T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.3%
COMMUNICATION
SERVICES
2.5%
Diversified
Telecommunication
Services
0.4%
Cogent
Communications
Holdings
336,100
23,110
Iridium
Communications (1)
541,100
22,321
45,431
Entertainment
1.0%
Cinemark
Holdings
950,700
19,404
Madison
Square
Garden
Entertainment (1)
368,500
30,143
Zynga,
Class
A (1)
5,050,500
51,566
101,113
Media
1.1%
Cable
One
39,000
71,306
Nexstar
Media
Group,
Class
A
153,300
21,528
TechTarget
(1)
303,500
21,078
113,912
Total
Communication
Services
260,456
CONSUMER
DISCRETIONARY
16.1%
Auto
Components
0.9%
LCI
Industries
329,900
43,639
Patrick
Industries
616,550
52,407
96,046
Distributors
0.6%
Pool
176,000
60,762
60,762
Diversified
Consumer
Services
1.1%
Bright
Horizons
Family
Solutions (1)
232,361
39,838
frontdoor
(1)
489,103
26,289
Service
Corp
International
84,200
4,299
Terminix
Global
Holdings (1)
925,306
44,109
114,535
Hotels,
Restaurants
&
Leisure
6.4%
Bloomin
'
Brands (1)
1,163,400
31,470
Boyd
Gaming (1)
920,300
54,261
Brinker
International
386,500
27,465
Choice
Hotels
International
450,800
48,366
Churchill
Downs
430,040
97,800
Dine
Brands
Global
166,200
14,963
Domino's
Pizza
15,487
5,696
Hilton
Grand
Vacations (1)
693,600
26,003
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Papa
John's
International
403,400
35,757
Penn
National
Gaming (1)
303,982
31,870
Planet
Fitness,
Class
A (1)
596,700
46,125
SeaWorld
Entertainment (1)
351,200
17,444
Six
Flags
Entertainment
783,200
36,395
Texas
Roadhouse
707,900
67,916
Travel
+
Leisure
511,400
31,277
Vail
Resorts
139,530
40,695
Wendy's
2,295,000
46,497
660,000
Household
Durables
2.8%
Cavco
Industries (1)
91,010
20,533
Helen
of
Troy (1)
341,200
71,877
Installed
Building
Products
121,500
13,472
LGI
Homes (1)
291,500
43,524
Tempur
Sealy
International
1,649,500
60,306
TopBuild
(1)
385,400
80,714
290,426
Internet
&
Direct
Marketing
Retail
0.3%
RealReal
(1)
72,900
1,650
Stamps.com (1)
157,800
31,482
33,132
Leisure
Products
0.5%
Brunswick
601,640
57,378
57,378
Specialty
Retail
2.4%
Abercrombie
&
Fitch,
Class
A
444,400
15,247
Asbury
Automotive
Group (1)
245,800
48,300
Burlington
Stores (1)
126,000
37,649
Floor
&
Decor
Holdings,
Class
A (1)
250,500
23,918
Murphy
USA
90,000
13,010
RH (1)(2)
176,982
105,587
243,711
Textiles,
Apparel
&
Luxury
Goods
1.1%
Crocs (1)
511,200
41,126
Deckers
Outdoor (1)
221,400
73,155
Steven
Madden
58,050
2,163
116,444
Total
Consumer
Discretionary
1,672,434
CONSUMER
STAPLES
3.8%
Beverages
1.3%
Boston
Beer,
Class
A (1)
98,200
118,457
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Coca-Cola
Consolidated
70,100
20,243
138,700
Food
&
Staples
Retailing
1.7%
Casey's
General
Stores
423,400
91,535
Performance
Food
Group (1)
1,396,600
80,458
171,993
Food
Products
0.8%
Hain
Celestial
Group (1)
702,700
30,638
J
&
J
Snack
Foods
242,681
38,108
John
B.
Sanfilippo
&
Son
191,500
17,306
86,052
Total
Consumer
Staples
396,745
ENERGY
2.6%
Energy
Equipment
&
Services
0.2%
Cactus,
Class
A
556,067
17,027
17,027
Oil,
Gas
&
Consumable
Fuels
2.4%
APA
1,847,900
33,077
Marathon
Oil
2,088,000
22,300
Matador
Resources
526,000
12,335
PDC
Energy (1)
949,200
32,652
Renewable
Energy
Group (1)
439,400
29,018
Targa
Resources
645,000
20,479
Texas
Pacific
Land (2)
62,800
99,816
249,677
Total
Energy
266,704
FINANCIALS
4.3%
Banks
1.2%
Ameris
Bancorp
276,300
14,509
First
Bancorp
452,100
19,666
Signature
Bank
170,200
38,482
Western
Alliance
Bancorp
590,200
55,739
128,396
Capital
Markets
1.0%
Cboe
Global
Markets
156,300
15,425
FactSet
Research
Systems
47,100
14,535
LPL
Financial
Holdings
147,700
20,997
MarketAxess
Holdings
100,500
50,041
100,998
Consumer
Finance
0.5%
Green
Dot,
Class
A (1)
223,800
10,248
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
PROG
Holdings
289,559
12,535
SLM
1,394,800
25,064
47,847
Insurance
1.6%
eHealth (1)
155,900
11,339
Kemper
728,200
58,052
Palomar
Holdings (1)
196,262
13,157
Primerica
551,600
81,538
164,086
Total
Financials
441,327
HEALTH
CARE
26.5%
Biotechnology
11.3%
ACADIA
Pharmaceuticals (1)
476,512
12,294
Acceleron
Pharma (1)
441,879
59,923
Agios
Pharmaceuticals (1)
385,081
19,886
Alector
(1)
391,726
7,889
Alkermes
(1)
932,700
17,423
Allogene
Therapeutics (1)
380,701
13,439
Amicus
Therapeutics (1)
1,481,700
14,639
Apellis
Pharmaceuticals (1)
305,500
13,109
Arcturus
Therapeutics
Holdings (1)(2)
127,826
5,279
Biohaven
Pharmaceutical
Holding (1)
98,400
6,726
Blueprint
Medicines (1)
363,885
35,381
CareDx
(1)
353,671
24,081
ChemoCentryx
(1)
313,125
16,045
CRISPR
Therapeutics (1)
224,158
27,314
Deciphera
Pharmaceuticals (1)
234,000
10,493
Denali
Therapeutics (1)
498,000
28,436
Emergent
BioSolutions
(1)
573,300
53,265
Enanta
Pharmaceuticals (1)
93,000
4,587
Epizyme
(1)
122,900
1,070
Exact
Sciences (1)
295,742
38,973
Exelixis
(1)
803,800
18,158
Fate
Therapeutics (1)
401,400
33,095
FibroGen
(1)
419,000
14,543
Generation
Bio (1)
330,600
9,409
Global
Blood
Therapeutics (1)
437,390
17,824
Halozyme
Therapeutics (1)
1,117,900
46,605
IGM
Biosciences (1)(2)
144,652
11,093
Insmed
(1)
933,093
31,781
Intellia
Therapeutics (1)
337,996
27,126
Invitae
(1)(2)
993,700
37,969
Ionis
Pharmaceuticals (1)
171,700
7,720
Iovance
Biotherapeutics
(1)
719,658
22,784
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Karuna
Therapeutics (1)
102,465
12,319
Karyopharm
Therapeutics (1)
346,780
3,648
Kodiak
Sciences (1)
415,232
47,083
Madrigal
Pharmaceuticals (1)
64,800
7,580
Mersana
Therapeutics (1)
271,500
4,393
Mirati
Therapeutics (1)
211,597
36,247
Neurocrine
Biosciences (1)
193,326
18,801
Novavax
(1)
347,800
63,060
Prothena
(1)
251,699
6,323
PTC
Therapeutics (1)
480,600
22,756
Replimune
Group (1)
156,039
4,761
Rocket
Pharmaceuticals (1)
288,929
12,820
Sage
Therapeutics (1)
214,259
16,037
Sarepta
Therapeutics (1)
94,700
7,058
Scholar
Rock
Holding (1)
236,573
11,985
Seagen
(1)
132,100
18,343
TG
Therapeutics (1)
356,501
17,183
Turning
Point
Therapeutics (1)
307,924
29,127
Twist
Bioscience (1)
187,296
23,198
Ultragenyx
Pharmaceutical (1)
602,885
68,644
uniQure
(1)
355,700
11,984
Xencor
(1)
473,600
20,393
Zymeworks
(1)
238,900
7,544
1,159,646
Health
Care
Equipment
&
Supplies
4.6%
AtriCure
(1)
307,600
20,154
Cantel
Medical (1)
382,000
30,499
Globus
Medical,
Class
A (1)
632,700
39,019
Haemonetics
(1)
396,100
43,971
ICU
Medical (1)
255,998
52,592
iRhythm
Technologies (1)
222,800
30,938
Lantheus
Holdings (1)
133,800
2,859
Merit
Medical
Systems (1)
618,000
37,006
Nevro
(1)
239,000
33,341
NuVasive
(1)
441,500
28,945
Penumbra (1)
150,800
40,803
Quidel
(1)
87,200
11,155
Shockwave
Medical (1)
186,600
24,307
Tandem
Diabetes
Care (1)
573,200
50,585
West
Pharmaceutical
Services
103,400
29,136
475,310
Health
Care
Providers
&
Services
4.3%
Addus
HomeCare
(1)
307,100
32,120
Amedisys
(1)
289,400
76,630
AMN
Healthcare
Services (1)
631,000
46,505
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Chemed
69,100
31,774
CorVel
(1)
265,166
27,203
Ensign
Group
898,300
84,296
ModivCare
(1)
141,500
20,959
Molina
Healthcare (1)
221,300
51,731
Pennant
Group (1)
631,900
28,941
Surgery
Partners (1)
319,300
14,132
U.S.
Physical
Therapy
262,200
27,295
441,586
Health
Care
Technology
1.2%
Certara
(1)
389,473
10,633
Inspire
Medical
Systems (1)
166,700
34,505
Omnicell
(1)
515,000
66,883
Phreesia
(1)
160,400
8,357
120,378
Life
Sciences
Tools
&
Services
3.5%
Adaptive
Biotechnologies (1)
153,000
6,160
Bruker
221,800
14,257
Charles
River
Laboratories
International (1)
166,300
48,199
Medpace
Holdings (1)
564,500
92,606
NeoGenomics
(1)
1,145,500
55,247
PRA
Health
Sciences (1)
294,211
45,111
Quanterix
(1)
167,600
9,800
Repligen
(1)
463,600
90,129
361,509
Pharmaceuticals
1.6%
Arvinas
(1)
227,565
15,042
Axsome
Therapeutics (1)(2)
166,000
9,399
Catalent
(1)
495,041
52,133
Horizon
Therapeutics (1)
443,500
40,820
Nektar
Therapeutics (1)
298,500
5,970
Pacira
BioSciences
(1)
235,500
16,506
Reata
Pharmaceuticals,
Class
A (1)(2)
114,643
11,430
Supernus
Pharmaceuticals (1)
434,100
11,364
162,664
Total
Health
Care
2,721,093
INDUSTRIALS
&
BUSINESS
SERVICES
16.3%
Aerospace
&
Defense
1.4%
Curtiss-Wright
272,900
32,366
Hexcel (1)
231,100
12,942
Mercury
Systems (1)
313,700
22,163
Moog,
Class
A
320,000
26,608
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Teledyne
Technologies (1)
126,230
52,215
146,294
Air
Freight
&
Logistics
0.4%
XPO
Logistics (1)
319,000
39,333
39,333
Airlines
0.3%
Allegiant
Travel (1)
137,600
33,583
33,583
Building
Products
1.9%
AAON
330,800
23,159
Builders
First
Source
(1)
818,600
37,958
CSW
Industrials
93,500
12,623
Gibraltar
Industries (1)
468,100
42,836
Trex
(1)
319,000
29,201
UFP
Industries
608,000
46,111
191,888
Commercial
Services
&
Supplies
2.1%
Casella
Waste
Systems,
Class
A (1)
1,232,200
78,331
IAA (1)
1,048,300
57,803
MSA
Safety
253,900
38,090
U.S.
Ecology (1)
53,200
2,215
UniFirst
176,400
39,463
215,902
Construction
&
Engineering
0.8%
Comfort
Systems
USA
440,600
32,944
EMCOR
Group
445,400
49,956
82,900
Electrical
Equipment
0.9%
Array
Technologies (1)
671,172
20,014
Atkore
(1)
534,643
38,441
Shoals
Technologies
Group,
Class
A (1)
974,676
33,899
92,354
Machinery
3.5%
Albany
International,
Class
A
472,300
39,423
Douglas
Dynamics
569,600
26,287
Graco
481,110
34,457
Hydrofarm
Holdings
Group (1)
65,944
3,978
John
Bean
Technologies
378,100
50,416
Kadant
176,900
32,728
Lincoln
Electric
Holdings
191,400
23,531
Lydall
(1)
386,800
13,051
RBC
Bearings (1)
175,700
34,572
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SPX (1)
462,200
26,932
Toro
407,100
41,988
Woodward
322,330
38,883
366,246
Professional
Services
2.9%
ASGN (1)
534,500
51,013
Booz
Allen
Hamilton
Holding
689,800
55,550
CACI
International,
Class
A (1)
262,200
64,674
Exponent
747,116
72,806
Insperity
390,600
32,709
Science
Applications
International
186,800
15,615
Upwork
(1)
114,100
5,108
297,475
Road
&
Rail
1.1%
Landstar
System
233,600
38,558
Saia (1)
321,300
74,085
112,643
Trading
Companies
&
Distributors
1.0%
McGrath
RentCorp
305,300
24,622
SiteOne
Landscape
Supply (1)
276,200
47,158
Watsco
114,000
29,726
101,506
Total
Industrials
&
Business
Services
1,680,124
INFORMATION
TECHNOLOGY
20.5%
Communications
Equipment
0.5%
Lumentum
Holdings (1)
149,500
13,657
Ubiquiti
121,600
36,273
49,930
Electronic
Equipment,
Instruments
&
Components
3.0%
Cognex
465,300
38,615
ePlus
(1)
92,900
9,257
Fabrinet
(1)
320,300
28,952
Littelfuse
246,000
65,052
Novanta
(1)
547,800
72,249
OSI
Systems (1)
315,800
30,349
Zebra
Technologies,
Class
A (1)
125,900
61,084
305,558
IT
Services
2.2%
Broadridge
Financial
Solutions
100,300
15,356
Euronet
Worldwide (1)
578,300
79,979
ExlService
Holdings (1)
390,800
35,235
Gartner (1)
33,500
6,115
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
MAXIMUS
375,800
33,461
Repay
Holdings (1)
602,900
14,156
WEX (1)
219,220
45,865
230,167
Semiconductors
&
Semiconductor
Equipment
5.9%
Advanced
Energy
Industries
443,100
48,373
Cirrus
Logic (1)
487,530
41,338
CMC
Materials
291,400
51,517
Diodes (1)
368,800
29,445
Entegris
788,500
88,154
FormFactor
(1)
1,039,500
46,892
Inphi
(1)
235,100
41,944
Lattice
Semiconductor (1)
906,979
40,832
MaxLinear
(1)
644,700
21,971
MKS
Instruments
360,100
66,770
Monolithic
Power
Systems
133,907
47,297
Onto
Innovation (1)
248,000
16,296
Power
Integrations
684,600
55,781
SiTime
(1)
89,600
8,835
605,445
Software
8.7%
ACI
Worldwide (1)
1,207,100
45,930
Alarm.com
Holdings (1)
206,800
17,863
Aspen
Technology (1)
323,200
46,647
Blackbaud
(1)
455,700
32,391
Blackline (1)
165,400
17,929
CommVault
Systems (1)
447,700
28,877
Descartes
Systems
Group (1)
569,700
34,700
Digital
Turbine (1)
587,900
47,244
Envestnet
(1)
651,700
47,072
Fair
Isaac (1)
144,500
70,234
Five9 (1)
484,300
75,711
Fortinet (1)
87,800
16,192
J2
Global (1)
201,940
24,205
Manhattan
Associates (1)
537,900
63,139
Nuance
Communications (1)
700,500
30,570
Paylocity
Holding (1)
137,400
24,709
Pegasystems
206,900
23,657
Proofpoint
(1)
246,700
31,032
PTC (1)
137,450
18,920
Qualys
(1)
425,500
44,584
Sapiens
International
833,500
26,497
SPS
Commerce (1)
486,900
48,354
SS&C
Technologies
Holdings
443,400
30,980
Tyler
Technologies (1)
92,900
39,439
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Workiva
(1)
141,000
12,445
899,321
Technology
Hardware,
Storage
&
Peripherals
0.2%
NCR (1)
487,100
18,485
18,485
Total
Information
Technology
2,108,906
MATERIALS
3.5%
Chemicals
2.4%
Chase
253,200
29,470
Element
Solutions
1,131,500
20,695
HB
Fuller
209,000
13,148
Ingevity
(1)
410,000
30,967
Innospec
354,500
36,404
NewMarket
28,600
10,873
Quaker
Chemical (2)
189,000
46,073
Scotts
Miracle-
Gro
170,600
41,792
Stepan
149,338
18,982
248,404
Construction
Materials
0.4%
Eagle
Materials
310,200
41,694
41,694
Containers
&
Packaging
0.3%
Berry
Global
Group (1)
449,000
27,569
27,569
Metals
&
Mining
0.4%
Alcoa (1)
1,301,300
42,279
42,279
Total
Materials
359,946
REAL
ESTATE
2.4%
Equity
Real
Estate
Investment
Trusts
2.4%
Equity
LifeStyle
Properties,
REIT
444,500
28,288
First
Industrial
Realty
Trust,
REIT
910,300
41,683
Innovative
Industrial
Properties,
REIT (2)
91,400
16,467
Park
Hotels
&
Resorts,
REIT
1,872,600
40,411
PS
Business
Parks,
REIT
146,600
22,661
Ryman
Hospitality
Properties,
REIT
460,000
35,655
Sunstone
Hotel
Investors,
REIT
788,400
9,823
Terreno
Realty,
REIT
888,200
51,311
Universal
Health
Realty
Income
Trust,
REIT
43,200
2,928
Total
Real
Estate
249,227
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
UTILITIES
0.8%
Independent
Power
&
Renewable
Electricity
Producers
0.5%
Clearway
Energy,
Class
C
902,800
25,405
Ormat
Technologies (2)
364,100
28,593
53,998
Water
Utilities
0.3%
Middlesex
Water
359,393
28,399
28,399
Total
Utilities
82,397
Total
Common
Stocks
(Cost
$6,542,997)
10,239,359
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (3)(4)
69,643,129
69,643
Total
Short-Term
Investments
(Cost
$69,643)
69,643
SECURITIES
LENDING
COLLATERAL
1.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.3%
Short-Term
Funds
1.3%
T.
Rowe
Price
Short-Term
Fund,
0.08% (3)(4)
13,109,517
131,095
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
131,095
Total
Securities
Lending
Collateral
(Cost
$131,095)
131,095
Total
Investments
in
Securities
101.3%
(Cost
$6,743,735)
$
10,440,097
Other
Assets
Less
Liabilities
(1.3)%
(138,713)
Net
Assets
100.0%
$
10,301,384
‡
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
March
31,
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
12
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,
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,
0.04%
$
—
$
—
$
7
T.
Rowe
Price
Short-Term
Fund,
0.08%
—
—
—++
Totals
$
—#
$
—
$
7+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
54,142
¤
¤
$
69,643
T.
Rowe
Price
Short-Term
Fund,
0.08%
213,040
¤
¤
131,095
Total
$
200,738^
#
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
$7
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
$200,738.
T.
ROWE
PRICE
QM
U.S.
Small-Cap
Growth
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
13
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
14
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
15
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
March
31,
2021,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
F120-054Q1
03/21