T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.4%
COMMUNICATION
SERVICES
2.3%
Diversified
Telecommunication
Services
0.0%
GCI
Liberty,
Class
A,
EC (1)(2)
7,281
—
—
Entertainment
0.2%
Playtika
Holding (1)
96,411
929
929
Interactive
Media
&
Services
0.4%
Match
Group (1)
43,200
1,692
1,692
Media
1.7%
Interpublic
Group
25,867
742
News,
Class
A
103,853
2,083
Nexstar
Media
Group,
Class
A
12,365
1,773
Sinclair (3)
45,305
508
Stagwell (1)
286,169
1,342
6,448
Total
Communication
Services
9,069
CONSUMER
DISCRETIONARY
10.8%
Automobile
Components
1.3%
Autoliv
15,840
1,528
BorgWarner
21,895
884
Magna
International (3)
22,751
1,220
Patrick
Industries
18,216
1,367
4,999
Distributors
0.2%
LKQ
18,493
916
916
Diversified
Consumer
Services
0.8%
Duolingo (1)
6,630
1,100
Stride (1)
44,242
1,992
3,092
Hotels,
Restaurants
&
Leisure
3.9%
Accel
Entertainment (1)
87,500
958
Arcos
Dorados
Holdings,
Class
A
152,840
1,446
Bloomin'
Brands
67,388
1,657
Boyd
Gaming
30,875
1,878
Dine
Brands
Global
14,690
726
Domino's
Pizza
2,651
1,004
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
DraftKings,
Class
A (1)
37,798
1,113
Everi
Holdings (1)
48,526
642
Hilton
Grand
Vacations (1)
20,528
835
Marriott
Vacations
Worldwide
7,672
772
Travel
+
Leisure
42,911
1,576
Wendy's
65,342
1,334
Wynn
Resorts
10,796
998
14,939
Household
Durables
1.3%
La-Z-Boy
18,090
559
NVR (1)
230
1,372
PulteGroup
32,715
2,422
TopBuild (1)
2,663
670
5,023
Specialty
Retail
2.3%
Academy
Sports
&
Outdoors
37,821
1,788
Bath
&
Body
Works
59,848
2,023
Build-A-Bear
Workshop
51,073
1,502
Burlington
Stores (1)
7,857
1,063
Signet
Jewelers
8,176
587
Upbound
Group
20,920
616
Williams-Sonoma
7,435
1,155
8,734
Textiles,
Apparel
&
Luxury
Goods
1.0%
Deckers
Outdoor (1)
3,685
1,894
PVH
13,278
1,016
Steven
Madden
24,884
791
3,701
Total
Consumer
Discretionary
41,404
CONSUMER
STAPLES
2.4%
Beverages
0.6%
Coca-Cola
Consolidated
3,533
2,248
2,248
Consumer
Staples
Distribution
&
Retail
0.7%
Andersons
11,280
581
Sprouts
Farmers
Market (1)
17,529
750
U.S.
Foods
Holding (1)
35,818
1,422
2,753
Food
Products
0.8%
Darling
Ingredients (1)
39,277
2,050
Dole
96,632
1,119
3,169
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
0.3%
Central
Garden
&
Pet,
Class
A (1)
26,590
1,066
1,066
Total
Consumer
Staples
9,236
ENERGY
6.4%
Energy
Equipment
&
Services
3.2%
Expro
Group
Holdings (1)
80,650
1,874
Helix
Energy
Solutions
Group (1)
99,500
1,111
Helmerich
&
Payne
12,860
542
Liberty
Energy,
Class
A
153,341
2,840
Nabors
Industries (1)
2,489
306
Oceaneering
International (1)
62,792
1,615
TechnipFMC
191,487
3,895
12,183
Oil,
Gas
&
Consumable
Fuels
3.2%
Chesapeake
Energy (3)
32,503
2,803
Gulfport
Energy (1)
14,710
1,746
Ovintiv
23,803
1,132
PBF
Energy,
Class
A
18,100
969
Range
Resources
82,517
2,674
Southwestern
Energy (1)
156,042
1,007
World
Kinect
73,084
1,639
11,970
Total
Energy
24,153
FINANCIALS
15.2%
Banks
5.5%
Associated
Banc-Corp
77,215
1,321
East
West
Bancorp
20,312
1,071
First
BanCorp
Puerto
Rico
89,913
1,210
Hancock
Whitney
46,112
1,706
Hanmi
Financial
36,080
585
Heartland
Financial
USA
29,385
865
Hope
Bancorp
80,720
714
Huntington
Bancshares
165,493
1,721
Independent
Bank
47,266
867
International
Bancshares
20,161
874
OceanFirst
Financial
45,326
656
Popular
45,447
2,864
Preferred
Bank
16,364
1,019
Synovus
Financial
46,734
1,299
Webster
Financial
28,590
1,152
Western
Alliance
Bancorp
36,437
1,675
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zions
Bancorp
38,843
1,355
20,954
Capital
Markets
1.5%
Affiliated
Managers
Group
7,010
914
Jefferies
Financial
Group
36,053
1,320
LPL
Financial
Holdings
11,854
2,817
Virtus
Investment
Partners
3,024
611
5,662
Consumer
Finance
0.8%
OneMain
Holdings
51,966
2,083
PROG
Holdings (1)
27,128
901
2,984
Financial
Services
4.0%
Corebridge
Financial
97,212
1,920
Equitable
Holdings
43,159
1,225
Essent
Group
42,909
2,029
Euronet
Worldwide (1)
13,667
1,085
EVERTEC
30,000
1,115
Federal
Agricultural
Mortgage,
Class
C
5,935
916
FleetCor
Technologies (1)
12,721
3,248
Payoneer
Global (1)
132,021
808
Radian
Group
18,432
463
Voya
Financial
36,762
2,443
15,252
Insurance
3.4%
Axis
Capital
Holdings
39,741
2,240
Everest
Group
8,056
2,994
First
American
Financial
12,240
691
Old
Republic
International
63,275
1,705
Primerica
6,340
1,230
Reinsurance
Group
of
America
12,869
1,869
RenaissanceRe
Holdings
11,236
2,224
12,953
Total
Financials
57,805
HEALTH
CARE
14.9%
Biotechnology
5.1%
ACADIA
Pharmaceuticals (1)
25,093
523
Akero
Therapeutics (1)
19,731
998
Alkermes (1)
29,049
814
Allakos (1)
50,488
115
Biohaven (1)
30,788
801
Blueprint
Medicines (1)
25,781
1,295
Cerevel
Therapeutics
Holdings (1)(3)
16,407
358
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Crinetics
Pharmaceuticals (1)
19,930
593
Cymabay
Therapeutics (1)
49,233
734
Day
One
Biopharmaceuticals (1)
17,215
211
Ideaya
Biosciences (1)
19,780
534
IGM
Biosciences (1)(3)
8,363
70
Immuneering,
Class
A (1)
38,116
293
Insmed (1)
47,135
1,190
Intellia
Therapeutics (1)
16,568
524
Ionis
Pharmaceuticals (1)(3)
23,535
1,067
Karuna
Therapeutics (1)
4,839
818
Kymera
Therapeutics (1)(3)
33,420
464
Morphic
Holding (1)
5,769
132
Natera (1)
13,656
604
Neurocrine
Biosciences (1)
11,671
1,313
Prothena (1)
18,314
884
RAPT
Therapeutics (1)
17,073
284
Relay
Therapeutics (1)
21,768
183
Replimune
Group (1)
29,911
512
REVOLUTION
Medicines (1)
27,683
766
Sage
Therapeutics (1)
20,280
417
Sarepta
Therapeutics (1)
6,110
741
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(4)
2,403
7
Scholar
Rock
Holding (1)(3)
34,766
247
Ultragenyx
Pharmaceutical (1)
16,213
578
Vaxcyte (1)
12,786
652
Xencor (1)
17,049
343
Zentalis
Pharmaceuticals (1)
13,824
277
19,342
Health
Care
Equipment
&
Supplies
3.0%
Cooper
2,695
857
DENTSPLY
SIRONA
65,570
2,240
Haemonetics (1)
12,078
1,082
Hologic (1)
25,377
1,761
Inmode (1)
28,674
873
Lantheus
Holdings (1)
5,915
411
Merit
Medical
Systems (1)
22,792
1,573
STERIS
6,902
1,515
Teleflex
6,408
1,259
11,571
Health
Care
Providers
&
Services
3.3%
AMN
Healthcare
Services (1)
11,638
991
DaVita (1)
9,346
883
Encompass
Health
25,010
1,680
Molina
Healthcare (1)
7,091
2,325
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Select
Medical
Holdings
113,489
2,868
Tenet
Healthcare (1)
38,965
2,567
Universal
Health
Services,
Class
B
9,358
1,177
12,491
Life
Sciences
Tools
&
Services
1.3%
Avantor (1)
86,987
1,834
Bio-Techne
18,118
1,233
Medpace
Holdings (1)
7,984
1,933
5,000
Pharmaceuticals
2.2%
Aclaris
Therapeutics (1)
75,030
514
Catalent (1)
32,428
1,477
Elanco
Animal
Health (1)
60,264
677
Intra-Cellular
Therapies (1)
8,235
429
Perrigo
26,451
845
Pliant
Therapeutics (1)(3)
15,570
270
Prestige
Consumer
Healthcare (1)
21,611
1,236
Structure
Therapeutics,
ADR (1)(3)
11,741
592
Ventyx
Biosciences (1)(3)
25,337
880
Viatris
160,589
1,583
8,503
Total
Health
Care
56,907
INDUSTRIALS
&
BUSINESS
SERVICES
20.5%
Aerospace
&
Defense
3.2%
Curtiss-Wright
8,141
1,593
Howmet
Aerospace
43,382
2,006
Huntington
Ingalls
Industries
12,311
2,519
Moog,
Class
A
16,549
1,869
Textron
46,835
3,660
V2X (1)
9,809
507
12,154
Building
Products
2.2%
Builders
FirstSource (1)
18,053
2,247
Carlisle
6,841
1,774
Masco
18,673
998
Owens
Corning
11,669
1,592
UFP
Industries
15,277
1,564
8,175
Commercial
Services
&
Supplies
1.7%
Brink's
28,524
2,072
Clean
Harbors (1)
12,055
2,018
CoreCivic (1)
101,460
1,141
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
GEO
Group (1)(3)
141,057
1,154
6,385
Construction
&
Engineering
2.8%
AECOM
14,871
1,235
Comfort
Systems
USA
15,934
2,715
EMCOR
Group
9,767
2,055
Primoris
Services
32,087
1,050
Sterling
Infrastructure (1)
15,290
1,124
WillScot
Mobile
Mini
Holdings (1)
56,972
2,369
10,548
Electrical
Equipment
1.1%
Acuity
Brands
5,739
977
Atkore (1)
10,793
1,610
EnerSys
15,810
1,497
4,084
Ground
Transportation
0.5%
Landstar
System
7,275
1,288
TFI
International
6,177
793
2,081
Machinery
5.1%
Alamo
Group
9,099
1,573
Blue
Bird (1)
60,067
1,282
Crane
11,034
980
Enerpac
Tool
Group
13,019
344
EnPro
Industries
6,186
750
Esab
33,283
2,337
Hillenbrand
44,217
1,871
Lincoln
Electric
Holdings
6,797
1,236
Middleby (1)
9,203
1,178
Mueller
Industries
13,280
998
Mueller
Water
Products,
Class
A
134,192
1,702
Stanley
Black
&
Decker
22,948
1,918
Terex
24,794
1,429
Timken
24,565
1,805
19,403
Professional
Services
3.0%
ASGN (1)
11,984
979
Kforce
8,635
515
Korn
Ferry
19,421
921
Leidos
Holdings
23,692
2,184
ManpowerGroup
11,174
819
Parsons (1)
39,844
2,166
SS&C
Technologies
Holdings
33,867
1,779
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
TriNet
Group (1)
4,797
559
TrueBlue (1)
30,483
447
Verra
Mobility (1)
44,431
831
11,200
Trading
Companies
&
Distributors
0.9%
Core
&
Main,
Class
A (1)
61,852
1,785
Hudson
Technologies (1)
58,269
775
United
Rentals
2,239
995
3,555
Total
Industrials
&
Business
Services
77,585
INFORMATION
TECHNOLOGY
15.8%
Electronic
Equipment,
Instruments
&
Components
3.0%
Belden
41,524
4,009
CTS
37,262
1,555
Flex (1)
57,818
1,560
Jabil
27,262
3,459
OSI
Systems (1)
7,553
892
11,475
IT
Services
1.3%
Akamai
Technologies (1)
13,349
1,422
Amdocs
18,288
1,545
GoDaddy,
Class
A (1)
26,943
2,007
4,974
Semiconductors
&
Semiconductor
Equipment
2.4%
Amkor
Technology
31,632
715
Axcelis
Technologies (1)
9,288
1,514
Cirrus
Logic (1)
9,223
682
Diodes (1)
19,753
1,557
Kulicke
&
Soffa
Industries
13,518
657
Onto
Innovation (1)
8,474
1,081
Photronics (1)
85,376
1,726
SMART
Global
Holdings (1)
43,069
1,049
8,981
Software
8.8%
A10
Networks
103,336
1,553
ACI
Worldwide (1)
18,863
426
BILL
Holdings (1)
7,729
839
Box,
Class
A (1)
38,247
926
Confluent,
Class
A (1)
35,085
1,039
Descartes
Systems
Group (1)
28,259
2,074
DocuSign (1)
36,413
1,529
Dolby
Laboratories,
Class
A
15,017
1,190
Dropbox,
Class
A (1)
55,987
1,525
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Dynatrace (1)
59,917
2,800
Fair
Isaac (1)
1,297
1,127
Gen
Digital
131,229
2,320
Informatica,
Class
A (1)
61,177
1,289
Klaviyo,
Class
A (1)(3)
4,658
161
Monday.com (1)
4,700
748
NCR (1)
35,358
954
Open
Text (3)
28,529
1,001
PTC (1)
23,223
3,290
Qualys (1)
16,281
2,484
Samsara,
Class
A (1)
1,862
47
Sapiens
International
42,260
1,201
Teradata (1)
32,810
1,477
Tyler
Technologies (1)
3,950
1,525
Verint
Systems (1)
20,808
478
Zscaler (1)
9,047
1,408
33,411
Technology
Hardware,
Storage
&
Peripherals
0.3%
Super
Micro
Computer (1)
4,070
1,116
1,116
Total
Information
Technology
59,957
MATERIALS
4.7%
Chemicals
1.2%
CF
Industries
Holdings
34,134
2,927
Westlake
12,622
1,573
4,500
Containers
&
Packaging
1.1%
Berry
Global
Group
18,727
1,159
Graphic
Packaging
Holding
55,019
1,226
Westrock
52,740
1,888
4,273
Metals
&
Mining
1.6%
Hudbay
Minerals
160,110
780
Reliance
Steel
&
Aluminum
11,303
2,964
Steel
Dynamics
21,010
2,252
5,996
Paper
&
Forest
Products
0.8%
Clearwater
Paper (1)
27,981
1,014
West
Fraser
Timber
28,453
2,064
3,078
Total
Materials
17,847
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
REAL
ESTATE
4.5%
Diversified
Real
Estate
Investment
Trusts
0.2%
Armada
Hoffler
Properties,
REIT
67,560
692
692
Health
Care
Real
Estate
Investment
Trusts
0.1%
Medical
Properties
Trust,
REIT (3)
73,792
402
402
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.8%
Braemar
Hotels
&
Resorts,
REIT
128,322
356
DiamondRock
Hospitality,
REIT
136,500
1,096
Host
Hotels
&
Resorts,
REIT
88,561
1,423
2,875
Residential
Real
Estate
Investment
Trusts
0.7%
Equity
LifeStyle
Properties,
REIT
39,270
2,502
2,502
Retail
Real
Estate
Investment
Trusts
0.7%
Brixmor
Property
Group,
REIT
96,974
2,015
Saul
Centers,
REIT
13,774
486
2,501
Specialized
Real
Estate
Investment
Trusts
2.0%
Iron
Mountain,
REIT
35,538
2,113
Lamar
Advertising,
Class
A,
REIT
36,944
3,084
PotlatchDeltic,
REIT
49,581
2,250
7,447
Total
Real
Estate
16,419
UTILITIES
1.9%
Electric
Utilities
1.8%
ALLETE
35,030
1,849
Evergy
46,804
2,373
Pinnacle
West
Capital
35,448
2,612
6,834
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Clearway
Energy,
Class
C
20,717
438
438
Total
Utilities
7,272
Total
Common
Stocks
(Cost
$351,987)
377,654
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
2.0%
Money
Market
Funds
2.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (5)(6)
7,530,161
7,530
Total
Short-Term
Investments
(Cost
$7,530)
7,530
SECURITIES
LENDING
COLLATERAL
2.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (5)(6)
9,693,934
9,694
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
9,694
Total
Securities
Lending
Collateral
(Cost
$9,694)
9,694
Total
Investments
in
Securities
104.0%
(Cost
$369,211)
$
394,878
Other
Assets
Less
Liabilities
(4.0)%
(15,090)
Net
Assets
100.0%
$
379,788
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2023.
(4)
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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$7
and
represents
0.0%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
12
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
nine
months
ended
September
30,
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,
5.40%
$
—
$
—
$
113++
Totals
$
—#
$
—
$
113+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
5,009
¤
¤
$
17,224
Total
$
17,224^
#
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
$113
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
$17,224.
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
13
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund (the
fund),
formerly
the
T.
Rowe
Price
QM
U.S.
Small
&
Mid-Cap
Core
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.
Small-Mid
Cap
Core
Equity
Fund
14
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.
Small-Mid
Cap
Core
Equity
Fund
15
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
September
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
377,647
$
7
$
—
$
377,654
Short-Term
Investments
7,530
—
—
7,530
Securities
Lending
Collateral
9,694
—
—
9,694
Total
$
394,871
$
7
$
—
$
394,878
T.
ROWE
PRICE
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
16
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.
F202-054Q3
09/23