NPORT-EX 2 70HJTRP093021.htm
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
98.4%
COMMUNICATION
SERVICES
5.5%
Diversified
Telecommunication
Services
2.8%
AT&T 
18,575‌
502‌
Verizon
Communications 
11,313‌
611‌
1,113‌
Media
2.7%
Comcast,
Class
A 
12,040‌
673‌
Fox,
Class
B 
5,020‌
186‌
Interpublic
Group 
4,520‌
166‌
ViacomCBS,
Class
B 
1,002‌
40‌
1,065‌
Total
Communication
Services
2,178‌
CONSUMER
DISCRETIONARY
5.7%
Auto
Components
0.4%
Magna
International 
2,117‌
159‌
159‌
Automobiles
1.5%
Ford
Motor (1)
16,530‌
234‌
General
Motors (1)
6,710‌
354‌
588‌
Distributors
0.7%
LKQ (1)
5,620‌
283‌
283‌
Hotels,
Restaurants
&
Leisure
0.3%
Travel
+
Leisure 
2,214‌
121‌
121‌
Household
Durables
0.7%
PulteGroup 
3,380‌
155‌
Whirlpool 
635‌
130‌
285‌
Multiline
Retail
1.0%
Kohl's 
3,000‌
141‌
Target 
1,100‌
252‌
393‌
Specialty
Retail
1.1%
AutoZone (1)
169‌
287‌
Best
Buy 
975‌
103‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Lowe's 
290‌
59‌
449‌
Total
Consumer
Discretionary
2,278‌
CONSUMER
STAPLES
7.1%
Beverages
0.2%
Molson
Coors
Beverage,
Class
B 
1,595‌
74‌
74‌
Food
&
Staples
Retailing
1.5%
Kroger 
5,680‌
230‌
Walgreens
Boots
Alliance 
2,380‌
112‌
Walmart 
1,826‌
254‌
596‌
Food
Products
2.6%
Conagra
Brands 
5,960‌
202‌
Ingredion 
1,570‌
140‌
J
M
Smucker 
1,785‌
214‌
Kraft
Heinz 
5,500‌
202‌
Tyson
Foods,
Class
A 
3,250‌
257‌
1,015‌
Household
Products
0.5%
Kimberly-Clark 
1,350‌
179‌
179‌
Tobacco
2.3%
Altria
Group 
7,235‌
329‌
Philip
Morris
International 
6,030‌
572‌
901‌
Total
Consumer
Staples
2,765‌
ENERGY
5.8%
Energy
Equipment
&
Services
0.2%
Halliburton 
3,420‌
74‌
74‌
Oil,
Gas
&
Consumable
Fuels
5.6%
Chevron 
5,649‌
573‌
ConocoPhillips 
5,425‌
367‌
Devon
Energy 
6,820‌
242‌
EOG
Resources 
2,940‌
236‌
Exxon
Mobil 
9,227‌
543‌
HollyFrontier 
2,470‌
82‌
Occidental
Petroleum 
3,320‌
98‌
Occidental
Petroleum,
Warrants,
8/3/27 (1)
425‌
5‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Valero
Energy 
1,059‌
75‌
2,221‌
Total
Energy
2,295‌
FINANCIALS
22.5%
Banks
11.7%
Bank
of
America 
22,770‌
967‌
Citigroup 
6,620‌
465‌
Citizens
Financial
Group 
5,995‌
282‌
Fifth
Third
Bancorp 
7,588‌
322‌
JPMorgan
Chase 
7,478‌
1,224‌
KeyCorp 
10,800‌
233‌
PNC
Financial
Services
Group 
1,352‌
265‌
Regions
Financial 
9,305‌
198‌
Wells
Fargo 
14,210‌
659‌
4,615‌
Capital
Markets
3.0%
Goldman
Sachs
Group 
1,244‌
470‌
Morgan
Stanley 
4,822‌
469‌
State
Street 
2,915‌
247‌
1,186‌
Consumer
Finance
1.9%
Ally
Financial 
2,748‌
140‌
Capital
One
Financial 
2,162‌
350‌
Discover
Financial
Services 
1,968‌
242‌
732‌
Diversified
Financial
Services
0.6%
Equitable
Holdings 
7,700‌
228‌
228‌
Insurance
5.3%
Aflac 
3,960‌
207‌
Allstate 
2,340‌
298‌
American
International
Group 
6,456‌
354‌
Everest
Re
Group 
670‌
168‌
Hartford
Financial
Services
Group 
3,620‌
254‌
Lincoln
National 
730‌
50‌
MetLife 
5,214‌
322‌
Prudential
Financial 
1,370‌
144‌
Travelers 
1,850‌
281‌
2,078‌
Total
Financials
8,839‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
17.2%
Biotechnology
2.3%
AbbVie 
2,477‌
267‌
Amgen 
964‌
205‌
Biogen (1)
435‌
123‌
Gilead
Sciences 
4,326‌
302‌
897‌
Health
Care
Equipment
&
Supplies
1.3%
Becton
Dickinson
&
Company 
1,390‌
341‌
Zimmer
Biomet
Holdings 
1,235‌
181‌
522‌
Health
Care
Providers
&
Services
6.0%
Anthem 
1,290‌
481‌
Cigna 
1,877‌
376‌
CVS
Health 
5,741‌
487‌
HCA
Healthcare 
1,180‌
286‌
McKesson 
1,255‌
250‌
UnitedHealth
Group 
650‌
254‌
Universal
Health
Services,
Class
B 
1,590‌
220‌
2,354‌
Life
Sciences
Tools
&
Services
0.7%
PerkinElmer 
1,690‌
293‌
293‌
Pharmaceuticals
6.9%
AstraZeneca,
ADR 
1,593‌
96‌
Bristol-Myers
Squibb 
8,380‌
496‌
Jazz
Pharmaceuticals (1)
1,005‌
131‌
Johnson
&
Johnson 
5,455‌
881‌
Merck 
5,505‌
413‌
Organon 
370‌
12‌
Pfizer 
15,895‌
684‌
Viatris 
1,127‌
15‌
2,728‌
Total
Health
Care
6,794‌
INDUSTRIALS
&
BUSINESS
SERVICES
12.3%
Aerospace
&
Defense
2.9%
Boeing (1)
470‌
103‌
General
Dynamics 
1,380‌
271‌
L3Harris
Technologies 
1,300‌
286‌
Lockheed
Martin 
560‌
193‌
Textron 
4,220‌
295‌
1,148‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Class
B 
670‌
122‌
122‌
Airlines
0.6%
Alaska
Air
Group (1)
1,760‌
103‌
Southwest
Airlines (1)
2,240‌
115‌
218‌
Building
Products
1.2%
Carlisle 
1,050‌
208‌
Johnson
Controls
International 
3,830‌
261‌
469‌
Electrical
Equipment
0.7%
Emerson
Electric 
1,790‌
169‌
Regal
Rexnord 
651‌
98‌
267‌
Industrial
Conglomerates
1.2%
General
Electric 
4,495‌
463‌
463‌
Machinery
2.4%
Allison
Transmission
Holdings 
3,640‌
128‌
Cummins 
1,147‌
258‌
Parker-Hannifin 
800‌
224‌
Snap-on 
860‌
180‌
Timken 
2,190‌
143‌
933‌
Professional
Services
1.0%
Leidos
Holdings 
1,800‌
173‌
ManpowerGroup 
1,310‌
142‌
Nielsen
Holdings 
4,448‌
85‌
400‌
Road
&
Rail
1.6%
CSX 
11,210‌
334‌
Union
Pacific 
1,430‌
280‌
614‌
Trading
Companies
&
Distributors
0.4%
United
Rentals (1)
490‌
172‌
172‌
Total
Industrials
&
Business
Services
4,806‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
8.8%
Communications
Equipment
1.6%
Cisco
Systems 
11,688‌
636‌
636‌
Electronic
Equipment,
Instruments
&
Components
0.5%
Arrow
Electronics (1)
1,620‌
182‌
182‌
IT
Services
1.6%
Fiserv (1)
850‌
92‌
International
Business
Machines 
2,630‌
365‌
Western
Union 
7,740‌
157‌
614‌
Semiconductors
&
Semiconductor
Equipment
3.4%
Applied
Materials 
1,000‌
129‌
Broadcom 
440‌
213‌
Intel 
10,915‌
581‌
Micron
Technology 
2,235‌
159‌
NXP
Semiconductors 
1,240‌
243‌
1,325‌
Software
1.3%
NCR (1)
1,450‌
56‌
Oracle 
2,622‌
229‌
SS&C
Technologies
Holdings 
3,370‌
234‌
519‌
Technology
Hardware,
Storage
&
Peripherals
0.4%
HP 
5,830‌
160‌
160‌
Total
Information
Technology
3,436‌
MATERIALS
4.1%
Chemicals
2.0%
Celanese 
804‌
121‌
CF
Industries
Holdings 
4,390‌
245‌
Dow 
3,540‌
204‌
Eastman
Chemical 
1,908‌
192‌
LyondellBasell
Industries,
Class
A 
467‌
44‌
806‌
Containers
&
Packaging
1.6%
Berry
Global
Group (1)
2,490‌
152‌
International
Paper 
4,640‌
259‌
Westrock 
4,160‌
207‌
618‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
0.5%
Reliance
Steel
&
Aluminum 
1,520‌
216‌
216‌
Total
Materials
1,640‌
REAL
ESTATE
3.4%
Equity
Real
Estate
Investment
Trusts
3.4%
Apartment
Income
REIT,
REIT 
4,202‌
205‌
Equity
Residential,
REIT 
3,150‌
255‌
Gaming
&
Leisure
Properties,
REIT 
4,778‌
221‌
Mid-America
Apartment
Communities,
REIT 
1,470‌
275‌
Omega
Healthcare
Investors,
REIT 
5,650‌
169‌
Weyerhaeuser,
REIT 
5,590‌
199‌
Total
Real
Estate
1,324‌
UTILITIES
6.0%
Electric
Utilities
4.0%
Entergy 
2,809‌
279‌
Evergy 
3,860‌
240‌
Exelon 
8,463‌
409‌
NRG
Energy 
2,080‌
85‌
OGE
Energy 
4,500‌
148‌
Southern 
6,430‌
399‌
1,560‌
Gas
Utilities
0.6%
UGI 
5,620‌
240‌
240‌
Independent
Power
&
Renewable
Electricity
Producers
0.2%
Vistra 
4,770‌
82‌
82‌
Multi-Utilities
1.2%
CenterPoint
Energy 
5,850‌
144‌
Public
Service
Enterprise
Group 
5,530‌
337‌
481‌
Total
Utilities
2,363‌
Total
Common
Stocks
(Cost
$32,113)
38,718‌
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (2)(3)
416,790‌
417‌
Total
Short-Term
Investments
(Cost
$417)
417‌
Total
Investments
in
Securities
99.5%
(Cost
$32,530)
$
39,135‌
Other
Assets
Less
Liabilities
0.5%
206‌
Net
Assets
100.0%
$
39,341‌
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
ADR
American
Depositary
Receipts
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
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%
$
—‌
$
—‌
$
—‌
T.
Rowe
Price
Short-Term
Fund,
0.07%
—‌
—‌
—‌
++
Totals
$
—‌
#
$
—‌
$
—‌
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
123‌
¤
¤
$
417‌
T.
Rowe
Price
Short-Term
Fund,
0.07%
52‌
¤
¤
—‌
Total
$
417‌
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$0
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$417.
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
QM
U.S.
Value
Equity
Fund
 (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s 
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
QM
U.S.
Value
Equity
Fund
11
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.
Value
Equity
Fund
12
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.
F201-054Q3
09/21