| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
|
| ||
| March 31, 2019 | (Unaudited) | |
| Portfolio of Investments‡ | Shares/Par | $ Value |
| (Cost and value in $000s) | ||
| COMMON STOCKS 95.8% | ||
| COMMUNICATION SERVICES 1.9% | ||
| Diversified Telecommunication Services 0.2% | ||
| Iridium Communications (1) | 697,500 | 18,442 |
| 18,442 | ||
| Entertainment 0.4% | ||
| Zynga, Class A (1) | 8,394,700 | 44,744 |
| 44,744 | ||
| Interactive Media & Services 0.2% | ||
| Cargurus (1) | 323,827 | 12,972 |
| Eventbrite, Class A (1) | 139,954 | 2,683 |
| 15,655 | ||
| Media 1.1% | ||
| Cable One | 109,360 | 107,324 |
| 107,324 | ||
| Total Communication Services | 186,165 | |
| CONSUMER DISCRETIONARY 10.7% | ||
| Auto Components 0.6% | ||
| Gentherm (1) | 843,141 | 31,078 |
| Visteon (1) | 371,799 | 25,041 |
| 56,119 | ||
| Diversified Consumer Services 1.2% | ||
| American Public Education (1) | 610,743 | 18,396 |
| Bright Horizons Family Solutions (1) | 347,900 | 44,222 |
| Chegg (1) | 721,600 | 27,507 |
| J2 Acquisition (1) | 2,559,436 | 23,131 |
| J2 Acquisition, Warrants, 10/10/20 (1) | 2,573,386 | 458 |
| 113,714 | ||
| Hotels, Restaurants & Leisure 3.0% | ||
| Boyd Gaming | 177,800 | 4,865 |
| Chuy's Holdings (1)(2) | 863,911 | 19,671 |
| Denny's (1)(2) | 3,075,000 | 56,426 |
| )LUVW 3DJH )RRWHU | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Dunkin' Brands Group | 830,176 | 62,346 |
| Fiesta Restaurant Group (1) | 1,175,007 | 15,404 |
| OneSpaWorld Holdings (1) | 996,200 | 13,608 |
| Papa John's International | 808,700 | 42,821 |
| Red Robin Gourmet Burgers (1)(2) | 763,321 | 21,991 |
| Wingstop | 823,000 | 62,573 |
| 299,705 | ||
| Household Durables 1.3% | ||
| Cavco Industries (1) | 134,600 | 15,820 |
| Skyline Champion | 1,194,441 | 22,694 |
| Tempur Sealy International (1) | 921,500 | 53,143 |
| TRI Pointe Group (1) | 3,175,346 | 40,136 |
| 131,793 | ||
| Internet & Direct Marketing Retail 0.1% | ||
| A Place for Rover, Acquisition Date: 5/25/18, Cost $330 (1)(3)(4) | 48,677 | 330 |
| GrubHub (1) | 107,558 | 7,472 |
| 7,802 | ||
| Multiline Retail 0.8% | ||
| Ollie's Bargain Outlet Holdings (1) | 859,828 | 73,369 |
| Tuesday Morning (1)(2) | 3,984,700 | 8,448 |
| 81,817 | ||
| Specialty Retail 3.6% | ||
| Aaron's | 1,195,400 | 62,878 |
| Burlington Stores (1) | 525,800 | 82,382 |
| Five Below (1) | 261,700 | 32,516 |
| Michaels (1) | 2,317,200 | 26,462 |
| Monro | 1,355,200 | 117,252 |
| National Vision Holdings (1) | 702,410 | 22,077 |
| RH (1) | 125,290 | 12,899 |
| 356,466 | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| Textiles, Apparel & Luxury Goods 0.1% | ||||
| Allbirds, Acquisition, Date: 10/10/18 - 12/21/18, Cost $6,034 | ||||
| (1) | (3)(4) | 110,039 | 6,034 | |
| 6,034 | ||||
| Total Consumer Discretionary | 1,053,450 | |||
| CONSUMER STAPLES 4.9% | ||||
| Beverages 0.8% | ||||
| Boston Beer, Class A (1) | 263,146 | 77,557 | ||
| 77,557 | ||||
| Food & Staples Retailing 0.5% | ||||
| Performance Food Group (1) | 1,240,738 | 49,183 | ||
| 49,183 | ||||
| Food Products 3.6% | ||||
| AD Makepeace (1) | 164 | 919 | ||
| ADM Holdings (1)(4) | 164 | 428 | ||
| Cal-Maine Foods | 1,361,667 | 60,771 | ||
| Collier Creek Holdings (1) | 1,339,640 | 13,865 | ||
| Nomad Foods (1) | 1,000,251 | 20,455 | ||
| Post Holdings (1) | 778,900 | 85,212 | ||
| Sanderson Farms | 393,600 | 51,892 | ||
| Simply Good Foods (1) | 2,044,525 | 42,097 | ||
| TreeHouse Foods (1) | 1,223,875 | 79,001 | ||
| 354,640 | ||||
| Total Consumer Staples | 481,380 | |||
| ENERGY 2.0% | ||||
| Energy Equipment & Services 0.3% | ||||
| Computer Modelling Group (CAD) | 1,532,800 | 7,054 | ||
| Dril | -Quip (1) | 410,000 | 18,799 | |
| 25,853 | ||||
| Oil, Gas & Consumable Fuels 1.7% | ||||
| Centennial Resource Development, Class A (1) | 2,230,144 | 19,603 | ||
| Diamondback Energy | 370,350 | 37,602 | ||
| Jagged Peak Energy (1) | 1,840,992 | 19,275 | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| Kosmos Energy | 756,911 | 4,716 | ||
| Magnolia Oil & Gas (1) | 1,790,200 | 21,482 | ||
| Matador Resources (1) | 596,540 | 11,531 | ||
| New Fortress Energy (1) | 629,482 | 7,352 | ||
| Seven Generations Energy, Class A (CAD)(1) | 2,661,500 | 19,219 | ||
| Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost, | ||||
| $ | 1,247 (1)(3)(4) | 413 | 2,147 | |
| Venture Global LNG, Series C, Acquisition Date: 5/25/17 - | ||||
| 3/8/18, Cost $20,149 (1)(3)(4) | 5,556 | 28,891 | ||
| 171,818 | ||||
| Total Energy | 197,671 | |||
| FINANCIALS 15.7% | ||||
| Banks 8.7% | ||||
| Atlantic Capital Bancshares (1) | 1,079,588 | 19,249 | ||
| BankUnited | 1,593,500 | 53,223 | ||
| Blue Hills Bancorp | 1,148,617 | 27,452 | ||
| Bridge Bancorp | 969,150 | 28,396 | ||
| CenterState Bank | 587,000 | 13,976 | ||
| Columbia Banking System | 629,761 | 20,587 | ||
| Crossfirst Bankshares, Acquisition Date: 10/23/18, Cost: $7,105 | ||||
| (1) | (3)(4) | 498,616 | 7,105 | |
| Equity Bancshares, Class A (1) | 607,000 | 17,482 | ||
| FB Financial | 1,094,737 | 34,769 | ||
| First Bancshares | 478,500 | 14,786 | ||
| Grasshopper Bancorp, Warrants, 10/12/28, Acquisition Date: | ||||
| 10/12/18, Cost: $0 (1)(3)(4) | 98,245 | — | ||
| Heritage Commerce | 1,999,135 | 24,190 | ||
| Heritage Financial | 947,400 | 28,555 | ||
| Home BancShares | 3,317,300 | 58,285 | ||
| Hope Bancorp | 1,486,700 | 19,446 | ||
| Independent Bank Group | 831,172 | 42,631 | ||
| Investors Bancorp | 2,602,600 | 30,841 | ||
| Live Oak Bancshares | 1,077,766 | 15,746 | ||
| National Commerce (1) | 388,800 | 15,245 | ||
| Origin Bancorp | 717,542 | 24,432 | ||
| Pacific Premier Bancorp | 873,700 | 23,179 | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Pinnacle Financial Partners | 1,052,195 | 57,555 |
| Prosperity Bancshares | 670,100 | 46,277 |
| Seacoast Banking (1) | 1,947,744 | 51,323 |
| Simmons First National, Class A | 483,000 | 11,824 |
| South State | 532,344 | 36,380 |
| Texas Capital Bancshares (1) | 345,640 | 18,869 |
| Towne Bank | 1,109,384 | 27,457 |
| Webster Financial | 618,337 | 31,331 |
| Western Alliance Bancorp (1) | 1,256,200 | 51,554 |
| 852,145 | ||
| Capital Markets 1.0% | ||
| Barings BDC | 1,227,122 | 12,038 |
| Cboe Global Markets | 923,877 | 88,175 |
| 100,213 | ||
| Consumer Finance 1.1% | ||
| Encore Capital Group (1) | 1,401,734 | 38,169 |
| Green Dot, Class A (1) | 99,600 | 6,041 |
| PRA Group (1) | 1,671,000 | 44,799 |
| SLM | 2,078,428 | 20,597 |
| 109,606 | ||
| Insurance 3.0% | ||
| Assurant | 637,200 | 60,477 |
| Axis Capital Holdings | 737,900 | 40,422 |
| Goosehead Insurance, Class A | 325,985 | 9,088 |
| Hanover Insurance Group | 486,300 | 55,521 |
| Safety Insurance Group | 306,150 | 26,678 |
| Selective Insurance Group | 1,260,000 | 79,733 |
| State Auto Financial | 568,042 | 18,700 |
| 290,619 | ||
| Thrifts & Mortgage Finance 1.9% | ||
| Capitol Federal Financial | 2,729,735 | 36,442 |
| Essent Group (1) | 599,500 | 26,048 |
| Meridian Bancorp | 2,147,493 | 33,694 |
| PennyMac Financial Services | 1,034,800 | 23,014 |
| Radian Group | 1,508,000 | 31,276 |
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Sterling Bancorp | 1,561,330 | 15,832 |
| WSFS Financial | 587,116 | 22,663 |
| 188,969 | ||
| Total Financials | 1,541,552 | |
| HEALTH CARE 15.3% | ||
| Biotechnology 6.9% | ||
| Abeona Therapeutics (1) | 319,800 | 2,354 |
| Acceleron Pharma (1) | 580,300 | 27,025 |
| Agios Pharmaceuticals (1) | 262,586 | 17,709 |
| Aimmune Therapeutics (1) | 698,012 | 15,601 |
| Alder Biopharmaceuticals (1) | 1,739,578 | 23,745 |
| Alkermes (1) | 273,484 | 9,979 |
| Allogene Therapeutics (1) | 160,171 | 4,631 |
| AnaptysBio (1) | 99,687 | 7,282 |
| Argenx, ADR (1) | 305,983 | 38,199 |
| Array BioPharma (1) | 1,097,600 | 26,760 |
| Ascendis Pharma, ADR (1) | 565,462 | 66,555 |
| BeiGene, ADR (1) | 28,064 | 3,704 |
| Blueprint Medicines (1) | 417,649 | 33,433 |
| Cara Therapeutics (1) | 264,017 | 5,180 |
| Corvus Pharmaceuticals (1) | 344,056 | 1,383 |
| Crinetics Pharmaceuticals (1) | 231,776 | 5,275 |
| CytomX Therapeutics (1) | 383,480 | 4,122 |
| Enanta Pharmaceuticals (1) | 49,100 | 4,690 |
| Five Prime Therapeutics (1) | 148,706 | 1,993 |
| Global Blood Therapeutics (1) | 722,815 | 38,259 |
| GlycoMimetics (1) | 403,851 | 5,032 |
| Guardant Health (1) | 125,436 | 9,621 |
| ImmunoGen (1) | 259,647 | 704 |
| Immunomedics (1) | 796,900 | 15,308 |
| Insmed (1) | 1,561,139 | 45,382 |
| Madrigal Pharmaceuticals (1) | 40,301 | 5,048 |
| Momenta Pharmaceuticals (1) | 858,690 | 12,477 |
| Orchard Therapeutics, ADR (1) | 247,232 | 4,421 |
| Principia Biopharma (1) | 312,185 | 10,614 |
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| PTC Therapeutics (1) | 198,200 | 7,460 |
| Radius Health (1) | 1,309,965 | 26,121 |
| Sage Therapeutics (1) | 728,088 | 115,802 |
| Sarepta Therapeutics (1) | 72,900 | 8,689 |
| Scholar Rock Holding (1) | 139,014 | 2,612 |
| Seattle Genetics (1) | 248,621 | 18,209 |
| Ultragenyx Pharmaceutical (1) | 315,530 | 21,885 |
| Xencor (1) | 818,878 | 25,434 |
| 672,698 | ||
| Health Care Equipment & Supplies 3.3% | ||
| AtriCure (1) | 517,400 | 13,861 |
| Avanos Medical (1) | 1,211,900 | 51,724 |
| ICU Medical (1) | 148,235 | 35,477 |
| JAND, Class A, Acquisition Date: 3/9/18, Cost: $6,622 (1)(3)(4) | 421,333 | 6,446 |
| Nevro (1) | 344,987 | 21,565 |
| NuVasive (1) | 479,000 | 27,203 |
| Quidel (1) | 999,800 | 65,457 |
| Shockwave Medical (1) | 92,260 | 3,088 |
| STERIS | 510,000 | 65,295 |
| Wright Medical Group (1) | 1,235,242 | 38,848 |
| 328,964 | ||
| Health Care Providers & Services 2.4% | ||
| Acadia Healthcare (1) | 1,160,095 | 34,002 |
| Amedisys (1) | 175,000 | 21,571 |
| Cross Country Healthcare (1) | 1,283,540 | 9,023 |
| Hanger (1) | 1,322,817 | 25,200 |
| Molina Healthcare (1) | 748,740 | 106,291 |
| U.S. Physical Therapy | 346,808 | 36,425 |
| 232,512 | ||
| Health Care Technology 0.4% | ||
| HMS Holdings (1) | 1,336,127 | 39,563 |
| 39,563 | ||
| Life Sciences Tools & Services 0.5% | ||
| Bruker | 1,314,368 | 50,524 |
| 50,524 | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Pharmaceuticals 1.8% | ||
| Amneal Pharmaceuticals (1) | 991,300 | 14,047 |
| Catalent (1) | 1,537,038 | 62,388 |
| MyoKardia (1) | 521,727 | 27,125 |
| Prestige Consumer Healthcare (1) | 601,000 | 17,976 |
| Reata Pharmaceuticals, Class A (1) | 68,100 | 5,820 |
| TherapeuticsMD (1) | 7,278,324 | 35,445 |
| WaVe Life Sciences (1) | 400,557 | 15,562 |
| 178,363 | ||
| Total Health Care | 1,502,624 | |
| INDUSTRIALS & BUSINESS SERVICES 16.3% | ||
| Aerospace & Defense 3.4% | ||
| Aerojet Rocketdyne Holdings (1) | 1,493,523 | 53,065 |
| BWX Technologies | 1,403,953 | 69,608 |
| Cubic | 988,400 | 55,587 |
| Moog, Class A | 352,500 | 30,650 |
| Teledyne Technologies (1) | 513,800 | 121,776 |
| 330,686 | ||
| Airlines 0.5% | ||
| Alclear Holdings, Class B, Acquisition Date: 3/6/18 - 12/13/18, | ||
| Cost $16,753 (1)(3)(4)(5) | 111,905 | 25,179 |
| Hawaiian Holdings | 1,042,600 | 27,368 |
| 52,547 | ||
| Building Products 1.4% | ||
| CSW Industrials (1) | 457,955 | 26,236 |
| Gibraltar Industries (1) | 1,149,065 | 46,664 |
| PGT Innovations (1) | 1,559,975 | 21,606 |
| Quanex Building Products | 986,810 | 15,680 |
| Simpson Manufacturing | 524,500 | 31,087 |
| 141,273 | ||
| Commercial Services & Supplies 2.8% | ||
| Brink's | 1,431,601 | 107,957 |
| Heritage-Crystal Clean (1) | 896,600 | 24,612 |
| Rentokil Initial (GBP) | 9,905,875 | 45,629 |
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Team (1) | 1,378,800 | 24,129 |
| Waste Connections | 825,050 | 73,091 |
| 275,418 | ||
| Construction & Engineering 0.5% | ||
| Valmont Industries | 349,408 | 45,458 |
| 45,458 | ||
| Electrical Equipment 0.7% | ||
| AZZ | 981,054 | 40,154 |
| Bloom Energy, Class A (1) | 487,983 | 6,305 |
| Thermon Group Holdings (1) | 950,864 | 23,306 |
| 69,765 | ||
| Machinery 4.8% | ||
| Barnes Group | 476,800 | 24,512 |
| Chart Industries (1) | 946,500 | 85,677 |
| ESCO Technologies | 904,861 | 60,653 |
| Federal Signal | 247,300 | 6,427 |
| Gardner Denver Holdings (1) | 446,900 | 12,428 |
| Graco | 846,900 | 41,939 |
| John Bean Technologies | 849,900 | 78,097 |
| Luxfer Holdings | 1,113,569 | 27,817 |
| Mueller Water Products, Class A | 4,000,000 | 40,160 |
| REV Group | 880,963 | 9,647 |
| Sun Hydraulics | 451,705 | 21,009 |
| Toro | 861,700 | 59,320 |
| 467,686 | ||
| Marine 0.5% | ||
| Matson | 1,426,060 | 51,467 |
| 51,467 | ||
| Professional Services 0.2% | ||
| Huron Consulting Group (1) | 315,800 | 14,912 |
| 14,912 | ||
| Road & Rail 0.8% | ||
| Genesee & Wyoming, Class A (1) | 224,100 | 19,528 |
| Knight-Swift Transportation Holdings | 287,578 | 9,398 |
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| Landstar System | 276,300 | 30,224 | ||
| Schneider National, Class B | 1,095,515 | 23,061 | ||
| 82,211 | ||||
| Trading Companies & Distributors 0.7% | ||||
| SiteOne Landscape Supply (1) | 1,141,735 | 65,250 | ||
| 65,250 | ||||
| Total Industrials & Business Services | 1,596,673 | |||
| INFORMATION TECHNOLOGY 15.0% | ||||
| Electronic Equipment, Instruments & Components 1.8% | ||||
| CTS | 915,000 | 26,874 | ||
| Littelfuse | 79,900 | 14,580 | ||
| National Instruments | 1,223,924 | 54,293 | ||
| Novanta (1) | 975,478 | 82,652 | ||
| 178,399 | ||||
| IT Services 3.3% | ||||
| Booz Allen Hamilton Holding | 1,222,000 | 71,047 | ||
| Euronet Worldwide (1) | 605,500 | 86,338 | ||
| Evo Payments, Class A (1) | 306,936 | 8,916 | ||
| GTT Communications (1) | 929,600 | 32,257 | ||
| Okta | (1) | 111,300 | 9,208 | |
| ServiceTitan, Acquisition Date: 11/9/18, Cost $484 (1)(3)(4) | 18,389 | 484 | ||
| StoneCo, Class A, Acquisition Date: 7/10/18, Cost $12,060 | ||||
| (1) | (3) | 1,607,256 | 62,771 | |
| StoneCo, Class A (1) | 668,234 | 27,471 | ||
| Tucows, Class A (1) | 232,564 | 18,880 | ||
| Wix.com (1) | 75,371 | 9,107 | ||
| 326,479 | ||||
| Semiconductors & Semiconductor Equipment 2.8% | ||||
| Cypress Semiconductor | 698,300 | 10,419 | ||
| Entegris | 2,048,500 | 73,111 | ||
| Inphi | (1) | 1,037,465 | 45,379 | |
| Lattice Semiconductor (1) | 6,124,660 | 73,067 | ||
| MACOM Technology Solutions Holdings (1) | 1,075,400 | 17,970 | ||
| MKS Instruments | 244,400 | 22,741 | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | |||
|
| |||
| Shares/Par | $ Value | ||
| (Cost and value in $000s) | |||
| Monolithic Power Systems | 122,433 | 16,588 | |
| PDF Solutions (1) | 1,328,711 | 16,410 | |
| 275,685 | |||
| Software 6.7% | |||
| 2 U (1) | 477,277 | 33,815 | |
| Ceridian HCM Holding (1) | 468,792 | 24,049 | |
| Checkr, Acquisition Date: 6/29/18, Cost $827 (1)(3)(4) | 67,290 | 827 | |
| Coupa Software (1) | 645,167 | 58,697 | |
| CyberArk Software (1) | 250,000 | 29,763 | |
| Descartes Systems Group (1) | 2,181,919 | 79,378 | |
| Five9 (1) | 832,730 | 43,993 | |
| Pagerduty, Acquisition Date: 9/28/18, Cost $346 (1)(3)(4) | 64,029 | 1,038 | |
| Paycom Software (1) | 148,400 | 28,067 | |
| Pluralsight, Class A (1) | 597,700 | 18,971 | |
| Proofpoint (1) | 492,300 | 59,780 | |
| SS&C Technologies Holdings | 1,815,069 | 115,602 | |
| Tableau Software, Class A (1) | 755,745 | 96,191 | |
| Toast, Acquisition Date: 9/14/18, Cost $18 (1)(3)(4) | 1,059 | 29 | |
| Zendesk (1) | 720,100 | 61,209 | |
| 651,409 | |||
| Technology Hardware, Storage & Peripherals 0.4% | |||
| Cray (1) | 1,161,541 | 30,258 | |
| Pure Storage, Class A (1) | 574,523 | 12,519 | |
| 42,777 | |||
| Total Information Technology | 1,474,749 | ||
| MATERIALS 2.3% | |||
| Chemicals 0.9% | |||
| GCP Applied Technologies (1) | 988,456 | 29,258 | |
| Minerals Technologies | 324,400 | 19,072 | |
| PolyOne | 697,200 | 20,435 | |
| Quaker Chemical | 99,800 | 19,993 | |
| 88,758 | |||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
| Shares/Par | $ Value | |
| (Cost and value in $000s) | ||
| Construction Materials 0.1% | ||
| Martin Marietta Materials | 28,000 | 5,633 |
| 5,633 | ||
| Metals & Mining 1.1% | ||
| Constellium, Class A (1) | 1,544,800 | 12,327 |
| Franco-Nevada (CAD) | 420,400 | 31,519 |
| Haynes International (2) | 762,672 | 25,038 |
| Northern Star Resources (AUD) | 2,798,277 | 17,778 |
| Osisko Gold Royalties (CAD) | 1,628,300 | 18,289 |
| 104,951 | ||
| Paper & Forest Products 0.2% | ||
| West Fraser Timber (CAD) | 449,100 | 21,844 |
| 21,844 | ||
| Total Materials | 221,186 | |
| REAL ESTATE 6.3% | ||
| Equity Real Estate Investment Trusts 5.0% | ||
| Acadia Realty Trust, REIT | 965,100 | 26,318 |
| Alexander & Baldwin, REIT | 1,389,008 | 35,336 |
| American Campus Communities, REIT | 1,353,500 | 64,400 |
| Community Healthcare Trust, REIT | 200,000 | 7,178 |
| CubeSmart, REIT | 521,100 | 16,696 |
| EastGroup Properties, REIT | 826,800 | 92,304 |
| Equity Commonwealth, REIT | 750,400 | 24,531 |
| First Industrial Realty Trust, REIT | 601,944 | 21,285 |
| JBG SMITH Properties, REIT | 879,584 | 36,371 |
| Paramount Group, REIT | 2,898,826 | 41,134 |
| PS Business Parks, REIT | 598,674 | 93,890 |
| Regency Centers, REIT | 393,620 | 26,565 |
| 486,008 | ||
| Real Estate Management & Development 1.3% | ||
| Colliers International Group | 254,711 | 17,004 |
| FirstService | 1,028,079 | 91,849 |
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| Redfin (1) | 1,022,859 | 20,733 | ||
| 129,586 | ||||
| Total Real Estate | 615,594 | |||
| UTILITIES 4.9% | ||||
| Electric Utilities 0.9% | ||||
| PNM Resources | 1,902,200 | 90,050 | ||
| 90,050 | ||||
| Gas Utilities 2.5% | ||||
| Chesapeake Utilities | 514,457 | 46,924 | ||
| ONE Gas | 1,304,100 | 116,104 | ||
| Southwest Gas Holdings | 1,038,332 | 85,413 | ||
| 248,441 | ||||
| Independent Power & Renewable Electricity Producers 0.3% | ||||
| NextEra Energy Partners | 580,100 | 27,056 | ||
| 27,056 | ||||
| Water Utilities 1.2% | ||||
| California Water Service Group | 949,600 | 51,544 | ||
| Middlesex Water | 333,979 | 18,700 | ||
| SJW Group | 691,500 | 42,693 | ||
| 112,937 | ||||
| Total Utilities | 478,484 | |||
| Total Miscellaneous Common Stocks 0.5% (6) | 44,829 | |||
| Total Common Stocks (Cost $6,920,890) | 9,394,357 | |||
| CONVERTIBLE PREFERRED STOCKS 1.6% | ||||
| CONSUMER DISCRETIONARY 0.6% | ||||
| Diversified Consumer Services 0.1% | ||||
| 1stdibs.com, Series D, Acquisition Date: 2/7/19, Cost $5,328 | ||||
| (1) | (3)(4) | 1,063,187 | 5,328 | |
| 5,328 | ||||
| Internet & Direct Marketing Retail 0.3% | ||||
| A Place for Rover, Series G, Acquisition Date: 5/11/18, Cost | ||||
| $ | 5,243 (1)(3)(4) | 696,458 | 5,243 | |
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| Roofoods, Series F, Acquisition Date: 9/12/17, Cost $20,268 | ||||
| (1) | (3)(4) | 57,324 | 29,231 | |
| 34,474 | ||||
| Specialty Retail 0.1% | ||||
| Vroom, Series F, Acquisition Date: 6/30/18, Cost: $9,652 | ||||
| (1) | (3)(4) | 565,866 | 10,158 | |
| 10,158 | ||||
| Textiles, Apparel & Luxury Goods 0.1% | ||||
| Allbirds, Series A, Acquisition Date: 10/10/18, Cost $1,974 | ||||
| (1) | (3)(4) | 36,000 | 1,974 | |
| Allbirds, Series B, Acquisition Date: 10/10/18, Cost $347 | ||||
| (1) | (3)(4) | 6,325 | 347 | |
| Allbirds, Series C, Acquisition Date: 10/9/18, Cost: $3,314 | ||||
| (1) | (3)(4) | 60,445 | 3,314 | |
| Allbirds, Series Seed, Acquisition Date: 10/10/18, Cost: $1,061 | ||||
| (1) | (3)(4) | 19,342 | 1,061 | |
| 6,696 | ||||
| Total Consumer Discretionary | 56,656 | |||
| CONSUMER STAPLES 0.2% | ||||
| Food Products 0.2% | ||||
| Farmers Business Network, Series D, Acquisition Date: 11/3/17, | ||||
| Cost $ | 14,331 (1)(3)(4) | 776,181 | 18,092 | |
| Total Consumer Staples | 18,092 | |||
| HEALTH CARE 0.1% | ||||
| Health Care Equipment & Supplies 0.1% | ||||
| JAND, Series E, Acquisition Date: 3/9/18, Cost $8,169 (1)(3)(4) | 519,754 | 7,952 | ||
| Total Health Care | 7,952 | |||
| INDUSTRIALS & BUSINESS SERVICES 0.1% | ||||
| Road & Rail 0.1% | ||||
| Convoy, Series C, Acquisition Date: 9/14/18, Cost $8,346 | ||||
| (1) | (3)(4) | 1,175,394 | 8,346 | |
| Total Industrials & Business Services | 8,346 | |||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| INFORMATION TECHNOLOGY 0.5% | ||||
| IT Services 0.1% | ||||
| ServiceTitan, Series A-1, Acquisition Date: 11/9/18, Cost $10 | ||||
| (1) | (3)(4) | 381 | 10 | |
| ServiceTitan, Series D, Acquisition Date: 11/9/18, Cost $4,907 | ||||
| (1) | (3)(4) | 186,629 | 4,907 | |
| 4,917 | ||||
| Software 0.4% | ||||
| Checkr, Series C, Acquisition Date: 6/29/18, Cost $3,881 | ||||
| (1) | (3)(4) | 284,293 | 3,881 | |
| Pagerduty, Series D, Acquisition Date: 8/24/18 - 9/28/18, Cost | ||||
| $ | 8,611 (1)(3)(4) | 504,477 | 8,611 | |
| Plex Systems Holdings, Series B, Acquisition Date: 6/9/14, Cost | ||||
| $ | 10,984 (1)(3)(4) | 4,787,573 | 11,777 | |
| Seismic Software, Series E, Acquisition Date: 12/13/18, Cost | ||||
| $ | 7,110 (1)(3)(4) | 225,572 | 7,110 | |
| Toast, Series B, Acquisition Date: 9/14/18, Cost $165 (1)(3)(4) | 9,531 | 260 | ||
| Toast, Series D, Acquisition Date: 6/27/18, Cost: $11,952 | ||||
| (1) | (3)(4) | 690,616 | 18,854 | |
| 50,493 | ||||
| Total Information Technology | 55,410 | |||
| UTILITIES 0.1% | ||||
| Gas Utilities 0.1% | ||||
| South Jersey Industries 7.25%, 4/15/21 | 245,345 | 12,604 | ||
| Total Utilities | 12,604 | |||
| Total Convertible Preferred Stocks (Cost $137,922) | 159,060 | |||
| CONVERTIBLE BONDS 0.0% | ||||
| FINANCIALS 0.0% | ||||
| Banks 0.0% | ||||
| Grasshopper Bancorp, Acquisition Date: 10/12/18, Cost $982, | ||||
| 4/12/19 (1)(3)(4) | 982,450 | 982 | ||
| Total Convertible Bonds (Cost $982) | 982 | |||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
| Shares/Par | $ Value | |||
| (Cost and value in $000s) | ||||
| SHORT-TERM INVESTMENTS 2.6% | ||||
| Money Market Funds 2.6% | ||||
| T. Rowe Price Government Reserve Fund, 2.49% (2)(7) | 252,642,891 | 252,643 | ||
| 252,643 | ||||
| U.S. Treasury Obligations 0.0% | ||||
| U.S. Treasury Bills, 2.49%, 6/13/19 (8) | 3,130,000 | 3,115 | ||
| 3,115 | ||||
| Total Short-Term Investments (Cost $255,758) | 255,758 | |||
| Total Investments in Securities 100.0% | ||||
| (Cost $7,315,552) | $ | 9,810,157 | ||
| Other Assets Less Liabilities 0.0% | (2,520) | |||
| Net Assets 100.0% | $ | 9,807,637 | ||
‡ Shares/Par and Notional Amount are denominated in U.S. dollars unless
otherwise noted.
(1) Non-income producing
(2) Affiliated Companies
(3) 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 $288,719 and represents 2.9% of net assets.
(4) Level 3 in fair value hierarchy.
(5) Investment in a partnership held indirectly through a limited liability company
that is owned by the fund and treated as a corporation for U.S. tax purposes.
(6) The identity of certain securities has been concealed to protect the fund while
it completes a purchase or selling program for the securities.
(7) Seven-day yield
(8) At March 31, 2019, all or a portion of this security is pledged as collateral
and/or margin deposit to cover future funding obligations.
ADR American Depositary Receipts
AUD Australian Dollar
CAD Canadian Dollar
GBP British Pound
T. ROWE PRICE SMALL-CAP STOCK FUND
REIT A domestic Real Estate Investment Trust whose distributions pass-through
with original tax character to the shareholder
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||||||
| FUTURES CONTRACTS | ||||||||
| ($ | 000 s) | |||||||
| Value and | ||||||||
| Expiration | Notional | Unrealized Gain | ||||||
| Date | Amount | (Loss) | ||||||
| Long, 788 Russell 2000 Mini Index contracts | 6/19 | 60,826 | $ | (163 | ) | |||
| Net payments (receipts) of variation margin to date | 305 | |||||||
| Variation margin receivable (payable) on open futures | ||||||||
| contracts | $ | 142 | ||||||
T. ROWE PRICE SMALL-CAP STOCK FUND
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, 2019. 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.
| Change in Net | |||||||
| Net Realized Gain | Unrealized | Investment | |||||
| Affiliate | (Loss) | Gain/Loss | Income | ||||
| Chuy's Holdings | $ | 9 | $ | 4,268 | $ | — | |
| Denny's | 2,629 | 4,608 | — | ||||
| Haynes International | (3) | 4,933 | 168 | ||||
| Lattice Semiconductor | 6,175 | 30,305 | — | ||||
| Red Robin Gourmet Burgers | 18 | 1,592 | — | ||||
| Tuesday Morning | 10 | 1,639 | — | ||||
| T. Rowe Price Government | |||||||
| Reserve Fund | — | — | 1,289 | ||||
| Totals | $ | 8,838# | $ | 47,345 | $ | 1,457+ | |
| Supplementary Investment Schedule | |||||||||
| Value | Purchase | Sales | Value | ||||||
| Affiliate | 12/31/18 | Cost | Cost | 3/31/19 | |||||
| Chuy's Holdings | $ | 15,021$ | 531$ | 149$ | 19,671 | ||||
| Denny's | 56,395 | — | 4,577 | 56,426 | |||||
| Haynes International | 20,319 | — | 214 | 25,038 | |||||
| Lattice Semiconductor | 50,399 | — | 7,637 | * | |||||
| Red Robin Gourmet | |||||||||
| Burgers | 20,583 | — | 184 | 21,991 | |||||
| Tuesday Morning | 6,747 | 125 | 63 | 8,448 | |||||
| T. Rowe Price Government | |||||||||
| Reserve Fund | 152,554 | ¤ | ¤ | 252,643 | |||||
| $ | 384,217^ | ||||||||
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $1,457 of dividend income and $0 of interest income.
¤ Purchase and sale information not shown for cash management funds.
* On the date indicated, issuer was held but no longer an affiliated company.
^ The cost basis of investments in affiliated companies was $414,304.
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SMALL-CAP STOCK FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
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
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.
Fair Value
The fund’s financial instruments 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 procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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 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
T. ROWE PRICE SMALL-CAP STOCK FUND
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.
For valuation purposes, 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. 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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
Debt securities generally are traded in the OTC market and are valued at prices furnished by dealers who make markets
in such securities or by an independent pricing service, which considers 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. Generally,
debt securities are categorized in Level 2 of the fair value hierarchy; however, to the extent the valuations include
significant unobservable inputs, the securities would be categorized in Level 3.
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 quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Financial futures contracts are valued at closing settlement prices and
are categorized in Level 1 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. 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.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
T. ROWE PRICE SMALL-CAP STOCK FUND
unobservable inputs. 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; 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
issue. 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. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on March 31, 2019 (for further detail by category, please refer to the accompanying Portfolio of Investments):
| ($000s) | Level 1 | Level 2 | Level 3 | Total Value | ||||
| Assets | ||||||||
| Common Stocks | $ | 9,045,536$ | 269,883$ | 78,938$ | 9,394,357 | |||
| Convertible Preferred Stocks | — | 12,604 | 146,456 | 159,060 | ||||
| Fixed Income Securities(1) | — | — | 982 | 982 | ||||
| Short-Term Investments | 252,643 | 3,115 | — | 255,758 | ||||
| Total Securities | $ | 9,298,179 | 285,602 | 226,376 | 9,810,157 | |||
| Futures Contracts | 142 | — | — | 142 | ||||
| Total | $ | 9,298,321$ | 285,602 | 226,376$ | 9,810,299 | |||
(1) Includes Convertible Bonds
Following is a reconciliation of the fund’s Level 3 holdings for the period ended March 31, 2019. 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, 2019, totaled $2,482,000 for the period ended March 31, 2019.
| ($ | 000 s) | |||||||||
| Beginning | Gain (Loss) | Ending Balance | ||||||||
| Balance 1/1/19 | During Period | Total Purchases | 3/31/19 | |||||||
| Investment in Securities | ||||||||||
| Common Stocks | $ | 78,938 | $ | — | $ | — | $ | 78,938 | ||
| Convertible Preferred Stocks | 138,646 | 2,482 | 5,328 | 146,456 | ||||||
| Convertible Bonds | 982 | — | — | 982 | ||||||
| Total | $ | 218,566 | $ | 2,482 | $ | 5,328 | $ | 226,376 | ||