T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.0%
COMMUNICATION
SERVICES
3.5%
Entertainment
1.1%
Electronic
Arts
22,500
2,846
Roku (1)
55,369
6,936
Spotify
Technology (1)
79,167
11,956
Take-Two
Interactive
Software (1)
17,253
2,653
24,391
Interactive
Media
&
Services
1.6%
IAC/InterActiveCorp (1)
18,600
1,865
Match
Group (1)
214,630
23,339
Pinterest,
Class
A (1)
236,600
5,823
ZoomInfo
Technologies (1)
49,210
2,940
33,967
Media
0.8%
Cable
One
12,050
17,644
17,644
Total
Communication
Services
76,002
CONSUMER
DISCRETIONARY
14.2%
Auto
Components
0.1%
Aptiv (1)
23,472
2,810
2,810
Distributors
0.5%
Pool
24,100
10,191
10,191
Diversified
Consumer
Services
0.4%
Bright
Horizons
Family
Solutions (1)
36,800
4,883
Service
Corp
International
44,412
2,923
7,806
Hotels,
Restaurants
&
Leisure
5.2%
Caesars
Entertainment (1)
97,800
7,566
Chipotle
Mexican
Grill (1)
17,300
27,369
Domino's
Pizza
24,300
9,890
DraftKings,
Class
A (1)(2)
166,500
3,242
Hilton
Worldwide
Holdings (1)
158,990
24,125
MGM
Resorts
International
478,500
20,068
Papa
John's
International
37,800
3,980
Restaurant
Brands
International
94,100
5,495
Wynn
Resorts (1)
54,722
4,364
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Yum!
Brands
51,400
6,092
112,191
Household
Durables
0.6%
NVR (1)
2,949
13,174
13,174
Internet
&
Direct
Marketing
Retail
0.7%
Chewy,
Class
A (1)(2)
65,484
2,670
Etsy (1)
78,932
9,810
Wayfair,
Class
A (1)(2)
22,000
2,437
14,917
Leisure
Products
0.2%
Mattel (1)
193,900
4,307
4,307
Multiline
Retail
0.2%
Dollar
Tree (1)
15,100
2,418
Ollie's
Bargain
Outlet
Holdings (1)
60,600
2,604
5,022
Specialty
Retail
5.1%
AutoZone (1)
6,776
13,854
Burlington
Stores (1)(2)
44,262
8,063
CarMax (1)
46,500
4,486
Carvana (1)
49,800
5,941
Five
Below (1)
48,300
7,649
Floor
&
Decor
Holdings,
Class
A (1)
46,700
3,783
O'Reilly
Automotive (1)
22,000
15,069
RH (1)
9,300
3,033
Ross
Stores
49,800
4,505
Tractor
Supply
87,400
20,397
Ulta
Beauty (1)
45,795
18,236
Williams-Sonoma
36,600
5,307
110,323
Textiles,
Apparel
&
Luxury
Goods
1.2%
Lululemon
Athletica (1)
70,955
25,915
25,915
Total
Consumer
Discretionary
306,656
CONSUMER
STAPLES
2.6%
Beverages
0.6%
Boston
Beer,
Class
A (1)
7,424
2,884
Brown-Forman,
Class
B
113,892
7,633
Constellation
Brands,
Class
A
12,200
2,810
13,327
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
&
Staples
Retailing
0.7%
BJ's
Wholesale
Club
Holdings (1)
176,274
11,918
Casey's
General
Stores
10,089
1,999
13,917
Food
Products
1.1%
Darling
Ingredients (1)
116,500
9,364
Hershey
39,100
8,470
McCormick
27,600
2,755
Tyson
Foods,
Class
A
33,000
2,958
23,547
Household
Products
0.2%
Church
&
Dwight
28,483
2,831
Clorox
13,900
1,932
4,763
Total
Consumer
Staples
55,554
ENERGY
2.8%
Energy
Equipment
&
Services
0.3%
Halliburton
191,182
7,240
7,240
Oil,
Gas
&
Consumable
Fuels
2.5%
Devon
Energy
443,079
26,199
Pioneer
Natural
Resources
94,600
23,653
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $118 (1)(3)(4)
39
232
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $1,703 (1)(3)(4)
458
2,725
52,809
Total
Energy
60,049
FINANCIALS
5.6%
Banks
0.3%
First
Republic
Bank
21,900
3,550
SVB
Financial
Group (1)
6,518
3,646
7,196
Capital
Markets
2.3%
Cboe
Global
Markets
24,593
2,814
FactSet
Research
Systems
8,050
3,495
MarketAxess
Holdings
29,700
10,104
MSCI
40,900
20,568
Nasdaq
16,871
3,006
Tradeweb
Markets,
Class
A
99,651
8,756
48,743
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Consumer
Finance
0.7%
Discover
Financial
Services
132,200
14,567
14,567
Diversified
Financial
Services
0.6%
Apollo
Global
Management
191,300
11,859
11,859
Insurance
1.7%
Arthur
J
Gallagher
103,100
18,001
Assurant
16,520
3,004
Hartford
Financial
Services
Group
228,300
16,394
37,399
Total
Financials
119,764
HEALTH
CARE
16.4%
Biotechnology
2.5%
ACADIA
Pharmaceuticals (1)
91,200
2,209
Alnylam
Pharmaceuticals (1)
41,580
6,790
Argenx,
ADR (1)
15,817
4,987
Ascendis
Pharma,
ADR (1)
24,360
2,859
BioMarin
Pharmaceutical (1)
28,811
2,221
BioNTech,
ADR (1)
16,728
2,853
Blueprint
Medicines (1)
40,300
2,574
Exact
Sciences (1)
82,018
5,735
Genmab,
ADR (1)
87,777
3,176
Horizon
Therapeutics (1)
37,200
3,914
Incyte (1)
37,800
3,002
Neurocrine
Biosciences (1)
31,822
2,983
Seagen (1)
34,011
4,899
Ultragenyx
Pharmaceutical (1)
36,900
2,680
United
Therapeutics (1)
14,300
2,566
53,448
Health
Care
Equipment
&
Supplies
5.6%
ABIOMED (1)
26,400
8,745
Align
Technology (1)
5,600
2,442
Cooper
6,700
2,798
Dexcom (1)
62,100
31,770
Hologic (1)
42,300
3,249
ICU
Medical (1)
8,628
1,921
IDEXX
Laboratories (1)
23,600
12,911
Insulet (1)
63,106
16,811
Novocure (1)
39,779
3,296
Penumbra (1)
29,991
6,662
Quidel (1)
20,700
2,328
ResMed
73,500
17,824
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Shockwave
Medical (1)
12,600
2,613
STERIS
18,900
4,569
Teleflex
6,100
2,164
120,103
Health
Care
Providers
&
Services
2.3%
Acadia
Healthcare (1)
40,313
2,642
Amedisys (1)
17,100
2,946
Centene (1)
32,853
2,766
DaVita (1)
25,098
2,839
Guardant
Health (1)
43,400
2,875
McKesson
95,496
29,234
Molina
Healthcare (1)
15,524
5,178
48,480
Health
Care
Technology
1.0%
Teladoc
Health (1)(2)
27,337
1,972
Veeva
Systems,
Class
A (1)
95,407
20,270
22,242
Life
Sciences
Tools
&
Services
4.4%
Adaptive
Biotechnologies (1)
68,154
946
Agilent
Technologies
64,400
8,522
Avantor (1)
356,352
12,052
Bio-Rad
Laboratories,
Class
A (1)
13,911
7,835
Bio-Techne
25,500
11,043
Bruker
45,100
2,900
IQVIA
Holdings (1)
29,200
6,751
Mettler-Toledo
International (1)
12,200
16,753
Pacific
Biosciences
of
California (1)
77,700
707
Repligen (1)
65,604
12,339
West
Pharmaceutical
Services
37,539
15,418
95,266
Pharmaceuticals
0.6%
Catalent (1)
68,579
7,605
Elanco
Animal
Health (1)
98,462
2,569
Royalty
Pharma,
Class
A
58,937
2,296
12,470
Total
Health
Care
352,009
INDUSTRIALS
&
BUSINESS
SERVICES
13.4%
Aerospace
&
Defense
0.9%
BWX
Technologies
51,400
2,769
Hexcel
46,900
2,789
Huntington
Ingalls
Industries
11,900
2,373
TransDigm
Group (1)
13,600
8,861
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Woodward
21,000
2,623
19,415
Air
Freight
&
Logistics
0.2%
Expeditors
International
of
Washington
32,600
3,363
3,363
Airlines
0.5%
Alaska
Air
Group (1)
109,200
6,335
Southwest
Airlines (1)
114,700
5,253
11,588
Building
Products
1.0%
A.O.
Smith
40,700
2,600
Allegion
24,000
2,635
Fortune
Brands
Home
&
Security
81,251
6,036
Trane
Technologies
69,000
10,536
21,807
Commercial
Services
&
Supplies
3.3%
Cintas
44,300
18,845
Copart (1)
154,800
19,423
IAA (1)
125,300
4,792
Republic
Services
82,100
10,878
Ritchie
Bros
Auctioneers
37,200
2,196
Rollins
63,393
2,222
Waste
Connections
91,275
12,751
71,107
Construction
&
Engineering
0.3%
Valmont
Industries
27,000
6,442
6,442
Electrical
Equipment
1.5%
AMETEK
17,637
2,349
Generac
Holdings (1)
45,591
13,552
Hubbell
24,900
4,576
Rockwell
Automation
44,612
12,493
32,970
Machinery
0.9%
Graco
30,000
2,092
IDEX
10,375
1,989
Middleby (1)
28,478
4,669
Otis
Worldwide
60,200
4,632
PACCAR
40,600
3,576
Toro
27,947
2,389
19,347
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Professional
Services
2.2%
Booz
Allen
Hamilton
Holding
42,070
3,695
CoStar
Group (1)
141,800
9,445
Equifax
32,600
7,730
Leidos
Holdings
25,100
2,711
TransUnion
88,800
9,177
Upwork (1)
74,000
1,720
Verisk
Analytics
59,900
12,856
47,334
Road
&
Rail
1.4%
JB
Hunt
Transport
Services
46,803
9,397
Landstar
System
15,200
2,293
Old
Dominion
Freight
Line
62,917
18,792
30,482
Trading
Companies
&
Distributors
1.2%
Fastenal
60,800
3,612
Ferguson
15,900
2,133
SiteOne
Landscape
Supply (1)
26,954
4,358
United
Rentals (1)
33,300
11,828
Watsco
13,600
4,143
26,074
Total
Industrials
&
Business
Services
289,929
INFORMATION
TECHNOLOGY
35.1%
Communications
Equipment
0.5%
Motorola
Solutions
40,300
9,761
9,761
Electronic
Equipment,
Instruments
&
Components
3.1%
Amphenol,
Class
A
299,987
22,604
CDW
93,578
16,740
Cognex
50,000
3,858
Keysight
Technologies (1)
42,900
6,777
Littelfuse
8,700
2,170
Zebra
Technologies,
Class
A (1)
37,400
15,472
67,621
IT
Services
5.7%
Affirm
Holdings (1)(2)
41,159
1,905
Broadridge
Financial
Solutions
72,571
11,300
Endava,
ADR (1)
19,500
2,594
EPAM
Systems (1)
41,213
12,224
Euronet
Worldwide (1)
28,100
3,657
FleetCor
Technologies (1)
29,308
7,299
Gartner (1)
51,406
15,291
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Genpact
68,600
2,985
Globant (1)
21,698
5,686
GoDaddy,
Class
A (1)
34,600
2,896
MongoDB (1)
47,289
20,977
Okta (1)
79,548
12,009
Paychex
123,100
16,800
Twilio,
Class
A (1)
7,272
1,199
VeriSign (1)
10,434
2,321
WEX (1)
19,100
3,408
122,551
Semiconductors
&
Semiconductor
Equipment
6.0%
Enphase
Energy (1)
72,000
14,528
Entegris
150,500
19,755
KLA
13,144
4,811
Lattice
Semiconductor (1)
60,879
3,711
Marvell
Technology
72,207
5,178
Microchip
Technology
332,268
24,967
MKS
Instruments
17,400
2,610
Monolithic
Power
Systems
41,500
20,156
ON
Semiconductor (1)
170,338
10,665
Silicon
Laboratories (1)
16,900
2,538
Skyworks
Solutions
52,800
7,037
Synaptics (1)
9,300
1,855
Teradyne
97,800
11,563
129,374
Software
19.8%
ANSYS (1)
24,400
7,751
AppLovin,
Class
A (1)(2)
83,300
4,587
Aspen
Technology (1)
47,235
7,811
Avalara (1)
57,600
5,732
Bentley
Systems,
Class
B (2)
55,857
2,468
Bill.com
Holdings (1)
65,900
14,946
Black
Knight (1)
73,587
4,267
Cadence
Design
Systems (1)
182,795
30,063
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $1,936 (1)(3)(4)
1,136
1,551
CCC
Intelligent
Solutions
Holdings (1)
77,629
857
Ceridian
HCM
Holding (1)
65,829
4,500
Confluent,
Class
A (1)
56,952
2,335
Coupa
Software (1)
45,501
4,624
Crowdstrike
Holdings,
Class
A (1)
120,413
27,343
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $835 (1)(3)
(4)
17,387
2,884
Datadog,
Class
A (1)
180,246
27,302
DocuSign (1)
85,697
9,180
DoubleVerify
Holdings (1)
99,875
2,514
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Dynatrace (1)
60,573
2,853
Fair
Isaac (1)
20,500
9,562
Five9 (1)
46,776
5,164
Fortinet (1)
96,054
32,826
Gitlab,
Class
A (1)
72,925
3,971
HashiCorp,
Class
A (1)(2)
4,113
222
HubSpot (1)
42,499
20,185
Informatica,
Class
A (1)(2)
129,200
2,550
Manhattan
Associates (1)
53,775
7,459
nCino (1)
98,545
4,038
Palo
Alto
Networks (1)
58,039
36,130
Paycom
Software (1)
43,000
14,894
Paycor
HCM (1)
82,800
2,410
Paylocity
Holding (1)
40,700
8,375
Procore
Technologies (1)(2)
26,270
1,523
PTC (1)
69,034
7,436
Qualtrics
International,
Class
A (1)
106,908
3,052
RingCentral,
Class
A (1)
50,061
5,868
SentinelOne,
Class
A (1)
85,227
3,302
Smartsheet,
Class
A (1)
38,300
2,098
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,690 (1)(3)(4)
117,787
1,690
Socure,
Acquisition
Date:
12/22/21,
Cost $432 (1)(3)(4)
26,874
432
SS&C
Technologies
Holdings
70,200
5,266
Synopsys (1)
65,800
21,929
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $547 (1)(3)(4)
48,005
443
Trade
Desk,
Class
A (1)
389,508
26,973
Tyler
Technologies (1)
25,844
11,498
UiPath,
Class
A (1)
73,971
1,597
Workiva (1)
26,500
3,127
Zscaler (1)
78,400
18,916
426,504
Total
Information
Technology
755,811
MATERIALS
2.7%
Chemicals
1.3%
Albemarle
12,400
2,742
CF
Industries
Holdings
48,900
5,040
Corteva
105,300
6,053
PPG
Industries
69,600
9,122
RPM
International
71,173
5,796
28,753
Construction
Materials
0.3%
Vulcan
Materials
36,600
6,723
6,723
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Containers
&
Packaging
0.8%
Ardagh
Metal
Packaging (1)
279,835
2,275
Avery
Dennison
29,600
5,149
Ball
51,600
4,644
Sealed
Air
64,046
4,289
16,357
Metals
&
Mining
0.3%
Steel
Dynamics
77,200
6,441
6,441
Total
Materials
58,274
REAL
ESTATE
2.7%
Equity
Real
Estate
Investment
Trusts
2.6%
Alexandria
Real
Estate
Equities,
REIT
35,500
7,144
CubeSmart,
REIT
333,600
17,357
Equity
LifeStyle
Properties,
REIT
135,800
10,386
Rexford
Industrial
Realty,
REIT
33,300
2,484
SBA
Communications,
REIT
52,900
18,203
55,574
Real
Estate
Management
&
Development
0.1%
eXp
World
Holdings (2)
51,300
1,086
1,086
Total
Real
Estate
56,660
Total
Common
Stocks
(Cost
$1,442,968)
2,130,708
CONVERTIBLE
PREFERRED
STOCKS
1.1%
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
1.0%
Software
1.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $116 (1)(3)(4)
68
93
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $5 (1)(3)(4)
3
4
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $1,552 (1)
(3)(4)
36,149
5,996
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $775 (1)(3)(4)
4,367
724
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $2,225 (1)
(3)(4)
10,094
1,674
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $2,174 (1)
(3)(4)
79,458
1,662
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $2,929 (1)(3)(4)
49,017
2,781
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $2,816 (1)(3)(4)
196,313
2,816
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $525 (1)(3)(4)
32,662
525
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $431 (1)(3)(4)
26,807
431
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $8 (1)(3)(4)
485
8
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $998 (1)(3)(4)
62,133
998
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $985 (1)(3)(4)
198,465
1,830
Total
Information
Technology
19,542
Total
Convertible
Preferred
Stocks
(Cost
$17,166)
21,169
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(6)
1,044,198
1,044
Total
Short-Term
Investments
(Cost
$1,044)
1,044
SECURITIES
LENDING
COLLATERAL
0.9%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(6)
20,274,766
20,275
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
20,275
Total
Securities
Lending
Collateral
(Cost
$20,275)
20,275
Total
Investments
in
Securities
101.0%
(Cost
$1,481,453)
$
2,173,196
Other
Assets
Less
Liabilities
(1.0)%
(20,570)
Net
Assets
100.0%
$
2,152,626
‡
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,
2022.
(3)
Level
3
in
fair
value
hierarchy.
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
12
.
.
.
.
.
.
.
.
.
.
(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
$31,126
and
represents
1.4%
of
net
assets.
(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
13
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,
2022.
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,
0.29%
$
—
$
—
$
—++
Totals
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
11,354
¤
¤
$
21,319
Total
$
21,319^
#
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
$0
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
$21,319.
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
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
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
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
15
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
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;
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
16
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
March
31,
2022
(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,
2022.
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,
2022,
totaled $(5,009,000) for
the
period ended
March
31,
2022.
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
$
2,120,751
$
—
$
9,957
$
2,130,708
Convertible
Preferred
Stocks
—
—
21,169
21,169
Short-Term
Investments
1,044
—
—
1,044
Securities
Lending
Collateral
20,275
—
—
20,275
Total
$
2,142,070
$
—
$
31,126
$
2,173,196
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
11,291
$
(1,334
)
$
9,957
Convertible
Preferred
Stocks
24,844
(3,675
)
21,169
Total
$
36,135
$
(5,009
)
$
31,126
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
17
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
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.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F149-054Q1
03/22