T. Rowe Price Diversified Mid Cap Growth Fund (PRDMX) NPORT-P T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. (Sep 2022 report)

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

98.9%

COMMUNICATION

SERVICES

3.6%

Entertainment

0.9%

Electronic

Arts 

31,000‌

3,587‌

Roku (1)(2)

19,545‌

1,102‌

Spotify

Technology (1)

49,767‌

4,295‌

Take-Two

Interactive

Software (1)

55,153‌

6,012‌

14,996‌

Interactive

Media

&

Services

1.0%

IAC (1)

18,600‌

1,030‌

Match

Group (1)

205,430‌

9,809‌

Pinterest,

Class

A (1)

70,574‌

1,645‌

ZoomInfo

Technologies (1)

96,310‌

4,012‌

16,496‌

Media

1.7%

Cable

One 

2,277‌

1,942‌

Fox,

Class

B 

221,300‌

6,307‌

Omnicom

Group 

79,400‌

5,009‌

Trade

Desk,

Class

A (1)

251,208‌

15,010‌

28,268‌

Total

Communication

Services

59,760‌

CONSUMER

DISCRETIONARY

14.1%

Auto

Components

0.1%

Aptiv (1)

23,472‌

1,836‌

1,836‌

Distributors

0.5%

Pool 

28,200‌

8,973‌

8,973‌

Diversified

Consumer

Services

0.3%

Bright

Horizons

Family

Solutions (1)

36,800‌

2,122‌

Service

Corp

International 

39,212‌

2,264‌

4,386‌

Hotels,

Restaurants

&

Leisure

5.1%

Caesars

Entertainment (1)

97,800‌

3,155‌

Chipotle

Mexican

Grill (1)

14,300‌

21,490‌

Darden

Restaurants 

32,300‌

4,080‌

Domino's

Pizza 

17,300‌

5,366‌

DraftKings,

Class

A (1)

100,480‌

1,521‌

Hilton

Worldwide

Holdings 

183,890‌

22,181‌

MGM

Resorts

International 

367,500‌

10,922‌

Papa

John's

International 

37,800‌

2,646‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

1

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Restaurant

Brands

International 

77,900‌

4,143‌

Vail

Resorts 

18,600‌

4,011‌

Wynn

Resorts (1)

40,522‌

2,554‌

Yum!

Brands 

36,200‌

3,850‌

85,919‌

Household

Durables

0.6%

NVR (1)

2,354‌

9,386‌

9,386‌

Internet

&

Direct

Marketing

Retail

0.3%

Chewy,

Class

A (1)

50,084‌

1,538‌

Etsy (1)

20,040‌

2,007‌

Wayfair,

Class

A (1)(2)

22,000‌

716‌

4,261‌

Leisure

Products

0.3%

Mattel (1)

237,200‌

4,493‌

4,493‌

Multiline

Retail

0.3%

Dollar

Tree (1)

21,000‌

2,858‌

Ollie's

Bargain

Outlet

Holdings (1)

39,200‌

2,023‌

4,881‌

Specialty

Retail

5.5%

AutoZone (1)

9,676‌

20,725‌

Burlington

Stores (1)

23,048‌

2,579‌

CarMax (1)

19,300‌

1,274‌

Carvana (1)(2)

21,900‌

445‌

Five

Below (1)

44,900‌

6,181‌

Floor

&

Decor

Holdings,

Class

A (1)

46,700‌

3,281‌

O'Reilly

Automotive (1)

22,000‌

15,474‌

RH (1)

8,200‌

2,018‌

Ross

Stores 

44,400‌

3,742‌

Tractor

Supply 

89,300‌

16,599‌

Ulta

Beauty (1)

39,195‌

15,725‌

Williams-Sonoma 

36,600‌

4,313‌

92,356‌

Textiles,

Apparel

&

Luxury

Goods

1.1%

Lululemon

Athletica (1)

61,320‌

17,143‌

Skechers

USA,

Class

A (1)

57,900‌

1,836‌

18,979‌

Total

Consumer

Discretionary

235,470‌

CONSUMER

STAPLES

2.6%

Beverages

0.7%

Boston

Beer,

Class

A (1)

4,924‌

1,594‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Brown-Forman,

Class

B 

87,692‌

5,838‌

Constellation

Brands,

Class

A 

10,800‌

2,480‌

Monster

Beverage (1)

18,000‌

1,565‌

11,477‌

Food

&

Staples

Retailing

0.8%

BJ's

Wholesale

Club

Holdings (1)

167,474‌

12,194‌

Casey's

General

Stores 

10,089‌

2,043‌

14,237‌

Food

Products

1.0%

Darling

Ingredients (1)

102,100‌

6,754‌

Hershey 

34,300‌

7,562‌

McCormick 

17,800‌

1,269‌

Tyson

Foods,

Class

A 

28,900‌

1,905‌

17,490‌

Household

Products

0.1%

Church

&

Dwight 

19,483‌

1,392‌

1,392‌

Total

Consumer

Staples

44,596‌

ENERGY

3.9%

Energy

Equipment

&

Services

0.4%

Halliburton 

260,682‌

6,418‌

6,418‌

Oil,

Gas

&

Consumable

Fuels

3.5%

APA 

44,800‌

1,532‌

Cheniere

Energy 

81,000‌

13,439‌

Coterra

Energy 

193,100‌

5,044‌

Devon

Energy 

275,379‌

16,558‌

Diamondback

Energy 

29,000‌

3,493‌

Pioneer

Natural

Resources 

57,300‌

12,407‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $118 (1)(3)(4)

39‌

577‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17

-

3/8/18,

Cost $1,703 (1)(3)(4)

458‌

6,776‌

59,826‌

Total

Energy

66,244‌

FINANCIALS

6.4%

Banks

0.7%

First

Republic

Bank 

21,900‌

2,859‌

SVB

Financial

Group (1)

25,018‌

8,401‌

11,260‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Capital

Markets

2.8%

Blue

Owl

Capital (2)

214,100‌

1,976‌

Cboe

Global

Markets 

21,693‌

2,546‌

FactSet

Research

Systems 

26,350‌

10,543‌

MarketAxess

Holdings 

25,900‌

5,763‌

Morningstar 

8,054‌

1,710‌

MSCI 

40,900‌

17,251‌

Nasdaq 

36,450‌

2,066‌

Tradeweb

Markets,

Class

A 

99,651‌

5,622‌

47,477‌

Consumer

Finance

0.5%

Discover

Financial

Services 

86,700‌

7,883‌

7,883‌

Diversified

Financial

Services

0.6%

Apollo

Global

Management 

234,500‌

10,904‌

10,904‌

Insurance

1.8%

Arthur

J

Gallagher 

83,700‌

14,331‌

Assurant 

10,520‌

1,528‌

Hartford

Financial

Services

Group 

209,000‌

12,946‌

Ryan

Specialty

Group

Holdings (1)

48,700‌

1,978‌

30,783‌

Total

Financials

108,307‌

HEALTH

CARE

15.6%

Biotechnology

2.2%

Alnylam

Pharmaceuticals (1)

30,780‌

6,161‌

Argenx,

ADR (1)

10,917‌

3,854‌

Ascendis

Pharma,

ADR (1)

24,360‌

2,516‌

BioMarin

Pharmaceutical (1)

28,811‌

2,442‌

BioNTech,

ADR 

16,728‌

2,256‌

Blueprint

Medicines (1)

40,300‌

2,655‌

Exact

Sciences (1)

55,718‌

1,810‌

Genmab,

ADR (1)

87,777‌

2,820‌

Horizon

Therapeutics (1)

27,900‌

1,727‌

Incyte (1)

31,000‌

2,066‌

Karuna

Therapeutics (1)

11,453‌

2,576‌

Neurocrine

Biosciences (1)

28,222‌

2,998‌

Seagen (1)

24,611‌

3,368‌

37,249‌

Health

Care

Equipment

&

Supplies

5.0%

ABIOMED (1)

26,400‌

6,485‌

Align

Technology (1)

9,100‌

1,885‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Cooper 

6,700‌

1,768‌

Dexcom (1)

258,000‌

20,779‌

IDEXX

Laboratories (1)

18,700‌

6,092‌

Insulet (1)

58,906‌

13,513‌

Lantheus

Holdings (1)

24,400‌

1,716‌

Novocure (1)(2)

32,779‌

2,490‌

Penumbra (1)

23,591‌

4,473‌

QuidelOrtho (1)

20,700‌

1,480‌

ResMed 

71,200‌

15,543‌

Shockwave

Medical (1)

12,600‌

3,504‌

STERIS 

18,900‌

3,143‌

Teleflex 

6,100‌

1,229‌

84,100‌

Health

Care

Providers

&

Services

2.7%

Acadia

Healthcare (1)

48,513‌

3,793‌

Amedisys (1)

17,100‌

1,655‌

Centene (1)

45,453‌

3,536‌

McKesson 

75,496‌

25,659‌

Molina

Healthcare (1)

31,024‌

10,233‌

44,876‌

Health

Care

Technology

0.8%

Veeva

Systems,

Class

A (1)

81,207‌

13,389‌

13,389‌

Life

Sciences

Tools

&

Services

4.4%

Agilent

Technologies 

87,200‌

10,599‌

Avantor (1)

323,452‌

6,340‌

Bio-Rad

Laboratories,

Class

A (1)

13,911‌

5,803‌

Bio-Techne 

29,000‌

8,236‌

Bruker 

95,400‌

5,062‌

Charles

River

Laboratories

International (1)

13,400‌

2,637‌

IQVIA

Holdings (1)

29,200‌

5,289‌

Mettler-Toledo

International (1)

11,900‌

12,901‌

Repligen (1)

45,404‌

8,495‌

West

Pharmaceutical

Services 

36,439‌

8,967‌

74,329‌

Pharmaceuticals

0.5%

Catalent (1)

59,979‌

4,340‌

Elanco

Animal

Health (1)

98,462‌

1,222‌

Royalty

Pharma,

Class

A 

58,937‌

2,368‌

7,930‌

Total

Health

Care

261,873‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INDUSTRIALS

&

BUSINESS

SERVICES

15.7%

Aerospace

&

Defense

1.0%

BWX

Technologies 

41,600‌

2,095‌

Hexcel 

46,900‌

2,426‌

Howmet

Aerospace 

108,800‌

3,365‌

Huntington

Ingalls

Industries 

11,900‌

2,636‌

TransDigm

Group 

13,600‌

7,138‌

17,660‌

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington 

32,600‌

2,879‌

2,879‌

Airlines

0.6%

Alaska

Air

Group (1)

133,200‌

5,215‌

Southwest

Airlines (1)

161,700‌

4,987‌

10,202‌

Building

Products

1.3%

A.O.

Smith 

40,700‌

1,977‌

Allegion 

24,000‌

2,152‌

Fortune

Brands

Home

&

Security 

81,251‌

4,363‌

Trane

Technologies 

69,000‌

9,992‌

Trex (1)

89,400‌

3,928‌

22,412‌

Commercial

Services

&

Supplies

3.4%

Cintas 

43,000‌

16,692‌

Copart (1)

140,100‌

14,907‌

IAA (1)

102,800‌

3,274‌

Republic

Services 

65,500‌

8,911‌

Ritchie

Bros

Auctioneers 

37,200‌

2,324‌

Rollins 

63,393‌

2,198‌

Waste

Connections 

68,575‌

9,267‌

57,573‌

Construction

&

Engineering

0.6%

Valmont

Industries 

27,000‌

7,253‌

WillScot

Mobile

Mini

Holdings (1)

60,300‌

2,432‌

9,685‌

Electrical

Equipment

1.5%

AMETEK 

17,637‌

2,000‌

Generac

Holdings (1)

47,191‌

8,407‌

Hubbell 

24,900‌

5,553‌

Rockwell

Automation 

44,612‌

9,596‌

25,556‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Machinery

1.1%

Graco 

30,000‌

1,799‌

IDEX 

10,375‌

2,073‌

Middleby (1)

28,478‌

3,650‌

Otis

Worldwide 

60,200‌

3,841‌

PACCAR 

36,700‌

3,071‌

Toro 

27,947‌

2,417‌

Westinghouse

Air

Brake

Technologies 

20,500‌

1,668‌

18,519‌

Professional

Services

2.2%

Booz

Allen

Hamilton

Holding 

36,470‌

3,368‌

CoStar

Group (1)

87,300‌

6,080‌

Equifax 

30,900‌

5,297‌

FTI

Consulting (1)

26,492‌

4,390‌

Leidos

Holdings 

25,100‌

2,196‌

TransUnion 

72,196‌

4,295‌

Upwork (1)

74,000‌

1,008‌

Verisk

Analytics 

59,900‌

10,215‌

36,849‌

Road

&

Rail

1.5%

JB

Hunt

Transport

Services 

54,682‌

8,553‌

Landstar

System 

15,200‌

2,195‌

Old

Dominion

Freight

Line 

61,017‌

15,179‌

25,927‌

Trading

Companies

&

Distributors

2.3%

Fastenal 

347,200‌

15,985‌

Ferguson 

18,900‌

1,946‌

SiteOne

Landscape

Supply (1)

41,454‌

4,317‌

United

Rentals (1)

33,300‌

8,995‌

Watsco 

28,200‌

7,260‌

38,503‌

Total

Industrials

&

Business

Services

265,765‌

INFORMATION

TECHNOLOGY

30.2%

Communications

Equipment

1.4%

Arista

Networks (1)

156,166‌

17,630‌

Motorola

Solutions 

26,700‌

5,980‌

23,610‌

Electronic

Equipment,

Instruments

&

Components

2.9%

Amphenol,

Class

A 

287,487‌

19,250‌

CDW 

86,378‌

13,482‌

Cognex 

50,000‌

2,073‌

Keysight

Technologies (1)

49,100‌

7,726‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Littelfuse 

10,300‌

2,047‌

Zebra

Technologies,

Class

A (1)

19,500‌

5,109‌

49,687‌

IT

Services

5.3%

Broadridge

Financial

Solutions 

61,671‌

8,900‌

Endava,

ADR (1)

23,400‌

1,887‌

EPAM

Systems (1)

29,772‌

10,783‌

Euronet

Worldwide (1)

28,100‌

2,129‌

FleetCor

Technologies (1)

51,208‌

9,021‌

Gartner (1)

44,006‌

12,176‌

Genpact 

60,300‌

2,639‌

Globant (1)

23,898‌

4,471‌

GoDaddy,

Class

A (1)

34,600‌

2,452‌

MongoDB (1)

41,689‌

8,278‌

Paychex 

153,300‌

17,202‌

Shopify,

Class

A (1)

54,300‌

1,463‌

Snowflake,

Class

A (1)

12,000‌

2,039‌

SS&C

Technologies

Holdings 

41,400‌

1,977‌

Twilio,

Class

A (1)

7,272‌

503‌

VeriSign (1)

10,434‌

1,812‌

WEX (1)

19,100‌

2,425‌

90,157‌

Semiconductors

&

Semiconductor

Equipment

5.4%

Enphase

Energy (1)

66,900‌

18,563‌

Entegris 

131,700‌

10,934‌

KLA 

13,144‌

3,978‌

Lattice

Semiconductor (1)

78,179‌

3,847‌

Marvell

Technology 

72,207‌

3,098‌

Microchip

Technology 

280,368‌

17,111‌

MKS

Instruments 

17,400‌

1,438‌

Monolithic

Power

Systems 

27,600‌

10,030‌

ON

Semiconductor (1)

182,938‌

11,402‌

Silicon

Laboratories (1)

16,900‌

2,086‌

Skyworks

Solutions 

25,600‌

2,183‌

Synaptics (1)

9,300‌

921‌

Teradyne 

76,700‌

5,764‌

91,355‌

Software

15.1%

ANSYS (1)

24,400‌

5,409‌

AppLovin,

Class

A (1)(2)

68,900‌

1,343‌

Aspen

Technology (1)

19,838‌

4,725‌

Bentley

Systems,

Class

B 

55,857‌

1,709‌

Bill.com

Holdings (1)

34,000‌

4,501‌

Black

Knight (1)

54,287‌

3,514‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Cadence

Design

Systems (1)

148,195‌

24,220‌

Canva,

Acquisition

Date:

8/16/21

-

11/4/21,

Cost $1,936 (1)(3)(4)

1,136‌

1,085‌

CCC

Intelligent

Solutions

Holdings (1)

77,629‌

706‌

Ceridian

HCM

Holding (1)

52,629‌

2,941‌

Confluent,

Class

A (1)

56,952‌

1,354‌

Coupa

Software (1)

41,501‌

2,440‌

Crowdstrike

Holdings,

Class

A (1)

128,313‌

21,147‌

Databricks,

Acquisition

Date:

7/24/20

-

8/28/20,

Cost $835 (1)(3)

(4)

52,161‌

2,884‌

Datadog,

Class

A (1)

161,846‌

14,369‌

Descartes

Systems

Group (1)

37,200‌

2,363‌

DocuSign (1)

29,497‌

1,577‌

DoubleVerify

Holdings (1)

99,875‌

2,732‌

Dynatrace (1)

60,573‌

2,109‌

Fair

Isaac (1)

20,500‌

8,446‌

Five9 (1)

38,776‌

2,907‌

Fortinet (1)

428,170‌

21,036‌

Gitlab,

Class

A (1)(2)

44,333‌

2,271‌

HubSpot (1)

30,699‌

8,292‌

Informatica,

Class

A (1)

129,200‌

2,593‌

Manhattan

Associates (1)

44,475‌

5,917‌

nCino (1)(2)

74,245‌

2,532‌

Palo

Alto

Networks (1)

77,217‌

12,647‌

Paycom

Software (1)

37,900‌

12,507‌

Paycor

HCM (1)

82,800‌

2,448‌

Paylocity

Holding (1)

32,300‌

7,803‌

Procore

Technologies (1)(2)

26,270‌

1,300‌

PTC (1)

69,034‌

7,221‌

Qualtrics

International,

Class

A (1)

106,908‌

1,088‌

RingCentral,

Class

A (1)

37,361‌

1,493‌

SentinelOne,

Class

A (1)

85,227‌

2,178‌

Snyk,

Acquisition

Date:

9/3/21,

Cost $1,690 (1)(3)(4)

117,787‌

1,339‌

Socure,

Acquisition

Date:

12/22/21,

Cost $432 (1)(3)(4)

26,874‌

328‌

Synopsys (1)

74,800‌

22,852‌

Tanium,

Class

B,

Acquisition

Date:

9/24/20,

Cost $547 (1)(3)(4)

48,005‌

369‌

Tyler

Technologies (1)

25,844‌

8,981‌

Workiva (1)

26,500‌

2,062‌

Zscaler (1)

92,400‌

15,188‌

254,926‌

Technology

Hardware,

Storage

&

Peripherals

0.1%

Pure

Storage,

Class

A (1)

64,000‌

1,752‌

1,752‌

Total

Information

Technology

511,487‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

3.7%

Chemicals

2.2%

Albemarle 

24,700‌

6,532‌

CF

Industries

Holdings 

96,100‌

9,249‌

Corteva 

105,300‌

6,018‌

Nutrien 

44,600‌

3,719‌

PPG

Industries 

56,700‌

6,276‌

RPM

International 

62,573‌

5,213‌

37,007‌

Construction

Materials

0.6%

Vulcan

Materials 

61,700‌

9,731‌

9,731‌

Containers

&

Packaging

0.6%

Avery

Dennison 

31,700‌

5,158‌

Ball 

26,147‌

1,263‌

Sealed

Air 

74,146‌

3,300‌

9,721‌

Metals

&

Mining

0.3%

Steel

Dynamics 

77,200‌

5,477‌

5,477‌

Total

Materials

61,936‌

REAL

ESTATE

2.8%

Equity

Real

Estate

Investment

Trusts

2.8%

Alexandria

Real

Estate

Equities,

REIT 

18,500‌

2,593‌

CubeSmart,

REIT 

318,500‌

12,759‌

Equity

LifeStyle

Properties,

REIT 

122,000‌

7,666‌

Rexford

Industrial

Realty,

REIT 

33,300‌

1,732‌

SBA

Communications,

REIT 

52,900‌

15,058‌

Simon

Property

Group,

REIT 

89,200‌

8,006‌

47,814‌

Real

Estate

Management

&

Development

0.0%

eXp

World

Holdings (2)

51,300‌

575‌

575‌

Total

Real

Estate

48,389‌

UTILITIES

0.3%

Independent

Power

&

Renewable

Electricity

Producer

0.3%

Vistra 

220,300‌

4,626‌

Total

Utilities

4,626‌

Total

Common

Stocks

(Cost

$1,352,346)

1,668,453‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

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

1,321‌

Total

Health

Care

1,321‌

INFORMATION

TECHNOLOGY

1.0%

Software

1.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $116 (1)(3)(4)

68‌

65‌

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

5,996‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $775 (1)(3)(4)

13,101‌

725‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $2,225 (1)

(3)(4)

30,282‌

1,674‌

DataRobot,

Series

G,

Acquisition

Date:

6/11/21,

Cost $2,174 (1)

(3)(4)

79,458‌

417‌

Rappi,

Series

E,

Acquisition

Date:

9/8/20,

Cost $2,929 (1)(3)(4)

49,017‌

2,526‌

Snyk,

Series

F,

Acquisition

Date:

9/3/21,

Cost $2,816 (1)(3)(4)

196,313‌

2,232‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $525 (1)(3)(4)

32,662‌

399‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $431 (1)(3)(4)

26,807‌

328‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $8 (1)(3)(4)

485‌

6‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $998 (1)(3)(4)

62,133‌

759‌

Tanium,

Series

G,

Acquisition

Date:

8/26/15,

Cost $985 (1)(3)(4)

198,465‌

1,526‌

Total

Information

Technology

16,656‌

Total

Convertible

Preferred

Stocks

(Cost

$17,166)

17,977‌

SHORT-TERM

INVESTMENTS

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (5)(6)

331,486‌

331‌

Total

Short-Term

Investments

(Cost

$331)

331‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

0.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (5)(6)

10,924,826‌

10,925‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

10,925‌

Total

Securities

Lending

Collateral

(Cost

$10,925)

10,925‌

Total

Investments

in

Securities

100.6%

(Cost

$1,380,768)

$

1,697,686‌

Other

Assets

Less

Liabilities

(0.6)%

(9,998‌)

Net

Assets

100.0%

$

1,687,688‌

‡

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,

2022.

(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

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

$31,335

and

represents

1.9%

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

nine

months

ended

September

30,

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,

3.07%

$

—‌

$

—‌

$

6‌++

Totals

$

—‌#

$

—‌

$

6‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

09/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

$

11,354‌

 ¤

 ¤

$

11,256‌

Total

$

11,256‌^

#

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

$6

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

$11,256.

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 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

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 fund’s

own

assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

15

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

16

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

September

30,

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

September

30,

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

September

30,

2022,

totaled $(4,800,000) for

the

period ended

September

30,

2022.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,655,095

‌

$

—

‌

$

13,358

‌

$

1,668,453

‌

Convertible

Preferred

Stocks

—

‌

—

‌

17,977

‌

17,977

‌

Short-Term

Investments

331

‌

—

‌

—

‌

331

‌

Securities

Lending

Collateral

10,925

‌

—

‌

—

‌

10,925

‌

Total

$

1,666,351

‌

$

—

‌

$

31,335

‌

$

1,697,686

‌

($000s)

Beginning

Balance

12/31/21

Gain

(Loss)

During

Period

Ending

Balance

9/30/22

Investment

in

Securities

Common

Stocks

$

11,291

‌

$

2,067

‌

$

13,358

‌

Convertible

Preferred

Stocks

24,844

‌

(6,867

)

17,977

‌

Total

$

36,135

‌

$

(4,800

)

$

31,335

‌

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

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F149-054Q3

09/22