Form 497K T. Rowe Price Quantitati

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

In the Summary Prospectus and Section 1 of the Prospectus, the portfolio manager table under “Management” is supplemented as follows:

Effective February 1, 2022, Navneesh Malhan will step down as co-portfolio manager and cochair of the fund’s Investment Advisory Committee. David Corris, Prashant Jeyaganesh, and Vidya Kadiyam will remain as co-portfolio managers and cochairs of the fund’s Investment Advisory Committee.

In Section 2 of the Prospectus, the disclosure under “Portfolio Management” is supplemented as follows:

Effective February 1, 2022, Navneesh Malhan will step down as co-portfolio manager and cochair of the fund’s Investment Advisory Committee. David Corris, Prashant Jeyaganesh, and Vidya Kadiyam will remain as co-portfolio managers and cochairs of the fund’s Investment Advisory Committee.

F202-042 1/24/22

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