T.

ROWE

PRICE

Integrated

Global

Equity

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

AUSTRALIA

1.4%

Common

Stocks

1.4%

Ampol 

2,319‌

60‌

BlueScope

Steel 

3,820‌

60‌

Brambles 

7,718‌

81‌

Champion

Iron 

16,122‌

78‌

Computershare 

4,620‌

79‌

Northern

Star

Resources 

5,705‌

54‌

Qantas

Airways (1)

11,098‌

39‌

QBE

Insurance

Group 

6,325‌

75‌

Telstra

Group 

28,372‌

71‌

Total

Australia

(Cost

$549

)

597‌

AUSTRIA

0.4%

Common

Stocks

0.4%

Erste

Group

Bank 

2,134‌

95‌

voestalpine 

2,264‌

64‌

Total

Austria

(Cost

$158

)

159‌

BRAZIL

1.1%

Common

Stocks

1.1%

CCR 

22,251‌

61‌

Lojas

Renner 

24,855‌

84‌

Petroleo

Brasileiro 

18,022‌

138‌

Suzano 

6,721‌

86‌

TOTVS 

9,439‌

53‌

Vale 

5,674‌

69‌

Total

Brazil

(Cost

$453

)

491‌

CANADA

3.2%

Common

Stocks

3.2%

BRP 

1,517‌

102‌

Canadian

Tire

Corp,

Class

A 

626‌

62‌

Constellation

Software 

87‌

238‌

Constellation

Software,

Warrants,

3/31/40 (1)(2)

76‌

—‌

Descartes

Systems

Group (1)

1,360‌

124‌

Fairfax

Financial

Holdings 

120‌

129‌

George

Weston 

421‌

57‌

Granite

Real

Estate

Investment

Trust (3)

1,385‌

79‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Loblaw 

1,038‌

115‌

Parkland 

2,940‌

94‌

Suncor

Energy 

4,100‌

151‌

TFI

International 

1,372‌

219‌

Toromont

Industries 

413‌

40‌

Total

Canada

(Cost

$1,066

)

1,410‌

CHILE

0.1%

Common

Stocks

0.1%

Banco

de

Chile 

452,138‌

50‌

Total

Chile

(Cost

$46

)

50‌

CHINA

1.7%

Common

Stocks

1.4%

Alibaba

Group

Holding,

ADR

(USD) 

1,594‌

115‌

China

Coal

Energy,

Class

H

(HKD) 

43,000‌

42‌

COSCO

SHIPPING

Holdings,

Class

H

(HKD) 

32,000‌

34‌

Lenovo

Group

(HKD) 

74,000‌

86‌

PDD

Holdings,

ADR

(USD) (1)

961‌

112‌

Sunny

Optical

Technology

Group

(HKD) 

3,100‌

16‌

Tencent

Holdings

(HKD) 

3,700‌

144‌

Vipshop

Holdings,

ADR

(USD) 

4,271‌

70‌

619‌

Common

Stocks

-

China

A

Shares

0.3%

Focus

Media

Information

Technology,

A

Shares

(CNH) 

52,700‌

48‌

Shanxi

Lu'an

Environmental

Energy

Development,

A

Shares

(CNH) 

11,500‌

32‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

8,680‌

47‌

127‌

Total

China

(Cost

$769

)

746‌

COLOMBIA

0.1%

Common

Stocks

0.1%

Bancolombia,

ADR

(USD) 

1,842‌

63‌

Total

Colombia

(Cost

$59

)

63‌

DENMARK

1.1%

Common

Stocks

1.1%

Genmab (1)

388‌

116‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Novo

Nordisk,

Class

B 

2,730‌

350‌

Total

Denmark

(Cost

$307

)

466‌

EGYPT

0.1%

Common

Stocks

0.1%

Commercial

International

Bank

-

Egypt 

38,366‌

62‌

Total

Egypt

(Cost

$66

)

62‌

FRANCE

3.4%

Common

Stocks

3.4%

ArcelorMittal 

2,354‌

65‌

AXA 

4,068‌

153‌

Capgemini 

492‌

113‌

Dassault

Aviation 

386‌

85‌

Edenred 

1,887‌

101‌

EssilorLuxottica 

371‌

84‌

Eurazeo 

927‌

81‌

Eurofins

Scientific 

1,486‌

95‌

Legrand 

871‌

92‌

SEB 

991‌

127‌

Thales 

498‌

85‌

TotalEnergies 

2,870‌

197‌

Verallia 

2,277‌

88‌

Vinci 

843‌

108‌

Total

France

(Cost

$1,245

)

1,474‌

GERMANY

1.6%

Common

Stocks

1.6%

Allianz 

511‌

153‌

Deutsche

Post 

3,597‌

155‌

Deutsche

Telekom 

4,892‌

119‌

Scout24 

1,088‌

82‌

Siemens 

926‌

177‌

Total

Germany

(Cost

$618

)

686‌

GREECE

0.2%

Common

Stocks

0.2%

Eurobank

Ergasias

Services

&

Holdings (1)

47,953‌

92‌

Total

Greece

(Cost

$50

)

92‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

HONG

KONG

0.4%

Common

Stocks

0.4%

HKT

Trust

&

HKT 

54,000‌

63‌

Techtronic

Industries 

7,000‌

95‌

Total

Hong

Kong

(Cost

$144

)

158‌

HUNGARY

0.2%

Common

Stocks

0.2%

OTP

Bank 

1,760‌

81‌

Total

Hungary

(Cost

$75

)

81‌

INDIA

1.1%

Common

Stocks

1.1%

NTPC 

27,452‌

111‌

Power

Grid

Corp.

of

India 

40,699‌

135‌

Shriram

Finance 

2,997‌

85‌

Tata

Motors 

9,402‌

113‌

Vedanta 

7,372‌

24‌

Total

India

(Cost

$334

)

468‌

INDONESIA

0.7%

Common

Stocks

0.7%

Bank

Central

Asia 

126,200‌

80‌

Bank

Mandiri

Persero 

201,700‌

92‌

Sumber

Alfaria

Trijaya 

278,700‌

51‌

Telkom

Indonesia

Persero 

372,500‌

82‌

Total

Indonesia

(Cost

$295

)

305‌

ITALY

1.3%

Common

Stocks

1.3%

Enel 

15,963‌

105‌

Intesa

Sanpaolo 

37,467‌

136‌

Stellantis 

5,743‌

163‌

UniCredit 

4,334‌

165‌

Total

Italy

(Cost

$391

)

569‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

JAPAN

5.1%

Common

Stocks

5.1%

AGC 

2,500‌

91‌

Asahi

Group

Holdings 

2,600‌

96‌

Fast

Retailing 

800‌

249‌

Hikari

Tsushin 

1,000‌

187‌

Inpex 

6,000‌

93‌

LY 

25,300‌

65‌

MatsukiyoCocokara 

4,300‌

69‌

Mitsui 

2,700‌

127‌

Mitsui

Fudosan 

12,300‌

134‌

Mizuho

Financial

Group 

3,300‌

66‌

Nippon

Steel (3)

4,000‌

97‌

ORIX 

4,300‌

94‌

Panasonic

Holdings 

10,300‌

98‌

Seven

&

i

Holdings 

4,000‌

58‌

Sompo

Holdings 

6,300‌

133‌

SUMCO 

5,200‌

83‌

Sumitomo 

3,800‌

92‌

Sumitomo

Mitsui

Financial

Group 

1,100‌

65‌

Suntory

Beverage

&

Food 

2,000‌

66‌

Takeda

Pharmaceutical 

4,000‌

110‌

Tokyo

Electron 

600‌

157‌

Total

Japan

(Cost

$1,907

)

2,230‌

MALAYSIA

0.2%

Common

Stocks

0.2%

CIMB

Group

Holdings 

62,100‌

87‌

Total

Malaysia

(Cost

$82

)

87‌

MEXICO

0.7%

Common

Stocks

0.7%

Grupo

Financiero

Banorte,

Class

O 

7,624‌

81‌

Grupo

Mexico,

Series

B 

19,195‌

114‌

Orbia

Advance 

18,845‌

39‌

Wal-Mart

de

Mexico 

17,094‌

69‌

Total

Mexico

(Cost

$268

)

303‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

NETHERLANDS

2.5%

Common

Stocks

2.5%

Adyen (1)

54‌

91‌

ASML

Holding

(USD) 

301‌

292‌

BE

Semiconductor

Industries 

1,421‌

218‌

IMCD 

701‌

123‌

Koninklijke

Ahold

Delhaize 

2,494‌

75‌

Koninklijke

KPN 

16,963‌

63‌

NN

Group 

2,589‌

120‌

Universal

Music

Group 

3,998‌

120‌

Total

Netherlands

(Cost

$834

)

1,102‌

NORWAY

0.3%

Common

Stocks

0.3%

Equinor 

4,576‌

123‌

Total

Norway

(Cost

$114

)

123‌

PHILIPPINES

0.6%

Common

Stocks

0.6%

BDO

Unibank 

40,072‌

110‌

Jollibee

Foods 

12,930‌

58‌

SM

Investments 

4,740‌

82‌

Total

Philippines

(Cost

$210

)

250‌

PORTUGAL

0.4%

Common

Stocks

0.4%

Galp

Energia 

7,732‌

128‌

Jeronimo

Martins 

2,874‌

57‌

Total

Portugal

(Cost

$160

)

185‌

QATAR

0.2%

Common

Stocks

0.2%

Qatar

National

Bank 

20,181‌

79‌

Total

Qatar

(Cost

$84

)

79‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

SINGAPORE

0.5%

Common

Stocks

0.5%

DBS

Group

Holdings 

4,700‌

126‌

United

Overseas

Bank 

3,500‌

76‌

Total

Singapore

(Cost

$187

)

202‌

SOUTH

AFRICA

0.3%

Common

Stocks

0.3%

Exxaro

Resources 

2,470‌

22‌

Kumba

Iron

Ore 

1,524‌

37‌

MTN

Group 

5,233‌

26‌

Woolworths

Holdings 

22,601‌

71‌

Total

South

Africa

(Cost

$201

)

156‌

SOUTH

KOREA

1.2%

Common

Stocks

1.2%

Kia 

1,177‌

96‌

KT 

2,132‌

60‌

LG

Innotek 

261‌

38‌

Samsung

Electronics 

3,906‌

239‌

Samsung

Fire

&

Marine

Insurance 

453‌

103‌

Total

South

Korea

(Cost

$473

)

536‌

SPAIN

0.3%

Common

Stocks

0.3%

Amadeus

IT

Group 

1,987‌

128‌

Total

Spain

(Cost

$138

)

128‌

SWEDEN

0.5%

Common

Stocks

0.5%

Assa

Abloy,

Class

B 

2,172‌

62‌

Hexagon,

Class

B 

11,818‌

140‌

Total

Sweden

(Cost

$191

)

202‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

SWITZERLAND

0.2%

Common

Stocks

0.2%

Sonova

Holding 

344‌

100‌

Total

Switzerland

(Cost

$108

)

100‌

TAIWAN

1.7%

Common

Stocks

1.7%

Chailease

Holding 

20,763‌

111‌

Evergreen

Marine

Corp.

Taiwan 

16,200‌

87‌

MediaTek 

3,000‌

112‌

Taiwan

Semiconductor

Manufacturing 

17,000‌

414‌

Total

Taiwan

(Cost

$451

)

724‌

THAILAND

0.2%

Common

Stocks

0.2%

Bangkok

Dusit

Medical

Services,

Class

F 

52,900‌

41‌

Bumrungrad

Hospital 

11,300‌

70‌

Total

Thailand

(Cost

$111

)

111‌

TÜRKIYE

0.2%

Common

Stocks

0.2%

BIM

Birlesik

Magazalar 

6,301‌

70‌

Total

Türkiye

(Cost

$42

)

70‌

UNITED

ARAB

EMIRATES

0.1%

Common

Stocks

0.1%

First

Abu

Dhabi

Bank 

17,698‌

64‌

Total

United

Arab

Emirates

(Cost

$64

)

64‌

UNITED

KINGDOM

3.8%

Common

Stocks

3.8%

3i

Group 

2,752‌

98‌

Auto

Trader

Group 

13,787‌

122‌

Barclays 

54,174‌

125‌

Bunzl 

2,909‌

112‌

CRH 

1,308‌

113‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

HSBC

Holdings 

21,902‌

171‌

Imperial

Brands 

4,381‌

98‌

Informa 

9,402‌

99‌

Next 

1,166‌

136‌

Rolls-Royce

Holdings (1)

19,678‌

106‌

Segro 

10,319‌

118‌

Taylor

Wimpey 

59,851‌

103‌

Tesco 

17,165‌

64‌

Unilever 

2,560‌

128‌

Wise,

Class

A (1)

7,515‌

88‌

Total

United

Kingdom

(Cost

$1,414

)

1,681‌

UNITED

STATES

62.0%

Common

Stocks

62.0%

3M 

875‌

93‌

AbbVie (3)

1,882‌

343‌

Accenture,

Class

A 

758‌

263‌

Adobe (1)

598‌

302‌

Agilent

Technologies (3)

1,050‌

153‌

Alphabet,

Class

A (1)

6,334‌

956‌

Amazon.com (1)

3,922‌

707‌

American

Express 

1,005‌

229‌

American

International

Group 

1,378‌

108‌

Ameriprise

Financial 

279‌

122‌

AMETEK 

442‌

81‌

Apple 

7,696‌

1,320‌

Applied

Materials 

1,177‌

243‌

Arch

Capital

Group (1)

1,299‌

120‌

Autodesk (1)

585‌

152‌

AutoZone (1)

77‌

243‌

AvalonBay

Communities,

REIT 

251‌

47‌

Baker

Hughes 

5,781‌

194‌

Bank

of

New

York

Mellon 

2,756‌

159‌

Bath

&

Body

Works 

2,483‌

124‌

Baxter

International 

2,408‌

103‌

Becton

Dickinson

&

Company 

503‌

124‌

Broadcom 

77‌

102‌

Broadridge

Financial

Solutions 

734‌

150‌

Cadence

Design

Systems (1)

801‌

249‌

Cardinal

Health 

1,189‌

133‌

Carrier

Global 

1,960‌

114‌

Cencora 

627‌

152‌

Centene (1)

853‌

67‌

CF

Industries

Holdings (3)

1,026‌

85‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

Charles

Schwab 

2,186‌

158‌

Chubb 

527‌

137‌

Cigna

Group 

603‌

219‌

Citigroup 

3,609‌

228‌

Coca-Cola 

3,577‌

219‌

Cognizant

Technology

Solutions,

Class

A 

1,349‌

99‌

Colgate-Palmolive 

2,311‌

208‌

Constellation

Energy 

1,083‌

200‌

Corebridge

Financial (3)

5,283‌

152‌

Corpay (1)

734‌

226‌

CSX 

6,211‌

230‌

Cummins 

479‌

141‌

DocuSign (1)

1,770‌

105‌

Dominion

Energy (3)

1,500‌

74‌

Elevance

Health 

297‌

154‌

Eli

Lilly 

633‌

492‌

Equitable

Holdings 

5,176‌

197‌

Equity

Residential,

REIT 

1,500‌

95‌

Fair

Isaac (1)

89‌

111‌

FedEx 

443‌

128‌

Ferguson

(GBP) 

289‌

63‌

Fiserv (1)

1,286‌

206‌

Fortinet (1)

3,343‌

228‌

Gaming

&

Leisure

Properties,

REIT 

2,487‌

115‌

Gen

Digital (3)

4,050‌

91‌

General

Dynamics (3)

653‌

184‌

General

Electric 

1,574‌

276‌

Global

Payments 

1,197‌

160‌

GoDaddy,

Class

A (1)

1,463‌

174‌

Halliburton 

3,703‌

146‌

Hartford

Financial

Services

Group 

1,975‌

204‌

HCA

Healthcare 

549‌

183‌

Hilton

Worldwide

Holdings 

677‌

144‌

Hologic (1)

1,912‌

149‌

Home

Depot 

838‌

321‌

Honeywell

International 

768‌

158‌

Huntington

Ingalls

Industries 

362‌

105‌

International

Paper 

1,345‌

52‌

Iron

Mountain,

REIT 

1,237‌

99‌

JPMorgan

Chase 

659‌

132‌

Keurig

Dr

Pepper 

2,801‌

86‌

Kimberly-Clark 

897‌

116‌

KLA 

318‌

222‌

Kraft

Heinz 

3,995‌

147‌

L3Harris

Technologies 

706‌

150‌

Lam

Research 

182‌

177‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

Leidos

Holdings 

937‌

123‌

Lowe's 

678‌

173‌

LPL

Financial

Holdings 

298‌

79‌

Marathon

Petroleum 

1,292‌

260‌

Marsh

&

McLennan 

584‌

120‌

Mastercard,

Class

A 

758‌

365‌

McKesson 

284‌

152‌

Medtronic 

2,021‌

176‌

Merck 

2,202‌

291‌

Meta

Platforms,

Class

A 

820‌

398‌

MetLife 

651‌

48‌

Microsoft 

4,418‌

1,859‌

Molina

Healthcare (1)

206‌

85‌

Mondelez

International,

Class

A 

1,899‌

133‌

News,

Class

A 

4,787‌

125‌

Norfolk

Southern 

360‌

92‌

Nucor 

449‌

89‌

NVIDIA 

1,162‌

1,050‌

O'Reilly

Automotive (1)

145‌

164‌

Otis

Worldwide 

1,596‌

158‌

Packaging

Corp.

of

America 

493‌

94‌

Parker-Hannifin 

398‌

221‌

PepsiCo 

910‌

159‌

PG&E 

5,780‌

97‌

Philip

Morris

International 

2,362‌

216‌

Procter

&

Gamble 

2,095‌

340‌

PTC (1)

815‌

154‌

Public

Storage,

REIT 

251‌

73‌

QUALCOMM 

1,475‌

250‌

Reliance 

397‌

133‌

ResMed (3)

418‌

83‌

Roper

Technologies 

259‌

145‌

Ross

Stores 

720‌

106‌

RPM

International 

1,342‌

160‌

Salesforce 

975‌

294‌

Skyworks

Solutions 

787‌

85‌

SS&C

Technologies

Holdings 

1,838‌

118‌

Stanley

Black

&

Decker 

846‌

83‌

Stryker 

510‌

183‌

Synopsys (1)

506‌

289‌

T-Mobile

U.S. (3)

699‌

114‌

Targa

Resources 

1,489‌

167‌

Teleflex 

582‌

132‌

Tesla (1)

360‌

63‌

Textron 

2,352‌

226‌

Thermo

Fisher

Scientific 

392‌

228‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

Travelers 

595‌

137‌

UnitedHealth

Group 

212‌

105‌

Valero

Energy 

768‌

131‌

Ventas,

REIT 

726‌

32‌

Viatris 

9,474‌

113‌

Visa,

Class

A 

1,358‌

379‌

Vistra 

2,427‌

169‌

Walmart 

4,077‌

245‌

Wells

Fargo 

5,491‌

318‌

Westrock 

3,348‌

166‌

Weyerhaeuser,

REIT 

2,356‌

85‌

Zimmer

Biomet

Holdings 

747‌

99‌

Zoetis 

635‌

107‌

Total

United

States

(Cost

$18,412

)

27,138‌

SHORT-TERM

INVESTMENTS

1.1%

Money

Market

Funds

1.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (4)(5)

480,825‌

481‌

Total

Short-Term

Investments

(Cost

$481)

481‌

SECURITIES

LENDING

COLLATERAL

2.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

2.5%

Money

Market

Funds

2.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (4)(5)

1,088,627‌

1,089‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,089‌

Total

Securities

Lending

Collateral

(Cost

$1,089)

1,089‌

Total

Investments

in

Securities

102.7%

(Cost

$33,646)

$

44,918‌

Other

Assets

Less

Liabilities

(2.7)%

(1,177)

Net

Assets

100.0%

$

43,741‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Level

3

in

fair

value

hierarchy.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

13

.

.

.

.

.

.

.

.

.

.

(4)

Seven-day

yield

(5)

Affiliated

Companies

ADR

American

Depositary

Receipts

CNH

Offshore

China

Renminbi

GBP

British

Pound

HKD

Hong

Kong

Dollar

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

USD

U.S.

Dollar

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

14

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌

$

—‌

$

5‌++

Totals

$

—‌#

$

—‌

$

5‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

1,345‌

 ¤

 ¤

$

1,570‌

Total

$

1,570‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$5

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$1,570.

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

15

T.

Rowe

Price

Integrated

Global

Equity

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

16

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

17

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

27,727‌

$

15,621‌

$

—‌

$

43,348‌

Short-Term

Investments

481‌

—‌

—‌

481‌

Securities

Lending

Collateral

1,089‌

—‌

—‌

1,089‌

Total

$

29,297‌

$

15,621‌

$

—‌

$

44,918‌

T.

ROWE

PRICE

Integrated

Global

Equity

Fund

18

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F203-054Q1

03/24