T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.4%
COMMUNICATION
SERVICES
2.2%
Diversified
Telecommunication
Services
0.1%
EchoStar,
Class
A (1)
21,590
356
356
Interactive
Media
&
Services
0.2%
DHI
Group (1)
49,770
268
Ziff
Davis (1)
6,440
441
709
Media
1.9%
Interpublic
Group
25,671
657
News,
Class
A
84,426
1,276
Nexstar
Media
Group,
Class
A
11,081
1,849
Scholastic
51,159
1,573
5,355
Total
Communication
Services
6,420
CONSUMER
DISCRETIONARY
9.7%
Auto
Components
0.6%
BorgWarner
21,729
682
Patrick
Industries
20,463
897
1,579
Distributors
0.3%
LKQ
18,352
865
865
Diversified
Consumer
Services
0.6%
Service
Corp.
International
17,635
1,018
Stride (1)
13,332
561
1,579
Hotels,
Restaurants
&
Leisure
3.4%
Bloomin'
Brands (2)
51,980
953
Boyd
Gaming
25,574
1,218
Churchill
Downs
2,879
530
Dine
Brands
Global
13,955
887
Domino's
Pizza
2,630
816
Everi
Holdings (1)
48,158
781
MGM
Resorts
International
13,720
408
Red
Rock
Resorts,
Class
A
33,207
1,138
Travel
+
Leisure
28,640
977
Wendy's
49,836
931
Wyndham
Hotels
&
Resorts
14,017
860
9,499
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
1
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Household
Durables
1.3%
KB
Home
13,469
349
La-Z-Boy
17,952
405
NVR (1)
228
909
PulteGroup
38,634
1,449
TopBuild (1)
2,642
435
3,547
Leisure
Products
0.1%
Malibu
Boats,
Class
A (1)
6,647
319
319
Multiline
Retail
0.1%
Macy's
26,850
421
421
Specialty
Retail
1.8%
Asbury
Automotive
Group (1)
6,730
1,017
AutoNation (1)
12,564
1,280
Bath
&
Body
Works
21,237
692
Floor
&
Decor
Holdings,
Class
A (1)
3,790
266
Rent-A-Center
15,009
263
Victoria's
Secret (1)
7,880
230
Williams-Sonoma
7,377
869
Zumiez (1)
15,770
340
4,957
Textiles,
Apparel
&
Luxury
Goods
1.5%
Carter's
7,069
463
Deckers
Outdoor (1)
5,432
1,698
Kontoor
Brands (2)
25,646
862
PVH
13,177
590
Steven
Madden
19,257
514
4,127
Total
Consumer
Discretionary
26,893
CONSUMER
STAPLES
3.3%
Beverages
0.5%
Coca-Cola
Consolidated
3,507
1,444
1,444
Food
&
Staples
Retailing
1.4%
BJ's
Wholesale
Club
Holdings (1)
35,257
2,567
Sprouts
Farmers
Market (1)
17,395
483
U.S.
Foods
Holding (1)
31,042
821
3,871
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
0.9%
Darling
Ingredients (1)
29,547
1,954
Post
Holdings (1)
6,173
506
2,460
Personal
Products
0.5%
BellRing
Brands (1)
57,825
1,192
Olaplex
Holdings (1)(2)
31,790
303
1,495
Total
Consumer
Staples
9,270
ENERGY
4.5%
Energy
Equipment
&
Services
0.8%
Liberty
Energy,
Class
A (1)
76,776
973
Nabors
Industries (1)
2,470
251
Oceaneering
International (1)
50,980
406
TechnipFMC (1)
85,570
724
2,354
Oil,
Gas
&
Consumable
Fuels
3.7%
APA
36,170
1,237
Diamondback
Energy
10,259
1,236
Equitrans
Midstream
89,620
670
Magnolia
Oil
&
Gas,
Class
A (2)
69,028
1,367
ONEOK
15,458
792
Ovintiv
26,930
1,239
PDC
Energy
21,970
1,270
SM
Energy
14,490
545
Targa
Resources
11,290
681
Texas
Pacific
Land
809
1,438
10,475
Total
Energy
12,829
FINANCIALS
13.9%
Banks
7.1%
Ameris
Bancorp
18,008
805
BankUnited
28,471
973
First
BanCorp
Puerto
Rico
89,230
1,221
Hancock
Whitney
39,114
1,792
Hanmi
Financial
28,403
673
Heartland
Financial
USA
29,162
1,264
Hope
Bancorp
80,104
1,013
Horizon
Bancorp
24,260
436
Independent
Bank
46,907
896
International
Bancshares
20,008
850
OceanFirst
Financial
23,680
441
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PacWest
Bancorp
29,433
665
Popular
28,671
2,066
Preferred
Bank
6,760
441
QCR
Holdings
14,556
741
Signature
Bank
6,760
1,021
Synovus
Financial
46,380
1,740
Umpqua
Holdings
48,397
827
Western
Alliance
Bancorp
9,449
621
Zions
Bancorp
28,490
1,449
19,935
Capital
Markets
0.9%
Lazard,
Class
A
24,770
788
Raymond
James
Financial
11,654
1,152
Virtus
Investment
Partners
3,000
479
2,419
Consumer
Finance
0.5%
Encore
Capital
Group (1)
14,120
642
PROG
Holdings (1)
26,920
403
SLM
23,182
325
1,370
Diversified
Financial
Services
1.2%
Equitable
Holdings
42,420
1,118
Voya
Financial
36,482
2,207
3,325
Insurance
3.4%
American
Financial
Group
10,836
1,332
Assurant
4,721
686
Axis
Capital
Holdings
24,420
1,200
Everest
Re
Group
6,107
1,603
First
American
Financial
12,149
560
Hanover
Insurance
Group
7,993
1,024
Lincoln
National
9,950
437
Old
Republic
International
49,515
1,037
Primerica
6,293
777
Reinsurance
Group
of
America
6,878
865
9,521
Thrifts
&
Mortgage
Finance
0.8%
Essent
Group
34,820
1,214
Federal
Agricultural
Mortgage,
Class
C
5,891
584
Radian
Group
18,292
353
2,151
Total
Financials
38,721
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
15.3%
Biotechnology
5.5%
ACADIA
Pharmaceuticals (1)
31,017
507
Alector (1)
42,240
400
Alkermes (1)
12,001
268
Apellis
Pharmaceuticals (1)
12,193
833
Ascendis
Pharma,
ADR (1)
3,838
396
Blueprint
Medicines (1)
11,096
731
C4
Therapeutics (1)
20,770
182
Cerevel
Therapeutics
Holdings (1)(2)
9,530
269
Day
One
Biopharmaceuticals (1)
6,640
133
Emergent
BioSolutions (1)
5,887
124
Exelixis (1)
60,961
956
G1
Therapeutics (1)
30,010
375
Horizon
Therapeutics (1)
11,650
721
IGM
Biosciences (1)(2)
8,300
189
Immuneering,
Class
A (1)
38,015
544
Insmed (1)
25,789
556
Intellia
Therapeutics (1)
9,060
507
Ionis
Pharmaceuticals (1)
23,358
1,033
Karuna
Therapeutics (1)
4,803
1,080
Kymera
Therapeutics (1)
13,007
283
Monte
Rosa
Therapeutics (1)(2)
10,170
83
Natera (1)
6,920
303
Neurocrine
Biosciences (1)
11,644
1,237
Nurix
Therapeutics (1)
9,720
127
Prothena (1)
14,156
858
PTC
Therapeutics (1)
10,736
539
Replimune
Group (1)
12,260
212
REVOLUTION
Medicines (1)
11,658
230
Sarepta
Therapeutics (1)
2,899
320
Scholar
Rock,
Warrants,
Acquisition
Date:
6/17/22,
Cost $— (1)(3)
2,403
11
Scholar
Rock
Holding (1)
17,037
118
Tenaya
Therapeutics (1)
22,740
66
Ultragenyx
Pharmaceutical (1)
9,844
408
Xencor (1)
20,449
531
Zentalis
Pharmaceuticals (1)
13,720
297
15,427
Health
Care
Equipment
&
Supplies
3.1%
Cooper
2,673
705
DENTSPLY
SIRONA
29,671
841
Envista
Holdings (1)
23,400
768
Haemonetics (1)
9,988
739
Hologic (1)
17,416
1,124
ICU
Medical (1)(2)
4,289
646
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Inari
Medical (1)
3,770
274
Merit
Medical
Systems (1)
17,705
1,001
NuVasive (1)
19,610
859
QuidelOrtho (1)
12,880
921
STERIS
5,083
845
8,723
Health
Care
Providers
&
Services
2.4%
AMN
Healthcare
Services (1)
11,550
1,224
Chemed
1,760
768
DaVita (1)
9,276
768
Molina
Healthcare (1)
5,430
1,791
Select
Medical
Holdings
68,254
1,509
Universal
Health
Services,
Class
B
9,290
819
6,879
Health
Care
Technology
0.5%
Evolent
Health,
Class
A (1)
16,530
594
Multiplan (1)(2)
184,580
528
Simulations
Plus
4,990
242
1,364
Life
Sciences
Tools
&
Services
2.0%
Adaptive
Biotechnologies (1)
31,040
221
Avantor (1)
33,950
665
Bruker
24,410
1,295
Charles
River
Laboratories
International (1)
4,977
979
Medpace
Holdings (1)
7,073
1,112
PerkinElmer
12,355
1,487
5,759
Pharmaceuticals
1.8%
Catalent (1)
16,339
1,182
Elanco
Animal
Health (1)
82,318
1,022
Jazz
Pharmaceuticals (1)
3,840
512
Perrigo
16,600
592
Prestige
Consumer
Healthcare (1)
16,131
804
Supernus
Pharmaceuticals (1)
5,860
198
Viatris
96,940
826
5,136
Total
Health
Care
43,288
INDUSTRIALS
&
BUSINESS
SERVICES
19.5%
Aerospace
&
Defense
2.5%
Aerojet
Rocketdyne
Holdings (1)
13,966
559
Curtiss-Wright
8,079
1,124
Huntington
Ingalls
Industries
2,680
594
Moog,
Class
A
16,423
1,155
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Parsons (1)
39,543
1,550
Textron
28,776
1,676
V2X (1)
9,735
345
7,003
Airlines
0.2%
United
Airlines
Holdings (1)
21,470
698
698
Building
Products
2.2%
Builders
FirstSource (1)
21,258
1,253
Carlisle
6,790
1,904
Masco
18,530
865
Owens
Corning
13,413
1,054
UFP
Industries
15,162
1,094
6,170
Commercial
Services
&
Supplies
0.7%
Clean
Harbors (1)
9,538
1,049
IAA (1)
13,018
414
SP
Plus (1)
13,403
420
1,883
Construction
&
Engineering
1.6%
AECOM
12,770
873
Comfort
Systems
USA
15,816
1,539
EMCOR
Group
9,694
1,119
Primoris
Services
31,844
518
WillScot
Mobile
Mini
Holdings (1)
11,400
460
4,509
Electrical
Equipment
2.0%
Atkore (1)
19,535
1,520
Encore
Wire
7,160
827
Generac
Holdings (1)
3,090
551
Hubbell
6,389
1,425
Regal
Rexnord
9,420
1,322
5,645
Machinery
3.9%
Allison
Transmission
Holdings
17,402
587
Crane
Holdings
10,950
959
EnPro
Industries
6,139
522
Hillenbrand
28,854
1,059
Kadant
5,526
922
Lincoln
Electric
Holdings
4,558
573
Middleby (1)
11,650
1,493
Mueller
Industries
22,430
1,333
Mueller
Water
Products,
Class
A
133,174
1,368
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Terex
28,139
837
Timken
24,380
1,439
11,092
Marine
0.3%
Matson
13,239
814
814
Professional
Services
3.7%
ASGN (1)
11,893
1,075
Booz
Allen
Hamilton
Holding
15,481
1,430
CACI
International,
Class
A (1)
6,157
1,607
FTI
Consulting (1)
10,813
1,792
Insperity
9,068
926
Kforce
8,570
503
Korn
Ferry
19,275
905
Leidos
Holdings
13,368
1,169
ManpowerGroup
11,090
717
TriNet
Group (1)
4,760
339
10,463
Road
&
Rail
1.9%
ArcBest
14,990
1,090
Knight-Swift
Transportation
Holdings
28,790
1,409
Landstar
System
7,220
1,042
Saia (1)
5,480
1,041
Werner
Enterprises
18,526
697
5,279
Trading
Companies
&
Distributors
0.5%
Hudson
Technologies (1)
99,370
730
United
Rentals (1)
2,646
715
1,445
Total
Industrials
&
Business
Services
55,001
INFORMATION
TECHNOLOGY
17.1%
Communications
Equipment
0.6%
Ciena (1)
16,540
668
Lumentum
Holdings (1)
13,910
954
1,622
Electronic
Equipment,
Instruments
&
Components
3.1%
Advanced
Energy
Industries
10,370
803
Badger
Meter
9,750
901
Belden
34,360
2,062
CTS
36,979
1,540
Jabil
18,330
1,058
Keysight
Technologies (1)
5,568
876
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Littelfuse
2,478
492
OSI
Systems (1)
7,494
540
Zebra
Technologies,
Class
A (1)
1,865
489
8,761
IT
Services
2.4%
Amdocs
18,150
1,442
Euronet
Worldwide (1)
13,565
1,027
Genpact
43,267
1,894
Maximus
11,436
662
Payoneer
Global (1)
62,820
380
SS&C
Technologies
Holdings
18,661
891
TTEC
Holdings
10,308
457
6,753
Semiconductors
&
Semiconductor
Equipment
3.1%
Axcelis
Technologies (1)
12,220
740
Cirrus
Logic (1)
9,156
630
Diodes (1)
17,494
1,136
MKS
Instruments
8,139
673
ON
Semiconductor (1)
31,881
1,987
Onto
Innovation (1)
11,358
727
Photronics (1)
58,050
849
Semtech (1)
14,107
415
Silicon
Laboratories (1)
2,600
321
SMART
Global
Holdings (1)
42,742
678
Teradyne
9,824
738
8,894
Software
7.9%
ACI
Worldwide (1)
18,718
391
Aspen
Technology (1)
2,956
704
Black
Knight (1)
31,054
2,010
Blackbaud (1)
7,022
309
Confluent,
Class
A (1)
19,310
459
Coupa
Software (1)
7,540
443
Descartes
Systems
Group (1)
22,982
1,460
Dolby
Laboratories,
Class
A
14,904
971
Dropbox,
Class
A (1)
40,909
848
Ebix
27,800
527
Fair
Isaac (1)
5,694
2,346
Manhattan
Associates (1)
12,050
1,603
NCR (1)
20,790
395
NortonLifeLock
81,140
1,634
Open
Text
28,312
749
Paylocity
Holding (1)
6,497
1,570
PTC (1)
16,675
1,744
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Qualys (1)
10,605
1,478
Sapiens
International
26,734
513
SPS
Commerce (1)
9,094
1,130
Teradata (1)
18,760
583
Verint
Systems (1)
11,575
389
22,256
Total
Information
Technology
48,286
MATERIALS
6.1%
Chemicals
2.6%
Celanese
6,915
625
CF
Industries
Holdings
21,411
2,061
Chase
4,727
395
Element
Solutions
44,285
720
Innospec
8,696
745
Olin
11,370
488
RPM
International
16,189
1,349
Westlake
12,526
1,088
7,471
Containers
&
Packaging
1.4%
Avery
Dennison
6,239
1,015
Berry
Global
Group (1)
15,853
738
Packaging
Corp.
of
America
11,366
1,276
Westrock
34,756
1,074
4,103
Metals
&
Mining
1.4%
Cleveland-Cliffs (1)(2)
71,260
960
Reliance
Steel
&
Aluminum
9,403
1,640
Steel
Dynamics
20,851
1,479
4,079
Paper
&
Forest
Products
0.7%
Clearwater
Paper (1)
27,769
1,044
Louisiana-Pacific
18,710
958
2,002
Total
Materials
17,655
REAL
ESTATE
6.0%
Equity
Real
Estate
Investment
Trusts
6.0%
Apartment
Income
REIT,
REIT
46,827
1,808
Apple
Hospitality
REIT,
REIT
47,340
666
Brixmor
Property
Group,
REIT
70,922
1,310
EPR
Properties,
REIT
31,632
1,134
Equity
LifeStyle
Properties,
REIT
19,068
1,198
First
Industrial
Realty
Trust,
REIT
36,143
1,619
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Gaming
&
Leisure
Properties,
REIT
31,576
1,397
Host
Hotels
&
Resorts,
REIT
87,890
1,396
Lamar
Advertising,
Class
A,
REIT
17,138
1,414
Medical
Properties
Trust,
REIT
45,580
540
National
Retail
Properties,
REIT
28,579
1,139
Omega
Healthcare
Investors,
REIT
23,520
694
PotlatchDeltic,
REIT
38,785
1,592
Sabra
Health
Care
REIT,
REIT
51,680
678
Saul
Centers,
REIT
13,670
513
Total
Real
Estate
17,098
UTILITIES
1.8%
Electric
Utilities
1.0%
NRG
Energy
42,717
1,635
Pinnacle
West
Capital
19,938
1,286
2,921
Gas
Utilities
0.2%
UGI
19,149
619
619
Independent
Power
&
Renewable
Electricity
Producer
0.2%
Clearway
Energy,
Class
C
20,560
655
655
Multi-Utilities
0.4%
NorthWestern
22,740
1,121
1,121
Total
Utilities
5,316
Total
Common
Stocks
(Cost
$294,157)
280,777
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (4)(5)
1,494,085
1,494
Total
Short-Term
Investments
(Cost
$1,494)
1,494
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
1.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.5%
Money
Market
Funds
1.5%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (4)(5)
4,215,246
4,215
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
4,215
Total
Securities
Lending
Collateral
(Cost
$4,215)
4,215
Total
Investments
in
Securities
101.4%
(Cost
$299,866)
$
286,486
Other
Assets
Less
Liabilities
(1.4)%
(4,009)
Net
Assets
100.0%
$
282,477
‡
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
September
30,
2022.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$11
and
represents
0.0%
of
net
assets.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
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
&
Mid-Cap
Core
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%
$
—
$
—
$
21++
Totals
$
—#
$
—
$
21+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
3,254
¤
¤
$
5,709
Total
$
5,709^
#
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
$21
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
$5,709.
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
T.
Rowe
Price
QM
U.S.
Small
&
Mid-Cap
Core
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
U.S.
Small
&
Mid-Cap
Core
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
16
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):
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.
F202-054Q3
09/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
280,766
$
11
$
—
$
280,777
Short-Term
Investments
1,494
—
—
1,494
Securities
Lending
Collate
ral
4,215
—
—
4,215
Total
$
286,475
$
11
$
—
$
286,486