# EDGAR Filing Document

**Accession Number:** 0000887147
**File Stem:** 0001193125-25-184941
**Filing Date:** 2025-8
**Character Count:** 112610
**Document Hash:** e49f2942d58d772bdb5f34dde7a5d98b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184941.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184941

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06665
- **FILM NUMBER:** 251238857

**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: June 30, 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](g83305ib928dc1708018bc63614.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Mid-Cap Growth Fund

#### Investor Class (RPMGX)
This semi-annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $38 | 0.77% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $27743877 |
| Number of Portfolio Holdings | 128 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.9% |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Health Care | 19.0 |
| Industrials & Business Services | 16.9 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.9 |
| Consumer Staples | 3.6 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Veeva Systems | 2.2% |
| Hologic | 2.1 |
| Alnylam Pharmaceuticals | 1.9 |
| PTC | 1.9 |
| Hilton Worldwide Holdings | 1.8 |
| Cheniere Energy | 1.7 |
| Tyler Technologies | 1.7 |
| Agilent Technologies | 1.7 |
| Yum! Brands | 1.6 |
| Textron | 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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F64-053 8/25

Mid-Cap Growth Fund

Investor Class (RPMGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g83305i35e95c2dbf75f1d8e469.jpg)

![Image](g83305ib928dc1708018bc63614.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Mid-Cap Growth Fund

#### Advisor Class (PAMCX)
This semi-annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $51 | 1.03% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $27743877 |
| Number of Portfolio Holdings | 128 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.9% |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Health Care | 19.0 |
| Industrials & Business Services | 16.9 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.9 |
| Consumer Staples | 3.6 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Veeva Systems | 2.2% |
| Hologic | 2.1 |
| Alnylam Pharmaceuticals | 1.9 |
| PTC | 1.9 |
| Hilton Worldwide Holdings | 1.8 |
| Cheniere Energy | 1.7 |
| Tyler Technologies | 1.7 |
| Agilent Technologies | 1.7 |
| Yum! Brands | 1.6 |
| Textron | 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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F264-053 8/25

Mid-Cap Growth Fund

Advisor Class (PAMCX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g83305i35e95c2dbf75f1d8e469.jpg)

![Image](g83305ib928dc1708018bc63614.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Mid-Cap Growth Fund

#### R Class (RRMGX)
This semi-annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $65 | 1.31% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $27743877 |
| Number of Portfolio Holdings | 128 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.9% |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Health Care | 19.0 |
| Industrials & Business Services | 16.9 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.9 |
| Consumer Staples | 3.6 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Veeva Systems | 2.2% |
| Hologic | 2.1 |
| Alnylam Pharmaceuticals | 1.9 |
| PTC | 1.9 |
| Hilton Worldwide Holdings | 1.8 |
| Cheniere Energy | 1.7 |
| Tyler Technologies | 1.7 |
| Agilent Technologies | 1.7 |
| Yum! Brands | 1.6 |
| Textron | 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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F464-053 8/25

Mid-Cap Growth Fund

R Class (RRMGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g83305i35e95c2dbf75f1d8e469.jpg)

![Image](g83305ib928dc1708018bc63614.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Mid-Cap Growth Fund

#### I Class (RPTIX)
This semi-annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $31 | 0.63% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $27743877 |
| Number of Portfolio Holdings | 128 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.9% |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Health Care | 19.0 |
| Industrials & Business Services | 16.9 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.9 |
| Consumer Staples | 3.6 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Veeva Systems | 2.2% |
| Hologic | 2.1 |
| Alnylam Pharmaceuticals | 1.9 |
| PTC | 1.9 |
| Hilton Worldwide Holdings | 1.8 |
| Cheniere Energy | 1.7 |
| Tyler Technologies | 1.7 |
| Agilent Technologies | 1.7 |
| Yum! Brands | 1.6 |
| Textron | 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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F524-053 8/25

Mid-Cap Growth Fund

I Class (RPTIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g83305i35e95c2dbf75f1d8e469.jpg)

![Image](g83305ib928dc1708018bc63614.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Mid-Cap Growth Fund

#### Z Class (TRQZX)
This semi-annual shareholder report contains important information about Mid-Cap Growth Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $27743877 |
| Number of Portfolio Holdings | 128 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 14.9% |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Health Care | 19.0 |
| Industrials & Business Services | 16.9 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.9 |
| Consumer Staples | 3.6 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Veeva Systems | 2.2% |
| Hologic | 2.1 |
| Alnylam Pharmaceuticals | 1.9 |
| PTC | 1.9 |
| Hilton Worldwide Holdings | 1.8 |
| Cheniere Energy | 1.7 |
| Tyler Technologies | 1.7 |
| Agilent Technologies | 1.7 |
| Yum! Brands | 1.6 |
| Textron | 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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1260-053 8/25

Mid-Cap Growth Fund

Z Class (TRQZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g83305i35e95c2dbf75f1d8e469.jpg)

------

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

#### Item 2. Code of Ethics.
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 is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### 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

June

30,

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

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

99.73 $

100.04 $

88.71 $

117.34 $

113.08 $

95.33 Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.03)

(0.02)

0.08 (0.13)

(0.33)

(0.06)

Net

realized

and

unrealized

gain/

loss

1.09 9.90 17.60 (26.19)

16.93 22.93 Total

from

investment

activities

1.06 9.88 17.68 (26.32)

16.60 22.87 Distributions

Net

investment

income

—

—

(0.06)

—

—

—

Net

realized

gain

—

(10.19)

(6.29)

(2.31)

(12.34)

(5.12)

Total

distributions

—

(10.19)

(6.35)

(2.31)

(12.34)

(5.12)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 100.79

#### $

#### 99.73

#### $

#### 100.04

#### $

#### 88.71

#### $

#### 117.34

#### $

#### 113.08
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 1.06%

#### 9.40%

#### 20.11%

#### (22.52)%

#### 15.06%

#### 24.17%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.77%

(4) 0.75%

0.76%

0.77%

0.72%

0.73%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.77%

(4) 0.75%

0.76%

0.77%

0.72%

0.73%

Net

investment

income

(loss)

(0.06)%

(4) (0.02)%

0.08%

(0.13)%

(0.27)%

(0.06)%

Portfolio

turnover

rate

14.9%

22.6%

21.7%

21.4%

13.9%

23.0%

Net

assets,

end

of

period

(in

millions)

$11,021

$11,903

$12,450

$11,785

$22,145

$22,795

0%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

93.96 $

95.01 $

84.54 $

112.24 $

108.69 $

92.07 Investment

activities

Net

investment

loss

(1)(2)

(0.15)

(0.28)

(0.16)

(0.35)

(0.65)

(0.32)

Net

realized

and

unrealized

gain/

loss

1.03 9.42 16.75 (25.04)

16.25 22.06 Total

from

investment

activities

0.88 9.14 16.59 (25.39)

15.60 21.74 Distributions

Net

realized

gain

—

(10.19)

(6.12)

(2.31)

(12.05)

(5.12)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 94.84

#### $

#### 93.96

#### $

#### 95.01

#### $

#### 84.54

#### $

#### 112.24

#### $

#### 108.69
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 0.94%

#### 9.12%

#### 19.80%

#### (22.72)%

#### 14.73%

#### 23.79%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

1.03%

(4) 1.01%

1.01%

1.02%

1.00%

1.01%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.03%

(4) 1.01%

1.01%

1.02%

1.00%

1.01%

Net

investment

loss

(0.33)%

(4) (0.28)%

(0.18)%

(0.38)%

(0.55)%

(0.35)%

Portfolio

turnover

rate

14.9%

22.6%

21.7%

21.4%

13.9%

23.0%

Net

assets,

end

of

period

(in

millions)

$171

$200

$223

$237

$479

$560

0%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### R

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

87.92 $

89.72 $

80.23 $

106.95 $

104.35 $

88.78 Investment

activities

Net

investment

loss

(1)(2)

(0.25)

(0.53)

(0.40)

(0.58)

(0.92)

(0.54)

Net

realized

and

unrealized

gain/

loss

0.94 8.92 15.86 (23.83)

15.57 21.23 Total

from

investment

activities

0.69 8.39 15.46 (24.41)

14.65 20.69 Distributions

Net

realized

gain

—

(10.19)

(5.97)

(2.31)

(12.05)

(5.12)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 88.61

#### $

#### 87.92

#### $

#### 89.72

#### $

#### 80.23

#### $

#### 106.95

#### $

#### 104.35
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### R

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 0.78%

#### 8.82%

#### 19.45%

#### (22.93)%

#### 14.43%

#### 23.49%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

1.31%

(4) 1.29%

1.30%

1.29%

1.27%

1.28%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.31%

(4) 1.29%

1.30%

1.29%

1.27%

1.28%

Net

investment

loss

(0.60)%

(4) (0.56)%

(0.47)%

(0.66)%

(0.82)%

(0.61)%

Portfolio

turnover

rate

14.9%

22.6%

21.7%

21.4%

13.9%

23.0%

Net

assets,

end

of

period

(in

thousands)

$29,738

$28,579

$30,177

$30,084

$61,110

$89,697

0%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

100.04 $

100.25 $

88.90 $

117.41 $

113.18 $

95.31 Investment

activities

Net

investment

income

(loss)

(1)(2)

0.04 0.11 0.20 0.04 (0.19)

0.05 Net

realized

and

unrealized

gain/

loss

1.10 9.93 17.65 (26.24)

16.95 22.96 Total

from

investment

activities

1.14 10.04 17.85 (26.20)

16.76 23.01 Distributions

Net

investment

income

—

(0.06)

(0.21)

—

—

(0.02)

Net

realized

gain

—

(10.19)

(6.29)

(2.31)

(12.53)

(5.12)

Total

distributions

—

(10.25)

(6.50)

(2.31)

(12.53)

(5.14)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 101.18

#### $

#### 100.04

#### $

#### 100.25

#### $

#### 88.90

#### $

#### 117.41

#### $

#### 113.18
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 1.14%

#### 9.54%

#### 20.26%

#### (22.41)%

#### 15.19%

#### 24.32%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.63%

(4) 0.63%

0.63%

0.63%

0.61%

0.61%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.63%

(4) 0.63%

0.63%

0.63%

0.61%

0.61%

Net

investment

income

(loss)

0.07%

(4) 0.10%

0.21%

0.04%

(0.16)%

0.05%

Portfolio

turnover

rate

14.9%

22.6%

21.7%

21.4%

13.9%

23.0%

Net

assets,

end

of

period

(in

millions)

$11,395

$12,722

$12,370

$10,744

$9,378

$8,578

0%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

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 $

67.37 Investment

activities

Net

investment

income

(2)(3)

0.34 0.78 0.81 0.63 0.55 0.46 Net

realized

and

unrealized

gain/

loss

1.12 10.03 17.78 (26.28)

16.98 51.05 Total

from

investment

activities

1.46 10.81 18.59 (25.65)

17.53 51.51 Distributions

Net

investment

income

—

(0.69)

(0.79)

(0.29)

—

(0.20)

Net

realized

gain

—

(10.19)

(6.29)

(2.31)

(13.24)

(5.44)

Total

distributions

—

(10.88)

(7.08)

(2.60)

(13.24)

(5.64)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 102.18

#### $

#### 100.72

#### $

#### 100.79

#### $

#### 89.28

#### $

#### 117.53

#### $

#### 113.24
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 1.45%

#### 10.22%

#### 21.02%

#### (21.92)%

#### 15.89%

#### 76.73%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.61%

(5) 0.61%

0.62%

0.61%

0.60%

0.61%

(5) Net

expenses

after

waivers/

payments

by

Price

Associates

0.00%

(5) 0.00%

0.00%

0.00%

0.00%

0.00%

(5) Net

investment

income

0.71%

(5) 0.73%

0.84%

0.66%

0.45%

0.58%

(5) Portfolio

turnover

rate

14.9%

22.6%

21.7%

21.4%

13.9%

23.0%

Net

assets,

end

of

period

(in

millions)

$5,128

$5,320

$5,210

$4,521

$5,676

$5,955

0%

0%

0%

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) 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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Mid-Cap

Growth

Fund

June

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 97.1%

#### COMMUNICATION

#### SERVICES

#### 4.8%

#### Entertainment

#### 2.1%
Liberty

Media

Corp-Liberty

Formula

One,

Class

C (1)

3,952,400

413,026

Liberty

Media

Corp-Liberty

Live,

Class

C (1)

1,399,000

113,543

Live

Nation

Entertainment (1)

349,100

52,812

579,381

#### Interactive

#### Media

#### &

#### Services

#### 1.0%
Match

Group

3,596,800

111,105

Reddit,

Class

A (1)

1,150,000

173,156

284,261

#### Media

#### 1.7%
New

York

Times,

Class

A

3,791,000

212,220

Trade

Desk,

Class

A (1)

3,746,600

269,718

481,938

Total

Communication

Services

1,345,580

#### CONSUMER

#### DISCRETIONARY

#### 14.9%

#### Diversified

#### Consumer

#### Services

#### 0.9%
Bright

Horizons

Family

Solutions (1)

844,100

104,322

Duolingo (1)

374,700

153,635

257,957

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 9.5%
Domino's

Pizza

899,300

405,225

DraftKings,

Class

A (1)

8,965,000

384,509

Hilton

Worldwide

Holdings

1,825,000

486,070

Planet

Fitness,

Class

A (1)

3,150,000

343,507

Texas

Roadhouse

970,000

181,788

Viking

Holdings (1)

5,995,500

319,500

Wingstop

249,400

83,983

Yum!

Brands

3,000,000

444,540

2,649,122

#### Household

#### Durables

#### 0.3%
TopBuild (1)

244,300

79,090

79,090

#### Specialty

#### Retail

#### 2.7%
Burlington

Stores (1)

1,047,500

243,690

Ross

Stores

2,498,100

318,708

Ulta

Beauty (1)

414,400

193,865

756,263

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.5%
Birkenstock

Holding (1)

3,122,700

153,574

Lululemon

Athletica (1)

524,800

124,682

On

Holding,

Class

A (1)

2,375,000

123,619

401,875

Total

Consumer

Discretionary

4,144,307

#### CONSUMER

#### STAPLES

#### 3.6%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.9%
Casey's

General

Stores

569,600

290,650

Dollar

Tree (1)

3,796,900

376,045

Maplebear (1)

2,747,500

124,297

790,992

#### Food

#### Products

#### 0.7%
McCormick

2,600,000

197,132

197,132

Total

Consumer

Staples

988,124

#### ENERGY

#### 4.9%

#### Energy

#### Equipment

#### &

#### Services

#### 1.4%
TechnipFMC

11,335,799

390,405

390,405

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.5%
Cheniere

Energy

1,948,500

474,499

EQT

5,000,000

291,600

Expand

Energy

1,676,800

196,085

962,184

Total

Energy

1,352,589

#### FINANCIALS

#### 9.0%

#### Capital

#### Markets

#### 4.7%
Cboe

Global

Markets

1,049,600

244,777

MarketAxess

Holdings

1,047,100

233,860

MSCI

450,000

259,533

Raymond

James

Financial

1,980,500

303,749

TPG

1,648,600

86,469

Tradeweb

Markets,

Class

A

1,173,600

171,815

1,300,203

#### Financial

#### Services

#### 1.9%
Corpay (1)

649,400

215,484

Toast,

Class

A (1)

6,734,200

298,258

513,742

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Insurance

#### 2.4%
Assurant

1,898,300

374,895

Axis

Capital

Holdings

1,476,400

153,280

Markel

Group (1)

74,200

148,204

676,379

Total

Financials

2,490,324

#### HEALTH

#### CARE

#### 19.0%

#### Biotechnology

#### 5.1%
Alnylam

Pharmaceuticals (1)

1,598,800

521,352

Ascendis

Pharma,

ADR (1)

1,018,800

175,845

Biogen (1)

500,000

62,795

BioNTech,

ADR (1)

1,025,000

109,132

Caris

Life

Sciences (1)

842,542

22,513

Caris

Life

Sciences,

Acquisition

Date:

5/11/21,

Cost $26,556 (1)

(2) 1,405,082

37,544

CRISPR

Therapeutics (1)

1,491,000

72,522

Cytokinetics (1)

2,250,000

74,340

Ionis

Pharmaceuticals (1)

5,993,300

236,795

Revolution

Medicines (1)

1,500,000

55,185

Vaxcyte (1)

1,600,000

52,016

1,420,039

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 6.2%
Alcon

2,796,900

246,910

Align

Technology (1)

878,100

166,251

Cooper (1)

3,496,000

248,775

Hologic (1)

8,991,800

585,906

Masimo (1)

399,900

67,271

QuidelOrtho (1)

2,397,800

69,104

Teleflex (3)

2,797,800

331,148

1,715,365

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.0%
Encompass

Health

997,200

122,287

Molina

Healthcare (1)

546,500

162,802

285,089

#### Health

#### Care

#### Technology

#### 2.2%
Veeva

Systems,

Class

A (1)

2,100,000

604,758

604,758

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 4.5%
Agilent

Technologies

3,870,700

456,781

Avantor (1)

19,482,300

262,232

Bruker

4,456,800

183,620

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Mettler-Toledo

International (1)

259,800

305,192

West

Pharmaceutical

Services

224,600

49,143

1,256,968

Total

Health

Care

5,282,219

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 16.9%

#### Aerospace

#### &

#### Defense

#### 3.0%
BWX

Technologies

2,097,600

302,180

StandardAero (1)

3,246,300

102,745

Textron

5,471,100

439,275

844,200

#### Commercial

#### Services

#### &

#### Supplies

#### 0.9%
Veralto

1,588,800

160,389

Waste

Connections

549,400

102,584

262,973

#### Construction

#### &

#### Engineering

#### 0.5%
Quanta

Services

393,700

148,850

148,850

#### Ground

#### Transportation

#### 1.9%
JB

Hunt

Transport

Services

1,040,000

149,344

Old

Dominion

Freight

Line

1,398,800

227,025

XPO (1)

1,200,000

151,548

527,917

#### Industrial

#### Conglomerates

#### 0.3%
Roper

Technologies

125,000

70,855

70,855

#### Machinery

#### 4.3%
Esab

2,519,000

303,665

Fortive

4,196,200

218,748

IDEX

699,700

122,846

Ingersoll

Rand

4,739,000

394,190

ITT

939,200

147,295

1,186,744

#### Professional

#### Services

#### 5.0%
Booz

Allen

Hamilton

Holding

1,100,000

114,543

Broadridge

Financial

Solutions

1,072,500

260,650

Equifax

947,900

245,857

Paylocity

Holding (1)

1,765,246

319,845

TransUnion

2,500,000

220,000

UL

Solutions,

Class

A

1,149,000

83,716

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Verisk

Analytics

425,000

132,387

1,376,998

#### Trading

#### Companies

#### &

#### Distributors

#### 1.0%
Ferguson

Enterprises

1,300,000

283,075

283,075

Total

Industrials

&

Business

Services

4,701,612

#### INFORMATION

#### TECHNOLOGY

#### 19.4%

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.6%
Amphenol,

Class

A

2,723,100

268,906

Corning

2,250,000

118,328

Keysight

Technologies (1)

1,589,500

260,455

Ralliant (1)

1,367,584

66,314

714,003

#### IT

#### Services

#### 1.1%
Gartner (1)

599,500

242,330

MongoDB (1)

244,100

51,259

293,589

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 5.2%
Lattice

Semiconductor (1)(3)

8,192,600

401,355

MACOM

Technology

Solutions

Holdings (1)

599,800

85,945

Microchip

Technology

5,950,000

418,702

Monolithic

Power

Systems

439,500

321,442

NXP

Semiconductors

1,000,000

218,490

1,445,934

#### Software

#### 9.6%
Atlassian,

Class

A (1)

1,074,000

218,119

CCC

Intelligent

Solutions

Holdings (1)

27,934,500

262,864

Fair

Isaac (1)

105,000

191,936

HubSpot (1)

144,800

80,600

Manhattan

Associates (1)

600,000

118,482

Monday.com (1)

448,800

141,139

Onestream (1)

2,245,000

63,533

PTC (1)

2,992,900

515,796

SailPoint (1)

1,205,628

27,561

Tyler

Technologies (1)

789,382

467,977

Zoom

Communications (1)

3,079,400

240,132

Zscaler (1)

1,075,000

337,485

2,665,624

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.9%
Pure

Storage,

Class

A (1)

4,090,400

235,525

235,525

Total

Information

Technology

5,354,675

#### MATERIALS

#### 3.7%

#### Construction

#### Materials

#### 1.1%
Martin

Marietta

Materials

539,600

296,219

296,219

#### Containers

#### &

#### Packaging

#### 2.6%
Avery

Dennison

1,678,923

294,600

Ball

5,200,000

291,668

Sealed

Air

4,504,535

139,776

726,044

Total

Materials

1,022,263

#### REAL

#### ESTATE

#### 0.9%

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.9%
CoStar

Group (1)

3,081,100

247,720

Total

Real

Estate

247,720

#### Total

#### Common

#### Stocks

#### (Cost

#### $18,139,485)

#### 26,929,413

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 0.4%

#### INFORMATION

#### TECHNOLOGY

#### 0.2%

#### Software

#### 0.2%
Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $18,583 (1)(2)(4)

252,883

23,392

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7,089 (1)

(2)(4)

96,442

8,921

Databricks,

Series

J,

Acquisition

Date:

12/17/24,

Cost $16,136 (1)(2)(4)

174,443

16,136

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $17,506 (1)

(2)(4)

839,788

10,883

Total

Information

Technology

59,332

#### MATERIALS

#### 0.2%

#### Chemicals

#### 0.2%
Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $19,360 (1)(2)(4)

408,411

24,207

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $38,032 (1)

(2)(4)

921,478

18,018

Total

Materials

42,225

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $116,706)

#### 101,557

#### SHORT-TERM

#### INVESTMENTS

#### 2.7%

#### Money

#### Market

#### Funds

#### 2.7%
T. Rowe

Price

Treasury

Reserve

Fund,

4.38% (3)(5)

757,468,351

757,468

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $757,468)

#### 757,468

#### Total

#### Investments

#### in

#### Securities

#### 100.2%

#### of

#### Net

#### Assets

#### (Cost

#### $19,013,659)

#### $

#### 27,788,438
‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Non-income

producing

(2) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

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

$139,101

and

represents

0.5%

of

net

assets.

(3) Affiliated

Companies

(4) See

Note

2. Level

in

fair

value

hierarchy.

(5) Seven-day

yield

ADR

American

Depositary

Receipts

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

six

months

ended

June

30,

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

$

(527) $

(55,237)

$

—

Teleflex

(26,919)

(151,044)

2,031

T. Rowe

Price

Treasury

Reserve

Fund,

4.38%

—

—

19,382

Affiliates

not

held

at

period

end

(66,437)

32,110

—

Totals

$

(93,883)#

$

(174,171)

$

21,413+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 6/30/25
Enovis

$

131,640

$

—

$

163,750

$

—

Lattice

Semiconductor

445,796

25,997

15,201

401,355

Teleflex

532,142

—

49,950

331,148

T. Rowe

Price

Treasury

Reserve

Fund,

4.38%

685,236

¤

¤

757,468

Total

$

1,489,971^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$21,413

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

$1,558,780.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$19,013,659)

$

27,788,438

Receivable

for

investment

securities

sold

135,560

Receivable

for

shares

sold

8,142

Dividends

receivable

5,108

Due

from

affiliates

1,942

Other

assets

880

Total

assets

27,940,070

#### Liabilities
Payable

for

investment

securities

purchased

144,998

Payable

for

shares

redeemed

35,416

Investment

management

fees

payable

13,782

Payable

to

directors

Other

liabilities

1,975

Total

liabilities

196,193

#### NET

#### ASSETS

#### $

#### 27,743,877
T. ROWE

PRICE

Mid-Cap

Growth

Fund

June

30,

2025

(Unaudited)

#### 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)

$

10,914,695

Paid-in

capital

applicable

to

274,284,450

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

16,829,182

#### NET

#### ASSETS

#### $

#### 27,743,877

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $11,021,022;

#### Shares

#### outstanding:

#### 109,343,989)

#### $

#### 100.79

#### Advisor

#### Class

#### (Net

#### assets:

#### $170,908;

#### Shares

#### outstanding:

#### 1,802,087)

#### $

#### 94.84

#### R

#### Class

#### (Net

#### assets:

#### $29,738;

#### Shares

#### outstanding:

#### 335,601)

#### $

#### 88.61

#### I

#### Class

#### (Net

#### assets:

#### $11,394,705;

#### Shares

#### outstanding:

#### 112,621,876)

#### $

#### 101.18

#### Z

#### Class

#### (Net

#### assets:

#### $5,127,504;

#### Shares

#### outstanding:

#### 50,180,897)

#### $

#### 102.18
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

6/30/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$411)

$

98,324

Other

Total

income

98,344

Expenses

Investment

management

85,052

Shareholder

servicing

Investor

Class

$

8,493

Advisor

Class

R

Class

I

Class

856

9,518

Rule

12b-1

fees

Advisor

Class

R

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Directors

Legal

and

audit

Miscellaneous

Waived

/

paid

by

Price

Associates

(15,318)

Total

expenses

80,228

Net

investment

income

18,116

T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

on

securities

1,599,613

Change

in

net

unrealized

gain

/

loss

Securities

(1,391,838)

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(1,391,756)

Net

realized

and

unrealized

gain

/

loss

207,857

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 225,973
T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

18,116

$

48,994

Net

realized

gain

1,599,613

3,691,647

Change

in

net

unrealized

gain

/

loss

(1,391,756)

(886,378)

Increase

in

net

assets

from

operations

225,973

2,854,263

Distributions

to

shareholders

Net

earnings

Investor

Class

–

(1,123,008)

Advisor

Class

–

(19,798)

R

Class

–

(2,984)

I

Class

–

(1,212,725)

Z

Class

–

(528,399)

Decrease

in

net

assets

from

distributions

–

(2,886,914)

Capital

share

transactions

\*

Shares

sold

Investor

Class

464,293

1,312,806

Advisor

Class

16,271

20,494

R

Class

3,497

11,046

I

Class

514,525

1,662,119

Z

Class

104,761

376,799

Distributions

reinvested

Investor

Class

–

1,089,721

Advisor

Class

–

19,527

R

Class

–

2,984

I

Class

–

1,053,459

Z

Class

–

528,399

Shares

redeemed

Investor

Class

(1,434,271)

(2,978,896)

Advisor

Class

(46,395)

(62,914)

R

Class

(2,627)

(15,069)

I

Class

(1,907,562)

(2,312,354)

Z

Class

(367,426)

(786,268)

Decrease

in

net

assets

from

capital

share

transactions

(2,654,934)

(78,147)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Net

#### Assets
Decrease

during

period

(2,428,961)

(110,798)

Beginning

of

period

30,172,838

30,283,636

#### End

#### of

#### period

#### $

#### 27,743,877

#### $

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

information

(000s)

Shares

sold

Investor

Class

4,801

12,448

Advisor

Class

R

Class

I

Class

5,255

15,539

Z

Class

1,073

3,582

Distributions

reinvested

Investor

Class

–

10,419

Advisor

Class

–

R

Class

–

I

Class

–

10,042

Z

Class

–

5,004

Shares

redeemed

Investor

Class

(14,805)

(27,971)

Advisor

Class

(502) (630) R

Class

(31) (161) I

Class

(19,804)

(21,805)

Z

Class

(3,708)

(7,465)

Decrease

in

shares

outstanding

(27,500)

(445) T. ROWE

PRICE

Mid-Cap

Growth

Fund

Unaudited

#### 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

six

months ended

June

30,

2025,

the

fund

realized

$33,195,000 of

net

gain

on

$73,744,000

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.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### 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

T. ROWE

PRICE

Mid-Cap

Growth

Fund

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

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.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

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

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.

#### 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

June

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

26,891,869

$

37,544

$

—

$

26,929,413

Convertible

Preferred

Stocks

—

—

101,557

101,557

Short-Term

Investments

757,468

—

—

757,468

Total

$

27,649,337

$

37,544

$

101,557

$

27,788,438

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### 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 $4,090,917,000 and

$6,758,557,000,

respectively,

for

the

six

months ended

June

30,

2025. #### 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.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

June

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$19,029,389,000.

Net

unrealized

gain

aggregated

$8,759,138,000

at

period-end,

of

which

$9,515,197,000

related

to

appreciated

investments

and

$756,059,000

related

to

depreciated

investments.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### 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

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

0.260%

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

June

30,

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

T. ROWE

PRICE

Mid-Cap

Growth

Fund

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

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.

T. ROWE

PRICE

Mid-Cap

Growth

Fund

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

in

the

table

below.

At

June

30,

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.

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

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$63,000

for

Price

Associates;

$2,347,000

for

T. Rowe

Price

Services,

Inc.;

and

$1,842,000

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).

#### 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)

$—

$—

$—

$—

$(15,318)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

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

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

six

months ended

June

30,

2025,

the

fund

was

charged $44,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$18,000

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

June

30,

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

June

30,

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.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

June

30,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

212,809

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

T. ROWE

PRICE

Mid-Cap

Growth

Fund

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

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

June

30,

2025. #### 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

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

T. ROWE

PRICE

Mid-Cap

Growth

Fund

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

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T. Rowe

Price

Investment

Management,

Inc.

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

12–13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

also

considered

that

the

Subadviser

has

its

own

investment

platform

and

investment

management

leadership,

and

the

Adviser

and

Subadviser

have

implemented

information

barriers

restricting

the

sharing

of

investment

information

and

voting

activity.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser

#### and

#### Subadvisor
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

However,

the

Board

noted

that

there

are

information

barriers

between

investment

personnel

of

the

Adviser

and

Subadviser

that

restrict

the

sharing

of

certain

information,

such

as

investment

research,

trading,

and

proxy

T. ROWE

PRICE

Mid-Cap

Growth

Fund

voting.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

and

Subadviser's

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund's

individual

fund

fee

contains

a

breakpoint

that

reduces

the

individual

fund

fee

rate

once

the

fund's

assets

reach

a

certain

level

and

provides

additional

opportunities

for

sharing

potential

economies

of

scale.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Expense

Universe,

and

Advisor

Class

Expense

Group),

and

the

fund's

total

expenses

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Expense

Universe,

and

Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Mid-Cap

Growth

Fund

#### Approval

#### of

#### the

#### Advisory

#### Contract

#### and

#### Subadvisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*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.*

F64-051

8/25

------

#### 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 filed with the registrant's annual Form N-CSR. |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| (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.](d83305dex99cert.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.](d83305dex99906ce.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 | August 19, 2025 |

---

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 | August 19, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | August 19, 2025 |

---

## 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: August 19, 2025 | /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: August 19, 2025 | /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: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---