T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.0%
COMMUNICATION
SERVICES
6.0%
Entertainment
2.3%
Electronic
Arts
22,500
3,201
Roku (1)
73,869
23,147
Spotify
Technology (1)
94,067
21,197
Take-Two
Interactive
Software (1)
26,653
4,106
Zynga,
Class
A (1)
612,100
4,609
56,260
Interactive
Media
&
Services
2.5%
Bumble,
Class
A (1)
72,007
3,599
IAC/InterActiveCorp (1)
58,200
7,583
Match
Group (1)
168,330
26,426
Pinterest,
Class
A (1)
313,700
15,983
Vimeo (1)
190,132
5,584
ZoomInfo
Technologies,
Class
A (1)
49,210
3,011
62,186
Media
1.2%
Altice
USA,
Class
A (1)
241,858
5,011
Cable
One
13,050
23,662
28,673
Total
Communication
Services
147,119
CONSUMER
DISCRETIONARY
16.0%
Auto
Components
0.2%
Aptiv (1)
39,672
5,910
5,910
Distributors
0.1%
Pool
7,000
3,041
3,041
Diversified
Consumer
Services
0.5%
Bright
Horizons
Family
Solutions (1)
39,800
5,549
Grand
Canyon
Education (1)
21,300
1,874
Service
Corp
International
37,612
2,266
Terminix
Global
Holdings (1)
44,400
1,850
11,539
Hotels,
Restaurants
&
Leisure
5.5%
Chipotle
Mexican
Grill (1)
17,600
31,988
Domino's
Pizza
34,900
16,646
DraftKings,
Class
A (1)
243,100
11,708
Hilton
Worldwide
Holdings (1)
172,300
22,762
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MGM
Resorts
International
603,900
26,058
Papa
John's
International
37,800
4,800
Restaurant
Brands
International
94,100
5,758
Wynn
Resorts (1)
54,722
4,638
Yum
China
Holdings
61,900
3,597
Yum!
Brands
51,400
6,287
134,242
Household
Durables
0.7%
NVR (1)
3,349
16,055
16,055
Internet
&
Direct
Marketing
Retail
1.4%
Chewy,
Class
A (1)(2)
105,284
7,171
Etsy (1)
87,132
18,120
Wayfair,
Class
A (1)(2)
36,900
9,428
34,719
Multiline
Retail
0.6%
Dollar
Tree (1)
46,600
4,460
Ollie's
Bargain
Outlet
Holdings (1)(2)
152,800
9,211
13,671
Specialty
Retail
5.8%
AutoZone (1)
9,626
16,345
Burlington
Stores (1)
48,162
13,657
CarMax (1)
65,400
8,369
Carvana (1)
45,400
13,690
Five
Below (1)
50,700
8,964
Floor
&
Decor
Holdings,
Class
A (1)
46,700
5,641
O'Reilly
Automotive (1)
29,200
17,843
RH (1)
9,300
6,202
Ross
Stores
49,800
5,421
Tractor
Supply
102,100
20,687
Ulta
Beauty (1)
52,569
18,973
Williams-Sonoma
36,600
6,490
142,282
Textiles,
Apparel
&
Luxury
Goods
1.2%
Lululemon
Athletica (1)
73,255
29,646
29,646
Total
Consumer
Discretionary
391,105
CONSUMER
STAPLES
2.3%
Beverages
0.7%
Boston
Beer,
Class
A (1)
7,424
3,784
Brown-Forman,
Class
B
138,092
9,254
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Constellation
Brands,
Class
A
13,900
2,929
15,967
Food
&
Staples
Retailing
0.4%
BJ's
Wholesale
Club
Holdings (1)
130,474
7,166
Casey's
General
Stores
10,089
1,901
9,067
Food
Products
1.0%
Darling
Ingredients (1)
107,200
7,708
Hershey
75,100
12,711
McCormick
27,600
2,236
Tyson
Foods,
Class
A
33,000
2,605
25,260
Household
Products
0.2%
Church
&
Dwight
28,483
2,352
Clorox
19,500
3,229
5,581
Total
Consumer
Staples
55,875
ENERGY
1.1%
Oil,
Gas
&
Consumable
Fuels
1.1%
Devon
Energy
360,100
12,787
Pioneer
Natural
Resources
72,600
12,089
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $118 (1)(3)(4)
39
179
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $1,703 (1)(3)(4)
458
2,102
Total
Energy
27,157
FINANCIALS
4.0%
Banks
0.3%
First
Republic
Bank
16,900
3,260
SVB
Financial
Group (1)
5,818
3,763
7,023
Capital
Markets
2.4%
Cboe
Global
Markets
24,593
3,046
FactSet
Research
Systems
7,950
3,139
MarketAxess
Holdings
36,500
15,355
MSCI
38,000
23,117
Nasdaq
16,871
3,256
Tradeweb
Markets,
Class
A
118,151
9,544
57,457
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Consumer
Finance
0.6%
Discover
Financial
Services
117,500
14,435
14,435
Insurance
0.7%
Arthur
J
Gallagher
44,400
6,600
Assurant
20,020
3,158
Hartford
Financial
Services
Group
112,400
7,896
17,654
Total
Financials
96,569
HEALTH
CARE
18.9%
Biotechnology
5.2%
ACADIA
Pharmaceuticals (1)
91,200
1,515
Acceleron
Pharma (1)
35,200
6,058
Agios
Pharmaceuticals (1)
33,900
1,564
Alnylam
Pharmaceuticals (1)
60,880
11,495
Argenx,
ADR (1)
22,617
6,830
Ascendis
Pharma,
ADR (1)
24,360
3,883
BioMarin
Pharmaceutical (1)
28,811
2,227
BioNTech,
ADR (1)
29,628
8,088
Blueprint
Medicines (1)
40,300
4,143
CRISPR
Therapeutics (1)
17,000
1,903
Denali
Therapeutics (1)
41,150
2,076
Exact
Sciences (1)
102,518
9,785
Exelixis (1)
168,579
3,564
Fate
Therapeutics (1)
26,900
1,594
Genmab,
ADR (1)
197,377
8,625
Horizon
Therapeutics (1)
52,000
5,696
Incyte (1)
139,600
9,602
Ionis
Pharmaceuticals (1)
51,700
1,734
Kodiak
Sciences (1)
19,426
1,865
Mirati
Therapeutics (1)
9,800
1,734
Natera (1)
42,000
4,680
Neurocrine
Biosciences (1)
63,122
6,054
Seagen (1)
83,111
14,112
TG
Therapeutics (1)
31,927
1,063
Ultragenyx
Pharmaceutical (1)
36,900
3,328
United
Therapeutics (1)
14,300
2,640
125,858
Health
Care
Equipment
&
Supplies
5.4%
ABIOMED (1)
26,400
8,594
Align
Technology (1)
5,600
3,726
Cooper
9,000
3,720
Dexcom (1)
42,800
23,406
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Hologic (1)
70,600
5,211
ICU
Medical (1)
8,628
2,014
IDEXX
Laboratories (1)
33,700
20,958
Novocure (1)
65,479
7,607
Ortho
Clinical
Diagnostics
Holdings (1)
139,608
2,580
Penumbra (1)
29,991
7,993
Quidel (1)
20,700
2,922
ResMed
54,600
14,390
Shockwave
Medical (1)
12,600
2,594
STERIS
22,100
4,514
Teleflex
12,600
4,744
Warby
Parker,
Class
A (1)
13,390
710
West
Pharmaceutical
Services
36,800
15,623
131,306
Health
Care
Providers
&
Services
2.4%
Acadia
Healthcare (1)
40,313
2,571
agilon
health (1)
82,833
2,171
Amedisys (1)
28,600
4,264
Centene (1)
45,353
2,826
DaVita (1)
25,098
2,918
Guardant
Health (1)
43,400
5,426
McKesson
160,370
31,975
Molina
Healthcare (1)
23,424
6,355
58,506
Health
Care
Technology
1.4%
Multiplan (1)(2)
315,200
1,774
Teladoc
Health (1)
27,337
3,467
Veeva
Systems,
Class
A (1)
98,607
28,416
33,657
Life
Sciences
Tools
&
Services
3.9%
Adaptive
Biotechnologies (1)
68,154
2,317
Agilent
Technologies
75,100
11,830
Avantor (1)
373,052
15,258
Bio-Rad
Laboratories,
Class
A (1)
13,911
10,377
Bio-Techne
14,300
6,929
Bruker
45,100
3,522
IQVIA
Holdings (1)
31,800
7,617
Mettler-Toledo
International (1)
12,200
16,804
Pacific
Biosciences
of
California (1)
77,700
1,985
Repligen (1)
60,461
17,473
94,112
Pharmaceuticals
0.6%
Catalent (1)
68,579
9,126
Elanco
Animal
Health (1)
129,062
4,116
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Royalty
Pharma,
Class
A
58,937
2,130
15,372
Total
Health
Care
458,811
INDUSTRIALS
&
BUSINESS
SERVICES
12.8%
Aerospace
&
Defense
0.8%
BWX
Technologies
51,400
2,768
Hexcel (1)
61,400
3,647
Huntington
Ingalls
Industries
18,400
3,552
TransDigm
Group (1)
13,600
8,494
18,461
Air
Freight
&
Logistics
0.2%
Expeditors
International
of
Washington
32,600
3,884
3,884
Airlines
0.4%
Alaska
Air
Group (1)
85,600
5,016
Southwest
Airlines (1)
93,900
4,829
9,845
Building
Products
0.8%
A.O.
Smith
40,700
2,486
Allegion
24,000
3,172
Fortune
Brands
Home
&
Security
64,451
5,763
Trane
Technologies
40,700
7,027
18,448
Commercial
Services
&
Supplies
3.1%
Cintas
53,700
20,441
Copart (1)
154,800
21,474
IAA (1)
147,200
8,033
Republic
Services
85,600
10,277
Ritchie
Bros
Auctioneers
37,200
2,294
Rollins
63,393
2,240
Waste
Connections
89,975
11,330
76,089
Construction
&
Engineering
0.2%
Valmont
Industries
16,900
3,974
3,974
Electrical
Equipment
1.5%
AMETEK
17,637
2,187
Generac
Holdings (1)
44,291
18,100
Hubbell
18,900
3,415
Rockwell
Automation
38,112
11,206
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Shoals
Technologies
Group,
Class
A (1)
78,539
2,190
37,098
Machinery
0.9%
Graco
30,000
2,099
IDEX
10,375
2,147
Middleby (1)
21,646
3,691
Otis
Worldwide
47,500
3,908
PACCAR
46,600
3,678
Toro
27,947
2,722
Woodward
31,600
3,577
21,822
Professional
Services
3.6%
Booz
Allen
Hamilton
Holding
110,170
8,742
Clarivate (1)
83,474
1,828
CoStar
Group (1)
293,000
25,216
Equifax
66,400
16,827
Legalzoom.com (1)
35,680
942
Leidos
Holdings
37,600
3,615
TransUnion
127,800
14,353
Upwork (1)
74,000
3,332
Verisk
Analytics
69,900
13,999
88,854
Road
&
Rail
0.7%
JB
Hunt
Transport
Services
14,203
2,375
Landstar
System
15,200
2,399
Old
Dominion
Freight
Line
44,917
12,845
17,619
Trading
Companies
&
Distributors
0.6%
Fastenal
45,800
2,364
United
Rentals (1)
28,100
9,861
Watsco
13,600
3,599
15,824
Total
Industrials
&
Business
Services
311,918
INFORMATION
TECHNOLOGY
34.3%
Communications
Equipment
0.4%
Motorola
Solutions
43,500
10,106
10,106
Electronic
Equipment,
Instruments
&
Components
3.2%
Amphenol,
Class
A
309,760
22,684
CDW
104,878
19,090
Cognex
76,300
6,121
IPG
Photonics (1)
9,600
1,521
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Keysight
Technologies (1)
50,200
8,247
Littelfuse
8,700
2,377
Zebra
Technologies,
Class
A (1)
33,900
17,473
77,513
IT
Services
5.8%
Affirm
Holdings (1)
44,259
5,273
Akamai
Technologies (1)
30,900
3,232
Broadridge
Financial
Solutions
83,571
13,926
EPAM
Systems (1)
41,900
23,903
Euronet
Worldwide (1)
28,100
3,577
FleetCor
Technologies (1)
67,900
17,740
Gartner (1)
44,306
13,464
Genpact
68,600
3,259
GoDaddy,
Class
A (1)
34,600
2,412
MongoDB (1)
33,189
15,649
Okta (1)
71,348
16,934
Paychex
45,200
5,083
Squarespace,
Class
A (1)(2)
26,818
1,036
StoneCo,
Class
A (1)
120,399
4,180
Toast,
Class
A (1)
10,127
506
Twilio,
Class
A (1)
7,272
2,320
VeriSign (1)
10,434
2,139
WEX (1)
19,100
3,364
Wix.com (1)
16,724
3,277
141,274
Semiconductors
&
Semiconductor
Equipment
5.4%
Enphase
Energy (1)
93,200
13,977
Entegris
158,600
19,968
KLA
17,544
5,868
Lattice
Semiconductor (1)
45,300
2,929
Marvell
Technology
72,207
4,355
Microchip
Technology
171,534
26,329
MKS
Instruments
17,400
2,626
Monolithic
Power
Systems
46,500
22,537
ON
Semiconductor (1)
174,700
7,996
Silicon
Laboratories (1)
16,900
2,369
Skyworks
Solutions
52,800
8,700
Teradyne
118,300
12,915
130,569
Software
19.5%
Anaplan (1)
137,931
8,399
ANSYS (1)
27,600
9,396
Aspen
Technology (1)
43,440
5,334
Avalara (1)
63,600
11,115
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Bentley
Systems,
Class
B
55,857
3,387
Bill.com
Holdings (1)
63,700
17,005
Black
Knight (1)
90,287
6,501
Cadence
Design
Systems (1)
187,395
28,379
Canva,
Acquisition
Date:
8/16/21,
Cost $685 (1)(3)(4)
402
685
CCC
Intelligent
Solutions
Holdings (1)
77,629
816
Ceridian
HCM
Holding (1)
81,929
9,227
Citrix
Systems
35,000
3,758
Confluent,
Class
A (1)
29,752
1,775
Coupa
Software (1)
55,701
12,209
Crowdstrike
Holdings,
Class
A (1)
87,313
21,460
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $835 (1)(3)
(4)
17,387
3,833
Datadog,
Class
A (1)
148,446
20,983
DocuSign (1)
118,197
30,427
DoubleVerify
Holdings (1)(2)
99,875
3,412
Dynatrace (1)
60,573
4,299
Five9 (1)
46,776
7,472
Fortinet (1)
106,154
31,001
Gitlab,
Class
B,
Acquisition
Date:
12/15/20,
Cost $2,183 (1)(4)
54,167
2,167
Guidewire
Software (1)
18,800
2,235
HubSpot (1)
33,226
22,464
Manhattan
Associates (1)
50,575
7,740
Monday.com (1)
5,214
1,701
nCino (1)
110,645
7,859
Palo
Alto
Networks (1)
57,100
27,351
Paycom
Software (1)
45,300
22,457
Paycor
HCM (1)
82,800
2,911
Paylocity
Holding (1)
40,700
11,412
Procore
Technologies (1)
9,514
850
Procore
Technologies,
Acquisition
Date:
7/15/20
-
5/20/21,
Cost $958 (1)(4)
16,756
1,422
PTC (1)
93,734
11,228
Qualtrics
International,
Class
A (1)
106,908
4,569
RingCentral,
Class
A (1)
50,061
10,888
SentinelOne,
Class
A (1)(2)
98,827
5,294
Smartsheet,
Class
A (1)
88,300
6,077
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,690 (1)(3)(4)
117,787
1,690
Splunk (1)
40,300
5,832
SS&C
Technologies
Holdings
70,200
4,872
Synopsys (1)
73,400
21,977
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $547 (1)(3)(4)
48,005
547
Trade
Desk,
Class
A (1)
307,400
21,610
Tyler
Technologies (1)
27,294
12,518
UiPath,
Class
A (1)
115,671
6,085
Workiva (1)
26,500
3,735
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zendesk (1)
56,500
6,576
474,940
Total
Information
Technology
834,402
MATERIALS
2.3%
Chemicals
0.9%
Albemarle
16,400
3,591
CF
Industries
Holdings
47,700
2,663
PPG
Industries
69,600
9,953
RPM
International
76,173
5,915
22,122
Construction
Materials
0.2%
Vulcan
Materials
36,600
6,191
6,191
Containers
&
Packaging
0.9%
Ardagh
Metal
Packaging (1)
279,835
2,787
Avery
Dennison
29,600
6,134
Ball
95,400
8,583
Sealed
Air
64,046
3,509
21,013
Metals
&
Mining
0.3%
Kirkland
Lake
Gold (2)
62,100
2,583
Steel
Dynamics
66,200
3,871
6,454
Total
Materials
55,780
REAL
ESTATE
1.3%
Equity
Real
Estate
Investment
Trusts
1.2%
Alexandria
Real
Estate
Equities,
REIT
25,100
4,796
CubeSmart,
REIT
196,500
9,520
Equity
LifeStyle
Properties,
REIT
143,400
11,200
SBA
Communications,
REIT
14,400
4,760
30,276
Real
Estate
Management
&
Development
0.1%
eXp
World
Holdings
51,300
2,040
WeWork,
Class
A,
Acquisition
Date:
5/26/15,
Cost $38 (1)(4)
2,658
20
2,060
Total
Real
Estate
32,336
Total
Common
Stocks
(Cost
$1,477,823)
2,411,072
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
1.0%
HEALTH
CARE
0.1%
Biotechnology
0.1%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $1,627 (1)(3)(4)
200,815
1,627
Total
Health
Care
1,627
INFORMATION
TECHNOLOGY
0.9%
Software
0.9%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $1,552 (1)
(3)(4)
36,149
7,969
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $775 (1)(3)(4)
4,367
963
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $2,225 (1)
(3)(4)
10,094
2,225
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $2,174 (1)
(3)(4)
79,458
2,174
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $2,929 (1)(3)(4)
49,017
3,158
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $2,816 (1)(3)(4)
196,313
2,816
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $985 (1)(3)(4)
198,465
2,261
Total
Information
Technology
21,566
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork,
Series
D-1,
Acquisition
Date:
12/9/14,
Cost $315 (1)(4)
18,959
141
WeWork,
Series
D-2,
Acquisition
Date:
12/9/14,
Cost $248 (1)(4)
14,896
111
Total
Real
Estate
252
Total
Convertible
Preferred
Stocks
(Cost
$15,646)
23,445
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (5)(6)
891,836
892
Total
Short-Term
Investments
(Cost
$892)
892
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
1.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.2%
Short-Term
Funds
1.2%
T.
Rowe
Price
Short-Term
Fund,
0.07% (5)(6)
2,810,375
28,104
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
28,104
Total
Securities
Lending
Collateral
(Cost
$28,104)
28,104
Total
Investments
in
Securities
101.2%
(Cost
$1,522,465)
$
2,463,513
Other
Assets
Less
Liabilities
(1.2)%
(28,698)
Net
Assets
100.0%
$
2,434,815
‡
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
September
30,
2021.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$36,090
and
represents
1.5%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
13
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
14
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
nine
months
ended
September
30,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
—
$
—
$
1
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
—#
$
—
$
1+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
521
¤
¤
$
892
T.
Rowe
Price
Short-Term
Fund,
0.07%
49,590
¤
¤
28,104
Total
$
28,996^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$1
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
$28,996.
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
16
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
17
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/
loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
September
30,
2021,
totaled $9,165,000 for
the
period ended
September
30,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
2,398,427
$
3,609
$
9,036
$
2,411,072
Convertible
Preferred
Stocks
—
252
23,193
23,445
Short-Term
Investments
892
—
—
892
Securities
Lending
Collateral
28,104
—
—
28,104
Total
$
2,427,423
$
3,861
$
32,229
$
2,463,513
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
18
F149-054Q3
09/21
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
7,269
$
2,425
$
2,597
$
(1,088
)
$
(2,167
)
$
9,036
Convertible
Preferred
Stocks
10,243
5,021
9,616
(1,687
)
—
23,193
Total
$
17,512
$
7,446
$
12,213
$
(2,775
)
$
(2,167
)
$
32,229