UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08203
T. Rowe Price Integrated Equity Funds, Inc.
(Exact name of registrant as specified
in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive
offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting
period: December 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRDSX
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
–
.
TQAAX
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–
.
Advisor
Class
TQAIX
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–
.
I
Class
(Formerly
T.
Rowe
Price
QM
U.S.
Small-Cap
Growth
Equity
Fund)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
HIGHLIGHTS
Small-cap
growth
stocks
produced
strong
gains
in
2023,
as
the
equity
market
rebounded
from
poor
performance
in
2022.
Your
fund
lagged
its
benchmark,
the
MSCI
US
Small
Cap
Growth
Index,
but
outperformed
its
Lipper
peer
group
index.
The
fund
lagged
its
benchmark
due
to
stock
selection
in
the
financials
sector
and,
to
a
lesser
extent,
the
real
estate
and
information
technology
sectors,
but
stock
choices
in
the
industrials
and
business
services
and
consumer
staples
sectors
helped
relative
performance.
We
prefer
companies
that
we
believe
are
higher
in
quality
and
have
valuations
that
are
more
reasonable
than
those
in
the
MSCI
benchmark.
Our
intention
is
to
outperform
through
stock
selection
instead
of
sector
bets,
and
we
believe
sector
neutrality
versus
the
benchmark
helps
us
avoid
risks
due
to
large
moves
in
any
individual
sector.
There
is
evidence
of
a
slowdown
in
manufacturing
industries
and
in
some
service
areas,
but
the
market
does
not
seem
to
be
pricing
in
a
recession.
If
the
lagged
effect
of
the
Federal
Reserve’s
interest
rate
increases
has
still
not
completely
affected
the
economy,
we
could
see
a
period
of
disappointing
earnings
relative
to
current
expectations.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Market
Commentary
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
long-term
growth
of
capital
by
investing
primarily
in
common
stocks
of
small
growth
companies.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
Small-cap
growth
stocks
produced
strong
gains
in
2023,
as
the
equity
market
rebounded
from
poor
performance
in
2022.
Your
fund
returned
21.16%
but
lagged
its
benchmark,
the
MSCI
US
Small
Cap
Growth
Index.
However,
the
portfolio
outperformed
its
Lipper
peer
group
index,
as
shown
in
the
Performance
Comparison
table.
(Performance
for
the
fund’s
Advisor
and
I
Class
shares
will
vary
due
to
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
The
portfolio
performed
in
2023
as
expected,
outperforming
during
periods
of
market
stress
when
our
high-quality
and
valuation
sensitivity
was
rewarded,
but
giving
up
ground
during
sharp
risk-on
rallies,
when
lower-quality
and
higher-risk
stocks
led
the
advance.
Despite
modestly
underperforming
our
benchmark,
we
are
pleased
to
have
performed
better
than
our
Lipper
peer
group
index
over
the
last
year,
and
we
continue
to
believe
our
longer-term
performance
(see
pages
11
and
12)
is
a
testament
to
the
value
of
our
integrated
equity
approach
to
investing.
What
factors
influenced
the
fund’s
performance?
The
fund
lagged
its
MSCI
benchmark
due
to
stock
selection
in
the
financials
and,
to
a
lesser
extent,
the
real
estate
and
information
technology
sectors.
However,
favorable
stock
choices
in
the
industrials
and
business
services
and
consumer
staples
sectors
helped
the
portfolio’s
relative
performance.
Sector
allocations
had
minimal
impact
on
relative
results.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
–
.
6.30%
21.16%
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–
.
Advisor
Class
6.14
20.81
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–
.
I
Class
6.37
21.35
MSCI
US
Small
Cap
Growth
Index
6.59
22.27
Lipper
Small-Cap
Growth
Funds
Index
5.93
18.36
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
In
the
financials
sector,
Affirm
Holdings—a
financial
technology
company
and
consumer
lender
with
leading
market
share
in
the
buy-now-pay-later
(BNPL)
space—produced
brisk
gains,
as
the
company
announced
that
it
is
expanding
its
existing
partnership
with
Amazon.com
to
become
the
first
BNPL
option
available
at
checkout
on
Amazon
Business.
We
established
a
new
position
late
in
the
year,
so
we
did
not
capture
the
stock’s
full-year
gains.
Also,
Kinsale
Capital
Group,
an
excess
and
surplus
(E&S)
insurance
company
serving
small
and
medium-sized
businesses,
fell
sharply
late
in
the
year
after
management
warned
that
the
company’s
extraordinary
growth
over
the
last
five
years
is
expected
to
moderate.
In
addition,
Selective
Insurance
Group
is
a
super-regional
property
and
casualty
(P&C)
insurer
with
a
focus
on
standard
commercial
lines,
as
well
as
E&S
and
personal
lines,
for
small
and
mid-sized
businesses.
Our
stake
appreciated
but
underperformed
the
financials
sector,
as
management
projected
late
in
the
year
that
they
expect
a
deceleration
in
new
business
growth
in
personal
lines.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
In
the
real
estate
sector,
which
represents
a
very
small
portion
of
the
fund,
our
holdings
appreciated
but
trailed
their
benchmark
counterparts.
Our
holdings
are
real
estate
investment
trusts,
such
as
Rexford
Industrial
Realty,
which
owns
and
operates
industrial
assets
in
southern
California;
Terreno
Realty,
which
focuses
primarily
on
warehouse
and
flex
space
in
six
major
metropolitan
U.S.
markets;
and
First
Industrial
Realty
Trust,
which
owns
industrial
and
logistical
real
estate
in
some
large
markets.
In
the
information
technology
sector,
our
holdings
in
aggregate
underperformed
their
peers
in
the
MSCI
benchmark.
One
factor
that
worked
against
us
was
a
significant
underweight
in
stocks
with
Bitcoin
exposure;
our
MSCI
benchmark
has
a
fair
amount
of
exposure
to
Bitcoin-related
companies.
In
the
industrials
and
business
services
sector,
we
own
Builders
FirstSource,
a
maker
of
assorted
building
products
used
in
new
home
construction.
Shares
surged
as
the
company
reported
better-than-expected
third-quarter
earnings,
and
as
a
sharp
drop
in
mortgage
interest
rates
boosted
sentiment
toward
homebuilding-related
industries.
Another
strong
contributor
was
Saia,
a
high-
quality,
national
trucking
company
serving
industrial
and
retail
customers.
The
company
has
been
benefiting
from
a
robust
economy,
improving
expense
management,
pricing
power,
increasing
shipment
volumes,
and
the
bankruptcy
of
trucking
competitor
Yellow.
Among
consumer
staples
companies,
we
own
Coca-Cola
Consolidated,
the
largest
Coca-Cola
bottler
in
the
U.S.
Shares
climbed
as
the
company
reported
favorable
earnings
and,
later
in
the
year,
announced
a
special
$16
per
share
cash
dividend,
thanks
to
strong
2023
operating
results
and
prudent
balance
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
sheet
management
that
has
made
the
company
net
debt-free
for
the
first
time
in
about
four
decades.
Another
major
contributor
was
BellRing
Brands,
which
predominantly
sells
protein
and
sports
nutrition
products.
Shares
were
lifted
by
better-than-expected
financial
results
and
a
better-than-anticipated
outlook
from
management
for
fiscal
2024.
How
is
the
fund
positioned?
At
the
end
of
2023,
various
portfolio
characteristics
reflected
our
preference
for
companies
that
we
believe
are
higher
in
quality
and
have
valuations
that
are
more
reasonable
than
those
in
the
MSCI
benchmark.
For
example,
the
historical
earnings
growth
rate
of
our
holdings
over
five
years
(20.2%)
was
notably
higher
than
those
in
the
benchmark
(14.1%),
though
the
projected
earnings
growth
rate
of
our
holdings
(12.0%)
was
slightly
lower
than
that
of
the
index
(13.5%).
Also,
the
fund’s
estimated
12-month
forward
price/earnings
(P/E)
ratio
(24.9)
was
a
little
lower
than
that
of
the
index
(26.5).
In
addition,
the
fund’s
return
on
equity
(ROE)
for
the
latest
12
months
excluding
charges
was
materially
higher
(18.2%)
than
that
of
the
benchmark
(11.4%).
ROE,
which
measures
how
effectively
and
efficiently
a
company
and
its
management
are
using
stockholder
equity,
is
one
of
several
important
metrics
that
we
consider
when
making
investment
decisions.
As
shown
in
the
Sector
Diversification
table
on
page
6,
many
of
the
portfolio’s
year-end
sector
allocations
were
fairly
close
to
those
of
the
MSCI
index.
Our
intention
is
to
outperform
through
stock
selection
instead
of
sector
bets,
and
we
believe
sector
neutrality
versus
the
benchmark
helps
us
avoid
risks
due
to
large
moves
in
any
individual
sector.
However,
we
may
occasionally
have
small
overweights
or
underweights.
Over
the
last
year,
we
added
a
number
of
new
holdings
based
on
favorable
rankings
in
our
quantitative
analysis.
These
included:
Nutanix,
a
cloud
infrastructure
software
company
that
offers
businesses
a
platform
for
running
their
apps
and
transferring
data
across
clouds;
Affirm
Holdings,
mentioned
earlier;
and
Simpson
Manufacturing,
a
maker
of
structural
connectors
and
fasteners
used
in
homebuilding,
house
repairs,
and
nonresidential
construction.
Sales
are
often
prompted
by
declining
rankings,
elevated
valuations,
and
merger
activity,
or
when
a
stock
moves
into
the
mid-cap
universe.
That
was
true
for
TechnipFMC,
the
market
leader
in
subsea
oil
services;
Manhattan
Associates,
a
developer
of
software
for
warehouse,
order,
and
transportation
management
markets;
and
EMCOR
Group,
a
leading
provider
of
mechanical
and
electrical
construction
services.
All
of
these
were
added
to
a
mid-cap
benchmark
in
the
latter
part
of
the
year.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
We
eliminated
our
stakes
in
several
companies
that
received
takeover
offers,
such
as
Hostess
Brands,
a
maker
of
snacks
and
baked
goods
that
was
acquired
by
J.M.
Smucker;
Aerojet
Rocketdyne
Holdings,
a
developer
and
manufacturer
of
propulsion
systems
for
defense
and
space
applications,
which
was
bought
by
L3Harris
Technologies;
automobile
auction
company
IAA,
acquired
by
Ritchie
Bros.
Auctioneers;
and
World
Wrestling
Entertainment,
a
media
and
entertainment
company
that
was
merged
with
mixed
martial
arts
league
Ultimate
Fighting
Championship
and
is
now
owned
by
Endeavor
Group
Holdings.
What
is
portfolio
management’s
outlook?
Despite
strong
outperformance
by
small-
caps
over
large-caps
in
the
fourth
quarter,
large-
cap
stocks,
as
measured
by
the
S&P
500
Index,
significantly
outperformed
small-caps
during
2023.
However,
most
of
the
S&P
500’s
positive
return
for
the
year
was
attributable
to
a
handful
of
tech-oriented
mega-cap
stocks.
The
economy
has
been
growing
at
a
healthy
pace,
and
unemployment
is
low.
Inflation
has
steadily
declined
and
is
in
the
low
3%
range.
The
Fed
signaled
in
mid-
December
that
policymakers
might
start
cutting
rates
in
2024.
Though
the
Fed’s
dot-plot
indicated
three
rate
cuts
in
2024,
the
market
seems
to
be
pricing
in
a
larger
number
of
rate
cuts.
This
led
to
a
roughly
100-basis-point
decline
in
intermediate-
to
long-term
rates
during
the
fourth
quarter.
The
result
was
a
broad-based
rally
in
stocks,
with
very
high
returns
for
riskier
and
lower-quality
stocks.
There
is
evidence
of
a
slowdown
in
manufacturing
industries
and
in
some
service
areas,
but
the
market
does
not
seem
to
be
pricing
in
a
recession.
If
the
lagged
effect
of
rate
increases
has
still
not
completely
affected
the
economy,
we
could
see
a
period
of
disappointing
earnings
relative
to
current
expectations.
Oil
prices
have
declined
SECTOR
DIVERSIFICATION
As
of
12/31/23
Integrated
U.S.
Small-
Cap
Growth
Equity
Fund
MSCI
US
Small
Cap
Growth
Index
Health
Care
23.1%
22.8%
Industrials
and
Business
Services
22.5
22.0
Information
Technology
18.7
17.5
Consumer
Discretionary
13.5
15.0
Financials
6.5
6.4
Consumer
Staples
4.2
3.9
Materials
3.8
3.9
Energy
3.8
3.8
Communication
Services
2.1
2.8
Real
Estate
0.8
1.3
Utilities
0.3
0.6
Other
and
Reserves
0.7
0.0
Total
100.0%
100.0%
Based
on
net
assets
as
of
12/31/23.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
recently
as
supply
from
U.S.
producers
has
been
robust,
which
negated
the
production
cuts
agreed
to
by
OPEC
and
other
oil-producing
nations.
A
decline
in
long-term
interest
rates
and
mortgage
rates
might
result
in
an
economic
acceleration
in
future
quarters.
As
inflation
declines,
companies
may
have
reduced
ability
to
push
through
price
increases,
but
they
will
be
affected
by
wage
increases.
This
could
weigh
on
corporate
earnings
and
stock
valuation
multiples.
The
S&P
500’s
12-month
forward
P/E
multiple
at
the
end
of
the
year
was
above
its
historical
average,
which
seems
high
for
a
slowing
economic
environment.
While
the
investment
landscape
has
dramatically
changed
due
to
elevated
inflation
and
aggressive
Fed
tightening,
and
while
volatility
has
been
extraordinary
at
times,
we
can
assure
you
that
our
long-standing
investment
strategy
and
stock
selection
process
remain
the
same.
We
take
macroeconomic
events
into
account
in
the
course
of
monitoring
portfolio
risks,
and
we
believe
that
having
a
bottom-up
stock
selection
process,
and
not
relying
on
sector
bets
versus
our
benchmark,
helps
us
mitigate
risks
due
to
large
moves
in
any
one
sector.
We
continue
to
look
for
high-quality
stocks
of
companies
that
generate
good
cash
flows
and
are
judicious
in
deploying
capital.
We
believe
that
such
companies
will
persevere
through
challenging
economic
and
financial
conditions
and
distinguish
themselves
over
time
with
strong
operating
and
share-price
performance
relative
to
lower-quality
businesses.
We
are
grateful
for
your
continued
confidence
in
our
investment
management
abilities.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
RISKS
OF
INVESTING
IN
THE
FUND
Stocks
generally
fluctuate
in
value
more
than
bonds
and
may
decline
significantly
over
short
time
periods.
There
is
a
chance
that
stock
prices
overall
will
decline
because
stock
markets
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
The
value
of
a
stock
in
which
the
fund
invests
may
decline
due
to
general
weakness
in
the
U.S.
stock
market,
such
as
when
the
U.S.
financial
markets
decline,
or
because
of
factors
that
affect
a
particular
company
or
industry.
Because
the
fund
invests
primarily
in
securities
issued
by
small-cap
companies,
it
is
likely
to
be
more
volatile
than
a
fund
that
focuses
on
securities
issued
by
larger
companies.
Small-sized
companies
often
have
less
experienced
management,
narrower
product
lines,
more
limited
financial
resources,
and
less
publicly
available
information
than
larger
companies.
In
addition,
smaller
companies
are
typically
more
sensitive
to
changes
in
overall
economic
conditions
and
their
securities
may
be
difficult
to
trade.
Different
investment
styles
tend
to
shift
in
and
out
of
favor
depending
on
market
conditions
and
investor
sentiment.
The
fund’s
growth
approach
to
investing
could
cause
it
to
underperform
other
stock
funds
that
employ
a
different
investment
style.
Growth
stocks
tend
to
be
more
volatile
than
certain
other
types
of
stocks,
and
their
prices
may
fluctuate
more
dramatically
than
the
overall
stock
market.
A
stock
with
growth
characteristics
can
have
sharp
price
declines
due
to
decreases
in
current
or
expected
earnings
and
may
lack
dividends
that
can
help
cushion
its
share
price
in
a
declining
market.
The
fund’s
strategy
relies
heavily
on
quantitative
models
and
the
analysis
of
specific
metrics
to
construct
the
portfolio.
The
impact
of
these
metrics
on
a
stock’s
performance
can
be
difficult
to
predict,
and
stocks
that
previously
possessed
certain
desirable
quantitative
characteristics
may
not
continue
to
demonstrate
those
same
characteristics
in
the
future.
In
addition,
relying
on
quantitative
models
entails
the
risk
that
the
models
themselves
may
be
limited
or
incorrect,
that
the
data
on
which
the
models
rely
may
be
incorrect
or
incomplete,
and
that
the
adviser
may
not
be
successful
in
selecting
companies
for
investment
or
determining
the
weighting
of
particular
stocks
in
the
fund’s
portfolio.
Any
of
these
factors
could
cause
the
fund
to
underperform
funds
with
similar
strategies
that
do
not
select
stocks
based
on
quantitative
analysis.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
BENCHMARK
INFORMATION
Note:
MSCI
and
its
affiliates
and
third-party
sources
and
providers
(collectively,
“MSCI”)
makes
no
express
or
implied
warranties
or
representations
and
shall
have
no
liability
whatsoever
with
respect
to
any
MSCI
data
contained
herein.
The
MSCI
data
may
not
be
further
redistributed
or
used
as
a
basis
for
other
indices
or
any
securities
or
financial
products.
This
report
is
not
approved,
reviewed,
or
produced
by
MSCI.
Historical
MSCI
data
and
analysis
should
not
be
taken
as
an
indication
or
guarantee
of
any
future
performance
analysis,
forecast
or
prediction.
None
of
the
MSCI
data
is
intended
to
constitute
investment
advice
or
a
recommendation
to
make
(or
refrain
from
making)
any
kind
of
investment
decision
and
may
not
be
relied
on
as
such.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/23
TopBuild
1.0%
Fabrinet
1.0
Weatherford
International
0.9
Ensign
Group
0.9
Curtiss-Wright
0.9
Comfort
Systems
USA
0.9
SPS
Commerce
0.8
UFP
Industries
0.8
Murphy
USA
0.8
Onto
Innovation
0.8
Texas
Roadhouse
0.8
Affirm
Holdings
0.8
Nutanix
0.7
Churchill
Downs
0.7
Casella
Waste
Systems
0.7
Molina
Healthcare
0.7
Novanta
0.7
Saia
0.7
Qualys
0.7
Karuna
Therapeutics
0.7
Medpace
Holdings
0.7
Descartes
Systems
Group
0.7
Wingstop
0.7
Simpson
Manufacturing
0.7
Booz
Allen
Hamilton
Holding
0.7
Total
19.5%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
INTEGRATED
U.S.
SMALL-CAP
GROWTH
EQUITY
FUND
Note:
Performance
for
the Advisor
and
I
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
–
.
21.16%
11.46%
9.01%
–
–
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–
.
Advisor
Class
20.81
11.12
–
10.51%
7/5/16
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–
.
I
Class
21.35
11.61
–
11.46
3/23/16
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor
and
0.03
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
the
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
0.80%
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–Advisor
Class
1.08
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–I
Class
0.66
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
INTEGRATED
U.S.
SMALL-CAP
GROWTH
EQUITY
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,063.00
$4.21
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.12
4.13
Advisor
Class
Actual
1,000.00
1,061.40
5.66
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,019.71
5.55
I
Class
Actual
1,000.00
1,063.70
3.43
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.88
3.36
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.81%,
the
2
Advisor Class
was
1.09%,
and
the
3
I Class
was
0.66%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
34.68
$
46.35
$
47.73
$
39.70
$
31.16
Investment
activities
Net
investment
loss
(1)(2)
(0.10)
(0.09)
(0.20)
(0.09)
(0.06)
Net
realized
and
unrealized
gain/
loss
7.42
(10.29)
5.30
9.51
10.24
Total
from
investment
activities
7.32
(10.38)
5.10
9.42
10.18
Distributions
Net
realized
gain
(1.00)
(1.29)
(6.48)
(1.39)
(1.64)
NET
ASSET
VALUE
End
of
period
$
41.00
$
34.68
$
46.35
$
47.73
$
39.70
Ratios/Supplemental
Data
Total
return
(2)(3)
21.16%
(22.41)%
11.30%
23.84%
32.76%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.80%
0.80%
0.78%
0.78%
0.79%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.80%
0.80%
0.78%
0.78%
0.79%
Net
investment
loss
(0.26)%
(0.25)%
(0.40)%
(0.23)%
(0.16)%
Portfolio
turnover
rate
37.1%
30.3%
28.3%
34.5%
21.6%
Net
assets,
end
of
period
(in
millions)
$3,737
$3,354
$5,524
$5,747
$5,254
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
For
a
share
outstanding
throughout
each
period
Advisor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
34.20
$
45.86
$
47.43
$
39.48
$
31.10
Investment
activities
Net
investment
loss
(1)(2)
(0.21)
(0.19)
(0.36)
(0.21)
(0.18)
Net
realized
and
unrealized
gain/
loss
7.31
(10.18)
5.27
9.42
10.20
Total
from
investment
activities
7.10
(10.37)
4.91
9.21
10.02
Distributions
Net
realized
gain
(1.00)
(1.29)
(6.48)
(1.26)
(1.64)
...
....
....
....
....
....
Redemption
fees
added
to
paid-in
capital
(1)(3)
—
—
—
—
—
(4)
NET
ASSET
VALUE
End
of
period
$
40.30
$
34.20
$
45.86
$
47.43
$
39.48
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(5)
20.81%
(22.63)%
10.97%
23.43%
32.30%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.09%
1.08%
1.09%
1.10%
1.11%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.09%
1.08%
1.09%
1.10%
1.11%
Net
investment
loss
(0.56)%
(0.52)%
(0.71)%
(0.55)%
(0.49)%
Portfolio
turnover
rate
37.1%
30.3%
28.3%
34.5%
21.6%
Net
assets,
end
of
period
(in
thousands)
$14,519
$17,483
$28,195
$32,629
$24,781
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
fund
charged
redemption
fees
through
March
31,
2019.
(4)
Amounts
round
to
less
than
$0.01
per
share.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
34.93
$
46.61
$
47.89
$
39.82
$
31.21
Investment
activities
Net
investment
loss
(1)(2)
(0.05)
(0.03)
(0.13)
(0.04)
(0.01)
Net
realized
and
unrealized
gain/
loss
7.49
(10.36)
5.33
9.55
10.26
Total
from
investment
activities
7.44
(10.39)
5.20
9.51
10.25
Distributions
Net
realized
gain
(1.00)
(1.29)
(6.48)
(1.44)
(1.64)
NET
ASSET
VALUE
End
of
period
$
41.37
$
34.93
$
46.61
$
47.89
$
39.82
Ratios/Supplemental
Data
Total
return
(2)(3)
21.35%
(22.31)%
11.47%
24.00%
32.93%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.66%
0.66%
0.64%
0.65%
0.65%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.66%
0.66%
0.64%
0.65%
0.65%
Net
investment
loss
(0.12)%
(0.09)%
(0.26)%
(0.10)%
(0.02)%
Portfolio
turnover
rate
37.1%
30.3%
28.3%
34.5%
21.6%
Net
assets,
end
of
period
(in
millions)
$4,041
$3,259
$4,246
$4,317
$3,303
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
December
31,
2023
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.3%
COMMUNICATION
SERVICES
2.1%
Diversified
Telecommunication
Services
0.7%
Cogent
Communications
Holdings
264,400
20,110
GCI
Liberty,
Class
A,
EC
(1)(2)
547,999
—
Iridium
Communications
902,300
37,139
57,249
Entertainment
0.7%
Endeavor
Group
Holdings,
Class
A
(3)
1,396,800
33,146
TKO
Group
Holdings
273,700
22,329
55,475
Media
0.7%
Nexstar
Media
Group
289,500
45,379
Thryv
Holdings
(1)
309,500
6,298
51,677
Total
Communication
Services
164,401
CONSUMER
DISCRETIONARY
13.5%
Automobile
Components
0.6%
LCI
Industries
39,700
4,991
Patrick
Industries
161,750
16,231
Visteon
(1)
175,500
21,920
43,142
Distributors
0.4%
Pool
86,000
34,289
34,289
Diversified
Consumer
Services
1.0%
Bright
Horizons
Family
Solutions
(1)
177,154
16,695
Duolingo
(1)
110,900
25,158
Grand
Canyon
Education
(1)
286,200
37,790
79,643
Hotels,
Restaurants
&
Leisure
5.0%
Bloomin'
Brands
721,500
20,310
Boyd
Gaming
705,400
44,165
Cava
Group
(1)(3)
98,121
4,217
Choice
Hotels
International
246,800
27,962
Churchill
Downs
426,180
57,505
Domino's
Pizza
85,087
35,075
Everi
Holdings
(1)
354,900
4,000
Hilton
Grand
Vacations
(1)
363,000
14,585
Light
&
Wonder
(1)
250,500
20,569
Red
Rock
Resorts,
Class
A
266,300
14,202
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SeaWorld
Entertainment
(1)
154,600
8,168
Texas
Roadhouse
480,700
58,756
Travel
+
Leisure
213,400
8,342
Wendy's
1,064,700
20,740
Wingstop
207,000
53,112
391,708
Household
Durables
2.5%
Cavco
Industries
(1)
76,714
26,591
Green
Brick
Partners
(1)
356,300
18,506
Skyline
Champion
(1)
361,300
26,830
Tempur
Sealy
International
898,600
45,802
TopBuild
(1)
213,000
79,717
197,446
Leisure
Products
0.6%
Brunswick
200,340
19,383
Mattel
(1)
1,633,200
30,835
50,218
Specialty
Retail
2.7%
Abercrombie
&
Fitch,
Class
A
(1)
218,900
19,311
Academy
Sports
&
Outdoors
305,500
20,163
Asbury
Automotive
Group
(1)
110,200
24,792
Carvana
(1)(3)
406,600
21,525
Dick's
Sporting
Goods
190,100
27,935
Murphy
USA
170,600
60,829
Penske
Automotive
Group
136,500
21,910
Valvoline
(1)
333,900
12,548
209,013
Textiles,
Apparel
&
Luxury
Goods
0.7%
Crocs (1)
202,100
18,878
Deckers
Outdoor
(1)
53,700
35,895
54,773
Total
Consumer
Discretionary
1,060,232
CONSUMER
STAPLES
4.2%
Beverages
0.8%
Celsius
Holdings
(1)(3)
238,300
12,992
Coca-Cola
Consolidated
51,700
47,998
60,990
Consumer
Staples
Distribution
&
Retail
0.8%
BJ's
Wholesale
Club
Holdings
(1)
102,400
6,826
Casey's
General
Stores
77,400
21,265
Performance
Food
Group
(1)
469,300
32,452
60,543
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
0.7%
Post
Holdings
(1)
384,900
33,894
Simply
Good
Foods
(1)
478,400
18,945
52,839
Personal
Care
Products
1.9%
BellRing
Brands
(1)
858,900
47,609
Coty,
Class
A
(1)
1,505,900
18,703
elf
Beauty
(1)
331,500
47,849
Inter
Parfums
241,200
34,735
148,896
Total
Consumer
Staples
323,268
ENERGY
3.8%
Energy
Equipment
&
Services
2.3%
ChampionX
696,300
20,339
Expro
Group
Holdings
(1)
441,200
7,024
Noble
558,500
26,897
TechnipFMC
837,400
16,865
Tidewater
(1)
342,900
24,727
Transocean
(1)
1,794,600
11,396
Weatherford
International
(1)
740,500
72,443
179,691
Oil,
Gas
&
Consumable
Fuels
1.5%
Centrus
Energy,
Class
A
(1)
216,400
11,774
Kosmos
Energy
(1)
2,281,500
15,309
Matador
Resources
669,000
38,039
PBF
Energy,
Class
A
67,000
2,945
Range
Resources
274,900
8,368
SM
Energy
377,400
14,613
Southwestern
Energy
(1)
3,857,000
25,264
116,312
Total
Energy
296,003
FINANCIALS
6.5%
Banks
0.7%
Bancorp (1)
841,600
32,452
ServisFirst
Bancshares
275,500
18,357
50,809
Capital
Markets
1.9%
Blue
Owl
Capital
(3)
1,601,200
23,858
FactSet
Research
Systems
63,100
30,102
Hamilton
Lane,
Class
A
247,400
28,065
LPL
Financial
Holdings
66,200
15,068
MarketAxess
Holdings
83,700
24,512
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
StoneX
Group
(1)
327,150
24,153
145,758
Financial
Services
2.0%
Affirm
Holdings
(1)(3)
1,190,400
58,496
Euronet
Worldwide
(1)
227,300
23,069
EVERTEC
440,700
18,042
NCR
Atleos
(1)
200,000
4,858
Payoneer
Global
(1)
2,924,500
15,237
Shift4
Payments,
Class
A
(1)
493,900
36,716
156,418
Insurance
1.9%
Kinsale
Capital
Group
53,200
17,817
Palomar
Holdings
(1)
104,780
5,815
Primerica
203,600
41,893
RLI
165,200
21,992
Ryan
Specialty
Holdings
(1)
667,000
28,694
Selective
Insurance
Group
290,400
28,889
145,100
Total
Financials
498,085
HEALTH
CARE
23.1%
Biotechnology
10.2%
ACADIA
Pharmaceuticals
(1)
981,312
30,725
Agios
Pharmaceuticals
(1)
290,281
6,465
Akero
Therapeutics
(1)
397,856
9,290
Alector
(1)
172,126
1,374
Alkermes
(1)
716,800
19,884
Allogene
Therapeutics
(1)(3)
365,301
1,173
Amicus
Therapeutics
(1)
940,700
13,349
Arcellx
(1)
156,400
8,680
Avidity
Biosciences
(1)(3)
420,774
3,808
Biohaven
(1)
758,766
32,475
Biomea
Fusion
(1)(3)
130,400
1,893
Blueprint
Medicines
(1)
493,085
45,482
Bridgebio
Pharma
(1)(3)
454,100
18,332
Catalyst
Pharmaceuticals
(1)
875,000
14,709
Cerevel
Therapeutics
Holdings
(1)(3)
488,200
20,700
Crinetics
Pharmaceuticals
(1)
201,681
7,176
CRISPR
Therapeutics
(1)(3)
402,458
25,194
Cymabay
Therapeutics
(1)
443,546
10,477
Cytokinetics
(1)(3)
484,300
40,434
Day
One
Biopharmaceuticals
(1)
237,820
3,472
Denali
Therapeutics
(1)
257,800
5,532
Exelixis
(1)
1,619,900
38,861
Halozyme
Therapeutics
(1)
1,009,700
37,319
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ideaya
Biosciences
(1)
218,602
7,778
IGM
Biosciences
(1)(3)
143,152
1,190
ImmunoGen
(1)
738,800
21,905
Immunovant
(1)
201,318
8,482
Insmed
(1)
1,152,693
35,722
Intellia
Therapeutics
(1)
333,296
10,162
Ionis
Pharmaceuticals
(1)(3)
641,100
32,433
Iovance
Biotherapeutics
(1)
908,758
7,388
Karuna
Therapeutics
(1)
172,650
54,645
Krystal
Biotech
(1)
83,800
10,396
Kymera
Therapeutics
(1)(3)
355,700
9,056
Madrigal
Pharmaceuticals
(1)(3)
39,037
9,032
Monte
Rosa
Therapeutics
(1)
79,200
447
MoonLake
Immunotherapeutics
(1)
81,100
4,898
Morphic
Holding
(1)
199,226
5,754
Natera
(1)
365,100
22,870
Neurocrine
Biosciences
(1)
169,226
22,297
Nurix
Therapeutics
(1)
149,800
1,546
Nuvalent,
Class
A
(1)
133,665
9,836
Prothena
(1)
418,230
15,198
PTC
Therapeutics
(1)
456,100
12,570
Relay
Therapeutics
(1)
630,300
6,940
Replimune
Group
(1)
468,666
3,951
REVOLUTION
Medicines
(1)
221,392
6,350
Rhythm
Pharmaceuticals
(1)
199,000
9,148
Rocket
Pharmaceuticals
(1)
286,029
8,572
Scholar
Rock
Holding
(1)(3)
349,151
6,564
Scholar
Rock
Holding,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $—
(1)(4)
22,712
295
SpringWorks
Therapeutics
(1)
121,323
4,428
Ultragenyx
Pharmaceutical
(1)
332,052
15,879
Vaxcyte
(1)
266,200
16,717
Xencor
(1)
468,800
9,953
Zentalis
Pharmaceuticals
(1)
158,711
2,404
791,610
Health
Care
Equipment
&
Supplies
4.4%
AtriCure (1)
262,200
9,358
CONMED
215,500
23,599
Embecta
82,400
1,560
Globus
Medical,
Class
A
(1)
628,700
33,504
Haemonetics
(1)
274,200
23,447
Inari
Medical
(1)
260,900
16,938
Inspire
Medical
Systems
(1)
125,800
25,592
iRhythm
Technologies
(1)
165,500
17,715
Lantheus
Holdings
(1)
584,200
36,220
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Merit
Medical
Systems
(1)
576,400
43,783
Omnicell
(1)
212,200
7,985
Penumbra
(1)
92,400
23,242
PROCEPT
BioRobotics
(1)
401,584
16,830
Shockwave
Medical
(1)
72,299
13,777
STERIS
145,866
32,069
TransMedics
Group
(1)(3)
198,500
15,668
341,287
Health
Care
Providers
&
Services
4.3%
Addus
HomeCare
(1)
281,800
26,165
AMN
Healthcare
Services
(1)
361,200
27,047
Chemed
17,800
10,409
CorVel
(1)
160,566
39,693
Ensign
Group
637,000
71,478
Guardant
Health
(1)
529,664
14,327
Molina
Healthcare
(1)
155,700
56,256
NeoGenomics
(1)
438,600
7,097
Option
Care
Health
(1)
1,243,751
41,902
Tenet
Healthcare
(1)
545,300
41,208
335,582
Health
Care
Technology
0.2%
Evolent
Health,
Class
A
(1)
446,600
14,751
14,751
Life
Sciences
Tools
&
Services
2.4%
10X
Genomics,
Class
A
(1)
465,200
26,033
Bruker
205,600
15,107
Charles
River
Laboratories
International
(1)
114,700
27,115
Medpace
Holdings
(1)
178,100
54,593
Repligen
(1)
190,900
34,324
West
Pharmaceutical
Services
94,700
33,346
190,518
Pharmaceuticals
1.6%
Amphastar
Pharmaceuticals
(1)
432,000
26,719
Arvinas
(1)
253,965
10,453
Catalent
(1)
363,241
16,321
Intra-Cellular
Therapies
(1)
506,100
36,247
Pacira
BioSciences
(1)
260,100
8,776
Pliant
Therapeutics
(1)
191,918
3,476
Prestige
Consumer
Healthcare
(1)
265,800
16,272
Supernus
Pharmaceuticals
(1)
303,400
8,780
127,044
Total
Health
Care
1,800,792
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
22.5%
Aerospace
&
Defense
2.0%
Cadre
Holdings
262,100
8,620
Curtiss-Wright
313,700
69,889
Leonardo
DRS
(1)
1,428,464
28,626
Moog,
Class
A
50,100
7,254
Woodward
312,500
42,541
156,930
Air
Freight
&
Logistics
0.5%
GXO
Logistics
(1)
623,400
38,127
38,127
Building
Products
3.2%
AAON
391,500
28,920
AZEK
(1)
587,300
22,464
Builders
FirstSource
(1)
245,800
41,034
CSW
Industrials
149,000
30,904
Gibraltar
Industries
(1)
112,900
8,917
Simpson
Manufacturing
266,700
52,801
UFP
Industries
497,200
62,424
247,464
Commercial
Services
&
Supplies
1.8%
Casella
Waste
Systems,
Class
A
(1)
660,700
56,463
Clean
Harbors
(1)
224,000
39,090
MSA
Safety
156,800
26,473
Rentokil
Initial,
ADR
(3)
673,260
19,262
141,288
Construction
&
Engineering
1.9%
API
Group
(1)
995,600
34,448
Comfort
Systems
USA
327,500
67,357
EMCOR
Group
71,800
15,468
WillScot
Mobile
Mini
Holdings
(1)
618,900
27,541
144,814
Electrical
Equipment
1.2%
Array
Technologies
(1)
761,500
12,793
Atkore
(1)
298,143
47,703
Vertiv
Holdings,
Class
A
769,700
36,969
97,465
Ground
Transportation
1.7%
Landstar
System
164,900
31,933
Saia
(1)
126,400
55,391
XPO
(1)
531,400
46,545
133,869
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Machinery
4.2%
Albany
International,
Class
A
49,600
4,872
Federal
Signal
538,400
41,317
John
Bean
Technologies
244,400
24,305
Kadant
171,400
48,045
Lincoln
Electric
Holdings
177,600
38,621
RBC
Bearings
(1)
171,125
48,752
SPX
Technologies
(1)
413,200
41,737
Symbotic
(1)(3)
280,300
14,388
Toro
130,300
12,507
Watts
Water
Technologies,
Class
A
244,700
50,981
325,525
Professional
Services
4.4%
ASGN (1)
134,500
12,935
Booz
Allen
Hamilton
Holding
403,100
51,561
Broadridge
Financial
Solutions
111,900
23,023
CACI
International,
Class
A
(1)
152,600
49,421
CBIZ
(1)
611,700
38,286
ExlService
Holdings
(1)
1,578,000
48,681
Exponent
77,316
6,807
FTI
Consulting
(1)
186,200
37,082
Insperity
261,600
30,665
NV5
Global
(1)
85,500
9,501
Paylocity
Holding
(1)
80,400
13,254
Verra
Mobility
(1)
1,005,300
23,152
344,368
Trading
Companies
&
Distributors
1.6%
Boise
Cascade
30,500
3,945
Core
&
Main,
Class
A
(1)
818,500
33,076
Herc
Holdings
99,000
14,740
McGrath
RentCorp
88,956
10,641
SiteOne
Landscape
Supply
(1)
206,396
33,539
Watsco
(3)
58,300
24,980
120,921
Total
Industrials
&
Business
Services
1,750,771
INFORMATION
TECHNOLOGY
18.7%
Communications
Equipment
0.1%
Extreme
Networks
(1)
460,300
8,120
8,120
Electronic
Equipment,
Instruments
&
Components
3.1%
Advanced
Energy
Industries
265,500
28,918
Fabrinet
(1)
397,100
75,580
Littelfuse
64,300
17,204
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Novanta
(1)
329,700
55,525
Teledyne
Technologies
(1)
55,730
24,872
Vontier
976,600
33,741
Zebra
Technologies,
Class
A
(1)
25,200
6,888
242,728
IT
Services
0.5%
Gartner (1)
47,400
21,382
Perficient
(1)
288,600
18,996
40,378
Semiconductors
&
Semiconductor
Equipment
4.7%
Axcelis
Technologies
(1)
333,800
43,291
Cirrus
Logic
(1)
241,130
20,060
Diodes
(1)
419,500
33,778
Entegris
118,600
14,211
FormFactor
(1)
357,900
14,928
Kulicke
&
Soffa
Industries
432,300
23,655
Lattice
Semiconductor
(1)
463,600
31,984
MaxLinear
(1)
514,008
12,218
MKS
Instruments
111,900
11,511
Monolithic
Power
Systems
40,607
25,614
Onto
Innovation
(1)
394,200
60,273
Photronics
(1)
99,800
3,131
Power
Integrations
307,500
25,249
Rambus
(1)
680,300
46,430
366,333
Software
10.2%
A10
Networks
788,200
10,381
ACI
Worldwide
(1)
446,600
13,666
Agilysys
(1)
281,600
23,885
Appfolio,
Class
A
(1)
143,300
24,825
Aspen
Technology
(1)
48,076
10,584
Blackbaud
(1)
267,900
23,227
Box,
Class
A
(1)
1,058,700
27,113
Descartes
Systems
Group
(1)
637,300
53,571
DoubleVerify
Holdings
(1)
954,651
35,112
Fair
Isaac
(1)
30,000
34,920
Fortinet
(1)
330,400
19,338
Informatica,
Class
A
(1)
808,700
22,959
Manhattan
Associates
(1)
160,600
34,580
Marathon
Digital
Holdings
(1)
533,000
12,520
MicroStrategy,
Class
A
(1)(3)
44,100
27,855
NCR
Voyix
(1)
473,900
8,014
Nutanix,
Class
A
(1)
1,222,100
58,282
PowerSchool
Holdings,
Class
A
(1)(3)
860,200
20,266
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PTC
(1)
215,250
37,660
Qualys
(1)
278,500
54,664
Rapid7
(1)
344,100
19,648
Riot
Platforms
(1)
394,300
6,100
Sapiens
International
654,900
18,953
Smartsheet,
Class
A
(1)
687,500
32,876
SPS
Commerce
(1)
322,600
62,533
Tenable
Holdings
(1)
629,500
28,995
Teradata
(1)
402,500
17,513
Tyler
Technologies
(1)
75,800
31,694
Workiva
(1)
227,300
23,078
794,812
Technology
Hardware,
Storage
&
Peripherals
0.1%
Pure
Storage,
Class
A
(1)
80,000
2,853
Super
Micro
Computer
(1)
22,700
6,452
9,305
Total
Information
Technology
1,461,676
MATERIALS
3.8%
Chemicals
1.4%
Axalta
Coating
Systems
(1)
1,018,700
34,605
Balchem
97,800
14,548
Element
Solutions
790,300
18,288
Olin
556,400
30,018
Quaker
Chemical
58,900
12,570
110,029
Construction
Materials
0.7%
Eagle
Materials
252,300
51,177
51,177
Containers
&
Packaging
0.2%
Graphic
Packaging
Holding
756,000
18,635
18,635
Metals
&
Mining
1.1%
Alpha
Metallurgical
Resources
97,200
32,943
ATI
(1)
954,100
43,383
Ivanhoe
Electric
(1)
635,735
6,408
82,734
Paper
&
Forest
Products
0.4%
Louisiana-Pacific
480,900
34,062
34,062
Total
Materials
296,637
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
REAL
ESTATE
0.8%
Industrial
Real
Estate
Investment
Trusts
0.6%
First
Industrial
Realty
Trust,
REIT
424,100
22,338
Rexford
Industrial
Realty,
REIT
251,500
14,109
Terreno
Realty,
REIT
160,400
10,052
46,499
Residential
Real
Estate
Investment
Trusts
0.2%
Equity
LifeStyle
Properties,
REIT
219,800
15,505
15,505
Total
Real
Estate
62,004
UTILITIES
0.3%
Independent
Power
&
Renewable
Electricity
Producers
0.3%
Ormat
Technologies
284,100
21,532
Total
Utilities
21,532
Total
Common
Stocks
(Cost
$5,232,005)
7,735,401
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
(5)(6)
58,204,426
58,204
Total
Short-Term
Investments
(Cost
$58,204)
58,204
SECURITIES
LENDING
COLLATERAL
2.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
2.4%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
(5)(6)
185,644,380
185,644
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
185,644
Total
Securities
Lending
Collateral
(Cost
$185,644)
185,644
Total
Investments
in
Securities
102.4%
of
Net
Assets
(Cost
$5,475,853)
$
7,979,249
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
See
Note
3.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2023.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$295
and
represents
0.0%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
year
ended
December
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
—
$
—
$
3,583++
Totals
$
—#
$
—
$
3,583+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
12/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
105,019
¤
¤
$
243,848
Total
$
243,848^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
3.
+
Investment
income
comprised
$3,583
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
$243,848.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$5,475,853)
$
7,979,249
Receivable
for
shares
sold
11,813
Receivable
for
investment
securities
sold
8,360
Dividends
receivable
1,665
Cash
459
Other
assets
675
Total
assets
8,002,221
Liabilities
Obligation
to
return
securities
lending
collateral
185,644
Payable
for
shares
redeemed
9,526
Payable
for
investment
securities
purchased
9,429
Investment
management
fees
payable
4,073
Due
to
affiliates
107
Payable
to
directors
6
Other
liabilities
877
Total
liabilities
209,662
NET
ASSETS
$
7,792,559
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
2,596,757
Paid-in
capital
applicable
to
189,192,632
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
5,195,802
NET
ASSETS
$
7,792,559
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$3,736,871;
Shares
outstanding:
91,147,714)
$
41.00
Advisor
Class
(Net
assets:
$14,519;
Shares
outstanding:
360,298)
$
40.30
I
Class
(Net
assets:
$4,041,169;
Shares
outstanding:
97,684,620)
$
41.37
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$89)
$
38,431
Securities
lending
537
Other
3
Total
income
38,971
Expenses
Investment
management
46,024
Shareholder
servicing
Investor
Class
$
5,015
Advisor
Class
24
I
Class
202
5,241
Rule
12b-1
fees
Advisor
Class
39
Prospectus
and
shareholder
reports
Investor
Class
491
Advisor
Class
6
I
Class
241
738
Proxy
and
annual
meeting
369
Custody
and
accounting
283
Registration
136
Legal
and
audit
30
Directors
25
Miscellaneous
57
Total
expenses
52,942
Net
investment
loss
(13,971)
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
on
securities
263,303
Change
in
net
unrealized
gain
/
loss
on
securities
1,131,227
Net
realized
and
unrealized
gain
/
loss
1,394,530
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
1,380,559
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
loss
$
(13,971)
$
(12,742)
Net
realized
gain
263,303
159,530
Change
in
net
unrealized
gain
/
loss
1,131,227
(2,282,935)
Increase
(decrease)
in
net
assets
from
operations
1,380,559
(2,136,147)
Distributions
to
shareholders
Net
earnings
Investor
Class
(88,962)
(122,439)
Advisor
Class
(349)
(636)
I
Class
(95,107)
(117,304)
Decrease
in
net
assets
from
distributions
(184,418)
(240,379)
Capital
share
transactions
*
Shares
sold
Investor
Class
632,200
608,257
Advisor
Class
2,151
2,866
I
Class
755,418
1,149,059
Distributions
reinvested
Investor
Class
83,773
115,243
Advisor
Class
349
636
I
Class
90,830
110,347
Shares
redeemed
Investor
Class
(918,817)
(1,583,159)
Advisor
Class
(7,949)
(7,822)
I
Class
(671,761)
(1,186,327)
Decrease
in
net
assets
from
capital
share
transactions
(33,806)
(790,900)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Net
Assets
Increase
(decrease)
during
period
1,162,335
(3,167,426)
Beginning
of
period
6,630,224
9,797,650
End
of
period
$
7,792,559
$
6,630,224
*Share
information
(000s)
Shares
sold
Investor
Class
16,650
15,895
Advisor
Class
57
75
I
Class
19,762
30,274
Distributions
reinvested
Investor
Class
2,091
3,295
Advisor
Class
9
18
I
Class
2,247
3,132
Shares
redeemed
Investor
Class
(24,305)
(41,650)
Advisor
Class
(217)
(197)
I
Class
(17,609)
(31,224)
Decrease
in
shares
outstanding
(1,315)
(20,382)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Integrated
Equity
Funds,
Inc.
(the
corporation),
formerly
the
Quantitative
Management
Funds,
Inc., is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
(the
fund),
formerly
the
T.
Rowe
Price
QM
U.S.
Small-Cap
Growth
Equity
Fund,
is a
diversified,
open-
end
management
investment
company
established
by
the
corporation. The
fund
seeks
long-term
growth
of
capital
by
investing
primarily
in
common
stocks
of
small
growth
companies.
The
fund
has three classes
of
shares:
the
Integrated
U.S.
Small-
Cap
Growth
Equity
Fund
(Investor
Class),
the
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–Advisor
Class
(Advisor
Class)
and
the
Integrated
U.S.
Small-Cap
Growth
Equity
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/
or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
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.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,735,106
$
295
$
—
$
7,735,401
Short-Term
Investments
58,204
—
—
58,204
Securities
Lending
Collateral
185,644
—
—
185,644
Total
$
7,978,954
$
295
$
—
$
7,979,249
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2023,
the
value
of
loaned
securities
was
$177,094,000;
the
value
of
cash
collateral
and
related
investments
was
$185,644,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $2,659,982,000 and
$2,893,709,000,
respectively,
for
the
year ended
December
31,
2023.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
current
net
operating
loss
and
deemed
distributions
on
shareholder
redemptions.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2023
December
31,
2022
Long-term
capital
gain
$
184,418
$
240,379
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
At
December
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
NOTE
5
-
FOREIGN
TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
($000s)
Cost
of
investments
$
5,485,997
Unrealized
appreciation
$
2,739,309
Unrealized
depreciation
(246,057)
Net
unrealized
appreciation
(depreciation)
$
2,493,252
($000s)
Undistributed
long-term
capital
gain
$
103,505
Net
unrealized
appreciation
(depreciation)
2,493,252
Total
distributable
earnings
(loss)
$
2,596,757
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.35%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2023,
the
effective
annual
group
fee
rate
was
0.29%.
Effective
November
1,
2023,
the Investor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
November
1,
2023,
the
Investor Class
was
not
subject
to
a
contractual
expense
limitation.
Effective
June
1,
2023,
the Advisor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
June
1,
2023,
the
Advisor Class
was
not
subject
to
a
contractual
expense
limitation.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
year
ended
December
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$112,000
for
Price
Associates;
$1,045,000
for
T.
Rowe
Price
Services,
Inc.;
and
$140,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.99%
1.24%
0.05%
Expense
limitation
date
04/30/26
04/30/26
04/30/26
(Waived)/repaid
during
the
period
($000s)
$—
$—
$—
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has
voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
investment
research
embedded
in
the
cost
of
the
fund’s
securities
trades.
This
agreement
may
be
rescinded
at
any
time.
For
the
year ended
December
31,
2023,
this
reimbursement
amounted
to
$186,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
7
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Integrated
Equity
Funds,
Inc.
(formerly
T.
Rowe
Price
Quantitative
Management
Funds,
Inc.)
and
Shareholders
of
T.
Rowe
Price
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
(formerly
T.
Rowe
Price
QM
U.S.
Small-Cap
Growth
Equity
Fund)
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
(formerly
T.
Rowe
Price
QM
U.S.
Small-Cap
Growth
Equity
Fund)
(one
of
the
funds
constituting
T.
Rowe
Price
Integrated
Equity
Funds,
Inc.
(formerly
T.
Rowe
Price
Quantitative
Management
Funds,
Inc.),
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$194,965,000 from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$31,513,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$29,782,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
INTERESTED
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With Integrated
Equity
Funds,
Inc.
Principal
Occupation(s)
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
David
Corris
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Head
of
Disciplined
Equities
and
Portfolio
Manager,
Bank
of
Montreal
Global
Asset
Management
(to
2021)
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Integrated
U.S.
Small-Cap
Growth
Equity
Fund
Name
(Year
of
Birth)
Position
Held
With Integrated
Equity
Funds,
Inc.
Principal
Occupation(s)
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Prashant
G.
Jeyaganesh
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Vidya
Kadiyam,
CFA
(1980)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Rinald
Murataj,
Ph.D.
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Sudhir
Nanda,
Ph.D.,
CFA
(1959)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Jordan
S.
Pryor
(1991)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Peter
Stournaras
(1973)
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Managing
Director,
Chief
Portfolio
Strategist,
JP
Morgan
Private
Bank
(to
2020);
Private
Consultant
and
Advisor,
Pteleos
Consulting
(to
2018)
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
202402-3282421
F120-050
2/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of
Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR,
applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in
Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the
registrant’s principal accountant were as follows:
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2023 |
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2022 |
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Audit Fees |
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$ |
24,714 |
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$ |
21,734 |
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Audit-Related Fees |
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- |
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- |
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Tax Fees |
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- |
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- |
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All Other Fees |
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- |
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- |
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Audit fees include amounts related to the audit of the registrant’s annual financial statements and
services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically
include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these
services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for
agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The
registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity
controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings.
If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting.
Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s
engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant
were $1,524,000 and $2,037,000, respectively.
(h) All non-audit services rendered in
(g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s
independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of
Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls
and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal
executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for
Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| T. Rowe Price Integrated Equity Funds, Inc. |
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| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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February 16, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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February 16, 2024 |
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| By |
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/s/ Alan S. Dupski |
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Alan S. Dupski |
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Principal Financial Officer |
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| Date |
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February 16, 2024 |
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