NPORT-EX 2 7031TRP093023.htm T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.8%
COMMUNICATION
SERVICES
0.5%
Entertainment
0.3%
Liberty
Media
Corp-Liberty
Live,
Class
C (1)
884,266
28,385
28,385
Interactive
Media
&
Services
0.2%
Vimeo (1)
4,948,300
17,517
17,517
Total
Communication
Services
45,902
CONSUMER
DISCRETIONARY
11.7%
Automobiles
0.6%
Rivian
Automotive,
Class
A (1)
1,991,214
48,347
48,347
Broadline
Retail
1.3%
Kohl's 
660,643
13,847
Ollie's
Bargain
Outlet
Holdings (1)
1,163,752
89,818
Savers
Value
Village (1)
352,113
6,574
110,239
Diversified
Consumer
Services
2.1%
Bright
Horizons
Family
Solutions (1)
649,279
52,890
Clear
Secure,
Class
A 
1,798,074
34,235
Duolingo (1)
326,000
54,074
Rover
Group,
Earn
Out
Shares
$16.00,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
773,380
33
Strategic
Education 
530,730
39,938
181,170
Hotels,
Restaurants
&
Leisure
4.1%
BJ's
Restaurants (1)
1,069,382
25,088
Cava
Group (1)
661,117
20,250
Cava
Group,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $24,608 (1)
(2)(3)
2,535,807
77,672
Chuy's
Holdings (1)
793,743
28,241
Dutch
Bros,
Class
A (1)
1,153,751
26,825
Jack
in
the
Box 
257,700
17,797
Papa
John's
International 
1,071,420
73,092
T.
ROWE
PRICE
Small-Cap
Stock
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Red
Rock
Resorts,
Class
A 
593,500
24,333
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $33,027 (1)(2)(4)(5)(6)
3,862,836
20,937
Wyndham
Hotels
&
Resorts 
453,500
31,536
345,771
Household
Durables
0.7%
Installed
Building
Products 
149,200
18,633
Skyline
Champion (1)
664,875
42,366
60,999
Specialty
Retail
2.5%
Burlington
Stores (1)
493,889
66,823
Caleres 
911,200
26,206
Farfetch,
Class
A (1)
2,675,809
5,593
Five
Below (1)
165,090
26,563
Floor
&
Decor
Holdings,
Class
A (1)
125,500
11,358
Monro 
985,058
27,355
RH (1)
62,309
16,472
Warby
Parker,
Class
A (1)
2,319,324
30,522
210,892
Textiles,
Apparel
&
Luxury
Goods
0.4%
Skechers
USA,
Class
A (1)
651,600
31,896
31,896
Total
Consumer
Discretionary
989,314
CONSUMER
STAPLES
3.5%
Beverages
1.1%
Boston
Beer,
Class
A (1)
174,022
67,787
Coca-Cola
Consolidated 
38,648
24,592
92,379
Food
Products
1.3%
Post
Holdings (1)
557,936
47,837
Simply
Good
Foods (1)
546,000
18,848
TreeHouse
Foods (1)
483,975
21,092
Utz
Brands 
2,003,353
26,905
114,682
T.
ROWE
PRICE
Small-Cap
Stock
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Personal
Care
Products
1.1%
BellRing
Brands (1)
2,151,475
88,705
Oddity
Tech,
Class
A (1)
145,597
4,128
92,833
Total
Consumer
Staples
299,894
ENERGY
6.3%
Energy
Equipment
&
Services
2.4%
ChampionX 
1,175,476
41,870
Expro
Group
Holdings (1)
1,202,699
27,939
Liberty
Energy,
Class
A 
2,484,421
46,012
NOV 
886,000
18,517
Patterson-UTI
Energy 
3,066,398
42,439
TechnipFMC 
1,222,091
24,857
201,634
Oil,
Gas
&
Consumable
Fuels
3.9%
Devon
Energy 
725,446
34,604
Diamondback
Energy 
559,668
86,681
DT
Midstream 
523,800
27,719
Kimbell
Royalty
Partners 
1,001,548
16,025
Magnolia
Oil
&
Gas,
Class
A 
2,076,390
47,570
Range
Resources 
2,055,200
66,609
Southwestern
Energy (1)
8,662,600
55,874
335,082
Total
Energy
536,716
FINANCIALS
15.1%
Banks
7.2%
BankUnited 
998,567
22,668
Blue
Foundry
Bancorp (1)
670,100
5,609
Cadence
Bank 
1,373,500
29,146
Capitol
Federal
Financial 
3,151,532
15,033
Columbia
Banking
System 
1,614,500
32,774
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $2,582 (1)(2)(4)
24,556
1,900
CrossFirst
Bankshares (1)
1,241,950
12,531
Dime
Community
Bancshares 
992,536
19,811
T.
ROWE
PRICE
Small-Cap
Stock
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2,938 (1)(2)(4)(5)
293,821
5,876
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $1,443 (1)(2)(4)(5)
144,311
2,886
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (1)(2)(4)(5)
43,813
456
East
West
Bancorp 
913,705
48,161
Eastern
Bankshares 
1,641,500
20,584
Equity
Bancshares,
Class
A 
635,325
15,292
FB
Financial 
862,363
24,457
First
Bancshares 
889,889
24,000
Five
Star
Bancorp 
635,097
12,740
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5,000 (1)(2)(4)
500,044
1,205
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(4)
98,245
16
HarborOne
Bancorp 
426,199
4,057
Heritage
Commerce 
2,533,354
21,458
Home
BancShares 
1,073,993
22,489
Kearny
Financial 
1,345,200
9,322
Live
Oak
Bancshares 
1,086,493
31,454
Origin
Bancorp 
1,031,696
29,785
Pacific
Premier
Bancorp 
943,269
20,526
Pinnacle
Financial
Partners 
615,578
41,268
Popular 
347,196
21,877
SouthState 
657,704
44,303
Texas
Capital
Bancshares (1)
457,400
26,941
Veritex
Holdings 
1,005,278
18,045
Western
Alliance
Bancorp 
591,658
27,199
613,869
Capital
Markets
1.8%
Cboe
Global
Markets 
412,922
64,503
P10,
Class
A 
1,978,657
23,051
StepStone
Group,
Class
A 
1,024,385
32,350
TMX
Group
(CAD) 
1,358,000
29,185
149,089
Consumer
Finance
0.5%
Encore
Capital
Group (1)
492,269
23,511
T.
ROWE
PRICE
Small-Cap
Stock
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PRA
Group (1)
877,530
16,857
40,368
Financial
Services
1.3%
Essent
Group 
179,380
8,483
PennyMac
Financial
Services 
1,086,693
72,374
Toast,
Class
A (1)
1,410,300
26,415
107,272
Insurance
4.3%
Assurant 
482,193
69,233
Axis
Capital
Holdings 
1,193,500
67,278
First
American
Financial 
551,000
31,126
Hanover
Insurance
Group 
376,078
41,737
Kemper 
557,246
23,421
Selective
Insurance
Group 
1,051,439
108,477
White
Mountains
Insurance
Group 
15,000
22,435
363,707
Total
Financials
1,274,305
HEALTH
CARE
15.4%
Biotechnology
7.1%
Agios
Pharmaceuticals (1)
424,433
10,505
Apellis
Pharmaceuticals (1)
1,087,676
41,375
Arcellx (1)
378,300
13,573
Argenx,
ADR (1)
134,321
66,036
Ascendis
Pharma,
ADR (1)
490,642
45,944
Avid
Bioservices (1)
1,934,231
18,259
Blueprint
Medicines (1)
671,649
33,730
Bridgebio
Pharma,
Acquisition
Date:
9/25/23,
Cost $12,735 (1)(2)
466,984
11,699
Cerevel
Therapeutics
Holdings (1)
542,090
11,834
Crinetics
Pharmaceuticals (1)
784,132
23,320
CRISPR
Therapeutics (1)
286,895
13,022
Cytokinetics (1)
559,400
16,480
Generation
Bio (1)
1,023,728
3,880
HilleVax (1)
368,085
4,951
Icosavax (1)
873,156
6,767
Immatics (1)
739,623
8,565
T.
ROWE
PRICE
Small-Cap
Stock
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Insmed (1)
2,118,783
53,499
Ionis
Pharmaceuticals (1)
746,600
33,866
Karuna
Therapeutics (1)
240,033
40,587
Kymera
Therapeutics (1)
243,930
3,391
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $226 (1)(2)
17,800
22
MacroGenics (1)
1,269,461
5,916
MoonLake
Immunotherapeutics (1)
390,505
22,259
Morphic
Holding (1)
165,180
3,784
MorphoSys,
ADR (1)
2,221,879
14,931
Nkarta (1)
956,652
1,330
Prothena (1)
325,407
15,701
RAPT
Therapeutics (1)
467,022
7,762
Relay
Therapeutics (1)
451,831
3,800
Repare
Therapeutics (1)
380,700
4,599
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(2)
85,583
238
Vaxcyte (1)
492,597
25,112
Verve
Therapeutics (1)
524,480
6,955
Xencor (1)
749,358
15,099
Zentalis
Pharmaceuticals (1)
495,201
9,934
598,725
Health
Care
Equipment
&
Supplies
2.6%
ICU
Medical (1)
299,146
35,601
Masimo (1)
428,800
37,597
Neogen (1)
2,118,287
39,273
Outset
Medical (1)
1,455,519
15,836
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $13,938 (1)(2)
(4)
3,701,604
1,481
Penumbra (1)
31,000
7,499
PROCEPT
BioRobotics (1)
1,511,641
49,597
QuidelOrtho (1)
489,328
35,741
222,625
Health
Care
Providers
&
Services
2.9%
Alignment
Healthcare (1)
2,909,541
20,192
dentalcorp
Holdings
(CAD) (1)
1,265,733
5,498
Guardant
Health (1)
681,952
20,213
T.
ROWE
PRICE
Small-Cap
Stock
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Molina
Healthcare (1)
248,428
81,457
NeoGenomics (1)
2,571,000
31,623
Pennant
Group (1)
426,272
4,745
Privia
Health
Group (1)
2,163,329
49,757
U.S.
Physical
Therapy 
313,529
28,760
242,245
Health
Care
Technology
0.2%
Certara (1)
1,122,812
16,326
16,326
Life
Sciences
Tools
&
Services
1.8%
10X
Genomics,
Class
A (1)
458,300
18,905
Adaptive
Biotechnologies (1)
481,898
2,626
Bruker 
906,696
56,487
Olink
Holding,
ADR (1)
925,065
13,645
Pacific
Biosciences
of
California (1)
3,258,920
27,212
Repligen (1)
98,853
15,719
Sotera
Health (1)
1,307,600
19,588
154,182
Pharmaceuticals
0.8%
Catalent (1)
710,591
32,353
Structure
Therapeutics,
ADR (1)
477,726
24,087
Ventyx
Biosciences (1)
279,300
9,700
66,140
Total
Health
Care
1,300,243
INDUSTRIALS
&
BUSINESS
SERVICES
17.4%
Aerospace
&
Defense
0.3%
Bombardier,
Class
B
(CAD) (1)
352,900
12,305
Cadre
Holdings 
528,527
14,085
26,390
Building
Products
1.6%
AZZ 
1,146,954
52,278
CSW
Industrials 
268,846
47,113
Zurn
Elkay
Water
Solutions 
1,289,472
36,131
135,522
T.
ROWE
PRICE
Small-Cap
Stock
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
2.0%
Casella
Waste
Systems,
Class
A (1)
545,249
41,603
Rentokil
Initial
(GBP) 
6,378,826
47,360
Stericycle (1)
631,700
28,243
Tetra
Tech 
193,440
29,409
VSE 
517,898
26,123
172,738
Construction
&
Engineering
0.2%
WillScot
Mobile
Mini
Holdings (1)
348,200
14,482
14,482
Electrical
Equipment
0.1%
Thermon
Group
Holdings (1)
485,228
13,329
13,329
Ground
Transportation
1.3%
Convoy,
Warrants,
3/15/33,
Acquisition
Date:
3/24/23,
Cost $— (1)
(2)(4)
101,882
—
Landstar
System 
179,224
31,712
Saia (1)
202,275
80,637
112,349
Machinery
8.0%
ATS (1)
208,023
8,866
Crane 
259,800
23,081
Enerpac
Tool
Group 
1,656,300
43,776
EnPro
Industries 
226,700
27,474
Esab 
394,649
27,712
ESCO
Technologies 
354,541
37,028
Federal
Signal 
1,118,500
66,808
Graco 
526,418
38,365
Helios
Technologies 
723,348
40,131
Ingersoll
Rand 
1,836,724
117,036
John
Bean
Technologies 
419,759
44,134
Marel
(ISK) 
2,048,360
5,929
Mueller
Water
Products,
Class
A 
2,723,377
34,532
RBC
Bearings (1)
313,600
73,423
SPX
Technologies (1)
758,500
61,742
T.
ROWE
PRICE
Small-Cap
Stock
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Toro 
346,923
28,829
678,866
Passenger
Airlines
0.3%
Allegiant
Travel 
297,000
22,827
22,827
Professional
Services
1.8%
Booz
Allen
Hamilton
Holding 
157,280
17,186
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $4,339 (1)(2)
(4)(5)
568,563
3,070
Clarivate (1)
3,202,295
21,487
Legalzoom.com (1)
1,333,634
14,590
Parsons (1)
1,070,465
58,180
Paycor
HCM (1)
1,791,278
40,895
155,408
Trading
Companies
&
Distributors
1.8%
Beacon
Roofing
Supply (1)
649,400
50,114
Rush
Enterprises,
Class
A 
787,465
32,152
SiteOne
Landscape
Supply (1)
445,744
72,857
155,123
Total
Industrials
&
Business
Services
1,487,034
INFORMATION
TECHNOLOGY
12.0%
Communications
Equipment
0.1%
Infinera (1)
1,420,300
5,937
5,937
Electronic
Equipment,
Instruments
&
Components
4.2%
CTS 
824,792
34,427
Littelfuse 
199,327
49,298
Mirion
Technologies (1)
5,340,635
39,894
Napco
Security
Technologies 
756,789
16,839
Novanta (1)
238,612
34,226
PAR
Technology (1)(5)
1,788,757
68,939
Teledyne
Technologies (1)
178,350
72,870
Vontier 
1,298,600
40,153
356,646
T.
ROWE
PRICE
Small-Cap
Stock
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
0.0%
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $1,073 (1)
(2)(4)(5)
24,285
1,770
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $2,746 (1)(2)(4)
122,320
2,394
4,164
Semiconductors
&
Semiconductor
Equipment
3.4%
Credo
Technology
Group
Holding (1)
1,271,697
19,393
Entegris 
684,002
64,235
Lattice
Semiconductor (1)
842,666
72,410
MACOM
Technology
Solutions
Holdings (1)
637,600
52,015
Onto
Innovation (1)
521,900
66,553
SiTime (1)
128,000
14,624
289,230
Software
4.3%
Agilysys (1)
481,800
31,876
Amplitude,
Class
A (1)
2,617,500
30,284
Braze,
Class
A (1)
259,900
12,145
Descartes
Systems
Group (1)
867,633
63,667
DoubleVerify
Holdings (1)
1,788,872
49,999
Envestnet (1)
606,100
26,687
Five9 (1)
819,508
52,694
Manhattan
Associates (1)
177,300
35,045
Socure,
Acquisition
Date:
12/22/21,
Cost $2,034 (1)(2)(4)
126,571
695
Workiva (1)
578,934
58,669
361,761
Total
Information
Technology
1,017,738
MATERIALS
3.4%
Chemicals
1.8%
Element
Solutions 
4,690,867
91,988
HB
Fuller 
295,100
20,247
Quaker
Chemical 
257,161
41,145
153,380
Metals
&
Mining
1.4%
Compass
Minerals
International 
451,900
12,631
Constellium (1)
3,326,071
60,534
T.
ROWE
PRICE
Small-Cap
Stock
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ERO
Copper
(CAD) (1)
927,467
15,992
Haynes
International (5)
676,495
31,471
120,628
Paper
&
Forest
Products
0.2%
West
Fraser
Timber
(CAD) 
235,947
17,130
17,130
Total
Materials
291,138
REAL
ESTATE
5.3%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Community
Healthcare
Trust,
REIT 
477,675
14,187
14,187
Industrial
Real
Estate
Investment
Trusts
2.0%
EastGroup
Properties,
REIT 
552,400
91,991
Rexford
Industrial
Realty,
REIT 
1,021,918
50,432
Terreno
Realty,
REIT 
419,100
23,805
166,228
Real
Estate
Management
&
Development
2.0%
Altus
Group
(CAD) 
593,986
20,563
DigitalBridge
Group 
1,087,823
19,124
FirstService 
693,313
100,905
Tricon
Residential 
3,518,025
26,033
166,625
Residential
Real
Estate
Investment
Trusts
0.5%
Flagship
Communities
REIT,
REIT 
625,419
9,381
Independence
Realty
Trust,
REIT 
2,194,768
30,881
40,262
Specialized
Real
Estate
Investment
Trusts
0.6%
CubeSmart,
REIT 
1,312,238
50,036
50,036
Total
Real
Estate
437,338
UTILITIES
2.9%
Electric
Utilities
0.9%
IDACORP 
552,869
51,776
T.
ROWE
PRICE
Small-Cap
Stock
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MGE
Energy 
305,676
20,942
72,718
Gas
Utilities
1.4%
Chesapeake
Utilities 
462,357
45,196
ONE
Gas 
276,800
18,900
Southwest
Gas
Holdings 
904,277
54,627
118,723
Independent
Power
&
Renewable
Electricity
Producers
0.2%
NextEra
Energy
Partners 
634,125
18,833
18,833
Water
Utilities
0.4%
California
Water
Service
Group 
679,328
32,139
32,139
Total
Utilities
242,413
Total
Miscellaneous
Common
Stocks
 1.3% (7)
111,442
Total
Common
Stocks
(Cost
$6,308,612)
8,033,477
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $707 (1)(2)(4)
706,793
707
Total
Convertible
Bonds
(Cost
$707)
707
CONVERTIBLE
PREFERRED
STOCKS
2.4%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $6,812 (1)(2)
(4)(5)(6)
758,455
4,111
4,111
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10,756 (1)(2)(4)
1,848,191
2,033
2,033
Total
Consumer
Discretionary
6,144
T.
ROWE
PRICE
Small-Cap
Stock
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $14,331 (1)(2)(4)
776,181
4,052
Total
Consumer
Staples
4,052
FINANCIALS
0.1%
Banks
0.1%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $9,075 (1)
(2)(4)
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)(4)
1,627,947
8,709
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $8,050 (1)(2)(4)
993,799
5,317
14,026
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $5,415 (1)(2)
(4)(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)(4)
3,902,227
4,566
4,566
Life
Sciences
Tools
&
Services
0.6%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $4,754 (1)(2)(4)
403,512
3,619
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $5,808 (1)(2)
(4)
657,721
1,914
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $6,793 (1)(2)(4)
497,323
30,202
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $11,631 (1)(2)(4)
261,906
15,906
51,641
Total
Health
Care
75,648
INDUSTRIALS
&
BUSINESS
SERVICES
0.5%
Aerospace
&
Defense
0.2%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $5,882 (1)(2)(4)
130,614
4,194
T.
ROWE
PRICE
Small-Cap
Stock
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11,512 (1)(2)
(4)
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)(4)
420,147
4,235
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $3,033 (1)(2)(4)
148,715
1,499
5,734
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5,620 (1)(2)
(4)
269,870
1,328
1,328
Ground
Transportation
0.1%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $8,346 (1)(2)(4)
1,175,394
3,350
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $10,022 (1)(2)
(4)
740,142
2,953
6,303
Professional
Services
0.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $3,881 (1)(2)(4)
(5)
852,879
4,605
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $11,857 (1)(2)(4)
(5)
1,176,033
6,351
10,956
Total
Industrials
&
Business
Services
38,885
INFORMATION
TECHNOLOGY
0.6%
IT
Services
0.3%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4,277 (1)(2)(4)(5)
293,317
3,546
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $1,811 (1)(2)
(4)(5)
95,996
1,161
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $10 (1)
(2)(4)(5)
381
28
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $4,907 (1)
(2)(4)(5)
186,629
13,607
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $997 (1)(2)
(4)(5)
9,288
677
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $491 (1)
(2)(4)(5)
4,130
301
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $618 (1)(2)(4)
27,540
539
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $62 (1)(2)(4)
2,740
54
T.
ROWE
PRICE
Small-Cap
Stock
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $67 (1)(2)(4)
2,980
58
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $7,824 (1)(2)(4)
348,470
6,819
26,790
Software
0.3%
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $11,576 (1)(2)(4)
886,735
5,498
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5,450 (1)(2)(4)
261,432
1,621
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5,397 (1)(2)(4)(5)
1,068,639
5,450
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7,110 (1)(2)(4)(5)
1,127,860
8,109
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $698 (1)(2)(4)(5)
79,390
571
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,472 (1)(2)
(4)
153,828
844
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,029 (1)
(2)(4)
126,253
693
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $37 (1)(2)(4)
2,284
13
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $4,702 (1)(2)(4)
292,632
1,607
24,406
Total
Information
Technology
51,196
MATERIALS
0.2%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $7,078 (1)(2)(4)
149,321
7,128
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $9,813 (1)(2)(4)
237,759
4,822
11,950
Metals
&
Mining
0.1%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $5,885 (1)(2)(4)
214,677
9,184
9,184
Total
Materials
21,134
Total
Convertible
Preferred
Stocks
(Cost
$245,891)
203,736
T.
ROWE
PRICE
Small-Cap
Stock
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
2.9%
Money
Market
Funds
2.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (5)(8)
243,331,479
243,331
Total
Short-Term
Investments
(Cost
$243,331)
243,331
Total
Investments
in
Securities
100.1%
(Cost
$6,798,541)
$
8,481,251
Other
Assets
Less
Liabilities
(0.1)%
(9,111
)
Net
Assets
100.0%
$
8,472,140
‡
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
$336,793
and
represents
4.0%
of
net
assets.
(3)
Security
is
subject
to
a
contractual
sale
restriction
(lockup).
The
total
value
of
such
securities
at
period-end
amounts
to
$77,672;
the
remaining
lockup
period
is
generally
less
than
one
year;
and
early
lockup
release
provisions
may
be
applicable
based
on
certain
set
milestones
or
conditions
in
accordance
with
legal
documents.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Affiliated
Companies
(6)
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.
(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
CAD
Canadian
Dollar
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
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,
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
Checkr 
$
—‌
$
(1,308‌)
$
—‌
Checkr,
Series
C 
—‌
(1,962‌)
—‌
Checkr,
Series
D 
—‌
(2,705‌)
—‌
Chuy's
Holdings 
5,563‌
3,666‌
—‌
Dogwood
State
Bank,
Non-Voting
Shares 
—‌
587‌
—‌
Dogwood
State
Bank,
Voting
Shares 
—‌
288‌
—‌
Dogwood
State
Bank,
Warrants,
5/6/24 
—‌
103‌
—‌
Haul
Hub,
Series
B 
—‌
(1,989‌)
—‌
Haul
Hub,
Series
C 
—‌
(650‌)
—‌
Haynes
International 
182‌
419‌
450‌
Kardium,
Series
D-6 
—‌
—‌
—‌
PAR
Technology 
114‌
16,538‌
—‌
SecurityScorecard,
Series
E 
—‌
235‌
—‌
Seismic
Software,
Series
E 
—‌
(3,564‌)
—‌
Seismic
Software,
Series
F 
—‌
(251‌)
—‌
ServiceTitan 
(23‌)
272‌
—‌
ServiceTitan,
Series
A-1 
—‌
4‌
—‌
ServiceTitan,
Series
D 
—‌
1,885‌
—‌
ServiceTitan,
Series
F 
—‌
94‌
—‌
ServiceTitan,
Series
G 
—‌
41‌
—‌
Torchys
Holdings 
—‌
1,070‌
—‌
Torchys
Holdings,
Class
A 
—‌
5,447‌
—‌
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—‌
—‌
10,035‌
Affiliates
not
held
at
period
end
(16,855‌)
18,910‌
—‌
Totals
$
(11,019‌)#
$
37,130‌
$
10,485‌+
T.
ROWE
PRICE
Small-Cap
Stock
Fund
18
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
Checkr 
$
*
$
—‌
$
—‌
$
3,070‌
Checkr,
Series
C 
*
—‌
—‌
4,605‌
Checkr,
Series
D 
*
—‌
—‌
6,351‌
Chuy's
Holdings 
31,151‌
3,380‌
9,956‌
*
Dogwood
State
Bank,
Non-
Voting
Shares 
*
—‌
—‌
5,876‌
Dogwood
State
Bank,
Voting
Shares 
*
—‌
—‌
2,886‌
Dogwood
State
Bank,
Warrants,
5/6/24 
*
—‌
—‌
456‌
Fiesta
Restaurant
Group 
15,712‌
—‌
34,622‌
—‌
Haul
Hub,
Series
B 
*
—‌
—‌
3,546‌
Haul
Hub,
Series
C 
*
—‌
—‌
1,161‌
Haynes
International 
31,622‌
—‌
570‌
31,471‌
Kardium,
Series
D-6 
*
—‌
—‌
5,415‌
PAR
Technology 
*
26,303‌
1,001‌
68,939‌
SecurityScorecard,
Series
E 
*
—‌
—‌
5,450‌
Seismic
Software,
Series
E 
*
—‌
—‌
8,109‌
Seismic
Software,
Series
F 
*
—‌
—‌
571‌
ServiceTitan 
*
—‌
75‌
1,770‌
ServiceTitan,
Series
A-1 
*
—‌
—‌
28‌
ServiceTitan,
Series
D 
*
—‌
—‌
13,607‌
ServiceTitan,
Series
F 
*
—‌
—‌
677‌
ServiceTitan,
Series
G 
*
—‌
—‌
301‌
Torchys
Holdings 
3,041‌
—‌
—‌
4,111‌
Torchys
Holdings,
Class
A 
15,490‌
—‌
—‌
20,937‌
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
244,859‌
 ¤
 ¤
243,331‌
Total
$
432,668‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$10,485
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
$473,835.
*
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
19
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
20
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
21
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
22
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
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
September
30,
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
September
30,
2023,
totaled $(80,229) for
the
period ended
September
30,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,747,165‌
$
243,626‌
$
42,686‌
$
8,033,477‌
Convertible
Bonds
—‌
—‌
707‌
707‌
Convertible
Preferred
Stocks
—‌
—‌
203,736‌
203,736‌
Short-Term
Investments
243,331‌
—‌
—‌
243,331‌
Total
$
7,990,496‌
$
243,626‌
$
247,129‌
$
8,481,251‌
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/23
Investment
in
Securities
Common
Stocks
$
129,116‌
$
24,192‌
$
—‌
$
(110,622‌)
$
42,686‌
Convertible
Bonds
—‌
—‌
707‌
—‌
707‌
Convertible
Preferred
Stocks
321,338‌
(86,842‌)
—‌
(30,760‌)
203,736‌
Total
$
450,454‌
$
(62,650‌)
$
707‌
$
(141,382‌)
$
247,129‌
T.
ROWE
PRICE
Small-Cap
Stock
Fund
23
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
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.
F65-054Q3
09/23