T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.0%

COMMUNICATION

SERVICES

4.5%

Entertainment

1.9%

Electronic

Arts 

31,000‌

3,732‌

Endeavor

Group

Holdings,

Class

A 

107,300‌

2,135‌

ROBLOX,

Class

A (1)(2)

323,000‌

9,354‌

Spotify

Technology (1)

106,373‌

16,450‌

Take-Two

Interactive

Software (1)

21,453‌

3,012‌

34,683‌

Interactive

Media

&

Services

0.9%

Match

Group (1)

150,730‌

5,905‌

Pinterest,

Class

A (1)

416,400‌

11,255‌

17,160‌

Media

1.7%

Omnicom

Group 

73,000‌

5,437‌

Trade

Desk,

Class

A (1)

346,108‌

27,048‌

32,485‌

Total

Communication

Services

84,328‌

CONSUMER

DISCRETIONARY

13.5%

Automobile

Components

0.2%

Aptiv (1)

27,372‌

2,698‌

Mobileye

Global,

Class

A (1)(2)

24,352‌

1,012‌

3,710‌

Broadline

Retail

1.1%

Coupang,

Class

A (1)

816,500‌

13,881‌

Etsy (1)

27,440‌

1,772‌

Global-e

Online (1)(2)

42,700‌

1,697‌

Ollie's

Bargain

Outlet

Holdings (1)

39,200‌

3,025‌

20,375‌

Distributors

0.6%

Genuine

Parts 

14,859‌

2,145‌

Pool 

27,200‌

9,686‌

11,831‌

Diversified

Consumer

Services

0.3%

Bright

Horizons

Family

Solutions (1)(2)

27,200‌

2,215‌

Duolingo (1)

12,400‌

2,057‌

Service

Corp

International 

33,512‌

1,915‌

6,187‌

Hotels,

Restaurants

&

Leisure

5.9%

Caesars

Entertainment (1)

79,600‌

3,689‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Churchill

Downs 

49,300‌

5,721‌

Darden

Restaurants 

59,500‌

8,522‌

Domino's

Pizza 

19,000‌

7,197‌

DoorDash,

Class

A (1)

162,700‌

12,930‌

DraftKings,

Class

A (1)

306,180‌

9,014‌

Hilton

Worldwide

Holdings 

139,590‌

20,964‌

Hyatt

Hotels,

Class

A 

16,700‌

1,771‌

MGM

Resorts

International 

50,600‌

1,860‌

Restaurant

Brands

International (2)

62,500‌

4,164‌

Royal

Caribbean

Cruises (1)

36,500‌

3,363‌

Vail

Resorts 

7,200‌

1,598‌

Wingstop 

35,200‌

6,330‌

Wynn

Resorts 

27,422‌

2,534‌

Yum!

Brands 

168,200‌

21,015‌

110,672‌

Household

Durables

0.6%

NVR (1)

1,769‌

10,549‌

10,549‌

Specialty

Retail

4.5%

AutoZone (1)

2,276‌

5,781‌

Burlington

Stores (1)

33,948‌

4,593‌

Chewy,

Class

A (1)(2)

50,084‌

915‌

Five

Below (1)

41,200‌

6,629‌

Floor

&

Decor

Holdings,

Class

A (1)(2)

46,700‌

4,226‌

RH (1)(2)

8,200‌

2,168‌

Ross

Stores 

220,700‌

24,928‌

Tractor

Supply (2)

78,300‌

15,899‌

Ulta

Beauty (1)

37,695‌

15,057‌

Williams-Sonoma (2)

17,200‌

2,673‌

82,869‌

Textiles,

Apparel

&

Luxury

Goods

0.3%

Lululemon

Athletica (1)

7,220‌

2,784‌

Skechers

USA,

Class

A (1)

71,400‌

3,495‌

6,279‌

Total

Consumer

Discretionary

252,472‌

CONSUMER

STAPLES

2.6%

Beverages

1.1%

Brown-Forman,

Class

B 

87,692‌

5,059‌

Celsius

Holdings (1)

62,900‌

10,794‌

Constellation

Brands,

Class

A 

15,300‌

3,845‌

19,698‌

Consumer

Staples

Distribution

&

Retail

0.9%

BJ's

Wholesale

Club

Holdings (1)

63,474‌

4,530‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Casey's

General

Stores 

9,789‌

2,658‌

Dollar

Tree (1)

18,200‌

1,938‌

Performance

Food

Group (1)

142,000‌

8,358‌

17,484‌

Food

Products

0.2%

Hershey 

14,400‌

2,881‌

2,881‌

Household

Products

0.1%

Church

&

Dwight 

23,483‌

2,152‌

2,152‌

Personal

Care

Products

0.3%

elf

Beauty (1)

34,700‌

3,811‌

Kenvue 

107,900‌

2,167‌

5,978‌

Total

Consumer

Staples

48,193‌

ENERGY

4.5%

Energy

Equipment

&

Services

0.9%

Halliburton 

312,482‌

12,655‌

Noble (2)

74,800‌

3,789‌

16,444‌

Oil,

Gas

&

Consumable

Fuels

3.6%

APA 

176,000‌

7,234‌

Cheniere

Energy 

148,500‌

24,645‌

Coterra

Energy 

84,300‌

2,280‌

Devon

Energy 

54,579‌

2,604‌

Diamondback

Energy 

28,400‌

4,399‌

Hess 

111,994‌

17,135‌

Magnolia

Oil

&

Gas,

Class

A 

118,200‌

2,708‌

Matador

Resources 

28,100‌

1,671‌

Pioneer

Natural

Resources 

17,700‌

4,063‌

66,739‌

Total

Energy

83,183‌

FINANCIALS

10.2%

Banks

0.4%

NU

Holdings,

Class

A (1)

1,133,300‌

8,216‌

8,216‌

Capital

Markets

3.8%

Ares

Management,

Class

A 

122,900‌

12,643‌

Blue

Owl

Capital (2)

243,000‌

3,149‌

Cboe

Global

Markets 

16,193‌

2,529‌

FactSet

Research

Systems 

26,350‌

11,522‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

LPL

Financial

Holdings 

55,300‌

13,142‌

MarketAxess

Holdings 

26,000‌

5,555‌

Morningstar 

13,954‌

3,269‌

MSCI 

30,400‌

15,598‌

Tradeweb

Markets,

Class

A 

51,751‌

4,150‌

71,557‌

Financial

Services

3.3%

Apollo

Global

Management 

366,800‌

32,924‌

Block,

Class

A (1)

122,400‌

5,417‌

Euronet

Worldwide (1)

30,600‌

2,429‌

FleetCor

Technologies (1)

51,108‌

13,050‌

Toast,

Class

A (1)(2)

179,600‌

3,364‌

WEX (1)

23,500‌

4,420‌

61,604‌

Insurance

2.7%

Arch

Capital

Group (1)

182,200‌

14,523‌

Arthur

J

Gallagher 

92,700‌

21,129‌

Assurant 

10,520‌

1,510‌

Globe

Life 

22,300‌

2,425‌

Hartford

Financial

Services

Group 

64,700‌

4,588‌

Ryan

Specialty

Group

Holdings (1)

135,800‌

6,573‌

50,748‌

Total

Financials

192,125‌

HEALTH

CARE

18.5%

Biotechnology

2.9%

Alnylam

Pharmaceuticals (1)

56,780‌

10,056‌

Apellis

Pharmaceuticals (1)(2)

86,363‌

3,285‌

Argenx,

ADR (1)

13,217‌

6,498‌

Ascendis

Pharma,

ADR (1)

19,960‌

1,869‌

BioNTech,

ADR (1)

16,728‌

1,817‌

Exact

Sciences (1)

78,018‌

5,322‌

Genmab,

ADR (1)

64,577‌

2,278‌

Incyte (1)

31,000‌

1,791‌

Karuna

Therapeutics (1)

22,453‌

3,797‌

Legend

Biotech,

ADR (1)

63,800‌

4,285‌

Neurocrine

Biosciences (1)

70,522‌

7,934‌

Sarepta

Therapeutics (1)

40,700‌

4,934‌

53,866‌

Health

Care

Equipment

&

Supplies

6.5%

Align

Technology (1)

47,500‌

14,503‌

Dexcom (1)

260,700‌

24,323‌

Globus

Medical,

Class

A (1)

75,400‌

3,744‌

IDEXX

Laboratories (1)

46,900‌

20,508‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Inspire

Medical

Systems (1)

28,100‌

5,576‌

Insulet (1)

58,106‌

9,267‌

Lantheus

Holdings (1)

43,900‌

3,050‌

Masimo (1)

39,000‌

3,419‌

Novocure (1)(2)

67,479‌

1,090‌

Penumbra (1)

31,003‌

7,500‌

ResMed 

93,020‌

13,755‌

Shockwave

Medical (1)

32,300‌

6,431‌

STERIS 

21,300‌

4,674‌

Teleflex 

12,600‌

2,475‌

120,315‌

Health

Care

Providers

&

Services

2.5%

Acadia

Healthcare (1)

33,613‌

2,363‌

agilon

health (1)(2)

134,800‌

2,394‌

Cencora 

134,100‌

24,134‌

McKesson 

15,196‌

6,608‌

Molina

Healthcare (1)

30,224‌

9,910‌

Tenet

Healthcare (1)

24,000‌

1,582‌

46,991‌

Health

Care

Technology

1.1%

Veeva

Systems,

Class

A (1)

102,895‌

20,934‌

20,934‌

Life

Sciences

Tools

&

Services

5.5%

Agilent

Technologies 

142,000‌

15,879‌

Bio-Rad

Laboratories,

Class

A (1)

8,511‌

3,051‌

Bio-Techne 

152,200‌

10,360‌

Bruker 

70,500‌

4,392‌

Charles

River

Laboratories

International (1)

9,500‌

1,862‌

Illumina (1)

27,900‌

3,830‌

IQVIA

Holdings (1)

111,700‌

21,977‌

Mettler-Toledo

International (1)

15,400‌

17,064‌

Repligen (1)

29,504‌

4,691‌

West

Pharmaceutical

Services 

51,939‌

19,488‌

102,594‌

Total

Health

Care

344,700‌

INDUSTRIALS

&

BUSINESS

SERVICES

20.2%

Aerospace

&

Defense

2.0%

Axon

Enterprise (1)

56,800‌

11,303‌

BWX

Technologies 

36,300‌

2,722‌

HEICO 

43,300‌

7,011‌

Hexcel 

34,200‌

2,228‌

Howmet

Aerospace 

91,900‌

4,250‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

TransDigm

Group (1)

11,800‌

9,949‌

37,463‌

Air

Freight

&

Logistics

0.1%

Expeditors

International

of

Washington 

22,700‌

2,602‌

2,602‌

Building

Products

1.6%

A.O.

Smith 

34,000‌

2,248‌

Advanced

Drainage

Systems 

23,000‌

2,618‌

Allegion 

39,500‌

4,116‌

Carrier

Global 

40,400‌

2,230‌

Fortune

Brands

Innovations 

39,751‌

2,471‌

Trane

Technologies 

52,400‌

10,633‌

Trex (1)

76,000‌

4,684‌

29,000‌

Commercial

Services

&

Supplies

3.9%

Cintas 

51,000‌

24,531‌

Clean

Harbors (1)

50,900‌

8,519‌

Copart (1)

565,600‌

24,372‌

RB

Global (2)

47,100‌

2,944‌

Republic

Services 

43,100‌

6,142‌

Rollins 

56,293‌

2,101‌

Waste

Connections 

34,275‌

4,603‌

73,212‌

Construction

&

Engineering

0.8%

Quanta

Services 

50,414‌

9,431‌

Valmont

Industries 

7,600‌

1,826‌

WillScot

Mobile

Mini

Holdings (1)

95,300‌

3,963‌

15,220‌

Electrical

Equipment

2.1%

AMETEK 

40,037‌

5,916‌

Hubbell 

25,900‌

8,117‌

Rockwell

Automation 

84,712‌

24,217‌

38,250‌

Ground

Transportation

1.6%

JB

Hunt

Transport

Services 

14,282‌

2,693‌

Landstar

System 

13,600‌

2,406‌

Old

Dominion

Freight

Line 

60,617‌

24,801‌

29,900‌

Machinery

0.9%

Graco 

30,000‌

2,186‌

IDEX 

10,375‌

2,158‌

Middleby (1)

13,978‌

1,789‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Otis

Worldwide 

28,200‌

2,265‌

RBC

Bearings (1)(2)

8,173‌

1,914‌

Toro 

61,247‌

5,090‌

Westinghouse

Air

Brake

Technologies 

20,500‌

2,178‌

17,580‌

Passenger

Airlines

0.2%

Alaska

Air

Group (1)

34,800‌

1,290‌

United

Airlines

Holdings (1)

36,800‌

1,557‌

2,847‌

Professional

Services

5.0%

Booz

Allen

Hamilton

Holding 

36,870‌

4,029‌

Broadridge

Financial

Solutions 

63,571‌

11,383‌

Ceridian

HCM

Holding (1)

40,029‌

2,716‌

Equifax 

21,900‌

4,012‌

FTI

Consulting (1)

15,292‌

2,728‌

KBR 

68,700‌

4,049‌

Paychex 

182,600‌

21,059‌

Paycom

Software 

37,900‌

9,826‌

Paycor

HCM (1)(2)

82,800‌

1,890‌

Paylocity

Holding (1)

33,500‌

6,087‌

TransUnion 

61,596‌

4,422‌

Verisk

Analytics 

87,600‌

20,695‌

92,896‌

Trading

Companies

&

Distributors

2.0%

Fastenal 

270,100‌

14,758‌

Ferguson 

36,500‌

6,003‌

SiteOne

Landscape

Supply (1)

40,254‌

6,579‌

United

Rentals 

14,600‌

6,491‌

Watsco (2)

10,700‌

4,042‌

37,873‌

Total

Industrials

&

Business

Services

376,843‌

INFORMATION

TECHNOLOGY

21.6%

Communications

Equipment

0.3%

Motorola

Solutions 

22,800‌

6,207‌

6,207‌

Electronic

Equipment,

Instruments

&

Components

2.5%

Amphenol,

Class

A 

233,987‌

19,653‌

CDW 

79,278‌

15,995‌

Keysight

Technologies (1)

29,600‌

3,916‌

Littelfuse 

8,700‌

2,152‌

TE

Connectivity 

14,600‌

1,803‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Zebra

Technologies,

Class

A (1)

9,000‌

2,129‌

45,648‌

IT

Services

2.9%

Cloudflare,

Class

A (1)

223,600‌

14,096‌

EPAM

Systems (1)

8,872‌

2,269‌

Gartner (1)

46,606‌

16,014‌

Globant (1)

10,798‌

2,136‌

MongoDB (1)

47,655‌

16,482‌

VeriSign (1)

10,434‌

2,113‌

53,110‌

Semiconductors

&

Semiconductor

Equipment

4.8%

Enphase

Energy (1)

86,100‌

10,345‌

Entegris 

69,300‌

6,508‌

First

Solar (1)

14,160‌

2,288‌

Lattice

Semiconductor (1)

136,479‌

11,728‌

Microchip

Technology 

279,068‌

21,781‌

MKS

Instruments 

17,400‌

1,506‌

Monolithic

Power

Systems 

33,100‌

15,292‌

ON

Semiconductor (1)

72,938‌

6,780‌

Onto

Innovation (1)

24,100‌

3,073‌

Silicon

Laboratories (1)

13,900‌

1,611‌

Skyworks

Solutions 

21,100‌

2,080‌

Teradyne 

58,600‌

5,887‌

88,879‌

Software

10.6%

ANSYS (1)

51,500‌

15,324‌

Appfolio,

Class

A (1)

19,900‌

3,634‌

AppLovin,

Class

A (1)(2)

65,000‌

2,597‌

Atlassian,

Class

A (1)

9,600‌

1,934‌

Bentley

Systems,

Class

B 

126,457‌

6,343‌

BILL

Holdings (1)

26,800‌

2,910‌

Canva,

Acquisition

Date:

8/16/21

-

11/4/21,

Cost $1,936 (1)(3)(4)

1,136‌

1,212‌

Confluent,

Class

A (1)

121,652‌

3,602‌

Crowdstrike

Holdings,

Class

A (1)

146,853‌

24,580‌

Databricks,

Class

A,

Acquisition

Date:

7/24/20

-

8/28/20,

Cost $835 (1)(3)(4)

52,161‌

3,834‌

Datadog,

Class

A (1)

196,846‌

17,931‌

Descartes

Systems

Group (1)

65,900‌

4,836‌

DoubleVerify

Holdings (1)

70,475‌

1,970‌

Dynatrace (1)

179,273‌

8,377‌

Fair

Isaac (1)

17,300‌

15,026‌

Fortinet (1)

34,200‌

2,007‌

HubSpot (1)

35,099‌

17,286‌

Manhattan

Associates (1)

42,975‌

8,494‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Monday.com (1)

27,200‌

4,331‌

nCino (1)

74,245‌

2,361‌

Procore

Technologies (1)

41,470‌

2,709‌

PTC (1)

59,534‌

8,435‌

Samsara,

Class

A (1)

205,423‌

5,179‌

Snyk,

Acquisition

Date:

9/3/21,

Cost $1,690 (1)(3)(4)

117,787‌

1,197‌

Socure,

Acquisition

Date:

12/22/21,

Cost $432 (1)(3)(4)

26,874‌

147‌

Tanium,

Class

B,

Acquisition

Date:

9/24/20,

Cost $547 (1)(3)(4)

48,005‌

212‌

Tyler

Technologies (1)

26,744‌

10,327‌

Workiva (1)

26,500‌

2,685‌

Zscaler (1)

116,300‌

18,095‌

197,575‌

Technology

Hardware,

Storage

&

Peripherals

0.5%

Pure

Storage,

Class

A (1)

129,400‌

4,609‌

Super

Micro

Computer (1)

19,000‌

5,210‌

9,819‌

Total

Information

Technology

401,238‌

MATERIALS

1.7%

Chemicals

0.8%

Albemarle 

12,000‌

2,040‌

CF

Industries

Holdings 

25,800‌

2,212‌

PPG

Industries 

56,700‌

7,360‌

RPM

International 

26,273‌

2,491‌

14,103‌

Construction

Materials

0.3%

Vulcan

Materials 

23,400‌

4,727‌

4,727‌

Containers

&

Packaging

0.4%

Avery

Dennison 

25,300‌

4,621‌

Ball 

26,147‌

1,302‌

Sealed

Air 

61,646‌

2,026‌

7,949‌

Metals

&

Mining

0.2%

Steel

Dynamics 

27,000‌

2,895‌

2,895‌

Total

Materials

29,674‌

REAL

ESTATE

1.5%

Industrial

Real

Estate

Investment

Trusts

0.1%

Rexford

Industrial

Realty,

REIT 

43,300‌

2,137‌

2,137‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Real

Estate

Management

&

Development

0.4%

CoStar

Group (1)

104,300‌

8,020‌

8,020‌

Residential

Real

Estate

Investment

Trusts

0.1%

Equity

LifeStyle

Properties,

REIT 

42,100‌

2,682‌

2,682‌

Retail

Real

Estate

Investment

Trusts

0.3%

Simon

Property

Group,

REIT 

54,500‌

5,888‌

5,888‌

Specialized

Real

Estate

Investment

Trusts

0.6%

CubeSmart,

REIT 

60,400‌

2,303‌

Lamar

Advertising,

Class

A,

REIT 

69,120‌

5,769‌

SBA

Communications,

REIT 

11,300‌

2,262‌

10,334‌

Total

Real

Estate

29,061‌

UTILITIES

0.2%

Independent

Power

&

Renewable

Electricity

Producers

0.2%

Vistra 

83,700‌

2,777‌

Total

Utilities

2,777‌

Total

Common

Stocks

(Cost

$1,459,767)

1,844,594‌

CONVERTIBLE

PREFERRED

STOCKS

1.0%

HEALTH

CARE

0.1%

Biotechnology

0.1%

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $1,626 (1)(3)(4)

200,815‌

1,075‌

Total

Health

Care

1,075‌

INFORMATION

TECHNOLOGY

0.9%

Software

0.9%

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $116 (1)(3)(4)

68‌

72‌

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

7,971‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $775 (1)(3)(4)

13,101‌

963‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $2,225 (1)

(3)(4)

30,282‌

2,226‌

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

2,006‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $525 (1)(3)(4)

32,662‌

179‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $431 (1)(3)(4)

26,807‌

147‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $8 (1)(3)(4)

485‌

3‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $998 (1)(3)(4)

62,133‌

341‌

Tanium,

Series

G,

Acquisition

Date:

8/26/15,

Cost $985 (1)(3)(4)

198,465‌

875‌

Total

Information

Technology

16,854‌

Total

Convertible

Preferred

Stocks

(Cost

$17,165)

17,929‌

SHORT-TERM

INVESTMENTS

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (5)(6)

778,983‌

779‌

Total

Short-Term

Investments

(Cost

$779)

779‌

SECURITIES

LENDING

COLLATERAL

3.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

3.0%

Money

Market

Funds

3.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (5)(6)

55,659,385‌

55,659‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

55,659‌

Total

Securities

Lending

Collateral

(Cost

$55,659)

55,659‌

Total

Investments

in

Securities

103.0%

(Cost

$1,533,370)

$

1,918,961‌

Other

Assets

Less

Liabilities

(3.0)%

(55,872‌)

Net

Assets

100.0%

$

1,863,089‌

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

September

30,

2023.

(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

$24,531

and

represents

1.3%

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,

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,

5.40%

$

—‌

$

—‌

$

52‌++

Totals

$

—‌#

$

—‌

$

52‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

7,718‌

 ¤

 ¤

$

56,438‌

Total

$

56,438‌^

#

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

$52

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

$56,438.

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

September

30,

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

September

30,

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

September

30,

2023,

totaled $2,414,000 for

the

period ended

September

30,

2023.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,837,992‌

$

—‌

$

6,602‌

$

1,844,594‌

Convertible

Preferred

Stocks

—‌

—‌

17,929‌

17,929‌

Short-Term

Investments

779‌

—‌

—‌

779‌

Securities

Lending

Collateral

55,659‌

—‌

—‌

55,659‌

Total

$

1,894,430‌

$

—‌

$

24,531‌

$

1,918,961‌

($000s)

Beginning

Balance

12/31/22

Gain

(Loss)

During

Period

Total

Sales

Ending

Balance

9/30/23

Investment

in

Securities

Common

Stocks

$

12,876‌

$

2,744‌

$

(9,018‌)

$

6,602‌

Convertible

Preferred

Stocks

16,594‌

1,335‌

—‌

17,929‌

Total

$

29,470‌

$

4,079‌

$

(9,018‌)

$

24,531‌

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.

F149-054Q3

09/23