NPORT-EX 2 70Q7TRP033123.htm T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.1%
COMMUNICATION
SERVICES
3.2%
Entertainment
0.8%
Electronic
Arts 
31,000‌
3,734‌
Endeavor
Group
Holdings,
Class
A (1)
81,700‌
1,955‌
Spotify
Technology (1)
20,667‌
2,762‌
Take-Two
Interactive
Software (1)
52,853‌
6,305‌
14,756‌
Interactive
Media
&
Services
0.4%
Match
Group (1)
150,730‌
5,786‌
ZoomInfo
Technologies (1)
96,310‌
2,380‌
8,166‌
Media
2.0%
Fox,
Class
B 
221,300‌
6,929‌
Omnicom
Group 
143,000‌
13,491‌
Trade
Desk,
Class
A (1)
283,308‌
17,256‌
37,676‌
Total
Communication
Services
60,598‌
CONSUMER
DISCRETIONARY
15.1%
Automobile
Components
0.2%
Aptiv (1)
27,372‌
3,071‌
Mobileye
Global,
Class
A (1)
24,352‌
1,054‌
4,125‌
Broadline
Retail
0.3%
Etsy (1)
27,440‌
3,055‌
Ollie's
Bargain
Outlet
Holdings (1)
39,200‌
2,271‌
5,326‌
Distributors
0.5%
Pool 
25,700‌
8,801‌
8,801‌
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (1)
22,800‌
1,755‌
Service
Corp
International 
33,512‌
2,305‌
4,060‌
Hotels,
Restaurants
&
Leisure
5.7%
Caesars
Entertainment (1)
79,600‌
3,885‌
Chipotle
Mexican
Grill (1)
14,500‌
24,770‌
Churchill
Downs 
20,700‌
5,321‌
Darden
Restaurants 
62,900‌
9,760‌
Domino's
Pizza 
17,300‌
5,707‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
DraftKings,
Class
A (1)
164,280‌
3,180‌
Hilton
Worldwide
Holdings 
188,790‌
26,595‌
MGM
Resorts
International 
181,000‌
8,040‌
Papa
John's
International 
28,000‌
2,098‌
Restaurant
Brands
International (2)
77,900‌
5,230‌
Vail
Resorts 
18,600‌
4,346‌
Wynn
Resorts (1)
23,222‌
2,599‌
Yum!
Brands 
39,900‌
5,270‌
106,801‌
Household
Durables
0.5%
NVR (1)
1,844‌
10,275‌
10,275‌
Leisure
Products
0.1%
Mattel (1)
111,500‌
2,053‌
2,053‌
Specialty
Retail
6.2%
AutoZone (1)
10,476‌
25,752‌
Burlington
Stores (1)
22,948‌
4,638‌
Chewy,
Class
A (1)(2)
50,084‌
1,872‌
Five
Below (1)
36,200‌
7,456‌
Floor
&
Decor
Holdings,
Class
A (1)
46,700‌
4,587‌
O'Reilly
Automotive (1)
21,200‌
17,998‌
RH (1)
8,200‌
1,997‌
Ross
Stores 
113,600‌
12,056‌
Tractor
Supply 
78,300‌
18,404‌
Ulta
Beauty (1)
31,295‌
17,077‌
Williams-Sonoma 
33,800‌
4,112‌
115,949‌
Textiles,
Apparel
&
Luxury
Goods
1.4%
Lululemon
Athletica (1)
62,520‌
22,769‌
Skechers
USA,
Class
A (1)
71,400‌
3,393‌
26,162‌
Total
Consumer
Discretionary
283,552‌
CONSUMER
STAPLES
3.3%
Beverages
0.5%
Brown-Forman,
Class
B 
87,692‌
5,636‌
Constellation
Brands,
Class
A 
10,800‌
2,440‌
Monster
Beverage (1)
43,400‌
2,344‌
10,420‌
Consumer
Staples
Distribution
&
Retail
1.5%
BJ's
Wholesale
Club
Holdings (1)
167,474‌
12,740‌
Casey's
General
Stores 
10,089‌
2,184‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Dollar
Tree (1)
35,600‌
5,110‌
Performance
Food
Group (1)
122,400‌
7,386‌
27,420‌
Food
Products
1.2%
Darling
Ingredients (1)
39,300‌
2,295‌
Hershey 
76,300‌
19,412‌
Tyson
Foods,
Class
A 
28,900‌
1,714‌
23,421‌
Household
Products
0.1%
Church
&
Dwight 
19,483‌
1,722‌
1,722‌
Total
Consumer
Staples
62,983‌
ENERGY
4.4%
Energy
Equipment
&
Services
0.6%
Halliburton 
350,382‌
11,086‌
11,086‌
Oil,
Gas
&
Consumable
Fuels
3.8%
APA 
56,400‌
2,034‌
Cheniere
Energy 
71,100‌
11,205‌
Coterra
Energy 
244,200‌
5,993‌
Devon
Energy 
240,879‌
12,191‌
Diamondback
Energy 
68,500‌
9,259‌
Hess 
87,594‌
11,592‌
Magnolia
Oil
&
Gas,
Class
A 
71,400‌
1,562‌
Matador
Resources 
28,100‌
1,339‌
Pioneer
Natural
Resources 
40,300‌
8,231‌
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $118 (1)(3)(4)
39‌
668‌
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $1,703 (1)(3)(4)
458‌
7,845‌
71,919‌
Total
Energy
83,005‌
FINANCIALS
7.0%
Capital
Markets
3.3%
Blue
Owl
Capital 
293,000‌
3,246‌
Cboe
Global
Markets 
17,893‌
2,402‌
FactSet
Research
Systems 
26,350‌
10,938‌
LPL
Financial
Holdings 
42,800‌
8,663‌
MarketAxess
Holdings 
20,800‌
8,139‌
Moody's 
6,900‌
2,112‌
Morningstar 
8,054‌
1,635‌
MSCI 
34,000‌
19,029‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tradeweb
Markets,
Class
A 
81,751‌
6,460‌
62,624‌
Consumer
Finance
0.1%
Discover
Financial
Services 
18,500‌
1,829‌
1,829‌
Financial
Services
1.7%
Apollo
Global
Management 
201,300‌
12,714‌
Block,
Class
A (1)
26,400‌
1,812‌
Euronet
Worldwide (1)
22,900‌
2,563‌
FleetCor
Technologies (1)
54,208‌
11,430‌
WEX (1)
19,100‌
3,512‌
32,031‌
Insurance
1.9%
Arthur
J
Gallagher 
79,100‌
15,133‌
Assurant 
10,520‌
1,263‌
Hartford
Financial
Services
Group 
220,700‌
15,380‌
Ryan
Specialty
Group
Holdings (1)
78,700‌
3,167‌
34,943‌
Total
Financials
131,427‌
HEALTH
CARE
15.7%
Biotechnology
2.8%
Alnylam
Pharmaceuticals (1)
56,780‌
11,374‌
Apellis
Pharmaceuticals (1)
30,000‌
1,979‌
Argenx,
ADR (1)
12,517‌
4,664‌
Ascendis
Pharma,
ADR (1)
19,960‌
2,140‌
BioMarin
Pharmaceutical (1)
25,311‌
2,461‌
BioNTech,
ADR 
16,728‌
2,084‌
Blueprint
Medicines (1)
40,300‌
1,813‌
Exact
Sciences (1)
55,718‌
3,778‌
Genmab,
ADR (1)
87,777‌
3,315‌
Incyte (1)
31,000‌
2,241‌
Karuna
Therapeutics (1)
11,453‌
2,080‌
Legend
Biotech,
ADR (1)
35,400‌
1,707‌
Neurocrine
Biosciences (1)
70,522‌
7,138‌
Sarepta
Therapeutics (1)
37,200‌
5,127‌
51,901‌
Health
Care
Equipment
&
Supplies
4.6%
Align
Technology (1)
9,100‌
3,041‌
Dexcom (1)
208,500‌
24,224‌
IDEXX
Laboratories (1)
8,800‌
4,401‌
Inspire
Medical
Systems (1)
7,200‌
1,685‌
Insulet (1)
41,906‌
13,366‌
Lantheus
Holdings (1)
43,900‌
3,625‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Novocure (1)
67,479‌
4,058‌
Penumbra (1)
20,991‌
5,850‌
QuidelOrtho (1)
20,700‌
1,844‌
ResMed 
71,200‌
15,592‌
Shockwave
Medical (1)
25,500‌
5,529‌
STERIS 
9,600‌
1,836‌
Teleflex 
6,100‌
1,545‌
86,596‌
Health
Care
Providers
&
Services
2.1%
Acadia
Healthcare (1)
33,613‌
2,428‌
Amedisys (1)
17,100‌
1,258‌
Centene (1)
35,053‌
2,216‌
McKesson 
63,496‌
22,608‌
Molina
Healthcare (1)
38,624‌
10,331‌
38,841‌
Health
Care
Technology
0.6%
Veeva
Systems,
Class
A (1)
63,907‌
11,745‌
11,745‌
Life
Sciences
Tools
&
Services
5.4%
Agilent
Technologies 
142,000‌
19,644‌
Avantor (1)
84,152‌
1,779‌
Bio-Rad
Laboratories,
Class
A (1)
8,511‌
4,077‌
Bio-Techne 
117,700‌
8,732‌
Bruker 
83,100‌
6,552‌
Charles
River
Laboratories
International (1)
32,600‌
6,579‌
IQVIA
Holdings (1)
98,000‌
19,491‌
Mettler-Toledo
International (1)
12,400‌
18,975‌
Repligen (1)
37,504‌
6,314‌
West
Pharmaceutical
Services 
27,639‌
9,576‌
101,719‌
Pharmaceuticals
0.2%
Catalent (1)
34,579‌
2,272‌
Royalty
Pharma,
Class
A 
58,937‌
2,124‌
4,396‌
Total
Health
Care
295,198‌
INDUSTRIALS
&
BUSINESS
SERVICES
19.0%
Aerospace
&
Defense
1.9%
Axon
Enterprise (1)
39,600‌
8,904‌
BWX
Technologies 
41,600‌
2,622‌
HEICO 
21,200‌
3,626‌
Hexcel 
34,200‌
2,334‌
Howmet
Aerospace 
99,800‌
4,229‌
Huntington
Ingalls
Industries 
10,500‌
2,174‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
TransDigm
Group 
16,500‌
12,161‌
36,050‌
Air
Freight
&
Logistics
0.1%
Expeditors
International
of
Washington 
22,700‌
2,500‌
2,500‌
Building
Products
1.4%
A.O.
Smith 
34,000‌
2,351‌
Allegion 
28,100‌
2,999‌
Carrier
Global 
40,400‌
1,848‌
Fortune
Brands
Innovations 
39,751‌
2,335‌
Trane
Technologies 
69,000‌
12,695‌
Trex (1)
76,000‌
3,699‌
25,927‌
Commercial
Services
&
Supplies
3.6%
Cintas 
44,700‌
20,682‌
Clean
Harbors (1)
50,900‌
7,257‌
Copart (1)
230,000‌
17,298‌
Republic
Services 
69,000‌
9,330‌
Ritchie
Bros
Auctioneers 
37,200‌
2,094‌
Rollins 
63,393‌
2,379‌
Waste
Connections 
58,675‌
8,160‌
67,200‌
Construction
&
Engineering
1.2%
Quanta
Services 
56,414‌
9,401‌
Valmont
Industries 
27,000‌
8,620‌
WillScot
Mobile
Mini
Holdings (1)
95,300‌
4,468‌
22,489‌
Electrical
Equipment
1.1%
AMETEK 
17,637‌
2,563‌
Hubbell 
27,700‌
6,740‌
Rockwell
Automation 
38,312‌
11,242‌
20,545‌
Ground
Transportation
1.5%
JB
Hunt
Transport
Services 
48,982‌
8,595‌
Landstar
System 
13,600‌
2,438‌
Old
Dominion
Freight
Line 
48,217‌
16,434‌
27,467‌
Machinery
1.2%
Graco 
30,000‌
2,190‌
IDEX 
10,375‌
2,397‌
Middleby (1)
32,378‌
4,747‌
Otis
Worldwide 
28,200‌
2,380‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PACCAR 
36,300‌
2,657‌
Toro 
61,247‌
6,808‌
Westinghouse
Air
Brake
Technologies 
20,500‌
2,072‌
23,251‌
Passenger
Airlines
0.7%
Alaska
Air
Group (1)
143,000‌
6,000‌
Southwest
Airlines 
143,600‌
4,673‌
United
Airlines
Holdings (1)
36,800‌
1,628‌
12,301‌
Professional
Services
3.7%
Booz
Allen
Hamilton
Holding 
33,370‌
3,093‌
Broadridge
Financial
Solutions 
65,371‌
9,581‌
CoStar
Group (1)
87,300‌
6,011‌
Equifax 
26,000‌
5,274‌
FTI
Consulting (1)
12,392‌
2,445‌
KBR 
68,700‌
3,782‌
Leidos
Holdings 
25,100‌
2,311‌
Paychex 
177,500‌
20,340‌
SS&C
Technologies
Holdings 
41,400‌
2,338‌
TransUnion 
61,596‌
3,828‌
Verisk
Analytics 
59,900‌
11,492‌
70,495‌
Trading
Companies
&
Distributors
2.6%
Fastenal 
347,200‌
18,728‌
Ferguson 
36,500‌
4,882‌
SiteOne
Landscape
Supply (1)
51,754‌
7,083‌
United
Rentals 
20,600‌
8,153‌
Watsco (2)
29,000‌
9,227‌
48,073‌
Total
Industrials
&
Business
Services
356,298‌
INFORMATION
TECHNOLOGY
26.0%
Communications
Equipment
1.5%
Arista
Networks (1)
120,266‌
20,188‌
Motorola
Solutions 
26,700‌
7,639‌
27,827‌
Electronic
Equipment,
Instruments
&
Components
3.1%
Amphenol,
Class
A 
280,887‌
22,954‌
CDW 
81,778‌
15,938‌
Cognex 
50,000‌
2,478‌
Keysight
Technologies (1)
49,100‌
7,929‌
Littelfuse 
8,700‌
2,332‌
TE
Connectivity 
14,600‌
1,915‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zebra
Technologies,
Class
A (1)
16,800‌
5,342‌
58,888‌
IT
Services
2.1%
Endava,
ADR (1)
23,400‌
1,572‌
EPAM
Systems (1)
22,272‌
6,659‌
Gartner (1)
44,406‌
14,466‌
Globant (1)
10,798‌
1,771‌
MongoDB (1)
34,389‌
8,017‌
Shopify,
Class
A (1)
54,300‌
2,603‌
Snowflake,
Class
A (1)
12,000‌
1,852‌
VeriSign (1)
10,434‌
2,205‌
39,145‌
Semiconductors
&
Semiconductor
Equipment
5.8%
Enphase
Energy (1)
103,400‌
21,743‌
Entegris 
111,300‌
9,128‌
First
Solar (1)
11,160‌
2,427‌
KLA 
9,644‌
3,850‌
Lattice
Semiconductor (1)
78,779‌
7,523‌
Marvell
Technology 
63,707‌
2,758‌
Microchip
Technology 
243,068‌
20,364‌
MKS
Instruments 
17,400‌
1,542‌
Monolithic
Power
Systems 
29,200‌
14,616‌
ON
Semiconductor (1)
156,438‌
12,878‌
Silicon
Laboratories (1)
13,900‌
2,434‌
Skyworks
Solutions 
21,100‌
2,489‌
Synaptics (1)
9,300‌
1,034‌
Teradyne 
58,600‌
6,300‌
109,086‌
Software
13.4%
ANSYS (1)
24,400‌
8,120‌
AppLovin,
Class
A (1)
97,200‌
1,531‌
Aspen
Technology (1)
17,038‌
3,899‌
Bentley
Systems,
Class
B 
126,457‌
5,436‌
BILL
Holdings (1)
26,800‌
2,175‌
Black
Knight (1)
54,287‌
3,125‌
Cadence
Design
Systems (1)
126,295‌
26,533‌
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $1,936 (1)(3)(4)
1,136‌
627‌
Ceridian
HCM
Holding (1)
52,629‌
3,854‌
Confluent,
Class
A (1)
74,452‌
1,792‌
Crowdstrike
Holdings,
Class
A (1)
131,453‌
18,043‌
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $835 (1)(3)
(4)
52,161‌
3,130‌
Datadog,
Class
A (1)
157,746‌
11,462‌
Descartes
Systems
Group (1)
65,900‌
5,312‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
DoubleVerify
Holdings (1)
88,875‌
2,680‌
Dynatrace (1)
53,173‌
2,249‌
Fair
Isaac (1)
15,400‌
10,821‌
Fortinet (1)
363,470‌
24,156‌
HubSpot (1)
24,499‌
10,504‌
Informatica,
Class
A (1)
129,200‌
2,119‌
Manhattan
Associates (1)
42,475‌
6,577‌
nCino (1)
74,245‌
1,840‌
Palo
Alto
Networks (1)
50,517‌
10,090‌
Paycom
Software (1)
37,900‌
11,522‌
Paycor
HCM (1)(2)
82,800‌
2,196‌
Paylocity
Holding (1)
30,300‌
6,023‌
Procore
Technologies (1)
26,270‌
1,645‌
PTC (1)
59,534‌
7,634‌
Samsara,
Class
A (1)
135,923‌
2,680‌
SentinelOne,
Class
A (1)
85,227‌
1,394‌
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,690 (1)(3)(4)
117,787‌
1,353‌
Socure,
Acquisition
Date:
12/22/21,
Cost $432 (1)(3)(4)
26,874‌
201‌
Synopsys (1)
76,400‌
29,510‌
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $547 (1)(3)(4)
48,005‌
212‌
Tyler
Technologies (1)
27,744‌
9,839‌
Workday,
Class
A (1)
9,900‌
2,045‌
Workiva (1)
26,500‌
2,714‌
Zscaler (1)
61,000‌
7,127‌
252,170‌
Technology
Hardware,
Storage
&
Peripherals
0.1%
Pure
Storage,
Class
A (1)
64,000‌
1,633‌
1,633‌
Total
Information
Technology
488,749‌
MATERIALS
2.9%
Chemicals
1.7%
Albemarle 
27,800‌
6,145‌
CF
Industries
Holdings 
107,300‌
7,778‌
Corteva 
92,000‌
5,548‌
Nutrien 
31,600‌
2,334‌
PPG
Industries 
56,700‌
7,574‌
RPM
International 
26,273‌
2,292‌
31,671‌
Construction
Materials
0.4%
Vulcan
Materials 
43,200‌
7,411‌
7,411‌
Containers
&
Packaging
0.6%
Avery
Dennison 
33,100‌
5,923‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ball 
26,147‌
1,441‌
Sealed
Air 
73,646‌
3,381‌
10,745‌
Metals
&
Mining
0.2%
Steel
Dynamics 
32,200‌
3,641‌
3,641‌
Total
Materials
53,468‌
REAL
ESTATE
2.4%
Industrial
Real
Estate
Investment
Trusts
0.1%
Rexford
Industrial
Realty,
REIT 
43,300‌
2,583‌
2,583‌
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT 
11,700‌
1,469‌
1,469‌
Residential
Real
Estate
Investment
Trusts
0.3%
Equity
LifeStyle
Properties,
REIT 
86,800‌
5,827‌
5,827‌
Retail
Real
Estate
Investment
Trusts
0.5%
Simon
Property
Group,
REIT 
76,900‌
8,610‌
8,610‌
Specialized
Real
Estate
Investment
Trusts
1.4%
CubeSmart,
REIT 
278,900‌
12,891‌
Lamar
Advertising,
Class
A,
REIT 
69,120‌
6,904‌
SBA
Communications,
REIT 
22,300‌
5,822‌
25,617‌
Total
Real
Estate
44,106‌
UTILITIES
0.1%
Independent
Power
&
Renewable
Electricity
Producer
0.1%
Vistra 
83,700‌
2,009‌
Total
Utilities
2,009‌
Total
Common
Stocks
(Cost
$1,290,980)
1,861,393‌
CONVERTIBLE
PREFERRED
STOCKS
0.9%
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
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
0.8%
Software
0.8%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $116 (1)(3)(4)
68‌
38‌
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $5 (1)(3)(4)
3‌
2‌
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $1,553 (1)
(3)(4)
108,447‌
6,507‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $775 (1)(3)(4)
13,101‌
786‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $2,225 (1)
(3)(4)
30,282‌
1,817‌
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $2,174 (1)
(3)(4)
79,458‌
303‌
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $2,929 (1)(3)(4)
49,017‌
1,765‌
Snyk,
Series
F,
Acquisition
Date:
9/3/21,
Cost $2,816 (1)(3)(4)
197,401‌
2,267‌
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $525 (1)(3)(4)
32,662‌
244‌
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $431 (1)(3)(4)
26,807‌
200‌
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $8 (1)(3)(4)
485‌
4‌
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $998 (1)(3)(4)
62,133‌
465‌
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $985 (1)(3)(4)
198,465‌
875‌
Total
Information
Technology
15,273‌
Total
Convertible
Preferred
Stocks
(Cost
$17,166)
16,594‌
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (5)(6)
2,037,019‌
2,037‌
Total
Short-Term
Investments
(Cost
$2,037)
2,037‌
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,
4.82% (5)(6)
12,060,435‌
12,060‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
12,060‌
Total
Securities
Lending
Collateral
(Cost
$12,060)
12,060‌
Total
Investments
in
Securities
100.7%
(Cost
$1,322,243)
$
1,892,084‌
Other
Assets
Less
Liabilities
(0.7)%
(12,736‌)
Net
Assets
100.0%
$
1,879,348‌
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
12
‡
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,
2023.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$30,630
and
represents
1.6%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
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,
2023.
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,
4.82%
$
—‌
$
—‌
$
19‌++
Totals
$
—‌#
$
—‌
$
19‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
7,718‌
 ¤
 ¤
$
14,097‌
Total
$
14,097‌^
#
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
$19
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
$14,097.
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
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
15
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s 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 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
T.
ROWE
PRICE
Diversified
Mid-Cap
Growth
Fund
16
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
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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,
2023.
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,
2023,
totaled $1,160,000 for
the
period ended
March
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,847,357
‌
$
—
‌
$
14,036
‌
$
1,861,393
‌
Convertible
Preferred
Stocks
—
‌
—
‌
16,594
‌
16,594
‌
Short-Term
Investments
2,037
‌
—
‌
—
‌
2,037
‌
Securities
Lending
Collateral
12,060
‌
—
‌
—
‌
12,060
‌
Total
$
1,861,454
‌
$
—
‌
$
30,630
‌
$
1,892,084
‌
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
12,876
‌
$
1,160
‌
$
14,036
‌
Convertible
Preferred
Stocks
16,594
‌
—
‌
16,594
‌
Total
$
29,470
‌
$
1,160
‌
$
30,630
‌
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
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F149-054Q1
03/23