NPORT-EX 2 70G4TRP093021.htm
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