T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.9%
COMMUNICATION
SERVICES
3.0%
Diversified
Telecommunication
Services
0.6%
AT&T
4,769
84
Verizon
Communications
3,361
141
225
Media
1.7%
Comcast,
Class
A
3,829
166
Fox,
Class
B
2,496
71
News,
Class
A
7,537
197
Nexstar
Media
Group
1,030
178
612
Wireless
Telecommunication
Services
0.7%
T-Mobile
U.S.
1,566
256
256
Total
Communication
Services
1,093
CONSUMER
DISCRETIONARY
2.6%
Broadline
Retail
0.5%
eBay
3,406
180
180
Hotels,
Restaurants
&
Leisure
0.6%
Las
Vegas
Sands
990
51
Travel
+
Leisure
2,980
146
197
Household
Durables
1.0%
Lennar,
Class
A
1,050
181
PulteGroup
1,484
179
360
Specialty
Retail
0.5%
Bath
&
Body
Works
3,719
186
186
Total
Consumer
Discretionary
923
CONSUMER
STAPLES
7.1%
Beverages
0.5%
Molson
Coors
Beverage,
Class
B
2,835
191
191
Consumer
Staples
Distribution
&
Retail
0.8%
Walmart
4,638
279
279
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
2.0%
Archer-Daniels-Midland
2,210
139
Conagra
Brands
7,696
228
Kraft
Heinz
7,344
271
Mondelez
International,
Class
A
975
68
706
Household
Products
2.1%
Kimberly-Clark
2,125
275
Procter
&
Gamble
2,919
473
748
Personal
Care
Products
1.0%
Kenvue
16,858
362
362
Tobacco
0.7%
Altria
Group
2,193
96
Philip
Morris
International
1,752
160
256
Total
Consumer
Staples
2,542
ENERGY
9.7%
Energy
Equipment
&
Services
1.6%
Baker
Hughes
7,379
247
Halliburton
2,546
100
TechnipFMC
9,110
229
576
Oil,
Gas
&
Consumable
Fuels
8.1%
BP,
ADR
7,604
287
Chesapeake
Energy
1,190
106
Chevron
840
132
ConocoPhillips
3,080
392
Exxon
Mobil
5,102
593
Kinder
Morgan
12,907
237
Marathon
Petroleum
1,390
280
Suncor
Energy
8,708
321
TotalEnergies,
ADR (1)
4,490
309
Valero
Energy
1,112
190
2,847
Total
Energy
3,423
FINANCIALS
22.0%
Banks
8.1%
Bank
of
America
11,352
430
Citigroup
8,848
560
Credicorp
580
98
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase
5,448
1,091
Wells
Fargo
11,499
667
2,846
Capital
Markets
2.1%
Affiliated
Managers
Group
588
99
Bank
of
New
York
Mellon
5,456
314
Charles
Schwab
2,245
162
Jefferies
Financial
Group
1,580
70
Morgan
Stanley
982
92
737
Consumer
Finance
0.7%
Capital
One
Financial
372
55
OneMain
Holdings
3,474
178
233
Financial
Services
5.7%
Berkshire
Hathaway,
Class
B (2)
543
228
Corebridge
Financial
11,570
333
Corpay (2)
1,037
320
Equitable
Holdings
8,368
318
Fidelity
National
Information
Services
1,900
141
Fiserv (2)
2,617
418
Global
Payments
1,722
230
1,988
Insurance
5.4%
American
International
Group
3,486
272
Chubb
1,646
427
Everest
Group
517
205
Hartford
Financial
Services
Group
3,795
391
MetLife
4,683
347
Reinsurance
Group
of
America
470
91
RenaissanceRe
Holdings
673
158
1,891
Total
Financials
7,695
HEALTH
CARE
16.7%
Biotechnology
1.6%
AbbVie
1,805
329
Gilead
Sciences
3,159
231
560
Health
Care
Equipment
&
Supplies
4.8%
Baxter
International
4,418
189
Becton
Dickinson
&
Company
1,260
312
Hologic (2)
4,530
353
Medtronic
5,589
487
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zimmer
Biomet
Holdings
2,622
346
1,687
Health
Care
Providers
&
Services
5.5%
Cardinal
Health
1,714
192
Cencora
763
185
Centene (2)
2,110
166
Cigna
Group
1,252
455
Elevance
Health
898
466
McKesson
494
265
Tenet
Healthcare (2)
2,066
217
1,946
Pharmaceuticals
4.8%
Bristol-Myers
Squibb
7,986
433
Johnson
&
Johnson
2,749
435
Merck
2,105
278
Sanofi,
ADR
4,906
238
Viatris
24,163
289
1,673
Total
Health
Care
5,866
INDUSTRIALS
&
BUSINESS
SERVICES
13.9%
Aerospace
&
Defense
1.8%
Huntington
Ingalls
Industries
1,032
301
Textron
3,608
346
647
Air
Freight
&
Logistics
1.2%
FedEx
1,440
417
417
Building
Products
1.8%
Builders
FirstSource (2)
930
194
Masco
1,977
156
Owens
Corning
1,587
265
615
Construction
&
Engineering
0.5%
AECOM
1,727
169
169
Ground
Transportation
2.0%
CSX
11,438
424
Norfolk
Southern
1,159
295
719
Industrial
Conglomerates
2.8%
3M
1,755
186
General
Electric
2,711
476
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Siemens,
ADR
3,436
328
990
Machinery
1.7%
Allison
Transmission
Holdings
2,220
180
Cummins
573
169
Stanley
Black
&
Decker
2,496
244
593
Professional
Services
2.1%
Leidos
Holdings
2,513
329
ManpowerGroup
1,256
98
SS&C
Technologies
Holdings
4,794
309
736
Total
Industrials
&
Business
Services
4,886
INFORMATION
TECHNOLOGY
10.0%
Communications
Equipment
0.6%
Cisco
Systems
3,850
192
192
Electronic
Equipment,
Instruments
&
Components
1.4%
Flex (2)
5,102
146
Jabil
881
118
TE
Connectivity
1,484
215
479
IT
Services
1.4%
Cognizant
Technology
Solutions,
Class
A
2,513
184
GoDaddy,
Class
A (2)
1,416
168
International
Business
Machines
694
133
485
Semiconductors
&
Semiconductor
Equipment
3.7%
Analog
Devices
1,837
364
Applied
Materials
730
151
Lam
Research
270
262
QUALCOMM
2,144
363
Skyworks
Solutions
713
77
Taiwan
Semiconductor
Manufacturing,
ADR
611
83
1,300
Software
2.2%
Adobe (2)
290
147
DocuSign (2)
1,710
102
Gen
Digital
11,121
249
Salesforce
914
275
773
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Technology
Hardware,
Storage
&
Peripherals
0.7%
Dell
Technologies,
Class
C
2,023
231
231
Total
Information
Technology
3,460
MATERIALS
5.2%
Chemicals
1.9%
CF
Industries
Holdings
3,199
266
LyondellBasell
Industries,
Class
A
1,259
129
Nutrien
3,008
163
RPM
International
1,010
120
678
Containers
&
Packaging
0.6%
Berry
Global
Group
1,193
72
International
Paper
3,349
131
203
Metals
&
Mining
2.7%
Nucor
1,368
271
Reliance
1,033
345
Steel
Dynamics
2,357
349
965
Total
Materials
1,846
REAL
ESTATE
3.5%
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.2%
Host
Hotels
&
Resorts,
REIT
3,749
78
78
Industrial
Real
Estate
Investment
Trusts
0.6%
Prologis,
REIT
1,627
212
212
Residential
Real
Estate
Investment
Trusts
1.0%
AvalonBay
Communities,
REIT
1,028
191
Essex
Property
Trust,
REIT
648
158
349
Specialized
Real
Estate
Investment
Trusts
1.7%
CubeSmart,
REIT
3,705
168
Iron
Mountain,
REIT
2,227
179
Lamar
Advertising,
Class
A,
REIT
2,165
258
605
Total
Real
Estate
1,244
UTILITIES
4.2%
Electric
Utilities
1.5%
FirstEnergy
7,281
281
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PG&E
7,304
123
PPL
4,479
123
527
Independent
Power
&
Renewable
Electricity
Producers
0.6%
Vistra
3,029
211
211
Multi-Utilities
2.1%
Ameren
2,191
162
CenterPoint
Energy
4,750
135
Dominion
Energy
2,908
143
NiSource
10,752
298
738
Total
Utilities
1,476
Total
Common
Stocks
(Cost
$26,294)
34,454
EQUITY
MUTUAL
FUNDS
1.2%
iShares
Russell
1000
Value
ETF
2,490
446
Total
Equity
Mutual
Funds
(Cost
$435)
446
SHORT-TERM
INVESTMENTS
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (3)(4)
269,270
269
Total
Short-Term
Investments
(Cost
$269)
269
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,
5.39% (3)(4)
53,130
53
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
53
Total
Securities
Lending
Collateral
(Cost
$53)
53
Total
Investments
in
Securities
100.1%
(Cost
$27,051)
$
35,222
Other
Assets
Less
Liabilities
(0.1)%
(33)
Net
Assets
100.0%
$
35,189
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
8
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(2)
Non-income
producing
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
ETF
Exchange-Traded
Fund
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,
2024.
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,
5.39%
$
—
$
—
$
2++
Totals
$
—#
$
—
$
2+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
251
¤
¤
$
322
Total
$
322^
#
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
$322.
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) 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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
11
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
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
T.
ROWE
PRICE
Integrated
U.S.
Large-Cap
Value
Equity
Fund
12
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,
2024,
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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
03/24