T. ROWE PRICE SMALL-CAP STOCK FUND
March 31, 2020 (Unaudited)
| Portfolio of Investments‡ | Shares | $ Value |
| (Cost and value in $000s) | ||
| COMMON STOCKS 95.3% | ||
| COMMUNICATION SERVICES 2.1% | ||
| Entertainment 0.6% | ||
| Zynga, Class A (1) | 6,499,100 | 44,519 |
| 44,519 | ||
| Media 1.5% | ||
| Cable One | 63,000 | 103,572 |
| 103,572 | ||
| Total Communication Services | 148,091 | |
| CONSUMER DISCRETIONARY 8.1% | ||
| Auto Components 0.6% | ||
| Gentherm (1) | 800,241 | 25,128 |
| Visteon (1) | 358,524 | 17,202 |
| 42,330 | ||
| Diversified Consumer Services 1.0% | ||
| API Group (1) | 2,480,937 | 17,367 |
| API Group, Warrants, 10/10/20 (1) | 2,573,386 | 2,985 |
| Bright Horizons Family Solutions (1) | 334,500 | 34,119 |
| ServiceMaster Global Holdings (1) | 249,600 | 6,739 |
| Strategic Education | 69,800 | 9,755 |
| 70,965 | ||
| Hotels, Restaurants & Leisure 1.9% | ||
| Chuy's Holdings (1) | 820,111 | 8,259 |
| Darden Restaurants | 136,853 | 7,453 |
| Denny's (1) | 1,595,000 | 12,250 |
| Drive Shack (1) | 2,768,000 | 4,207 |
| Dunkin' Brands Group | 523,476 | 27,797 |
| Fiesta Restaurant Group (1) | 1,115,507 | 4,495 |
| OneSpaWorld Holdings | 1,594,604 | 6,474 |
| Papa John's International | 1,137,700 | 60,719 |
| Red Robin Gourmet Burgers (1)(4) | 762,657 | 6,498 |
| 138,152 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |||
| (Cost and value in $000s) | ||||
| Household Durables 1.1% | ||||
| Cavco Industries (1) | 124,600 | 18,059 | ||
| Skyline Champion (1) | 1,150,441 | 18,039 | ||
| Tempur Sealy International (1) | 498,400 | 21,785 | ||
| TRI Pointe Group (1) | 2,267,946 | 19,890 | ||
| 77,773 | ||||
| Internet & Direct Marketing Retail 0.0% | ||||
| A Place for Rover, Acquisition Date: 5/25/18, Cost $330 | ||||
| (1)(2)(3) | 48,677 | 225 | ||
| 225 | ||||
| Multiline Retail 0.9% | ||||
| Ollie's Bargain Outlet Holdings (1) | 1,417,519 | 65,688 | ||
| Tuesday Morning (1)(4) | 3,782,500 | 2,178 | ||
| 67,866 | ||||
| Specialty Retail 2.5% | ||||
| Aaron's | 1,346,151 | 30,665 | ||
| Burlington Stores (1) | 500,000 | 79,230 | ||
| Five Below (1) | 149,900 | 10,550 | ||
| Michaels (1) | 3,138,600 | 5,085 | ||
| Monro | 1,151,900 | 50,465 | ||
| RH (1) | 81,490 | 8,187 | ||
| 184,182 | ||||
| Textiles, Apparel & Luxury Goods 0.1% | ||||
| Allbirds, Acquisition Date: 10/10/18 - 12/21/18, Cost $6,034 | ||||
| (1)(2)(3) | 550,195 | 5,246 | ||
| 5,246 | ||||
| Total Consumer Discretionary | 586,739 | |||
| CONSUMER STAPLES 5.2% | ||||
| Beverages 1.1% | ||||
| Boston Beer, Class A (1) | 224,446 | 82,497 | ||
| 82,497 | ||||
| Food & Staples Retailing 0.4% | ||||
| Grocery Outlet Holding (1) | 97,300 | 3,341 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Performance Food Group (1) | 1,047,238 | 25,888 |
| 29,229 | ||
| Food Products 3.7% | ||
| AD Makepeace | 164 | 869 |
| ADM Holdings (3) | 164 | 223 |
| BellRing Brands, Class A (1) | 576,052 | 9,822 |
| Cal-Maine Foods | 1,120,667 | 49,287 |
| Collier Creek Holdings (1) | 1,253,640 | 12,800 |
| Nomad Foods (1) | 1,560,951 | 28,971 |
| Post Holdings (1) | 599,000 | 49,699 |
| Sanderson Farms | 324,500 | 40,017 |
| Simply Good Foods (1) | 1,101,925 | 21,223 |
| TreeHouse Foods (1) | 1,210,175 | 53,429 |
| 266,340 | ||
| Total Consumer Staples | 378,066 | |
| ENERGY 1.7% | ||
| Energy Equipment & Services 0.6% | ||
| Computer Modelling Group (CAD) | 1,434,300 | 3,903 |
| Dril-Quip (1) | 389,300 | 11,874 |
| Halliburton | 1,705,603 | 11,683 |
| Liberty Oilfield Services, Class A | 3,298,758 | 8,874 |
| NexTier Oilfield Solutions (1) | 4,276,686 | 5,004 |
| 41,338 | ||
| Oil, Gas & Consumable Fuels 1.1% | ||
| Diamondback Energy | 1,060,850 | 27,794 |
| Kosmos Energy | 1,067,711 | 956 |
| Magnolia Oil & Gas, Class A (1) | 4,091,400 | 16,366 |
| New Fortress Energy (1) | 563,810 | 5,520 |
| Parsley Energy, Class A | 968,227 | 5,548 |
| Seven Generations Energy, Class A (CAD) (1) | 2,490,200 | 2,743 |
| Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost | ||
| $1,247 (1)(2)(3) | 413 | 1,589 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Venture Global LNG, Series C, Acquisition Date: 5/25/17 - | ||
| 3/8/18, Cost $20,149 (1)(2)(3) | 5,556 | 21,379 |
| 81,895 | ||
| Total Energy | 123,233 | |
| FINANCIALS 15.3% | ||
| Banks 8.3% | ||
| Atlantic Capital Bancshares (1) | 843,828 | 10,016 |
| BankUnited | 1,865,773 | 34,890 |
| Bridge Bancorp | 878,711 | 18,594 |
| CenterState Bank | 1,645,920 | 28,359 |
| Columbia Banking System | 589,361 | 15,795 |
| CrossFirst Bankshares (1) | 1,346,250 | 11,309 |
| Dogwood State Bank, Non-Voting Shares, Acquisition Date: | ||
| 5/6/19, Cost $2,938 (1)(2)(3) | 293,821 | 2,174 |
| Dogwood State Bank, Voting Shares, Acquisition Date: 5/6/19, | ||
| Cost $1,443 (1)(2)(3) | 144,311 | 1,068 |
| Dogwood State Bank, Warrants, 5/6/24, Acquisition Date: | ||
| 5/6/19, Cost $ - (1)(2)(3) | 43,813 | — |
| East West Bancorp | 678,500 | 17,465 |
| Equity Bancshares, Class A (1) | 678,400 | 11,703 |
| FB Financial | 1,101,337 | 21,718 |
| First Bancshares | 804,105 | 15,334 |
| Grasshopper Bancorp, Acquisition Date: 10/12/18 - 5/2/19, | ||
| Cost $5,000 (1)(2)(3) | 500,044 | 3,700 |
| Grasshopper Bancorp, Warrants, 10/12/28, Acquisition Date: | ||
| 10/12/18, Cost $ - (1)(2)(3) | 98,245 | 271 |
| Heritage Commerce | 2,084,435 | 15,988 |
| Heritage Financial | 886,400 | 17,728 |
| Home BancShares | 3,344,500 | 40,101 |
| Independent Bank, (MA) | 124,800 | 8,033 |
| Independent Bank Group | 881,472 | 20,873 |
| Investors Bancorp | 2,435,200 | 19,457 |
| Live Oak Bancshares | 1,023,166 | 12,759 |
| Origin Bancorp | 970,723 | 19,657 |
| Pacific Premier Bancorp | 1,148,800 | 21,643 |
| Pinnacle Financial Partners | 1,067,895 | 40,089 |
| Professional Holding, Class A (1) | 224,915 | 3,587 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Prosperity Bancshares | 599,300 | 28,916 |
| Seacoast Banking (1) | 1,822,444 | 33,369 |
| Signature Bank | 290,267 | 23,335 |
| South State | 377,344 | 22,162 |
| Towne Bank | 1,037,884 | 18,775 |
| Webster Financial | 845,737 | 19,367 |
| Western Alliance Bancorp | 1,335,600 | 40,883 |
| 599,118 | ||
| Capital Markets 1.2% | ||
| Cboe Global Markets | 754,599 | 67,348 |
| Conyers Park II Acquisition (1) | 1,303,767 | 13,761 |
| StepStone Group, Class A, Acquisition Date: 8/19/19, Cost | ||
| $7,468 (1)(2)(3)(5) | 9,371 | 5,548 |
| 86,657 | ||
| Consumer Finance 0.9% | ||
| Encore Capital Group (1) | 998,695 | 23,350 |
| PRA Group (1) | 1,074,575 | 29,787 |
| SLM | 1,938,300 | 13,936 |
| 67,073 | ||
| Insurance 3.3% | ||
| Assurant | 548,200 | 57,062 |
| Axis Capital Holdings | 927,300 | 35,840 |
| Hanover Insurance Group | 427,700 | 38,741 |
| ProSight Global (1) | 301,897 | 2,944 |
| Safety Insurance Group | 274,650 | 23,189 |
| Selective Insurance Group | 1,198,400 | 59,560 |
| State Auto Financial | 604,815 | 16,808 |
| 234,144 | ||
| Thrifts & Mortgage Finance 1.6% | ||
| Capitol Federal Financial | 1,852,235 | 21,505 |
| Essent Group | 640,900 | 16,881 |
| Meridian Bancorp | 2,009,193 | 22,543 |
| PennyMac Financial Services | 1,427,770 | 31,568 |
| Radian Group | 1,310,800 | 16,975 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Sterling Bancorp | 1,547,023 | 6,652 |
| 116,124 | ||
| Total Financials | 1,103,116 | |
| HEALTH CARE 17.9% | ||
| Biotechnology 6.8% | ||
| ACADIA Pharmaceuticals (1) | 263,034 | 11,113 |
| Acceleron Pharma (1) | 310,900 | 27,941 |
| Agios Pharmaceuticals (1) | 284,086 | 10,079 |
| Aimmune Therapeutics (1) | 797,512 | 11,500 |
| Allogene Therapeutics (1) | 149,971 | 2,915 |
| Amarin, ADR (1) | 648,400 | 2,594 |
| Arcutis Biotherapeutics (1) | 123,806 | 3,689 |
| Argenx, ADR (1) | 290,483 | 38,265 |
| Ascendis Pharma, ADR (1) | 620,962 | 69,927 |
| Blueprint Medicines (1) | 499,549 | 29,214 |
| CRISPR Therapeutics (1) | 61,605 | 2,613 |
| Enanta Pharmaceuticals (1) | 46,500 | 2,391 |
| G1 Therapeutics (1) | 266,527 | 2,937 |
| Global Blood Therapeutics (1) | 873,381 | 44,621 |
| Homology Medicines (1) | 439,738 | 6,834 |
| IGM Biosciences (1) | 188,124 | 10,563 |
| Immunomedics (1) | 725,200 | 9,776 |
| Insmed (1) | 1,576,483 | 25,271 |
| Iovance Biotherapeutics (1) | 142,400 | 4,263 |
| Krystal Biotech (1) | 97,534 | 4,217 |
| Momenta Pharmaceuticals (1) | 937,890 | 25,511 |
| Orchard Therapeutics, ADR (1) | 1,101,532 | 8,295 |
| Principia Biopharma (1) | 296,385 | 17,599 |
| PTC Therapeutics (1) | 217,100 | 9,685 |
| Radius Health (1) | 1,720,614 | 22,368 |
| Scholar Rock Holding (1) | 296,453 | 3,590 |
| Seattle Genetics (1) | 235,821 | 27,209 |
| Tricida (1) | 388,389 | 8,545 |
| Ultragenyx Pharmaceutical (1) | 516,030 | 22,927 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||||
|
| ||||
| Shares | $ Value | |||
| (Cost and value in $000s) | ||||
| Xencor (1) | 766,078 | 22,890 | ||
| 489,342 | ||||
| Health Care Equipment & Supplies 4.1% | ||||
| AtriCure (1) | 539,300 | 18,115 | ||
| Avanos Medical (1) | 1,072,656 | 28,887 | ||
| ICU Medical (1) | 229,035 | 46,212 | ||
| iRhythm Technologies (1) | 540,185 | 43,944 | ||
| JAND, Class A, Acquisition Date: 3/9/18, Cost $6,622 (1)(2)(3) | 421,333 | 7,652 | ||
| Nevro (1) | 229,281 | 22,924 | ||
| NuVasive (1) | 426,500 | 21,607 | ||
| Pax Labs, Class A, Acquisition Date: 4/18/19, Cost $13,938 | ||||
| (1)(2)(3) | 3,701,604 | 7,012 | ||
| Penumbra (1) | 101,600 | 16,391 | ||
| Quidel (1) | 868,591 | 84,957 | ||
| 297,701 | ||||
| Health Care Providers & Services 3.6% | ||||
| Acadia Healthcare (1) | 723,395 | 13,274 | ||
| Alignment Healthcare Partners, Acquisition Date: 2/28/20, Cost | ||||
| $8,730 (1)(2)(3) | 720,368 | 8,730 | ||
| Amedisys (1) | 348,949 | 64,046 | ||
| Cross Country Healthcare (1) | 1,201,140 | 8,096 | ||
| Hanger (1)(4) | 1,954,002 | 30,443 | ||
| Molina Healthcare (1) | 658,940 | 92,061 | ||
| Oak Street Health, Acquisition Date: 3/5/20, Cost $5,589 | ||||
| (1)(2)(3)(5) | 35,760 | 5,589 | ||
| Pennant Group (1) | 580,700 | 8,223 | ||
| U. S. Physical Therapy | 399,308 | 27,552 | ||
| 258,014 | ||||
| Health Care Technology 0.6% | ||||
| HMS Holdings (1) | 1,297,727 | 32,793 | ||
| Tabula Rasa HealthCare (1) | 145,700 | 7,619 | ||
| 40,412 | ||||
| Life Sciences Tools & Services 0.7% | ||||
| Adaptive Biotechnologies (1) | 331,062 | 9,197 | ||
| Bruker | 1,247,468 | 44,734 | ||
| 53,931 | ||||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Pharmaceuticals 2.1% | ||
| Cara Therapeutics (1) | 418,107 | 5,523 |
| Catalent (1) | 1,376,338 | 71,501 |
| MyoKardia (1) | 495,227 | 23,216 |
| Odonate Therapeutics (1) | 108,374 | 2,992 |
| Reata Pharmaceuticals, Class A (1) | 189,412 | 27,340 |
| TherapeuticsMD (1) | 9,188,612 | 9,740 |
| Turning Point Therapeutics (1) | 201,038 | 8,978 |
| 149,290 | ||
| Total Health Care | 1,288,690 | |
| INDUSTRIALS & BUSINESS SERVICES 14.2% | ||
| Aerospace & Defense 2.7% | ||
| Aerojet Rocketdyne Holdings (1) | 673,054 | 28,154 |
| BWX Technologies | 852,153 | 41,509 |
| Cubic | 928,400 | 38,352 |
| Teledyne Technologies (1) | 294,100 | 87,427 |
| 195,442 | ||
| Airlines 0.4% | ||
| Alclear Holdings, Class B, Acquisition Date: 3/6/18 - 12/13/18, | ||
| Cost $16,753 (1)(2)(3)(5) | 111,905 | 22,359 |
| Hawaiian Holdings | 521,473 | 5,444 |
| 27,803 | ||
| Building Products 0.8% | ||
| Gibraltar Industries (1) | 1,061,965 | 45,579 |
| PGT Innovations (1) | 1,459,675 | 12,247 |
| 57,826 | ||
| Commercial Services & Supplies 1.7% | ||
| Brink's | 1,022,224 | 53,207 |
| Heritage-Crystal Clean (1) | 839,000 | 13,626 |
| Rentokil Initial (GBP) | 8,186,621 | 39,099 |
| Team (1) | 1,289,900 | 8,384 |
| Tetra Tech | 114,700 | 8,100 |
| 122,416 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Construction & Engineering 0.2% | ||
| Valmont Industries | 150,008 | 15,898 |
| 15,898 | ||
| Electrical Equipment 0.4% | ||
| AZZ | 953,254 | 26,805 |
| Thermon Group Holdings (1) | 384,464 | 5,794 |
| 32,599 | ||
| Machinery 4.8% | ||
| Barnes Group | 69,100 | 2,890 |
| Chart Industries (1) | 573,654 | 16,624 |
| ESCO Technologies | 785,561 | 59,632 |
| Federal Signal | 596,400 | 16,270 |
| Graco | 803,900 | 39,174 |
| Helios Technologies | 508,405 | 19,279 |
| Ingersoll Rand (1) | 1,842,465 | 45,693 |
| John Bean Technologies | 806,800 | 59,921 |
| Mueller Water Products, Class A | 2,990,600 | 23,955 |
| REV Group | 589,017 | 2,456 |
| Toro | 899,400 | 58,542 |
| 344,436 | ||
| Marine 0.7% | ||
| Matson | 1,544,660 | 47,297 |
| 47,297 | ||
| Road & Rail 1.5% | ||
| Knight-Swift Transportation Holdings | 1,647,478 | 54,037 |
| Landstar System | 244,300 | 23,419 |
| Saia (1) | 199,800 | 14,693 |
| Schneider National, Class B | 797,915 | 15,432 |
| 107,581 | ||
| Trading Companies & Distributors 1.0% | ||
| SiteOne Landscape Supply (1) | 1,007,335 | 74,160 |
| 74,160 | ||
| Total Industrials & Business Services | 1,025,458 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| INFORMATION TECHNOLOGY 12.4% | ||
| Electronic Equipment, Instruments & Components 2.6% | ||
| Belden | 143,500 | 5,177 |
| CTS | 1,398,796 | 34,816 |
| Littelfuse | 233,800 | 31,194 |
| National Instruments | 1,546,624 | 51,162 |
| Novanta (1) | 796,078 | 63,591 |
| 185,940 | ||
| IT Services 1.7% | ||
| Booz Allen Hamilton Holding | 748,700 | 51,391 |
| Euronet Worldwide (1) | 384,400 | 32,951 |
| Evo Payments, Class A (1) | 364,436 | 5,576 |
| Parsons (1) | 451,996 | 14,446 |
| ServiceTitan, Acquisition Date: 11/9/18, Cost $484 (1)(2)(3) | 18,389 | 362 |
| StoneCo, Class A (1) | 699,090 | 15,219 |
| Tucows, Class A (1) | 14,429 | 696 |
| 120,641 | ||
| Semiconductors & Semiconductor Equipment 3.1% | ||
| Entegris | 1,750,000 | 78,347 |
| Inphi (1) | 149,365 | 11,825 |
| Lattice Semiconductor (1) | 4,555,660 | 81,182 |
| MKS Instruments | 124,500 | 10,141 |
| Monolithic Power Systems | 89,733 | 15,027 |
| PDF Solutions (1) | 1,243,211 | 14,570 |
| Semtech (1) | 326,700 | 12,251 |
| 223,343 | ||
| Software 5.0% | ||
| Avalara (1) | 49,900 | 3,723 |
| Ceridian HCM Holding (1) | 1,041,292 | 52,137 |
| Checkr, Acquisition Date: 6/29/18 - 12/2/19, Cost $4,339 | ||
| (1)(2)(3) | 189,521 | 4,029 |
| Coupa Software (1) | 199,667 | 27,899 |
| Descartes Systems Group (1) | 1,737,500 | 59,753 |
| Five9 (1) | 624,230 | 47,729 |
| nCino, Acquisition Date: 9/16/19, Cost $8,961 (1)(2)(3) | 411,990 | 6,631 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| PagerDuty (1) | 396,854 | 6,858 |
| Paycom Software (1) | 194,543 | 39,300 |
| Proofpoint (1) | 460,600 | 47,253 |
| SS&C Technologies Holdings | 1,331,069 | 58,327 |
| Toast, Acquisition Date: 9/14/18, Cost $18 (1)(2)(3) | 1,059 | 36 |
| Zendesk (1) | 145,000 | 9,281 |
| 362,956 | ||
| Total Information Technology | 892,880 | |
| MATERIALS 3.4% | ||
| Chemicals 1.1% | ||
| Element Solutions (1) | 2,748,867 | 22,981 |
| Minerals Technologies | 683,600 | 24,787 |
| Quaker Chemical | 259,600 | 32,782 |
| 80,550 | ||
| Containers & Packaging 0.2% | ||
| Reynolds Consumer Products | 497,459 | 14,511 |
| 14,511 | ||
| Metals & Mining 1.7% | ||
| Alcoa (1) | 1,673,900 | 10,311 |
| Constellium (1) | 2,538,300 | 13,224 |
| ERO Copper (CAD) (1) | 2,198,100 | 16,510 |
| Franco-Nevada (CAD) | 329,500 | 32,922 |
| Haynes International (4) | 713,572 | 14,707 |
| Northern Star Resources (AUD) | 5,645,839 | 36,574 |
| 124,248 | ||
| Paper & Forest Products 0.4% | ||
| Stella-Jones (CAD) | 796,900 | 17,361 |
| West Fraser Timber (CAD) | 599,500 | 11,434 |
| 28,795 | ||
| Total Materials | 248,104 | |
| REAL ESTATE 6.2% | ||
| Equity Real Estate Investment Trusts 5.2% | ||
| Acadia Realty Trust, REIT | 742,500 | 9,200 |
| American Campus Communities, REIT | 1,266,500 | 35,145 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE SMALL-CAP STOCK FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Community Healthcare Trust, REIT | 233,800 | 8,950 |
| CubeSmart, REIT | 1,146,800 | 30,723 |
| EastGroup Properties, REIT | 688,100 | 71,893 |
| First Industrial Realty Trust, REIT | 609,944 | 20,268 |
| JBG SMITH Properties, REIT | 1,766,986 | 56,243 |
| Paramount Group, REIT | 1,291,826 | 11,368 |
| PS Business Parks, REIT | 518,174 | 70,223 |
| Regency Centers, REIT | 299,320 | 11,503 |
| Rexford Industrial Realty, REIT | 1,206,200 | 49,466 |
| 374,982 | ||
| Real Estate Management & Development 1.0% | ||
| FirstService | 916,979 | 70,717 |
| 70,717 | ||
| Total Real Estate | 445,699 | |
| UTILITIES 5.4% | ||
| Electric Utilities 1.1% | ||
| PNM Resources | 2,036,300 | 77,379 |
| 77,379 | ||
| Gas Utilities 2.7% | ||
| Chesapeake Utilities | 497,757 | 42,663 |
| ONE Gas | 939,100 | 78,527 |
| Southwest Gas Holdings | 1,096,932 | 76,303 |
| 197,493 | ||
| Independent Power & Renewable Electricity Producers 0.3% | ||
| NextEra Energy Partners | 550,600 | 23,676 |
| 23,676 | ||
| Water Utilities 1.3% | ||
| California Water Service Group | 609,900 | 30,690 |
| Middlesex Water | 440,388 | 26,476 |
| SJW Group | 647,000 | 37,378 |
| 94,544 | ||
| Total Utilities | 393,092 | |
| Total Miscellaneous Common Stocks 3.4% (6) | 248,636 | |
| Total Common Stocks (Cost $6,593,979) | 6,881,804 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |||
| (Cost and value in $000s) | ||||
| CONVERTIBLE PREFERRED STOCKS 2.3% | ||||
| CONSUMER DISCRETIONARY 0.8% | ||||
| Automobiles 0.1% | ||||
| Rivian Automotive, Series D, Acquisition Date: 12/23/19, Cost | ||||
| $12,773 (1)(2)(3) | 1,188,846 | 12,773 | ||
| 12,773 | ||||
| Diversified Consumer Services 0.1% | ||||
| 1stdibs. com, Series D, Acquisition Date: 2/7/19, Cost $5,328 | ||||
| (1)(2)(3) | 1,063,187 | 3,942 | ||
| 3,942 | ||||
| Internet & Direct Marketing Retail 0.3% | ||||
| A Place for Rover, Series G, Acquisition Date: 5/11/18, Cost | ||||
| $5,243 (1)(2)(3) | 696,458 | 3,221 | ||
| Roofoods, Series F, Acquisition Date: 9/12/17, Cost $20,268 | ||||
| (1)(2)(3) | 57,324 | 16,487 | ||
| Roofoods, Series G, Acquisition Date: 5/16/19, Cost $659 | ||||
| (1)(2)(3) | 1,576 | 487 | ||
| 20,195 | ||||
| Specialty Retail 0.2% | ||||
| Vroom, Series F, Acquisition Date: 6/30/17, Cost $9,652 | ||||
| (1)(2)(3) | 565,866 | 11,387 | ||
| Vroom, Series H, Acquisition Date: 11/21/19, Cost $5,075 | ||||
| (1)(2)(3) | 186,640 | 3,756 | ||
| 15,143 | ||||
| Textiles, Apparel & Luxury Goods 0.1% | ||||
| Allbirds, Series A, Acquisition Date: 10/10/18, Cost $1,974 | ||||
| (1)(2)(3) | 180,000 | 1,716 | ||
| Allbirds, Series B, Acquisition Date: 10/10/18, Cost $347 | ||||
| (2)(3) | 31,625 | 302 | ||
| Allbirds, Series C, Acquisition Date: 10/9/18, Cost $3,314 | ||||
| (1)(2)(3) | 302,225 | 2,882 | ||
| Allbirds, Series Seed, Acquisition Date: 10/10/18, Cost $1,061 | ||||
| (1)(2)(3) | 96,710 | 922 | ||
| 5,822 | ||||
| Total Consumer Discretionary | 57,875 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | |||
| (Cost and value in $000s) | ||||
| CONSUMER STAPLES 0.2% | ||||
| Food Products 0.2% | ||||
| Farmers Business Network, Series D, Acquisition Date: 11/3/17, | ||||
| Cost $14,331 (1)(2)(3) | 776,181 | 13,388 | ||
| Total Consumer Staples | 13,388 | |||
| HEALTH CARE 0.2% | ||||
| Biotechnology 0.1% | ||||
| Generation Bio, Series C, Acquisition Date: 1/9/20, Cost $4,023 | ||||
| (1)(2)(3) | 719,502 | 2,977 | ||
| 2,977 | ||||
| Health Care Equipment & Supplies 0.1% | ||||
| JAND, Series E, Acquisition Date: 3/9/18, Cost $8,169 (1)(2)(3) | 519,754 | 9,440 | ||
| 9,440 | ||||
| Total Health Care | 12,417 | |||
| INDUSTRIALS & BUSINESS SERVICES 0.2% | ||||
| Road & Rail 0.2% | ||||
| Convoy, Series C, Acquisition Date: 9/14/18, Cost $8,346 | ||||
| (1)(2)(3) | 1,175,394 | 11,777 | ||
| Convoy, Series D, Acquisition Date: 10/30/19, Cost $10,022 | ||||
| (1)(2)(3) | 740,142 | 7,416 | ||
| Total Industrials & Business Services | 19,193 | |||
| INFORMATION TECHNOLOGY 0.9% | ||||
| IT Services 0.1% | ||||
| ServiceTitan, Series A-1, Acquisition Date: 11/9/18, Cost $10 | ||||
| (1)(2)(3) | 381 | 7 | ||
| ServiceTitan, Series D, Acquisition Date: 11/9/18, Cost $4,907 | ||||
| (1)(2)(3) | 186,629 | 3,674 | ||
| 3,681 | ||||
| Software 0.8% | ||||
| Checkr, Series C, Acquisition Date: 4/10/18, Cost $3,881 | ||||
| (1)(2)(3) | 284,293 | 6,363 | ||
| Checkr, Series D, Acquisition Date: 9/6/19, Cost $11,858 | ||||
| (1)(2)(3) | 392,011 | 8,774 | ||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Shares | $ Value | ||||
| (Cost and value in $000s) | |||||
| Haul Hub, Series B, Acquisition Date: 2/14/20, Cost $2,984 | |||||
| (1)(2)(3) | 204,652 | 2,208 | |||
| Plex Systems Holdings, Series B, Acquisition Date: 6/9/14, Cost | |||||
| $10,984 (1)(2)(3) | 4,787,573 | 10,310 | |||
| Seismic Software, Series E, Acquisition Date: 12/13/18, Cost | |||||
| $7,110 (1)(2)(3) | 225,572 | 5,911 | |||
| Toast, Series B, Acquisition Date: 9/14/18, Cost $165 (1)(2)(3) | 9,531 | 320 | |||
| Toast, Series D, Acquisition Date: 6/27/18, Cost $11,952 | |||||
| (1)(2)(3) | 690,616 | 23,227 | |||
| Toast, Series F, Acquisition Date: 2/14/20, Cost $2,548 | |||||
| (1)(2)(3) | 56,074 | 1,886 | |||
| 58,999 | |||||
| Total Information Technology | 62,680 | ||||
| Total Convertible Preferred Stocks (Cost $166,984) | 165,553 | ||||
| SHORT-TERM INVESTMENTS 2.3% | |||||
| Money Market Funds 2.3% | |||||
| T. Rowe Price Government Reserve Fund, 0.95% (4)(7) | 167,370,031 | 167,370 | |||
| Total Short-Term Investments (Cost $167,370) | 167,370 | ||||
| Total Investments in Securities 99.9% | |||||
| (Cost $6,928,333) | $ | 7,214,727 | |||
| Other Assets Less Liabilities 0.1% | 6,889 | ||||
| Net Assets 100.0% | $ | 7,221,616 | |||
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. | |
| (1 | ) | Non-income producing |
| (2 | ) | Security cannot be offered for public resale without first being registered |
| under the Securities Act of 1933 and related rules ("restricted security") . | ||
| Acquisition date represents the day on which an enforceable right to acquire | ||
| such security is obtained and is presented along with related cost in the | ||
| security description. The fund has registration rights for certain restricted | ||
| securities. Any costs related to such registration are borne by the issuer. The | ||
| aggregate value of restricted securities (excluding 144A holdings) at period- | ||
| end amounts to $269,153 and represents 3.7% of net assets. | ||
| (3 | ) | Level 3 in fair value hierarchy. |
| (4 | ) | Affiliated Companies |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SMALL-CAP STOCK FUND
| (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 |
| ADR | American Depositary Receipts | |
| AUD | Australian Dollar | |
| CAD | Canadian Dollar | |
| GBP | British Pound | |
| REIT | A domestic Real Estate Investment Trust whose distributions pass-through | |
| with original tax character to the shareholder |
The accompanying notes are an integral part of this Portfolio of Investments.
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, 2020. 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 | $ | 128 | $ | (13,157) | $ | — | |||||
| Hanger | 528 | (24,090) | — | ||||||||
| Haynes International | (529 | ) | (10,412) | 654 | |||||||
| Red Robin Gourmet Burgers | 102 | (18,582) | — | ||||||||
| Tuesday Morning | (68 | ) | (4,767) | — | |||||||
| T. Rowe Price Government | |||||||||||
| Reserve Fund | — | — | 590 | ||||||||
| Totals | $ | 161 | # | $ | (71,008) | $ | 1,244+ | ||||
| Supplementary Investment Schedule | |||||||||||
| Value | Purchase | Sales | Value | ||||||||
| Affiliate | 12/31/19 | Cost | Cost | 3/31/20 | |||||||
| Chuy's Holdings | $ | 21,866 | $ | — $ | 450$ | * | |||||
| Hanger | 55,491 | — | 958 | 30,443 | |||||||
| Haynes International | 26,641 | — | 1,522 | 14,707 | |||||||
| Red Robin Gourmet | |||||||||||
| Burgers | 25,268 | 376 | 564 | 6,498 | |||||||
| Tuesday Morning | 7,198 | — | 253 | 2,178 | |||||||
| T. Rowe Price Government | |||||||||||
| Reserve Fund | 166,874 | ¤ | ¤ | 167,370 | |||||||
| $ | 221,196^ | ||||||||||
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $1,244 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 not considered an affiliated company.
^ The cost basis of investments in affiliated companies was $321,443.
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.
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.
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
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
T. ROWE PRICE SMALL-CAP STOCK FUND
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, 2020 (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 | $ | 6,569,403$ | 208,578$ | 103,823$ | 6,881,804 | |||
| Convertible Preferred Stocks | — | — | 165,553 | 165,553 | ||||
| Short-Term Investments | 167,370 | — | — | 167,370 | ||||
| Total | $ | 6,736,773$ | 208,578$ | 269,376$ | 7,214,727 | |||
Following is a reconciliation of the fund’s Level 3 holdings for the period ended March 31, 2020. 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, 2020, totaled $(66,397,000) for the period ended March 31, 2020.
| ($ | 000 s) | Gain | ||||||||||||
| Beginning | (Loss) | Ending | ||||||||||||
| Balance | During | Total | Total | Balance | ||||||||||
| 1/1/20 | Period | Purchases | Sales | 3/31/20 | ||||||||||
| Investment in Securities | ||||||||||||||
| Common Stocks | $ | 118,245 | $ | (28,579) | $ | 14,319 | $ | (162) | $ | 103,823 | ||||
| Convertible Preferred Stocks | 193,815 | (37,818) | 9,556 | – | 165,553 | |||||||||
| Total | $ | 312,060 | $ | (66,397) | $ | 23,875 | $ | (162) | $ | 269,376 | ||||
In accordance with GAAP, the following table provides quantitative information about significant unobservable inputs
used to determine the fair valuations of the fund’s Level 3 assets, by class of financial instrument. Because the Valuation
Committee considers a wide variety of factors and inputs, both observable and unobservable, in determining fair values,
the unobservable inputs presented do not reflect all inputs significant to the fair value determination.
| Investments | Market | Valuation | Significant | Value or Range | Weighted | Impact to | ||||
| in Securities | Value (000 | s) | Technique(s) + | Unobservable | of Input(s) | Average of | Valuation from an | |||
| Input(s) | Input(s) * | Increase in | ||||||||
| Input** | ||||||||||
| Common | $ | 103,823 | Recent | -# | -# | -# | -# | |||
| Stocks | comparable | |||||||||
| transaction | ||||||||||
| price(s) | ||||||||||
| Market | 14% - 26% | 23 | % | Decrease | ||||||
| performance | ||||||||||
| adjustment | ||||||||||
| Expected | Discount Rate | 23% | 23 | % | Decrease | |||||
| present value | for Cost of | |||||||||
| Equity | ||||||||||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Investments | Market | Valuation | Significant | Value or Range | Weighted | Impact to | ||||
| in Securities | Value (000 | s) | Technique(s) + | Unobservable | of Input(s) | Average of | Valuation from an | |||
| Input(s) | Input(s) * | Increase in | ||||||||
| Input** | ||||||||||
| Market | Enterprise | 3.9x - 14.5x | 7.4 | x | Increase | |||||
| comparable | Value to Sales | |||||||||
| Multiple | ||||||||||
| Discount for | 10 | % | 10 | % | Decrease | |||||
| lack of | ||||||||||
| marketability | ||||||||||
| Gross Profit | 34 | % | 34 | % | Increase | |||||
| Growth Rate | ||||||||||
| Sales Growth | 35% - 70% | 57 | % | Increase | ||||||
| Rate | ||||||||||
| Enterprise | 7.8x - 18.4x | 18.0 | x | Increase | ||||||
| Value to Gross | ||||||||||
| Profit Multiple | ||||||||||
| Enterprise | 7.9 | x | 7.9 | x | Increase | |||||
| Value to | ||||||||||
| EBITDA | ||||||||||
| Multiple | ||||||||||
| Projected | 10.4 | x | 10.4 | x | Increase | |||||
| Enterprise | ||||||||||
| Value to | ||||||||||
| EBITDA | ||||||||||
| Multiple | ||||||||||
| Market | 14% - 26% | 17 | % | Decrease | ||||||
| performance | ||||||||||
| adjustment | ||||||||||
| Pricing service | Discount for | 65 | % | 65 | % | Decrease | ||||
| lack of | ||||||||||
| marketability | ||||||||||
| Market | 26 | % | 26 | % | Decrease | |||||
| performance | ||||||||||
| adjustment | ||||||||||
| Options pricing | Discount for | 10 | % | 10 | % | Decrease | ||||
| model | lack of | |||||||||
| marketability | ||||||||||
| Risk-free rate | 4 | % | 4 | % | Increase | |||||
| Volatility | 23 | % | 23 | % | Increase | |||||
| Market | 26 | % | 26 | % | Decrease | |||||
| performance | ||||||||||
| adjustment | ||||||||||
| Convertible | $ | 165,553 | Recent | -# | -# | -# | -# | |||
| Preferred | comparable | |||||||||
| Stocks | transaction | |||||||||
| price(s) | ||||||||||
| Market | 17% - 26% | 26 | % | Decrease | ||||||
| performance | ||||||||||
| adjustment | ||||||||||
| Market | Sales Growth | 12% - 70% | 29 | % | Increase | |||||
| Comparable | Rate | |||||||||
| Enterprise | 2.8x - 14.5x | 6.9 | x | Increase | ||||||
| Value to Sales | ||||||||||
| Multiple | ||||||||||
| Discount for | 10 | % | 10 | % | Decrease | |||||
| lack of | ||||||||||
| marketability | ||||||||||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Investments | Market Value | Valuation | Significant | Value or Range | Weighted | Impact to Valuation | |||
| in Securities | (000 | s) | Technique(s) + | Unobservable | of Input(s) | Average of | from an Increase in | ||
| Input(s) | Input(s) * | Input** | |||||||
| Enterprise | 5.2x - 16.6x | 10.0 | x | Increase | |||||
| Value to Gross | |||||||||
| Profit Multiple | |||||||||
| Gross Profit | 15% - 40% | 28 | % | Increase | |||||
| Growth Rate | |||||||||
| Market | 17% - 26% | 25 | % | Decrease | |||||
| performance | |||||||||
| adjustment | |||||||||
# - No quantitative unobservable inputs significant to the valuation
technique were created by the fund’s management.
*Unobservable inputs were weighted by the relative fair value of the
instruments.
**Represents the directional change in the fair value of the Level 3 investment(s) that would have resulted from an increase in the
corresponding input at period end. A decrease in the unobservable input would have had the opposite effect. Significant increases
and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.