UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08203
T. Rowe Price Quantitative Management Funds, 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)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TQGEX
QM
Global
Equity
Fund
–
.
TQGAX
QM
Global
Equity
Fund–
.
Advisor Class
TQGIX
QM
Global
Equity
Fund–
.
I Class
T.
ROWE
PRICE
QM
Global
Equity
Fund
HIGHLIGHTS
Stocks
in
developed
and
emerging
countries
rose
slightly
in
the
second
half
of
2022,
paring
their
significant
full-year
losses.
Your
fund
declined
but
held
up
better
than
its
MSCI
benchmark
and
Lipper
peer
group
index.
The
fund
outperformed
its
MSCI
benchmark
due
to
generally
favorable
stock
selection,
particularly
in
the
consumer
discretionary
and
information
technology
sectors.
Stock
choices
in
the
financials
and
materials
sectors
hurt
relative
results,
as
did
a
slight
underweight
in
financials.
The
fund’s
sector
allocations
at
the
end
of
2022
were
fairly
close
to
those
of
the
MSCI
index.
We
expect
most
of
the
fund’s
performance
will
be
driven
by
stock
selection
decisions
stemming
from
our
multifactor
ranking
process.
While
U.S.
stock
valuations
declined
throughout
2022,
earnings
estimates
have
started
declining
more
recently.
These
conditions
suggest
that
we
should
expect
low
U.S.
equity
market
returns
in
the
foreseeable
future.
Equity
valuations
in
many
overseas
markets
are
attractive,
though
regions
and
individual
countries
have
their
own
challenges.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
QM
Global
Equity
Fund
Market
Commentary
Dear
Shareholder
Nearly
all
major
global
stock
and
bond
indexes
fell
sharply
in
2022,
as
investors
contended
with
persistently
high
inflation,
tightening
financial
conditions,
and
slowing
economic
and
corporate
earnings
growth.
Double-digit
losses
were
common
in
equity
markets
around
the
world,
and
bond
investors
also
faced
a
historically
tough
environment
amid
a
sharp
rise
in
interest
rates.
Value
shares
declined
but
outperformed
growth
stocks
by
a
considerable
margin
as
equity
investors
turned
risk
averse
and
as
rising
rates
put
downward
pressure
on
growth
stock
valuations.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Within
the
S&P
500
Index,
energy
was
a
rare
bright
spot,
gaining
more
than
60%
as
oil
prices
jumped
in
response
to
Russia’s
invasion
of
Ukraine
and
concerns
over
commodity
supply
shortages.
Defensive
shares,
such
as
utilities,
consumer
staples,
and
health
care,
held
up
relatively
well
and
finished
the
year
with
roughly
flat
returns.
Conversely,
communication
services,
consumer
discretionary,
and
information
technology
shares
suffered
the
largest
declines.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
there
were
signs
that
price
increases
were
moderating
by
year-
end.
November’s
consumer
price
index
data
showed
headline
inflation
rising
7.1%
on
a
12-month
basis,
the
lowest
level
since
December
2021
but
still
well
above
the
Federal
Reserve’s
2%
long-term
target.
In
response
to
the
high
inflation
readings,
global
central
banks
tightened
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Fed,
which
at
the
end
of
2021
had
forecast
that
it
would
only
need
to
raise
interest
rates
0.75
percentage
point
in
all
of
2022,
raised
its
short-term
lending
benchmark
from
near
zero
in
March
to
a
target
range
of
4.25%
to
4.50%
by
December
and
indicated
that
additional
hikes
are
likely.
Bond
yields
increased
considerably
across
the
U.S.
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
1.52%
at
the
start
of
the
period
to
3.88%
at
the
end
of
the
year.
Significant
inversions
in
the
yield
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
T.
ROWE
PRICE
QM
Global
Equity
Fund
sharp
increase
in
yields
led
to
historically
weak
results
across
the
fixed
income
market,
with
the
Bloomberg
U.S.
Aggregate
Bond
Index
delivering
its
worst
year
on
record.
(Bond
prices
and
yields
move
in
opposite
directions.)
As
the
period
came
to
an
end,
the
economic
backdrop
appeared
mixed.
Although
manufacturing
gauges
have
drifted
toward
contraction
levels,
the
U.S.
jobs
market
remained
resilient,
and
corporate
and
household
balance
sheets
appeared
strong.
Meanwhile,
the
housing
market
has
weakened
amid
rising
mortgage
rates.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
there
continue
to
be
opportunities
for
selective
investors
focused
on
fundamentals.
Valuations
in
most
global
equity
markets
have
improved
markedly,
although
U.S.
equities
still
appear
relatively
expensive
by
historical
standards,
while
bond
yields
have
reached
some
of
the
most
attractive
levels
since
the
2008
global
financial
crisis.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
QM
Global
Equity
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
long-term
growth
of
capital.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
Stocks
in
developed
and
emerging
countries
rose
slightly
in
the
second
half
of
2022,
paring
their
significant
full-year
losses.
Your
fund
returned
-17.08%
for
the
year
but
held
up
better
than
its
benchmark,
the
MSCI
All
Country
World
Index
Net,
and
the
Lipper
Global
Multi-Cap
Core
Funds
Index.
(Performance
for
the
fund’s
Advisor
and
I
Class
shares
will
vary
due
to
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results.
)
What
factors
influenced
the
fund’s
performance?
The
fund
outperformed
its
MSCI
benchmark
due
to
generally
favorable
stock
selection,
particularly
in
the
consumer
discretionary
and
information
technology
(IT)
sectors.
Conversely,
our
stock
choices
in
the
financials
and
materials
sectors
hurt
relative
results,
as
did
a
slight
underweight
in
financials.
In
the
consumer
discretionary
sector,
our
stake
in
electric
vehicle
maker
Tesla
fell
sharply,
but
our
underweight
versus
the
benchmark
greatly
helped
the
portfolio’s
relative
performance.
Two
of
our
holdings
that
produced
strong
positive
returns
in
what
was
a
difficult
year
for
many
consumer
discretionary
names
were
auto
parts
retailers
AutoZone
and
O’Reilly
Automotive.
Both
produced
favorable
earnings,
helped
in
large
part
by
their
ability
to
pass
higher
costs
through
to
customers,
and
both
should
be
fairly
insulated
from
an
economic
downturn,
as
car
owners
would
be
more
likely
to
repair
their
existing
vehicles
than
to
buy
new
ones.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/22
6
Months
12
Months
QM
Global
Equity
Fund
–
.
3.17%
-17.08%
QM
Global
Equity
Fund–
.
Advisor Class
3.08
-17.30
QM
Global
Equity
Fund–
.
I Class
3.24
-16.98
MSCI
All
Country
World
Index
Net
2.28
-18.36
Lipper
Global
Multi-Cap
Core
Funds
Index
2.95
-17.88
T.
ROWE
PRICE
QM
Global
Equity
Fund
In
the
hard-hit
IT
sector,
not
owning
some
companies
with
deep
losses
was
advantageous.
Another
plus
was
our
stake
in
CGI,
an
IT
and
business
consulting
services
firm,
which
fell
slightly
during
the
year
but
strongly
outperformed
the
IT
sector.
One
holding
that
produced
gains
for
us
was
Cadence
Design
Systems,
a
large
electronic
design
automation
company
that
provides
mission-critical
software
and
intellectual
property
to
the
semiconductor
and
electronic
system
industries.
A
strong
performer
was
Fair
Isaac,
which
provides
companies
with
analytic,
software,
and
data
management
products
and
services
that
enable
its
customers
to
make
critical
business
decisions.
This
was
a
new
holding
in
the
second
half
of
the
year.
Shares
were
lifted
in
part
by
better-than-expected
financial
results
and
raised
guidance
for
fiscal
year
2023.
On
the
other
hand,
our
stock
selection
in
the
financials
sector
hurt
relative
performance,
as
did
a
slight
sector
underweight
versus
the
benchmark.
Our
investment
in
Signature
Bank,
which
operates
in
the
New
York
metropolitan
area
but
is
increasing
its
business
on
the
West
Coast,
fell
sharply,
and
we
eliminated
it
from
the
fund
in
the
second
half
of
the
year
in
favor
of
better
investment
opportunities.
The
same
was
true
of
Bank
of
New
York
Mellon,
a
trust
bank
that
has
over
$40
trillion
in
assets
under
custody,
and
China
Merchants
Bank.
Both
stocks
fared
poorly
during
the
year,
and
we
sold
all
of
our
shares
of
both
in
the
second
half.
In
the
materials
sector,
which
is
a
fairly
small
portion
of
our
opportunity
set,
several
of
our
holdings
fell
sharply
and
underperformed
the
sector.
For
example,
U.S.
paint
and
coatings
company
Sherwin-Williams
declined
due
to
poor
earnings
and
reduced
guidance
as
raw
materials
costs
rose
and
demand
softened
across
several
of
its
end
markets.
Several
of
our
European
materials
companies
also
fared
poorly,
including
specialty
chemicals
company
Sika;
Koninklijke
DSM,
a
Netherlands-based
supplier
of
nutrition
ingredients
for
the
animal
and
human
end
markets;
and
UK-headquartered
Linde,
which
produces
and
distributes
atmospheric
and
process
gases
and
builds
equipment
for
gas
production
and
processing
plants.
T.
ROWE
PRICE
QM
Global
Equity
Fund
How
is
the
fund
positioned?
The
fund’s
sector
allocations
at
the
end
of
2022,
as
shown
in
the
Sector
Diversification
table,
were
fairly
close
to
those
of
the
MSCI
index.
We
expect
most
of
the
fund’s
performance
will
be
driven
by
stock
selection
decisions
stemming
from
our
multifactor
ranking
process,
though
we
may
make
sector
or
country
bets
when
we
perceive
opportunities
to
add
value.
To
help
us
control
risk,
we
limit
the
size
of
any
sector
or
regional
bets.
Another
means
of
managing
risk
is
broad
diversification.
The
portfolio
held
more
than
300
securities
at
the
end
of
December,
and
only
five
of
them,
as
shown
in
the
Twenty-Five
Largest
Holdings
table
on
page
10,
represented
1.0%
or
more
of
the
fund’s
assets.
We
tend
to
have
larger
positions
in
established
industry
leaders
with
strong
cash
flows
that
can
be
used
to
grow
their
businesses
or
returned
to
shareholders
via
dividends
and
stock
buybacks.
In
contrast,
we
tend
to
have
smaller
positions
in
higher-risk
companies,
such
as
biotechnology
firms.
We
believe
managing
our
position
sizes
also
helps
us
control
risks.
We
made
various
portfolio
changes
in
the
second
half
of
the
year
in
response
to
changing
rankings
among
current
and
prospective
holdings.
In
the
financials
sector,
for
example,
we
eliminated—in
addition
to
the
names
mentioned
earlier—Netherlands-based
ING
Groep,
UK-headquartered
Standard
Chartered,
Lloyds
Banking
Group,
and
Abu
Dhabi
Commercial
Bank
in
the
United
Arab
Emirates.
However,
we
established
new
positions
in
Commercial
International
Bank
Egypt,
Banco
Santander,
South
African
financial
giant
FirstRand,
and
American
International
Group,
which
was
one
of
our
largest
purchases
since
the
end
of
June.
SECTOR
DIVERSIFICATION
As
of
12/31/22
QM
Global
Equity
Fund
MSCI
All
Country
World
Index
Net
Information
Technology
20.1%
19.9%
Financials
14.1
15.2
Health
Care
13.6
13.4
Industrials
and
Business
Services
11.4
10.2
Consumer
Discretionary
11.3
10.4
Consumer
Staples
8.3
7.7
Communication
Services
5.1
6.8
Energy
5.0
5.6
Materials
4.2
5.0
Utilities
3.3
3.2
Real
Estate
2.7
2.6
Other
and
Reserves
0.9
0.0
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
QM
Global
Equity
Fund
In
the
IT
space,
we
sold
all
of
our
shares
of
Fortinet,
South
Korean
tech
giant
Samsung
Electronics,
and
Murata
Manufacturing.
On
the
other
hand,
we
established
stakes
in
software
company
Autodesk
and
South
Korea’s
LG
Innotek.
In
consumer
discretionary,
we
eliminated
U.S.
retailers
Ross
Stores
and
Lowe’s,
restaurant
operator
Darden
Restaurants,
Michelin,
and
Isuzu
Motors.
However,
we
initiated
positions
in
South
African
retailer
Mr
Price
Group,
Chinese
online
retailer
JD.com,
and
MGM
Resorts
International,
which
owns
and
operates
a
number
of
casino
resorts
in
the
U.S.
but
also
has
a
relatively
new
property
in
Macau.
At
the
end
of
December,
64%
of
the
fund’s
assets
were
in
North
America,
primarily
the
U.S.
Europe
accounted
for
16%,
while
Japan
and
other
Asian
markets
represented
16%.
The
remainder
was
invested
in
other
regions
of
the
world.
After
the
U.S.,
our
largest
country
allocations
were
Japan,
France,
Canada,
and
China.
We
had
investments
in
more
than
30
countries,
and
our
country
allocations
in
many
cases
were
fairly
close
to
those
of
the
benchmark.
What
is
portfolio
management’s
outlook?
The
Federal
Reserve
is
committed
to
stamp
out
inflation
and
has
increased
short-term
interest
rates
steadily
by
425
basis
points
(four
and
one-quarter
percentage
points)
since
mid-March.
Policymakers
have
strongly
reiterated
that
they
intend
to
raise
rates
further
and
keep
them
high
for
some
time.
We
believe
that
the
rapid
rise
in
rates
and
the
reduction
in
the
size
of
the
Federal
Reserve’s
balance
sheet
could
maintain
downward
pressure
on
the
U.S.
economy’s
growth
rate.
While
the
S&P
500’s
forward
price/earnings
multiple
has
declined
to
a
more
normal
level
of
about
16
at
year-end
2022,
consensus
earnings
estimates
have
started
declining
more
recently.
These
conditions
suggest
that
we
should
expect
low
U.S.
equity
market
returns
in
the
foreseeable
future.
We
expect
stocks
of
lower-quality
companies
to
remain
under
pressure.
In
contrast,
we
believe
that
high-quality
companies
with
a
solid
financial
profile
should
continue
outperforming.
Equity
valuations
in
many
overseas
markets
are
attractive,
though
regions
and
individual
countries
have
their
own
challenges.
In
Europe,
recession
risk
is
rising,
as
central
bank
officials
are
likely
to
remain
hawkish
due
to
elevated
inflation,
and
industrial
production
could
be
curtailed
by
energy
shortages
as
countries
reduce
their
reliance
on
Russian
energy
exports.
In
developed
Asian
markets,
fiscal
policies
remain
accommodative,
but
monetary
policies
are
no
longer
as
supportive,
with
Japan
likely
to
be
the
last
major
country
that
begins
policy
normalization
sometime
in
2023.
In
emerging
markets,
growth
has
been
T.
ROWE
PRICE
QM
Global
Equity
Fund
slowing
in
many
countries
that
have
been
raising
rates
to
get
ahead
of
inflation.
Growth
has
also
been
slowing
in
China,
but
the
authorities
have
loosened
their
zero-COVID
policies
and
are
easing
credit
conditions
and
providing
support
to
the
beleaguered
property
sector.
While
the
investment
landscape
has
dramatically
changed
due
to
elevated
inflation
and
monetary
tightening
around
the
world,
and
volatility
since
the
beginning
of
the
pandemic
has
been
extraordinary
at
times,
we
can
assure
you
that
our
long-standing
investment
strategy
and
stock
selection
process
remain
the
same.
We
continue
to
look
for
high-quality
stocks
of
companies
of
all
sizes—in
both
developed
and
emerging
markets—with
favorable
attributes.
We
believe
that
such
companies
will
persevere
through
challenging
economic
and
financial
conditions
and
distinguish
themselves
over
time
with
strong
operating
and
share
price
performance
relative
to
lower-quality
businesses.
We
are
grateful
for
your
continued
confidence
in
our
investment
management
abilities.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
QM
Global
Equity
Fund
Risks
of
Investing
in
the
Fund
Stocks
generally
fluctuate
in
value
more
than
bonds
and
may
decline
significantly
over
short
time
periods.
There
is
a
chance
that
stock
prices
overall
will
decline
because
stock
markets
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
The
value
of
a
stock
in
which
the
fund
invests
may
decline
due
to
general
weakness
in
the
stock
market
or
because
of
factors
that
affect
a
particular
company
or
industry.
The
fund’s
focus
on
large
and
medium-sized
companies
subjects
the
fund
to
the
risk
that
larger
companies
may
not
be
able
to
attain
the
high
growth
rates
of
successful
smaller
companies,
especially
during
strong
economic
periods,
and
they
may
be
less
capable
of
responding
quickly
to
competitive
challenges
and
industry
changes.
Because
the
fund
focuses
on
large
and
medium-sized
companies,
its
share
price
could
be
more
volatile
than
that
of
a
fund
that
invests
only
in
large
companies.
Medium-sized
companies
typically
have
less
experienced
management,
narrower
product
lines,
more
limited
financial
resources,
and
less
publicly
available
information
than
larger
companies.
Investing
in
the
securities
of
non-U.S.
issuers
involves
special
risks
not
typically
associated
with
investing
in
U.S.
issuers.
Foreign
securities
tend
to
be
more
volatile
and
less
liquid
than
investments
in
U.S.
securities
and
may
lose
value
because
of
adverse
local,
political,
social,
or
economic
developments
overseas
or
due
to
changes
in
the
exchange
rates
between
foreign
currencies
and
the
U.S.
dollar.
In
addition,
foreign
investments
are
subject
to
settlement
practices
and
regulatory
and
financial
reporting
standards
that
differ
from
those
of
the
U.S.
The
fund’s
strategy
relies
heavily
on
quantitative
models
and
the
analysis
of
specific
metrics
to
construct
the
portfolio.
The
impact
of
these
metrics
on
a
stock’s
performance
can
be
difficult
to
predict,
and
stocks
that
previously
possessed
certain
desirable
quantitative
characteristics
may
not
continue
to
demonstrate
those
same
characteristics
in
the
future.
In
addition,
relying
on
quantitative
models
entails
the
risk
that
the
models
themselves
may
be
limited
or
incorrect,
that
the
data
on
which
the
models
rely
may
be
incorrect
or
incomplete,
and
that
the
adviser
may
not
be
successful
in
selecting
companies
for
investment
or
determining
the
weighting
of
particular
stocks
in
the
fund’s
portfolio.
Any
of
these
factors
could
cause
the
fund
to
underperform
funds
with
similar
strategies
that
do
not
select
stocks
based
on
quantitative
analysis.
T.
ROWE
PRICE
QM
Global
Equity
Fund
BENCHMARK
INFORMATION
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2023
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
MSCI
and
its
affiliates
and
third-party
sources
and
providers
(collectively,
“MSCI”)
makes
no
express
or
implied
warranties
or
representations
and
shall
have
no
liability
whatsoever
with
respect
to
any
MSCI
data
contained
herein.
The
MSCI
data
may
not
be
further
redistributed
or
used
as
a
basis
for
other
indices
or
any
securities
or
financial
products.
This
report
is
not
approved,
reviewed,
or
produced
by
MSCI.
Historical
MSCI
data
and
analysis
should
not
be
taken
as
an
indication
or
guarantee
of
any
future
performance
analysis,
forecast
or
prediction.
None
of
the
MSCI
data
is
intended
to
constitute
investment
advice
or
a
recommendation
to
make
(or
refrain
from
making)
any
kind
of
investment
decision
and
may
not
be
relied
on
as
such.
T.
ROWE
PRICE
QM
Global
Equity
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/22
Apple
3.7%
Microsoft
3.2
Alphabet
2.2
UnitedHealth
Group
1.1
AbbVie
1.0
Eli
Lilly
0.9
Visa
0.9
JPMorgan
Chase
0.9
Amazon.com
0.8
Mastercard
0.8
Home
Depot
0.8
Taiwan
Semiconductor
Manufacturing
0.8
ASML
Holding
0.8
Wells
Fargo
0.8
AutoZone
0.8
Johnson
&
Johnson
0.7
Abbott
Laboratories
0.7
Accenture
0.7
Bank
of
America
0.7
Synopsys
0.7
Goldman
Sachs
Group
0.6
Coca-Cola
0.6
TotalEnergies
0.6
Thermo
Fisher
Scientific
0.6
Novo
Nordisk
0.6
Total
26.0%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
QM
Global
Equity
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
QM
GLOBAL
EQUITY
FUND
Note:
Performance
for
the Advisor
and
I Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table.
*The
Lipper
data
is
as
of
4/30/16.
T.
ROWE
PRICE
QM
Global
Equity
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/22
1
Year
5
Years
Since
Inception
4/15/16
QM
Global
Equity
Fund
–
.
-17.08%
5.63%
8.41%
QM
Global
Equity
Fund–
.
Advisor Class
-17.30
5.31
8.07
QM
Global
Equity
Fund–
.
I Class
-16.98
5.77
8.55
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor
and
0.03
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
QM
Global
Equity
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
the
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
QM
Global
Equity
Fund
1.75%
QM
Global
Equity
Fund–Advisor
Class
1.94
QM
Global
Equity
Fund–I
Class
1.71
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
QM
Global
Equity
Fund
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
QM
GLOBAL
EQUITY
FUND
Beginning
Account
Value
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period*
7/1/22
to
12/31/22
Investor
Class
Actual
$1,000.00
$1,031.70
$3.79
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.48
3.77
Advisor
Class
Actual
1,000.00
1,030.80
5.32
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,019.96
5.30
I
Class
Actual
1,000.00
1,032.40
3.02
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.23
3.01
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.74%,
the
2
Advisor Class
was
1.04%,
and
the
3
I Class
was
0.59%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
QM
Global
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
19.21
$
16.18
$
14.16
$
11.25
$
12.72
Investment
activities
Net
investment
income
(1)(2)
0.31
0.12
0.14
0.20
0.21
Net
realized
and
unrealized
gain/
loss
(3.59)
3.06
2.03
2.91
(1.48)
Total
from
investment
activities
(3.28)
3.18
2.17
3.11
(1.27)
Distributions
Net
investment
income
(0.34)
(0.12)
(0.14)
(0.20)
(0.20)
Net
realized
gain
(2.41)
(0.03)
(0.01)
—
—
Total
distributions
(2.75)
(0.15)
(0.15)
(0.20)
(0.20)
NET
ASSET
VALUE
End
of
period
$
13.18
$
19.21
$
16.18
$
14.16
$
11.25
Ratios/Supplemental
Data
Total
return
(2)(3)
(17.08)%
19.65%
15.34%
27.66%
(9.99)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
2.18%
1.77%
2.05%
2.09%
2.24%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.73%
0.76%
0.74%
0.74%
0.72%
Net
investment
income
1.83%
0.67%
1.04%
1.54%
1.63%
Portfolio
turnover
rate
102.9%
25.6%
32.5%
15.5%
17.9%
Net
assets,
end
of
period
(in
thousands)
$12,547
$30,478
$22,638
$20,061
$15,601
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
QM
Global
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
19.12
$
16.10
$
14.14
$
11.25
$
12.72
Investment
activities
Net
investment
income
(1)(2)
0.27
0.07
0.10
0.16
0.17
Net
realized
and
unrealized
gain/
loss
(3.58)
3.04
2.01
2.91
(1.48)
Total
from
investment
activities
(3.31)
3.11
2.11
3.07
(1.31)
Distributions
Net
investment
income
(0.32)
(0.06)
(0.14)
(0.18)
(0.16)
Net
realized
gain
(2.41)
(0.03)
(0.01)
—
—
Total
distributions
(2.73)
(0.09)
(0.15)
(0.18)
(0.16)
NET
ASSET
VALUE
End
of
period
$
13.08
$
19.12
$
16.10
$
14.14
$
11.25
Ratios/Supplemental
Data
Total
return
(2)(3)
(17.30)%
19.31%
14.94%
27.31%
(10.31)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
2.37%
1.96%
2.23%
2.48%
2.70%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.03%
1.06%
1.04%
1.04%
1.04%
Net
investment
income
1.64%
0.38%
0.73%
1.24%
1.31%
Portfolio
turnover
rate
102.9%
25.6%
32.5%
15.5%
17.9%
Net
assets,
end
of
period
(in
thousands)
$327
$478
$403
$354
$281
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
QM
Global
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
19.25
$
16.20
$
14.16
$
11.23
$
12.71
Investment
activities
Net
investment
income
(1)(2)
0.37
0.15
0.16
0.22
0.21
Net
realized
and
unrealized
gain/
loss
(3.64)
3.07
2.03
2.91
(1.47)
Total
from
investment
activities
(3.27)
3.22
2.19
3.13
(1.26)
Distributions
Net
investment
income
(0.41)
(0.14)
(0.14)
(0.20)
(0.22)
Net
realized
gain
(2.41)
(0.03)
(0.01)
—
—
Total
distributions
(2.82)
(0.17)
(0.15)
(0.20)
(0.22)
NET
ASSET
VALUE
End
of
period
$
13.16
$
19.25
$
16.20
$
14.16
$
11.23
Ratios/Supplemental
Data
Total
return
(2)(3)
(16.98)%
19.88%
15.49%
27.89%
(9.92)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
2.21%
1.72%
1.97%
2.00%
2.18%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.58%
0.60%
0.60%
0.59%
0.59%
Net
investment
income
2.30%
0.84%
1.16%
1.70%
1.64%
Portfolio
turnover
rate
102.9%
25.6%
32.5%
15.5%
17.9%
Net
assets,
end
of
period
(in
thousands)
$11,558
$1,268
$791
$1,158
$844
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
QM
Global
Equity
Fund
December
31,
2022
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
2.2%
Common
Stocks
2.2%
ANZ
Group
Holdings
5,271
85
Aristocrat
Leisure
1,879
39
BHP
Group
2,138
66
Brambles
9,235
76
Coles
Group
5,592
63
National
Australia
Bank
3,209
65
Qantas
Airways (1)
9,192
37
Suncorp
Group
6,791
55
Telstra
17,616
48
Total
Australia
(Cost
$546
)
534
BRAZIL
0.6%
Common
Stocks
0.6%
Ambev
14,088
39
Petroleo
Brasileiro
10,761
57
Suzano
5,512
51
Total
Brazil
(Cost
$143
)
147
CANADA
4.2%
Common
Stocks
4.2%
Canadian
Imperial
Bank
of
Commerce
859
35
Canadian
Tire,
Class
A
514
54
CGI (1)
1,343
116
Constellation
Software
71
111
George
Weston
347
43
Loblaw
852
75
Magna
International
804
45
Manulife
Financial
4,397
78
National
Bank
of
Canada (2)
1,083
73
Parkland
2,411
53
Suncor
Energy
2,762
87
TFI
International
925
93
Toromont
Industries
342
25
West
Fraser
Timber
929
67
WSP
Global
700
81
Total
Canada
(Cost
$962
)
1,036
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
0.2%
Common
Stocks
0.2%
Banco
de
Chile
370,595
38
Total
Chile
(Cost
$37
)
38
CHINA
3.6%
Common
Stocks
3.2%
Alibaba
Group
Holding,
ADR
(USD) (1)
555
49
Bank
of
China,
Class
H
(HKD)
69,000
25
China
Coal
Energy,
Class
H
(HKD)
30,000
24
China
Construction
Bank,
Class
H
(HKD)
117,000
73
China
Hongqiao
Group
(HKD)
22,000
21
China
Meidong
Auto
Holdings
(HKD)
20,000
41
China
Overseas
Property
Holdings
(HKD)
20,000
21
China
Resources
Gas
Group
(HKD)
7,800
29
China
Shenhua
Energy,
Class
H
(HKD)
13,000
37
COSCO
SHIPPING
Holdings,
Class
H
(HKD)
24,500
25
Industrial
&
Commercial
Bank
of
China,
Class
H
(HKD)
127,000
65
JD.com,
Class
A
(HKD)
2,200
61
Lenovo
Group
(HKD)
58,000
47
Pinduoduo,
ADR
(USD) (1)
788
64
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
23,600
39
Sunny
Optical
Technology
Group
(HKD)
2,700
32
Tingyi
Cayman
Islands
Holding
(HKD)
18,000
32
Tsingtao
Brewery,
Class
H
(HKD)
6,000
59
Zhongsheng
Group
Holdings
(HKD)
7,000
36
780
Common
Stocks
-
China
A
Shares
0.4%
Inner
Mongolia
ERDOS
Resources,
A
Shares
(CNH)
10,500
23
Shanxi
Lu'an
Environmental
Energy
Development,
A
Shares
(CNH)
9,700
23
Sinotrans,
A
Shares
(CNH)
99,500
55
101
Total
China
(Cost
$895
)
881
DENMARK
0.6%
Common
Stocks
0.6%
Novo
Nordisk,
Class
B
1,092
148
Total
Denmark
(Cost
$123
)
148
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
EGYPT
0.6%
Common
Stocks
0.6%
Commercial
International
Bank
Egypt
31,774
53
Eastern
79,179
46
OCI
(EUR)
1,223
44
Total
Egypt
(Cost
$147
)
143
FINLAND
0.3%
Common
Stocks
0.3%
Sampo,
Class
A
1,294
68
Total
Finland
(Cost
$59
)
68
FRANCE
4.4%
Common
Stocks
4.4%
Airbus
740
88
AXA
3,223
90
Capgemini
388
65
Dassault
Aviation
243
41
Edenred
725
39
Engie
3,641
52
Eurofins
Scientific
725
52
Kering
97
49
LVMH
Moet
Hennessy
Louis
Vuitton
176
128
Sanofi
1,064
103
Teleperformance
121
29
Thales
397
51
TotalEnergies
2,488
156
Verallia
1,802
61
Vinci
669
67
Total
France
(Cost
$1,008
)
1,071
GERMANY
1.2%
Common
Stocks
0.9%
Deutsche
Post
1,055
39
Deutsche
Telekom
3,874
77
GEA
Group
924
38
Munich
Re
197
64
218
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Preferred
Stocks
0.3%
Volkswagen
610
76
76
Total
Germany
(Cost
$299
)
294
GREECE
0.2%
Common
Stocks
0.2%
Eurobank
Ergasias
Services
&
Holdings (1)
39,933
45
Total
Greece
(Cost
$36
)
45
HONG
KONG
0.5%
Common
Stocks
0.5%
AIA
Group
7,200
80
HKT
Trust
&
HKT
45,000
55
Total
Hong
Kong
(Cost
$109
)
135
INDIA
1.4%
Common
Stocks
1.4%
HDFC
Bank,
ADR
(USD)
741
51
Infosys
2,323
42
NTPC
22,741
46
Petronet
LNG
18,369
48
Power
Grid
Corp.
of
India
25,190
65
Tata
Steel
17,998
24
Torrent
Pharmaceuticals
2,339
44
Vedanta
6,103
23
Total
India
(Cost
$342
)
343
INDONESIA
0.3%
Common
Stocks
0.3%
Astra
International
170,800
62
Total
Indonesia
(Cost
$67
)
62
ISRAEL
0.2%
Common
Stocks
0.2%
Mizrahi
Tefahot
Bank
1,702
55
Total
Israel
(Cost
$46
)
55
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
0.9%
Common
Stocks
0.9%
Amplifon
2,609
78
Enel
12,639
68
Stellantis
4,547
64
Total
Italy
(Cost
$200
)
210
JAPAN
5.1%
Common
Stocks
5.1%
AGC (2)
900
30
Asahi
Group
Holdings
1,100
34
Asics
2,400
53
Astellas
Pharma
4,100
62
Fast
Retailing
200
122
Inpex (2)
3,000
32
ITOCHU
3,100
97
Mitsubishi
2,000
65
Mitsui
Fudosan
2,300
42
Mizuho
Financial
Group
2,800
40
Nippon
Steel
3,700
64
Nippon
Telegraph
&
Telephone
3,100
88
Otsuka
Holdings
2,100
69
Panasonic
Holdings
4,800
40
Recruit
Holdings
2,300
72
Ryohin
Keikaku
4,800
57
Seven
&
i
Holdings
1,200
51
SUMCO
2,700
36
Sumitomo
3,000
50
Sumitomo
Mitsui
Financial
Group
1,200
48
Suntory
Beverage
&
Food (2)
1,200
41
Takeda
Pharmaceutical
1,500
47
Total
Japan
(Cost
$1,217
)
1,240
MEXICO
0.3%
Common
Stocks
0.3%
Grupo
Mexico,
Series
B
15,900
56
Orbia
Advance
15,599
27
Total
Mexico
(Cost
$100
)
83
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
2.6%
Common
Stocks
2.6%
Adyen (1)
48
67
ASML
Holding
(USD)
342
187
Coca-Cola
European
Partners
(USD)
935
52
Heineken
Holding
942
73
Koninklijke
Ahold
Delhaize
1,976
57
Koninklijke
KPN
13,430
41
Koninklijke
Philips
3,991
60
Wolters
Kluwer
891
93
Total
Netherlands
(Cost
$603
)
630
NEW
ZEALAND
0.4%
Common
Stocks
0.4%
Spark
New
Zealand
25,406
87
Total
New
Zealand
(Cost
$71
)
87
NORWAY
0.5%
Common
Stocks
0.5%
Equinor
2,454
88
Mowi
2,675
46
Total
Norway
(Cost
$114
)
134
PHILIPPINES
0.5%
Common
Stocks
0.5%
Bank
of
the
Philippine
Islands
21,340
39
BDO
Unibank
33,142
63
PLDT
675
16
Total
Philippines
(Cost
$125
)
118
PORTUGAL
0.5%
Common
Stocks
0.5%
Galp
Energia
6,121
83
Jeronimo
Martins
2,276
49
Total
Portugal
(Cost
$122
)
132
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
1.0%
Common
Stocks
1.0%
Anglo
American
Platinum
333
28
Bidvest
Group
2,876
36
Exxaro
Resources
2,027
26
FirstRand
12,508
46
Kumba
Iron
Ore
1,249
36
Mr
Price
Group
4,548
42
MTN
Group
4,290
32
Total
South
Africa
(Cost
$267
)
246
SOUTH
KOREA
1.0%
Common
Stocks
1.0%
Hyundai
Mobis
316
50
Kia
973
46
LG
Innotek
219
44
LG
Uplus
4,748
42
Samsung
Fire
&
Marine
Insurance
375
59
Total
South
Korea
(Cost
$279
)
241
SPAIN
0.5%
Common
Stocks
0.5%
Banco
Santander
19,880
59
Iberdrola
5,729
67
Total
Spain
(Cost
$114
)
126
SWEDEN
0.7%
Common
Stocks
0.7%
Atlas
Copco,
Class
B
4,125
44
Bilia,
Class
A
3,395
37
Swedbank,
Class
A
4,633
79
Total
Sweden
(Cost
$155
)
160
SWITZERLAND
0.8%
Common
Stocks
0.8%
Julius
Baer
Group
1,771
103
Partners
Group
Holding
28
25
Roche
Holding
193
60
Total
Switzerland
(Cost
$177
)
188
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
TAIWAN
1.5%
Common
Stocks
1.5%
Chailease
Holding
19,356
136
Evergreen
Marine
Corp.
Taiwan
4,200
22
Taiwan
Semiconductor
Manufacturing
13,000
189
Wan
Hai
Lines
5,600
15
Total
Taiwan
(Cost
$232
)
362
THAILAND
0.1%
Common
Stocks
0.1%
Bangkok
Dusit
Medical
Services,
Class
F
43,600
36
Total
Thailand
(Cost
$35
)
36
TURKEY
0.3%
Common
Stocks
0.3%
BIM
Birlesik
Magazalar
10,257
75
Total
Turkey
(Cost
$59
)
75
UNITED
KINGDOM
2.4%
Common
Stocks
2.4%
3i
Group
2,177
35
Ashtead
Group
1,645
93
Compass
Group
2,049
47
Diageo
1,665
73
Imperial
Brands
2,239
56
InterContinental
Hotels
Group
1,158
66
Pearson
4,161
47
Smiths
Group
1,961
38
Tesco
13,588
37
Unilever
2,030
103
Total
United
Kingdom
(Cost
$549
)
595
UNITED
STATES
59.5%
Common
Stocks
59.5%
Abbott
Laboratories
1,503
165
AbbVie
1,540
249
Accenture,
Class
A
618
165
Adobe (1)
301
101
Agilent
Technologies
327
49
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Alexandria
Real
Estate
Equities,
REIT
290
42
Alphabet,
Class
A (1)
6,111
539
Amazon.com (1)
2,477
208
American
International
Group
2,089
132
Apple
6,966
905
Arch
Capital
Group (1)
1,062
67
Autodesk (1)
281
52
AutoZone (1)
75
185
AvalonBay
Communities,
REIT
208
34
Bank
of
America
4,936
163
Bath
&
Body
Works
2,037
86
Becton
Dickinson
&
Company
412
105
Best
Buy
424
34
Biogen (1)
131
36
Booking
Holdings (1)
53
107
Broadcom
250
140
Cadence
Design
Systems (1)
656
105
Camden
Property
Trust,
REIT
557
62
Capital
One
Financial
442
41
CF
Industries
Holdings
884
75
Chubb
432
95
Citigroup
2,408
109
CMS
Energy
850
54
Coca-Cola
2,465
157
Cognizant
Technology
Solutions,
Class
A
1,105
63
Constellation
Energy
1,161
100
Costco
Wholesale
258
118
Cummins
394
95
Danaher
485
129
Darling
Ingredients (1)
578
36
Dell
Technologies,
Class
C
625
25
Diamondback
Energy
213
29
Discover
Financial
Services
470
46
Dollar
General
274
67
Elanco
Animal
Health (1)
1,572
19
Elevance
Health
153
78
Eli
Lilly
613
224
Equinix,
REIT
123
81
Equitable
Holdings
4,246
122
Equity
LifeStyle
Properties,
REIT
1,003
65
Exelon
1,982
86
Extra
Space
Storage,
REIT
267
39
Fair
Isaac (1)
187
112
FedEx
362
63
Ferguson
(GBP)
239
30
Fidelity
National
Information
Services
482
33
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Fifth
Third
Bancorp
1,533
50
Fiserv (1)
954
96
FleetCor
Technologies (1)
543
100
FMC
493
62
General
Dynamics
536
133
General
Electric
1,160
97
Global
Payments
510
51
Goldman
Sachs
Group
460
158
Hartford
Financial
Services
Group
1,621
123
Hologic (1)
1,569
117
Home
Depot
599
189
Honeywell
International
510
109
Humana
106
54
International
Paper
1,104
38
Intuit
211
82
Invitation
Homes,
REIT
939
28
IQVIA
Holdings (1)
241
49
Johnson
&
Johnson
1,013
179
JPMorgan
Chase
1,583
212
Keurig
Dr
Pepper
1,605
57
Kimberly-Clark
363
49
Kinder
Morgan
4,079
74
KLA
215
81
L3Harris
Technologies
348
72
Leidos
Holdings
494
52
LKQ
1,577
84
Marathon
Oil
2,946
80
Marathon
Petroleum
1,057
123
Marsh
&
McLennan
481
80
Mastercard,
Class
A
551
192
McDonald's
410
108
McKesson
172
65
Merck
797
88
Meta
Platforms,
Class
A (1)
470
57
MetLife
535
39
MGM
Resorts
International
1,875
63
Microsoft
3,223
773
Molina
Healthcare (1)
172
57
Mondelez
International,
Class
A
1,574
105
News,
Class
A
3,925
71
Nucor
366
48
NVIDIA
576
84
NVR (1)
24
111
ON
Semiconductor (1)
1,527
95
ONEOK
794
52
O'Reilly
Automotive (1)
118
100
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Otis
Worldwide
1,307
102
PACCAR
577
57
Packaging
Corp.
of
America
404
52
Parker-Hannifin
326
95
PepsiCo
745
135
Pfizer
1,796
92
PG&E (1)
7,208
117
Philip
Morris
International
1,403
142
Procter
&
Gamble
428
65
Prologis,
REIT
867
98
Public
Storage,
REIT
210
59
QUALCOMM
1,209
133
Reliance
Steel
&
Aluminum
326
66
ResMed
344
72
Robert
Half
International
611
45
Roper
Technologies
131
57
SBA
Communications,
REIT
225
63
Sempra
Energy
375
58
Southern
852
61
SS&C
Technologies
Holdings
815
42
Synopsys (1)
501
160
T-Mobile
U.S. (1)
571
80
Targa
Resources
1,220
90
Tesla (1)
297
37
Texas
Instruments
573
95
Textron
1,190
84
Thermo
Fisher
Scientific
272
150
Trane
Technologies
432
73
Union
Pacific
478
99
United
Parcel
Service,
Class
B
643
112
UnitedHealth
Group
507
269
Valero
Energy
399
51
Viatris
7,769
86
Visa,
Class
A
1,051
218
VMware,
Class
A (1)
326
40
Walmart
443
63
Wells
Fargo
4,501
186
Welltower,
REIT
558
37
Westrock
2,747
97
Zimmer
Biomet
Holdings
614
78
Zoetis
787
115
Total
United
States
(Cost
$11,259
)
14,540
T.
ROWE
PRICE
QM
Global
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.30% (3)(4)
154,762
155
Total
Short-Term
Investments
(Cost
$155)
155
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.30% (3)(4)
115,870
116
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
116
Total
Securities
Lending
Collateral
(Cost
$116)
116
Total
Investments
in
Securities
100.2%
of
Net
Assets
(Cost
$20,768)
$
24,474
‡
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)
See
Note
3.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2022.
(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
QM
Global
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
year
ended
December
31,
2022.
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,
4.30%
$
—
$
—
$
5++
Totals
$
—#
$
—
$
5+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
12/31/22
T.
Rowe
Price
Government
Reserve
Fund,
4.30%
$
1,045
¤
¤
$
271
Total
$
271^
#
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
as
described
in
Note
3.
+
Investment
income
comprised
$5
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
$271.
T.
ROWE
PRICE
QM
Global
Equity
Fund
December
31,
2022
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$20,768)
$
24,474
Dividends
receivable
34
Foreign
currency
(cost
$24)
24
Due
from
affiliates
18
Receivable
for
shares
sold
7
Receivable
for
investment
securities
sold
4
Other
assets
39
Total
assets
24,600
Liabilities
Obligation
to
return
securities
lending
collateral
116
Investment
management
fees
payable
10
Other
liabilities
42
Total
liabilities
168
NET
ASSETS
$
24,432
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
3,538
Paid-in
capital
applicable
to
1,855,319
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
20,894
NET
ASSETS
$
24,432
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($12,547,402
/
952,124
shares
outstanding)
$
13.18
Advisor
Class
($326,886
/
25,000
shares
outstanding)
$
13.08
I
Class
($11,558,105
/
878,195
shares
outstanding)
$
13.16
T.
ROWE
PRICE
QM
Global
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/22
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$43)
$
541
Other,
non
cash
58
Securities
lending
2
Total
income
601
Expenses
Investment
management
123
Shareholder
servicing
Investor
Class
$
27
I
Class
2
29
Rule
12b-1
fees
Advisor
Class
1
Prospectus
and
shareholder
reports
Investor
Class
9
I
Class
1
10
Custody
and
accounting
200
Registration
77
Legal
and
audit
47
Miscellaneous
14
Waived
/
paid
by
Price
Associates
(339)
Total
expenses
162
Net
investment
income
439
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$2)
2,610
Foreign
currency
transactions
4
Net
realized
gain
2,614
Change
in
net
unrealized
gain
/
loss
on
securities
(8,515)
Net
realized
and
unrealized
gain
/
loss
(5,901)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(5,462)
T.
ROWE
PRICE
QM
Global
Equity
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
439
$
189
Net
realized
gain
2,614
1,500
Change
in
net
unrealized
gain
/
loss
(8,515)
3,289
Increase
(decrease)
in
net
assets
from
operations
(5,462)
4,978
Distributions
to
shareholders
Net
earnings
Investor
Class
(2,455)
(231)
Advisor
Class
(68)
(2)
I
Class
(834)
(10)
Decrease
in
net
assets
from
distributions
(3,357)
(243)
Capital
share
transactions
*
Shares
sold
Investor
Class
3,636
5,009
I
Class
11,727
614
Distributions
reinvested
Investor
Class
1,434
86
I
Class
691
5
Shares
redeemed
Investor
Class
(15,645)
(1,752)
I
Class
(816)
(305)
Increase
in
net
assets
from
capital
share
transactions
1,027
3,657
T.
ROWE
PRICE
QM
Global
Equity
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Net
Assets
Increase
(decrease)
during
period
(7,792)
8,392
Beginning
of
period
32,224
23,832
End
of
period
$
24,432
$
32,224
*Share
information
(000s)
Shares
sold
Investor
Class
220
281
I
Class
812
34
Distributions
reinvested
Investor
Class
109
5
I
Class
53
–
Shares
redeemed
Investor
Class
(964)
(98)
I
Class
(53)
(17)
Increase
in
shares
outstanding
177
205
T.
ROWE
PRICE
QM
Global
Equity
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Quantitative
Management
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
QM
Global
Equity
Fund
(the
fund)
is a
diversified,
open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
long-term
growth
of
capital.
The
fund
has
three classes
of
shares:
the
QM
Global
Equity
Fund
(Investor
Class),
the
QM
Global
Equity
Fund–Advisor
Class
(Advisor
Class),
and
the
QM
Global
Equity
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
T.
ROWE
PRICE
QM
Global
Equity
Fund
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
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
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to all classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
T.
ROWE
PRICE
QM
Global
Equity
Fund
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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
QM
Global
Equity
Fund
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 the
fund’s
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
QM
Global
Equity
Fund
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
December
31,
2022
(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
$
14,913
$
9,214
$
—
$
24,127
Preferred
Stocks
—
76
—
76
Short-Term
Investments
155
—
—
155
Securities
Lending
Collateral
116
—
—
116
Total
$
15,184
$
9,290
$
—
$
24,474
T.
ROWE
PRICE
QM
Global
Equity
Fund
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund’s
prospectus
and
Statement
of
Additional
Information.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2022,
the
value
of
loaned
securities
was
$111,000;
the
value
of
cash
collateral
and
related
investments
was
$116,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $23,621,000 and
$24,945,000,
respectively,
for
the
year ended
December
31,
2022.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
T.
ROWE
PRICE
QM
Global
Equity
Fund
The fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required. The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
deemed
distributions
on
shareholder
redemptions
and
the
character
of
income
on
passive
foreign
investment
companies.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2022,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were
as
follows:
($000s)
December
31,
2022
December
31,
2021
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
430
$
243
Long-term
capital
gain
2,927
—
Total
distributions
$
3,357
$
243
($000s)
Cost
of
investments
$
21,000
Unrealized
appreciation
$
4,672
Unrealized
depreciation
(1,198)
Net
unrealized
appreciation
(depreciation)
$
3,474
T.
ROWE
PRICE
QM
Global
Equity
Fund
At
December
31,
2022,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
passive
foreign
investment
companies.
NOTE
5
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.25%
of
the
fund’s
average
daily
net
assets,
($000s)
Undistributed
ordinary
income
$
45
Undistributed
long-term
capital
gain
19
Net
unrealized
appreciation
(depreciation)
3,474
Total
distributable
earnings
(loss)
$
3,538
T.
ROWE
PRICE
QM
Global
Equity
Fund
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2022,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor Class
and Advisor Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is
required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2022
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $874,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2022.
T.
ROWE
PRICE
QM
Global
Equity
Fund
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
year ended
December
31,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$102,000 for
Price
Associates
and $21,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
December
31,
2022,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
359,800
shares
of
the
Investor
Class,
representing
38%
of
the
Investor
Class's
net
assets,
25,000
shares
of
the
Advisor
Class,
representing
100%
of
the
Advisor
Class's
net
assets,
and
25,000
shares
of
the
I
Class,
representing
3%
of
the
I
Class's
net
assets.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.74%
1.04%
0.05%
Expense
limitation
date
04/30/24
04/30/24
04/30/24
(Waived)/repaid
during
the
period
($000s)
$(267)
$(5)
$(67)
T.
ROWE
PRICE
QM
Global
Equity
Fund
independent
current
market
price
of
the
security.
During
the
year ended
December
31,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has
voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
investment
research
embedded
in
the
cost
of
the
fund’s
securities
trades.
This
agreement
may
be
rescinded
at
any
time.
For
the
year ended
December
31,
2022,
this
reimbursement
amounted
to
$1,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
7
-
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.
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.
T.
ROWE
PRICE
QM
Global
Equity
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Quantitative
Management
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
QM
Global
Equity
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
QM
Global
Equity
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Quantitative
Management
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2022,
the
related
statement
of
operations
for
the
year
ended
December
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
QM
Global
Equity
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodians
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
QM
Global
Equity
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/22
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$3,563,000 from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$498,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$180,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
T.
ROWE
PRICE
QM
Global
Equity
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
QM
Global
Equity
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity Program’s principal
objectives
include
supporting
the T.
Rowe
Price
funds’ compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable to timely
meet
its
redemption
obligations. The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the fund’s liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
QM
Global
Equity
Fund
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
T.
ROWE
PRICE
QM
Global
Equity
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[205]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
President,
Radian
Guaranty
(2008
to
2017);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Ronald
J.
Daniels
(b)
(1959)
2018
[0]
President,
The
Johns
Hopkins
University
and
Professor,
Political
Science
Department,
The
Johns
Hopkins
University
(2009
to
present);
Director,
Lyndhurst
Holdings
(2015
to
present);
Director,
BridgeBio
Pharma,
Inc.
(2020
to
present)
Bruce
W.
Duncan
(1951)
2013
[205]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chief
Executive
Officer
and
Director
(2009
to
2016),
Chair
of
the
Board
(2016
to
2020),
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Chair
of
the
Board
(2005
to
2016)
and
Director
(1999
to
2016),
Starwood
Hotels
&
Resorts,
a
hotel
and
leisure
company;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
present);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[205]
Advisory
Board
Member,
Pipeline
Crisis/Winning
Strategies,
a
collaborative
working
to
improve
opportunities
for
young
African
Americans
(1997
to
2016);
Chair
of
the
Board,
all
funds
(July
2018
to
present)
T.
ROWE
PRICE
QM
Global
Equity
Fund
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Paul
F.
McBride
(1956)
2013
[205]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
Kellye
L.
Walker
(c)
(1966)
2021
[205]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2021,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
April
27,
2022,
Mr.
Daniels
resigned
from
his
role
as
an
independent
director
of
the
Price
Funds.
(c)
Effective
November
8,
2021,
Ms.
Walker
was
appointed
as
an
independent
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[205]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
Robert
W.
Sharps,
CFA,
CPA
(b)
(1971)
2017
[0]
Director
and
Vice
President,
T.
Rowe
Price;
Director,
Price
Investment
Management;
Chief
Executive
Officer
and
President,
T.
Rowe
Price
Group,
Inc.;
Vice
President,
T.
Rowe
Price
Trust
Company
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
QM
Global
Equity
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[205]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
(a)
All
information
about
the
interested
directors
was
current
as
of
January
1,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
February
3,
2022,
Mr.
Sharps
resigned
from
his
role
as
an
interested
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Position
Held
With
Quantitative
Management
Funds,
Inc.
Principal
Occupation(s)
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019);
Senior
Vice
President
and
Senior
Counsel,
Pacific
Investment
Management
Company
LLC
(to
2017)
David
Corris
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Head
of
Disciplined
Equities
and
Portfolio
Manager,
Bank
of
Montreal
Global
Asset
Management
(to
2021)
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Pengquin
George
Gao
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
QM
Global
Equity
Fund
Name
(Year
of
Birth)
Position
Held
With
Quantitative
Management
Funds,
Inc.
Principal
Occupation(s)
Gary
J.
Greb
(1961)
Vice
President
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
Price
International,
and
T.
Rowe
Price
Trust
Company
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Prashant
G.
Jeyaganesh
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Vidya
Kadiyam
(1980)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Rinald
Murataj,
Ph.D.
(1989)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
student
and
Alpha
Researcher,
Cornell
University
(to
2018)
Sudhir
Nanda,
Ph.D.,
CFA
(1959)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.
Jordan
S.
Pryor
(1991)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Shannon
H.
Rauser
(1987)
Assistant
Secretary
Assistant
Vice
President,
T.
Rowe
Price
Peter
Stournaras
(1973)
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Managing
Director,
Chief
Portfolio
Strategist,
JP
Morgan
Private
Bank
(to
2020);
Private
Consultant
and
Advisor,
Pteleos
Consulting
(to
2018)
Megan
Warren
(1968)
Vice
President
OFAC
Sanctions
Compliance
Officer
and
Vice
President,
Price
Investment
Management;
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
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expenses,
and
other
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you
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read
and
consider
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investing.
All
mutual
funds
are
subject
to
market
risk,
including
possible
loss
of
principal.
Investing
internationally
involves
special
risks
including
economic
and
political
uncertainty
and
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Rowe
Price
®
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a
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T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202302-2582760
F203-050
2/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | | | | | | | | | |
| | | | | | | 2022 | | | | | | 2021 | |
| | Audit Fees | | | | | | $ | 24,353 | | | | | | | $ | 23,471 | |
| | Audit-Related Fees | | | | | | | - | | | | | | | | - | |
| | Tax Fees | | | | | | | - | | | | | | | | 1,893 | |
| | All Other Fees | | | | | | | - | | | | | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Quantitative Management Funds, Inc.
| | | | |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 16, 2023 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 16, 2023 | | |
| | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | February 16, 2023 | | |
