NPORT-EX 2 70HJTRP033122.htm
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