T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.0%
COMMUNICATION
SERVICES
2.3%
Diversified
Telecommunication
Services
0.6%
Cogent
Communications
Holdings
362,800
24,072
Iridium
Communications (1)
700,500
28,244
52,316
Interactive
Media
&
Services
0.3%
Ziff
Davis (1)
234,640
22,708
22,708
Media
1.4%
Cable
One
22,500
32,946
Nexstar
Media
Group,
Class
A
255,700
48,194
TechTarget (1)
340,500
27,676
Thryv
Holdings (1)
363,100
10,210
119,026
Total
Communication
Services
194,050
CONSUMER
DISCRETIONARY
15.3%
Auto
Components
0.7%
Adient (1)
401,400
16,365
LCI
Industries
123,200
12,789
Patrick
Industries
466,750
28,145
57,299
Distributors
0.5%
Pool
93,600
39,579
39,579
Diversified
Consumer
Services
0.6%
Bright
Horizons
Family
Solutions (1)
126,654
16,806
Terminix
Global
Holdings (1)
732,506
33,424
50,230
Hotels,
Restaurants
&
Leisure
6.5%
Bloomin'
Brands
826,000
18,122
Boyd
Gaming
753,900
49,592
Choice
Hotels
International
358,000
50,750
Churchill
Downs
290,440
64,414
Domino's
Pizza
16,687
6,792
Everi
Holdings (1)
788,200
16,552
Hilton
Grand
Vacations (1)
555,900
28,912
Papa
John's
International
366,100
38,543
Planet
Fitness,
Class
A (1)
577,900
48,821
Red
Rock
Resorts,
Class
A
534,400
25,950
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SeaWorld
Entertainment (1)
411,600
30,640
Six
Flags
Entertainment (1)
363,100
15,795
Texas
Roadhouse
487,500
40,818
Travel
+
Leisure
553,700
32,081
Vail
Resorts
126,430
32,906
Wendy's
1,662,800
36,532
537,220
Household
Durables
2.0%
Cavco
Industries (1)
108,314
26,087
Helen
of
Troy (1)(2)
83,600
16,372
LGI
Homes (1)
167,900
16,401
Skyline
Champion (1)
259,700
14,252
Tempur
Sealy
International
1,442,100
40,264
TopBuild (1)
268,900
48,776
162,152
Internet
&
Direct
Marketing
Retail
0.0%
Xometry,
Class
A (1)(2)
71,362
2,623
2,623
Leisure
Products
0.5%
Brunswick
553,740
44,792
44,792
Specialty
Retail
2.7%
Abercrombie
&
Fitch,
Class
A (1)
419,600
13,423
Academy
Sports
&
Outdoors
376,200
14,822
Asbury
Automotive
Group (1)
234,700
37,599
Burlington
Stores (1)
99,600
18,144
Dick's
Sporting
Goods (2)
201,500
20,154
Floor
&
Decor
Holdings,
Class
A (1)
465,100
37,673
Murphy
USA
134,300
26,855
National
Vision
Holdings (1)(2)
479,900
20,909
RH (1)
40,782
13,299
Victoria's
Secret (1)
402,100
20,652
223,530
Textiles,
Apparel
&
Luxury
Goods
1.8%
Capri
Holdings (1)
858,500
44,118
Crocs (1)
605,300
46,245
Deckers
Outdoor (1)
204,600
56,014
146,377
Total
Consumer
Discretionary
1,263,802
CONSUMER
STAPLES
4.6%
Beverages
0.7%
Boston
Beer,
Class
A (1)
50,000
19,424
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Coca-Cola
Consolidated
70,400
34,978
54,402
Food
&
Staples
Retailing
1.4%
BJ's
Wholesale
Club
Holdings (1)
909,300
61,478
Casey's
General
Stores
76,900
15,239
Performance
Food
Group (1)
718,500
36,579
113,296
Food
Products
2.1%
Darling
Ingredients (1)
971,100
78,057
Hain
Celestial
Group (1)
407,300
14,011
J
&
J
Snack
Foods
191,781
29,745
John
B.
Sanfilippo
&
Son
176,900
14,761
Sanderson
Farms
109,300
20,493
Simply
Good
Foods (1)
547,200
20,766
177,833
Personal
Products
0.4%
BellRing
Brands (1)
632,600
14,600
Inter
Parfums
256,600
22,594
37,194
Total
Consumer
Staples
382,725
ENERGY
3.2%
Energy
Equipment
&
Services
0.7%
Cactus,
Class
A
596,667
33,855
ChampionX (1)
832,800
20,387
ProPetro
Holding (1)
502,600
7,001
61,243
Oil,
Gas
&
Consumable
Fuels
2.5%
APA
468,700
19,371
Magnolia
Oil
&
Gas,
Class
A
2,012,400
47,593
Matador
Resources
341,000
18,066
PDC
Energy
377,400
27,430
Range
Resources (1)
310,800
9,442
SM
Energy
563,000
21,929
Targa
Resources
356,700
26,920
Texas
Pacific
Land
29,200
39,482
210,233
Total
Energy
271,476
FINANCIALS
3.8%
Banks
1.2%
Bancorp (1)
338,000
9,576
First
Bancorp
282,500
11,800
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Metropolitan
Bank
Holding (1)
96,800
9,851
Signature
Bank
118,700
34,837
Western
Alliance
Bancorp
391,700
32,441
98,505
Capital
Markets
1.5%
Cboe
Global
Markets
73,100
8,364
FactSet
Research
Systems
57,300
24,877
LPL
Financial
Holdings
303,800
55,498
MarketAxess
Holdings
97,500
33,170
121,909
Consumer
Finance
0.2%
SLM
1,023,300
18,788
18,788
Insurance
0.9%
Palomar
Holdings (1)
397,962
25,466
Primerica
343,400
46,984
72,450
Total
Financials
311,652
HEALTH
CARE
23.5%
Biotechnology
8.6%
ACADIA
Pharmaceuticals (1)
715,612
17,332
Agios
Pharmaceuticals (1)
381,181
11,096
Alector (1)
294,326
4,194
Alkermes (1)
960,800
25,279
Allogene
Therapeutics (1)(2)
251,801
2,294
Amicus
Therapeutics (1)
1,003,500
9,503
Apellis
Pharmaceuticals (1)
397,000
20,172
Biohaven
Pharmaceutical
Holding (1)
369,000
43,752
Blueprint
Medicines (1)
370,885
23,692
C4
Therapeutics (1)
75,400
1,829
CareDx (1)
335,171
12,398
Cerevel
Therapeutics
Holdings (1)
222,300
7,783
ChemoCentryx (1)
247,025
6,193
CRISPR
Therapeutics (1)(2)
205,358
12,890
Denali
Therapeutics (1)
501,000
16,117
Emergent
BioSolutions (1)
166,000
6,816
Exact
Sciences (1)
235,242
16,448
Exelixis (1)
795,700
18,039
Fate
Therapeutics (1)
383,600
14,872
Generation
Bio (1)
437,600
3,212
Global
Blood
Therapeutics (1)
432,990
14,999
Halozyme
Therapeutics (1)
1,137,100
45,348
Horizon
Therapeutics (1)
439,000
46,187
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IGM
Biosciences (1)(2)
143,152
3,826
Insmed (1)
1,041,893
24,485
Intellia
Therapeutics (1)
371,696
27,011
Ionis
Pharmaceuticals (1)
626,300
23,198
Iovance
Biotherapeutics (1)
642,658
10,700
Karuna
Therapeutics (1)
101,465
12,865
Kymera
Therapeutics (1)
138,700
5,870
Madrigal
Pharmaceuticals (1)
28,600
2,806
Mirati
Therapeutics (1)
154,897
12,736
Monte
Rosa
Therapeutics (1)(2)
65,000
911
Morphic
Holding (1)
105,000
4,216
Neurocrine
Biosciences (1)
191,326
17,937
Nurix
Therapeutics (1)
147,800
2,071
Prothena (1)
330,530
12,087
PTC
Therapeutics (1)
475,700
17,748
Replimune
Group (1)
305,439
5,186
Rocket
Pharmaceuticals (1)
286,029
4,536
Sage
Therapeutics (1)
250,959
8,307
Sarepta
Therapeutics (1)
382,800
29,904
Scholar
Rock
Holding (1)
268,973
3,467
Seagen (1)
124,300
17,905
TG
Therapeutics (1)(2)
323,101
3,073
Turning
Point
Therapeutics (1)
304,824
8,185
Twist
Bioscience (1)
219,096
10,819
Ultragenyx
Pharmaceutical (1)
565,585
41,073
Xencor (1)
468,800
12,508
Zentalis
Pharmaceuticals (1)
151,011
6,968
710,843
Health
Care
Equipment
&
Supplies
4.8%
AtriCure (1)
304,500
19,997
CONMED
194,000
28,819
Globus
Medical,
Class
A (1)
628,700
46,386
Haemonetics (1)
185,200
11,708
ICU
Medical (1)
216,098
48,112
Inari
Medical (1)
105,100
9,526
iRhythm
Technologies (1)
21,200
3,338
Lantheus
Holdings (1)
178,400
9,867
Merit
Medical
Systems (1)
633,300
42,127
Nevro (1)
205,100
14,835
NuVasive (1)
42,200
2,393
Penumbra (1)
101,000
22,435
Quidel (1)
94,000
10,571
Shockwave
Medical (1)
224,000
46,449
STERIS
128,366
31,035
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tandem
Diabetes
Care (1)
452,300
52,598
400,196
Health
Care
Providers
&
Services
4.4%
Addus
HomeCare (1)
281,800
26,289
Amedisys (1)
255,800
44,072
AMN
Healthcare
Services (1)
577,800
60,282
Chemed
23,600
11,955
CorVel (1)
205,066
34,541
Ensign
Group
653,000
58,776
Invitae (1)
72,715
580
ModivCare (1)
149,500
17,251
Molina
Healthcare (1)
161,100
53,741
Pennant
Group (1)
588,500
10,964
Surgery
Partners (1)
308,600
16,988
U.S.
Physical
Therapy
259,500
25,807
361,246
Health
Care
Technology
1.2%
Certara (1)
385,573
8,282
Inspire
Medical
Systems (1)
165,000
42,354
Omnicell (1)
372,800
48,274
98,910
Life
Sciences
Tools
&
Services
3.4%
Adaptive
Biotechnologies (1)
481,800
6,687
Azenta
477,600
39,584
Bruker
207,200
13,323
Charles
River
Laboratories
International (1)
108,500
30,811
Maravai
LifeSciences
Holdings,
Class
A (1)
664,600
23,440
Medpace
Holdings (1)
346,200
56,635
NeoGenomics (1)
1,143,800
13,897
Quanterix (1)
182,600
5,330
Repligen (1)
255,800
48,113
West
Pharmaceutical
Services
105,500
43,330
281,150
Pharmaceuticals
1.1%
Arvinas (1)
238,265
16,035
Catalent (1)
373,141
41,382
Pacira
BioSciences (1)
248,100
18,935
Reata
Pharmaceuticals,
Class
A (1)(2)
42,343
1,387
Supernus
Pharmaceuticals (1)
353,100
11,412
89,151
Total
Health
Care
1,941,496
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
16.8%
Aerospace
&
Defense
1.4%
Curtiss-Wright
248,200
37,270
Hexcel
482,600
28,700
Mercury
Systems (1)
176,900
11,401
Moog,
Class
A
207,100
18,184
Woodward
187,930
23,474
119,029
Air
Freight
&
Logistics
0.5%
GXO
Logistics (1)
592,100
42,240
42,240
Building
Products
1.9%
AAON
233,700
13,024
Builders
FirstSource (1)
712,500
45,984
CSW
Industrials
144,000
16,933
Gibraltar
Industries (1)
313,500
13,465
Trex (1)
416,700
27,223
UFP
Industries
561,700
43,341
159,970
Commercial
Services
&
Supplies
1.9%
Casella
Waste
Systems,
Class
A (1)
963,100
84,416
Clean
Harbors (1)
212,200
23,690
IAA (1)
655,700
25,080
MSA
Safety
159,000
21,099
UniFirst
17,700
3,262
157,547
Construction
&
Engineering
1.0%
Comfort
Systems
USA
423,900
37,731
EMCOR
Group
418,900
47,181
84,912
Electrical
Equipment
0.5%
Atkore (1)
429,343
42,264
42,264
Machinery
3.7%
Albany
International,
Class
A
354,900
29,925
Douglas
Dynamics
211,700
7,323
Evoqua
Water
Technologies (1)
125,600
5,901
Federal
Signal
289,900
9,784
Graco
213,010
14,851
John
Bean
Technologies
318,400
37,721
Kadant
183,400
35,614
Lincoln
Electric
Holdings
181,200
24,971
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
RBC
Bearings (1)
182,025
35,291
SPX (1)
474,700
23,455
Terex
409,700
14,610
Toro
364,800
31,187
Watts
Water
Technologies,
Class
A
239,200
33,390
304,023
Professional
Services
3.1%
ASGN (1)
467,400
54,550
Booz
Allen
Hamilton
Holding
367,400
32,272
CACI
International,
Class
A (1)
196,500
59,198
Exponent
699,716
75,604
Insperity
385,600
38,722
260,346
Road
&
Rail
1.4%
Landstar
System
175,200
26,425
Saia (1)
268,200
65,393
XPO
Logistics (1)
295,600
21,520
113,338
Trading
Companies
&
Distributors
1.4%
Herc
Holdings
176,900
29,558
McGrath
RentCorp
101,956
8,664
SiteOne
Landscape
Supply (1)
298,400
48,249
Watsco
88,400
26,930
113,401
Total
Industrials
&
Business
Services
1,397,070
INFORMATION
TECHNOLOGY
21.6%
Communications
Equipment
0.5%
Lumentum
Holdings (1)
294,300
28,724
Ubiquiti (2)
46,000
13,393
42,117
Electronic
Equipment,
Instruments
&
Components
3.0%
Advanced
Energy
Industries
344,300
29,638
Cognex
363,800
28,067
ePlus (1)
184,000
10,315
Fabrinet (1)
321,100
33,757
Littelfuse
149,900
37,387
Novanta (1)
348,100
49,531
Teledyne
Technologies (1)
75,730
35,792
Zebra
Technologies,
Class
A (1)
59,800
24,739
249,226
IT
Services
2.5%
Broadridge
Financial
Solutions
99,000
15,415
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Euronet
Worldwide (1)
348,700
45,383
EVERTEC
301,600
12,345
ExlService
Holdings (1)
369,700
52,967
Gartner (1)
67,500
20,079
Kyndryl
Holdings (1)
413,900
5,431
Maximus
128,300
9,616
Perficient (1)
302,500
33,302
Repay
Holdings (1)
396,700
5,859
Switch,
Class
A
277,200
8,543
208,940
Semiconductors
&
Semiconductor
Equipment
5.6%
Axcelis
Technologies (1)
274,400
20,725
Cirrus
Logic (1)
249,730
21,175
Diodes (1)
377,500
32,839
Entegris
333,300
43,749
FormFactor (1)
869,300
36,537
Kulicke
&
Soffa
Industries (2)
416,900
23,355
Lattice
Semiconductor (1)
973,600
59,341
MaxLinear (1)
638,200
37,239
MKS
Instruments
271,200
40,680
Monolithic
Power
Systems
38,707
18,799
Onto
Innovation (1)
318,700
27,692
Power
Integrations
526,600
48,805
SiTime (1)
44,500
11,028
Synaptics (1)
197,600
39,421
461,385
Software
9.9%
ACI
Worldwide (1)
1,007,400
31,723
Alarm.com
Holdings (1)
191,900
12,754
Altair
Engineering,
Class
A (1)
336,100
21,645
Aspen
Technology (1)
192,500
31,834
Bill.com
Holdings (1)
62,300
14,129
Blackbaud (1)
187,800
11,244
Box,
Class
A (1)
1,075,600
31,257
CDK
Global
606,600
29,529
CommVault
Systems (1)
442,700
29,373
Consensus
Cloud
Solutions (1)
103,646
6,232
Descartes
Systems
Group (1)
626,500
45,897
Digital
Turbine (1)
602,200
26,382
DoubleVerify
Holdings (1)
229,851
5,785
Envestnet (1)
430,600
32,054
Fair
Isaac (1)
87,100
40,629
Fortinet (1)
74,600
25,494
Manhattan
Associates (1)
462,300
64,126
nCino (1)
78,600
3,221
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
NCR (1)
832,700
33,466
Paylocity
Holding (1)
129,700
26,688
Pegasystems
124,000
10,001
PTC (1)
218,050
23,488
Qualys (1)
334,400
47,622
Rapid7 (1)
305,200
33,951
Sapiens
International
825,100
20,949
SPS
Commerce (1)
381,100
50,000
SS&C
Technologies
Holdings
374,300
28,080
Teradata (1)
656,600
32,364
Tyler
Technologies (1)
63,800
28,384
Workiva (1)
183,600
21,665
819,966
Technology
Hardware,
Storage
&
Peripherals
0.1%
Pure
Storage,
Class
A (1)
324,900
11,472
11,472
Total
Information
Technology
1,793,106
MATERIALS
5.0%
Chemicals
1.9%
Balchem
149,700
20,464
Chase
146,700
12,750
Element
Solutions
1,323,000
28,974
HB
Fuller
283,100
18,704
Ingevity (1)
321,300
20,586
Livent (1)
831,900
21,687
Quaker
Chemical
81,300
14,049
Scotts
Miracle-Gro
143,900
17,694
154,908
Construction
Materials
0.4%
Eagle
Materials
230,200
29,548
29,548
Containers
&
Packaging
0.3%
Berry
Global
Group (1)
354,100
20,523
Ranpak
Holdings (1)
262,400
5,361
25,884
Metals
&
Mining
2.0%
Alcoa
1,080,700
97,296
Arconic (1)
459,800
11,780
Cleveland-Cliffs (1)
1,854,800
59,743
168,819
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Paper
&
Forest
Products
0.4%
Louisiana-Pacific
562,700
34,955
34,955
Total
Materials
414,114
REAL
ESTATE
2.0%
Equity
Real
Estate
Investment
Trusts
2.0%
Equity
LifeStyle
Properties,
REIT
388,800
29,736
First
Industrial
Realty
Trust,
REIT
645,600
39,969
Innovative
Industrial
Properties,
REIT
120,400
24,730
Ryman
Hospitality
Properties,
REIT (1)
252,700
23,443
Terreno
Realty,
REIT
664,200
49,184
Total
Real
Estate
167,062
UTILITIES
0.9%
Independent
Power
&
Renewable
Electricity
Producers
0.5%
Clearway
Energy,
Class
C
464,100
16,944
NextEra
Energy
Partners
222,200
18,523
Ormat
Technologies
31,700
2,594
38,061
Water
Utilities
0.4%
Middlesex
Water
329,593
34,663
34,663
Total
Utilities
72,724
Total
Common
Stocks
(Cost
$5,789,514)
8,209,277
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (3)(4)
76,086,463
76,086
Total
Short-Term
Investments
(Cost
$76,086)
76,086
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (3)(4)
46,915,791
46,916
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
46,916
Total
Securities
Lending
Collateral
(Cost
$46,916)
46,916
Total
Investments
in
Securities
100.5%
(Cost
$5,912,516)
$
8,332,279
Other
Assets
Less
Liabilities
(0.5)%
(
40,545
)
Net
Assets
100.0%
$
8,291,734
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2022.
(3)
Seven-day
yield
(4)
Affiliated
Companies
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
13
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
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,
0.29%
$
—
$
—
$
24
++
Totals
$
—
#
$
—
$
24
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
81,745
¤
¤
$
123,002
Total
$
123,002
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$24
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
$123,002.
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
T.
Rowe
Price
QM
U.S.
Small-Cap
Growth
Equity
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
15
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
16
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
On
March
31,
2022,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
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.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F120-054Q1
03/22