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Form N-CSR T. Rowe Price Integrated For: Dec 31

February 22, 2024 10:22 AM EST

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
December
31,
2023
Annual
Report
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
1
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
2
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
3
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
4
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
5
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
6
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
7
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
8
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
9
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
10
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
11
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
12
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