T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.5%

COMMUNICATION

SERVICES

2.2%

Diversified

Telecommunication

Services

0.5%

Cogent

Communications

Holdings 

362,800‌

25,701‌

Iridium

Communications (1)

635,400‌

25,321‌

51,022‌

Entertainment

0.5%

Madison

Square

Garden

Entertainment (1)

269,700‌

19,599‌

Zynga,

Class

A (1)

3,772,300‌

28,406‌

48,005‌

Media

1.2%

Cable

One 

30,200‌

54,756‌

Nexstar

Media

Group,

Class

A 

248,300‌

37,732‌

TechTarget (1)

341,200‌

28,122‌

120,610‌

Total

Communication

Services

219,637‌

CONSUMER

DISCRETIONARY

16.6%

Auto

Components

1.0%

Adient (1)

474,000‌

19,647‌

LCI

Industries 

217,200‌

29,242‌

Patrick

Industries 

610,350‌

50,842‌

99,731‌

Distributors

0.5%

Pool 

107,100‌

46,525‌

46,525‌

Diversified

Consumer

Services

0.7%

Bright

Horizons

Family

Solutions (1)

180,361‌

25,146‌

frontdoor (1)

306,903‌

12,859‌

Terminix

Global

Holdings (1)

667,606‌

27,819‌

65,824‌

Hotels,

Restaurants

&

Leisure

6.0%

Bloomin'

Brands (1)

973,300‌

24,333‌

Boyd

Gaming (1)

911,000‌

57,630‌

Brinker

International (1)

210,800‌

10,340‌

Choice

Hotels

International 

342,600‌

43,294‌

Churchill

Downs 

358,340‌

86,030‌

Dine

Brands

Global (1)

30,100‌

2,444‌

Domino's

Pizza 

17,787‌

8,484‌

Everi

Holdings (1)

665,200‌

16,085‌

Hilton

Grand

Vacations (1)

555,900‌

26,444‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Papa

John's

International 

382,000‌

48,510‌

Penn

National

Gaming (1)

150,782‌

10,926‌

Planet

Fitness,

Class

A (1)

590,700‌

46,399‌

SeaWorld

Entertainment (1)

427,500‌

23,649‌

Six

Flags

Entertainment (1)

232,500‌

9,881‌

Texas

Roadhouse 

678,600‌

61,977‌

Travel

+

Leisure 

573,500‌

31,273‌

Vail

Resorts 

150,630‌

50,318‌

Wendy's 

1,710,200‌

37,077‌

595,094‌

Household

Durables

2.6%

Cavco

Industries (1)

66,210‌

15,675‌

Helen

of

Troy (1)

184,700‌

41,498‌

Installed

Building

Products 

94,600‌

10,136‌

LGI

Homes (1)

296,400‌

42,062‌

Tempur

Sealy

International 

1,632,800‌

75,778‌

TopBuild (1)

376,000‌

77,009‌

262,158‌

Internet

&

Direct

Marketing

Retail

0.2%

Stamps.com (1)

43,900‌

14,478‌

Xometry,

Class

A (1)(2)

93,362‌

5,384‌

19,862‌

Leisure

Products

0.6%

Brunswick 

611,340‌

58,242‌

58,242‌

Specialty

Retail

3.3%

Abercrombie

&

Fitch,

Class

A (1)

666,800‌

25,092‌

Academy

Sports

&

Outdoors (1)

401,000‌

16,048‌

Asbury

Automotive

Group (1)

247,800‌

48,752‌

Burlington

Stores (1)

141,000‌

39,983‌

Dick's

Sporting

Goods 

209,000‌

25,032‌

Floor

&

Decor

Holdings,

Class

A (1)

536,600‌

64,816‌

Murphy

USA 

89,100‌

14,903‌

National

Vision

Holdings (1)

439,400‌

24,945‌

RH (1)

84,582‌

56,408‌

Victoria's

Secret (1)

192,700‌

10,649‌

326,628‌

Textiles,

Apparel

&

Luxury

Goods

1.7%

Crocs (1)

628,900‌

90,234‌

Deckers

Outdoor (1)

228,600‌

82,342‌

172,576‌

Total

Consumer

Discretionary

1,646,640‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

STAPLES

3.4%

Beverages

0.7%

Boston

Beer,

Class

A (1)

87,700‌

44,705‌

Coca-Cola

Consolidated 

69,400‌

27,356‌

72,061‌

Food

&

Staples

Retailing

0.8%

BJ's

Wholesale

Club

Holdings (1)

368,000‌

20,211‌

Casey's

General

Stores 

125,100‌

23,575‌

Performance

Food

Group (1)

823,300‌

38,250‌

82,036‌

Food

Products

1.7%

Darling

Ingredients (1)

960,500‌

69,060‌

Hain

Celestial

Group (1)

689,700‌

29,506‌

J

&

J

Snack

Foods 

239,281‌

36,567‌

John

B.

Sanfilippo

&

Son 

189,600‌

15,494‌

Sanderson

Farms 

109,300‌

20,570‌

171,197‌

Personal

Products

0.2%

BellRing

Brands,

Class

A (1)

596,400‌

18,339‌

18,339‌

Total

Consumer

Staples

343,633‌

ENERGY

2.3%

Energy

Equipment

&

Services

0.4%

Cactus,

Class

A 

555,367‌

20,948‌

ChampionX (1)

707,600‌

15,822‌

36,770‌

Oil,

Gas

&

Consumable

Fuels

1.9%

APA 

1,301,300‌

27,887‌

Magnolia

Oil

&

Gas,

Class

A 

1,016,600‌

18,085‌

Matador

Resources 

122,500‌

4,660‌

PDC

Energy 

384,300‌

18,212‌

Range

Resources (1)

668,500‌

15,128‌

Renewable

Energy

Group (1)

38,000‌

1,908‌

Targa

Resources 

607,400‌

29,890‌

Texas

Pacific

Land 

60,600‌

73,287‌

189,057‌

Total

Energy

225,827‌

FINANCIALS

4.6%

Banks

1.5%

Ameris

Bancorp 

287,700‌

14,926‌

First

Bancorp 

419,200‌

18,030‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Signature

Bank 

184,500‌

50,236‌

Western

Alliance

Bancorp 

584,200‌

63,572‌

146,764‌

Capital

Markets

1.4%

Cboe

Global

Markets 

73,100‌

9,054‌

FactSet

Research

Systems 

43,400‌

17,134‌

LPL

Financial

Holdings 

443,400‌

69,507‌

MarketAxess

Holdings 

95,200‌

40,050‌

135,745‌

Consumer

Finance

0.6%

Green

Dot,

Class

A (1)

221,500‌

11,148‌

PROG

Holdings 

286,659‌

12,043‌

SLM 

1,380,700‌

24,300‌

Upstart

Holdings (1)

29,400‌

9,303‌

56,794‌

Insurance

1.1%

eHealth (1)

141,900‌

5,747‌

Palomar

Holdings (1)

194,262‌

15,702‌

Primerica 

519,300‌

79,780‌

Selectquote (1)

515,400‌

6,664‌

107,893‌

Total

Financials

447,196‌

HEALTH

CARE

26.0%

Biotechnology

11.2%

ACADIA

Pharmaceuticals (1)

712,612‌

11,836‌

Acceleron

Pharma (1)

437,379‌

75,273‌

Agios

Pharmaceuticals (1)

381,181‌

17,592‌

Alector (1)

294,326‌

6,717‌

Alkermes (1)

923,300‌

28,475‌

Allogene

Therapeutics (1)

376,801‌

9,684‌

Amicus

Therapeutics (1)

1,466,700‌

14,007‌

Apellis

Pharmaceuticals (1)

350,500‌

11,552‌

Biohaven

Pharmaceutical

Holding (1)

302,500‌

42,020‌

Blueprint

Medicines (1)

370,885‌

38,131‌

CareDx (1)

335,171‌

21,240‌

ChemoCentryx (1)

242,025‌

4,139‌

CRISPR

Therapeutics (1)

206,358‌

23,098‌

Deciphera

Pharmaceuticals (1)

231,600‌

7,870‌

Denali

Therapeutics (1)

493,000‌

24,872‌

Dicerna

Pharmaceuticals (1)

264,100‌

5,324‌

Emergent

BioSolutions (1)

390,400‌

19,547‌

Exact

Sciences (1)

271,742‌

25,938‌

Exelixis (1)

795,700‌

16,821‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Fate

Therapeutics (1)

383,600‌

22,736‌

Generation

Bio (1)(2)

437,600‌

10,971‌

Global

Blood

Therapeutics (1)

432,990‌

11,033‌

Halozyme

Therapeutics (1)

1,111,500‌

45,216‌

Horizon

Therapeutics (1)

439,000‌

48,088‌

IGM

Biosciences (1)

143,152‌

9,414‌

Insmed (1)

1,041,893‌

28,694‌

Intellia

Therapeutics (1)

371,696‌

49,863‌

Invitae (1)(2)

998,100‌

28,376‌

Ionis

Pharmaceuticals (1)

305,200‌

10,236‌

Iovance

Biotherapeutics (1)

642,658‌

15,848‌

Karuna

Therapeutics (1)

101,465‌

12,412‌

Kodiak

Sciences (1)

411,032‌

39,451‌

Kymera

Therapeutics (1)

138,700‌

8,147‌

Madrigal

Pharmaceuticals (1)

42,000‌

3,351‌

Mersana

Therapeutics (1)

182,600‌

1,722‌

Mirati

Therapeutics (1)

215,597‌

38,141‌

Morphic

Holding (1)

105,000‌

5,947‌

Neurocrine

Biosciences (1)

191,326‌

18,350‌

Novavax (1)

61,100‌

12,667‌

Nurix

Therapeutics (1)

147,800‌

4,428‌

Prothena (1)

330,530‌

23,544‌

PTC

Therapeutics (1)

475,700‌

17,701‌

Replimune

Group (1)

305,439‌

9,053‌

Rocket

Pharmaceuticals (1)

286,029‌

8,549‌

Sage

Therapeutics (1)

212,059‌

9,396‌

Sarepta

Therapeutics (1)

243,300‌

22,500‌

Scholar

Rock

Holding (1)

268,973‌

8,881‌

Seagen (1)

124,300‌

21,106‌

TG

Therapeutics (1)

495,401‌

16,487‌

Turning

Point

Therapeutics (1)

304,824‌

20,249‌

Twist

Bioscience (1)

219,096‌

23,437‌

Ultragenyx

Pharmaceutical (1)

602,185‌

54,311‌

uniQure (1)

304,500‌

9,747‌

Xencor (1)

468,800‌

15,311‌

Zentalis

Pharmaceuticals (1)

151,011‌

10,063‌

Zymeworks (1)

236,500‌

6,868‌

1,106,430‌

Health

Care

Equipment

&

Supplies

4.8%

AtriCure (1)

304,500‌

21,178‌

CONMED 

179,500‌

23,484‌

Globus

Medical,

Class

A (1)

643,100‌

49,274‌

Haemonetics (1)

236,900‌

16,723‌

ICU

Medical (1)

216,098‌

50,433‌

Lantheus

Holdings (1)

132,400‌

3,400‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Merit

Medical

Systems (1)

633,300‌

45,471‌

Nevro (1)

236,600‌

27,536‌

NuVasive (1)

196,600‌

11,767‌

Penumbra (1)

149,300‌

39,788‌

Quidel (1)

94,000‌

13,268‌

Shockwave

Medical (1)

224,000‌

46,117‌

STERIS 

122,666‌

25,058‌

Tandem

Diabetes

Care (1)

467,500‌

55,810‌

West

Pharmaceutical

Services 

105,500‌

44,789‌

474,096‌

Health

Care

Providers

&

Services

4.0%

Addus

HomeCare (1)

304,000‌

24,244‌

Amedisys (1)

274,200‌

40,883‌

AMN

Healthcare

Services (1)

594,400‌

68,208‌

Chemed 

30,400‌

14,140‌

CorVel (1)

236,666‌

44,072‌

Ensign

Group 

839,100‌

62,840‌

ModivCare (1)

144,000‌

26,153‌

Molina

Healthcare (1)

195,400‌

53,014‌

Pennant

Group (1)

625,500‌

17,570‌

Surgery

Partners (1)

324,000‌

13,718‌

U.S.

Physical

Therapy 

259,500‌

28,701‌

393,543‌

Health

Care

Technology

1.3%

Certara (1)

385,573‌

12,762‌

Inspire

Medical

Systems (1)

165,000‌

38,425‌

Omnicell (1)

436,600‌

64,805‌

Phreesia (1)

231,300‌

14,271‌

130,263‌

Life

Sciences

Tools

&

Services

3.5%

Adaptive

Biotechnologies (1)

446,200‌

15,166‌

Bruker 

219,600‌

17,151‌

Charles

River

Laboratories

International (1)

106,000‌

43,743‌

Maravai

LifeSciences

Holdings,

Class

A (1)

295,100‌

14,483‌

Medpace

Holdings (1)

376,600‌

71,283‌

NeoGenomics (1)

1,143,800‌

55,177‌

Quanterix (1)

182,600‌

9,092‌

Repligen (1)

428,200‌

123,746‌

349,841‌

Pharmaceuticals

1.2%

Arvinas (1)

238,265‌

19,581‌

Atea

Pharmaceuticals (1)

70,500‌

2,472‌

Catalent (1)

427,541‌

56,893‌

Pacira

BioSciences (1)

248,100‌

13,893‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Reata

Pharmaceuticals,

Class

A (1)

120,643‌

12,138‌

Supernus

Pharmaceuticals (1)

355,100‌

9,470‌

114,447‌

Total

Health

Care

2,568,620‌

INDUSTRIALS

&

BUSINESS

SERVICES

15.9%

Aerospace

&

Defense

1.0%

Curtiss-Wright 

270,100‌

34,081‌

Hexcel (1)

464,700‌

27,599‌

Mercury

Systems (1)

277,100‌

13,140‌

Moog,

Class

A 

264,600‌

20,170‌

94,990‌

Air

Freight

&

Logistics

0.4%

GXO

Logistics (1)

498,700‌

39,118‌

39,118‌

Airlines

0.2%

Allegiant

Travel (1)

118,400‌

23,145‌

23,145‌

Building

Products

1.9%

AAON 

292,200‌

19,092‌

Builders

FirstSource (1)

810,300‌

41,925‌

CSW

Industrials 

108,700‌

13,881‌

Gibraltar

Industries (1)

429,400‌

29,908‌

Trex (1)

409,900‌

41,781‌

UFP

Industries 

561,700‌

38,185‌

184,772‌

Commercial

Services

&

Supplies

2.0%

Casella

Waste

Systems,

Class

A (1)

1,192,800‌

90,581‌

IAA (1)

927,000‌

50,586‌

MSA

Safety 

212,600‌

30,976‌

UniFirst 

110,500‌

23,495‌

195,638‌

Construction

&

Engineering

0.8%

Comfort

Systems

USA 

436,100‌

31,103‌

EMCOR

Group 

440,900‌

50,871‌

81,974‌

Electrical

Equipment

0.5%

Atkore (1)

508,343‌

44,185‌

Shoals

Technologies

Group,

Class

A (1)

106,976‌

2,983‌

47,168‌

Machinery

3.8%

Albany

International,

Class

A 

413,900‌

31,816‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Douglas

Dynamics 

331,200‌

12,022‌

Federal

Signal 

245,100‌

9,466‌

Graco 

462,610‌

32,369‌

Hydrofarm

Holdings

Group (1)

63,344‌

2,398‌

John

Bean

Technologies 

374,300‌

52,608‌

Kadant 

179,100‌

36,554‌

Lincoln

Electric

Holdings 

181,200‌

23,337‌

RBC

Bearings (1)

182,025‌

38,626‌

SPX (1)

474,700‌

25,373‌

Terex 

409,700‌

17,248‌

Toro 

383,200‌

37,327‌

Watts

Water

Technologies,

Class

A 

179,600‌

30,189‌

Woodward 

243,930‌

27,613‌

376,946‌

Professional

Services

2.9%

ASGN (1)

483,300‌

54,680‌

Booz

Allen

Hamilton

Holding 

413,100‌

32,779‌

CACI

International,

Class

A (1)

199,900‌

52,394‌

Exponent 

733,616‌

83,009‌

Insperity 

389,600‌

43,144‌

Legalzoom.com (1)

96,917‌

2,559‌

Upwork (1)

369,900‌

16,657‌

285,222‌

Road

&

Rail

1.2%

Landstar

System 

175,200‌

27,650‌

Saia (1)

293,600‌

69,886‌

XPO

Logistics (1)

308,800‌

24,574‌

122,110‌

Trading

Companies

&

Distributors

1.2%

Herc

Holdings (1)

160,300‌

26,203‌

McGrath

RentCorp 

154,600‌

11,123‌

SiteOne

Landscape

Supply (1)

291,400‌

58,126‌

Watsco 

101,900‌

26,965‌

122,417‌

Total

Industrials

&

Business

Services

1,573,500‌

INFORMATION

TECHNOLOGY

22.4%

Communications

Equipment

0.5%

Lumentum

Holdings (1)

136,400‌

11,395‌

Ubiquiti 

113,100‌

33,780‌

45,175‌

Electronic

Equipment,

Instruments

&

Components

3.4%

Advanced

Energy

Industries 

353,800‌

31,046‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Cognex 

460,600‌

36,949‌

ePlus (1)

92,000‌

9,440‌

Fabrinet (1)

317,100‌

32,506‌

Littelfuse 

227,300‌

62,114‌

Novanta (1)

467,900‌

72,291‌

OSI

Systems (1)

168,700‌

15,993‌

Teledyne

Technologies (1)

89,530‌

38,460‌

Zebra

Technologies,

Class

A (1)

73,000‌

37,626‌

336,425‌

IT

Services

2.2%

Broadridge

Financial

Solutions 

99,000‌

16,497‌

Euronet

Worldwide (1)

518,600‌

66,007‌

ExlService

Holdings (1)

382,900‌

47,143‌

Gartner (1)

67,500‌

20,512‌

Maximus 

261,800‌

21,782‌

Perficient (1)

285,600‌

33,044‌

Repay

Holdings (1)

596,800‌

13,744‌

218,729‌

Semiconductors

&

Semiconductor

Equipment

5.4%

Brooks

Automation 

477,600‌

48,882‌

Cirrus

Logic (1)

330,630‌

27,227‌

CMC

Materials 

147,800‌

18,213‌

Diodes (1)

377,500‌

34,198‌

Entegris 

581,200‌

73,173‌

FormFactor (1)

1,029,000‌

38,413‌

Kulicke

&

Soffa

Industries 

381,900‌

22,257‌

Lattice

Semiconductor (1)

973,600‌

62,943‌

MaxLinear (1)

638,200‌

31,431‌

MKS

Instruments 

271,200‌

40,927‌

Monolithic

Power

Systems 

68,007‌

32,962‌

Onto

Innovation (1)

287,800‌

20,794‌

Power

Integrations 

639,400‌

63,294‌

SiTime (1)

79,800‌

16,293‌

531,007‌

Software

10.9%

ACI

Worldwide (1)

1,041,100‌

31,993‌

Alarm.com

Holdings (1)

204,700‌

16,006‌

Altair

Engineering,

Class

A (1)

349,100‌

24,067‌

Asana,

Class

A (1)

18,700‌

1,942‌

Aspen

Technology (1)

304,400‌

37,380‌

Bill.com

Holdings (1)

183,800‌

49,065‌

Blackbaud (1)

270,400‌

19,023‌

Blackline (1)

145,000‌

17,119‌

Box,

Class

A (1)

1,119,300‌

26,494‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CommVault

Systems (1)

443,200‌

33,377‌

Descartes

Systems

Group (1)

626,000‌

50,869‌

Digital

Turbine (1)

639,000‌

43,931‌

DoubleVerify

Holdings (1)

229,851‌

7,852‌

Envestnet (1)

431,400‌

34,616‌

Fair

Isaac (1)

95,200‌

37,883‌

Five9 (1)

391,400‌

62,522‌

Fortinet (1)

83,600‌

24,415‌

J2

Global (1)

207,440‌

28,341‌

Manhattan

Associates (1)

554,600‌

84,870‌

nCino (1)

176,900‌

12,565‌

NCR (1)

832,700‌

32,275‌

Paylocity

Holding (1)

145,200‌

40,714‌

Pegasystems 

246,100‌

31,279‌

PTC (1)

218,050‌

26,120‌

Qualys (1)

341,500‌

38,006‌

Rapid7 (1)

309,200‌

34,946‌

Sapiens

International 

825,100‌

23,746‌

SPS

Commerce (1)

477,100‌

76,961‌

SS&C

Technologies

Holdings 

396,100‌

27,489‌

Teradata (1)

639,200‌

36,658‌

Tyler

Technologies (1)

74,200‌

34,032‌

Workiva (1)

209,500‌

29,531‌

1,076,087‌

Total

Information

Technology

2,207,423‌

MATERIALS

3.6%

Chemicals

1.8%

Chase 

208,200‌

21,268‌

Element

Solutions 

1,207,600‌

26,181‌

HB

Fuller 

268,100‌

17,308‌

Ingevity (1)

362,500‌

25,872‌

Innospec 

85,800‌

7,226‌

Quaker

Chemical 

187,100‌

44,477‌

Scotts

Miracle-Gro 

161,900‌

23,696‌

Stepan 

121,038‌

13,670‌

179,698‌

Construction

Materials

0.4%

Eagle

Materials 

331,400‌

43,466‌

43,466‌

Containers

&

Packaging

0.3%

Berry

Global

Group (1)

398,300‌

24,248‌

Ranpak

Holdings (1)

233,100‌

6,252‌

30,500‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Metals

&

Mining

0.8%

Alcoa (1)

1,168,500‌

57,186‌

Arconic (1)

493,700‌

15,571‌

Cleveland-Cliffs (1)

512,600‌

10,155‌

82,912‌

Paper

&

Forest

Products

0.3%

Louisiana-Pacific 

533,400‌

32,735‌

32,735‌

Total

Materials

369,311‌

REAL

ESTATE

1.6%

Equity

Real

Estate

Investment

Trusts

1.6%

Equity

LifeStyle

Properties,

REIT 

411,400‌

32,130‌

First

Industrial

Realty

Trust,

REIT 

689,000‌

35,883‌

Innovative

Industrial

Properties,

REIT (2)

106,300‌

24,574‌

Ryman

Hospitality

Properties,

REIT (1)

250,100‌

20,933‌

Terreno

Realty,

REIT 

724,400‌

45,804‌

Total

Real

Estate

159,324‌

UTILITIES

0.9%

Independent

Power

&

Renewable

Electricity

Producers

0.5%

Clearway

Energy,

Class

C 

597,200‌

18,077‌

NextEra

Energy

Partners 

255,700‌

19,270‌

Ormat

Technologies 

183,200‌

12,203‌

49,550‌

Water

Utilities

0.4%

Middlesex

Water 

364,193‌

37,432‌

37,432‌

Total

Utilities

86,982‌

Total

Common

Stocks

(Cost

$6,345,718)

9,848,093‌

SHORT-TERM

INVESTMENTS

0.5%

Money

Market

Funds

0.5%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (3)(4)

45,965,267‌

45,965‌

Total

Short-Term

Investments

(Cost

$45,965)

45,965‌

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Short-Term

Funds

0.2%

T.

Rowe

Price

Short-Term

Fund,

0.07% (3)(4)

2,251,205‌

22,512‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

22,512‌

Total

Securities

Lending

Collateral

(Cost

$22,512)

22,512‌

Total

Investments

in

Securities

100.2%

(Cost

$6,414,195)

$

9,916,570‌

Other

Assets

Less

Liabilities

(0.2)%

(

23,481‌

)

Net

Assets

100.0%

$

9,893,089‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2021.

(3)

Seven-day

yield

(4)

Affiliated

Companies

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

13

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

—‌

$

—‌

$

17‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

—‌

—‌

++

Totals

$

—‌

#

$

—‌

$

17‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

54,142‌

¤

¤

$

45,965‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

213,040‌

¤

¤

22,512‌

Total

$

68,477‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$17

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

$68,477.

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

14

T.

Rowe

Price

QM

U.S.

Small-Cap

Growth

Equity

Fund

 (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s 

most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

15

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 fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

T.

ROWE

PRICE

QM

U.S.

Small-Cap

Growth

Equity

Fund

16

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  On

September

30,

2021,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

F120-054Q3

09/21