T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
100.0%
COMMUNICATION
SERVICES
6.6%
Diversified
Telecommunication
Services
1.4%
AT&T
18,309
353
Verizon
Communications
2,831
110
463
Interactive
Media
&
Services
3.2%
Alphabet,
Class
A (1)
1,964
204
Meta
Platforms,
Class
A (1)
3,886
823
1,027
Media
2.0%
Comcast,
Class
A
9,308
353
Fox,
Class
B
2,651
83
Nexstar
Media
Group,
Class
A
1,099
190
626
Total
Communication
Services
2,116
CONSUMER
DISCRETIONARY
7.2%
Automobile
Components
0.6%
Magna
International
3,727
200
200
Broadline
Retail
0.6%
Alibaba
Group
Holding,
ADR (1)
716
73
eBay
2,844
126
199
Distributors
0.7%
LKQ
4,146
235
235
Hotels,
Restaurants
&
Leisure
1.2%
Booking
Holdings (1)
78
207
MGM
Resorts
International
1,687
75
Travel
+
Leisure
2,732
107
389
Household
Durables
1.0%
NVR (1)
39
217
PulteGroup
1,580
92
309
Specialty
Retail
3.1%
AutoZone (1)
110
270
Bath
&
Body
Works
3,951
145
Best
Buy
1,537
120
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Home
Depot
637
188
O'Reilly
Automotive (1)
313
266
989
Total
Consumer
Discretionary
2,321
CONSUMER
STAPLES
8.8%
Beverages
0.9%
Keurig
Dr
Pepper
4,915
173
Molson
Coors
Beverage,
Class
B
2,394
124
297
Consumer
Staples
Distribution
&
Retail
1.4%
Kroger
4,185
206
Walmart
1,722
254
460
Food
Products
2.5%
Conagra
Brands
6,662
250
Kraft
Heinz
7,367
285
Mondelez
International,
Class
A
4,017
280
815
Household
Products
1.7%
Procter
&
Gamble
3,550
528
528
Tobacco
2.3%
Altria
Group
4,397
196
Philip
Morris
International
5,533
538
734
Total
Consumer
Staples
2,834
ENERGY
8.2%
Oil,
Gas
&
Consumable
Fuels
8.2%
Chevron
3,323
542
ConocoPhillips
4,024
399
Exxon
Mobil
8,241
904
Kinder
Morgan
13,698
240
Marathon
Petroleum
1,480
200
Occidental
Petroleum,
Warrants,
8/3/27 (1)
425
17
PDC
Energy
1,076
69
Suncor
Energy
2,647
82
TotalEnergies,
ADR
3,237
191
Total
Energy
2,644
FINANCIALS
19.8%
Banks
7.0%
Bank
of
America
12,051
345
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Citigroup
8,001
375
Fifth
Third
Bancorp
5,957
159
JPMorgan
Chase
6,617
862
Wells
Fargo
13,601
508
2,249
Capital
Markets
2.0%
Ameriprise
Financial
828
254
Charles
Schwab
2,385
125
Morgan
Stanley
2,823
248
627
Consumer
Finance
0.9%
Capital
One
Financial
1,100
106
Discover
Financial
Services
1,296
128
OneMain
Holdings
1,856
69
303
Financial
Services
3.9%
Berkshire
Hathaway,
Class
B (1)
579
179
Equitable
Holdings
9,425
239
Fiserv (1)
2,609
295
FleetCor
Technologies (1)
924
195
Global
Payments
3,276
345
1,253
Insurance
6.0%
Aflac
3,676
237
American
International
Group
6,588
332
Arch
Capital
Group (1)
1,698
115
Chubb
2,076
403
Everest
Re
Group
551
197
Hartford
Financial
Services
Group
4,804
335
MetLife
5,367
311
1,930
Total
Financials
6,362
HEALTH
CARE
17.3%
Biotechnology
2.7%
AbbVie
1,476
235
Biogen (1)
782
218
Gilead
Sciences
5,028
417
870
Health
Care
Equipment
&
Supplies
3.2%
Abbott
Laboratories
589
60
Becton
Dickinson
&
Company
1,384
343
DENTSPLY
SIRONA
2,506
98
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Hologic (1)
2,245
181
Zimmer
Biomet
Holdings
2,676
346
1,028
Health
Care
Providers
&
Services
5.7%
AmerisourceBergen
1,383
221
Cardinal
Health
1,358
103
Centene (1)
2,721
172
CVS
Health
4,716
350
Elevance
Health
856
394
Humana
404
196
McKesson
871
310
Molina
Healthcare (1)
275
74
1,820
Life
Sciences
Tools
&
Services
0.6%
Thermo
Fisher
Scientific
345
199
199
Pharmaceuticals
5.1%
Bristol-Myers
Squibb
6,616
459
Johnson
&
Johnson
3,125
484
Pfizer
6,973
284
Sanofi,
ADR
4,206
229
Viatris
19,441
187
1,643
Total
Health
Care
5,560
INDUSTRIALS
&
BUSINESS
SERVICES
12.8%
Aerospace
&
Defense
3.6%
General
Dynamics
1,417
323
L3Harris
Technologies
1,830
359
Lockheed
Martin
381
180
Textron
4,241
300
1,162
Air
Freight
&
Logistics
1.2%
FedEx
1,617
369
369
Building
Products
0.3%
Masco
2,101
104
104
Construction
&
Engineering
0.5%
AECOM
1,837
155
155
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ground
Transportation
0.8%
CSX
8,413
252
252
Industrial
Conglomerates
1.0%
General
Electric
3,390
324
324
Machinery
3.0%
Allison
Transmission
Holdings
2,359
107
Cummins
1,304
312
Otis
Worldwide
2,488
210
Parker-Hannifin
736
247
Timken
994
81
957
Passenger
Airlines
0.3%
Southwest
Airlines
2,791
91
91
Professional
Services
2.1%
Booz
Allen
Hamilton
Holding
971
90
Leidos
Holdings
2,550
235
ManpowerGroup
1,339
111
SS&C
Technologies
Holdings
4,008
226
662
Total
Industrials
&
Business
Services
4,076
INFORMATION
TECHNOLOGY
6.9%
Communications
Equipment
1.4%
Cisco
Systems
8,251
431
431
Electronic
Equipment,
Instruments
&
Components
0.5%
Corning
4,551
161
161
IT
Services
0.8%
Cognizant
Technology
Solutions,
Class
A
2,424
148
GoDaddy,
Class
A (1)
1,276
99
247
Semiconductors
&
Semiconductor
Equipment
2.2%
Micron
Technology
3,144
190
NXP
Semiconductors
497
93
QUALCOMM
2,150
274
Skyworks
Solutions
1,239
146
703
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Software
1.3%
Gen
Digital
10,998
189
Open
Text (2)
1,891
73
Salesforce (1)
821
164
426
Technology
Hardware,
Storage
&
Peripherals
0.7%
Dell
Technologies,
Class
C
2,889
116
HP
4,017
118
234
Total
Information
Technology
2,202
MATERIALS
4.2%
Chemicals
1.7%
CF
Industries
Holdings
1,821
132
Dow
3,151
173
LyondellBasell
Industries,
Class
A
1,344
126
Nutrien
1,598
118
549
Containers
&
Packaging
1.5%
International
Paper
7,607
274
Westrock
6,721
205
479
Metals
&
Mining
1.0%
Reliance
Steel
&
Aluminum
1,279
328
328
Total
Materials
1,356
REAL
ESTATE
3.2%
Health
Care
Real
Estate
Investment
Trusts
0.4%
Omega
Healthcare
Investors,
REIT
4,162
114
114
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.2%
Host
Hotels
&
Resorts,
REIT
3,980
66
66
Residential
Real
Estate
Investment
Trusts
0.4%
Apartment
Income
REIT,
REIT
3,098
111
111
Specialized
Real
Estate
Investment
Trusts
2.2%
Gaming
&
Leisure
Properties,
REIT
4,156
216
Iron
Mountain,
REIT
3,362
178
Lamar
Advertising,
Class
A,
REIT
943
94
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Weyerhaeuser,
REIT
6,923
209
697
Total
Real
Estate
988
UTILITIES
5.0%
Electric
Utilities
4.6%
Evergy
4,810
294
Exelon
6,223
261
FirstEnergy
4,869
195
NRG
Energy
1,269
43
PG&E (1)
11,602
188
Pinnacle
West
Capital
995
79
Southern
5,954
414
1,474
Gas
Utilities
0.4%
UGI
3,924
136
136
Total
Utilities
1,610
Total
Common
Stocks
(Cost
$27,535)
32,069
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(4)
1,139
1
Total
Short-Term
Investments
(Cost
$1)
1
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(4)
65,914
66
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
66
Total
Securities
Lending
Collateral
(Cost
$66)
66
Total
Investments
in
Securities
100.2%
(Cost
$27,602)
$
32,136
Other
Assets
Less
Liabilities
(0.2)%
(56)
Net
Assets
100.0%
$
32,080
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
8
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(3)
Seven-day
yield
(4)
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
Integrated
U.S.
Large-Cap
Value
Equity
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
—
$
—
$
2++
Totals
$
—#
$
—
$
2+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
984
¤
¤
$
67
Total
$
67^
#
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
$2
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
$67.
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
Integrated
U.S.
Large-Cap
Value
Equity
Fund (the
fund),
formerly
the
T.
Rowe
Price
QM
U.S.
Value
Equity
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
Integrated
U.S.
Large-Cap
Value
Equity
Fund
11
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
Integrated
U.S.
Large-Cap
Value
Equity
Fund
12
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
On
March
31,
2023,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
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.
F201-054Q1
03/23