0001038469 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:C000166436Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:C000166438Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member rr:RiskLoseMoneyMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:QuantitativemodelsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:ForeigninvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:StockinvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:EmergingmarketsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:MarketconditionsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:Large-andmid-capstocksMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:SectorexposureMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:ActivemanagementMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:CybersecuritybreachesMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member rr:AfterTaxesOnDistributionsMember cik0001038469:C000166436Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001038469:C000166436Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:MSCIAllCountryWorldIndexNetMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:MSCIAllCountryWorldIndexNet1Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:LipperGlobalMulti-CapCoreFundsIndex2Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052903Member cik0001038469:LipperGlobalMulti-CapCoreFundsIndex3Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:C000166442Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:C000166444Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:C000166443Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member rr:RiskLoseMoneyMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:QuantitativemodelsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:Large-capstocksMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:StockinvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:MarketconditionsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:ValueinvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:SectorexposureMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:ActivemanagementMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:CybersecuritybreachesMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member rr:AfterTaxesOnDistributionsMember cik0001038469:C000166442Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001038469:C000166442Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:Russell3000IndexMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:Russell3000Index4Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:Russell3000Index5Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:Russell1000ValueIndex6Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:Russell1000ValueIndex7Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:LipperMulti-CapValueFundsIndex8Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052905Member cik0001038469:LipperMulti-CapValueFundsIndex9Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:C000005434Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:C000169956Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:C000170855Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member rr:RiskLoseMoneyMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:Small-capstocksMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:QuantitativemodelsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:GrowthinvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:MarketconditionsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:StockinvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:SectorexposureMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:ActivemanagementMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:CybersecuritybreachesMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member rr:AfterTaxesOnDistributionsMember cik0001038469:C000005434Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001038469:C000005434Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:Russell3000IndexMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:Russell3000Index10Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:Russell3000Index11Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:Russell3000Index12Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:MSCIUSSmallCapGrowthIndexMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:MSCIUSSmallCapGrowthIndex13Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:MSCIUSSmallCapGrowthIndex14Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:LipperSmall-CapGrowthFundsIndex15Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:LipperSmall-CapGrowthFundsIndex16Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000002074Member cik0001038469:LipperSmall-CapGrowthFundsIndex17Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:C000166439Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:C000166441Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:C000166440Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member rr:RiskLoseMoneyMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:Small-andmid-capstocksMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:QuantitativemodelsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:StockinvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:MarketconditionsMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:SectorexposureMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:ForeigninvestingMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:ActivemanagementMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:CybersecuritybreachesMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member rr:AfterTaxesOnDistributionsMember cik0001038469:C000166439Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001038469:C000166439Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:Russell3000IndexMember 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:Russell3000Index18Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:Russell3000Index19Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:Russell2500Index20Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:Russell2500Index21Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:LipperSmall-CapCoreFundsIndex22Member 2024-12-31 2024-12-31 0001038469 cik0001038469:S000052904Member cik0001038469:LipperSmall-CapCoreFundsIndex23Member 2024-12-31 2024-12-31 iso4217:USD pure utr:Y T. Rowe Price Integrated Equity Funds, Inc. 2025-03-01 Integrated Global Equity Fund Investment Objective(s) The fund seeks long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0053 0.0053 0.0098 0.0077 0.0151 0.0130 -0.0077 -0.0072 0.0074 0.0058 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 76 388 738 1724 59 328 632 1493 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 48.5% of the average value of its portfolio. Portfolio Turnover 0.485 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund typically invests in at least five countries, including the U.S., and the amount of the fund’s assets invested outside the U.S. will vary depending on the adviser’s outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers. The fund relies on MSCI, Inc., a third-party provider of benchmark indexes and data services, or another third-party data provider to determine the country assigned to a security.The fund invests predominantly in common stocks and may invest in companies of any market capitalization, but will generally focus on large- and mid-cap companies. The fund seeks investments in companies around the world that are expected by T. Rowe Price to be mispriced by the markets based on certain quantitative metrics.The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.At times, the fund may have a significant portion of its assets invested in the same economic sector. Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. Quantitative models: The fund’s reliance on quantitative models and the analysis of specific metrics in constructing the fund’s portfolio could cause the adviser to be unsuccessful in selecting companies for investment or determining the weighting of particular stocks in 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, the data on which the models rely may be incorrect or incomplete, or the models may not be implemented as intended by the adviser. Any of these factors could cause the fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets. Stock investing: 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 stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry. Emerging markets: Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Large- and mid-cap stocks: Securities issued by large- and mid-cap companies tend to be less volatile than securities issued by small-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful small-cap companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. The fund’s share price could fluctuate more than the share price of a fund that invests only in large-cap companies as stocks of mid-cap companies entail greater risk and are usually more volatile than stocks of large-cap companies. Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">TotalReturn</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">18.80%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-19.99%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1880 Worst Quarter 2020-03-31 -0.1999 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2016-04-15 0.1794 0.1079 0.1113 0.1674 0.0940 0.1015 0.1139 0.0831 0.0893 2016-04-15 0.1811 0.1095 0.1128 MSCI All Country World Index Net (reflects no deduction for fees or expenses) 0.1749 0.1006 0.1076 Lipper Global Multi-Cap Core Funds Index 0.1196 0.0831 0.0930 Updated performance information is available through troweprice.com. troweprice.com Integrated U.S. Large-Cap Value Equity Fund Investment Objective(s) The fund seeks long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0 0 0.0025 0.0120 0.0090 0.0160 0.0168 0.0138 0.0233 -0.0096 -0.0085 -0.0134 0.0072 0.0053 0.0099 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 74 419 806 1892 54 338 660 1570 101 576 1102 2544 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 67.5% of the average value of its portfolio. Portfolio Turnover 0.675 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of large-cap U.S. companies with value characteristics. For purposes of the fund’s 80% investment policy, the fund considers a company to have value characteristics if the company’s securities are represented in an appropriate third-party value-oriented index. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund defines a large-cap company as a company whose market capitalization falls above the minimum market capitalization in the MSCI USA Large Cap Index or MSCI World Large Cap Index (after systematically removing any companies that cannot reasonably be considered a large-cap company from the low end of the range of each index). The market capitalization of the companies in the indexes change over time and the indexes are periodically reconstituted to ensure that they continue to accurately reflect the large-cap equity market. As of December 31, 2024, the smallest market capitalization represented across these indexes (after removing any outlier companies) was $10 billion. The fund expects to invest predominantly in common stocks of companies that appear to be undervalued by various measures. The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.At times, the fund may have a significant portion of its assets invested in the same economic sector. Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. Quantitative models: The fund’s reliance on quantitative models and the analysis of specific metrics in constructing the fund’s portfolio could cause the adviser to be unsuccessful in selecting companies for investment or determining the weighting of particular stocks in 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, the data on which the models rely may be incorrect or incomplete, or the models may not be implemented as intended by the adviser. Any of these factors could cause the fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis. Large-cap stocks: Securities issued by large-cap companies tend to be less volatile than securities issued by small- and mid-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful small- and mid-cap companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. Stock investing: 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 stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Value investing: The fund’s value approach to investing could cause it to underperform other stock funds that employ a different investment style. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time (or at all) or a stock judged to be undervalued may actually be appropriately priced at a low level. Value stocks may fail to appreciate for long periods and may never reach what the adviser believes are their full market values. Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">TotalReturn</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">12/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">20.06%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-29.84%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-12-31 0.2006 Worst Quarter 2020-03-31 -0.2984 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2016-02-26 0.1608 0.0993 0.1122 0.1385 0.0859 0.1000 0.1088 0.0769 0.0895 2016-02-26 0.1626 0.1015 0.1142 2016-02-26 0.1575 0.0967 0.1093 Russell 3000® Index Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) 0.2381 0.1386 0.1490 Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes) 0.1437 0.0868 0.1070 Lipper Multi-Cap Value Funds Index 0.1282 0.0929 0.1037 Updated performance information is available through troweprice.com. troweprice.com Integrated U.S. Small-CapGrowth Equity Fund Investment Objective(s) The fund seeks long-term growth of capital by investing primarily in common stocks of small growth companies. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0063 0.0063 0.0063 0 0 0.0025 0.0016 0.0002 0.0019 0.0079 0.0065 0.0107 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 81 252 439 978 66 208 362 810 109 340 590 1306 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 40.7% of the average value of its portfolio. Portfolio Turnover 0.407 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities issued by small-cap U.S. growth companies. For purposes of the fund’s 80% investment policy, the fund considers a company to be a growth company if the company’s securities are represented in an appropriate third-party growth-oriented index. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund defines a small-cap company as a company whose market capitalization falls below the maximum market capitalization in the Russell 2000 Index, MSCI USA Small Cap Index or MSCI World Small Cap Index (after systematically removing any companies that cannot reasonably be considered a small-cap company from the high end of the range of each index). The market capitalizations of the companies in the indexes change over time and the indexes are periodically reconstituted to ensure that they continue to accurately reflect the small-cap equity market. As of December 31, 2024, the largest market capitalization represented across these indexes (after removing any outlier companies) was $29 billion. The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.As part of the stock selection process, the adviser focuses primarily on companies that, in the adviser’s opinion, are capable of achieving and sustaining above-average, long-term earnings growth. At times, the fund may have a significant portion of its assets invested in the same economic sector. Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. Small-cap stocks: Investments in securities issued by small-cap companies are likely to be more volatile than investments in securities issued by larger companies. Small-cap companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, small-cap companies are typically more sensitive to changes in overall economic conditions and their securities may be difficult to trade. Quantitative models: The fund’s reliance on quantitative models and the analysis of specific metrics in constructing the fund’s portfolio could cause the adviser to be unsuccessful in selecting companies for investment or determining the weighting of particular stocks in 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, the data on which the models rely may be incorrect or incomplete, or the models may not be implemented as intended by the adviser. Any of these factors could cause the fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis. Growth investing: 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. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Stock investing: 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 stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry. Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">TotalReturn</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">6/30/20</td><td style="vertical-align:top; background-color:#E6E6E6;">24.02%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-23.85%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.2402 Worst Quarter 2020-03-31 -0.2385 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 1997-06-30 0.1293 0.0791 0.0967 0.1097 0.0638 0.0862 0.0905 0.0607 0.0779 2016-03-23 0.1306 0.0806 0.1164 2016-07-05 0.1261 0.0759 0.1076 Russell 3000® Index Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) 0.1442 0.2381 0.1386 0.1255 0.1446 MSCI US Small Cap Growth Index (reflects no deduction for fees, expenses, or taxes) 0.1177 0.1235 0.0914 0.0932 0.1140 Lipper Small-Cap Growth Funds Index 0.1224 0.1362 0.0858 0.0972 0.1185 Updated performance information is available through troweprice.com. troweprice.com Integrated U.S. Small-Mid Cap Core Equity Fund Investment Objective(s) The fund seeks long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0063 0.0063 0.0063 0 0 0.0025 0.0027 0.0008 0.0053 0.0090 0.0071 0.0141 -0.0003 -0.0003 -0.0027 0.0087 0.0068 0.0114 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 283 495 1105 69 223 392 879 116 415 741 1663 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 52.6% of the average value of its portfolio. Portfolio Turnover 0.526 Principal Investment Strategies Under normal conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities issued by small- and mid-cap U.S. companies. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund defines small- and mid-cap companies as companies whose market capitalization falls below the maximum market capitalization in the Russell Midcap Index, MSCI USA Mid Cap Index or MSCI World Mid Cap Index (after systematically removing any companies that cannot reasonably be considered a small- or mid-cap company from the high end of the range of each index). The market capitalizations of the companies in the indexes change over time and the indexes are periodically reconstituted to ensure that they continue to accurately reflect the small- and mid-cap equity markets. As of December 31, 2024, the largest market capitalization represented across these indexes (after removing any outlier companies) was $79 billion. The fund invests predominantly in common stocks. The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.At times, the fund may have a significant portion of its assets invested in the same economic sector. While most assets will typically be invested in U.S. equity securities, the fund may invest up to 20% of its total assets in foreign securities, including securities of emerging market issuers. Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. Small- and mid-cap stocks: Investments in securities issued by small- and mid-cap companies are likely to be more volatile than investments in securities issued by larger companies. Small- and mid-cap companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, small-cap companies tend to be more sensitive to changes in overall economic conditions and their securities may have limited trading markets. Quantitative models: The fund’s reliance on quantitative models and the analysis of specific metrics in constructing the fund’s portfolio could cause the adviser to be unsuccessful in selecting companies for investment or determining the weighting of particular stocks in 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, the data on which the models rely may be incorrect or incomplete, or the models may not be implemented as intended by the adviser. Any of these factors could cause the fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis. Stock investing: 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 stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">TotalReturn</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;">Quarter Ended</td><td style="vertical-align:top;">Total Return</td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Best Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">12/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">21.84%</td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;">Worst Quarter</td><td style="vertical-align:top; background-color:#E6E6E6;">3/31/20</td><td style="vertical-align:top; background-color:#E6E6E6;">-27.43%</td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-12-31 0.2184 Worst Quarter 2020-03-31 -0.2743 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2016-02-26 0.1640 0.1086 0.1245 0.1458 0.0992 0.1176 0.1075 0.0850 0.1019 2016-02-26 0.1661 0.1107 0.1265 2016-02-26 0.1606 0.1055 0.1213 Russell 3000® Index Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) 0.2381 0.1386 0.1490 Russell 2500® Index (reflects no deduction for fees, expenses, or taxes) 0.1200 0.0877 0.1134 Lipper Small-Cap Core Funds Index 0.1056 0.0864 0.1084 Updated performance information is available through troweprice.com. troweprice.com 485BPOS 2024-12-31 0001038469 false 2025-02-25 2025-03-01 N-1A ~ http://troweprice.com/20241231/role/RRSchedule4 ~ ~ http://troweprice.com/20241231/role/RRSchedule5 ~ ~ http://troweprice.com/20241231/role/RRSchedule6 ~ ~ http://troweprice.com/20241231/role/RRBarChart7 ~ ~ http://troweprice.com/20241231/role/RRSchedule8 ~ ~ http://troweprice.com/20241231/role/RRSchedule12 ~ ~ http://troweprice.com/20241231/role/RRSchedule13 ~ ~ http://troweprice.com/20241231/role/RRSchedule14 ~ ~ http://troweprice.com/20241231/role/RRBarChart15 ~ ~ http://troweprice.com/20241231/role/RRSchedule16 ~ ~ http://troweprice.com/20241231/role/RRSchedule20 ~ ~ http://troweprice.com/20241231/role/RRSchedule21 ~ ~ http://troweprice.com/20241231/role/RRSchedule22 ~ ~ http://troweprice.com/20241231/role/RRBarChart23 ~ ~ http://troweprice.com/20241231/role/RRSchedule24 ~ ~ http://troweprice.com/20241231/role/RRSchedule28 ~ ~ http://troweprice.com/20241231/role/RRSchedule29 ~ ~ http://troweprice.com/20241231/role/RRSchedule30 ~ ~ http://troweprice.com/20241231/role/RRBarChart31 ~ ~ http://troweprice.com/20241231/role/RRSchedule32 ~ 0.2491 -0.0999 0.2766 0.1534 0.1965 -0.1708 0.2368 0.1794 0.1591 -0.1092 0.2538 -0.005 0.2889 -0.0344 0.1168 0.1608 0.0233 0.1131 0.2212 -0.0686 0.3276 0.2384 0.113 -0.2241 0.2116 0.1293 0.1593 -0.1089 0.3019 0.1169 0.2186 -0.131 0.2161 0.164 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 ~ http://troweprice.com/20241231/role/RRSchedule9 ~ ~ http://troweprice.com/20241231/role/RRSchedule17 ~ ~ http://troweprice.com/20241231/role/RRSchedule25 ~ ~ http://troweprice.com/20241231/role/RRSchedule33 ~ Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.74%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.74%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 4/15/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.72%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.72%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.99%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.99%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 2/26/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 3/23/16. Return since 7/05/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.87%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.87%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.14%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.14%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 2/26/16.