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T. Rowe Price Quantitative Management Funds NPORT-PT. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund (Mar 2024 report)

Filed: 29 May 24, 12:41pm

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

98.9%

COMMUNICATION

SERVICES

1.8%

Diversified

Telecommunication

Services

0.5%

Cogent

Communications

Holdings

264,400‌

17,273‌

GCI

Liberty,

Class

A,

EC (1)(2)

547,999‌

—‌

Iridium

Communications

871,700‌

22,804‌

40,077‌

Entertainment

0.7%

Endeavor

Group

Holdings,

Class

A

1,427,400‌

36,727‌

TKO

Group

Holdings

273,700‌

23,650‌

60,377‌

Interactive

Media

&

Services

0.0%

Reddit,

Class

A (1)

82,720‌

4,080‌

4,080‌

Media

0.6%

Nexstar

Media

Group

275,000‌

47,380‌

Thryv

Holdings (1)

309,500‌

6,880‌

54,260‌

Total

Communication

Services

158,794‌

CONSUMER

DISCRETIONARY

14.6%

Automobile

Components

0.5%

LCI

Industries

39,700‌

4,885‌

Patrick

Industries

183,750‌

21,953‌

Visteon (1)

118,000‌

13,878‌

40,716‌

Distributors

0.4%

Pool

86,000‌

34,701‌

34,701‌

Diversified

Consumer

Services

1.4%

Bright

Horizons

Family

Solutions (1)

191,654‌

21,726‌

Duolingo (1)

156,000‌

34,410‌

Grand

Canyon

Education (1)

171,000‌

23,292‌

H&R

Block

383,300‌

18,824‌

Stride (1)

341,700‌

21,544‌

119,796‌

Hotels,

Restaurants

&

Leisure

5.3%

Bloomin'

Brands

749,200‌

21,487‌

Boyd

Gaming

705,400‌

47,488‌

Cava

Group (1)

167,321‌

11,721‌

Choice

Hotels

International

177,600‌

22,440‌

Churchill

Downs

265,980‌

32,915‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Domino's

Pizza

90,487‌

44,961‌

Hilton

Grand

Vacations (1)

363,000‌

17,137‌

Light

&

Wonder (1)

553,200‌

56,476‌

Red

Rock

Resorts,

Class

A

266,300‌

15,930‌

Texas

Roadhouse

468,600‌

72,385‌

Travel

+

Leisure

213,400‌

10,448‌

United

Parks

&

Resorts (1)

154,600‌

8,690‌

Wingstop

225,600‌

82,660‌

444,738‌

Household

Durables

2.4%

Cavco

Industries (1)

76,714‌

30,613‌

Green

Brick

Partners (1)

368,700‌

22,207‌

Installed

Building

Products

142,600‌

36,895‌

Skyline

Champion (1)

361,300‌

30,714‌

Tempur

Sealy

International

898,600‌

51,058‌

TopBuild (1)

77,400‌

34,113‌

205,600‌

Leisure

Products

0.6%

Brunswick

200,340‌

19,337‌

Mattel (1)

1,633,200‌

32,354‌

51,691‌

Specialty

Retail

3.3%

Abercrombie

&

Fitch,

Class

A (1)

329,100‌

41,246‌

Academy

Sports

&

Outdoors

305,500‌

20,633‌

Asbury

Automotive

Group (1)

79,300‌

18,697‌

Carvana (1)

548,100‌

48,184‌

Dick's

Sporting

Goods

164,800‌

37,057‌

Murphy

USA

172,600‌

72,354‌

Penske

Automotive

Group

136,500‌

22,112‌

Valvoline (1)

365,900‌

16,308‌

276,591‌

Textiles,

Apparel

&

Luxury

Goods

0.7%

Crocs (1)

125,800‌

18,090‌

Deckers

Outdoor (1)

46,200‌

43,486‌

61,576‌

Total

Consumer

Discretionary

1,235,409‌

CONSUMER

STAPLES

4.2%

Beverages

0.8%

Celsius

Holdings (1)

245,300‌

20,340‌

Coca-Cola

Consolidated

51,700‌

43,760‌

64,100‌

Consumer

Staples

Distribution

&

Retail

0.8%

BJ's

Wholesale

Club

Holdings (1)

67,100‌

5,076‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Casey's

General

Stores

87,900‌

27,992‌

Performance

Food

Group (1)

469,300‌

35,028‌

68,096‌

Food

Products

0.7%

Post

Holdings (1)

403,700‌

42,905‌

Simply

Good

Foods (1)

454,300‌

15,460‌

58,365‌

Personal

Care

Products

1.9%

BellRing

Brands (1)

864,900‌

51,055‌

Coty,

Class

A (1)

976,200‌

11,675‌

elf

Beauty (1)

333,600‌

65,396‌

Inter

Parfums

241,200‌

33,891‌

162,017‌

Total

Consumer

Staples

352,578‌

ENERGY

4.0%

Energy

Equipment

&

Services

2.4%

ChampionX

466,900‌

16,757‌

Expro

Group

Holdings (1)

441,200‌

8,811‌

Noble

619,400‌

30,035‌

TechnipFMC

925,400‌

23,237‌

Tidewater (1)

403,000‌

37,076‌

Weatherford

International (1)

748,800‌

86,426‌

202,342‌

Oil,

Gas

&

Consumable

Fuels

1.6%

Centrus

Energy,

Class

A (1)

251,900‌

10,461‌

Dorian

LPG

155,500‌

5,981‌

Kosmos

Energy (1)

1,393,000‌

8,302‌

Matador

Resources

694,400‌

46,365‌

PBF

Energy,

Class

A

74,300‌

4,277‌

Range

Resources

273,300‌

9,410‌

SM

Energy

483,300‌

24,093‌

Southwestern

Energy (1)

3,857,000‌

29,236‌

138,125‌

Total

Energy

340,467‌

FINANCIALS

5.9%

Banks

0.5%

Bancorp (1)

841,600‌

28,160‌

ServisFirst

Bancshares

223,900‌

14,858‌

43,018‌

Capital

Markets

1.8%

Blue

Owl

Capital

1,601,200‌

30,199‌

Donnelley

Financial

Solutions (1)

237,200‌

14,709‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

FactSet

Research

Systems

61,200‌

27,809‌

Hamilton

Lane,

Class

A

287,900‌

32,463‌

LPL

Financial

Holdings

66,200‌

17,490‌

MarketAxess

Holdings

21,700‌

4,758‌

StoneX

Group (1)

327,150‌

22,985‌

150,413‌

Financial

Services

1.3%

Affirm

Holdings (1)

171,900‌

6,405‌

Euronet

Worldwide (1)

212,100‌

23,316‌

EVERTEC

440,700‌

17,584‌

Mr

Cooper

Group (1)

255,000‌

19,877‌

Payoneer

Global (1)

2,924,500‌

14,213‌

Shift4

Payments,

Class

A (1)

407,200‌

26,904‌

108,299‌

Insurance

2.3%

Kinsale

Capital

Group

45,900‌

24,086‌

Oscar

Health,

Class

A (1)

719,500‌

10,699‌

Palomar

Holdings (1)

120,780‌

10,125‌

Primerica

200,300‌

50,668‌

RLI

193,000‌

28,655‌

Ryan

Specialty

Holdings

637,000‌

35,353‌

Selective

Insurance

Group

290,400‌

31,703‌

191,289‌

Total

Financials

493,019‌

HEALTH

CARE

22.0%

Biotechnology

9.5%

ACADIA

Pharmaceuticals (1)

712,912‌

13,182‌

Agios

Pharmaceuticals (1)

290,281‌

8,488‌

Akero

Therapeutics (1)

333,756‌

8,431‌

Alkermes (1)

869,200‌

23,529‌

Allogene

Therapeutics (1)(3)

365,301‌

1,633‌

Alpine

Immune

Sciences (1)

250,500‌

9,930‌

Amicus

Therapeutics (1)

940,700‌

11,081‌

Arcellx (1)

180,600‌

12,561‌

Avidity

Biosciences (1)

522,574‌

13,336‌

Avidity

Biosciences

Pipe

PP,

Acquisition

Date:

2/29/24,

Cost $4,666 (1)(4)

282,793‌

6,856‌

Biohaven (1)

757,666‌

41,437‌

Biomea

Fusion (1)(3)

130,400‌

1,949‌

Blueprint

Medicines (1)

493,085‌

46,774‌

Bridgebio

Pharma (1)

568,500‌

17,578‌

Catalyst

Pharmaceuticals (1)

890,500‌

14,195‌

Celldex

Therapeutics (1)

264,986‌

11,121‌

Cerevel

Therapeutics

Holdings (1)(3)

214,200‌

9,054‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Crinetics

Pharmaceuticals (1)

345,703‌

16,182‌

CRISPR

Therapeutics (1)(3)

412,258‌

28,099‌

Cytokinetics (1)

525,400‌

36,836‌

Day

One

Biopharmaceuticals (1)

237,820‌

3,929‌

Denali

Therapeutics (1)

212,100‌

4,352‌

Disc

Medicine (1)

65,800‌

4,097‌

Exelixis (1)

1,619,900‌

38,440‌

Halozyme

Therapeutics (1)

944,100‌

38,406‌

Ideaya

Biosciences (1)

272,602‌

11,962‌

IGM

Biosciences (1)(3)

143,152‌

1,381‌

Immunovant (1)

201,318‌

6,505‌

Insmed (1)

1,152,693‌

31,273‌

Intellia

Therapeutics (1)

333,296‌

9,169‌

Ionis

Pharmaceuticals (1)

641,100‌

27,792‌

Iovance

Biotherapeutics (1)

1,139,716‌

16,891‌

Krystal

Biotech (1)

105,300‌

18,736‌

Kymera

Therapeutics (1)

562,199‌

22,600‌

Madrigal

Pharmaceuticals (1)

56,308‌

15,036‌

Merus (1)(3)

126,700‌

5,705‌

Mirum

Pharmaceuticals (1)(3)

93,100‌

2,339‌

Monte

Rosa

Therapeutics (1)(3)

142,500‌

1,005‌

MoonLake

Immunotherapeutics (1)(3)

101,200‌

5,083‌

Morphic

Holding (1)

199,226‌

7,013‌

Natera (1)

456,000‌

41,706‌

Neurocrine

Biosciences (1)

169,226‌

23,340‌

Nurix

Therapeutics (1)(3)

149,800‌

2,202‌

Nuvalent,

Class

A (1)

133,665‌

10,037‌

Prothena (1)

418,230‌

10,359‌

PTC

Therapeutics (1)

456,100‌

13,268‌

Relay

Therapeutics (1)

599,600‌

4,977‌

Replimune

Group (1)

468,666‌

3,829‌

REVOLUTION

Medicines (1)

221,392‌

7,135‌

Rhythm

Pharmaceuticals (1)

199,000‌

8,623‌

Rocket

Pharmaceuticals (1)

286,029‌

7,706‌

Scholar

Rock

Holding (1)

349,151‌

6,201‌

Scholar

Rock

Holding,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (1)(4)

22,712‌

260‌

SpringWorks

Therapeutics (1)

211,023‌

10,386‌

Ultragenyx

Pharmaceutical (1)

347,852‌

16,241‌

Vaxcyte (1)

320,300‌

21,880‌

Xencor (1)

468,800‌

10,374‌

Zentalis

Pharmaceuticals (1)

158,711‌

2,501‌

804,991‌

Health

Care

Equipment

&

Supplies

3.8%

CONMED

137,500‌

11,011‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Globus

Medical,

Class

A (1)

692,800‌

37,162‌

Haemonetics (1)

231,900‌

19,793‌

Inari

Medical (1)

260,900‌

12,518‌

Inspire

Medical

Systems (1)

121,500‌

26,097‌

iRhythm

Technologies (1)

143,100‌

16,599‌

Lantheus

Holdings (1)

584,200‌

36,361‌

Merit

Medical

Systems (1)

598,200‌

45,314‌

Penumbra (1)

92,400‌

20,622‌

PROCEPT

BioRobotics (1)

410,284‌

20,276‌

Shockwave

Medical (1)

51,399‌

16,737‌

STERIS

145,866‌

32,793‌

TransMedics

Group (1)

215,900‌

15,964‌

UFP

Technologies (1)

32,000‌

8,070‌

319,317‌

Health

Care

Providers

&

Services

4.7%

Addus

HomeCare (1)

237,700‌

24,564‌

AMN

Healthcare

Services (1)

289,000‌

18,065‌

Chemed

21,000‌

13,481‌

CorVel (1)

160,566‌

42,222‌

Encompass

Health

356,300‌

29,423‌

Ensign

Group

637,000‌

79,256‌

Guardant

Health (1)

386,764‌

7,979‌

Molina

Healthcare (1)

155,700‌

63,966‌

NeoGenomics (1)

438,600‌

6,895‌

Option

Care

Health (1)

1,266,651‌

42,484‌

Tenet

Healthcare (1)

672,300‌

70,665‌

399,000‌

Health

Care

Technology

0.2%

Evolent

Health,

Class

A (1)

506,500‌

16,608‌

16,608‌

Life

Sciences

Tools

&

Services

2.5%

10X

Genomics,

Class

A (1)

465,200‌

17,459‌

Bruker

205,600‌

19,314‌

Charles

River

Laboratories

International (1)

111,100‌

30,102‌

Medpace

Holdings (1)

181,100‌

73,192‌

Repligen (1)

190,900‌

35,110‌

West

Pharmaceutical

Services

94,700‌

37,474‌

212,651‌

Pharmaceuticals

1.3%

Amphastar

Pharmaceuticals (1)

432,000‌

18,969‌

Arvinas (1)

329,665‌

13,608‌

Catalent (1)

172,241‌

9,723‌

Intra-Cellular

Therapies (1)

511,700‌

35,410‌

Pacira

BioSciences (1)

211,000‌

6,165‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Pliant

Therapeutics (1)

191,918‌

2,860‌

Prestige

Consumer

Healthcare (1)

234,000‌

16,979‌

Supernus

Pharmaceuticals (1)

303,400‌

10,349‌

114,063‌

Total

Health

Care

1,866,630‌

INDUSTRIALS

&

BUSINESS

SERVICES

23.8%

Aerospace

&

Defense

2.2%

Cadre

Holdings

353,300‌

12,789‌

Curtiss-Wright

313,700‌

80,288‌

Leonardo

DRS (1)

1,673,364‌

36,965‌

Moog,

Class

A

50,100‌

7,998‌

Woodward

312,500‌

48,163‌

186,203‌

Air

Freight

&

Logistics

0.4%

GXO

Logistics (1)

606,900‌

32,627‌

32,627‌

Building

Products

3.5%

AAON

396,400‌

34,923‌

AZEK (1)

988,300‌

49,633‌

Builders

FirstSource (1)

227,800‌

47,508‌

CSW

Industrials

149,000‌

34,955‌

Gibraltar

Industries (1)

112,900‌

9,092‌

Simpson

Manufacturing

270,500‌

55,501‌

UFP

Industries

504,100‌

62,009‌

293,621‌

Commercial

Services

&

Supplies

1.8%

Casella

Waste

Systems,

Class

A (1)

597,600‌

59,085‌

Clean

Harbors (1)

219,400‌

44,167‌

MSA

Safety

173,800‌

33,646‌

Rentokil

Initial,

ADR (3)

541,760‌

16,334‌

153,232‌

Construction

&

Engineering

2.1%

API

Group (1)

1,076,335‌

42,268‌

Comfort

Systems

USA

262,900‌

83,526‌

EMCOR

Group

80,800‌

28,296‌

WillScot

Mobile

Mini

Holdings (1)

513,300‌

23,868‌

177,958‌

Electrical

Equipment

1.3%

Atkore

300,543‌

57,211‌

NEXTracker,

Class

A (1)

82,200‌

4,625‌

Vertiv

Holdings,

Class

A

577,000‌

47,124‌

108,960‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Ground

Transportation

1.9%

Landstar

System

164,900‌

31,786‌

Saia (1)

119,300‌

69,790‌

XPO (1)

517,600‌

63,163‌

164,739‌

Machinery

4.0%

Albany

International,

Class

A

23,400‌

2,188‌

Federal

Signal

538,400‌

45,694‌

John

Bean

Technologies

134,500‌

14,108‌

Kadant

171,400‌

56,236‌

Lincoln

Electric

Holdings

171,200‌

43,731‌

RBC

Bearings (1)

171,125‌

46,264‌

SPX

Technologies (1)

413,200‌

50,877‌

Symbotic (1)(3)

280,300‌

12,614‌

Toro

121,600‌

11,142‌

Watts

Water

Technologies,

Class

A

246,700‌

52,436‌

335,290‌

Professional

Services

4.2%

ASGN (1)

150,900‌

15,808‌

Booz

Allen

Hamilton

Holding

403,100‌

59,836‌

Broadridge

Financial

Solutions

111,900‌

22,924‌

CACI

International,

Class

A (1)

152,600‌

57,810‌

CBIZ (1)

611,700‌

48,018‌

ExlService

Holdings (1)

1,527,400‌

48,571‌

FTI

Consulting (1)

196,300‌

41,280‌

Paylocity

Holding (1)

80,400‌

13,818‌

TriNet

Group

166,200‌

22,020‌

Verra

Mobility (1)

1,067,200‌

26,648‌

356,733‌

Trading

Companies

&

Distributors

2.4%

Boise

Cascade

168,200‌

25,797‌

Core

&

Main,

Class

A (1)

1,089,800‌

62,391‌

FTAI

Aviation

630,100‌

42,405‌

Herc

Holdings

88,200‌

14,844‌

SiteOne

Landscape

Supply (1)

208,696‌

36,428‌

Watsco

58,300‌

25,184‌

207,049‌

Total

Industrials

&

Business

Services

2,016,412‌

INFORMATION

TECHNOLOGY

17.9%

Communications

Equipment

0.1%

Extreme

Networks (1)

460,300‌

5,312‌

5,312‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Electronic

Equipment,

Instruments

&

Components

2.8%

Advanced

Energy

Industries

265,500‌

27,076‌

Fabrinet (1)

328,800‌

62,150‌

Littelfuse

50,800‌

12,311‌

Novanta (1)

329,700‌

57,622‌

Teledyne

Technologies (1)

46,230‌

19,848‌

Vontier

1,195,600‌

54,232‌

Zebra

Technologies,

Class

A (1)

16,200‌

4,883‌

238,122‌

IT

Services

0.5%

Gartner (1)

53,500‌

25,502‌

Perficient (1)

260,611‌

14,670‌

40,172‌

Semiconductors

&

Semiconductor

Equipment

4.5%

Astera

Labs (1)(3)

67,825‌

5,032‌

Axcelis

Technologies (1)

333,800‌

37,225‌

Cirrus

Logic (1)

241,130‌

22,319‌

Diodes (1)

425,500‌

29,998‌

Entegris

133,400‌

18,748‌

FormFactor (1)

357,900‌

16,331‌

Kulicke

&

Soffa

Industries

347,200‌

17,468‌

Lattice

Semiconductor (1)

383,300‌

29,986‌

MKS

Instruments

128,100‌

17,037‌

Monolithic

Power

Systems

41,707‌

28,253‌

Onto

Innovation (1)

389,500‌

70,531‌

Photronics (1)

560,100‌

15,862‌

Power

Integrations

297,100‌

21,257‌

Rambus (1)

767,300‌

47,427‌

377,474‌

Software

9.9%

A10

Networks

788,200‌

10,790‌

ACI

Worldwide (1)

446,600‌

14,832‌

Agilysys (1)

299,700‌

25,253‌

Appfolio,

Class

A (1)

137,300‌

33,877‌

Blackbaud (1)

277,100‌

20,544‌

Box,

Class

A (1)

665,000‌

18,833‌

Descartes

Systems

Group (1)

637,300‌

58,332‌

DoubleVerify

Holdings (1)

979,551‌

34,441‌

Fair

Isaac (1)

30,000‌

37,488‌

Fortinet (1)

444,300‌

30,350‌

Informatica,

Class

A (1)

883,300‌

30,916‌

Manhattan

Associates (1)

167,000‌

41,788‌

MicroStrategy,

Class

A (1)(3)

40,500‌

69,035‌

Nutanix,

Class

A (1)

1,150,800‌

71,027‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

PowerSchool

Holdings,

Class

A (1)(3)

911,300‌

19,402‌

PTC (1)

215,250‌

40,669‌

Q2

Holdings (1)

533,400‌

28,036‌

Qualys (1)

256,300‌

42,769‌

Rapid7 (1)

357,200‌

17,517‌

Sapiens

International

617,000‌

19,843‌

Smartsheet,

Class

A (1)

696,100‌

26,800‌

SPS

Commerce (1)

301,100‌

55,673‌

Tenable

Holdings (1)

638,000‌

31,536‌

Teradata (1)

273,000‌

10,557‌

Tyler

Technologies (1)

75,800‌

32,216‌

Workiva (1)

219,100‌

18,580‌

841,104‌

Technology

Hardware,

Storage

&

Peripherals

0.1%

Pure

Storage,

Class

A (1)

59,200‌

3,078‌

Super

Micro

Computer (1)

8,000‌

8,080‌

11,158‌

Total

Information

Technology

1,513,342‌

MATERIALS

3.8%

Chemicals

1.4%

Axalta

Coating

Systems (1)

1,018,700‌

35,033‌

Balchem

134,200‌

20,794‌

Element

Solutions

824,800‌

20,604‌

Olin

556,400‌

32,716‌

Quaker

Chemical

62,700‌

12,869‌

122,016‌

Construction

Materials

0.8%

Eagle

Materials

257,000‌

69,840‌

69,840‌

Containers

&

Packaging

0.3%

Graphic

Packaging

Holding

756,000‌

22,060‌

22,060‌

Metals

&

Mining

0.8%

Alpha

Metallurgical

Resources

72,500‌

24,010‌

ATI (1)

885,300‌

45,301‌

69,311‌

Paper

&

Forest

Products

0.5%

Louisiana-Pacific

513,700‌

43,105‌

43,105‌

Total

Materials

326,332‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

REAL

ESTATE

0.7%

Industrial

Real

Estate

Investment

Trusts

0.5%

First

Industrial

Realty

Trust,

REIT

424,100‌

22,282‌

Rexford

Industrial

Realty,

REIT

251,500‌

12,650‌

Terreno

Realty,

REIT

160,400‌

10,651‌

45,583‌

Residential

Real

Estate

Investment

Trusts

0.2%

Equity

LifeStyle

Properties,

REIT

207,700‌

13,376‌

13,376‌

Total

Real

Estate

58,959‌

UTILITIES

0.2%

Independent

Power

&

Renewable

Electricity

Producers

0.2%

Ormat

Technologies

271,300‌

17,957‌

Total

Utilities

17,957‌

Total

Common

Stocks

(Cost

$5,324,352)

8,379,899‌

SHORT-TERM

INVESTMENTS

0.7%

Money

Market

Funds

0.7%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (5)(6)

55,333,614‌

55,334‌

Total

Short-Term

Investments

(Cost

$55,334)

55,334‌

SECURITIES

LENDING

COLLATERAL

1.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.4%

Money

Market

Funds

1.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (5)(6)

114,900,018‌

114,900‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

114,900‌

Total

Securities

Lending

Collateral

(Cost

$114,900)

114,900‌

Total

Investments

in

Securities

101.0%

(Cost

$5,494,586)

$

8,550,133‌

Other

Assets

Less

Liabilities

(1.0)%

(85,705‌)

Net

Assets

100.0%

$

8,464,428‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

12

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Level

3

in

fair

value

hierarchy.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(4)

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

$7,116

and

represents

0.1%

of

net

assets.

(5)

Seven-day

yield

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Integrated

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,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌

$

—‌

$

748‌++

Totals

$

—‌#

$

—‌

$

748‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

243,848‌

¤

¤

$

170,234‌

Total

$

170,234‌^

#

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

$748

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

$170,234.

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

14

T.

Rowe

Price

Integrated

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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

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

Integrated

U.S.

Small-Cap

Growth

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

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

8,372,783‌

$

7,116‌

$

—‌

$

8,379,899‌

Short-Term

Investments

55,334‌

—‌

—‌

55,334‌

Securities

Lending

Collateral

114,900‌

—‌

—‌

114,900‌

Total

$

8,543,017‌

$

7,116‌

$

—‌

$

8,550,133‌

T.

ROWE

PRICE

Integrated

U.S.

Small-Cap

Growth

Equity

Fund

17

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.

F120-054Q1

03/24

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