T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.2%
COMMUNICATION
SERVICES
4.7%
Entertainment
2.2%
Electronic
Arts
21,100
2,799
Endeavor
Group
Holdings,
Class
A
107,300
2,761
ROBLOX,
Class
A (1)
381,900
14,581
Spotify
Technology (1)
104,873
27,676
Take-Two
Interactive
Software (1)
15,653
2,324
50,141
Interactive
Media
&
Services
1.0%
Match
Group (1)
162,730
5,904
Pinterest,
Class
A (1)
434,400
15,061
Reddit,
Class
A (1)
54,636
2,694
23,659
Media
1.5%
Omnicom
Group
73,000
7,063
Trade
Desk,
Class
A (1)
327,808
28,657
35,720
Total
Communication
Services
109,520
CONSUMER
DISCRETIONARY
13.8%
Broadline
Retail
0.8%
Coupang (1)
862,200
15,338
Ollie's
Bargain
Outlet
Holdings (1)
45,200
3,597
18,935
Distributors
0.5%
Pool
27,200
10,975
10,975
Diversified
Consumer
Services
0.4%
Bright
Horizons
Family
Solutions (1)
27,200
3,084
Duolingo (1)
12,400
2,735
Service
Corp
International
43,012
3,192
9,011
Hotels,
Restaurants
&
Leisure
6.6%
Churchill
Downs
49,300
6,101
Darden
Restaurants
47,800
7,990
Domino's
Pizza
23,000
11,428
DoorDash,
Class
A (1)
170,600
23,495
DraftKings,
Class
A (1)
374,180
16,991
Expedia
Group (1)
45,100
6,213
Hilton
Worldwide
Holdings
115,190
24,571
Hyatt
Hotels,
Class
A
16,700
2,666
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MGM
Resorts
International (1)
50,600
2,389
Restaurant
Brands
International
33,000
2,622
Royal
Caribbean
Cruises (1)
66,300
9,216
Wingstop
31,100
11,395
Wynn
Resorts
27,422
2,803
Yum!
Brands
173,500
24,056
151,936
Household
Durables
0.5%
NVR (1)
1,519
12,304
12,304
Specialty
Retail
4.8%
AutoZone (1)
1,676
5,282
Burlington
Stores (1)
39,348
9,136
Carvana (1)
44,500
3,912
Five
Below (1)
41,200
7,473
Floor
&
Decor
Holdings,
Class
A (1)
46,700
6,053
RH (1)
8,200
2,856
Ross
Stores
233,300
34,239
Tractor
Supply
72,300
18,922
Ulta
Beauty (1)
37,695
19,710
Williams-Sonoma
11,900
3,779
111,362
Textiles,
Apparel
&
Luxury
Goods
0.2%
Skechers
USA,
Class
A (1)
60,100
3,682
3,682
Total
Consumer
Discretionary
318,205
CONSUMER
STAPLES
2.6%
Beverages
1.1%
Brown-Forman,
Class
B
130,392
6,731
Celsius
Holdings (1)
163,600
13,566
Constellation
Brands,
Class
A
17,600
4,783
25,080
Consumer
Staples
Distribution
&
Retail
0.7%
BJ's
Wholesale
Club
Holdings (1)
46,474
3,516
Casey's
General
Stores
11,289
3,595
Performance
Food
Group (1)
132,200
9,867
16,978
Food
Products
0.3%
Freshpet (1)
28,600
3,313
Hershey
14,400
2,801
6,114
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
0.1%
Church
&
Dwight
23,483
2,450
2,450
Personal
Care
Products
0.4%
elf
Beauty (1)
30,800
6,038
Estee
Lauder,
Class
A
16,900
2,605
8,643
Total
Consumer
Staples
59,265
ENERGY
3.1%
Energy
Equipment
&
Services
0.8%
Halliburton
371,082
14,628
Noble
83,400
4,044
18,672
Oil,
Gas
&
Consumable
Fuels
2.3%
Cheniere
Energy
164,800
26,579
Chesapeake
Energy
29,300
2,603
Coterra
Energy
84,300
2,350
Diamondback
Energy
33,600
6,659
Magnolia
Oil
&
Gas,
Class
A
163,200
4,235
Matador
Resources
58,700
3,919
Permian
Resources
350,000
6,181
52,526
Total
Energy
71,198
FINANCIALS
10.4%
Banks
0.6%
NU
Holdings,
Class
A (1)
1,133,300
13,520
13,520
Capital
Markets
3.9%
Ares
Management,
Class
A
154,000
20,479
Blue
Owl
Capital
243,000
4,583
Cboe
Global
Markets
18,693
3,434
FactSet
Research
Systems
30,350
13,791
LPL
Financial
Holdings
59,400
15,694
MarketAxess
Holdings
23,900
5,240
Morningstar
13,954
4,303
MSCI
31,400
17,598
Tradeweb
Markets,
Class
A
56,751
5,912
91,034
Financial
Services
3.6%
Apollo
Global
Management
384,200
43,203
Block (1)
128,400
10,860
Corpay (1)
53,308
16,448
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Euronet
Worldwide (1)
26,600
2,924
Toast,
Class
A (1)
156,600
3,903
WEX (1)
23,500
5,582
82,920
Insurance
2.3%
Arch
Capital
Group (1)
169,400
15,659
Arthur
J
Gallagher
37,400
9,352
Globe
Life
32,100
3,736
Hartford
Financial
Services
Group
52,900
5,451
Kinsale
Capital
Group
20,000
10,495
Ryan
Specialty
Holdings (2)
146,800
8,147
52,840
Total
Financials
240,314
HEALTH
CARE
18.2%
Biotechnology
2.4%
Alkermes (1)
71,000
1,922
Alnylam
Pharmaceuticals (1)
54,780
8,187
Apellis
Pharmaceuticals (1)
91,363
5,370
Argenx,
ADR (1)
15,017
5,912
Ascendis
Pharma,
ADR (1)
19,960
3,017
BeiGene,
ADR (1)
11,700
1,830
BioNTech,
ADR (1)
16,728
1,543
Exact
Sciences (1)
78,018
5,388
Legend
Biotech,
ADR (1)
80,600
4,521
Neurocrine
Biosciences (1)
73,822
10,182
Sarepta
Therapeutics (1)
43,200
5,593
Vaxcyte (1)
32,000
2,186
55,651
Health
Care
Equipment
&
Supplies
6.2%
Align
Technology (1)
52,500
17,216
Dexcom (1)
251,100
34,828
Globus
Medical,
Class
A (1)
75,400
4,044
IDEXX
Laboratories (1)
54,900
29,642
Inspire
Medical
Systems (1)
18,400
3,952
Insulet (1)
52,806
9,051
Lantheus
Holdings (1)
51,100
3,180
Masimo (1)
19,800
2,908
Penumbra (1)
31,003
6,919
ResMed
92,920
18,401
Shockwave
Medical (1)
24,400
7,945
STERIS
21,300
4,789
142,875
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Providers
&
Services
3.8%
Acadia
Healthcare (1)
33,613
2,663
Cardinal
Health
174,825
19,563
Cencora
155,900
37,882
Chemed
12,400
7,960
Molina
Healthcare (1)
31,809
13,068
Tenet
Healthcare (1)
76,000
7,988
89,124
Health
Care
Technology
0.9%
Veeva
Systems,
Class
A (1)
91,095
21,106
21,106
Life
Sciences
Tools
&
Services
4.8%
Agilent
Technologies
120,700
17,563
Bio-Rad
Laboratories,
Class
A (1)
6,211
2,148
Bio-Techne
94,100
6,624
Bruker
64,500
6,059
Charles
River
Laboratories
International (1)
9,500
2,574
ICON (1)
19,200
6,450
IQVIA
Holdings (1)
107,000
27,059
Mettler-Toledo
International (1)
12,100
16,109
Repligen (1)
26,104
4,801
West
Pharmaceutical
Services
54,539
21,582
110,969
Pharmaceuticals
0.1%
Elanco
Animal
Health (1)
135,300
2,203
2,203
Total
Health
Care
421,928
INDUSTRIALS
&
BUSINESS
SERVICES
19.7%
Aerospace
&
Defense
2.2%
Axon
Enterprise (1)
61,000
19,085
BWX
Technologies
36,300
3,725
HEICO
45,700
8,729
Howmet
Aerospace
91,900
6,289
TransDigm
Group
10,000
12,316
50,144
Building
Products
1.8%
Advanced
Drainage
Systems
46,900
8,078
Allegion
46,500
6,264
Carrier
Global
40,400
2,349
Fortune
Brands
Innovations
34,551
2,925
Trane
Technologies
46,400
13,929
Trex (1)
76,000
7,581
41,126
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
4.4%
Cintas
52,100
35,794
Clean
Harbors (1)
41,900
8,435
Copart (1)
594,900
34,457
RB
Global
110,700
8,432
Republic
Services
30,200
5,781
Rollins
75,793
3,507
Waste
Connections
31,575
5,431
101,837
Construction
&
Engineering
0.9%
Comfort
Systems
USA
17,928
5,696
Quanta
Services
42,714
11,097
WillScot
Mobile
Mini
Holdings (1)
95,300
4,431
21,224
Electrical
Equipment
1.9%
AMETEK
45,037
8,237
Hubbell
27,100
11,248
Rockwell
Automation
75,812
22,086
Vertiv
Holdings,
Class
A
35,200
2,875
44,446
Ground
Transportation
1.5%
Old
Dominion
Freight
Line
133,234
29,220
Saia (1)
9,900
5,791
35,011
Machinery
0.7%
AGCO
17,500
2,153
Graco
30,000
2,804
Otis
Worldwide
28,200
2,799
RBC
Bearings (1)
12,873
3,480
Toro
30,447
2,790
Westinghouse
Air
Brake
Technologies
20,500
2,987
17,013
Professional
Services
4.3%
Booz
Allen
Hamilton
Holding
103,570
15,374
Broadridge
Financial
Solutions
72,846
14,923
Dayforce (1)
26,829
1,776
Equifax
22,500
6,019
FTI
Consulting (1)
17,492
3,678
KBR
68,700
4,374
Paychex
198,500
24,376
Paylocity
Holding (1)
36,300
6,239
Verisk
Analytics
97,200
22,913
99,672
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Trading
Companies
&
Distributors
2.0%
Fastenal
270,100
20,836
Ferguson
25,200
5,504
SiteOne
Landscape
Supply (1)
40,254
7,026
United
Rentals
10,400
7,500
Watsco
10,700
4,622
45,488
Total
Industrials
&
Business
Services
455,961
INFORMATION
TECHNOLOGY
23.5%
Communications
Equipment
0.3%
Ciena (1)
39,700
1,963
Motorola
Solutions
16,800
5,964
7,927
Electronic
Equipment,
Instruments
&
Components
2.6%
Amphenol,
Class
A
228,787
26,391
CDW
88,278
22,580
Celestica (1)
74,200
3,334
Keysight
Technologies (1)
14,600
2,283
TE
Connectivity
25,700
3,733
Zebra
Technologies,
Class
A (1)
9,000
2,713
61,034
IT
Services
3.6%
Cloudflare,
Class
A (1)
229,900
22,261
EPAM
Systems (1)
8,872
2,450
Gartner (1)
49,006
23,360
Globant (1)
10,798
2,180
GoDaddy,
Class
A (1)
113,100
13,423
MongoDB (1)
55,955
20,068
83,742
Semiconductors
&
Semiconductor
Equipment
4.0%
Astera
Labs (1)
18,666
1,385
Enphase
Energy (1)
70,700
8,554
Entegris
43,539
6,119
First
Solar (1)
14,160
2,390
Lattice
Semiconductor (1)
107,979
8,447
Microchip
Technology
272,568
24,452
MKS
Instruments
17,400
2,314
Monolithic
Power
Systems
33,000
22,355
ON
Semiconductor (1)
53,038
3,901
Onto
Innovation (1)
32,125
5,817
Teradyne
65,550
7,396
93,130
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Software
12.5%
Appfolio,
Class
A (1)
19,900
4,910
AppLovin,
Class
A (1)
75,900
5,254
Bentley
Systems,
Class
B
126,457
6,604
BILL
Holdings (1)
26,500
1,821
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $1,936 (1)(3)(4)
1,136
1,212
Confluent,
Class
A (1)
183,752
5,608
Crowdstrike
Holdings,
Class
A (1)
136,933
43,899
CyberArk
Software (1)
21,700
5,764
Databricks,
Class
A,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $835 (1)(3)(4)
52,161
3,834
Datadog,
Class
A (1)
213,846
26,431
Descartes
Systems
Group (1)
53,900
4,934
DocuSign (1)
78,300
4,663
DoubleVerify
Holdings (1)
70,475
2,478
Dynatrace (1)
179,273
8,325
Elastic (1)
53,200
5,333
Fair
Isaac (1)
17,500
21,868
Fortinet (1)
34,200
2,336
HubSpot (1)
32,149
20,143
Manhattan
Associates (1)
49,175
12,305
Monday.com (1)
21,125
4,772
Nutanix,
Class
A (1)
140,900
8,696
Palantir
Technologies,
Class
A (1)
1,359,789
31,289
Procore
Technologies (1)
32,970
2,709
PTC (1)
46,734
8,830
Samsara,
Class
A (1)
303,423
11,466
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,690 (1)(3)(4)
117,787
1,143
Socure,
Acquisition
Date:
12/22/21,
Cost $432 (1)(3)(4)
26,874
168
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $547 (1)(3)(4)
48,005
236
Tyler
Technologies (1)
25,544
10,856
Workiva (1)
26,500
2,247
Zscaler (1)
96,001
18,493
288,627
Technology
Hardware,
Storage
&
Peripherals
0.5%
Pure
Storage,
Class
A (1)
154,300
8,022
Super
Micro
Computer (1)
3,600
3,636
11,658
Total
Information
Technology
546,118
MATERIALS
1.2%
Chemicals
0.6%
CF
Industries
Holdings
25,800
2,147
PPG
Industries
60,700
8,795
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
RPM
International
26,273
3,125
14,067
Construction
Materials
0.3%
Vulcan
Materials
23,400
6,386
6,386
Containers
&
Packaging
0.1%
Avery
Dennison
10,200
2,277
2,277
Metals
&
Mining
0.2%
Steel
Dynamics
27,100
4,017
4,017
Total
Materials
26,747
REAL
ESTATE
1.7%
Industrial
Real
Estate
Investment
Trusts
0.2%
Rexford
Industrial
Realty,
REIT
43,300
2,178
Terreno
Realty,
REIT
34,600
2,297
4,475
Real
Estate
Management
&
Development
0.5%
CoStar
Group (1)
111,800
10,800
10,800
Residential
Real
Estate
Investment
Trusts
0.1%
Equity
LifeStyle
Properties,
REIT
42,100
2,711
2,711
Retail
Real
Estate
Investment
Trusts
0.2%
Simon
Property
Group,
REIT
34,500
5,399
5,399
Specialized
Real
Estate
Investment
Trusts
0.7%
CubeSmart,
REIT
79,800
3,608
Iron
Mountain,
REIT
57,400
4,604
Lamar
Advertising,
Class
A,
REIT
67,120
8,015
16,227
Total
Real
Estate
39,612
UTILITIES
0.3%
Independent
Power
&
Renewable
Electricity
Producers
0.3%
Vistra
115,400
8,038
Total
Utilities
8,038
Total
Common
Stocks
(Cost
$1,491,734)
2,296,906
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.7%
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $1,627 (1)(3)(4)
200,815
731
Total
Health
Care
731
INFORMATION
TECHNOLOGY
0.7%
Software
0.7%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $116 (1)(3)(4)
68
72
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $5 (1)(3)(4)
3
3
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $1,552 (1)
(3)(4)
108,447
7,971
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $775 (1)(3)(4)
13,101
963
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $2,225 (1)
(3)(4)
30,282
2,226
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $2,174 (1)
(3)(4)
79,458
389
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $2,929 (1)(3)(4)
49,017
1,114
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $2,816 (1)(3)(4)
197,401
1,915
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $525 (1)(3)(4)
32,662
204
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $431 (1)(3)(4)
26,807
168
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $8 (1)(3)(4)
485
3
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $998 (1)(3)(4)
62,133
388
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $985 (1)(3)(4)
198,465
974
Total
Information
Technology
16,390
Total
Convertible
Preferred
Stocks
(Cost
$17,166)
17,121
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (5)(6)
3,607,141
3,607
Total
Short-Term
Investments
(Cost
$3,607)
3,607
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (5)(6)
7,530,840
7,531
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
7,531
Total
Securities
Lending
Collateral
(Cost
$7,531)
7,531
Total
Investments
in
Securities
100.4%
(Cost
$1,520,038)
$
2,325,165
Other
Assets
Less
Liabilities
(0.4)%
(10,195)
Net
Assets
100.0%
$
2,314,970
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$23,714
and
represents
1.0%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
12
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2024.
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
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—
$
—
$
29++
Totals
$
—#
$
—
$
29+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
34,841
¤
¤
$
11,138
Total
$
11,138^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$29
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
$11,138.
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
13
T.
Rowe
Price
Diversified
Mid-Cap
Growth
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
14
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations 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
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
15
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2024,
totaled $(144,000) for
the
period ended
March
31,
2024.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
2,290,313
$
—
$
6,593
$
2,296,906
Convertible
Preferred
Stocks
—
—
17,121
17,121
Short-Term
Investments
3,607
—
—
3,607
Securities
Lending
Collateral
7,531
—
—
7,531
Total
$
2,301,451
$
—
$
23,714
$
2,325,165
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Ending
Balance
3/31/24
Investment
in
Securities
Common
Stocks
$
6,647
$
(54)
$
6,593
Convertible
Preferred
Stocks
17,211
(90)
17,121
Total
$
23,858
$
(144)
$
23,714
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
16
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F149-054Q1
03/24