NPORT-EX 2 7031TRP033123.htm T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.3%
COMMUNICATION
SERVICES
0.4%
Entertainment
0.2%
Cinemark
Holdings (1)
1,117,717
16,531
16,531
Interactive
Media
&
Services
0.2%
Vimeo (1)
4,468,400
17,114
17,114
Total
Communication
Services
33,645
CONSUMER
DISCRETIONARY
10.4%
Automobiles
0.4%
Rivian
Automotive,
Class
A (1)
2,367,414
36,648
36,648
Broadline
Retail
1.0%
Ollie's
Bargain
Outlet
Holdings (1)
1,506,052
87,261
87,261
Diversified
Consumer
Services
1.7%
Bright
Horizons
Family
Solutions (1)
662,179
50,981
Clear
Secure,
Class
A 
2,134,674
55,865
Rover
Group,
Earn
Out
Shares
$16.00,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
773,380
19
Strategic
Education 
429,430
38,576
145,441
Hotels,
Restaurants
&
Leisure
3.2%
BJ's
Restaurants (1)
1,090,782
31,785
Chuy's
Holdings (1)(3)
1,197,443
42,928
Dutch
Bros,
Class
A (1)
227,737
7,203
Fiesta
Restaurant
Group (1)(3)
2,131,382
17,520
Marriott
Vacations
Worldwide 
153,200
20,661
Papa
John's
International 
1,092,820
81,885
Red
Robin
Gourmet
Burgers (1)
475,751
6,813
Red
Rock
Resorts,
Class
A 
524,000
23,355
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $33,027 (1)(2)(3)(4)(5)
3,862,836
15,490
T.
ROWE
PRICE
Small-Cap
Stock
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wyndham
Hotels
&
Resorts 
436,500
29,616
277,256
Household
Durables
0.6%
Skyline
Champion (1)
678,175
51,019
51,019
Specialty
Retail
2.9%
Burlington
Stores (1)
503,689
101,795
Caleres 
571,600
12,364
Farfetch,
Class
A (1)
2,729,109
13,400
Five
Below (1)
168,390
34,683
Monro 
1,040,358
51,425
RH (1)
68,609
16,710
Warby
Parker,
Class
A (1)
2,365,624
25,052
255,429
Textiles,
Apparel
&
Luxury
Goods
0.6%
Skechers
USA,
Class
A (1)
1,166,000
55,408
55,408
Total
Consumer
Discretionary
908,462
CONSUMER
STAPLES
3.7%
Beverages
1.0%
Boston
Beer,
Class
A (1)
203,422
66,865
Coca-Cola
Consolidated 
46,648
24,960
91,825
Consumer
Staples
Distribution
&
Retail
0.0%
Fresh
Market,
EC (5)
910,700
—
—
Food
Products
1.8%
Nomad
Foods (1)
1,209,992
22,675
Post
Holdings (1)
537,509
48,306
Post
Holdings
Partnering (1)
776,663
7,930
Simply
Good
Foods (1)
557,000
22,152
TreeHouse
Foods (1)
493,575
24,891
Utz
Brands 
2,043,453
33,655
159,609
T.
ROWE
PRICE
Small-Cap
Stock
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Personal
Care
Products
0.9%
BellRing
Brands (1)
2,194,375
74,609
74,609
Total
Consumer
Staples
326,043
ENERGY
4.8%
Energy
Equipment
&
Services
1.0%
Cactus,
Class
A 
512,100
21,114
Liberty
Energy,
Class
A 
2,614,021
33,485
NexTier
Oilfield
Solutions (1)
4,350,057
34,583
89,182
Oil,
Gas
&
Consumable
Fuels
3.8%
Devon
Energy 
878,846
44,478
Diamondback
Energy 
514,668
69,568
Kimbell
Royalty
Partners 
477,537
7,273
Magnolia
Oil
&
Gas,
Class
A 
3,529,786
77,232
Range
Resources 
1,004,200
26,581
Southwestern
Energy (1)
2,149,500
10,748
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $1,247 (1)(2)(5)
413
7,074
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $20,149 (1)(2)(5)
5,556
95,165
338,119
Total
Energy
427,301
FINANCIALS
14.5%
Banks
6.5%
BankUnited 
1,018,467
22,997
Blue
Foundry
Bancorp (1)
683,500
6,507
Cadence
Bank 
1,400,900
29,083
Capitol
Federal
Financial 
1,909,632
12,852
Columbia
Banking
System 
697,800
14,947
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $2,582 (1)(2)(5)
24,556
1,900
CrossFirst
Bankshares (1)
1,266,850
13,276
Dime
Community
Bancshares 
971,736
22,078
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2,938 (1)(2)(5)
293,821
5,289
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $1,443 (1)(2)(5)
144,311
2,597
T.
ROWE
PRICE
Small-Cap
Stock
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (1)(2)(5)
43,813
373
East
West
Bancorp 
947,605
52,592
Eastern
Bankshares 
405,846
5,122
Equity
Bancshares,
Class
A 
647,925
15,790
FB
Financial 
910,563
28,300
First
Bancshares 
907,689
23,446
Five
Star
Bancorp 
647,697
13,822
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5,001 (1)(2)(5)
500,044
1,205
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(5)
98,245
16
Heritage
Commerce 
2,583,954
21,524
Home
BancShares 
2,077,293
45,098
Kearny
Financial 
1,372,100
11,141
Live
Oak
Bancshares 
1,108,093
27,004
Origin
Bancorp 
1,052,296
33,831
Pacific
Premier
Bancorp 
962,069
23,109
Pinnacle
Financial
Partners 
627,878
34,634
Popular 
354,096
20,329
SouthState 
670,904
47,809
Veritex
Holdings 
980,478
17,903
Western
Alliance
Bancorp 
393,958
14,001
568,575
Capital
Markets
1.5%
Cboe
Global
Markets 
421,322
56,558
P10,
Class
A 
2,018,357
20,406
StepStone
Group,
Class
A 
1,176,785
28,560
TMX
Group
(CAD) 
276,900
27,967
133,491
Consumer
Finance
0.7%
Encore
Capital
Group (1)
501,969
25,324
PRA
Group (1)
1,017,398
39,638
64,962
Financial
Services
2.0%
Conyers
Park
III
Acquisition (1)
1,127,215
11,971
T.
ROWE
PRICE
Small-Cap
Stock
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Essent
Group 
486,080
19,467
Payoneer
Global (1)
6,420,042
40,318
PennyMac
Financial
Services 
1,203,493
71,740
Toast,
Class
A (1)
1,831,200
32,504
176,000
Insurance
3.8%
Assurant 
491,793
59,049
Axis
Capital
Holdings 
1,217,400
66,373
First
American
Financial 
430,200
23,945
Hanover
Insurance
Group 
383,578
49,290
Kemper 
568,446
31,071
Selective
Insurance
Group 
1,072,339
102,226
331,954
Total
Financials
1,274,982
HEALTH
CARE
16.2%
Biotechnology
7.1%
Abcam,
ADR (1)
2,967,338
39,940
Agios
Pharmaceuticals (1)
433,033
9,947
Apellis
Pharmaceuticals (1)
1,007,376
66,447
Argenx,
ADR (1)
161,821
60,291
Ascendis
Pharma,
ADR (1)
500,342
53,647
Avid
Bioservices (1)
1,682,331
31,561
Blueprint
Medicines (1)
685,049
30,820
Cerevel
Therapeutics
Holdings (1)
552,890
13,485
Crinetics
Pharmaceuticals (1)
429,400
6,896
CRISPR
Therapeutics (1)
292,595
13,234
Cytokinetics (1)
504,300
17,746
Generation
Bio (1)
954,982
4,106
Icosavax (1)
822,331
4,769
Insmed (1)
2,161,183
36,848
Ionis
Pharmaceuticals (1)
761,500
27,216
Karuna
Therapeutics (1)
244,933
44,490
Kura
Oncology (1)
683,167
8,355
Kymera
Therapeutics (1)
197,130
5,841
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $285 (1)(2)
224,733
73
T.
ROWE
PRICE
Small-Cap
Stock
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Monte
Rosa
Therapeutics (1)
389,927
3,038
Morphic
Holding (1)
315,480
11,875
MorphoSys,
ADR (1)
2,205,179
8,710
Nkarta (1)
975,752
3,464
Prometheus
Biosciences (1)
266,246
28,573
Prothena (1)
331,907
16,088
RAPT
Therapeutics (1)
476,322
8,740
Relay
Therapeutics (1)
460,931
7,592
Repare
Therapeutics (1)
388,200
3,820
Replimune
Group (1)
221,013
3,903
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(2)
85,583
306
Scholar
Rock
Holding (1)
1,095,078
8,761
Tenaya
Therapeutics (1)
117,263
334
Vaxcyte (1)
316,333
11,856
Verve
Therapeutics (1)
485,680
7,003
Xencor (1)
764,358
21,318
Zentalis
Pharmaceuticals (1)
420,388
7,231
628,324
Health
Care
Equipment
&
Supplies
2.8%
ICU
Medical (1)
305,046
50,320
Masimo (1)
242,300
44,714
Outset
Medical (1)
1,484,619
27,317
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $13,938 (1)(2)
(5)
3,701,604
1,777
Penumbra (1)
160,200
44,646
PROCEPT
BioRobotics (1)
1,160,779
32,966
QuidelOrtho (1)
499,028
44,459
246,199
Health
Care
Providers
&
Services
3.6%
Alignment
Healthcare (1)
2,528,224
16,080
dentalcorp
Holdings
(CAD) (1)
1,291,033
8,597
ModivCare (1)
539,974
45,401
Molina
Healthcare (1)
297,828
79,666
NeoGenomics (1)
2,205,500
38,398
Option
Care
Health (1)
1,370,812
43,551
T.
ROWE
PRICE
Small-Cap
Stock
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pennant
Group (1)
821,224
11,727
Privia
Health
Group (1)
1,251,547
34,555
U.S.
Physical
Therapy 
354,693
34,728
312,703
Health
Care
Technology
0.5%
Certara (1)
984,912
23,746
Doximity,
Class
A (1)
582,753
18,870
42,616
Life
Sciences
Tools
&
Services
1.5%
10X
Genomics,
Class
A (1)
467,500
26,082
Adaptive
Biotechnologies (1)
491,498
4,340
Bruker 
1,003,396
79,108
Olink
Holding,
ADR (1)
943,565
21,258
130,788
Pharmaceuticals
0.7%
Arvinas (1)
220,223
6,016
Catalent (1)
724,891
47,633
Structure
Therapeutics,
ADR (1)
147,626
3,512
Ventyx
Biosciences (1)
207,500
6,951
64,112
Total
Health
Care
1,424,742
INDUSTRIALS
&
BUSINESS
SERVICES
14.8%
Aerospace
&
Defense
0.9%
Bombardier,
Class
B
(CAD) (1)
359,900
19,647
Cadre
Holdings 
539,127
11,613
Parsons (1)
1,091,865
48,850
80,110
Building
Products
1.1%
AZZ 
1,169,854
48,245
CSW
Industrials 
274,246
38,101
Gibraltar
Industries (1)
137,292
6,658
93,004
Commercial
Services
&
Supplies
1.2%
Rentokil
Initial
(GBP) 
6,506,244
47,551
T.
ROWE
PRICE
Small-Cap
Stock
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Stericycle (1)
764,300
33,331
Tetra
Tech 
181,040
26,597
107,479
Construction
&
Engineering
0.2%
WillScot
Mobile
Mini
Holdings (1)
355,100
16,647
16,647
Electrical
Equipment
0.1%
Thermon
Group
Holdings (1)
494,828
12,331
12,331
Ground
Transportation
1.0%
Convoy,
Warrants,
3/15/33,
Acquisition
Date:
3/24/23,
Cost $— (1)
(2)(5)
101,882
—
Landstar
System 
182,824
32,773
Saia (1)
206,275
56,123
88,896
Machinery
7.2%
Enerpac
Tool
Group 
1,810,500
46,168
EnPro
Industries 
222,000
23,064
Esab 
402,649
23,784
ESCO
Technologies 
513,541
49,017
Federal
Signal 
1,140,800
61,843
Graco 
613,218
44,771
Helios
Technologies 
693,848
45,378
Ingersoll
Rand 
1,974,824
114,895
John
Bean
Technologies 
351,959
38,466
Marel
(ISK) 
2,089,277
8,663
Mueller
Water
Products,
Class
A 
2,777,877
38,724
RBC
Bearings (1)
195,400
45,475
SPX
Technologies (1)
895,700
63,219
Toro 
278,223
30,927
634,394
Professional
Services
1.5%
Booz
Allen
Hamilton
Holding 
160,480
14,875
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $4,339 (1)(2)(5)
568,563
3,070
Clarivate (1)
3,266,395
30,671
T.
ROWE
PRICE
Small-Cap
Stock
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Huron
Consulting
Group (1)
305,800
24,577
Legalzoom.com (1)
966,834
9,069
SS&C
Technologies
Holdings 
781,469
44,130
Upwork (1)
863,675
9,777
136,169
Trading
Companies
&
Distributors
1.6%
Air
Lease 
909,300
35,799
Rush
Enterprises,
Class
A 
586,277
32,011
SiteOne
Landscape
Supply (1)
454,744
62,241
Xometry,
Class
A (1)
627,288
9,390
139,441
Total
Industrials
&
Business
Services
1,308,471
INFORMATION
TECHNOLOGY
12.3%
Communications
Equipment
0.2%
Clearfield (1)
99,820
4,650
Infinera (1)
1,448,700
11,242
15,892
Electronic
Equipment,
Instruments
&
Components
4.6%
CTS 
1,359,153
67,224
Littelfuse 
203,227
54,483
Mirion
Technologies (1)
5,213,435
44,523
Napco
Security
Technologies (1)
535,107
20,109
Novanta (1)
243,512
38,740
PAR
Technology (1)(3)
1,508,857
51,241
Teledyne
Technologies (1)
212,050
94,863
Vontier 
1,324,500
36,212
407,395
IT
Services
0.0%
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $1,148 (1)
(2)(5)
25,034
1,572
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $2,746 (1)(2)(5)
122,320
2,180
3,752
Semiconductors
&
Semiconductor
Equipment
2.5%
Credo
Technology
Group
Holding (1)
1,524,897
14,365
Entegris 
932,502
76,474
T.
ROWE
PRICE
Small-Cap
Stock
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Lattice
Semiconductor (1)
1,071,666
102,344
MACOM
Technology
Solutions
Holdings (1)
349,900
24,787
217,970
Software
5.0%
Amplitude,
Class
A (1)
2,034,400
25,308
Blackline (1)
579,400
38,907
Ceridian
HCM
Holding (1)
109,294
8,002
Descartes
Systems
Group (1)
884,933
71,334
DoubleVerify
Holdings (1)
2,296,472
69,239
Five9 (1)
820,608
59,322
Manhattan
Associates (1)
329,600
51,038
nCino (1)
207,749
5,148
Paycom
Software (1)
45,094
13,709
Paycor
HCM (1)
1,223,328
32,443
Socure,
Acquisition
Date:
12/22/21,
Cost $2,034 (1)(2)(5)
126,571
947
Workiva (1)
590,434
60,466
435,863
Total
Information
Technology
1,080,872
MATERIALS
3.4%
Chemicals
1.8%
Element
Solutions 
4,682,767
90,424
HB
Fuller 
240,700
16,476
Quaker
Chemical 
279,861
55,399
162,299
Metals
&
Mining
1.4%
Compass
Minerals
International 
272,400
9,341
Constellium (1)
3,392,471
51,837
ERO
Copper
(CAD) (1)
945,967
16,735
Franco-Nevada
(CAD) 
63,662
9,286
Haynes
International (3)
689,995
34,562
121,761
T.
ROWE
PRICE
Small-Cap
Stock
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paper
&
Forest
Products
0.2%
West
Fraser
Timber
(CAD) 
228,547
16,302
16,302
Total
Materials
300,362
REAL
ESTATE
5.3%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Community
Healthcare
Trust,
REIT 
487,175
17,831
17,831
Industrial
Real
Estate
Investment
Trusts
2.1%
EastGroup
Properties,
REIT 
563,500
93,158
Rexford
Industrial
Realty,
REIT 
1,042,318
62,174
Terreno
Realty,
REIT 
427,600
27,623
182,955
Real
Estate
Management
&
Development
1.8%
Altus
Group
(CAD) 
237,700
10,094
DigitalBridge
Group 
1,106,351
13,265
FirstService 
749,113
105,617
Tricon
Residential 
3,588,325
27,810
156,786
Residential
Real
Estate
Investment
Trusts
0.5%
Flagship
Communities
REIT,
REIT 
637,819
10,843
Independence
Realty
Trust,
REIT 
2,238,668
35,886
46,729
Specialized
Real
Estate
Investment
Trusts
0.7%
CubeSmart,
REIT 
1,338,338
61,858
61,858
Total
Real
Estate
466,159
UTILITIES
3.4%
Electric
Utilities
0.9%
IDACORP 
548,569
59,427
MGE
Energy 
286,276
22,235
81,662
Gas
Utilities
1.6%
Chesapeake
Utilities 
471,557
60,355
T.
ROWE
PRICE
Small-Cap
Stock
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ONE
Gas 
282,300
22,367
Southwest
Gas
Holdings 
922,377
57,602
140,324
Independent
Power
&
Renewable
Electricity
Producers
0.4%
NextEra
Energy
Partners 
581,725
35,340
35,340
Water
Utilities
0.5%
California
Water
Service
Group 
511,368
29,762
SJW
Group 
217,646
16,569
46,331
Total
Utilities
303,657
Total
Miscellaneous
Common
Stocks
 4.1% (6)
358,719
Total
Common
Stocks
(Cost
$6,160,177)
8,213,415
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $707 (1)(2)(5)
706,793
707
Total
Convertible
Bonds
(Cost
$707)
707
CONVERTIBLE
PREFERRED
STOCKS
3.5%
CONSUMER
DISCRETIONARY
0.4%
Hotels,
Restaurants
&
Leisure
0.4%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $17,735 (1)(2)(5)
710,468
22,749
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $13,024 (1)
(2)(5)
346,118
11,083
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $6,812 (1)(2)
(3)(4)(5)
758,455
3,041
36,873
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10,756 (1)(2)(5)
1,848,191
3,401
3,401
Total
Consumer
Discretionary
40,274
T.
ROWE
PRICE
Small-Cap
Stock
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
0.5%
Food
Products
0.5%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $14,331 (1)(2)(5)
776,181
38,832
Total
Consumer
Staples
38,832
FINANCIALS
0.1%
Banks
0.1%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $9,075 (1)
(2)(5)
86,312
6,677
Total
Financials
6,677
HEALTH
CARE
1.0%
Biotechnology
0.2%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $4,493 (1)(2)(5)
1,627,947
10,712
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $8,050 (1)(2)(5)
993,799
6,539
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $1,747 (1)(2)
1,375
444
Leap
Therapeutics,
Hold-Back
Shares,
Acquisition
Date:
9/28/20,
Cost $226 (1)(2)
178
55
17,750
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $5,415 (1)(2)
(5)
5,330,753
5,415
5,415
Health
Care
Providers
&
Services
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $9,397 (1)(2)(5)
3,902,227
8,975
8,975
Life
Sciences
Tools
&
Services
0.6%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $4,754 (1)(2)(5)
403,512
4,754
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $5,808 (1)(2)
(5)
657,721
3,670
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $6,793 (1)(2)(5)
497,323
30,202
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $11,631 (1)(2)(5)
261,906
15,906
54,532
Total
Health
Care
86,672
T.
ROWE
PRICE
Small-Cap
Stock
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
0.5%
Aerospace
&
Defense
0.2%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $5,882 (1)(2)(5)
130,614
4,194
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11,512 (1)(2)
(5)
2,061,623
10,370
14,564
Air
Freight
&
Logistics
0.1%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5,112 (1)(2)(5)
420,147
7,554
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $3,033 (1)(2)(5)
148,715
2,674
10,228
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5,620 (1)(2)
(5)
269,870
3,592
3,592
Ground
Transportation
0.1%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $8,346 (1)(2)(5)
1,175,394
6,088
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $10,022 (1)(2)
(5)
740,142
3,834
9,922
Professional
Services
0.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $3,881 (1)(2)(5)
852,879
4,605
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $11,857 (1)(2)(5)
1,176,033
6,351
10,956
Total
Industrials
&
Business
Services
49,262
INFORMATION
TECHNOLOGY
0.7%
IT
Services
0.3%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4,277 (1)(2)(5)
293,317
5,535
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $1,811 (1)(2)
(5)
95,996
1,811
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $10 (1)
(2)(5)
381
24
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $4,907 (1)
(2)(5)
186,629
11,722
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $997 (1)
(2)(5)
9,288
583
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $491 (1)
(2)(5)
4,130
260
T.
ROWE
PRICE
Small-Cap
Stock
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $618 (1)(2)(5)
27,540
491
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $62 (1)(2)(5)
2,740
49
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $67 (1)(2)(5)
2,980
53
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $7,824 (1)(2)(5)
348,470
6,210
26,738
Software
0.4%
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $11,576 (1)(2)(5)
886,735
12,308
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5,450 (1)(2)(5)
261,432
3,629
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5,398 (1)(2)(5)
1,068,639
5,215
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7,110 (1)(2)(5)
1,127,860
11,673
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $698 (1)(2)(5)
79,390
822
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,472 (1)(2)
(5)
153,828
1,151
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,029 (1)
(2)(5)
126,253
944
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $37 (1)(2)(5)
2,284
17
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $4,702 (1)(2)(5)
292,632
2,189
37,948
Total
Information
Technology
64,686
MATERIALS
0.3%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $7,078 (1)(2)(5)
149,321
7,560
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $9,813 (1)(2)(5)
237,759
7,411
14,971
Metals
&
Mining
0.1%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $5,884 (1)(2)(5)
214,677
9,184
9,184
Total
Materials
24,155
Total
Convertible
Preferred
Stocks
(Cost
$278,623)
310,558
T.
ROWE
PRICE
Small-Cap
Stock
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(7)
260,973,418
260,973
Total
Short-Term
Investments
(Cost
$260,973)
260,973
Total
Investments
in
Securities
99.8%
(Cost
$6,700,480)
$
8,785,653
Other
Assets
Less
Liabilities
0.2%
18,395
Net
Assets
100.0%
$
8,804,048
‡
Shares/Par
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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$450,318
and
represents
5.1%
of
net
assets.
(3)
Affiliated
Companies
(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)
Level
3
in
fair
value
hierarchy.
(6)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
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
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Small-Cap
Stock
Fund
17
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
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Chuy's
Holdings 
$
82‌
$
8,426‌
$
—‌
Fiesta
Restaurant
Group 
18‌
1,843‌
—‌
Haynes
International 
37‌
3,016‌
152‌
PAR
Technology 
13‌
8,290‌
—‌
Torchys
Holdings 
—‌
—‌
—‌
Torchys
Holdings,
Class
A 
—‌
—‌
—‌
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
—‌
—‌
3,181‌
Totals
$
150‌#
$
21,575‌
$
3,333‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
Chuy's
Holdings 
$
31,151‌
$
3,381‌
$
30‌
$
42,928‌
Fiesta
Restaurant
Group 
15,712‌
—‌
35‌
17,520‌
Haynes
International 
31,622‌
—‌
76‌
34,562‌
PAR
Technology 
*
15,947‌
95‌
51,241‌
Torchys
Holdings 
3,041‌
—‌
—‌
3,041‌
Torchys
Holdings,
Class
A 
15,490‌
—‌
—‌
15,490‌
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
244,859‌
 ¤
 ¤
260,973‌
Total
$
425,755‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$3,333
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
$483,499.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
18
T.
Rowe
Price
Small-Cap
Stock
Fund,
Inc. (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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Small-Cap
Stock
Fund
19
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 Valuation
Designee
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
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
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
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
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.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Small-Cap
Stock
Fund
20
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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 are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
21
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
March
31,
2023.
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
March
31,
2023,
totaled $(156,000) for
the
period ended
March
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,909,520‌
$
165,240‌
$
138,655‌
$
8,213,415‌
Convertible
Bonds
—‌
—‌
707‌
707‌
Convertible
Preferred
Stocks
—‌
499‌
310,059‌
310,558‌
Short-Term
Investments
260,973‌
—‌
—‌
260,973‌
Total
$
8,170,493‌
$
165,739‌
$
449,421‌
$
8,785,653‌
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
129,116‌
$
11,797‌
$
—‌
$
(2,258‌)
$
138,655‌
Convertible
Bonds
—‌
—‌
707‌
—‌
707‌
Convertible
Preferred
Stocks
321,338‌
(11,279‌)
—‌
—‌
310,059‌
Total
$
450,454‌
$
518‌
$
707‌
$
(2,258‌)
$
449,421‌
T.
ROWE
PRICE
Small-Cap
Stock
Fund
22
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
Designee 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
Stocks
$
138,655‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
1.5x
–
14.3x
2.9x
Increase
Sales
growth
rate
27%
–
168%
98%
Increase
Enterprise
value
to
gross
profit
multiple
4.7x
–
18.4x
9.3x
Increase
Gross
profit
growth
rate
27%
27%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
–
16.3x
9.5x
Increase
EBITDA
growth
rate
(47%)
(47%)
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.0x
12.0x
Increase
T.
ROWE
PRICE
Small-Cap
Stock
Fund
23
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**
Price-to-
earnings
multiple
8.4x
–
11.9x
10.3x
Increase
Price-to-
earnings
growth
rate
0%
–
85%
43%
Increase
Price
to
tangible
book
value
multiple
0.8x
–
0.9x
0.9x
Increase
Tangible
book
value
growth
rate
14%
14%
Increase
Discount
rate
for
cost
of
capital
13%
13%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
34%
–
55%
51%
Increase
Convertible
Preferred
Stocks
$
310,059‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
0.8x
–
14.3x
4.2x
Increase
Sales
growth
rate
25%
–
266%
48%
Increase
Enterprise
value
to
gross
profit
multiple
2.3x
–
18.4x
10.4x
Increase
T.
ROWE
PRICE
Small-Cap
Stock
Fund
24
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**
Gross
profit
growth
rate
27%
–
57%
34%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
–
23.3x
18.5x
Increase
EBITDA
growth
rate
65%
–
93%
90%
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.5x
–
0.6x
0.6x
Increase
Gross
merchandise
value
growth
rate
30%
30%
Increase
Projected
enterprise
value
to
sales
multiple
0.8x
–
5.1x
3.0x
Increase
Projected
enterprise
value
to
EBITDA
multiple
4.3x
–
15.1x
8.2x
Increase
Price-to-
earnings
multiple
8.4x
–
11.9x
10.3x
Increase
Price-to-
earnings
growth
rate
0%
–
85%
43%
Increase
Discount
rate
for
cost
of
capital
20%
–
40%
28%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Small-Cap
Stock
Fund
25
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions. 
*
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.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
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**
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
55%
55%
Increase
Discounted
cash
flow
Long-term
free
cash
flow
margin
27%
27%
Increase
Long-term
free
cash
flow
growth
rate
3%
3%
Increase
Discount
rate
for
cost
of
capital
25%
25%
Decrease
Convertible
Bonds
$
707‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Small-Cap
Stock
Fund
26
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F65-054Q1
03/23