T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.2%

COMMUNICATION

SERVICES

7.7%

Entertainment

3.2%

Electronic

Arts 

22,500‌

3,046‌

Roku (1)

84,169‌

27,420‌

Spotify

Technology (1)

102,967‌

27,590‌

Take-Two

Interactive

Software (1)

37,853‌

6,688‌

Zynga,

Class

A (1)

794,300‌

8,110‌

72,854‌

Interactive

Media

&

Services

3.3%

Bumble,

Class

A (1)

72,007‌

4,492‌

IAC/InterActiveCorp (1)

45,200‌

9,777‌

Match

Group (1)

160,130‌

21,999‌

Pinterest,

Class

A (1)

335,000‌

24,800‌

Snap,

Class

A (1)

233,200‌

12,194‌

ZoomInfo

Technologies,

Class

A (1)

31,210‌

1,526‌

74,788‌

Media

1.2%

Altice

USA,

Class

A (1)

255,958‌

8,326‌

Cable

One 

10,000‌

18,284‌

26,610‌

Total

Communication

Services

174,252‌

CONSUMER

DISCRETIONARY

12.0%

Auto

Components

0.1%

Aptiv

 (1)

19,372‌

2,671‌

2,671‌

Distributors

0.1%

Pool 

7,000‌

2,417‌

2,417‌

Diversified

Consumer

Services

0.6%

Bright

Horizons

Family

Solutions (1)

36,400‌

6,241‌

Grand

Canyon

Education (1)

21,300‌

2,281‌

Service

Corp

International 

37,612‌

1,920‌

Terminix

Global

Holdings (1)

44,400‌

2,117‌

12,559‌

Hotels,

Restaurants

&

Leisure

2.8%

Airbnb,

Class

B,

Acquisition

Date:

4/16/14

-

7/14/15,

Cost $700 (1)(2)

29,306‌

5,232‌

Chipotle

Mexican

Grill (1)

20,800‌

29,553‌

Domino's

Pizza 

38,600‌

14,197‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

MGM

Resorts

International 

77,400‌

2,940‌

Papa

John's

International 

19,000‌

1,684‌

Restaurant

Brands

International 

33,900‌

2,204‌

Wynn

Resorts (1)

21,722‌

2,723‌

Yum

China

Holdings 

32,200‌

1,907‌

Yum!

Brands 

17,500‌

1,893‌

62,333‌

Household

Durables

0.4%

NVR (1)

1,980‌

9,328‌

9,328‌

Internet

&

Direct

Marketing

Retail

1.7%

Chewy,

Class

A (1)(3)

51,384‌

4,353‌

Etsy (1)

97,732‌

19,709‌

Wayfair,

Class

A (1)(3)

45,500‌

14,321‌

38,383‌

Multiline

Retail

0.5%

Dollar

Tree (1)

71,200‌

8,150‌

Ollie's

Bargain

Outlet

Holdings (1)

32,000‌

2,784‌

10,934‌

Specialty

Retail

4.6%

AutoZone (1)

10,726‌

15,062‌

Burlington

Stores (1)

38,362‌

11,463‌

CarMax (1)

57,900‌

7,681‌

Five

Below (1)

25,800‌

4,922‌

O'Reilly

Automotive (1)

55,000‌

27,899‌

RH (1)

6,800‌

4,057‌

Ross

Stores 

26,300‌

3,154‌

Tractor

Supply 

96,200‌

17,035‌

Ulta

Beauty (1)

30,181‌

9,331‌

Williams-Sonoma 

26,400‌

4,731‌

105,335‌

Textiles,

Apparel

&

Luxury

Goods

1.2%

Lululemon

Athletica

 (1)

91,555‌

28,081‌

28,081‌

Total

Consumer

Discretionary

272,041‌

CONSUMER

STAPLES

3.8%

Beverages

0.9%

Boston

Beer,

Class

A (1)

6,524‌

7,870‌

Brown-Forman,

Class

B 

128,092‌

8,834‌

Constellation

Brands,

Class

A 

13,900‌

3,169‌

19,873‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Food

&

Staples

Retailing

0.1%

Casey's

General

Stores 

10,089‌

2,181‌

2,181‌

Food

Products

1.4%

Darling

Ingredients (1)

87,700‌

6,453‌

Hershey 

93,300‌

14,756‌

McCormick 

81,100‌

7,231‌

Tyson

Foods,

Class

A 

33,000‌

2,452‌

30,892‌

Household

Products

1.4%

Church

&

Dwight 

194,700‌

17,007‌

Clorox 

74,100‌

14,292‌

31,299‌

Total

Consumer

Staples

84,245‌

ENERGY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $118 (1)(2)(4)

39‌

217‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17

-

3/8/18,

Cost $1,703 (1)(2)(4)

458‌

2,549‌

Total

Energy

2,766‌

FINANCIALS

3.5%

Banks

0.3%

First

Republic

Bank 

16,900‌

2,818‌

SVB

Financial

Group (1)

5,818‌

2,872‌

5,690‌

Capital

Markets

2.8%

Cboe

Global

Markets 

24,593‌

2,427‌

Dragoneer

Growth

Opportunities

SPAC/CCC

Intelligent

Solutions

Holdings

PIPE (1)(5)

77,629‌

709‌

FactSet

Research

Systems 

7,950‌

2,453‌

MarketAxess

Holdings 

36,400‌

18,124‌

MSCI 

67,000‌

28,092‌

Nasdaq 

14,271‌

2,104‌

Tradeweb

Markets,

Class

A 

134,751‌

9,972‌

63,881‌

Insurance

0.4%

Assurant 

20,020‌

2,838‌

Oscar

Health,

Class

A (1)

36,977‌

994‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

Selectquote

 (1)

194,292‌

5,734‌

9,566‌

Total

Financials

79,137‌

HEALTH

CARE

21.4%

Biotechnology

5.9%

ACADIA

Pharmaceuticals (1)

91,200‌

2,353‌

Acceleron

Pharma (1)

51,800‌

7,025‌

Agios

Pharmaceuticals (1)

33,900‌

1,751‌

Alnylam

Pharmaceuticals (1)

85,580‌

12,083‌

Argenx

,

ADR (1)

22,617‌

6,228‌

Ascendis

Pharma,

ADR (1)

24,360‌

3,140‌

BioMarin

Pharmaceutical (1)

99,811‌

7,537‌

BioNTech

,

ADR (1)

91,228‌

9,961‌

Blueprint

Medicines (1)

40,300‌

3,918‌

CRISPR

Therapeutics (1)

17,000‌

2,071‌

Denali

Therapeutics (1)

41,150‌

2,350‌

Exact

Sciences (1)

102,518‌

13,510‌

Exelixis

 (1)

212,879‌

4,809‌

Fate

Therapeutics (1)

26,900‌

2,218‌

Genmab

,

ADR (1)

149,577‌

4,911‌

Incyte

 (1)

169,200‌

13,751‌

Ionis

Pharmaceuticals (1)

51,700‌

2,324‌

Kodiak

Sciences (1)

19,426‌

2,203‌

Mirati

Therapeutics (1)

9,800‌

1,679‌

Neurocrine

Biosciences (1)

76,622‌

7,451‌

Sage

Therapeutics (1)

24,053‌

1,800‌

Seagen

 (1)

97,711‌

13,568‌

TG

Therapeutics (1)

31,927‌

1,539‌

Ultragenyx

Pharmaceutical (1)

36,900‌

4,201‌

United

Therapeutics (1)

14,300‌

2,392‌

134,773‌

Health

Care

Equipment

&

Supplies

6.4%

ABIOMED (1)

26,400‌

8,414‌

Align

Technology (1)

60,800‌

32,925‌

Cooper 

19,800‌

7,605‌

DexCom

 (1)

27,300‌

9,811‌

Hologic

 (1)

166,800‌

12,406‌

ICU

Medical (1)

8,628‌

1,772‌

IDEXX

Laboratories (1)

42,100‌

20,600‌

iRhythm

Technologies (1)

8,900‌

1,236‌

JAND,

Class

A,

Acquisition

Date:

11/19/20,

Cost $107 (1)(2)(4)

4,357‌

107‌

Novocure

 (1)

68,800‌

9,094‌

Ortho

Clinical

Diagnostics

Holdings (1)

139,608‌

2,694‌

Penumbra (1)

26,491‌

7,168‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

Quidel

 (1)

42,200‌

5,399‌

STERIS 

22,100‌

4,210‌

Teleflex 

24,100‌

10,013‌

West

Pharmaceutical

Services 

44,600‌

12,567‌

146,021‌

Health

Care

Providers

&

Services

2.5%

Acadia

Healthcare (1)

40,313‌

2,304‌

Amedisys

 (1)

28,600‌

7,573‌

Centene

 (1)

51,453‌

3,288‌

DaVita (1)

29,598‌

3,190‌

McKesson 

165,070‌

32,195‌

Molina

Healthcare (1)

31,624‌

7,392‌

55,942‌

Health

Care

Technology

1.9%

Multiplan (1)(3)

315,200‌

1,749‌

Teladoc

Health (1)(3)

70,937‌

12,893‌

Veeva

Systems,

Class

A (1)

108,107‌

28,242‌

42,884‌

Life

Sciences

Tools

&

Services

3.3%

Adaptive

Biotechnologies (1)

68,154‌

2,744‌

Agilent

Technologies 

55,500‌

7,056‌

Avantor

 (1)

513,552‌

14,857‌

Bio-Rad

Laboratories,

Class

A (1)

13,200‌

7,540‌

Bruker 

45,100‌

2,899‌

IQVIA

Holdings (1)

31,800‌

6,142‌

Mettler

-Toledo

International (1)

15,000‌

17,335‌

PPD (1)

56,660‌

2,144‌

Repligen

 (1)

76,417‌

14,856‌

75,573‌

Pharmaceuticals

1.4%

Catalent

 (1)

110,479‌

11,635‌

Elanco

Animal

Health (1)

129,062‌

3,801‌

Horizon

Therapeutics (1)

145,800‌

13,419‌

Royalty

Pharma,

Class

A (3)

58,937‌

2,571‌

31,426‌

Total

Health

Care

486,619‌

INDUSTRIALS

&

BUSINESS

SERVICES

11.3%

Aerospace

&

Defense

0.6%

BWX

Technologies 

51,400‌

3,389‌

Hexcel (1)

33,900‌

1,898‌

Huntington

Ingalls

Industries 

13,100‌

2,697‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

TransDigm

Group (1)

9,100‌

5,350‌

13,334‌

Air

Freight

&

Logistics

0.1%

Expeditors

International

of

Washington 

24,900‌

2,681‌

2,681‌

Building

Products

0.7%

A.O.

Smith 

40,700‌

2,752‌

Allegion 

24,000‌

3,015‌

Fortune

Brands

Home

&

Security 

35,551‌

3,406‌

Trane

Technologies 

44,700‌

7,401‌

16,574‌

Commercial

Services

&

Supplies

2.2%

Cintas 

53,700‌

18,328‌

Copart

 (1)

150,700‌

16,368‌

IAA (1)

116,000‌

6,396‌

Ritchie

Bros

Auctioneers 

37,200‌

2,178‌

Rollins 

63,393‌

2,182‌

Waste

Connections 

43,075‌

4,651‌

50,103‌

Construction

&

Engineering

0.1%

Valmont

Industries 

12,000‌

2,852‌

2,852‌

Electrical

Equipment

1.6%

AMETEK 

17,637‌

2,253‌

Array

Technologies (1)

145,200‌

4,330‌

Generac

Holdings (1)

41,691‌

13,652‌

Hubbell 

12,400‌

2,317‌

Rockwell

Automation 

37,812‌

10,037‌

Shoals

Technologies

Group,

Class

A (1)

78,539‌

2,731‌

35,320‌

Machinery

0.8%

Graco

30,000‌

2,149‌

IDEX 

10,375‌

2,172‌

Middleby

 (1)

16,046‌

2,660‌

Otis

Worldwide 

47,500‌

3,251‌

PACCAR 

19,700‌

1,831‌

Toro 

31,747‌

3,274‌

Woodward 

24,500‌

2,955‌

18,292‌

Professional

Services

4.0%

Booz

Allen

Hamilton

Holding 

110,170‌

8,872‌

Clarivate

 (1)

38,645‌

1,020‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

CoStar

Group (1)

33,880‌

27,846‌

Dun

&

Bradstreet

Holdings (1)

101,485‌

2,416‌

Equifax 

81,400‌

14,744‌

Leidos

Holdings 

33,600‌

3,235‌

TransUnion 

139,600‌

12,564‌

Verisk

Analytics 

111,400‌

19,683‌

90,380‌

Road

&

Rail

0.8%

JB

Hunt

Transport

Services 

27,203‌

4,572‌

Landstar

System 

15,200‌

2,509‌

Old

Dominion

Freight

Line 

48,217‌

11,592‌

18,673‌

Trading

Companies

&

Distributors

0.4%

Fastenal 

45,800‌

2,303‌

United

Rentals (1)

9,500‌

3,128‌

Watsco

10,200‌

2,660‌

8,091‌

Total

Industrials

&

Business

Services

256,300‌

INFORMATION

TECHNOLOGY

37.6%

Communications

Equipment

0.2%

Motorola

Solutions 

24,800‌

4,664‌

4,664‌

Electronic

Equipment,

Instruments

&

Components

3.1%

Amphenol,

Class

A 

268,062‌

17,684‌

CDW 

116,878‌

19,372‌

Cognex

76,300‌

6,332‌

IPG

Photonics (1)

9,600‌

2,025‌

Keysight

Technologies (1)

50,200‌

7,199‌

Littelfuse

8,700‌

2,301‌

Zebra

Technologies,

Class

A (1)

30,400‌

14,749‌

69,662‌

IT

Services

8.6%

Affirm

Holdings (1)

10,106‌

715‌

Akamai

Technologies (1)

119,800‌

12,208‌

Black

Knight (1)

128,787‌

9,529‌

Broadridge

Financial

Solutions 

90,400‌

13,840‌

EPAM

Systems (1)

56,300‌

22,334‌

Euronet

Worldwide (1)

18,100‌

2,503‌

FleetCor

Technologies (1)

57,200‌

15,366‌

Gartner (1)

60,806‌

11,100‌

Genpact

68,600‌

2,937‌

GoDaddy

,

Class

A (1)

131,800‌

10,230‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

MongoDB (1)

39,800‌

10,644‌

Okta

 (1)

103,800‌

22,881‌

Paychex 

45,200‌

4,431‌

StoneCo

,

Class

A (1)

147,899‌

9,054‌

Twilio

,

Class

A (1)

88,033‌

29,998‌

VeriSign (1)

39,234‌

7,798‌

WEX (1)

14,200‌

2,971‌

Wix.com (1)

24,294‌

6,783‌

195,322‌

Semiconductors

&

Semiconductor

Equipment

6.6%

Enphase

Energy (1)

116,400‌

18,875‌

Entegris

158,600‌

17,732‌

KLA 

104,244‌

34,442‌

Lattice

Semiconductor (1)

26,099‌

1,175‌

Marvell

Technology

Group 

59,207‌

2,900‌

Microchip

Technology 

159,500‌

24,758‌

MKS

Instruments 

17,400‌

3,226‌

Monolithic

Power

Systems 

49,800‌

17,590‌

ON

Semiconductor (1)

155,100‌

6,454‌

Skyworks

Solutions 

49,800‌

9,137‌

Teradyne 

118,300‌

14,395‌

150,684‌

Software

19.0%

Anaplan (1)

154,231‌

8,305‌

ANSYS (1)

63,300‌

21,494‌

Aspen

Technology (1)

49,540‌

7,150‌

Avalara (1)

72,500‌

9,674‌

Bentley

Systems,

Class

B 

55,857‌

2,621‌

Bill.com

Holdings (1)

69,500‌

10,112‌

Cadence

Design

Systems (1)

209,200‌

28,658‌

Ceridian

HCM

Holding (1)

81,929‌

6,904‌

Citrix

Systems 

39,200‌

5,502‌

Coupa

Software (1)

58,101‌

14,786‌

Crowdstrike

Holdings,

Class

A (1)

92,013‌

16,793‌

Databricks

,

Acquisition

Date:

7/24/20

-

8/28/20,

Cost $835 (1)(2)

(4)

17,387‌

3,084‌

Datadog

,

Class

A (1)

149,543‌

12,463‌

DocuSign (1)

137,597‌

27,857‌

Dynatrace

 (1)

52,773‌

2,546‌

Five9 (1)

86,262‌

13,485‌

Fortinet (1)

120,254‌

22,177‌

Gitlab

,

Class

B,

Acquisition

Date:

12/15/20,

Cost $2,183 (1)(2)(4)

54,167‌

2,167‌

Guidewire

Software (1)

18,800‌

1,911‌

HubSpot

 (1)

41,100‌

18,668‌

Manhattan

Associates (1)

43,300‌

5,083‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

nCino

 (1)

53,945‌

3,599‌

NortonLifeLock

83,600‌

1,777‌

Palo

Alto

Networks (1)

48,800‌

15,717‌

Paycom

Software (1)

47,700‌

17,652‌

Paylocity

Holding (1)

41,200‌

7,409‌

Procore

Technologies,

Acquisition

Date:

7/15/20

-

12/9/20,

Cost $759 (1)(2)(4)

13,452‌

847‌

Proofpoint

 (1)

93,800‌

11,799‌

PTC (1)

93,734‌

12,903‌

Qualtrics

International,

Class

A (1)

18,908‌

622‌

RingCentral,

Class

A (1)

58,161‌

17,325‌

Smartsheet

,

Class

A (1)

80,500‌

5,146‌

Splunk

 (1)

121,300‌

16,434‌

Squarespace,

Class

C,

Acquisition

Date:

3/16/21,

Cost $644 (1)

(2)(4)

9,418‌

644‌

SS&C

Technologies

Holdings 

79,700‌

5,569‌

Synopsys (1)

111,500‌

27,627‌

Tanium,

Class

B,

Acquisition

Date:

9/24/20,

Cost $547 (1)(2)(4)

48,005‌

547‌

Trade

Desk,

Class

A (1)

33,700‌

21,961‌

Tyler

Technologies (1)

28,294‌

12,012‌

Vimeo,

Class

A,

Acquisition

Date:

1/25/21,

Cost $1,308 (1)(2)(4)

40,368‌

1,346‌

Workiva

 (1)

13,200‌

1,165‌

Zendesk

 (1)

68,800‌

9,124‌

432,665‌

Technology

Hardware,

Storage

&

Peripherals

0.1%

Pure

Storage,

Class

A (1)

82,467‌

1,776‌

1,776‌

Total

Information

Technology

854,773‌

MATERIALS

1.8%

Chemicals

0.4%

Albemarle 

16,400‌

2,396‌

RPM

International 

76,173‌

6,997‌

9,393‌

Construction

Materials

0.1%

Vulcan

Materials 

18,500‌

3,122‌

3,122‌

Containers

&

Packaging

1.2%

Avery

Dennison 

33,600‌

6,171‌

Ball 

197,100‌

16,702‌

Gores

Holdings

V

SPAC/

Ardagh

Group

PIPE (1)(5)

279,835‌

2,513‌

Sealed

Air 

55,646‌

2,550‌

27,936‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

Metals

&

Mining

0.1%

Kirkland

Lake

Gold (3)

62,100‌

2,099‌

2,099‌

Total

Materials

42,550‌

REAL

ESTATE

0.0%

Real

Estate

Management

&

Development

0.0%

WeWork

,

Class

A,

Acquisition

Date:

5/26/15,

Cost $53 (1)(2)

3,707‌

42‌

Total

Real

Estate

42‌

Total

Common

Stocks

(Cost

$1,406,405)

2,252,725‌

CONVERTIBLE

PREFERRED

STOCKS

0.9%

HEALTH

CARE

0.0%

Health

Care

Equipment

&

Supplies

0.0%

JAND,

Series

AA,

Acquisition

Date:

11/19/20,

Cost $222 (1)(2)(4)

9,021‌

221‌

JAND,

Series

B,

Acquisition

Date:

11/19/20,

Cost $— (1)(2)(4)

12‌

1‌

Total

Health

Care

222‌

INFORMATION

TECHNOLOGY

0.9%

Software

0.9%

Databricks

,

Series

F,

Acquisition

Date:

10/22/19,

Cost $1,552 (1)

(2)(4)

36,149‌

6,412‌

Databricks

,

Series

G,

Acquisition

Date:

2/1/21,

Cost $775 (1)(2)(4)

4,367‌

775‌

Procore

Technologies,

Series

B,

Acquisition

Date:

7/15/20,

Cost $149 (1)(2)(4)

3,304‌

208‌

Rappi

,

Series

E,

Acquisition

Date:

9/8/20,

Cost $2,929 (1)(2)(4)

49,017‌

2,929‌

Tanium,

Series

G,

1/2/24,

Acquisition

Date:

8/26/15,

Cost $985 (1)(2)(4)

198,465‌

2,261‌

Uipath

,

Series

D-1,

Acquisition

Date:

4/26/19,

Cost $1,085 (1)(2)

(4)

82,752‌

5,153‌

Uipath

,

Series

D-2,

Acquisition

Date:

4/26/19,

Cost $182 (1)(2)(4)

13,896‌

865‌

Uipath

,

Series

E,

Acquisition

Date:

7/9/20,

Cost $49 (1)(2)(4)

2,618‌

163‌

Uipath

,

Series

F,

Acquisition

Date:

2/2/21,

Cost $712 (1)(2)(4)

11,428‌

712‌

Total

Information

Technology

19,478‌

REAL

ESTATE

0.0%

Real

Estate

Management

&

Development

0.0%

WeWork

,

Series

D-1,

Acquisition

Date:

12/9/14,

Cost $315 (1)(2)

18,959‌

213‌

WeWork

,

Series

D-2,

Acquisition

Date:

12/9/14,

Cost $248 (1)(2)

14,896‌

168‌

WeWork

,

Series

E,

Acquisition

Date:

6/23/15,

Cost $428 (1)(2)

13,014‌

146‌

Total

Real

Estate

527‌

Total

Convertible

Preferred

Stocks

(Cost

$9,631)

20,227‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (6)(7)

3,122,967‌

3,123‌

Total

Short-Term

Investments

(Cost

$3,123)

3,123‌

SECURITIES

LENDING

COLLATERAL

1.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.4%

Short-Term

Funds

1.4%

T.

Rowe

Price

Short-Term

Fund,

0.08% (6)(7)

3,287,186‌

32,872‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

32,872‌

Total

Securities

Lending

Collateral

(Cost

$32,872)

32,872‌

Total

Investments

in

Securities

101.6%

(Cost

$1,452,031)

$

2,308,947‌

Other

Assets

Less

Liabilities

(1.6)%

(36,589‌)

Net

Assets

100.0%

$

2,272,358‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$37,009

and

represents

1.6%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

(4)

Level

3

in

fair

value

hierarchy.

(5)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

March

31,

2021,

was

$3,575

and

was

valued

at

$3,222

(0.1%

of

net

assets).

(6)

Seven-day

yield

(7)

Affiliated

Companies

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

12

ADR

American

Depositary

Receipts

PIPE

Private

Investment

in

Public

Equity

SPAC

Special

Purpose

Acquisition

Company

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,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

—‌

$

—‌

$

—‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

—‌

—‌

—‌++

Totals

$

—‌#

$

—‌

$

—‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

521‌

 ¤

 ¤

$

3,123‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

49,590‌

 ¤

 ¤

32,872‌

Total

$

35,995‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$0

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$35,995.

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

Unaudited

Notes

to

Portfolio

of

Investments

14

T.

Rowe

Price

Diversified

Mid-Cap

Growth

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

15

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)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

16

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

2,232,721‌

$

8,496‌

$

11,508‌

$

2,252,725‌

Convertible

Preferred

Stocks

—‌

527‌

19,700‌

20,227‌

Short-Term

Investments

3,123‌

—‌

—‌

3,123‌

Securities

Lending

Collateral

32,872‌

—‌

—‌

32,872‌

Total

$

2,268,716‌

$

9,023‌

$

31,208‌

$

2,308,947‌

T.

ROWE

PRICE

Diversified

Mid-Cap

Growth

Fund

17

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

2021.

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,

2021,

totaled $10,257,000 for

the

period ended

March

31,

2021.

F149-054Q1

03/21 

($000s)

Beginning

Balance

1/1/21

Gain

(Loss)

During

Period

Total

Purchases

Ending

Balance

3/31/21

Investment

in

Securities

Common

Stocks

$

7,269

$

2,286

$

1,953

$

11,508

Convertible

Preferred

Stocks

10,243

7,971

1,486

19,700

Total

$

17,512

$

10,257

$

3,439

$

31,208