# EDGAR Filing Document

**Accession Number:** 0001038469
**File Stem:** 0001193125-23-044889
**Filing Date:** 2023-2
**Character Count:** 173469
**Document Hash:** 72f379a3d32dceb473bb2e9a6d1de753
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044889.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044889

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Quantitative Management Funds, Inc.
- **CENTRAL INDEX KEY:** 0001038469
- **IRS NUMBER:** 522044216
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08203
- **FILM NUMBER:** 23653830

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Diversified Small-Cap Growth Fund, Inc.
- **DATE OF NAME CHANGE:** 20051018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE DIVERSIFIED SMALL CAP GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19970430

## Series and Classes Contracts Data

### T. Rowe Price QM U.S. Value Equity Fund (Series ID: S000052905)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000166442 | T. Rowe Price QM U.S. Value Equity Fund               | TQMVX           |
| C000166443 | T. Rowe Price QM U.S. Value Equity Fund-Advisor Class | TQVAX           |
| C000166444 | T. Rowe Price QM U.S. Value Equity Fund-I Class       | TQVIX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-08203

T. Rowe Price Quantitative Management Funds, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| TQMVX | T. ROWE PRICE QM U.S. Value Equity Fund |
| --- | --- |
| TQVAX | QM U.S. Value Equity |

INVEST WITH CONFIDENCE®

Large- and mid-cap value stocks appreciated in the second half of 2022, paring their full-year losses. Your fund fell slightly for the year but outperformed its benchmark, the Russell 1000 Value Index, and its Lipper peer group index by considerable margins.

Stock selection in most sectors contributed to the fund's performance, but our health care stock choices added the most value. Good stock selection in real

TQVIX

QM U.S. Value Equity

Fund-I Class

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TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using 'True Identity' to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

Market Commentary

# **HIGHLIGHTS**

estate and a sector underweight also made a significant contribution. Our overall stock selection in the consumer staples sector detracted slightly.

Nearly all major global stock and bond indexes fell sharply in 2022, as investors. Our largest sector allocations in absolute terms were financials and health care, industrials and business services and information technology also represented a considerable portion of the portfolio, and these sectors were also our largest overweights. We had material underweights in the communication services, bond investors also faced a historically tough environment amid a sharp rise

Log in to your account at troweprice.com for more information.

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# Dear Shareholder

utilities and real estate sectors.

In interest rates, Bank Shares declined but outperformed growth stocks by a market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst market. With commercial earnings estimates, the Bloomberg U.S. Aggregate Bond Index provides a separate equity market return in the foreseeable future. We also expect stocks of low- and high-interest securities to remain in our position. We also expect stocks of low- and high-interest securities to remain in our position. We also expect stocks of low- and high-interest securities to remain in our position. We also expect stocks of low- and high-interest securities to remain in our position. We also expect stocks of low- and high-interest securities to remain in our position. We also expect stocks of low- and high-interest securities to remain in our position. We also expect stocks of low- and high-interest securities to remain in our position.

1

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and the past year has been a tryable time for investors as few sectors remained concerns over commodity supply shortages. Defensive shares, such as utilities, untouched by the broad headwinds that markets faced and volatility may consumer staples, and health care, held up relatively well and finished the continue in the near term as central banks tighten policy amid slowing

year with roughly flat returns. Conversely, communication services, consumer information, however, in our view, there continue to be opportunities for discretionary and information technology shares suffered the largest declines. selective investors focused on fundamentals. Valuations in most global equity investments have been made in the future. However, in our view, there continue to be opportunities for investment professionals, go to

troweprice.com.

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| QM U.S. Value Equity Fund | 6.65% | -3.44% |
| QM U.S. Value Equity Fund- Advisor Class | 6.55 | -3.64 |

2

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **INVESTMENT OBJECTIVE**

Large- and mid-cap value stocks appreciated in the second half of 2022, paring
periods, and the 2021-2022 year ended. The 2021-2022 year ended is a 2021-2022 year ended.
The 2021-2022 year ended is a 2021-2022 year ended. The 2021-2022 year ended is a 2021-2022 year ended.
The 2021-2022 year ended is a 2021-2022 year ended. The 2021-2022 year ended is a 2021-2023 year ended.
The 2021-2022 year ended is a 2021-2022 year ended. The 2021-2022 year ended is a 2021-2023 year ended.
The 2021-2022 year ended is a 2021-2022 year ended. The 2021-2022 year ended is a 2021-2023 year ended.
The 2021-2022 year ended is a 2021-2022 year ended. The 2021-2022 year ended is a 2021-2023 year ended.
The 2021-2022 year ended is a 2021-2022 year ended. The 2021-2022 year ended is a 2021-2023 year ended.
The 2021-2022 year ended is a

| QM U.S. Value Equity |  |  |
| --- | --- | --- |
| Fund- I Class | 6.82 | -3.18 |
| Russell 1000 Value Index | 6.11 | -7.54 |
| Lipper Multi-Cap Value Funds Index | 5.86 | -8.34 |

3

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

for example, is a REIT that owns regional gaming-related real estate. Shares officials on how high rates would have to go. The Fed, which at the end of 2020, has the right to move from 2020 to 2025. The Fed's 2020 fund's performance, which is a result of the 2020 fund's performance, is a result of the 2020 fund's performance, which is a result of the 2020 fund's performance, which is a result of the 2020 fund's performance, which is a result of the 2020 fund's performance, which is a result of the 2020 fund's performance, which is a result of the 2020 fund's performance, which is a result of the 2020 fund's performance, which

4

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

Our largest sector allocations in absolute terms were financials and health

of Wal-Mart-which recovered from a steep earnings in the most value. One
Mettow's 1997 by a year's company's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's 1997 by a year's 1998, the ROE's

|  | QM U.S. Value Equity Fund | Russell 1000 Value Index |
| --- | --- | --- |
| Percent of Net Assets as of 12/31/22 |  |  |
| Financials | 19.2% | 20.1% |
| Health Care | 18.0 | 17.4 |

5

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

Note: This is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which is a report of the United States, which

| Industrials and Business Services | 11.8 | 10.8 |
| --- | --- | --- |
| Information Technology | 10.6 | 8.0 |
| Energy | 8.7 | 8.4 |
| Consumer Staples | 7.4 | 7.4 |
| Consumer Discretionary | 6.6 | 6.0 |
| Communication Services | 5.5 | 7.3 |

6

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

healthy with ample cash balances. There is a discernible slowdown in interest

Commercial real estate investments, including real estate investment, trusts and other investments, are not only a result of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results

| Utilities | 4.2 | 5.8 |
| --- | --- | --- |
| Materials | 3.9 | 4.3 |
| Real Estate | 3.0 | 4.5 |
| Other and Reserves | 1.1 | 0.0 |
| Total | 100.0% | 100.0% |

7

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# RISKS OF INVESTING IN THE FUND

declared considerably in 2022, we still believe companies that have been a similar to those of the Russell benchmark, though there were some noteworthy cash flow metrics, will have an advantage. We would not have a plan to see the results of the first three years. The first three years were the first three years, but the first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years. The first three years were the first three years.

8

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

**BENCHMARK INFORMATION**

**TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets
12/31/22

9

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

Exxon Mobil
JPMorgan
Chevron
Bank of America
Johnson
Pfizer
Philip Morris
Wells Fargo
2.8%
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| - QM U.S. Value Equity Fund | $19,764 |
| --- | --- |
| - - - Russell 1000 Value Index | 19,275 |
| - - - Lipper Multi-Cap Value Funds Index* | 18,589 |

10

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **GROWTH OF \$10,000**

Incomplete, and that the adviser may not be successful in selecting companies

|  | Periods Ended 12/31/22 | 1 Year | 5 Years | Since Inception 2/26/16 |
| --- | --- | --- | --- | --- |
| The views change to a forecast | QM U.S. Value Equity Fund | -3.44% | 6.70% | 10.47% |
|  | QM U.S. Value Equity Fund- Advisor Class | -3.64 | 6.43 | 10.18 |

52

11

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **AVERAGE ANNUAL COMPOUND TOTAL RETURN**

| QM U.S. Value Equity Fund- I Class | -3.18 | 6.91 | 10.66 |
| --- | --- | --- | --- |
| Class Systems |  |  | 1.2 |
| S |  |  |  |
| A QM U.S. Value Equity Fund |  |  | 1.51% |
| B QM U.S. Value Equity Fund-Advisor Class |  |  | 1.78 |
| C QM U.S. Value Equity Fund-I Class |  |  | 1.36 |
| E |  |  |  |

The expense ratio shown is as of the fund's most recent prospectus. This number may vary

12

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# EXPENSE RATIO

MetLife
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67. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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70. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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71. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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72. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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74. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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76. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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77. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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78. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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79. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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80. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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81. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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82. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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83. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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84. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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85. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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86. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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87. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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88. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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89. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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90. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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91. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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92. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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93. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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94. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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95. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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96. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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97. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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98. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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99. The fee for the ratio shown that either is fixed or not because it is charged on a different time
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100. The fee for the ratio shown that either is fixed or not because it is charged on a different time

![img-1.jpeg](img-1.jpeg)

13

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

When you are exempted the deposit (a) on the basis of the amount of the collection of funds, plus 33 of 2/2018.
For a share outstanding throughout each period you understand your ongoing costs (in dollars) of investing in the fund and to compare these you should also be aware that the expenses shown in the table highlight only your ongoing costs and the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the table of useful in comparing ongoing costs only and will

**Investor Class**

at the total costs of owning different funds. To the extent a fund may be sold at the beginning of the next calendar year (Investor Class)

charges no distribution and service (12b-1) for the Advisor Class shares are offered only

**NET ASSET VALUE**

| Beginning of period | $16.91 | $13.46 | $13.84 | $11.46 | $13.55 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment income (1)(2) | 0.32 | 0.27 | 0.33 | 0.27 | 0.29 |
| --- | --- | --- | --- | --- | --- |

14

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

**FINANCIAL SUMMARY** Workers and other financial intermediaries and charge a 0.25% 12b-1 fee, and 1 Class shares are available to institutionally oriented clients and impose up 12b-1 or administrative fee payment. Each share class is presented separately in the table.

| Actual Expenses | Beginning |  | Ending |  | Expenses Paid |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Account Value | Discount | Account Value | Discount | Duration | Period* |
| Advisor Class | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Actual | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Distributions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Net investment income | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Beginning of period | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Net realized gain | (0.61) | (0.15) | (0.04) | (0.22) | (0.37) |  |
| Total distributions | (0.94) | (0.43) | (0.31) | (0.52) | (0.64) |  |
| Investment activities |  |  |  |  |  |  |
| Net investment income (1)(2) | 0.27 | 0.22 | 0.29 | 0.24 | 0.25 |  |

15

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

ADVANCE - HYPOTHETICALS
The number on the first line under the heading "Expenses Paid" is 1,000.00. The expenses paid on your first line during the period of each date.

Advisor Class
Hypothetical Example for Comparison Purposes
A year
line of the table (Hypothetical) is based on hypothetical account
(100.00) funds were expensive and an assumed 5% per year
(100.00) funds were not actual return. May compare the original
costs of investing in the fund with other funds by subtracting the 5% hypothetical expense.

| RESPONSE VALUE | 1.000.00 | 1.065.50 | 5.15 |
| --- | --- | --- | --- |
| Total investment income | $(0.28) | $(0.26) | $(0.23) |
| Beginning of period | (0.61) | (0.35) | (0.04) |
| Net realized gain | (0.44)% | (0.25)% | (0.50)% |
| Total return | (0.89)% | (0.39)% | (0.31)% |
| Total commissions |  |  |  |
| Investment activities |  |  |  |
| Net investment income (1)(2) | 0.35 | 0.29 | 0.36 |
|  |  |  | 0.30 |
|  |  |  | 0.32 |

16

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

December 31, 2022

**FINANCIAL INSTITUTIONS** Total examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending value of the fund. The total expenses you paid for the period. 48 2.75

| COMMON STOCKS |  | NET ASSETS |  | NET ASSETS |  |
| --- | --- | --- | --- | --- | --- |
| Net assets |  | Net assets |  | Net assets |  |
| The fund's annualized expense ratio for the 6-month period, except for the 6-month period, is based on the total amount of the fund's annualized expense ratio for the 6-month period. |  |  |  |  |  |
| End of period: 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, 15, 25, 5, |  |  |  |  |  |
| The fund's annualized expense ratio for the 6-month period, except for the 6-month period, is based on the total amount of the fund's annualized expense ratio for the 6-month period. |  |  |  |  |  |
| The fund's annualized expense ratio for the 6-month period, except for the 6-month period, is based on the total amount of the fund's annualized expense ratio for the 6-month period. |  |  |  |  |  |
| Diversified Telecommunication Services 2.1% |  |  |  |  |  |
| The annualized expense ratio of the investor class was 0.72% |  |  |  |  |  |
| Diversified Telecommunication Services 1.94% |  |  |  |  |  |
| R. W. Investment Income Data |  |  |  |  |  |
| 1.94% | 1.65% | 2.81% | 15.21% | 2.14% | 2.01% |
| (0.37) | (0.31) | (0.27) | (0.30) | (0.29) | (0.29) |
| Net realized gain | (0.61) | (0.15) | (0.04) | (0.22) | (0.37) |
| Total investment rate | 24.68% | 25.17% | 18.58% | 22.63% | 11.13% |
| Net assets, end of period (in €) | (0.58) | (0.46) | (0.33) | (0.52) | (0.66) |

17

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

SORTED UP: 0% (INV. TIME) VS. 0.99%, and the I Class was 0.54%.

| Verizon Communications |  |  |  | 12,102 Shares | 997 $ Value 763 |
| --- | --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  |  |  |  |
| Interactive Media & Services 1.7% |  |  |  |  |  |
| NET ASSET VALUE | $21,950 | $37,863 | $19,557 | $1,892 | $17,516 |
| Initial Business Options waivers/ |  |  |  |  |  |
| End of period | $15.46 | $16.98 | $13.52 | $3.35 | $11.48 |
| WITNESS by Price Associates | 1.59% | 1.79% | 2.32% | 2.29% | 2.63% |
| Joint Consumer Discretionary |  |  |  |  | 2.48% |
| Net Assets and other assets |  |  |  |  |  |
| Media & Services (as of 1/2/2018) | 0.00% | 1.00% | 0.99% | 0.99% | 0.99% |
| Total cost of for details of expense-related arrangements with Price Associates | 1.69% | 1.37% | 2.45% | 1.84% | 1.85% |
| Rate of Investment at the Date |  |  |  |  |  |
| Rate of Investment at the Date that an investor would have earned on an investment in the fund |  |  |  |  |  |
| during each period, assuming reinvestment of all distributions, and payment of no redemption or |  |  |  |  |  |
| for the year's rate | (7.18)% | 29.17% | (9.21)% | 25.55% | (10.78)% |
| Recount fees, if applicable |  |  |  |  |  |
| Net assets, end of period (in |  |  |  |  |  |

18

T. ROWE PRICE QM U.S. VALUE EQUITY FUND[{"box_2d": [31, 83, 617, 231], "label": "table", "caption": "

| Beverages 0.8% | 10,400 | 904 |
| --- | --- | --- |
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| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

| Return to: Reaper |  |  |
| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

| Return to: Reaper | 2,000 | 104 |
| --- | --- | --- |

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| --- | --- | --- |

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| --- | --- | --- |

</table>

| Return to: Reaper |  |  |
| --- | --- | --- |

</table>

| Return to: Reaper |  |  |
| --- | --- | --- |

</table>

| Return to: Reaper |  |  |
| --- | --- | --- |

</table>

| Return to: Reaper |  |  |
| --- | --- | --- |

</table>

| Return to: Reaper |  |  |
| --- | --- | --- |

</table>

| Return to: Reaper |  |  |
| --- | --- | --- |

</table></table><table><tr><td colspan=\"2\">Return to: Re

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

| Major Congressional | 14,038 | 903 |
| --- | --- | --- |
|  | Shares | $ Value |
| Food Products 2.5% |  |  |
| Carolina (1.4% of 2.4%) |  |  |
| Carolina Brands | 7,247 | 280 |
| Carolina's General Buildings | $14,538 | $2,526 |
| Bank of New York Mellon | $1,224 | $7,660 |
| Carolina's International Class A | 4,071 | 1,000 |
| Carolina's International Class A | 4,071 | 1,000 |
| Carolina's International Class A | 586 | 201 |
| Carolina's International Class A | 586 | 201 |
| Carolina's International Class A | 2,956 | 251 |
| Carolina's International Class A | 589 | 1,482 |
| Carolina's International Class A | 1,527 | 117 |
| The total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable. |  |  |

20

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

| McDonald's | 1,222 | 100 |
| --- | --- | --- |
| Consumer Finance 1.4% | 1,222 | 100 |
| Co-Op | 1,222 | 100 |
| Co-Op (Total Sales in $000s) | 1,222 | 100 |
| Finance 2.4% | 1,222 | 100 |
| Household Durables 1.0% | 1,222 | 100 |
| Administration & Engineering 0.3% | 1,222 | 100 |
| Financial Services | 1,222 | 100 |
| Financial Services | 1,222 | 100 |
| Consumer Financial Group | 1,222 | 100 |
| Other | 1,222 | 100 |
| The Company's share is an integral part of these financial statements. | 1,222 | 100 |
| Dividend | 1,222 | 100 |
| Dividend | 1,222 | 100 |

21

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

| Property 8.7% | 2,624 | 2,242 |
| --- | --- | --- |
| Property 8.7% | 2,624 | 2,242 |
| Property 8.7% | 2,624 | 2,242 |
| Oil, Gas & Consumable Fuels 8.7% | Shares | $ Value |
| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| Oil, Gas & Gas (1000s) | 7,125 | 851 |

<tr><td>Oil, Gas &amp; Gas (1000s)</td><td>7,125</td><td>851</td></tr><tr><td>Oil, Gas &amp; Gas (1000s)</td><td>7,125</td><td>851</td></tr><tr><td>Oil, Gas &amp; Gas (1000s)</td><td>7,125</td><td>851</td></tr></table><tr><td>Oil, Gas &amp; Gas (1000s)</td><td>7,125</td><td>851</td></tr></table><tr><td>Oil, Gas &amp; Gas (1000s)</td><td>7,125</td><td>851</td></tr></table>

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

| Oil, Gas & Gas (1000s) | 7,125 | 851 |
| --- | --- | --- |

<table><tr><td></td><td></td></tr></table>

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

| Bank of America | 1,575 | 6,000 |
| --- | --- | --- |
| Bank of America Services Group | 3,450 | 1,000 |
| INDUSTRIALS & BUSINESS SERVICES 11.8% | 5,000 | 2,000 |
| Bank of America Services | 2,000 | 100 |
| Professional Services 1.5% | 2,000 | 2,201 |
| Bank of America Holding | 1,550 | 3,000 |
| Bank of America | 2,000 | 1,000 |
| REITING | 2,000 | 2,000 |
| Bank of America Class A, REIT | 1,550 | 3,000 |
| Bank of America Investors, REIT | 1,500 | 3,000 |
| Bank of America | 1,500 | 3,000 |
| Bank of America | 1,500 | 3,000 |
| Bank of America | 1,500 | 3,000 |
| Total Real Estate | 4,550 | 12,202 |
|  | 20,000 | 6,000 |
|  | 1,551 | 3,001 |
|  |  | 1,111 |

23

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

| Road & Rail 0.8% | 2,122 | 1,210 |
| --- | --- | --- |
| Highways 4.2% | 1,000 | 500 |
| App. Neg. & Logistics 1.3% | 9,000 | 500 |
| Electric Utilities 3.8% | 5,000 | 500 |
| Electric | 1,533 | 400 |
| Total | 11,000 | 4,500 |
| Total | 11,000 | 4,500 |
| Total Value of Equipment & Supplies 2.8% | 9,000 | 500 |
| INFORMATION TECHNOLOGY 10.6% | 4,173 | 400 |
| Information Resources | 2,000 | 100 |
| Affiliates 0.4% | 1,000 | 100 |
| Reimbursations Equipment 1.2% | 12,000 | 200 |
| Other than the most in certain securities that are considered affiliated companies. As defined by the Company's 1.2% | 12,000 | 200 |
| Total Value of the affiliated company is one in which the fund owns 5% or more of the outstanding value. | 12,000 | 200 |

24

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

December 31, 2022

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| Securities, or a company that are under common ownership or control. The following securities were |  |  |  |

| Securities, or a company that are under common ownership or control. The following securities were | Net Realized Gain (Loss) | Unrealized Gain (Loss) | Investment |
| --- | --- | --- | --- |
| Securities, or a company that are under common ownership or control. The following securities were |  |  |  |

| Securities, or a company that are under common ownership or control. The following securities were | Net Realized Gain (Loss) | Unrealized Gain (Loss) | Investment |
| --- | --- | --- | --- |
| Securities, or a company that are under common ownership or control. The following securities were |  |  |  |

| Securities, or a company that are under common ownership or control. The following securities were | Net Realized Gain (Loss) | Unrealized Gain (Loss) | Investment |
| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

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| --- | --- | --- | --- |

<table><tr><th>Securities, or a company that are under common ownership or control. The following securities were</th><td></td><td></td><td></td></tr></tabletable>[{"box_2d": [311, 680, 332, 691], "label": "header_footer", "25"}]

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

| STATEMENT OF ASSETARY NO. 1 | $ | -# | $ | - | $ | ($) |
| --- | --- | --- | --- | --- | --- | --- |
| Complaints & Packaging (all amounts) |  |  |  | 2,565 |  | 259 |
| Money Market Funds (2.7% |  |  |  | 659 |  | 121 |
| Supplemental Investment Schedule |  |  |  | 8,316 |  | 288 |
| T. Rowe Price Government Reserve Fund, 4.30% (2)(3) |  |  |  | 981,075 |  | 365 |
| International Business Machines | Value |  | Purchase | 5,125 |  | Value |
| Total Short-Term Investments (Cost $1,001/21) |  |  | Cost | 12/31/2021 |  | Cost |
| Total Short-Term Assets |  |  |  | 5,625 |  | Ended |
| Total Short-Term Liabilities |  |  |  | 8,274 |  | 12/31/2021 |
| Total Short-Term Liabilities |  |  |  |  | $ | 12/31/2021 |
| Total Short-Term Assets |  |  |  | 1,252 |  | 1,252 |
| Total Short-Term Assets (Loss) |  |  |  |  | $ | 37,835 |
| Dividend Income (net of foreign taxes of $2) |  |  |  |  | $ | 1,075 |
| Other liabilities |  |  |  |  |  | 47 |
| Total liabilities |  |  |  |  |  | 694 |
| Investment management |  |  |  |  |  | 196 |
| Shareholder servicing |  |  |  |  |  |  |
| NET ASSETS |  |  |  |  |  |  |
| Investor Class |  |  |  | $71 |  | $36,756 |

The accompanying notes are an integral part of these financial statements.

26

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# STATEMENT OF OPERATIONS

254

| Total | 1,440 |
| --- | --- |
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain |  |
| REAL ESTATE 3.0% |  |
| Equity Real Estate Investment Trusts 3.0% |  |
| Asset and other assets |  |
| Apartment income | Year |
| Investment income computed | 3,471 |
| Gain | 6,659 |
| Current fund | 12/31/21 |
| Host | 6,789 |
| Total net realized gain |  |
| Total net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |
| Pass-through of net realized gain |  |

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

STANDARD OF CHANGE IN NET ASSETS
($000s)

| Legal and audit | Year | 23 |
| --- | --- | --- |
| NET ASSET VALUE PER SHARE | Ended | 14 |
|  | 12/31/22 | 12/31/21 |
| Interest | (1,263) | (314) |
| Interest (losses) during period | (3,819) | (988) |
| ($1,000,000 / 1,000,000 shares outstanding) | 40,575 | 19,388 |
| Additions of period |  | 20,583 |
| Additions of period | $(20,756) | $(40,575) |
| End of period |  | 15.32 |
| End of period |  |  |
| Share information (000s) |  | 1,343 |

28

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

Capital share transactions
($4,355,280) in 1940,362 shares outstanding
Net interest (the 1940,362 shares outstanding) $(4,355,460)
Net interest (the 1940,362 shares outstanding) $(4,355,460)
Equity Fund (the 1940,362) is a diversified, open-end management investment company.
DECREASE IN NET ASSETS FROM OPERATIONS
Distributions reinvested
for the QM U.S. Value Equity Fund (Investor Class), 39
Investor Class 1,230 646
the QM U.S. Value Equity Fund-Advisor Class (Advisor Class) and the QM U.S. 646
Advisor Class 1 3
Value Equity Fund-I Class (I Class). Advisor Class shares are sold only through 56
Shares redeemed
various brokers and other financial intermediaries. I Class shares require a $500,000

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Quantitative Management Funds Inc. (the corporation) is registered transactions and accounted for in the trade date basis. Income and expenses are shown redeemed. Realized gains and losses are reported on the identified initial instruments, minimum, although the minimum generally is received or redeemed. The tax-related interest and penalties, if incurred, are recorded as income for financial intermediaries, eligible retirement plans, and certain other accounts. Tax expense. Dividends received from mutual fund investments are reflected as dividend from the Company's share of the initial investment minimum. With 30 million and 20% interest in the trade date, the total cash flow is 1.5% and 1.5% respectively. Dividend income was generally waived for financial intermediaries, eligible retirement plans, and capital gain distributions are recorded on the ex-dividend date. Distributions from other certain accounts. As a result of the reduction in the I Class minimum, certain REITs are initially recorded as dividend income and to the extent such represent a assets transferred from the Investor Class to the I Class. This transfer of shares from Investor Class to I Class is reflected in the Statement of Changes in Net Assets within

30

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

return of capital or capital gain for tax purposes are reclassified when such information indemnification in connection with its officers and directors, service providers, and/or becomes available. Non-cash dividends, if any, are recorded at the fair market value of private company investments. The fund's maximum exposure under these arrangements for capital shares transactions as shares, reimpressed and shares sold, respectively. The net of interest, principal from litigation, insurance, if any, are listed as either net of unknown revenue, the risk of material loss is currently considered to be reliable unless notes operates under a board-approved code. If not, the company to which the realized gain (loss) or change in net unrealized gain/loss from securities distributions class compensates financial intermediaries for distribution, shareholder services and/or shareholders are recorded on the for-dividend date income distributions. If any, are or certain administrative services, the investor and I Classes do not pay out 12b-1, a decrease and paid by each class annually. A capital gain distribution, if any, may also be made at a fixed rate of 1000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

# **NOTE 2 - VALUATION**

deceased and paid by the fund annually. A capital gain distribution, if any, may also be declared and paid by the fund annually.

31

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

**Indemnification** In the normal course of business, the fund may provide

**Fair Value** The fund's financial instruments are valued at the close of the NYSE and are

**Class Accounting** the value of the financial instrument is a company's principal component of the financial instrument.

The fund's financial instruments are valued at the close of the NYSE and are

**Class Accounting** the value of the financial instrument is a company's principal component of the financial instrument.

The fund's financial instruments are valued at the close of the NYSE and are

**Class Accounting** the value of the financial instrument is a company's principal component of the financial instrument.

**Basic of Preparation** The fund is an investment company and follows accounting and

**Valuation Techniques** Equity securities, including exchange-traded funds, listed or reporting guidance in the Financial Accounting Standards Board (FASB) *Accounting*

**Standards Codification** Topic 946 (ASC 946). The accompanying financial statements

32

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

observable inputs and minimize the use of unobservable inputs. When multiple inputs

regularly tabulated, each applies to a value given to the lower the value (Q4). The values are
Capital Transactions. Each investor's interest in the net assets of the fund is represented
by the fund's net asset value (NAV). Net share is computed as the base of
the value of the value (NAV). The value of the value is calculated as the base of the value
of the value (NAV). The value of the value is calculated as the base of the value
of the value (NAV). The value of the value is calculated as the base of the value
of the value (NAV). The value of the value is calculated as the base of the value
of the value (NAV). The value of the value is calculated as the base of the value
of the value (NAV). The value of the value is calculated as the base of the value
of the value (NAV). The value of

33

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

**Valuation Inputs** On December 31, 2022, all of the fund's financial instruments were

objective, policies, program, and risk factors of the fund are described more fully in the
Investment Financial Statements and values of the mutual fund's closing NAV per share on
fund's financial instruments. The financial instruments are not intended to be used in the financial
instruments of the financial instruments. The financial instruments are not intended to be used in the
financial instruments of the financial instruments. The financial instruments are not intended to be used in the
financial instruments of the financial instruments. The financial instruments are not intended to be used in the
financial instruments of the financial instruments. The financial instruments are not intended to be used in the
financial instruments of the financial instruments. The financial instruments are not intended to be used in the
financial instruments of the financial instruments. The financial instruments are not intended to be used in the
financial instruments of the financial instruments.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

34

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# NOTE 4 - FEDERAL INCOME TAXES

Vulcan is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and is a major tax on the U.S. and

35

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

At December 31, 2022, the tax-basis components of accumulated net earnings (loss)

Supplemental amounts of fair value. However, the Valuation Designee is based on the current stock/value ratio, making it an estimate of the fair value. The fair value is based on the current stock/value ratio, making it an estimate of the fair value. The fair value is based on the current stock/value ratio, making it an estimate of the fair value. The fair value is based on the current stock/value ratio, making it an estimate of the fair value.

36

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

fee schedule, with rates ranging from 0.48% for the first $1 billion of assets to 0.260%
NOTE 5 FOREIGN TAXES
Investor Class Advisor Class Class
Excessive Investment Class Limit 0.72022 0.99% 2021 0.05%
The fund is subject to foreign income taxes imposed by foreign exchange rate which net
0.00% of the total of the above items. The fund is subject to foreign income taxes imposed by foreign exchange rate which net
0.00% of the total of the above items. The fund is subject to foreign income taxes imposed by foreign exchange rate which net
0.00% of the total of the above items. The fund is subject to foreign income taxes imposed by foreign exchange rate which net
0.00% of the total of the above items. The fund is subject to foreign income taxes imposed by foreign exchange rate which net
0.00% of the total of the above items. The fund is subject to foreign income taxes imposed by foreign exchange rate which net
0.00% of the total of the above items. The fund is subject to foreign income taxes imposed by foreign exchange rate which net

37

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

NOTE 7 - OTHER MATTERS

38

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

Price Associates has voluntarily agreed to reimburse the fund from its own resources on

the basis of the accompanying Statement of Assets and Liabilities. $6,285

and expenses, to the extent such operating expenses, on an annualized basis, exceed

Unrealized expense, such as environmental or natural disasters, war, terrorism. (2,103)

The Board of Directors of T. Rowe Price QM U.S. Value Equity Fund

NOTE: RELATED PARTY TRANSACTIONS AND SMALL PUBLIC HEALTH ISSUES MAY

and SHAREHOLDERS OF T. ROWEN PRICE QM U.S. VALUE EQUITY FUND

significantly affect the economy, and the markets and issuers in which the fund invests.

The Fund, by the Company's share of the Fund, is not a result of the Fund's share of the Fund, which is not a result of the Fund's share of the Fund.

Common on the Financial Statements

regions, countries, sectors, and industries more significantly than others, and exacerbate

the company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

The Company's share of the Fund, which is not a result of the Fund's share of the Fund.

39

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price QM U.S. Value Equity Fund (one of the

(CONTINUED) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc., referred to
(continued) including T. Rowe Price, Quantitative Management Funds, Inc.,
referred to including T. Rowe Price, Quantitative Management Funds, Inc.,
referred to including T. Rowe Price, Quantitative Management Funds, Inc.,
referred to including T. Rowe Price, Quantitative Management Funds, Inc.,
referred to including T. Rowe Price, Quantitative Management Funds, Inc.,
referred to including T. Rowe Price, Quantitative Management Funds, Inc.,
referred to including T. Rowe Price, Quantitative Management Funds

40

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By management, as well as evaluating the various presentations of the financial statements.

The information contained in this report is not intended to be used, construed, or disclosed to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm, or corporation, or entity, or conveying any rights, title, or interest in or to any person, firm

advised by Price Associates.

41

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

$1,525,000 from long-term capital gains subject to a long-term capital gains tax rate of 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate is 1.5% per year. The tax rate

42

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

We conducted our audits of these financial statements in accordance with the standards administrator, the Adviser is responsible for overseeing the day-to-day operations of the PCACM. Those standards require that we plan and perform the audit to obtain information regarding the risks and risks of the PCACM. Those standards require that we plan and perform the audit to obtain information regarding the risks and risks of the PCACM. Those standards require that we plan and perform the audit to obtain information regarding the risks and risks of the PCACM. Those standards require that we plan and perform the audit to obtain information regarding the risks and risks of the PCACM. Those standards require that we plan and perform the audit to obtain information regarding the risks and risks of the PCACM. Those standards require that we plan and perform the audit to obtain information regarding the risks and risks of the PCACM.

43

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

accessing the SEC's website, sec.gov.

revising the SEC's designated location and its units, the following: the risk that the

Your fund is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The following is not to be used for any other purpose. The

Section 2(a)(18) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates.

The business address of each director and officer is 100 East Pratt Street, Baltimore, Maryland

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44

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The fund's interest in the fund's operations is based on estimations of the investment's total fund's operations. The fund's total fund's operations is based on the results of the funding and the results of the funding. The fund's interest in the fund's operations is based on the results of the funding. The fund's interest in the fund's operations is based on the results of the funding. The fund's interest in the fund's operations is based on the results of the funding. The fund's interest in the fund's operations is based on the results of the funding. The fund's interest in the fund's operations is based on the results of the funding. The fund's interest in the fund's operations

**INDEPENDENT DIRECTORS**
[Number of T. Rowe Price - Principal Occupation(s) and Directorships of Public Companies and
**Name**
(Year of Birth) (Year of Birth) (Quarterly) (PORTFOLIO) (RECEIVING)
**Year Elected**
(1956) The fund files a complete set of the schedule (1957 to 2000) the Securities and
**QUARTERLY (PORTFOLIO) (RECEIVING)**
Other Investment Companies During the Past Five Years
Adrian Board Member, Vicar Technologies, 2015 to present Board
(1957) The fund files a complete set of the schedule (1957 to 2000) the Securities and
**QUARTERLY (PORTFOLIO) (RECEIVING)**
(1957) The fund files a complete set of the schedule (1957 to 2000) the Securities and
**QUARTERLY (PORTFOLIO) (RECEIVING)**
(1957) The fund files a complete set of the schedule (1957 to 2000) the Securities and

45

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseas] [Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and

46

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

# **INTERESTED DIRECTORS [x] (CONTINUED)**

2000. cash and cash equivalents, as well as available borrowing arrangements.
2000. Department, The South Hopkins University (2009 to present); Director,
Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price
Lyndhurst Holdings (2015 to present); Director, Bhagwati, Pharma, Inc.
2010.
2010 information about the interested directors was current as of January 1, 2022, unless otherwise
Effective November 8, 2021, Mr. Walker was appointed as an independent director of the Price Funds.
Principal, a group for the number of such other directors as he served as of the date of the report.
Bruce W. Duncan, President, Chief Executive Officer, and Director, Lyndhurst, Inc. (2020
2020). Mr. Sharris resigned from his role as an interested director of the Price
Lyndhurst Holdings (2015 to present); Director, Bhagwati, Pharma, Inc.
2010.
INTERESTED DIRECTORS
(Year of Birth)
Cheryl Hampton, CPA (1969)
The Board (2016 to 2020) and President (2009 to 2016). First Industrial
Property Trust; owner and operator of industrial properties; Chair of the
Board (2005 to 2016) and Director (1999 to 2016). Starwood Hotels &
Vice President, T. Rowe Price; formerly, Tax Director,

47

T. ROWE PRICE QM U.S. VALUE EQUITY FUND

**OFFICERS (CONTINUED)**

Year Elected:
[Number of T. Rowe Price Funds (1989)]
Position Held With Quantitative Management Funds, Inc.

Resorts, a hotel and leisure company, Member Investment Company, Principal Occupation(s) and Directorialities of Public Companies and Other Investment Companies During the Past Five Years.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

Position Held With Quantitative Management Funds, Inc.

![img-0.jpeg](img-0.jpeg)

48

Name (Year of Birth)
Position Held With Quantitative Management Funds, Inc.
Principal Occupation(s)

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

# Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics.

Paul M. B. (1988) and Richard M. B. (1989) and Richard M. B. (1990) and Richard M. B. (1991) and Richard M. B. (1992) and Richard M. B. (1993) and Richard M. B. (1994) and Richard M. B. (1995) and Richard M. B. (1996) and Richard M. B. (1997) and Richard M. B. (1998) and Richard M. B. (1999) and Richard M. B. (2000)

The following table provides the information in English:

The registrant's name of the person is a registered firm. The first name of the person is a registered firm. The second name of the person is a registered firm.

Rudon, Maraba, Ph. C.F.A.F.A. (1987) Director and Vice President of the Board of Directors (2019).

The following table provides the information in English:

for other priorities, we have solutions for you. See how we can help you accomplish

(a) - (d) A person has been held for the last two years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $21,734 | $21,172 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,540 |
| All Other Fees | - | - |

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc. \ 100 East Pratt Street \ Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | POLICE SAVINGS |
| --- | --- | --- |
| Item 5. Audit Committee of Listed Registrants. | Individual and other | T. Rowe Price and T. Rowe Price |
| Item 6. Investment | General | T. Rowe Price and T. Rowe Price |
| Item 7. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 8. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 9. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 10. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 11. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 12. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 13. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 14. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 15. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 16. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 17. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 18. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 19. Investment | Brokerage | T. Rowe Price and T. Rowe Price |
| Item 20. Investment | Brokerage | T. Rowe Price and T. Rowe Price |

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 5, shall be the sole responsible for the use of the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 5, shall be the sole responsible for the use of the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 5, shall be the sole responsible for the use of the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 5, shall be the sole responsible for the use

(b) The registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the management company Act of 1940, is attached.

Visit troweprice.com/broadrange

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Quantitative Management Funds, Inc.

By /s/ David Oestreicher
David Oestreicher Company

Principal Executive Officer
Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 30 days.

This report is a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

All mutual funds are subject to market risk excluding available risk information. Investing internationally and the registrant and its subsidiaries and/or its officers, directors, and officers, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors, and officers, directors

The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582775  
F201-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price QM U.S.
Value Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Blue Chip
Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price QM U.S. Value Equity Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

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**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

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communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer