T. Rowe Price Quantitative Management Funds NPORT-P T. Rowe Price QM Global Equity Fund (Sep 2022 report)

T.

ROWE

PRICE

QM

Global

Equity

Fund

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

AUSTRALIA

2.2%

Common

Stocks

2.2%

Aristocrat

Leisure 

1,404‌

30‌

Australia

&

New

Zealand

Banking

Group 

3,856‌

56‌

BHP

Group 

3,136‌

78‌

Brambles 

6,895‌

50‌

Coles

Group 

4,174‌

44‌

National

Australia

Bank 

2,397‌

44‌

Ramsay

Health

Care 

893‌

33‌

Suncorp

Group 

5,071‌

33‌

Total

Australia

(Cost

$446

)

368‌

AUSTRIA

0.1%

Common

Stocks

0.1%

OMV 

477‌

17‌

Total

Austria

(Cost

$15

)

17‌

BRAZIL

0.6%

Common

Stocks

0.6%

Ambev 

10,536‌

30‌

Petroleo

Brasileiro 

6,401‌

40‌

Suzano 

4,100‌

34‌

Total

Brazil

(Cost

$98

)

104‌

CANADA

4.0%

Common

Stocks

4.0%

Canadian

Imperial

Bank

of

Commerce 

641‌

28‌

Canadian

Tire,

Class

A 

389‌

41‌

CGI (1)

1,003‌

75‌

Constellation

Software 

54‌

75‌

George

Weston 

258‌

27‌

Loblaw 

635‌

50‌

Magna

International 

600‌

28‌

Manulife

Financial 

3,282‌

52‌

National

Bank

of

Canada 

825‌

52‌

Suncor

Energy 

1,561‌

44‌

TFI

International (2)

692‌

63‌

Toromont

Industries 

255‌

18‌

West

Fraser

Timber (2)

694‌

50‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

1

T.

ROWE

PRICE

QM

Global

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

WSP

Global 

523‌

58‌

Total

Canada

(Cost

$652

)

661‌

CHILE

0.1%

Common

Stocks

0.1%

Banco

de

Chile 

277,440‌

25‌

Total

Chile

(Cost

$29

)

25‌

CHINA

2.8%

Common

Stocks

2.6%

Alibaba

Group

Holding,

ADR

(USD) (1)

415‌

33‌

Bank

of

China,

Class

H

(HKD) 

54,000‌

18‌

China

Coal

Energy,

Class

H

(HKD) 

21,000‌

19‌

China

Construction

Bank,

Class

H

(HKD) 

92,000‌

53‌

China

Hongqiao

Group

(HKD) (2)

17,000‌

14‌

China

Meidong

Auto

Holdings

(HKD) 

12,000‌

19‌

China

Overseas

Land

&

Investment

(HKD) 

14,500‌

38‌

China

Overseas

Property

Holdings

(HKD) 

15,000‌

13‌

China

Resources

Gas

Group

(HKD) 

6,000‌

19‌

China

Shenhua

Energy,

Class

H

(HKD) 

9,500‌

28‌

COSCO

SHIPPING

Holdings,

Class

H

(HKD) 

9,500‌

11‌

Industrial

&

Commercial

Bank

of

China,

Class

H

(HKD) 

98,000‌

46‌

Lenovo

Group

(HKD) 

34,000‌

24‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

18,000‌

24‌

Sunny

Optical

Technology

Group

(HKD) 

1,300‌

12‌

Tingyi

Cayman

Islands

Holding

(HKD) 

14,000‌

24‌

Zhongsheng

Group

Holdings

(HKD) 

6,000‌

24‌

419‌

Common

Stocks

-

China

A

Shares

0.2%

Sinotrans,

A

Shares

(CNH) 

74,400‌

37‌

37‌

Total

China

(Cost

$549

)

456‌

DENMARK

0.5%

Common

Stocks

0.5%

Novo

Nordisk,

Class

B 

815‌

81‌

Total

Denmark

(Cost

$87

)

81‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

EGYPT

0.4%

Common

Stocks

0.4%

Eastern 

59,227‌

31‌

OCI

(EUR) 

914‌

34‌

Total

Egypt

(Cost

$71

)

65‌

FINLAND

0.3%

Common

Stocks

0.3%

Kesko,

Class

B 

1,120‌

21‌

Sampo,

Class

A 

779‌

33‌

Total

Finland

(Cost

$61

)

54‌

FRANCE

3.7%

Common

Stocks

3.7%

Airbus 

553‌

48‌

AXA 

1,418‌

31‌

Capgemini 

290‌

46‌

Dassault

Aviation 

182‌

21‌

Edenred 

541‌

25‌

Engie 

2,717‌

31‌

Eurofins

Scientific 

282‌

17‌

Kering 

74‌

33‌

LVMH

Moet

Hennessy

Louis

Vuitton 

132‌

78‌

Sanofi 

795‌

61‌

Teleperformance 

91‌

23‌

Thales 

298‌

33‌

TotalEnergies (2)

1,858‌

87‌

Verallia 

1,344‌

30‌

Vinci 

500‌

40‌

Total

France

(Cost

$698

)

604‌

GERMANY

1.2%

Common

Stocks

0.9%

Allianz 

193‌

31‌

Deutsche

Post 

789‌

24‌

Deutsche

Telekom 

2,892‌

49‌

GEA

Group 

691‌

22‌

Munich

Re 

87‌

21‌

147‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

Preferred

Stocks

0.3%

Volkswagen 

457‌

56‌

56‌

Total

Germany

(Cost

$241

)

203‌

HONG

KONG

0.5%

Common

Stocks

0.5%

AIA

Group 

5,400‌

45‌

HKT

Trust

&

HKT 

26,000‌

30‌

Total

Hong

Kong

(Cost

$68

)

75‌

INDIA

1.3%

Common

Stocks

1.3%

GAIL

India 

12,885‌

14‌

HDFC

Bank,

ADR

(USD) (2)

554‌

32‌

Infosys 

1,736‌

30‌

Petronet

LNG 

13,710‌

34‌

Power

Grid

Corp.

of

India 

18,802‌

49‌

Tata

Steel 

13,430‌

16‌

Tech

Mahindra 

1,741‌

21‌

Vedanta 

4,555‌

15‌

Total

India

(Cost

$247

)

211‌

INDONESIA

0.3%

Common

Stocks

0.3%

Astra

International 

127,500‌

55‌

Total

Indonesia

(Cost

$51

)

55‌

ISRAEL

0.3%

Common

Stocks

0.3%

Mizrahi

Tefahot

Bank 

1,225‌

43‌

Total

Israel

(Cost

$31

)

43‌

ITALY

0.7%

Common

Stocks

0.7%

Amplifon 

1,947‌

51‌

Enel 

5,898‌

24‌

Stellantis 

2,770‌

33‌

Total

Italy

(Cost

$121

)

108‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

JAPAN

4.8%

Common

Stocks

4.8%

AGC 

600‌

19‌

Asahi

Group

Holdings 

700‌

22‌

Asics 

1,600‌

25‌

Astellas

Pharma 

3,100‌

41‌

Eisai 

900‌

48‌

Fast

Retailing 

100‌

53‌

Inpex 

2,300‌

21‌

ITOCHU 

2,200‌

53‌

Mitsubishi 

1,500‌

41‌

Mitsui

Fudosan 

1,800‌

34‌

Mizuho

Financial

Group (2)

2,300‌

25‌

Nippon

Steel (2)

1,800‌

25‌

Nippon

Telegraph

&

Telephone 

2,400‌

65‌

Nippon

Yusen 

1,200‌

20‌

Otsuka

Holdings 

1,600‌

51‌

Panasonic

Holdings 

2,600‌

18‌

Recruit

Holdings 

1,700‌

49‌

Ryohin

Keikaku 

3,900‌

33‌

Seven

&

i

Holdings 

500‌

20‌

SoftBank

Group 

1,900‌

64‌

SUMCO 

2,200‌

26‌

Suntory

Beverage

&

Food 

1,000‌

36‌

Total

Japan

(Cost

$893

)

789‌

MEXICO

0.5%

Common

Stocks

0.5%

Grupo

Aeroportuario

del

Sureste,

Class

B 

850‌

17‌

Grupo

Mexico,

Series

B 

11,914‌

40‌

Orbia

Advance 

12,801‌

22‌

Total

Mexico

(Cost

$99

)

79‌

NETHERLANDS

2.4%

Common

Stocks

2.4%

Adyen (1)

23‌

29‌

ASML

Holding

(USD) 

256‌

106‌

Coca-Cola

European

Partners

(USD) 

698‌

30‌

Heineken

Holding 

702‌

48‌

Koninklijke

Ahold

Delhaize 

1,476‌

37‌

Koninklijke

KPN 

10,022‌

27‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

Koninklijke

Philips 

2,980‌

46‌

Wolters

Kluwer 

665‌

65‌

Total

Netherlands

(Cost

$430

)

388‌

NEW

ZEALAND

0.3%

Common

Stocks

0.3%

Spark

New

Zealand 

18,967‌

53‌

Total

New

Zealand

(Cost

$49

)

53‌

NORWAY

0.5%

Common

Stocks

0.5%

Equinor 

1,855‌

61‌

Mowi 

1,998‌

26‌

Total

Norway

(Cost

$82

)

87‌

PHILIPPINES

0.5%

Common

Stocks

0.5%

Bank

of

the

Philippine

Islands 

15,910‌

24‌

BDO

Unibank 

20,610‌

39‌

PLDT 

500‌

13‌

Total

Philippines

(Cost

$96

)

76‌

PORTUGAL

0.3%

Common

Stocks

0.3%

Galp

Energia 

4,569‌

44‌

Total

Portugal

(Cost

$55

)

44‌

QATAR

0.3%

Common

Stocks

0.3%

Commercial

Bank 

21,808‌

42‌

Total

Qatar

(Cost

$40

)

42‌

SOUTH

AFRICA

0.9%

Common

Stocks

0.9%

Anglo

American

Platinum 

248‌

18‌

Bidvest

Group 

2,147‌

23‌

Exxaro

Resources 

1,515‌

17‌

FirstRand 

9,335‌

31‌

Kumba

Iron

Ore 

932‌

20‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

Mr

Price

Group 

3,397‌

32‌

MTN

Group 

2,035‌

13‌

Total

South

Africa

(Cost

$199

)

154‌

SOUTH

KOREA

1.1%

Common

Stocks

1.1%

Hyundai

Mobis 

117‌

15‌

Kia 

727‌

36‌

LG

Display 

1,201‌

10‌

LG

Innotek 

164‌

31‌

LG

Uplus 

3,544‌

26‌

Samsung

Fire

&

Marine

Insurance 

280‌

36‌

Woori

Financial

Group 

2,765‌

21‌

Total

South

Korea

(Cost

$252

)

175‌

SPAIN

0.4%

Common

Stocks

0.4%

Banco

Santander 

14,838‌

34‌

Iberdrola 

4,275‌

40‌

Total

Spain

(Cost

$83

)

74‌

SWEDEN

0.8%

Common

Stocks

0.8%

Atlas

Copco,

Class

B 

3,080‌

26‌

Bilia,

Class

A 

2,620‌

30‌

Swedbank,

Class

A 

3,460‌

45‌

Swedish

Match 

3,784‌

37‌

Total

Sweden

(Cost

$142

)

138‌

SWITZERLAND

0.7%

Common

Stocks

0.7%

Julius

Baer

Group 

1,273‌

55‌

Partners

Group

Holding 

21‌

17‌

Roche

Holding 

144‌

47‌

Total

Switzerland

(Cost

$126

)

119‌

TAIWAN

1.4%

Common

Stocks

1.4%

Chailease

Holding 

12,356‌

70‌

Evergreen

Marine

Corp.

Taiwan 

3,200‌

15‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

Taiwan

Semiconductor

Manufacturing 

10,000‌

132‌

Wan

Hai

Lines 

4,600‌

10‌

Total

Taiwan

(Cost

$148

)

227‌

THAILAND

0.2%

Common

Stocks

0.2%

Bangkok

Dusit

Medical

Services,

Class

F 

32,700‌

26‌

Total

Thailand

(Cost

$26

)

26‌

TURKEY

0.3%

Common

Stocks

0.3%

BIM

Birlesik

Magazalar 

7,656‌

48‌

Total

Turkey

(Cost

$41

)

48‌

UNITED

ARAB

EMIRATES

0.2%

Common

Stocks

0.2%

Abu

Dhabi

Commercial

Bank 

15,835‌

39‌

Total

United

Arab

Emirates

(Cost

$38

)

39‌

UNITED

KINGDOM

2.3%

Common

Stocks

2.3%

3i

Group 

1,626‌

20‌

Ashtead

Group 

1,229‌

55‌

Compass

Group 

1,531‌

30‌

Diageo 

1,242‌

52‌

Ferguson 

179‌

19‌

Imperial

Brands 

1,672‌

34‌

InterContinental

Hotels

Group 

864‌

42‌

Smiths

Group 

1,466‌

24‌

Standard

Chartered 

5,224‌

33‌

Tesco 

10,142‌

23‌

Unilever 

1,136‌

50‌

Total

United

Kingdom

(Cost

$394

)

382‌

UNITED

STATES

61.5%

Common

Stocks

61.5%

Abbott

Laboratories 

1,121‌

108‌

AbbVie 

1,149‌

154‌

Accenture,

Class

A 

463‌

119‌

Adobe (1)

226‌

62‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

Alexandria

Real

Estate

Equities,

REIT (2)

218‌

31‌

Alphabet,

Class

A (1)

4,560‌

436‌

Amazon.com (1)

2,240‌

253‌

American

International

Group 

1,560‌

74‌

Apple 

5,199‌

718‌

Arch

Capital

Group (1)

794‌

36‌

Autodesk (1)

210‌

39‌

AutoZone (1)

56‌

120‌

AvalonBay

Communities,

REIT 

156‌

29‌

Bank

of

America 

3,687‌

111‌

Bath

&

Body

Works 

1,522‌

50‌

Becton

Dickinson

&

Company 

230‌

51‌

Best

Buy 

317‌

20‌

Booking

Holdings (1)

40‌

66‌

Broadcom 

187‌

83‌

Cadence

Design

Systems (1)

490‌

80‌

Camden

Property

Trust,

REIT 

415‌

50‌

Capital

One

Financial 

331‌

30‌

CF

Industries

Holdings 

660‌

64‌

Chubb 

324‌

59‌

Citigroup 

1,799‌

75‌

CMS

Energy 

635‌

37‌

Coca-Cola 

1,840‌

103‌

Cognizant

Technology

Solutions,

Class

A 

825‌

47‌

Constellation

Energy 

867‌

72‌

Costco

Wholesale 

192‌

91‌

Cummins 

295‌

60‌

Danaher 

363‌

94‌

Darling

Ingredients (1)

432‌

29‌

Dell

Technologies,

Class

C 

468‌

16‌

Diamondback

Energy 

270‌

32‌

Discover

Financial

Services 

351‌

32‌

Dollar

General 

205‌

49‌

DTE

Energy 

293‌

34‌

Elanco

Animal

Health (1)

1,174‌

15‌

Elevance

Health 

114‌

52‌

Eli

Lilly 

458‌

148‌

Equinix,

REIT 

78‌

44‌

Equitable

Holdings 

3,171‌

84‌

Equity

LifeStyle

Properties,

REIT 

749‌

47‌

Exelon 

1,479‌

55‌

Extra

Space

Storage,

REIT 

200‌

35‌

Fair

Isaac (1)(2)

140‌

58‌

FedEx 

270‌

40‌

Fidelity

National

Information

Services 

360‌

27‌

Fifth

Third

Bancorp 

1,144‌

37‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

Fiserv (1)

712‌

67‌

FleetCor

Technologies (1)

209‌

37‌

FMC 

370‌

39‌

Fortinet (1)

860‌

42‌

General

Dynamics 

400‌

85‌

General

Electric 

850‌

53‌

Global

Payments 

382‌

41‌

Goldman

Sachs

Group 

344‌

101‌

Hartford

Financial

Services

Group 

1,211‌

75‌

Hologic (1)

1,170‌

75‌

Home

Depot 

449‌

124‌

Honeywell

International 

381‌

64‌

Humana 

80‌

39‌

International

Paper 

825‌

26‌

Intuit 

159‌

62‌

Invitation

Homes,

REIT 

700‌

24‌

IQVIA

Holdings (1)

181‌

33‌

Johnson

&

Johnson 

771‌

126‌

JPMorgan

Chase 

1,196‌

125‌

Keurig

Dr

Pepper 

1,199‌

43‌

Kimberly-Clark 

272‌

31‌

Kinder

Morgan 

3,044‌

51‌

KLA 

161‌

49‌

L3Harris

Technologies 

260‌

54‌

Leidos

Holdings 

370‌

32‌

LKQ (2)

1,178‌

56‌

Marathon

Oil 

2,200‌

50‌

Marathon

Petroleum 

710‌

70‌

Marsh

&

McLennan 

358‌

53‌

Mastercard,

Class

A 

412‌

117‌

McDonald's 

307‌

71‌

McKesson 

129‌

44‌

Merck 

596‌

51‌

Meta

Platforms,

Class

A (1)

858‌

116‌

MetLife 

400‌

24‌

MGM

Resorts

International 

1,400‌

42‌

Microsoft 

2,406‌

560‌

Molina

Healthcare (1)

128‌

42‌

Mondelez

International,

Class

A 

1,175‌

64‌

News,

Class

A 

2,931‌

44‌

Nucor 

274‌

29‌

NVIDIA 

429‌

52‌

NVR (1)

18‌

72‌

ON

Semiconductor (1)

1,140‌

71‌

O'Reilly

Automotive (1)

90‌

63‌

Otis

Worldwide 

977‌

62‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

PACCAR 

430‌

36‌

Packaging

Corp.

of

America 

303‌

34‌

Parker-Hannifin 

243‌

59‌

PepsiCo 

556‌

91‌

Pfizer 

1,341‌

59‌

PG&E (1)

5,381‌

67‌

Philip

Morris

International 

950‌

79‌

Procter

&

Gamble 

321‌

41‌

Prologis,

REIT 

647‌

66‌

Public

Storage,

REIT 

156‌

46‌

QUALCOMM 

903‌

102‌

Reliance

Steel

&

Aluminum 

243‌

42‌

ResMed 

256‌

56‌

Robert

Half

International 

457‌

35‌

Roper

Technologies 

97‌

35‌

SBA

Communications,

REIT 

169‌

48‌

Sempra

Energy 

280‌

42‌

Southern 

635‌

43‌

SS&C

Technologies

Holdings 

610‌

29‌

Synopsys (1)

375‌

115‌

T-Mobile

U.S. (1)

426‌

57‌

Targa

Resources 

910‌

55‌

Tesla (1)

114‌

30‌

Texas

Instruments 

433‌

67‌

Textron 

888‌

52‌

Thermo

Fisher

Scientific 

203‌

103‌

Trane

Technologies 

323‌

47‌

Ulta

Beauty (1)

141‌

57‌

Union

Pacific 

356‌

69‌

United

Parcel

Service,

Class

B 

431‌

70‌

UnitedHealth

Group 

380‌

192‌

Valero

Energy 

300‌

32‌

Viatris 

5,800‌

49‌

Visa,

Class

A 

785‌

139‌

VMware,

Class

A 

243‌

26‌

Walmart 

331‌

43‌

Wells

Fargo 

3,361‌

135‌

Welltower,

REIT (2)

417‌

27‌

Westrock 

2,051‌

63‌

Zimmer

Biomet

Holdings 

460‌

48‌

Zoetis 

588‌

87‌

Total

United

States

(Cost

$7,623

)

10,080‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

1.9%

Money

Market

Funds

1.9%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (3)(4)

307,313‌

307‌

Total

Short-Term

Investments

(Cost

$307)

307‌

SECURITIES

LENDING

COLLATERAL

2.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

2.1%

Money

Market

Funds

2.1%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (3)(4)

338,169‌

338‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

338‌

Total

Securities

Lending

Collateral

(Cost

$338)

338‌

Total

Investments

in

Securities

102.4%

(Cost

$14,926)

$

16,795‌

Other

Assets

Less

Liabilities

(2.4)%

(400)

Net

Assets

100.0%

$

16,395‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2022.

(3)

Seven-day

yield

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

CNH

Offshore

China

Renminbi

EUR

Euro

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

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

nine

months

ended

September

30,

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,

3.07%

$

—‌

$

—‌

$

1‌

++

Totals

$

—‌

#

$

—‌

$

1‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

09/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

$

1,045‌

¤

¤

$

645‌

Total

$

645‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$1

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

$645.

T.

ROWE

PRICE

QM

Global

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

14

T.

Rowe

Price

QM

Global

Equity

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

T.

ROWE

PRICE

QM

Global

Equity

Fund

15

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

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

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

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

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.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

T.

ROWE

PRICE

QM

Global

Equity

Fund

16

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

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

$

10,281‌

$

5,813‌

$

—‌

$

16,094‌

Preferred

Stocks

—‌

56‌

—‌

56‌

Short-Term

Investments

307‌

—‌

—‌

307‌

Securities

Lending

Collateral

338‌

—‌

—‌

338‌

Total

$

10,926‌

$

5,869‌

$

—‌

$

16,795‌

T.

ROWE

PRICE

QM

Global

Equity

Fund

17

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

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

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

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F203-054Q3

09/22