41% | 4.73% | 14.82% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 21.42 |
| Russell Midcap Growth Index (Strategy Benchmark) | 8.66 | 6.65 | 17.64 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$25,097,409

* Number of Portfolio Holdings131

* Investment Advisory Fees Paid (000s)$136,697

* Portfolio Turnover Rate31.5%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 21.0% |
| Information Technology | 19.5 |
| Consumer Discretionary | 19.0 |
| Industrials & Business Services | 14.8 |
| Financials | 8.2 |
| Communication Services | 4.0 |
| Energy | 4.0 |
| Consumer Staples | 3.2 |
| Materials | 2.8 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Hilton Worldwide Holdings | 2.4% |
| Agilent Technologies | 2.1 |
| PTC | 2.0 |
| Lattice Semiconductor | 1.9 |
| Yum! Brands | 1.9 |
| Mettler-Toledo International | 1.8 |
| Viking Holdings | 1.7 |
| Assurant | 1.6 |
| Tyler Technologies | 1.6 |
| Liberty Media Corp-Liberty Formula One | 1.6 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Mid-Cap Growth Fund

Z Class (TRQZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g837968i971e4c57ee8ca43e5a55.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit Fees | $23735 | $23525 |
| Audit-Related Fees |  |  |
| Tax Fees | 125 |  |
| All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

RPMGX

Mid-Cap

Growth

Fund

PAMCX

Mid-Cap

Growth

Fund–

.

Advisor Class

RRMGX

Mid-Cap

Growth

Fund–

.

R Class

RPTIX

Mid-Cap

Growth

Fund–

.

I Class

TRQZX

Mid-Cap

Growth

Fund–

.

Z Class

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

99.73 $

100.04 $

88.71 $

117.34 $

113.08 Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.08)

(0.02)

0.08 (0.13)

(0.33)

Net

realized

and

unrealized

gain/loss

3.77 9.90 17.60 (26.19)

16.93 Total

from

investment

activities

3.69 9.88 17.68 (26.32)

16.60 Distributions

Net

investment

income

—

—

(0.06)

—

—

Net

realized

gain

(6.18)

(10.19)

(6.29)

(2.31)

(12.34)

Total

distributions

(6.18)

(10.19)

(6.35)

(2.31)

(12.34)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 97.24

#### $

#### 99.73

#### $

#### 100.04

#### $

#### 88.71

#### $

#### 117.34

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.59%

#### 9.40%

#### 20.11%

#### (22.52)%

#### 15.06%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.77%

0.75%

0.76%

0.77%

0.72%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.77%

0.75%

0.76%

0.77%

0.72%

Net

investment

income

(loss)

(0.08)%

(0.02)%

0.08%

(0.13)%

(0.27)%

Portfolio

turnover

rate

31.5%

22.6%

21.7%

21.4%

13.9%

Net

assets,

end

of

period

(in

millions)

$9,977

$11,903

$12,450

$11,785

$22,145

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

93.96 $

95.01 $

84.54 $

112.24 $

108.69 Investment

activities

Net

investment

loss

(1)(2)

(0.32)

(0.28)

(0.16)

(0.35)

(0.65)

Net

realized

and

unrealized

gain/loss

3.56 9.42 16.75 (25.04)

16.25 Total

from

investment

activities

3.24 9.14 16.59 (25.39)

15.60 Distributions

Net

realized

gain

(6.18)

(10.19)

(6.12)

(2.31)

(12.05)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 91.02

#### $

#### 93.96

#### $

#### 95.01

#### $

#### 84.54

#### $

#### 112.24

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.33%

#### 9.12%

#### 19.80%

#### (22.72)%

#### 14.73%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

1.02%

1.01%

1.01%

1.02%

1.00%

Net

expenses

after

waivers/payments

by

Price

Associates

1.02%

1.01%

1.01%

1.02%

1.00%

Net

investment

loss

(0.35)%

(0.28)%

(0.18)%

(0.38)%

(0.55)%

Portfolio

turnover

rate

31.5%

22.6%

21.7%

21.4%

13.9%

Net

assets,

end

of

period

(in

millions)

$134

$200

$223

$237

$479

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### R

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

87.92 $

89.72 $

80.23 $

106.95 $

104.35 Investment

activities

Net

investment

loss

(1)(2)

(0.55)

(0.53)

(0.40)

(0.58)

(0.92)

Net

realized

and

unrealized

gain/loss

3.33 8.92 15.86 (23.83)

15.57 Total

from

investment

activities

2.78 8.39 15.46 (24.41)

14.65 Distributions

Net

realized

gain

(6.18)

(10.19)

(5.97)

(2.31)

(12.05)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 84.52

#### $

#### 87.92

#### $

#### 89.72

#### $

#### 80.23

#### $

#### 106.95

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.04%

#### 8.82%

#### 19.45%

#### (22.93)%

#### 14.43%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

1.31%

1.29%

1.30%

1.29%

1.27%

Net

expenses

after

waivers/payments

by

Price

Associates

1.31%

1.29%

1.30%

1.29%

1.27%

Net

investment

loss

(0.63)%

(0.56)%

(0.47)%

(0.66)%

(0.82)%

Portfolio

turnover

rate

31.5%

22.6%

21.7%

21.4%

13.9%

Net

assets,

end

of

period

(in

thousands)

$29,931

$28,579

$30,177

$30,084

$61,110

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

100. 04

$

100.25 $

88.90 $

117.41 $

113.18 Investment

activities

Net

investment

income

(loss)

(1)(2)

0.05 0.11 0.20 0.04 (0.19)

Net

realized

and

unrealized

gain/loss

3.80 9.93 17.65 (26.24)

16.95 Total

from

investment

activities

3.85 10.04 17.85 (26.20)

16.76 Distributions

Net

investment

income

(0.12)

(0.06)

(0.21)

—

—

Net

realized

gain

(6.18)

(10.19)

(6.29)

(2.31)

(12.53)

Total

distributions

(6.30)

(10.25)

(6.50)

(2.31)

(12.53)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 97.59

#### $

#### 100.04

#### $

#### 100.25

#### $

#### 88.90

#### $

#### 117.41

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.74%

#### 9.54%

#### 20.26%

#### (22.41)%

#### 15.19%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.63%

0.63%

0.63%

0.63%

0.61%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.63%

0.63%

0.63%

0.63%

0.61%

Net

investment

income

(loss)

0.05%

0.10%

0.21%

0.04%

(0.16)%

Portfolio

turnover

rate

31.5%

22.6%

21.7%

21.4%

13.9%

Net

assets,

end

of

period

(in

millions)

$10,459

$12,722

$12,370

$10,744

$9,378

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

100.72 $

100.79 $

89.28 $

117.53 $

113.24 Investment

activities

Net

investment

income

(1)(2)

0.69 0.78 0.81 0.63 0.55 Net

realized

and

unrealized

gain/loss

3.86 10.03 17.78 (26.28)

16.98 Total

from

investment

activities

4.55 10.81 18.59 (25.65)

17.53 Distributions

Net

investment

income

(0.77)

(0.69)

(0.79)

(0.29)

—

Net

realized

gain

(6.18)

(10.19)

(6.29)

(2.31)

(13.24)

Total

distributions

(6.95)

(10.88)

(7.08)

(2.60)

(13.24)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 98.32

#### $

#### 100.72

#### $

#### 100.79

#### $

#### 89.28

#### $

#### 117.53

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 4.41%

#### 10.22%

#### 21.02%

#### (21.92)%

#### 15.89%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.61%

0.61%

0.62%

0.61%

0.60%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00%

0.00%

0.00%

0.00%

0.00%

Net

investment

income

0.68%

0.73%

0.84%

0.66%

0.45%

Portfolio

turnover

rate

31.5%

22.6%

21.7%

21.4%

13.9%

Net

assets,

end

of

period

(in

millions)

$4,498

$5,320

$5,210

$4,521

$5,676

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 96.3%

#### COMMUNICATION

#### SERVICES

#### 4.0%

#### Entertainment

#### 1.8%
Liberty

Media

Corp-Liberty

Formula

One,

Class

C (1)

4,068,200

400,758

Live

Nation

Entertainment (1)

347,600

49,533

450,291

#### Interactive

#### Media

#### &

#### Services

#### 0.8%
Reddit,

Class

A (1)

865,400

198,929

198,929

#### Media

#### 1.4%
New

York

Times,

Class

A

4,082,300

283,393

Trade

Desk,

Class

A (1)

1,602,064

60,815

344,208

Total

Communication

Services

993,428

#### CONSUMER

#### DISCRETIONARY

#### 19.0%

#### Distributors

#### 0.8%
Pool

914,600

209,215

209,215

#### Diversified

#### Consumer

#### Services

#### 1.8%
Duolingo (1)

352,700

61,899

Liberty

Live

Holdings,

Class

C (1)

2,136,200

177,646

McGraw

Hill (1)

3,135,372

51,734

Service

Corp.

International

2,213,400

172,579

463,858

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 11.6%
Domino's

Pizza

925,000

385,559

DraftKings,

Class

A (1)

5,364,800

184,871

Hilton

Worldwide

Holdings

2,090,500

600,496

Planet

Fitness,

Class

A (1)

3,275,100

355,250

Sportradar

Group,

Class

A (1)

4,222,500

100,369

Texas

Roadhouse

1,015,300

168,540

Viking

Holdings (1)

5,967,000

426,103

Wingstop

368,200

87,812

Wyndham

Hotels

&

Resorts

1,700,900

128,520

Yum!

Brands

3,180,300

481,116

2,918,636

#### Household

#### Durables

#### 0.5%
TopBuild (1)

273,200

113,976

113,976

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Specialty

#### Retail

#### 3.5%
Burlington

Stores (1)

1,242,700

358,954

Ross

Stores

1,278,100

230,237

Ulta

Beauty (1)

462,200

279,635

868,826

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.8%
Birkenstock

Holding (1)

4,456,100

182,254

On

Holding,

Class

A (1)

559,100

25,987

208,241

Total

Consumer

Discretionary

4,782,752

#### CONSUMER

#### STAPLES

#### 3.2%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.4%
Casey's

General

Stores

342,300

189,193

Dollar

Tree (1)

3,199,200

393,533

Maplebear (1)

215,200

9,680

592,406

#### Food

#### Products

#### 0.8%
McCormick

2,872,200

195,626

195,626

Total

Consumer

Staples

788,032

#### ENERGY

#### 4.0%

#### Energy

#### Equipment

#### &

#### Services

#### 1.4%
TechnipFMC

7,981,800

355,669

355,669

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.6%
Cheniere

Energy

1,270,400

246,953

DT

Midstream

249,600

29,872

EQT

4,460,800

239,099

Expand

Energy

1,243,800

137,266

653,190

Total

Energy

1,008,859

#### FINANCIALS

#### 8.2%

#### Capital

#### Markets

#### 4.5%
Bullish (1)

436,213

16,519

Cboe

Global

Markets

872,500

218,998

MSCI

667,400

382,908

Raymond

James

Financial

1,627,200

261,312

TPG

1,505,800

96,130

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Tradeweb

Markets,

Class

A

1,378,400

148,233

1,124,100

#### Financial

#### Services

#### 1.0%
Corpay (1)

481,400

144,867

Toast,

Class

A (1)

3,331,000

118,284

263,151

#### Insurance

#### 2.7%
Assurant

1,709,500

411,733

Markel

Group (1)

74,000

159,074

Ryan

Specialty

Holdings

1,897,669

97,977

668,784

Total

Financials

2,056,035

#### HEALTH

#### CARE

#### 20.9%

#### Biotechnology

#### 6.1%
Alnylam

Pharmaceuticals (1)

834,200

331,720

Arcellx (1)

1,208,300

78,781

Ascendis

Pharma,

ADR (1)

784,100

167,201

Biogen (1)

497,600

87,573

BioNTech,

ADR (1)

1,020,200

97,123

Caris

Life

Sciences (1)

2,706,504

73,021

CRISPR

Therapeutics (1)

1,051,800

55,156

Cytokinetics (1)

1,888,000

119,963

Ionis

Pharmaceuticals (1)

3,982,987

315,094

Natera (1)

238,743

54,694

Revolution

Medicines (1)

837,900

66,739

Vaxcyte (1)

1,916,700

88,437

1,535,502

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4.6%
Alcon

941,000

74,160

Align

Technology (1)

868,900

135,679

Cooper (1)

4,273,800

350,280

Hologic (1)

2,795,200

208,214

Masimo (1)

398,100

51,777

QuidelOrtho (1)

2,811,300

80,291

Teleflex

2,056,700

251,000

1,151,401

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.5%
Cencora

1,079,700

364,669

Encompass

Health

1,262,500

134,002

Molina

Healthcare (1)

753,000

130,675

629,346

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Health

#### Care

#### Technology

#### 1.5%
Veeva

Systems,

Class

A (1)

1,696,200

378,643

378,643

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 5.5%
Agilent

Technologies

3,852,200

524,169

Avantor (1)

15,407,400

176,569

Bruker

1,445,100

68,079

Mettler-Toledo

International (1)

328,400

457,852

West

Pharmaceutical

Services

518,400

142,632

1,369,301

#### Pharmaceuticals

#### 0.7%
Elanco

Animal

Health (1)

7,947,200

179,845

179,845

Total

Health

Care

5,244,038

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 14.4%

#### Aerospace

#### &

#### Defense

#### 2.3%
BWX

Technologies

874,800

151,200

StandardAero (1)

4,928,200

141,341

Textron

3,354,400

292,403

584,944

#### Commercial

#### Services

#### &

#### Supplies

#### 1.0%
Veralto

2,485,900

248,043

248,043

#### Construction

#### &

#### Engineering

#### 0.5%
Quanta

Services

306,900

129,530

129,530

#### Ground

#### Transportation

#### 1.9%
Old

Dominion

Freight

Line

1,761,400

276,187

XPO (1)

1,403,700

190,777

466,964

#### Industrial

#### Conglomerates

#### 0.1%
Bending

Spoons,

Class

C,

Acquisition

Date:

10/28/25,

Cost $29,789

(EUR) (1)(2)(3)

334,790

30,028

30,028

#### Machinery

#### 3.1%
Esab

2,507,000

280,082

Fortive

1,322,946

73,040

Ingersoll

Rand

3,343,900

264,904

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

ITT

879,800

152,654

770,680

#### Professional

#### Services

#### 4.4%
Booz

Allen

Hamilton

Holding

2,634,200

222,221

Broadridge

Financial

Solutions

301,700

67,331

Equifax

509,000

110,443

Paylocity

Holding (1)

1,756,746

267,904

TransUnion

3,220,900

276,192

UL

Solutions,

Class

A

2,017,300

159,084

1,103,175

#### Trading

#### Companies

#### &

#### Distributors

#### 1.1%
Ferguson

Enterprises

1,293,700

288,016

288,016

Total

Industrials

&

Business

Services

3,621,380

#### INFORMATION

#### TECHNOLOGY

#### 19.0%

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.6%
Amphenol,

Class

A

1,910,600

258,199

Corning

370,100

32,406

Keysight

Technologies (1)

1,507,000

306,207

Ralliant

1,360,776

69,277

666,089

#### IT

#### Services

#### 0.5%
MongoDB (1)

274,300

115,121

115,121

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 6.2%
Lattice

Semiconductor (1)

6,571,723

483,547

MACOM

Technology

Solutions

Holdings (1)

1,649,700

282,561

Microchip

Technology

4,716,600

300,542

Monolithic

Power

Systems

343,827

311,631

NXP

Semiconductors

765,900

166,246

1,544,527

#### Software

#### 9.1%
Atlassian,

Class

A (1)

903,240

146,451

Aurora

Innovation (1)

8,125,046

31,200

CCC

Intelligent

Solutions

Holdings (1)

29,556,400

234,973

HubSpot (1)

203,900

81,825

Manhattan

Associates (1)

1,191,300

206,464

Monday.com (1)

606,400

89,480

Netskope,

Class

A (1)

1,475,611

25,882

Onestream (1)

2,732,900

50,231

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

PTC (1)

2,913,700

507,596

Tyler

Technologies (1)

891,000

404,470

Unity

Software (1)

2,241,517

99,008

Zoom

Communications (1)

2,222,700

191,797

Zscaler (1)

910,000

204,677

2,274,054

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.6%
Pure

Storage,

Class

A (1)

2,363,700

158,392

158,392

Total

Information

Technology

4,758,183

#### MATERIALS

#### 2.7%

#### Construction

#### Materials

#### 1.1%
Martin

Marietta

Materials

432,700

269,425

269,425

#### Containers

#### &

#### Packaging

#### 1.6%
Avery

Dennison

1,342,500

244,174

Ball

2,982,100

157,962

402,136

Total

Materials

671,561

#### REAL

#### ESTATE

#### 0.4%

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
CoStar

Group (1)

1,634,900

109,931

Total

Real

Estate

109,931

Total

Miscellaneous

Common

Stocks

0.5% (4)

140,124

#### Total

#### Common

#### Stocks

#### (Cost

#### $17,389,302)

#### 24,174,323

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 0.6%

#### INFORMATION

#### TECHNOLOGY

#### 0.5%

#### Software

#### 0.5%
Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $18,583 (1)(2)(3)

252,883

48,048

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7,088 (1)

(2)(3)

96,442

18,324

Databricks,

Series

J,

Acquisition

Date:

12/17/24,

Cost $16,136 (1)(2)(3)

174,443

33,144

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $17,506 (1)

(2)(3)

839,788

12,840

Total

Information

Technology

112,356

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### MATERIALS

#### 0.1%

#### Chemicals

#### 0.1%
Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $19,360 (1)(2)(3)

408,411

19,224

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $38,032 (1)

(2)(3)

921,478

16,789

Total

Materials

36,013

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $116,705)

#### 148,369

#### SHORT-TERM

#### INVESTMENTS

#### 3.3%

#### Money

#### Market

#### Funds

#### 3.3%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (5)(6)

832,985,634

832,986

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $832,986)

#### 832,986

#### Total

#### Investments

#### in

#### Securities

#### 100.2%

#### of

#### Net

#### Assets

#### (Cost

#### $18,338,993)

#### $

#### 25,155,678
‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Non-income

producing

(2) See

Note

2. Level

in

fair

value

hierarchy.

(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

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$178,397

and

represents

0.7%

of

net

assets.

(4) The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(5) Seven-day

yield

(6) Affiliated

Companies

ADR

American

Depositary

Receipts

EUR

Euro

T. ROWE

PRICE

Mid-Cap

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### 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

year

ended

December

31,

2025. 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
Lattice

Semiconductor

$

18,543

$

117,430

$

—

Teleflex

(88,869)

(82,059)

3,484

T. Rowe

Price

Government

Reserve

Fund,

3.77%

—

—

4,2

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

—

32,641

Affiliates

not

held

at

period

end

(66,437)

32,110

—

Totals

$

(136,763)#

$

67,481

$

40,365+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
Enovis

$

131,640

$

—

$

163,750

$

—

Lattice

Semiconductor

445,796

25,997

105,676

\*

Teleflex

532,142

—

199,083

\*

T. Rowe

Price

Government

Reserve

Fund,

3.77%

—

¤

¤

832,986

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

685,236

¤

¤

—

Total

$

832,986^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$40,365

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

$832,986.

\*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$18,338,993)

$

25,155,678

Receivable

for

investment

securities

sold

23,028

Receivable

for

shares

sold

9,142

Dividends

receivable

4,194

Due

from

affiliates

1,636

Foreign

currency

(cost

$1)

Other

assets

1,031

Total

assets

25,194,710

#### Liabilities
Payable

for

shares

redeemed

82,474

Investment

management

fees

payable

13,321

Payable

to

directors

Other

liabilities

1,487

Total

liabilities

97,301

#### NET

#### ASSETS

#### $

#### 25,097,409
T. ROWE

PRICE

Mid-Cap

Growth

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

6,789,357

Paid-in

capital

applicable

to

257,343,398

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

18,308,052

#### NET

#### ASSETS

#### $

#### 25,097,409

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $9,976,639;

#### Shares

#### outstanding:

#### 102,595,725)

#### $

#### 97.24

#### Advisor

#### Class

#### (Net

#### assets:

#### $134,015;

#### Shares

#### outstanding:

#### 1,472,339)

#### $

#### 91.02

#### R

#### Class

#### (Net

#### assets:

#### $29,931;

#### Shares

#### outstanding:

#### 354,132)

#### $

#### 84.52

#### I

#### Class

#### (Net

#### assets:

#### $10,459,119;

#### Shares

#### outstanding:

#### 107,175,240)

#### $

#### 97.59

#### Z

#### Class

#### (Net

#### assets:

#### $4,497,705;

#### Shares

#### outstanding:

#### 45,745,962)

#### $

#### 98.32
T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$684)

$

187,140

Other

Total

income

187,169

Expenses

Investment

management

167,162

Shareholder

servicing

Investor

Class

$

16,540

Advisor

Class

R

Class

I

Class

1,792

18,643

Rule

12b-1

fees

Advisor

Class

R

Class

540

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

R

Class

I

Class

Z

Class

Custody

and

accounting

672

Registration

Directors

Legal

and

audit

Miscellaneous

Waived

/

paid

by

Price

Associates

(30,465)

Total

expenses

157,312

Net

investment

income

29,857

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

4,248,639

Foreign

currency

transactions

Net

realized

gain

4,248,759

Change

in

net

unrealized

gain

/

loss

Securities

(3,349,932)

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(3,349,849)

Net

realized

and

unrealized

gain

/

loss

898,910

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 928,767
T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

29,857

$

48,994

Net

realized

gain

4,248,759

3,691,647

Change

in

net

unrealized

gain

/

loss

(3,349,849)

(886,378)

Increase

in

net

assets

from

operations

928,767

2,854,263

Distributions

to

shareholders

Net

earnings

Investor

Class

(606,356)

(1,123,008)

Advisor

Class

(8,623)

(19,798)

R

Class

(2,083)

(2,984)

I

Class

(647,425)

(1,212,725)

Z

Class

(300,916)

(528,399)

Decrease

in

net

assets

from

distributions

(1,565,403)

(2,886,914)

Capital

share

transactions

\*

Shares

sold

Investor

Class

4,283,711

1,312,806

Advisor

Class

24,733

20,494

R

Class

6,265

11,046

I

Class

1,044,139

1,662,119

Z

Class

174,203

376,799

Distributions

reinvested

Investor

Class

587,915

1,089,721

Advisor

Class

8,470

19,527

R

Class

2,083

2,984

I

Class

567,194

1,053,459

Z

Class

300,916

528,399

Shares

redeemed

Investor

Class

(6,555,328)

(2,978,896)

Advisor

Class

(95,335)

(62,914)

R

Class

(5,872)

(15,069)

I

Class

(3,577,191)

(2,312,354)

Z

Class

(1,204,696)

(786,268)

Decrease

in

net

assets

from

capital

share

transactions

(4,438,793)

(78,147)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Decrease

during

period

(5,075,429)

(110,798)

Beginning

of

period

30,172,838

30,283,636

#### End

#### of

#### period

#### $

#### 25,097,409

#### $

#### 30,172,838
\*Share

information

(000s)

Shares

sold

Investor

Class

42,280

12,448

Advisor

Class

R

Class

I

Class

10,445

15,539

Z

Class

1,742

3,582

Distributions

reinvested

Investor

Class

5,945

10,419

Advisor

Class

R

Class

I

Class

5,715

10,042

Z

Class

3,011

5,004

Shares

redeemed

Investor

Class

(64,977)

(27,971)

Advisor

Class

(1,012)

(630) R

Class

(67) (161) I

Class

(36,156)

(21,805)

Z

Class

(11,823)

(7,465)

Decrease

in

shares

outstanding

(44,442)

(445) T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Mid-Cap

Growth

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Mid-Cap

Growth

Fund,

Inc.

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

long-term

capital

appreciation

by

investing

in

mid-cap

stocks

with

potential

for

above-

average

earnings

growth.

The

fund

has five classes

of

shares:

the

Mid-Cap

Growth

Fund

(Investor

Class),

the

Mid-Cap

Growth

Fund–Advisor

Class

(Advisor

Class),

the

Mid-Cap

Growth

Fund–R

Class

(R

Class),

the

Mid-

Cap

Growth

Fund–I

Class

(I

Class)

and

the

Mid-Cap

Growth

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries,

and

R

Class

shares

are

available

through

financial

intermediaries

for

employer-sponsored

defined

contribution

retirement

plans

and

certain

other

retirement

accounts.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

and

R

Class

each

operate

under

separate

Board-approved

Rule

12b-1

plans,

pursuant

to

which

each

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

and

R

Class

each

pay

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

and

0.50%,

respectively,

of

the

class's

average

daily

net

assets.

#### In-Kind

#### Redemptions
In

accordance

with

guidelines

described

in

the

fund's

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

December

31,

2025,

the

fund

realized

$2,191,460,000 of

net

gain

on

$3,518,371,000

of

in-kind

redemptions.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

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 fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee 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

–

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

Level

–

inputs

other

than

Level

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

–

unobservable

inputs

(including

the Valuation

Designee's 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 Valuation

Designee

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

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decides whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

T. ROWE

PRICE

Mid-Cap

Growth

Fund

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 Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

or 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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

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

Designee 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.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $8,396,940,000 and

$11,018,409,000,

respectively,

for

the

year ended

December

31,

2025. ($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

24,144,295

$

—

$

30,028

$

24,174,323

Convertible

Preferred

Stocks

—

—

148,369

148,369

Short-Term

Investments

832,986

—

—

832,986

Total

$

24,977,281

$

—

$

178,397

$

25,155,678

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### NOTE

#### 4

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

redemptions

in

kind

and

deemed

distributions

on

shareholder

redemptions.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

45,456

$

40,323

Long-term

capital

gain

1,519,947

2,846,591

Total

distributions

$

1,565,403

$

2,886,914

T. ROWE

PRICE

Mid-Cap

Growth

Fund

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

late-year

ordinary

loss

deferrals.

The

fund

has

elected

to

defer

certain

losses

to

the

first

day

of

the

following

fiscal

year

for

late-year

ordinary

loss

deferrals.

#### NOTE

#### 5

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

($000s)

Cost

of

investments

$

18,363,360

Unrealized

appreciation

$

7,685,852

Unrealized

depreciation

(893,443)

Net

unrealized

appreciation

(depreciation)

$

6,792,409

($000s)

Undistributed

long-term

capital

gain

$

5,864

Net

unrealized

appreciation

(depreciation)

6,792,409

Loss

carryforwards

and

deferrals

(8,916)

Total

distributable

earnings

(loss)

$

6,789,357

T. ROWE

PRICE

Mid-Cap

Growth

Fund

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 6

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly.

The

fee

consists

of

an

individual

fund

fee

and

a

group

fee.

The

individual

fund

fee

is

equal

to

0.35%

of

the

fund's

average

daily

net

assets

up

to

$15

billion

and

0.2975%

of

the

fund's

average

daily

net

assets

in

excess

of

$15

billion.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets.

At

December

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class,

Advisor

Class,

and

R

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

T. ROWE

PRICE

Mid-Cap

Growth

Fund

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

At

December

31,

2025,

there

were

no

amounts

subject

to

repayment

by

the

fund. Any

repayment

of

expenses

previously

waived/

paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class,

R

Class

and

Advisor

Class.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$124,000

for

Price

Associates;

$4,869,000

for

T. Rowe

Price

Services,

Inc.;

and

$3,722,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

#### Investor

#### Class

#### Advisor

#### Class

#### R

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.96%

1.21%

1.46%

0.05%

0.00%

Expense

limitation

date

02/29/28

02/29/28

02/29/28

02/29/28

N/A

(Waived)/

repaid

during

the

period

($000s)

$—

$—

$—

$—

$(30,465)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2025,

the

fund

was

charged $103,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$19,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2025,

approximately

3%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2025, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

187,684

shares

of

the

I

Class,

representing

less

than

1%

of

the

I

Class's

net

assets.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2025,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund's

net

assets

as

of

December

31,

2025. T. ROWE

PRICE

Mid-Cap

Growth

Fund

Price

Associates

has voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

brokerage

commissions

embedded

in

the

cost

of

the

fund's

foreign

currency

transactions. This

agreement

may

be

rescinded

at

any

time. For

the

year ended

December

31,

2025,

this

reimbursement

amounted

to

$15,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

#### NOTE

#### 7

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 8

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

T. ROWE

PRICE

Mid-Cap

Growth

Fund

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Mid-Cap

#### Growth

#### Fund,

#### Inc.

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Mid-Cap

Growth

Fund,

Inc.

(the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodians

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

18,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included

$2,592,288,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$151,022,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$142,590,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$8,863,000

of

the

fund's

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F64-050

2/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
[(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d837968dex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(2) Listing standards relating to recovery of erroneously awarded compensation: not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;[(3) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d837968dex99cert.htm)

[(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d837968dex99906ce.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| T. Rowe Price Mid-Cap Growth Fund, Inc. | T. Rowe Price Mid-Cap Growth Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 18, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Mid-Cap
Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Mid-Cap
Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Mid-Cap Growth Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

------

the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

------

***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

------

**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer