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