T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.0%

COMMUNICATION

SERVICES

1.5%

Entertainment

0.5%

Cinemark

Holdings (1)

774,949‌

14,887‌

Zynga,

Class

A (1)

2,554,384‌

19,234‌

34,121‌

Interactive

Media

&

Services

0.1%

Genius

Sports (1)

210,600‌

3,930‌

3,930‌

Media

0.9%

Advantage

Solutions (1)

610,538‌

5,281‌

Advantage

Solutions,

Warrants,

12/31/26 (1)

147,335‌

268‌

Cable

One 

30,017‌

54,425‌

59,974‌

Total

Communication

Services

98,025‌

CONSUMER

DISCRETIONARY

10.5%

Auto

Components

0.5%

Gentherm (1)

330,699‌

26,764‌

Stoneridge (1)

434,400‌

8,857‌

35,621‌

Diversified

Consumer

Services

1.2%

Alclear

Holdings,

Acquisition

Date:

3/6/18

-

12/13/18,

Cost $7,841 (1)(2)

1,043,667‌

40,700‌

Bright

Horizons

Family

Solutions (1)

247,749‌

34,541‌

Rover

Group,

Acquisition

Date:

5/11/18

-

8/2/21,

Cost $2,607 (1)(2)

361,837‌

4,672‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

361,837‌

256‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

361,837‌

206‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

361,837‌

50‌

80,425‌

Hotels,

Restaurants

&

Leisure

3.1%

Bally's (1)

113,894‌

5,711‌

BJ's

Restaurants (1)

652,353‌

27,242‌

Chuy's

Holdings (1)

601,003‌

18,950‌

Denny's (1)

868,090‌

14,185‌

Drive

Shack (1)

1,580,200‌

4,440‌

Dutch

Bros,

Class

A (1)

214,073‌

9,274‌

Fiesta

Restaurant

Group (1)

1,249,976‌

13,700‌

Papa

John's

International 

577,851‌

73,381‌

Red

Robin

Gourmet

Burgers (1)

451,976‌

10,422‌

Red

Rock

Resorts,

Class

A (1)

89,200‌

4,569‌

Ruth's

Hospitality

Group (1)

557,720‌

11,550‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $17,606 (1)(2)

(3)(4)

2,059,233‌

17,606‌

211,030‌

Household

Durables

0.8%

Cavco

Industries (1)

68,546‌

16,228‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Skyline

Champion (1)

621,754‌

37,342‌

53,570‌

Internet

&

Direct

Marketing

Retail

1.2%

1stdibs.com,

Acquisition

Date:

2/7/19,

Cost $2,637 (1)(2)

175,419‌

2,066‌

Altimeter

Growth (1)

651,355‌

6,930‌

Altimeter

Growth

SPAC

/

Grab

Holdings

PIPE (1)(5)

726,587‌

6,683‌

Big

Sky

Growth

Partners (1)

719,987‌

7,186‌

Deliveroo

Holdings,

Acquisition

Date:

9/12/17

-

5/16/19,

Cost $9,193

(GBP) (1)(2)

5,170,800‌

19,142‌

Poshmark,

Class

A (1)

84,453‌

2,007‌

RealReal (1)

860,400‌

11,340‌

ThredUp,

Class

A (1)

372,446‌

8,078‌

Xometry,

Acquisition

Date:

7/20/20

-

9/4/20,

Cost $3,130 (1)(2)

307,867‌

16,867‌

Xometry,

Class

A (1)

64,949‌

3,746‌

84,045‌

Multiline

Retail

0.6%

Ollie's

Bargain

Outlet

Holdings (1)

641,580‌

38,675‌

38,675‌

Specialty

Retail

2.2%

Burlington

Stores (1)

262,713‌

74,498‌

Five

Below (1)

55,395‌

9,794‌

Monro 

505,154‌

29,051‌

Petco

Health

&

Wellness (1)

407,657‌

8,602‌

RH (1)

40,405‌

26,946‌

148,891‌

Textiles,

Apparel

&

Luxury

Goods

0.9%

Allbirds,

Acquisition

Date:

10/10/18

-

12/21/18,

Cost $2,916 (1)(2)(3)

265,810‌

3,073‌

Capri

Holdings (1)

546,200‌

26,442‌

Skechers

USA,

Class

A (1)

545,400‌

22,972‌

Steven

Madden 

165,100‌

6,631‌

59,118‌

Total

Consumer

Discretionary

711,375‌

CONSUMER

STAPLES

2.9%

Beverages

0.8%

Boston

Beer,

Class

A (1)

112,275‌

57,232‌

57,232‌

Food

Products

2.0%

Cal-Maine

Foods 

611,031‌

22,095‌

Nomad

Foods (1)

838,353‌

23,105‌

Post

Holdings (1)

347,360‌

38,265‌

Post

Holdings

Partnering (1)

475,490‌

4,807‌

TreeHouse

Foods (1)

698,203‌

27,844‌

Utz

Brands 

1,167,977‌

20,008‌

136,124‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Personal

Products

0.1%

BellRing

Brands,

Class

A (1)

311,383‌

9,575‌

9,575‌

Total

Consumer

Staples

202,931‌

ENERGY

3.0%

Energy

Equipment

&

Services

1.1%

Cactus,

Class

A 

304,800‌

11,497‌

Dril-Quip (1)

224,100‌

5,643‌

Halliburton 

1,185,700‌

25,635‌

Liberty

Oilfield

Services,

Class

A (1)

1,887,197‌

22,891‌

NexTier

Oilfield

Solutions (1)

2,914,500‌

13,407‌

79,073‌

Oil,

Gas

&

Consumable

Fuels

1.9%

Devon

Energy 

919,672‌

32,658‌

Diamondback

Energy 

518,324‌

49,070‌

Magnolia

Oil

&

Gas,

Class

A 

2,254,949‌

40,115‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $577 (1)(2)(3)

191‌

877‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $8,412 (1)(2)(3)

2,319‌

10,644‌

133,364‌

Total

Energy

212,437‌

FINANCIALS

16.1%

Banks

9.8%

Atlantic

Capital

Bancshares (1)

473,294‌

12,538‌

BankUnited 

1,146,097‌

47,930‌

CrossFirst

Bankshares (1)

769,162‌

9,999‌

Dime

Community

Bancshares 

559,000‌

18,257‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,511 (1)(2)(3)

151,114‌

1,813‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $742 (1)(2)(3)

74,220‌

891‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(2)(3)

22,533‌

89‌

East

West

Bancorp 

547,159‌

42,427‌

Equity

Bancshares,

Class

A 

395,300‌

13,195‌

FB

Financial 

658,179‌

28,223‌

First

Bancshares 

464,632‌

18,018‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $2,456 (1)(2)(3)

245,627‌

1,118‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(2)(3)

47,055‌

—‌

Heritage

Commerce 

1,578,494‌

18,358‌

Heritage

Financial 

489,600‌

12,485‌

Home

BancShares 

1,221,812‌

28,749‌

Live

Oak

Bancshares 

597,510‌

38,020‌

Origin

Bancorp 

554,939‌

23,502‌

Pacific

Premier

Bancorp 

711,219‌

29,473‌

Pinnacle

Financial

Partners 

624,529‌

58,756‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Popular 

286,600‌

22,260‌

Professional

Holding,

Class

A (1)

249,054‌

4,682‌

Sandy

Spring

Bancorp 

493,428‌

22,609‌

Seacoast

Banking 

841,802‌

28,461‌

Signature

Bank 

255,353‌

69,528‌

SouthState 

354,607‌

26,478‌

Webster

Financial 

486,604‌

26,500‌

Western

Alliance

Bancorp 

673,621‌

73,303‌

677,662‌

Capital

Markets

1.2%

Cboe

Global

Markets 

423,832‌

52,496‌

StepStone

Group,

Class

A 

700,952‌

29,888‌

82,384‌

Consumer

Finance

1.1%

Encore

Capital

Group (1)

507,824‌

25,020‌

PRA

Group (1)

543,565‌

22,906‌

PROG

Holdings 

643,871‌

27,049‌

74,975‌

Diversified

Financial

Services

0.1%

Conyers

Park

III

Acquisition (1)

689,938‌

6,968‌

6,968‌

Insurance

2.6%

Assurant 

297,614‌

46,949‌

Axis

Capital

Holdings 

713,295‌

32,840‌

Bright

Health

Group (1)

195,754‌

1,597‌

Bright

Health

Group,

Acquisition

Date:

9/16/20,

Cost $6,531 (1)(2)

959,652‌

7,439‌

Hanover

Insurance

Group 

243,069‌

31,507‌

Selective

Insurance

Group 

667,776‌

50,437‌

Selectquote (1)

487,334‌

6,301‌

177,070‌

Thrifts

&

Mortgage

Finance

1.3%

Blue

Foundry

Bancorp (1)

271,300‌

3,741‌

Capitol

Federal

Financial 

936,847‌

10,764‌

Essent

Group 

628,670‌

27,668‌

Meridian

Bancorp 

402,418‌

8,354‌

PennyMac

Financial

Services 

630,538‌

38,545‌

Sterling

Bancorp (1)

359,962‌

1,858‌

90,930‌

Total

Financials

1,109,989‌

HEALTH

CARE

18.7%

Biotechnology

7.9%

Abcam,

ADR (1)

331,653‌

6,723‌

ACADIA

Pharmaceuticals (1)

158,838‌

2,638‌

Acceleron

Pharma (1)

165,995‌

28,568‌

Agios

Pharmaceuticals (1)

273,579‌

12,626‌

Allogene

Therapeutics (1)

104,549‌

2,687‌

Apellis

Pharmaceuticals (1)

175,300‌

5,778‌

Arcutis

Biotherapeutics (1)

70,793‌

1,691‌

Argenx,

ADR (1)

180,094‌

54,388‌

Ascendis

Pharma,

ADR (1)

285,440‌

45,496‌

Avidity

Biosciences (1)

261,571‌

6,443‌

Blueprint

Medicines (1)

278,128‌

28,594‌

Cerevel

Therapeutics

Holdings (1)

319,507‌

9,425‌

CRISPR

Therapeutics (1)

48,144‌

5,389‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $1,212 (1)(2)(3)

185,000‌

1,212‌

G1

Therapeutics (1)

152,420‌

2,045‌

Generation

Bio (1)

573,679‌

14,382‌

Global

Blood

Therapeutics (1)

483,981‌

12,332‌

Homology

Medicines (1)

251,465‌

1,979‌

Icosavax (1)

179,791‌

5,320‌

IGM

Biosciences (1)

124,703‌

8,200‌

Insmed (1)

1,174,978‌

32,359‌

Intellia

Therapeutics (1)

143,475‌

19,247‌

Iovance

Biotherapeutics (1)

97,400‌

2,402‌

Karuna

Therapeutics (1)

46,211‌

5,653‌

Kodiak

Sciences (1)

379,206‌

36,396‌

Kymera

Therapeutics (1)

78,639‌

4,619‌

MeiraGTx

Holdings (1)

135,923‌

1,791‌

Monte

Rosa

Therapeutics (1)

78,045‌

1,739‌

Morphic

Holding (1)

23,376‌

1,324‌

Nurix

Therapeutics (1)

107,242‌

3,213‌

Orchard

Therapeutics,

ADR (1)

336,901‌

775‌

Prothena (1)

540,040‌

38,467‌

PTC

Therapeutics (1)

68,500‌

2,549‌

Radius

Health (1)

1,313,336‌

16,299‌

RAPT

Therapeutics (1)

290,725‌

9,027‌

Replimune

Group (1)

135,234‌

4,008‌

Scholar

Rock

Holding (1)

403,025‌

13,308‌

Seagen (1)

120,175‌

20,406‌

Tenaya

Therapeutics (1)

71,788‌

1,482‌

TG

Therapeutics (1)

44,338‌

1,476‌

Turning

Point

Therapeutics (1)

157,473‌

10,461‌

Ultragenyx

Pharmaceutical (1)

407,504‌

36,753‌

Xencor (1)

422,360‌

13,794‌

Zentalis

Pharmaceuticals (1)

146,124‌

9,738‌

543,202‌

Health

Care

Equipment

&

Supplies

3.8%

AtriCure (1)

348,672‌

24,250‌

Avanos

Medical (1)

572,647‌

17,866‌

Axonics (1)

127,977‌

8,330‌

CVRx (1)

164,925‌

2,728‌

ICU

Medical (1)

131,482‌

30,685‌

Inari

Medical (1)

167,300‌

13,568‌

Mesa

Laboratories 

29,791‌

9,008‌

Nevro (1)

162,292‌

18,887‌

NuVasive (1)

232,426‌

13,911‌

Outset

Medical (1)

126,940‌

6,276‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $7,145 (1)(2)(3)

1,897,440‌

2,410‌

Penumbra (1)

72,236‌

19,251‌

PROCEPT

BioRobotics (1)

62,202‌

2,373‌

Pulmonx (1)

41,284‌

1,485‌

Quidel (1)

290,837‌

41,052‌

Warby

Parker,

Class

A (1)

990,482‌

52,545‌

264,625‌

Health

Care

Providers

&

Services

4.1%

Accolade (1)

213,495‌

9,003‌

Alignment

Healthcare (1)

840,222‌

13,427‌

Amedisys (1)

179,239‌

26,724‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

dentalcorp

Holdings

(CAD) (1)

783,355‌

10,248‌

Hanger (1)

1,091,018‌

23,959‌

ModivCare (1)

174,279‌

31,652‌

Molina

Healthcare (1)

303,965‌

82,469‌

Oak

Street

Health (1)

348,107‌

14,805‌

Option

Care

Health (1)

802,170‌

19,461‌

Pennant

Group (1)

319,588‌

8,977‌

Privia

Health

Group (1)

174,995‌

4,123‌

Surgery

Partners (1)

290,175‌

12,286‌

U.S.

Physical

Therapy 

213,488‌

23,612‌

280,746‌

Health

Care

Technology

0.3%

Certara (1)

137,331‌

4,546‌

Definitive

Healthcare (1)

142,656‌

6,110‌

Doximity,

Class

A (1)

108,994‌

8,796‌

Sophia

Genetics (1)

279,811‌

4,905‌

24,357‌

Life

Sciences

Tools

&

Services

1.3%

Adaptive

Biotechnologies (1)

181,906‌

6,183‌

Bruker 

763,755‌

59,649‌

Olink

Holding,

ADR (1)

365,226‌

8,857‌

Quanterix (1)

93,638‌

4,662‌

Rapid

Micro

Biosystems,

Class

A (1)

268,743‌

4,964‌

Seer (1)

239,376‌

8,266‌

92,581‌

Pharmaceuticals

1.3%

Arvinas (1)

42,684‌

3,508‌

Atea

Pharmaceuticals (1)

71,991‌

2,524‌

Catalent (1)

543,281‌

72,294‌

Reata

Pharmaceuticals,

Class

A (1)

131,981‌

13,279‌

91,605‌

Total

Health

Care

1,297,116‌

INDUSTRIALS

&

BUSINESS

SERVICES

14.9%

Aerospace

&

Defense

0.2%

BWX

Technologies 

119,084‌

6,414‌

Parsons (1)

252,463‌

8,523‌

14,937‌

Airlines

0.1%

Sun

Country

Airlines

Holdings (1)

221,811‌

7,440‌

7,440‌

Building

Products

0.9%

CSW

Industrials 

90,035‌

11,497‌

Gibraltar

Industries (1)

553,546‌

38,555‌

PGT

Innovations (1)

771,467‌

14,735‌

64,787‌

Commercial

Services

&

Supplies

2.1%

ADT 

2,526,392‌

20,438‌

Brink's 

321,690‌

20,363‌

Heritage-Crystal

Clean (1)

485,700‌

14,076‌

MSA

Safety 

144,249‌

21,017‌

Rentokil

Initial

(GBP) 

4,180,386‌

32,828‌

Stericycle (1)

231,100‌

15,708‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Tetra

Tech 

116,706‌

17,429‌

141,859‌

Electrical

Equipment

0.9%

AZZ 

691,219‌

36,773‌

Shoals

Technologies

Group,

Class

A (1)

625,400‌

17,436‌

Thermon

Group

Holdings (1)

301,400‌

5,217‌

59,426‌

Machinery

5.4%

Chart

Industries (1)

123,752‌

23,650‌

Enerpac

Tool

Group 

1,287,967‌

26,700‌

ESCO

Technologies 

401,418‌

30,909‌

Federal

Signal 

529,000‌

20,430‌

Graco 

458,727‌

32,097‌

Helios

Technologies 

345,617‌

28,379‌

Ingersoll

Rand (1)

1,044,315‌

52,644‌

John

Bean

Technologies 

358,904‌

50,444‌

Marel

(ISK) 

1,155,910‌

8,004‌

Meritor (1)

1,005,609‌

21,429‌

Mueller

Water

Products,

Class

A 

1,617,078‌

24,612‌

SPX (1)

503,911‌

26,934‌

Toro 

261,370‌

25,460‌

371,692‌

Marine

0.5%

Matson 

397,043‌

32,045‌

32,045‌

Professional

Services

2.2%

Booz

Allen

Hamilton

Holding 

358,243‌

28,426‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $2,271 (1)(2)(3)

97,182‌

5,248‌

Clarivate (1)

2,066,546‌

45,257‌

Huron

Consulting

Group (1)

196,400‌

10,213‌

Legalzoom.com (1)

106,651‌

2,816‌

Upwork (1)

1,267,725‌

57,086‌

149,046‌

Road

&

Rail

1.0%

Knight-Swift

Transportation

Holdings 

481,276‌

24,617‌

Landstar

System 

121,933‌

19,244‌

Saia (1)

115,532‌

27,500‌

71,361‌

Trading

Companies

&

Distributors

1.6%

Air

Lease 

355,800‌

13,997‌

Rush

Enterprises,

Class

A 

458,739‌

20,717‌

SiteOne

Landscape

Supply (1)

372,740‌

74,350‌

109,064‌

Total

Industrials

&

Business

Services

1,021,657‌

INFORMATION

TECHNOLOGY

14.2%

Communications

Equipment

0.0%

Infinera (1)

283,754‌

2,361‌

2,361‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Electronic

Equipment,

Instruments

&

Components

3.7%

CTS 

884,488‌

27,340‌

Littelfuse 

129,858‌

35,486‌

National

Instruments 

675,040‌

26,482‌

Novanta (1)

419,403‌

64,798‌

PAR

Technology (1)

632,389‌

38,898‌

Teledyne

Technologies (1)

149,132‌

64,064‌

257,068‌

IT

Services

2.5%

Euronet

Worldwide (1)

213,357‌

27,156‌

Flywire (1)

83,224‌

3,649‌

Kratos

Defense

&

Security

Solutions (1)

815,123‌

18,186‌

Payoneer

Global (1)

1,886,100‌

16,126‌

Repay

Holdings (1)

598,349‌

13,780‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $620 (1)(2)(3)

12,795‌

1,522‌

StoneCo,

Class

A (1)

111,500‌

3,871‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $1,603 (1)(2)(3)

71,410‌

1,603‌

Toast,

Class

B,

Acquisition

Date:

6/27/18

-

2/14/20,

Cost $7,114 (1)

(2)(6)

1,805,465‌

85,674‌

171,567‌

Semiconductors

&

Semiconductor

Equipment

2.6%

Entegris 

608,713‌

76,637‌

Lattice

Semiconductor (1)

1,411,850‌

91,276‌

Semtech (1)

169,500‌

13,216‌

181,129‌

Software

5.4%

Ceridian

HCM

Holding (1)

482,978‌

54,393‌

Clearwater

Analytics

Holdings,

Class

A (1)

302,466‌

7,746‌

Coupa

Software (1)

98,613‌

21,614‌

Descartes

Systems

Group (1)

827,726‌

67,261‌

DoubleVerify

Holdings (1)

88,540‌

3,025‌

Duck

Creek

Technologies (1)

64,571‌

2,857‌

Five9 (1)

192,777‌

30,794‌

ForgeRock,

Class

A (1)

134,739‌

5,245‌

Manhattan

Associates (1)

137,579‌

21,054‌

nCino (1)

376,948‌

26,775‌

Paycom

Software (1)

72,258‌

35,822‌

Paycor

HCM (1)

213,367‌

7,502‌

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $118 (1)(2)(3)

117,561‌

106‌

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $17 (1)(2)(3)

16,794‌

16‌

SS&C

Technologies

Holdings 

754,180‌

52,340‌

Workiva (1)

208,800‌

29,432‌

Zendesk (1)

71,900‌

8,368‌

374,350‌

Total

Information

Technology

986,475‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

3.8%

Chemicals

1.7%

Element

Solutions 

2,873,640‌

62,301‌

Minerals

Technologies 

337,816‌

23,593‌

Quaker

Chemical 

132,098‌

31,402‌

117,296‌

Containers

&

Packaging

0.1%

Ranpak

Holdings (1)

276,553‌

7,417‌

7,417‌

Metals

&

Mining

1.7%

Constellium (1)

2,056,659‌

38,624‌

ERO

Copper

(CAD) (1)

1,479,500‌

26,235‌

Franco-Nevada

(CAD) 

122,920‌

15,969‌

Haynes

International 

414,733‌

15,449‌

Northern

Star

Resources

(AUD) 

2,988,523‌

18,304‌

114,581‌

Paper

&

Forest

Products

0.3%

West

Fraser

Timber

(CAD) 

239,183‌

20,145‌

20,145‌

Total

Materials

259,439‌

MISCELLANEOUS

0.3%

Miscellaneous

0.3%

Bluescape

Opportunities

Acquisition (1)

826,495‌

8,488‌

KKR

Acquisition

Holdings

I (1)

1,093,914‌

10,917‌

Total

Miscellaneous

19,405‌

REAL

ESTATE

5.3%

Equity

Real

Estate

Investment

Trusts

3.9%

American

Campus

Communities,

REIT 

681,392‌

33,013‌

Community

Healthcare

Trust,

REIT 

261,598‌

11,822‌

CubeSmart,

REIT 

652,541‌

31,616‌

EastGroup

Properties,

REIT 

383,444‌

63,893‌

First

Industrial

Realty

Trust,

REIT 

338,109‌

17,609‌

Flagship

Communities

REIT,

REIT 

164,149‌

2,971‌

JBG

SMITH

Properties,

REIT 

905,117‌

26,800‌

PS

Business

Parks,

REIT 

290,226‌

45,490‌

Rexford

Industrial

Realty,

REIT 

648,335‌

36,793‌

270,007‌

Real

Estate

Management

&

Development

1.4%

Altus

Group

(CAD) 

145,300‌

7,090‌

FirstService 

487,613‌

88,004‌

95,094‌

Total

Real

Estate

365,101‌

UTILITIES

3.6%

Electric

Utilities

0.6%

IDACORP 

283,839‌

29,343‌

MGE

Energy 

139,694‌

10,268‌

39,611‌

Gas

Utilities

1.6%

Chesapeake

Utilities 

278,630‌

33,449‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

ONE

Gas 

523,211‌

33,156‌

Southwest

Gas

Holdings 

619,734‌

41,448‌

108,053‌

Independent

Power

&

Renewable

Electricity

Producers

0.3%

NextEra

Energy

Partners 

314,234‌

23,681‌

23,681‌

Multi-Utilities

0.2%

NorthWestern 

281,500‌

16,130‌

16,130‌

Water

Utilities

0.9%

California

Water

Service

Group 

335,937‌

19,797‌

Middlesex

Water 

195,978‌

20,143‌

SJW

Group 

345,340‌

22,813‌

62,753‌

Total

Utilities

250,228‌

Total

Miscellaneous

Common

Stocks

 0.2% (7)

12,477‌

Total

Common

Stocks

(Cost

$3,794,812)

6,546,655‌

CONVERTIBLE

PREFERRED

STOCKS

4.4%

CONSUMER

DISCRETIONARY

2.3%

Automobiles

1.7%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $6,836 (1)(2)(3)

636,266‌

45,194‌

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $9,483 (1)(2)(3)

612,175‌

43,483‌

Rivian

Automotive,

Series

F,

Acquisition

Date:

1/19/21,

Cost $15,100 (1)(2)(3)

409,781‌

29,106‌

117,783‌

Hotels,

Restaurants

&

Leisure

0.4%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $9,599 (1)(2)(3)

381,719‌

14,364‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $7,556 (1)(2)(3)

200,801‌

7,556‌

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $3,632 (1)(2)(3)(4)

404,324‌

3,632‌

25,552‌

Internet

&

Direct

Marketing

Retail

0.1%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $6,391 (1)(2)(3)

1,098,082‌

6,391‌

6,391‌

Textiles,

Apparel

&

Luxury

Goods

0.1%

Allbirds,

Series

A,

Acquisition

Date:

10/10/18,

Cost $950 (1)(2)(3)

86,665‌

1,002‌

Allbirds,

Series

B,

Acquisition

Date:

10/10/18,

Cost $167 (1)(2)(3)

15,225‌

176‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Allbirds,

Series

C,

Acquisition

Date:

10/9/18,

Cost $1,596 (1)(2)(3)

145,515‌

1,683‌

Allbirds,

Series

Seed,

Acquisition

Date:

10/10/18,

Cost $511 (1)(2)(3)

46,565‌

538‌

3,399‌

Total

Consumer

Discretionary

153,125‌

CONSUMER

STAPLES

0.3%

Food

Products

0.3%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $6,275 (1)(2)(3)

339,830‌

21,123‌

Total

Consumer

Staples

21,123‌

HEALTH

CARE

0.6%

Biotechnology

0.2%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $2,356 (1)(2)(3)

853,615‌

6,914‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $4,729 (1)(2)(3)

583,832‌

4,729‌

11,643‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $2,939 (1)(2)(3)

2,892,844‌

2,939‌

2,939‌

Health

Care

Providers

&

Services

0.1%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $5,009 (1)(2)(3)

2,080,305‌

6,577‌

6,577‌

Life

Sciences

Tools

&

Services

0.3%

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $3,365 (1)(2)(3)

381,143‌

3,365‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $3,621 (1)(2)(3)

265,089‌

11,773‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $6,907 (1)(2)(3)

155,519‌

6,907‌

22,045‌

Total

Health

Care

43,204‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.5%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $3,410 (1)(2)(3)

75,721‌

3,410‌

3,410‌

Professional

Services

0.3%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $1,791 (1)(2)(3)

131,220‌

7,086‌

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $6,330 (1)(2)(3)

209,265‌

11,300‌

18,386‌

Road

&

Rail

0.2%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $3,999 (1)(2)(3)

563,190‌

9,291‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $5,376 (1)(2)(3)

397,082‌

6,551‌

15,842‌

Total

Industrials

&

Business

Services

37,638‌

INFORMATION

TECHNOLOGY

0.6%

IT

Services

0.3%

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $5 (1)(2)(3)

185‌

22‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $2,387 (1)(2)(3)

90,775‌

10,799‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $577 (1)(2)(3)

5,381‌

640‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $361 (1)(2)(3)

16,080‌

361‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $36 (1)(2)(3)

1,600‌

36‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $39 (1)(2)(3)

1,750‌

39‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $4,568 (1)(2)(3)

203,440‌

4,568‌

16,465‌

Software

0.3%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $2,725 (1)(2)(3)

223,990‌

2,725‌

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $2,376 (1)(2)(3)

162,965‌

2,376‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $6,214 (1)

(2)(3)

475,993‌

6,214‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $3,099 (1)(2)(3)

204,547‌

3,099‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $3,462 (1)(2)(3)

549,145‌

7,922‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $375 (1)(2)(3)

42,590‌

615‌

22,951‌

Total

Information

Technology

39,416‌

MATERIALS

0.1%

Chemicals

0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $4,206 (1)(2)(3)

88,718‌

4,206‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $5,284 (1)(2)(3)

128,029‌

5,284‌

Total

Materials

9,490‌

Total

Convertible

Preferred

Stocks

(Cost

$153,642)

303,996‌

SHORT-TERM

INVESTMENTS

0.7%

Money

Market

Funds

0.7%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (6)(8)

47,960,549‌

47,961‌

Total

Short-Term

Investments

(Cost

$47,961)

47,961‌

Total

Investments

in

Securities

100.1%

(Cost

$3,996,415)

$

6,898,612‌

Other

Assets

Less

Liabilities

(0.1)%

(6,288‌)

Net

Assets

100.0%

$

6,892,324‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$529,296

and

represents

7.7%

of

net

assets.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(5)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

September

30,

2021,

was

$7,266

and

was

valued

at

$6,683

(0.1%

of

net

assets).

(6)

Affiliated

Companies

(7)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(8)

Seven-day

yield

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

CAD

Canadian

Dollar

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

GBP

British

Pound

ISK

Iceland

Krona

PIPE

Private

Investment

in

Public

Equity

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SPAC

Special

Purpose

Acquisition

Company

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

8

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

Toast,

Class

B 

$

—‌

$

51,370‌

$

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

—‌

—‌

28‌

Totals

$

—‌#

$

51,370‌

$

28‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

Toast,

Class

B 

$

*

$

—‌

$

—‌

$

85,674‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

55,005‌

 ¤

 ¤

47,961‌

Total

$

133,635‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$28

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$55,075.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

Unaudited

9

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Small-Cap

Stock

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

10

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

September

30,

2021.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

September

30,

2021,

totaled $137,788,000 for

the

period ended

September

30,

2021.

During

the

period,

transfers

out

of

Level

3

were

because

observable

market

data

became

available

for

the

security.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

6,172,878‌

$

325,549‌

$

48,228‌

$

6,546,655‌

Convertible

Preferred

Stocks

—‌

—‌

303,996‌

303,996‌

Short-Term

Investments

47,961‌

—‌

—‌

47,961‌

Total

$

6,220,839‌

$

325,549‌

$

352,224‌

$

6,898,612‌

($000s)

Beginning

Balance

12/31/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Out

of

Level

3

Ending

Balance

9/30/21

Investment

in

Securities

Common

Stocks

$

70,424‌

$

(8,511‌)

$

11,310‌

$

(24,897‌)

$

(98‌)

$

48,228‌

Convertible

Preferred

Stocks

174,569‌

101,964‌

73,991‌

(45,120‌)

(1,408‌)

303,996‌

Total

$

244,993‌

$

93,453‌

$

85,301‌

$

(70,017‌)

$

(1,506‌)

$

352,224‌

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

11

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

48,228‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

3%

-

10%

9%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

20%

20%

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

4.8x

–

5.8x

5.3x

Increase

Sales

growth

rate

11%

11%

Increase

Enterprise

value

to

gross

profit

multiple

9.5x

–

15.4x

12.5x

Increase

Gross

profit

growth

rate

13%

13%

Increase

Enterprise

value

to

EBITDA

multiple

10.8x

10.8x

Increase

Price

to

tangible

book

value

multiple

1.7

x

–

1.9x

1.8x

Increase

Tangible

book

value

growth

rate

36%

36%

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.7x

12.7x

Increase

Discount

for

lack

of

collectability

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

T.

ROWE

PRICE

Institutional

Small-Cap

Stock

Fund

12

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

E129-054Q3

09/21 

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Risk-free

rate

3%

3%

Increase

Volatility

38%

38%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$303,996

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Capital

conversion

reference

point

$55

Billion

$55

Billion

Increase