T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

98.9%

COMMUNICATION

SERVICES

4.5%

Diversified

Telecommunication

Services

2.0%

AT&T 

20,486‌

484‌

Verizon

Communications 

10,033‌

511‌

995‌

Media

2.5%

Charter

Communications,

Class

A (1)

153‌

83‌

Comcast,

Class

A 

13,917‌

652‌

Fox,

Class

B 

3,969‌

144‌

Interpublic

Group 

5,228‌

185‌

Nexstar

Media

Group,

Class

A 

934‌

176‌

1,240‌

Total

Communication

Services

2,235‌

CONSUMER

DISCRETIONARY

5.2%

Auto

Components

0.2%

Magna

International 

1,862‌

120‌

120‌

Automobiles

1.1%

Ford

Motor 

15,410‌

261‌

General

Motors (1)

6,574‌

287‌

548‌

Distributors

0.6%

LKQ 

6,207‌

282‌

282‌

Hotels,

Restaurants

&

Leisure

0.5%

Travel

+

Leisure 

4,053‌

235‌

235‌

Household

Durables

0.5%

PulteGroup 

4,136‌

173‌

Whirlpool 

502‌

87‌

260‌

Multiline

Retail

0.9%

Kohl's 

3,308‌

200‌

Target 

1,056‌

224‌

424‌

Specialty

Retail

1.4%

AutoZone (1)

195‌

399‌

Bath

&

Body

Works 

4,197‌

200‌

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Best

Buy 

1,078‌

98‌

697‌

Total

Consumer

Discretionary

2,566‌

CONSUMER

STAPLES

7.6%

Beverages

0.3%

Molson

Coors

Beverage,

Class

B 

2,698‌

144‌

144‌

Food

&

Staples

Retailing

2.7%

Kroger 

6,263‌

360‌

Walgreens

Boots

Alliance 

3,044‌

136‌

Walmart 

5,676‌

845‌

1,341‌

Food

Products

2.0%

Conagra

Brands 

3,895‌

130‌

J

M

Smucker 

1,971‌

267‌

Kraft

Heinz 

6,064‌

239‌

Tyson

Foods,

Class

A 

4,249‌

381‌

1,017‌

Household

Products

0.6%

Procter

&

Gamble 

2,023‌

309‌

309‌

Tobacco

2.0%

Altria

Group 

7,980‌

417‌

Philip

Morris

International 

6,187‌

581‌

998‌

Total

Consumer

Staples

3,809‌

ENERGY

7.3%

Oil,

Gas

&

Consumable

Fuels

7.3%

Chevron 

6,838‌

1,113‌

ConocoPhillips 

6,019‌

602‌

Devon

Energy 

6,528‌

386‌

EOG

Resources 

3,243‌

387‌

Exxon

Mobil 

11,202‌

925‌

Occidental

Petroleum 

3,660‌

208‌

Occidental

Petroleum,

Warrants,

8/3/27 (1)

425‌

15‌

Total

Energy

3,636‌

FINANCIALS

20.9%

Banks

8.9%

Bank

of

America 

23,354‌

963‌

Citigroup 

9,803‌

523‌

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Citizens

Financial

Group 

5,972‌

271‌

Fifth

Third

Bancorp 

6,948‌

299‌

JPMorgan

Chase 

8,313‌

1,133‌

KeyCorp 

12,265‌

275‌

Regions

Financial 

10,297‌

229‌

Wells

Fargo 

14,731‌

714‌

4,407‌

Capital

Markets

2.9%

Bank

of

New

York

Mellon 

3,871‌

192‌

Goldman

Sachs

Group 

1,579‌

521‌

Morgan

Stanley 

4,928‌

431‌

State

Street 

3,304‌

288‌

1,432‌

Consumer

Finance

1.5%

Ally

Financial 

3,990‌

174‌

Capital

One

Financial 

2,387‌

313‌

Discover

Financial

Services 

2,173‌

239‌

726‌

Diversified

Financial

Services

0.8%

Equitable

Holdings 

12,948‌

400‌

400‌

Insurance

6.8%

Aflac 

4,742‌

305‌

Allstate 

2,584‌

358‌

American

International

Group 

7,594‌

477‌

Chubb 

2,366‌

506‌

Everest

Re

Group 

825‌

249‌

Hartford

Financial

Services

Group 

4,643‌

333‌

Lincoln

National 

1,789‌

117‌

MetLife 

6,456‌

454‌

Prudential

Financial 

1,932‌

228‌

Travelers 

2,075‌

379‌

3,406‌

Total

Financials

10,371‌

HEALTH

CARE

18.6%

Biotechnology

2.6%

AbbVie 

3,087‌

500‌

Amgen 

1,601‌

387‌

Biogen (1)

465‌

98‌

Gilead

Sciences 

5,092‌

303‌

1,288‌

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Equipment

&

Supplies

1.4%

Becton

Dickinson

&

Company 

2,062‌

549‌

Zimmer

Biomet

Holdings 

1,168‌

149‌

698‌

Health

Care

Providers

&

Services

7.1%

Anthem 

1,311‌

644‌

Cigna 

2,266‌

543‌

CVS

Health 

6,333‌

641‌

HCA

Healthcare 

1,234‌

309‌

McKesson 

1,669‌

511‌

Quest

Diagnostics 

1,403‌

192‌

UnitedHealth

Group 

880‌

449‌

Universal

Health

Services,

Class

B 

1,623‌

235‌

3,524‌

Life

Sciences

Tools

&

Services

0.6%

PerkinElmer 

1,637‌

286‌

286‌

Pharmaceuticals

6.9%

AstraZeneca,

ADR 

1,759‌

117‌

Bristol-Myers

Squibb 

9,241‌

675‌

Jazz

Pharmaceuticals (1)

834‌

130‌

Johnson

&

Johnson 

6,503‌

1,152‌

Merck 

6,358‌

522‌

Pfizer 

16,312‌

844‌

3,440‌

Total

Health

Care

9,236‌

INDUSTRIALS

&

BUSINESS

SERVICES

12.7%

Aerospace

&

Defense

3.8%

General

Dynamics 

1,498‌

361‌

L3Harris

Technologies 

2,260‌

562‌

Lockheed

Martin 

726‌

321‌

Northrop

Grumman 

533‌

238‌

Textron 

5,249‌

390‌

1,872‌

Air

Freight

&

Logistics

0.8%

FedEx 

871‌

201‌

United

Parcel

Service,

Class

B 

946‌

203‌

404‌

Airlines

0.2%

Alaska

Air

Group (1)

1,909‌

111‌

111‌

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Building

Products

0.5%

Johnson

Controls

International 

4,036‌

265‌

265‌

Electrical

Equipment

0.4%

Emerson

Electric 

1,977‌

194‌

194‌

Industrial

Conglomerates

1.2%

3M 

1,639‌

244‌

General

Electric 

3,871‌

354‌

598‌

Machinery

2.6%

Allison

Transmission

Holdings 

4,015‌

158‌

Cummins 

1,737‌

356‌

Otis

Worldwide 

2,319‌

179‌

Parker-Hannifin 

1,100‌

312‌

Snap-on 

891‌

183‌

Timken 

2,108‌

128‌

1,316‌

Professional

Services

1.2%

Leidos

Holdings 

3,818‌

412‌

ManpowerGroup 

2,010‌

189‌

601‌

Road

&

Rail

1.9%

CSX 

12,581‌

471‌

Union

Pacific 

1,676‌

458‌

929‌

Trading

Companies

&

Distributors

0.1%

AerCap

Holdings (1)

1,424‌

72‌

72‌

Total

Industrials

&

Business

Services

6,362‌

INFORMATION

TECHNOLOGY

9.9%

Communications

Equipment

1.4%

Cisco

Systems 

12,336‌

688‌

688‌

Electronic

Equipment,

Instruments

&

Components

0.5%

Arrow

Electronics (1)

2,130‌

253‌

253‌

IT

Services

2.7%

Cognizant

Technology

Solutions,

Class

A 

2,748‌

246‌

Fiserv (1)

2,745‌

278‌

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Global

Payments 

1,699‌

233‌

International

Business

Machines 

2,793‌

363‌

Western

Union 

11,045‌

207‌

1,327‌

Semiconductors

&

Semiconductor

Equipment

2.9%

Applied

Materials 

847‌

112‌

Broadcom 

405‌

255‌

Intel 

11,715‌

581‌

Micron

Technology 

2,290‌

178‌

NXP

Semiconductors 

1,596‌

295‌

1,421‌

Software

1.6%

NortonLifeLock 

7,507‌

199‌

Open

Text 

2,839‌

120‌

Oracle 

2,420‌

200‌

SS&C

Technologies

Holdings 

3,993‌

300‌

819‌

Technology

Hardware,

Storage

&

Peripherals

0.8%

Dell

Technologies,

Class

C (1)

3,185‌

160‌

HP 

6,009‌

218‌

378‌

Total

Information

Technology

4,886‌

MATERIALS

4.6%

Chemicals

2.8%

Celanese 

1,130‌

162‌

CF

Industries

Holdings 

4,716‌

486‌

Corteva 

4,477‌

257‌

Dow 

3,801‌

242‌

Eastman

Chemical 

1,253‌

141‌

LyondellBasell

Industries,

Class

A 

1,061‌

109‌

1,397‌

Containers

&

Packaging

1.2%

International

Paper 

8,359‌

386‌

Westrock 

4,786‌

225‌

611‌

Metals

&

Mining

0.6%

Reliance

Steel

&

Aluminum 

1,678‌

308‌

308‌

Total

Materials

2,316‌

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

REAL

ESTATE

3.3%

Equity

Real

Estate

Investment

Trusts

3.3%

Apartment

Income

REIT,

REIT 

4,635‌

248‌

Equity

Residential,

REIT 

3,585‌

323‌

Gaming

&

Leisure

Properties,

REIT 

5,269‌

247‌

Mid-America

Apartment

Communities,

REIT 

1,063‌

223‌

Omega

Healthcare

Investors,

REIT 

6,232‌

194‌

Public

Storage,

REIT 

390‌

152‌

Weyerhaeuser,

REIT 

6,421‌

243‌

Total

Real

Estate

1,630‌

UTILITIES

4.3%

Electric

Utilities

3.3%

Constellation

Energy 

2,891‌

163‌

Entergy 

1,637‌

191‌

Evergy 

4,189‌

286‌

Exelon 

8,669‌

413‌

NRG

Energy 

3,396‌

130‌

Southern 

6,021‌

437‌

1,620‌

Gas

Utilities

0.4%

UGI 

5,610‌

203‌

203‌

Multi-Utilities

0.6%

Public

Service

Enterprise

Group 

4,362‌

305‌

305‌

Total

Utilities

2,128‌

Total

Common

Stocks

(Cost

$40,103)

49,175‌

SHORT-TERM

INVESTMENTS

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (2)(3)

1,126‌

1‌

Total

Short-Term

Investments

(Cost

$1)

1‌

Total

Investments

in

Securities

98.9%

(Cost

$40,104)

$

49,176‌

Other

Assets

Less

Liabilities

1.1%

559‌

Net

Assets

100.0%

$

49,735‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Seven-day

yield

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

8

.

.

.

.

.

.

.

.

.

.

(3)

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.

Value

Equity

Fund

9

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%

$

—‌

$

—‌

$

—‌

++

Totals

$

—‌

#

$

—‌

$

—‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

$

744‌

¤

¤

$

1‌

Total

$

1‌

^

#

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

$0

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

$1.

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

10

T.

Rowe

Price

QM

U.S.

Value

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

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

11

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;

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

T.

ROWE

PRICE

QM

U.S.

Value

Equity

Fund

12

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.

F201-054Q1

03/22