T.
ROWE
PRICE
Integrated
Global
Equity
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
1.8%
Common
Stocks
1.8%
ANZ
Group
Holdings
5,271
81
BHP
Group
2,138
68
Brambles
6,393
58
Coles
Group
5,592
67
National
Australia
Bank
3,209
60
Qantas
Airways (1)
9,192
41
Suncorp
Group
6,791
55
Telstra
17,616
50
Total
Australia
(Cost
$485
)
480
BRAZIL
0.5%
Common
Stocks
0.5%
Ambev
14,088
40
Petroleo
Brasileiro
10,761
57
Suzano
5,512
45
Total
Brazil
(Cost
$143
)
142
CANADA
4.4%
Common
Stocks
4.4%
ARC
Resources
4,100
47
Canadian
Imperial
Bank
of
Commerce
859
36
Canadian
Tire,
Class
A
514
67
CGI (1)
1,343
129
Constellation
Software
71
134
George
Weston
347
46
Loblaw
852
78
Magna
International
804
43
Manulife
Financial
6,397
117
National
Bank
of
Canada
1,083
78
Parkland
2,411
58
Suncor
Energy
2,762
86
TFI
International
1,125
134
Toromont
Industries
342
28
West
Fraser
Timber
929
66
Total
Canada
(Cost
$1,022
)
1,147
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
0.1%
Common
Stocks
0.1%
Banco
de
Chile
370,595
36
Total
Chile
(Cost
$37
)
36
CHINA
4.7%
Common
Stocks
4.3%
Alibaba
Group
Holding,
ADR
(USD) (1)
555
57
Bank
of
China,
Class
H
(HKD)
69,000
26
China
Coal
Energy,
Class
H
(HKD)
30,000
23
China
Construction
Bank,
Class
H
(HKD)
117,000
76
China
Hongqiao
Group
(HKD)
22,000
21
China
Meidong
Auto
Holdings
(HKD)
20,000
43
China
Overseas
Property
Holdings
(HKD)
20,000
24
China
Shenhua
Energy,
Class
H
(HKD)
13,000
41
COSCO
SHIPPING
Holdings,
Class
H
(HKD)
24,500
28
Industrial
&
Commercial
Bank
of
China,
Class
H
(HKD)
127,000
67
JD.com,
Class
A
(HKD)
2,200
48
JOYY,
ADR
(USD)
2,200
69
Lenovo
Group
(HKD)
58,000
63
PDD
Holdings,
ADR
(USD) (1)
788
60
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
23,600
38
Sunny
Optical
Technology
Group
(HKD)
2,700
32
Tencent
Holdings
(HKD)
3,600
176
Tingyi
Cayman
Islands
Holding
(HKD)
18,000
30
Tsingtao
Brewery,
Class
H
(HKD)
6,000
66
Vinda
International
Holdings
(HKD)
17,000
41
Vipshop
Holdings,
ADR
(USD) (1)
3,500
53
Zhongsheng
Group
Holdings
(HKD)
7,000
34
1,116
Common
Stocks
-
China
A
Shares
0.4%
Inner
Mongolia
ERDOS
Resources,
A
Shares
(CNH)
10,500
24
Shanxi
Lu'an
Environmental
Energy
Development,
A
Shares
(CNH)
9,700
31
Sinotrans,
A
Shares
(CNH)
99,500
60
115
Total
China
(Cost
$1,212
)
1,231
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
DENMARK
0.7%
Common
Stocks
0.7%
Novo
Nordisk,
Class
B
1,092
173
Total
Denmark
(Cost
$123
)
173
EGYPT
0.5%
Common
Stocks
0.5%
Commercial
International
Bank
Egypt
31,774
53
Eastern
79,179
45
OCI
(EUR)
1,223
41
Total
Egypt
(Cost
$147
)
139
FINLAND
0.2%
Common
Stocks
0.2%
Sampo,
Class
A
1,294
61
Total
Finland
(Cost
$59
)
61
FRANCE
5.0%
Common
Stocks
5.0%
Airbus
740
99
ArcelorMittal
1,863
56
AXA
3,223
98
Capgemini
388
72
Dassault
Aviation
243
48
Edenred
725
43
EssilorLuxottica
297
54
Eurazeo
735
52
Eurofins
Scientific
725
49
LVMH
Moet
Hennessy
Louis
Vuitton
176
162
Sanofi
538
58
Teleperformance
121
29
Thales
397
59
TotalEnergies
4,022
237
Verallia
1,802
77
Vinci
669
77
Vivendi
2,597
26
Total
France
(Cost
$1,118
)
1,296
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY
2.6%
Common
Stocks
1.9%
Deutsche
Bank
3,971
40
Deutsche
Post
1,055
50
Deutsche
Telekom
3,874
94
GEA
Group
924
42
Munich
Re
274
96
Siemens
1,081
175
497
Preferred
Stocks
0.7%
Dr.
Ing.
h.c.
F.
Porsche (1)
764
98
Volkswagen
610
83
181
Total
Germany
(Cost
$629
)
678
GREECE
0.2%
Common
Stocks
0.2%
Eurobank
Ergasias
Services
&
Holdings (1)
39,933
53
Total
Greece
(Cost
$36
)
53
HONG
KONG
0.5%
Common
Stocks
0.5%
AIA
Group
7,200
75
HKT
Trust
&
HKT
45,000
60
Total
Hong
Kong
(Cost
$109
)
135
INDIA
1.2%
Common
Stocks
1.2%
HDFC
Bank,
ADR
(USD)
741
49
Infosys
2,323
41
NTPC
22,741
49
Petronet
LNG
18,369
51
Power
Grid
Corp.
of
India
25,190
69
Torrent
Pharmaceuticals
2,339
44
Vedanta
6,103
20
Total
India
(Cost
$316
)
323
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
0.3%
Common
Stocks
0.3%
Astra
International
170,800
68
Total
Indonesia
(Cost
$67
)
68
IRELAND
0.2%
Common
Stocks
0.2%
CRH
1,036
52
Total
Ireland
(Cost
$51
)
52
ISRAEL
0.2%
Common
Stocks
0.2%
Mizrahi
Tefahot
Bank
1,702
53
Total
Israel
(Cost
$46
)
53
ITALY
1.1%
Common
Stocks
1.1%
Amplifon
2,609
90
Enel
12,639
77
FinecoBank
Banca
Fineco
2,917
45
Stellantis
4,547
83
Total
Italy
(Cost
$252
)
295
JAPAN
4.9%
Common
Stocks
4.9%
AGC
900
33
Asahi
Group
Holdings
1,100
41
Asics
2,400
68
Astellas
Pharma
4,100
58
Fast
Retailing
600
131
Inpex
3,000
32
ITOCHU
3,100
101
Mitsubishi
2,000
72
Mitsui
Fudosan
2,300
43
Mizuho
Financial
Group
2,800
40
Nippon
Steel (2)
3,700
87
Nippon
Telegraph
&
Telephone
3,100
93
Panasonic
Holdings
4,800
43
Ryohin
Keikaku
4,800
55
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Seven
&
i
Holdings
1,200
54
Sony
Group
900
82
SUMCO
2,700
41
Sumitomo
3,000
53
Sumitomo
Mitsui
Financial
Group
1,200
48
Suntory
Beverage
&
Food
1,200
45
Takeda
Pharmaceutical
1,500
49
Total
Japan
(Cost
$1,137
)
1,269
MEXICO
0.4%
Common
Stocks
0.4%
Grupo
Mexico,
Series
B
15,900
75
Orbia
Advance
15,599
34
Total
Mexico
(Cost
$100
)
109
NETHERLANDS
2.3%
Common
Stocks
2.3%
Adyen (1)
65
104
ASML
Holding
(USD)
342
233
Coca-Cola
European
Partners
(USD)
935
55
Heineken
Holding
942
86
Koninklijke
Ahold
Delhaize
1,976
68
Koninklijke
KPN
13,430
47
Total
Netherlands
(Cost
$499
)
593
NEW
ZEALAND
0.3%
Common
Stocks
0.3%
Spark
New
Zealand
25,406
81
Total
New
Zealand
(Cost
$70
)
81
NORWAY
0.2%
Common
Stocks
0.2%
Mowi
2,675
49
Total
Norway
(Cost
$56
)
49
PHILIPPINES
0.5%
Common
Stocks
0.5%
Bank
of
the
Philippine
Islands
23,253
44
BDO
Unibank
33,142
78
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
PLDT
675
18
Total
Philippines
(Cost
$125
)
140
PORTUGAL
0.5%
Common
Stocks
0.5%
Galp
Energia
6,121
69
Jeronimo
Martins
2,276
54
Total
Portugal
(Cost
$122
)
123
SOUTH
AFRICA
0.7%
Common
Stocks
0.7%
Anglo
American
Platinum
333
18
Bidvest
Group
2,876
41
Exxaro
Resources
2,027
21
Kumba
Iron
Ore
1,249
31
Mr
Price
Group
4,548
37
MTN
Group
4,290
31
Total
South
Africa
(Cost
$219
)
179
SOUTH
KOREA
1.0%
Common
Stocks
1.0%
Hyundai
Mobis
316
52
Kia
973
61
LG
Innotek
219
46
LG
Uplus
4,748
40
Samsung
Fire
&
Marine
Insurance
375
59
Total
South
Korea
(Cost
$279
)
258
SPAIN
0.6%
Common
Stocks
0.6%
Banco
Santander
19,880
74
Iberdrola
5,824
73
Total
Spain
(Cost
$115
)
147
SWEDEN
0.6%
Common
Stocks
0.6%
Atlas
Copco,
Class
B
4,125
48
Bilia,
Class
A
3,395
42
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Swedbank,
Class
A (2)
4,633
76
Total
Sweden
(Cost
$155
)
166
SWITZERLAND
0.8%
Common
Stocks
0.8%
Julius
Baer
Group
1,771
121
Partners
Group
Holding
28
26
Roche
Holding
193
55
Total
Switzerland
(Cost
$177
)
202
TAIWAN
1.8%
Common
Stocks
1.8%
Chailease
Holding
19,356
142
Evergreen
Marine
Corp.
Taiwan
4,200
22
Realtek
Semiconductor
4,000
51
Taiwan
Semiconductor
Manufacturing
13,000
228
Wan
Hai
Lines
5,600
13
Total
Taiwan
(Cost
$275
)
456
THAILAND
0.2%
Common
Stocks
0.2%
Bangkok
Dusit
Medical
Services,
Class
F
43,600
38
Total
Thailand
(Cost
$35
)
38
TURKEY
0.3%
Common
Stocks
0.3%
BIM
Birlesik
Magazalar
10,257
80
Total
Turkey
(Cost
$59
)
80
UNITED
KINGDOM
1.8%
Common
Stocks
1.8%
3i
Group
2,177
45
Barclays
29,626
53
Compass
Group
2,049
52
Imperial
Brands
2,239
51
InterContinental
Hotels
Group
1,158
76
Smiths
Group
1,961
42
Tesco
13,588
45
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Unilever
2,030
105
Total
United
Kingdom
(Cost
$431
)
469
UNITED
STATES
58.0%
Common
Stocks
58.0%
Abbott
Laboratories
1,503
152
AbbVie
1,540
245
Accenture,
Class
A
618
177
Adobe (1)
301
116
Agilent
Technologies
967
134
Alexandria
Real
Estate
Equities,
REIT
290
36
Alphabet,
Class
A (1)
4,911
509
Amazon.com (1)
2,737
283
American
International
Group
2,089
105
AmerisourceBergen
380
61
AMETEK
360
52
Apple
6,606
1,089
Arch
Capital
Group (1)
1,062
72
Autodesk (1)
481
100
AutoZone (1)
60
147
AvalonBay
Communities,
REIT
208
35
Bank
of
America
6,436
184
Bath
&
Body
Works
2,037
75
Becton
Dickinson
&
Company
412
102
Best
Buy
424
33
Biogen (1)
131
36
Booking
Holdings (1)
53
141
Broadcom
250
160
Cadence
Design
Systems (1)
656
138
Camden
Property
Trust,
REIT
557
58
Capital
One
Financial
442
42
Carrier
Global
2,300
105
Centene (1)
700
44
CF
Industries
Holdings
884
64
Charles
Schwab
800
42
Chubb
432
84
Citigroup
2,408
113
CMS
Energy
850
52
Coca-Cola
2,465
153
Cognizant
Technology
Solutions,
Class
A
1,105
67
Constellation
Energy
1,161
91
Costco
Wholesale
98
49
CSX
4,200
126
Cummins
394
94
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Darling
Ingredients (1)
578
34
Discover
Financial
Services
470
46
Elevance
Health
153
70
Eli
Lilly
613
211
Equinix,
REIT
123
89
Equitable
Holdings
4,246
108
Equity
LifeStyle
Properties,
REIT
1,003
67
Evergy
1,200
73
Extra
Space
Storage,
REIT
267
43
Fair
Isaac (1)
187
131
FedEx
362
83
Ferguson
(GBP)
239
32
Fidelity
National
Information
Services
832
45
Fifth
Third
Bancorp
1,533
41
Fiserv (1)
954
108
FleetCor
Technologies (1)
543
114
FMC
493
60
GE
HealthCare
Technologies (1)
386
32
General
Dynamics
536
122
General
Electric
1,160
111
Global
Payments
850
89
GoDaddy,
Class
A (1)
1,200
93
Hartford
Financial
Services
Group
1,621
113
Hilton
Worldwide
Holdings
460
65
Hologic (1)
1,569
127
Home
Depot
599
177
Honeywell
International
770
147
Humana
106
51
International
Paper
1,104
40
Intuit
211
94
Invitation
Homes,
REIT
939
29
IQVIA
Holdings (1)
241
48
Johnson
&
Johnson
713
111
JPMorgan
Chase
643
84
Keurig
Dr
Pepper
1,605
57
Kimberly-Clark
363
49
Kinder
Morgan
4,079
71
L3Harris
Technologies
348
68
Leidos
Holdings
494
45
LKQ
1,577
90
Marathon
Petroleum
1,057
143
Marsh
&
McLennan
481
80
Mastercard,
Class
A
551
200
McDonald's
410
115
McKesson
172
61
Merck
797
85
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
Meta
Platforms,
Class
A (1)
470
100
MetLife
535
31
MGM
Resorts
International
1,875
83
Microsoft
3,223
929
Molina
Healthcare (1)
172
46
Mondelez
International,
Class
A
1,574
110
Morgan
Stanley
1,060
93
News,
Class
A
3,925
68
Nucor
366
57
NVIDIA
676
188
NVR (1)
24
134
ONEOK
794
50
O'Reilly
Automotive (1)
118
100
Otis
Worldwide
1,307
110
Packaging
Corp.
of
America
404
56
Parker-Hannifin
326
110
PepsiCo
745
136
Pfizer
1,796
73
PG&E (1)
7,208
117
Philip
Morris
International
1,403
136
Procter
&
Gamble
428
64
Prologis,
REIT
1,367
171
Public
Storage,
REIT
210
63
QUALCOMM
1,209
154
Reliance
Steel
&
Aluminum
326
84
ResMed
344
75
Robert
Half
International
611
49
Roper
Technologies
131
58
Salesforce (1)
540
108
SBA
Communications,
REIT
225
59
Sempra
Energy
375
57
Southern
852
59
SS&C
Technologies
Holdings
815
46
Synopsys (1)
501
194
T-Mobile
U.S. (1)
571
83
Targa
Resources
1,220
89
Tesla (1)
297
62
Texas
Instruments
573
107
Textron
1,930
136
Thermo
Fisher
Scientific
272
157
UnitedHealth
Group
507
240
Valero
Energy
399
56
Viatris
7,769
75
Visa,
Class
A
1,051
237
VMware,
Class
A (1)
326
41
Walmart
443
65
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
Wells
Fargo
4,501
168
Westrock
2,747
84
Zimmer
Biomet
Holdings
614
79
Zoetis
787
131
Total
United
States
(Cost
$11,162
)
15,096
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(4)
119,527
120
Total
Short-Term
Investments
(Cost
$120)
120
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(4)
149,693
150
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
150
Total
Securities
Lending
Collateral
(Cost
$150)
150
Total
Investments
in
Securities
100.2%
(Cost
$21,138)
$
26,087
Other
Assets
Less
Liabilities
(0.2)%
(40)
Net
Assets
100.0%
$
26,047
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
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
CNH
Offshore
China
Renminbi
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
USD
U.S.
Dollar
T.
ROWE
PRICE
Integrated
Global
Equity
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,
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%
$
271
¤
¤
$
270
Total
$
270^
#
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
$270.
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
T.
Rowe
Price
Integrated
Global
Equity
Fund (the
fund),
formerly
the
T.
Rowe
Price
QM
Global
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
Global
Equity
Fund
15
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
16
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
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
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
$
15,640
$
9,996
$
—
$
25,636
Preferred
Stocks
—
181
—
181
Short-Term
Investments
120
—
—
120
Securities
Lending
Collateral
150
—
—
150
Total
$
15,910
$
10,177
$
—
$
26,087
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
17
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F203-054Q1
03/23