0001206774-14-003392.txt : 201411250001206774-14-003392.hdr.sgml
: 2014112520141125120830ACCESSION
NUMBER:0001206774-14-003392CONFORMED SUBMISSION TYPE:N-QPUBLIC
DOCUMENT COUNT:20CONFORMED PERIOD OF REPORT:20140930FILED AS OF
DATE:20141125DATE AS OF CHANGE:20141125EFFECTIVENESS
DATE:20141125
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:T. Rowe Price Diversified
Small-Cap Growth Fund, Inc.CENTRAL INDEX KEY:0001038469IRS
NUMBER:522044216FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:N-QSEC ACT:1940 ActSEC FILE
NUMBER:811-08203FILM NUMBER:141248560
BUSINESS ADDRESS:STREET 1:100 EAST PRATT
STREETCITY:BALTIMORESTATE:MDZIP:21202BUSINESS
PHONE:410-345-2000
MAIL ADDRESS:STREET 1:100 EAST PRATT
STREETCITY:BALTIMORESTATE:MDZIP:21202
FORMER COMPANY:FORMER CONFORMED NAME:PRICE T ROWE DIVERSIFIED
SMALL CAP GROWTH FUND INCDATE OF NAME CHANGE:19970430
0001038469S000002074T. Rowe Price Diversified Small-Cap Growth
Fund, Inc.
C000005434T. Rowe Price Diversified Small-Cap Growth Fund,
Inc.PRDSX
N-Q1nqdsg.htmQUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OFREGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number:811-08203
T. Rowe Price Diversified Small-Cap Growth Fund, Inc. (Exact
name of registrant as specified in charter) 100 East Pratt Street,
Baltimore, MD 21202 (Address of principal executive offices) David
Oestreicher 100 East Pratt Street, Baltimore, MD 21202 (Name and
address of agent for service)
Registrants telephone number, including areacode: (410)
345-2000
Date of fiscal year end:December31
Date of reporting period:September 30,2014
Item 1. Schedule ofInvestments
Diversified Small-Cap Growth Fund September 30,
2014
T. Rowe Price Diversified Small-Cap Growth Fund
Unaudited
The accompanying notes are an integralpart of this Portfolio of
Investments.
T. Rowe Price Diversified Small-Cap GrowthFund
Unaudited
Notes toPortfolio of Investments
T. Rowe Price Diversified Small-Cap GrowthFund, Inc. (the fund),
is registered under the Investment Company Act of 1940(the 1940
Act) as a diversified, open-end management investment company.
Thefund commenced operations on June 30, 1997. The fund seeks
long-term growth ofcapital by investing primarily in common stocks
of small growthcompanies.
NOTE 1 - SIGNIFICANT ACCOUNTINGPOLICIES
Basis ofPreparation
The fund is an investmentcompany
and follows accounting and reporting guidance in the
FinancialAccounting Standards Board (FASB) AccountingStandards
Codification Topic 946 (ASC 946).The accompanying Portfolio of
Investments was prepared in accordance withaccounting principles
generally accepted in the United States of America (GAAP),including
but not limited to ASC 946. GAAP requires the use of estimates made
bymanagement. Management believes that estimates and valuations are
appropriate;however, actual results may differ from those
estimates, and the valuationsreflected in the Portfolio of
Investments may differ from the values ultimatelyrealized upon sale
or maturity.
InvestmentTransactions
Investment transactions
areaccounted for on the trade date.
CurrencyTranslation
Assets, including
investments,and liabilities denominated in foreign currencies are
translated into U.S.dollar values each day at the prevailing
exchange rate, using the mean of thebid and asked prices of such
currencies against U.S. dollars as quoted by amajor bank. Purchases
and sales of securities are translated into U.S. dollarsat the
prevailing exchange rate on the date of the transaction.
New AccountingGuidance
In June 2014, FASB
issuedAccounting Standards Update (ASU) No. 2014-11, Transfers
and Servicing (Topic 860), Repurchase-to-Maturity
Transactions,Repurchase Financings, and Disclosures. TheASU
changes the accounting for certain repurchase agreements and
expandsdisclosure requirements related to repurchase agreements,
securities lending,repurchase-to-maturity and similar transactions.
The ASU is effective forinterim and annual reporting periods
beginning after December 15, 2014. Adoptionwill have no effect on
the funds net assets or results of operations.
NOTE 2 VALUATION
The funds financial instruments arevalued and its net asset
value (NAV) per share is computed at the close of theNew York Stock
Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is openfor
business.
Fair Value
The funds financial instruments are
reported at fair value,which GAAP defines as the price that would
be received to sell an asset or paidto transfer a liability in an
orderly transaction between market participants atthe measurement
date. The T. Rowe Price Valuation Committee (the
ValuationCommittee) has been established by the funds Board of
Directors (the Board) toensure that financial instruments are
appropriately priced at fair value inaccordance with GAAP and the
1940 Act. Subject to oversight by the Board, theValuation Committee
develops and oversees pricing-related policies andprocedures and
approves all fair value determinations. Specifically, theValuation
Committee establishes procedures to value securities;
determinespricing techniques, sources, and persons eligible to
effect fair value pricingactions; oversees the selection, services,
and performance of pricing vendors;oversees valuation-related
business continuity practices; and provides guidanceon internal
controls and valuation-related matters. The Valuation
Committeereports to the Board is chaired by the fundstreasurer; and
has representation from legal, portfolio management and
trading,operations, and risk management.
Various valuation techniques and inputsare used to determine the
fair value of financial instruments. GAAP establishesthe following
fair value hierarchy that categorizes the inputs used to
measurefair value:
Level 1 quoted prices (unadjusted) inactive markets for
identical financial instruments that the fund can access atthe
reporting date
Level 2 inputs other than Level 1 quotedprices that are
observable, either directly or indirectly (including, but
notlimited to, quoted prices for similar financial instruments in
active markets,quoted prices for identical or similar financial
instruments in inactivemarkets, interest rates and yield curves,
implied volatilities, and creditspreads)
Level 3 unobservable inputs
Observable inputs are developed usingmarket data, such as
publicly available information about actual events ortransactions,
and reflect the assumptions that market participants would use
toprice the financial instrument. Unobservable inputs are those for
which marketdata are not available and are developed using the best
information availableabout the assumptions that market participants
would use to price the financialinstrument. GAAP requires valuation
techniques to maximize the use of relevantobservable inputs and
minimize the use of unobservable inputs. When multipleinputs are
used to derive fair value, the financial instrument is assigned
tothe level within the fair value hierarchy based on the
lowest-level input thatis significant to the fair value of the
financial instrument. Input levels arenot necessarily an indication
of the risk or liquidity associated with financialinstruments at
that level but rather the degree of judgment used in
determiningthose values.
ValuationTechniques
Equity securities listed
orregularly 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, theofficial closing price at the
time the valuations are made. OTC Bulletin Boardsecurities are
valued at the mean of the closing bid and asked prices. Asecurity
that is listed or traded on more than one exchange is valued at
thequotation 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 theclosing bid and asked prices for
domestic securities and the last quoted sale orclosing price for
international securities.
For valuation purposes, the last quotedprices of non-U.S. equity
securities may be adjusted to reflect the fair valueof such
securities at the close of the NYSE. If the fund determines
thatdevelopments between the close of a foreign market and the
close of the NYSEwill, in its judgment, materially affect the value
of some or all of itsportfolio securities, the fund will adjust the
previous quoted prices to reflectwhat it believes to be the fair
value of the securities as of the close of theNYSE. In deciding
whether it is necessary to adjust quoted prices to reflectfair
value, the fund reviews a variety of factors, including
developments inforeign markets, the performance of U.S. securities
markets, and the performanceof instruments trading in U.S. markets
that represent foreign securities andbaskets of foreign securities.
The fund may also fair value securities in othersituations, such as
when a particular foreign market is closed but the fund isopen. The
fund uses outside pricing services to provide it with quoted
pricesand information to evaluate or adjust those prices. The fund
cannot predict howoften it will use quoted prices and how often it
will determine it necessary toadjust those prices to reflect fair
value. As a means of evaluating its securityvaluation process, the
fund routinely compares quoted prices, the next daysopening prices
in the same markets, and adjusted prices.
Actively traded domestic equity securitiesgenerally are
categorized in Level 1 of the fair value hierarchy. Non-U.S.equity
securities generally are categorized in Level 2 of the fair
valuehierarchy despite the availability of quoted prices because,
as described above,the fund evaluates and determines whether those
quoted prices reflect fair valueat the close of the NYSE or require
adjustment. OTC Bulletin Board securities,certain preferred
securities, and equity securities traded in inactive
marketsgenerally are categorized in Level 2 of the fair value
hierarchy.
Investments in mutual funds are valued atthe mutual funds
closing NAV per share on the day of valuation and arecategorized in
Level 1 of the fair value hierarchy.
Thinly traded financial instruments andthose for which the above
valuation procedures are inappropriate or are deemednot to reflect
fair value are stated at fair value as determined in good faithby
the Valuation Committee. The objective of any fair value
pricingdetermination is to arrive at a price that could reasonably
be expected from acurrent sale. Financial instruments fair valued
by the Valuation Committee areprimarily private placements,
restricted securities, warrants, rights, and othersecurities that
are not publicly traded.
Subject to oversight by the Board, theValuation Committee
regularly makes good faith judgments to establish and adjustthe
fair valuations of certain securities as events occur and
circumstanceswarrant. For instance, in determining the fair value
of an equity investmentwith limited market activity, such as a
private placement or a thinly tradedpublic company stock, the
Valuation Committee considers a variety of factors,which may
include, but are not limited to, the issuers business prospects,
itsfinancial standing and performance, recent investment
transactions in theissuer, new rounds of financing, negotiated
transactions of significant sizebetween other investors in the
company, relevant market valuations of peercompanies, strategic
events affecting the company, market liquidity for theissuer, and
general economic conditions and events. In consultation with
theinvestment and pricing teams, the Valuation Committee will
determine anappropriate valuation technique based on available
information, which mayinclude both observable and unobservable
inputs. The Valuation Committeetypically will afford greatest
weight to actual prices in arms lengthtransactions, to the extent
they represent orderly transactions between marketparticipants;
transaction information can be reliably obtained; and prices
aredeemed representative of fair value. However, the Valuation
Committee may alsoconsider other valuation methods such as
market-based valuation multiples; adiscount or premium from market
value of a similar, freely traded security ofthe same issuer; or
some combination. Fair value determinations are reviewed ona
regular basis and updated as information becomes available,
including actualpurchase and sale transactions of the issue.
Because any fair valuedetermination involves a significant amount
of judgment, there is a degree ofsubjectivity inherent in such
pricing decisions, and fair value pricesdetermined by the Valuation
Committee could differ from those of other marketparticipants.
Depending on the relative significance of unobservable
inputs,including the valuation technique(s) used, fair valued
securities may becategorized in Level 2 or 3 of the fair value
hierarchy.
Valuation Inputs
The following table summarizes the
funds financialinstruments, based on the inputs used to determine
their fair values onSeptember 30, 2014:
There were no material transfers betweenLevels 1 and 2 during
the period ended September 30, 2014.
NOTE 3 OTHER INVESTMENT TRANSACTIONS
Consistent with its investment objective,the fund engages in the
following practices to manage exposure to certain risksor to
enhance performance. The investment objective, policies, program,
and riskfactors of the fund are described more fully in the funds
prospectus andStatement of Additional Information.
Securities Lending
The fund may lend its securities
to approved brokers to earnadditional income. Its securities
lending activities are administered by alending agent in accordance
with a securities lending agreement. Security loansgenerally do not
have stated maturity dates and the fund may recall a securityat any
time. The fund receives collateral in theform of cash or U.S.
government securities, valued at 102% to 105% of the valueof the
securities on loan. Collateral is maintained over the life of the
loan inan amount not less than the value of loaned securities; any
additionalcollateral required due to changes in security values is
delivered the nextbusiness day. Cash collateral is invested by the
lending agent(s) in accordancewith investment guidelines approved
by fund management. Additionally, thelending agent indemnifies the
fund against losses resulting from borrowerdefault. Although risk
is mitigated by the collateral and indemnification, thefund could
experience a delay in recovering its securities and a possible
lossof income or value if the borrower fails to return the
securities, collateralinvestments decline in value, and the lending
agent fails to perform. Inaccordance with GAAP, investments made
with cash collateral are reflected in theaccompanying Portfolio of
Investments, but collateral received in the form ofsecurities is
not. At September 30, 2014, the value of loaned securities
was$31,381,000; the value of cash collateral and related
investments was$32,497,000.
NOTE 4 - FEDERAL INCOMETAXES
At September 30, 2014, the cost ofinvestments for federal income
tax purposes was $667,923,000. Net unrealizedgain aggregated
$212,226,000 at period-end, of which $230,661,000 related
toappreciated investments and $18,435,000 related to
depreciatedinvestments.
NOTE 5 - RELATED PARTYTRANSACTIONS
The fund may invest in the T. Rowe PriceReserve Investment Fund,
the T. Rowe Price Government Reserve Investment Fund,or the T. Rowe
Price Short-Term Reserve Fund (collectively, the Price
ReserveInvestment Funds), open-end management investment companies
managed by T. RowePrice Associates, Inc. (Price Associates) and
considered affiliates of the fund.The Price Reserve Investment
Funds are offered as short-term investment optionsto mutual funds,
trusts, and other accounts managed by Price Associates or
itsaffiliates and are not available for direct purchase by members
of the public.The Price Reserve Investment Funds pay no investment
management fees.
Item 2. Controls and Procedures.
(a) The registrants principal executiveofficer and principal
financial officer have evaluated the registrantsdisclosure controls
and procedures within 90 days of this filing and haveconcluded that
the registrants disclosure controls and procedures wereeffective,
as of that date, in ensuring that information required to
bedisclosed by the registrant in this Form N-Q was recorded,
processed,summarized, and reported timely.
(b) The registrants principal executiveofficer and principal
financial officer are aware of no change in theregistrants internal
control over financial reporting that occurred during
theregistrants most recent fiscal quarter that has materially
affected, or isreasonably likely to materially affect, the
registrants internal control overfinancial reporting.
Item 3. Exhibits.
Separate certifications by theregistrant's principal executive
officer and principal financial officer,pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002 and required by Rule30a-2(a) under
the Investment Company Act of 1940, are attached.
SIGNATURES
Pursuant to therequirements of the Securities Exchange Act of
1934 and the Investment CompanyAct of 1940, the registrant has duly
caused this report to be signed on itsbehalf by the undersigned,
thereunto duly authorized.
T. Rowe Price Diversified Small-Cap GrowthFund, Inc.
By /s/ Edward C. Bernard Edward C. Bernard Principal Executive
Officer DateNovember 21, 2014
Pursuant to therequirements of the Securities Exchange Act of
1934 and the Investment CompanyAct of 1940, this report has been
signed below by the following persons onbehalf of the registrant
and in the capacities and on the dates indicated.
By /s/ Edward C. Bernard Edward C. Bernard Principal Executive
Officer DateNovember 21, 2014 By /s/ Gregory K. Hinkle Gregory K.
Hinkle Principal Financial Officer DateNovember 21, 2014
EX-99.CERT2ex-99cert.htmCERTIFICATIONS
Item 3.
CERTIFICATIONS
I, Edward C. Bernard, certify that:
1. I have reviewed this report on Form N-Q of T. Rowe Price
Diversified Small-Cap Growth Fund, Inc.; 2. Based on my knowledge,
this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period
covered by this report; 3. Based on my knowledge, the schedules of
investments included in this report fairly present in all material
respects the investments of the registrant as of the end of the
fiscal quarter for which the report is filed; 4. The registrant's
other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in
rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the
registrant and have: (a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being
prepared; (b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; (c)
Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report,
based on such evaluation; and (d) Disclosed in this report any
change in the registrants internal control over financial reporting
that occurred during the registrants most recent fiscal quarter
that has materially affected, or is reasonably likely to materially
affect, the registrants internal control over financial reporting;
and 5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the
equivalent functions): (a) All significant deficiencies and
material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize, and
report financial information; and (b) Any fraud, whether or not
material, that involves management or other employees who have a
significant role in the registrant's internal control over
financial reporting.
Date: November 21, 2014 /s/ Edward C. Bernard Edward C. Bernard
Principal Executive Officer
CERTIFICATIONS
I, Gregory K. Hinkle, certifythat:
1. I have reviewed this report on Form N-Q of T. Rowe Price
Diversified Small-Cap Growth Fund, Inc.; 2. Based on my knowledge,
this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period
covered by this report; 3. Based on my knowledge, the schedules of
investments included in this report fairly present in all material
respects the investments of the registrant as of the end of the
fiscal quarter for which the report is filed; 4. The registrant's
other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in
rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the
registrant and have: (a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being
prepared; (b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; (c)
Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report,
based on such evaluation; and (d) Disclosed in this report any
change in the registrants internal control over financial reporting
that occurred during the registrants most recent fiscal quarter
that has materially affected, or is reasonably likely to materially
affect, the registrants internal control over financial reporting;
and 5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the
equivalent functions): (a) All significant deficiencies and
material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize, and
report financial information; and (b) Any fraud, whether or not
material, that involves management or other employees who have a
significant role in the registrant's internal control over
financial reporting.
Date: November 21, 2014 /s/ Gregory K. Hinkle Gregory K. Hinkle
Principal Financial Officer
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