NPORT-EX 2 70Q7TRPDivMidCapGthFdInc.htm
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