T. ROWE PRICE SMALL-CAP STOCK FUND
September 30, 2020 (Unaudited)
| Portfolio of Investments‡ | Shares | $ Value |
| (Cost and value in $000s) | ||
| COMMON STOCKS 96.2% | ||
| COMMUNICATION SERVICES 1.9% | ||
| Entertainment 0.7% | ||
| Cinemark Holdings | 1,395,100 | 13,951 |
| Zynga, Class A (1) | 6,058,800 | 55,256 |
| 69,207 | ||
| Media 1.2% | ||
| Cable One | 54,700 | 103,133 |
| National CineMedia | 3,046,466 | 8,271 |
| 111,404 | ||
| Total Communication Services | 180,611 | |
| CONSUMER DISCRETIONARY 10.3% | ||
| Auto Components 0.7% | ||
| Gentherm (1) | 793,741 | 32,464 |
| Stoneridge (1) | 841,000 | 15,449 |
| Visteon (1) | 200,024 | 13,846 |
| 61,759 | ||
| Diversified Consumer Services 0.8% | ||
| Bright Horizons Family Solutions (1) | 309,500 | 47,057 |
| ServiceMaster Global Holdings (1) | 498,000 | 19,860 |
| Strategic Education | 78,824 | 7,210 |
| 74,127 | ||
| Hotels, Restaurants & Leisure 2.4% | ||
| BJ's Restaurants (2) | 1,129,744 | 33,260 |
| Chuy's Holdings (1)(2) | 1,461,214 | 28,610 |
| Denny's (1) | 1,581,900 | 15,819 |
| Drive Shack (1) | 2,745,300 | 3,075 |
| Dunkin' Brands Group | 362,576 | 29,699 |
| Fiesta Restaurant Group (1)(2) | 2,094,307 | 19,624 |
| Papa John's International | 1,045,800 | 86,048 |
| Red Robin Gourmet Burgers (1)(2) | 883,684 | 11,629 |
| 227,764 | ||
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 1.3% | ||||
| Cavco Industries (1) | 123,500 | 22,268 | ||
| Skyline Champion (1) | 1,141,041 | 30,546 | ||
| Tempur Sealy International (1) | 434,700 | 38,771 | ||
| TRI Pointe Group (1) | 1,618,346 | 29,357 | ||
| 120,942 | ||||
| Internet & Direct Marketing Retail 0.0% | ||||
| A Place for Rover, Acquisition Date: 5/25/18, Cost $330 | ||||
| (1)(3)(4) | 48,677 | 280 | ||
| 280 | ||||
| Multiline Retail 1.0% | ||||
| Ollie's Bargain Outlet Holdings (1) | 1,075,452 | 93,941 | ||
| 93,941 | ||||
| Specialty Retail 4.0% | ||||
| Aaron's | 1,191,051 | 67,473 | ||
| Burlington Stores (1) | 495,800 | 102,179 | ||
| Five Below (1) | 148,700 | 18,885 | ||
| Michaels (1) | 3,112,800 | 30,054 | ||
| Monro | 1,000,700 | 40,598 | ||
| RH(1) | 94,688 | 36,230 | ||
| Vroom(1) | 99,914 | 5,174 | ||
| Vroom, Acquisition Date: 6/30/17 - 11/21/19, Cost $14,728 | ||||
| (1)(4) | 1,505,012 | 74,033 | ||
| 374,626 | ||||
| Textiles, Apparel & Luxury Goods 0.1% | ||||
| Allbirds, Acquisition Date: 10/10/18 - 12/21/18, Cost $6,034 | ||||
| (1)(3)(4) | 550,195 | 6,361 | ||
| Steven Madden | 198,300 | 3,867 | ||
| 10,228 | ||||
| Total Consumer Discretionary | 963,667 | |||
| CONSUMER STAPLES 4.8% | ||||
| Beverages 1.9% | ||||
| Boston Beer, Class A (1) | 194,946 | 172,208 | ||
| 172,208 | ||||
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) | ||
| Food Products 2.8% | ||
| ADM Holdings (3) | 164 | 223 |
| Cal-Maine Foods (1) | 1,233,955 | 47,347 |
| Makepeace Bros (1) | 164 | 869 |
| Nomad Foods (1) | 1,523,851 | 38,828 |
| Post Holdings (1) | 649,100 | 55,823 |
| Sanderson Farms | 321,900 | 37,974 |
| TreeHouse Foods (1) | 1,200,275 | 48,647 |
| Utz Brands | 1,581,540 | 28,309 |
| Utz Brands, Warrants, 11/26/23 (1) | 415,113 | 2,715 |
| 260,735 | ||
| Personal Products 0.1% | ||
| BellRing Brands, Class A (1) | 571,352 | 11,850 |
| 11,850 | ||
| Total Consumer Staples | 444,793 | |
| ENERGY 2.2% | ||
| Energy Equipment & Services 1.0% | ||
| Cactus, Class A | 550,800 | 10,570 |
| Computer Modelling Group (CAD) | 1,422,400 | 5,512 |
| Dril-Quip (1) | 386,100 | 9,560 |
| Halliburton | 3,082,103 | 37,139 |
| Liberty Oilfield Services, Class A | 3,271,758 | 26,141 |
| NexTier Oilfield Solutions (1) | 5,096,500 | 9,429 |
| 98,351 | ||
| Oil, Gas & Consumable Fuels 1.2% | ||
| Devon Energy | 1,693,500 | 16,020 |
| Diamondback Energy | 1,091,850 | 32,887 |
| Magnolia Oil & Gas, Class A (1) | 4,140,029 | 21,404 |
| Parsley Energy, Class A | 960,427 | 8,990 |
| Seven Generations Energy, Class A (CAD) (1) | 2,469,900 | 6,659 |
| Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost | ||
| $1,247 (1)(3)(4) | 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)(3)(4) | 5,556 | 21,379 | ||
| 108,928 | ||||
| Total Energy | 207,279 | |||
| FINANCIALS 13.8% | ||||
| Banks 7.0% | ||||
| Atlantic Capital Bancshares (1) | 836,928 | 9,499 | ||
| BankUnited | 2,337,473 | 51,214 | ||
| Bridge Bancorp | 731,150 | 12,744 | ||
| Columbia Banking System | 584,661 | 13,944 | ||
| CrossFirst Bankshares (1) | 1,335,350 | 11,604 | ||
| Dogwood State Bank, Non-Voting Shares, Acquisition Date: | ||||
| 5/6/19, Cost $2,938 (1)(3)(4) | 293,821 | 1,543 | ||
| Dogwood State Bank, Voting Shares, Acquisition Date: 5/6/19, | ||||
| Cost $1,443 (1)(3)(4) | 144,311 | 758 | ||
| Dogwood State Bank, Warrants, 5/6/24, Acquisition Date: | ||||
| 5/6/19, Cost $ - (1)(3)(4) | 43,813 | — | ||
| East West Bancorp | 956,400 | 31,313 | ||
| Equity Bancshares, Class A (1) | 697,425 | 10,810 | ||
| FB Financial | 1,174,529 | 29,504 | ||
| First Bancshares | 797,605 | 16,726 | ||
| Grasshopper Bancorp, Acquisition Date: 10/12/18 - 5/2/19, | ||||
| Cost $5,000 (1)(3)(4) | 500,044 | 3,700 | ||
| Grasshopper Bancorp, Warrants, 10/12/28, Acquisition Date: | ||||
| 10/12/18, Cost $ - (1)(3)(4) | 98,245 | 271 | ||
| Heritage Commerce | 2,067,535 | 13,759 | ||
| Heritage Financial | 879,100 | 16,167 | ||
| Home BancShares | 2,934,300 | 44,484 | ||
| Investors Bancorp | 2,415,300 | 17,535 | ||
| Live Oak Bancshares | 1,112,628 | 28,183 | ||
| Origin Bancorp | 962,923 | 20,568 | ||
| Pacific Premier Bancorp | 1,462,700 | 29,459 | ||
| Pinnacle Financial Partners | 1,232,795 | 43,875 | ||
| Popular | 515,000 | 18,679 | ||
| Professional Holding, Class A (1) | 318,415 | 4,270 | ||
| Professional Holding, Series A, Acquisition Date: 8/28/20, Cost | ||||
| $1,370 (1)(4) | 127,413 | 1,623 | ||
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 | 594,500 | 30,813 | ||
| Sandy Spring Bancorp | 637,600 | 14,716 | ||
| Seacoast Banking (1) | 1,807,544 | 32,590 | ||
| Signature Bank | 386,867 | 32,106 | ||
| South State | 864,034 | 41,603 | ||
| Towne Bank | 406,785 | 6,671 | ||
| Webster Financial | 894,924 | 23,635 | ||
| Western Alliance Bancorp | 1,324,800 | 41,890 | ||
| 656,256 | ||||
| Capital Markets 1.4% | ||||
| Cboe Global Markets | 718,699 | 63,059 | ||
| Conyers Park II Acquisition (1) | 1,293,067 | 13,771 | ||
| Open Lending, Class A (1) | 1,033,470 | 26,354 | ||
| StepStone Group, Class A (1) | 421,434 | 11,214 | ||
| StepStone Group, Class A, Acquisition Date: 8/19/19, Cost | ||||
| $6,811 (1)(4) | 759,051 | 19,188 | ||
| 133,586 | ||||
| Consumer Finance 1.0% | ||||
| Encore Capital Group (1) | 925,695 | 35,723 | ||
| PRA Group (1) | 996,175 | 39,797 | ||
| SLM | 1,922,400 | 15,552 | ||
| 91,072 | ||||
| Insurance 2.7% | ||||
| Assurant | 543,800 | 65,968 | ||
| Axis Capital Holdings | 1,095,700 | 48,255 | ||
| Hanover Insurance Group | 424,300 | 39,536 | ||
| Safety Insurance Group | 272,350 | 18,817 | ||
| Selective Insurance Group | 1,188,600 | 61,201 | ||
| Selectquote (1) | 276,294 | 5,595 | ||
| Selectquote, Acquisition Date: 5/6/20 - 6/15/20, Cost $7,412 | ||||
| (1)(4) | 411,778 | 7,922 | ||
| State Auto Financial | 489,923 | 6,741 | ||
| 254,035 | ||||
| Thrifts & Mortgage Finance 1.7% | ||||
| Capitol Federal Financial | 1,701,435 | 15,764 | ||
| Essent Group | 1,096,580 | 40,585 | ||
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) | ||
| Meridian Bancorp | 1,992,793 | 20,625 |
| PennyMac Financial Services | 1,291,770 | 75,078 |
| Sterling Bancorp | 1,328,617 | 3,999 |
| 156,051 | ||
| Total Financials | 1,291,000 | |
| HEALTH CARE 19.8% | ||
| Biotechnology 7.7% | ||
| ACADIA Pharmaceuticals (1) | 285,634 | 11,782 |
| Acceleron Pharma (1) | 395,545 | 44,511 |
| Agios Pharmaceuticals (1) | 497,286 | 17,405 |
| Allogene Therapeutics (1) | 185,728 | 7,004 |
| Apellis Pharmaceuticals (1) | 157,500 | 4,752 |
| Arcutis Biotherapeutics (1) | 122,706 | 3,595 |
| Argenx, ADR (1) | 325,026 | 85,326 |
| Ascendis Pharma, ADR (1) | 615,862 | 95,040 |
| Avidity Biosciences (1) | 136,282 | 3,836 |
| Blueprint Medicines (1) | 495,349 | 45,919 |
| CareDx (1) | 195,591 | 7,421 |
| CRISPR Therapeutics (1) | 61,205 | 5,119 |
| Enanta Pharmaceuticals (1) | 46,200 | 2,115 |
| Flame Biosciences, Acquisition Date: 9/28/20, Cost $2,258 | ||
| (1)(3)(4) | 344,711 | 2,258 |
| G1 Therapeutics (1) | 264,327 | 3,053 |
| Generation Bio (1) | 181,094 | 5,598 |
| Generation Bio, Acquisition Date: 1/9/20, Cost $4,023 (1)(4) | 407,349 | 11,962 |
| Global Blood Therapeutics (1) | 866,081 | 47,756 |
| Homology Medicines (1) | 436,138 | 4,667 |
| IGM Biosciences (1) | 186,524 | 13,767 |
| Insmed (1) | 1,563,683 | 50,257 |
| Intellia Therapeutics (1) | 199,503 | 3,966 |
| Iovance Biotherapeutics (1) | 141,300 | 4,652 |
| Kodiak Sciences (1) | 582,783 | 34,506 |
| Legend Biotech, ADR (1) | 60,427 | 1,865 |
| Orchard Therapeutics, ADR (1) | 602,832 | 2,478 |
| PTC Therapeutics (1) | 189,900 | 8,878 |
| Radius Health (1) | 1,941,214 | 22,013 |
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) | ||
| RAPT Therapeutics (1) | 285,100 | 9,180 |
| Scholar Rock Holding (1) | 583,750 | 10,326 |
| Seattle Genetics (1) | 214,121 | 41,901 |
| Turning Point Therapeutics (1) | 249,138 | 21,765 |
| Ultragenyx Pharmaceutical (1) | 636,030 | 52,275 |
| Xencor (1) | 759,778 | 29,472 |
| Zentalis Pharmaceuticals (1) | 116,719 | 3,815 |
| 720,235 | ||
| Health Care Equipment & Supplies 4.9% | ||
| AtriCure (1) | 659,100 | 26,298 |
| Avanos Medical (1) | 1,063,956 | 35,345 |
| Axonics Modulation Technologies (1) | 224,194 | 11,443 |
| ICU Medical (1) | 227,235 | 41,529 |
| Inari Medical (1) | 67,221 | 4,640 |
| iRhythm Technologies (1) | 374,685 | 89,216 |
| JAND, Class A, Acquisition Date: 3/9/18, Cost $6,622 (1)(3)(4) | 421,333 | 10,336 |
| Mesa Laboratories | 61,259 | 15,606 |
| Nevro (1) | 260,744 | 36,322 |
| NuVasive (1) | 423,100 | 20,550 |
| Outset Medical (1) | 81,319 | 4,066 |
| Pax Labs, Class A, Acquisition Date: 4/18/19, Cost $13,938 | ||
| (1)(3)(4) | 3,701,604 | 7,012 |
| Penumbra (1) | 125,500 | 24,395 |
| Quidel (1) | 599,600 | 131,540 |
| 458,298 | ||
| Health Care Providers & Services 3.8% | ||
| Alignment Healthcare Partners, Acquisition Date: 2/28/20, Cost | ||
| $8,730 (1)(3)(4) | 720,368 | 8,730 |
| Amedisys (1) | 334,749 | 79,145 |
| Cross Country Healthcare (1) | 1,191,240 | 7,731 |
| Hanger (1)(2) | 1,938,102 | 30,661 |
| Molina Healthcare (1) | 611,040 | 111,845 |
| Oak Street Health, Acquisition Date: 3/5/20, Cost $5,589 (1)(4) | 531,539 | 26,985 |
| Oak Street Health (1) | 99,546 | 5,320 |
| Pennant Group (1) | 576,000 | 22,210 |
| Providence Service (1) | 346,900 | 32,230 |
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) | ||
| U. S. Physical Therapy | 396,008 | 34,405 |
| 359,262 | ||
| Health Care Technology 0.4% | ||
| Accolade (1) | 107,900 | 4,194 |
| HMS Holdings (1) | 1,287,027 | 30,825 |
| 35,019 | ||
| Life Sciences Tools & Services 0.7% | ||
| Adaptive Biotechnologies (1) | 328,262 | 15,963 |
| Bruker | 1,237,268 | 49,182 |
| 65,145 | ||
| Pharmaceuticals 2.3% | ||
| Cara Therapeutics (1) | 414,707 | 5,277 |
| Catalent (1) | 1,174,838 | 100,637 |
| MyoKardia (1) | 521,027 | 71,031 |
| Odonate Therapeutics (1) | 53,887 | 724 |
| Reata Pharmaceuticals, Class A (1) | 187,812 | 18,297 |
| TherapeuticsMD (1) | 9,113,512 | 14,399 |
| Tricida (1) | 546,489 | 4,951 |
| 215,316 | ||
| Total Health Care | 1,853,275 | |
| INDUSTRIALS & BUSINESS SERVICES 16.8% | ||
| Aerospace & Defense 2.2% | ||
| Aerojet Rocketdyne Holdings (1) | 496,654 | 19,812 |
| BWX Technologies | 599,553 | 33,761 |
| Cubic | 920,800 | 53,563 |
| Parsons (1) | 448,396 | 15,039 |
| Teledyne Technologies (1) | 268,100 | 83,167 |
| 205,342 | ||
| Airlines 0.3% | ||
| Alclear Holdings, Class B, Acquisition Date: 3/6/18 - 12/13/18, | ||
| Cost $16,753 (1)(3)(4)(5) | 111,905 | 30,214 |
| 30,214 | ||
| Building Products 1.0% | ||
| Gibraltar Industries (1) | 1,023,465 | 66,669 |
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) | ||
| PGT Innovations (1) | 1,447,775 | 25,365 |
| 92,034 | ||
| Commercial Services & Supplies 2.0% | ||
| ADT | 3,395,890 | 27,744 |
| Brink's | 964,224 | 39,620 |
| Heritage-Crystal Clean (1) | 832,200 | 11,110 |
| MSA Safety | 278,400 | 37,353 |
| Rentokil Initial (GBP) (1) | 7,791,892 | 53,857 |
| Tetra Tech | 213,100 | 20,351 |
| 190,035 | ||
| Construction & Engineering 0.3% | ||
| API Group (1) | 1,547,600 | 22,022 |
| API Group, Warrants, 10/10/20 (1) | 2,573,386 | 3,860 |
| 25,882 | ||
| Electrical Equipment 0.4% | ||
| AZZ | 945,554 | 32,262 |
| Thermon Group Holdings (1) | 448,064 | 5,032 |
| 37,294 | ||
| Machinery 5.8% | ||
| Chart Industries (1) | 828,502 | 58,219 |
| Enerpac Tool Group | 1,891,900 | 35,587 |
| ESCO Technologies | 779,061 | 62,761 |
| Federal Signal | 591,600 | 17,304 |
| Graco | 846,600 | 51,939 |
| Helios Technologies | 752,505 | 27,391 |
| Ingersoll Rand (1) | 1,827,465 | 65,058 |
| John Bean Technologies | 709,500 | 65,196 |
| Marel (ISK) | 2,006,631 | 9,699 |
| Meritor (1) | 2,327,000 | 48,727 |
| Mueller Water Products, Class A | 2,966,200 | 30,819 |
| SPX (1) | 655,675 | 30,410 |
| Toro | 496,600 | 41,690 |
| 544,800 |
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) | ||
| Marine 0.7% | ||
| Matson | 1,532,160 | 61,424 |
| 61,424 | ||
| Professional Services 1.4% | ||
| Clarivate (1) | 3,207,893 | 99,413 |
| Upwork (1) | 1,697,600 | 29,606 |
| 129,019 | ||
| Road & Rail 1.3% | ||
| Knight-Swift Transportation Holdings | 1,633,878 | 66,499 |
| Landstar System | 222,400 | 27,909 |
| Saia (1) | 253,900 | 32,027 |
| 126,435 | ||
| Trading Companies & Distributors 1.4% | ||
| Rush Enterprises, Class A | 697,300 | 35,241 |
| SiteOne Landscape Supply (1) | 771,635 | 94,101 |
| 129,342 | ||
| Total Industrials & Business Services | 1,571,821 | |
| INFORMATION TECHNOLOGY 12.9% | ||
| Electronic Equipment, Instruments & Components 2.4% | ||
| Belden | 142,400 | 4,431 |
| CTS (2) | 1,622,596 | 35,746 |
| Littelfuse | 239,800 | 42,526 |
| National Instruments | 1,534,124 | 54,768 |
| Novanta (1) | 779,578 | 82,121 |
| 219,592 | ||
| IT Services 1.6% | ||
| Booz Allen Hamilton Holding | 684,000 | 56,758 |
| Euronet Worldwide (1) | 372,400 | 33,926 |
| Evo Payments, Class A (1) | 161,316 | 4,009 |
| Kratos Defense & Security Solutions (1) | 1,629,685 | 31,420 |
| ServiceTitan, Acquisition Date: 11/9/18, Cost $484 (1)(3)(4) | 18,389 | 621 |
| StoneCo, Class A (1) | 514,896 | 27,233 |
| 153,967 | ||
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) | ||
| Semiconductors & Semiconductor Equipment 3.1% | ||
| Entegris | 1,597,600 | 118,766 |
| Inphi (1) | 124,665 | 13,994 |
| Lattice Semiconductor (1) | 3,394,960 | 98,318 |
| MKS Instruments | 104,900 | 11,458 |
| Monolithic Power Systems | 39,933 | 11,166 |
| PDF Solutions (1) | 1,099,111 | 20,564 |
| Semtech (1) | 347,700 | 18,414 |
| 292,680 | ||
| Software 5.8% | ||
| Asana, Class A (1) | 321,233 | 9,252 |
| Avalara (1) | 101,300 | 12,900 |
| Ceridian HCM Holding (1) | 980,792 | 81,062 |
| Checkr, Acquisition Date: 6/29/18 - 12/2/19, Cost $4,339 | ||
| (1)(3)(4) | 189,521 | 4,641 |
| Coupa Software (1) | 84,967 | 23,301 |
| Descartes Systems Group (1) | 1,529,700 | 87,162 |
| Duck Creek Technologies (1) | 117,714 | 5,348 |
| Five9 (1) | 653,930 | 84,802 |
| JFrog (1) | 61,212 | 5,182 |
| nCino (1) | 48,060 | 3,829 |
| nCino, Acquisition Date: 9/16/19, Cost $8,961 (1)(4) | 411,990 | 31,186 |
| Paycom Software (1) | 149,043 | 46,397 |
| Proofpoint (1) | 457,000 | 48,236 |
| SS&C Technologies Holdings | 1,320,269 | 79,903 |
| Toast, Acquisition Date: 9/14/18, Cost $18 (1)(3)(4) | 1,059 | 69 |
| Zendesk (1) | 143,800 | 14,800 |
| 538,070 | ||
| Total Information Technology | 1,204,309 | |
| MATERIALS 3.7% | ||
| Chemicals 1.4% | ||
| Element Solutions (1) | 4,576,667 | 48,101 |
| Minerals Technologies | 678,000 | 34,646 |
| Quaker Chemical | 257,400 | 46,257 |
| 129,004 | ||
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) | ||
| Metals & Mining 2.0% | ||
| Alcoa (1) | 1,660,200 | 19,308 |
| Constellium (1) | 2,517,600 | 19,763 |
| ERO Copper (CAD) (1) | 2,180,100 | 31,779 |
| Franco-Nevada (CAD) | 224,200 | 31,330 |
| Haynes International (2) | 707,672 | 12,094 |
| Lundin Mining (CAD) | 3,443,335 | 19,214 |
| Northern Star Resources (AUD) | 5,440,311 | 53,908 |
| 187,396 | ||
| Paper & Forest Products 0.3% | ||
| West Fraser Timber (CAD) | 594,700 | 27,628 |
| 27,628 | ||
| Total Materials | 344,028 | |
| REAL ESTATE 5.5% | ||
| Equity Real Estate Investment Trusts 4.2% | ||
| American Campus Communities, REIT | 1,256,100 | 43,863 |
| Community Healthcare Trust, REIT | 256,600 | 11,999 |
| CubeSmart, REIT | 1,137,400 | 36,749 |
| Douglas Emmett, REIT | 248,200 | 6,230 |
| EastGroup Properties, REIT | 682,500 | 88,268 |
| First Industrial Realty Trust, REIT | 605,044 | 24,081 |
| Flagship Communities, REIT | 295,009 | 4,425 |
| JBG SMITH Properties, REIT | 1,752,586 | 46,864 |
| PS Business Parks, REIT | 513,874 | 62,893 |
| Regency Centers, REIT | 296,820 | 11,285 |
| Rexford Industrial Realty, REIT | 1,196,300 | 54,743 |
| 391,400 | ||
| Real Estate Management & Development 1.3% | ||
| FirstService | 896,379 | 118,223 |
| 118,223 | ||
| Total Real Estate | 509,623 | |
| UTILITIES 4.3% | ||
| Electric Utilities 1.1% | ||
| MGE Energy | 249,776 | 15,651 |
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) | ||||
| PNM Resources | 2,019,700 | 83,474 | ||
| 99,125 | ||||
| Gas Utilities 1.9% | ||||
| Chesapeake Utilities | 506,157 | 42,669 | ||
| ONE Gas | 931,400 | 64,276 | ||
| Southwest Gas Holdings | 1,088,032 | 68,655 | ||
| 175,600 | ||||
| Independent Power & Renewable Electricity Producers 0.3% | ||||
| NextEra Energy Partners | 546,200 | 32,750 | ||
| 32,750 | ||||
| Water Utilities 1.0% | ||||
| California Water Service Group | 605,000 | 26,287 | ||
| Middlesex Water | 436,788 | 27,147 | ||
| SJW Group | 641,700 | 39,054 | ||
| 92,488 | ||||
| Total Utilities | 399,963 | |||
| Total Miscellaneous Common Stocks 0.2% (6) | 20,343 | |||
| Total Common Stocks (Cost $6,462,287) | 8,990,712 | |||
| CONVERTIBLE PREFERRED STOCKS 3.0% | ||||
| CONSUMER DISCRETIONARY 1.0% | ||||
| Automobiles 0.4% | ||||
| Rivian Automotive, Series D, Acquisition Date: 12/23/19, Cost | ||||
| $12,773 (1)(3)(4) | 1,188,846 | 18,415 | ||
| Rivian Automotive, Series E, Acquisition Date: 7/10/20, Cost | ||||
| $17,939 (1)(3)(4) | 1,158,106 | 17,939 | ||
| 36,354 | ||||
| Diversified Consumer Services 0.1% | ||||
| 1stdibs. com, Series D, Acquisition Date: 2/7/19, Cost $5,328 | ||||
| (1)(3)(4) | 1,063,187 | 4,965 | ||
| 4,965 | ||||
| Hotels, Restaurants & Leisure 0.1% | ||||
| Cava Group, Series E, Acquisition Date: 6/23/20, Cost $13,623 | ||||
| (1)(3)(4) | 601,168 | 13,622 | ||
| 13,622 | ||||
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) | ||||
| 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 | 4,011 | ||
| Roofoods, Series F, Acquisition Date: 9/12/17, Cost $20,268 | ||||
| (1)(3)(4) | 57,324 | 22,279 | ||
| Roofoods, Series G, Acquisition Date: 5/16/19, Cost $659 | ||||
| (1)(3)(4) | 1,576 | 659 | ||
| 26,949 | ||||
| Textiles, Apparel & Luxury Goods 0.1% | ||||
| Allbirds, Series A, Acquisition Date: 10/10/18, Cost $1,974 | ||||
| (1)(3)(4) | 180,000 | 2,081 | ||
| Allbirds, Series B, Acquisition Date: 10/10/18, Cost $347 | ||||
| (1)(3)(4) | 31,625 | 366 | ||
| Allbirds, Series C, Acquisition Date: 10/9/18, Cost $3,314 | ||||
| (1)(3)(4) | 302,225 | 3,495 | ||
| Allbirds, Series Seed, Acquisition Date: 10/10/18, Cost $1,061 | ||||
| (1)(3)(4) | 96,710 | 1,118 | ||
| 7,060 | ||||
| Total Consumer Discretionary | 88,950 | |||
| CONSUMER STAPLES 0.3% | ||||
| Food Products 0.3% | ||||
| Farmers Business Network, Series D, Acquisition Date: 11/3/17, | ||||
| Cost $14,331 (1)(3)(4) | 776,181 | 25,658 | ||
| Total Consumer Staples | 25,658 | |||
| HEALTH CARE 0.4% | ||||
| Biotechnology 0.0% | ||||
| Caris Life Sciences, Series C, Acquisition Date: 8/14/20, Cost | ||||
| $4,493 (1)(3)(4) | 1,627,947 | 4,493 | ||
| 4,493 | ||||
| Health Care Equipment & Supplies 0.3% | ||||
| JAND, Series E, Acquisition Date: 3/9/18, Cost $8,169 (1)(3)(4) | 519,754 | 12,750 | ||
| JAND, Series F, Acquisition Date: 4/3/20, Cost $9,907 (1)(3)(4) | 508,235 | 12,467 | ||
| 25,217 | ||||
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) | ||||
| Health Care Providers & Services 0.1% | ||||
| Bright Health, Series E, Acquisition Date: 9/16/20, Cost $12,434 | ||||
| (1)(3)(4) | 608,998 | 12,435 | ||
| 12,435 | ||||
| Total Health Care | 42,145 | |||
| INDUSTRIALS & BUSINESS SERVICES 0.3% | ||||
| Machinery 0.1% | ||||
| Xometry, Series A-2, Acquisition Date: 7/20/20, Cost $836 | ||||
| (1)(3)(4) | 87,317 | 841 | ||
| Xometry, Series B, Acquisition Date: 7/20/20, Cost $287 | ||||
| (1)(3)(4) | 29,972 | 289 | ||
| Xometry, Series C, Acquisition Date: 7/20/20, Cost $303 | ||||
| (1)(3)(4) | 31,147 | 300 | ||
| Xometry, Series D, Acquisition Date: 7/20/20, Cost $237 | ||||
| (1)(3)(4) | 24,173 | 233 | ||
| Xometry, Series E, Acquisition Date: 7/20/20, Cost $2,381 | ||||
| (1)(3)(4) | 174,826 | 2,381 | ||
| Xometry, Series Seed-1, Acquisition Date: 9/4/20, Cost $1,320 | ||||
| (1)(3)(4) | 164,972 | 1,320 | ||
| Xometry, Series Seed-2, Acquisition Date: 9/4/20, Cost $581 | ||||
| (1)(3)(4) | 72,580 | 581 | ||
| 5,945 | ||||
| Road & Rail 0.2% | ||||
| Convoy, Series C, Acquisition Date: 9/14/18, Cost $8,346 | ||||
| (1)(3)(4) | 1,175,394 | 11,777 | ||
| Convoy, Series D, Acquisition Date: 10/30/19, Cost $10,022 | ||||
| (1)(3)(4) | 740,142 | 7,416 | ||
| 19,193 | ||||
| Total Industrials & Business Services | 25,138 | |||
| INFORMATION TECHNOLOGY 1.0% | ||||
| IT Services 0.1% | ||||
| ServiceTitan, Series A-1, Acquisition Date: 11/9/18, Cost $10 | ||||
| (1)(3)(4) | 381 | 13 | ||
| ServiceTitan, Series D, Acquisition Date: 11/9/18, Cost $4,907 | ||||
| (1)(3)(4) | 186,629 | 6,307 | ||
| 6,320 | ||||
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) | |||||||
| Software 0.9% | |||||||
| Checkr, Series C, Acquisition Date: 4/10/18, Cost $3,881 | |||||||
| (1)(3)(4) | 284,293 | 6,962 | |||||
| Checkr, Series D, Acquisition Date: 9/6/19, Cost $11,858 | |||||||
| (1)(3)(4) | 392,011 | 9,600 | |||||
| Haul Hub, Series B, Acquisition Date: 2/14/20, Cost $2,984 | |||||||
| (1)(3)(4) | 204,652 | 2,984 | |||||
| Plex Systems Holdings, Series B, Acquisition Date: 6/9/14, Cost | |||||||
| $10,984 (1)(3)(4) | 4,787,573 | 10,310 | |||||
| Seismic Software, Series E, Acquisition Date: 12/13/18, Cost | |||||||
| $7,110 (1)(3)(4) | 225,572 | 9,914 | |||||
| Seismic Software, Series F, Acquisition Date: 9/25/20, Cost | |||||||
| $698 (1)(3)(4) | 15,878 | 698 | |||||
| Toast, Series B, Acquisition Date: 9/14/18, Cost $165 (1)(3)(4) | 9,531 | 620 | |||||
| Toast, Series D, Acquisition Date: 6/27/18, Cost $11,952 | |||||||
| (1)(3)(4) | 690,616 | 44,890 | |||||
| Toast, Series F, Acquisition Date: 2/14/20, Cost $2,548 | |||||||
| (1)(3)(4) | 56,074 | 3,645 | |||||
| 89,623 | |||||||
| Total Information Technology | 95,943 | ||||||
| Total Convertible Preferred Stocks (Cost $213,273) | 277,834 | ||||||
| SHORT-TERM INVESTMENTS 1.2% | |||||||
| MONEY MARKET FUNDS 1.2% | |||||||
| T. Rowe Price Government Reserve Fund, 0.09% (2)(7) | 114,834,415 | 114,835 | |||||
| Total Short-Term Investments (Cost $114,835) | 114,835 | ||||||
| Total Investments in Securities 100.4% | |||||||
| (Cost $6,790,395) | $ | 9,383,381 | |||||
| Other Assets Less Liabilities (0.4)% | (34,748) | ||||||
| Net Assets 100.0% | $ | 9,348,633 | |||||
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. | ||||||
| (1 | ) | Non-income producing | |||||
| (2 | ) | Affiliated Companies | |||||
| (3 | ) | Level 3 in fair value hierarchy. | |||||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SMALL-CAP STOCK FUND
| (4 | ) | 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 $550,495 and represents 5.9% of net assets. | ||
| (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 | |
| ISK | Iceland Krona | |
| 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 nine
months ended September 30, 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 | |||||
| BJ's Restaurants | $ | — | $ | 10,665 | $ | — | ||
| Chuy's Holdings | 238 | (1,490) | — | |||||
| CTS | 847 | 29,229 | 181 | |||||
| Fiesta Restaurant Group | (297) | 2,337 | — | |||||
| Hanger | 531 | (23,597) | — | |||||
| Haynes International | (597) | (12,837) | 470 | |||||
| Red Robin Gourmet Burgers | 85 | (14,861) | — | |||||
| T. Rowe Price Government | ||||||||
| Reserve Fund | — | — | 721 | |||||
| Affiliates not held at period end | (37,126) | 31,700 | — | |||||
| Totals | $ | (36,319) # | $ | 21,146 | $ | 1,372+ | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SMALL-CAP STOCK FUND
| Supplementary Investment Schedule | ||||||||
| Value | Purchase | Sales | Value | |||||
| Affiliate | 12/31/19 | Cost | Cost | 9/30/20 | ||||
| BJ's Restaurants | $ | — | $ 22,595 | $ — | $ 33,260 | |||
| Chuy's Holdings | 21,866 | 8,785 | 551 | 28,610 | ||||
| CTS | * | 7,027 | 510 | 35,746 | ||||
| Fiesta Restaurant Group | * | 6,686 | 746 | 19,624 | ||||
| Hanger | 55,491 | — | 1,233 | 30,661 | ||||
| Haynes International | 26,641 | — | 1,710 | 12,094 | ||||
| Red Robin Gourmet | ||||||||
| Burgers | 25,268 | 1,882 | 660 | 11,629 | ||||
| Tuesday Morning | 7,198 | — | 38,898 | — | ||||
| T. Rowe Price Government | ||||||||
| Reserve Fund | 166,874 | ¤ | ¤ | 114,835 | ||||
| Total | $ 286,459^ | |||||||
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss) . | |||||||
| + | Investment income comprised $1,372 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 affiliate. | |||||||
| ^ | The cost basis of investments in affiliated companies was $348,371. | |||||||
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 September 30, 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 | $ | 8,469,088 | $ 421,639 | $ 99,985 | $ 8,990,712 | |||
| Convertible Preferred Stocks | — | — | 277,834 | 277,834 | ||||
| Short-Term Investments | 114,835 | — | — | 114,835 | ||||
| Total | $ | 8,583,923 | $ 421,639 | $ 377,819 | $ 9,383,381 | |||
Following is a reconciliation of the fund’s Level 3 holdings for the period ended September 30, 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 September 30, 2020, totaled $21,122,000 for the period ended September 30,
2020. During the period, transfers out of Level 3 were because observable market data became available for the security.
| ($000s) | Gain | |||||||||||||
| Beginning | (Loss) | Transfers | Ending | |||||||||||
| Balance | During | Total | Out of | Balance | ||||||||||
| 1/1/20 | Period | Purchases | Level 3 | 9/30/20 | ||||||||||
| Investment in Securities | ||||||||||||||
| Common Stocks | $ | 118,245 | $ | (12,789) | $ | 10,986 | $ | (16,457) | $ | 99,985 | ||||
| Convertible | ||||||||||||||
| Preferred Stocks | 193,815 | 33,911 | 70,571 | (20,463) | 277,834 | |||||||||
| Total | $ | 312,060 | $ | 21,122 | $ | 81,557 | $ | (36,920) | $ | 377,819 | ||||
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 | Value | Valuation | Significant | Value | Weighted | Impact to | ||||
| in Securities | (000s) | Technique(s) | Unobservable | or | Average | Valuation | ||||
| + | Input(s) | Range | of | from an | ||||||
| of | Input(s) * | Increase | ||||||||
| Input(s) | in | |||||||||
| Input** | ||||||||||
| Common | Recent | Discount | -# | -# | -# | |||||
| Stocks | $ | 99,985 | comparable | Factor | ||||||
| transaction | ||||||||||
| price(s) | ||||||||||
| Market | 14 | % - | 18 | % | Decrease | |||||
| Performance | 26 | % | ||||||||
| Adjustment |
T. ROWE PRICE SMALL-CAP STOCK FUND
| Investments | Value | Valuation | Significant | Value | Weighted | Impact to | |||
| in Securities | (000s) | Technique(s) | Unobservable | or | Average | Valuation | |||
| + | Input(s) | Range | of | from an | |||||
| of | Input(s) * | Increase | |||||||
| Input(s) | in | ||||||||
| Input** | |||||||||
| Expected | Discount Rate | 23 | % | 23 | % | Decrease | |||
| present value | for Cost of | ||||||||
| Equity | |||||||||
| Market | Enterprise | 7.2 | x | 7.2 | x | Increase | |||
| comparable | Value to Sales | ||||||||
| Multiple | |||||||||
| Discount for | 10 | % | 10 | % | Decrease | ||||
| lack of | |||||||||
| marketability | |||||||||
| Discount Rate | 25 | % | 25 | % | Decrease | ||||
| for Cost of | |||||||||
| Equity | |||||||||
| Enterprise | 8.2 | x - | 16.9 | x | Increase | ||||
| Value to | 18.4 | x | |||||||
| 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 | |||||||||
| Projected | 11.9 | x | 11.9 | x | Increase | ||||
| Enterprise | |||||||||
| Value to | |||||||||
| Gross Profit | |||||||||
| Multiple | |||||||||
| Market | 14 | % - | 17 | % | Decrease | ||||
| Performance | 26 | % | |||||||
| Adjustment | |||||||||
| Pricing | Discount for | 65 | % | 65 | % | Decrease | |||
| service | Lack of | ||||||||
| Marketability | |||||||||
| Options | Discount for | 10 | % | 10 | % | Decrease | |||
| pricing model | Lack of | ||||||||
| Marketability | |||||||||
| Risk-free rate | 4 | % | 4 | % | Increase | ||||
T. ROWE PRICE SMALL-CAP STOCK FUND
| Investments | Value | Valuation | Significant | Value or | Weighted | Impact to | ||||
| in Securities | (000s) | Technique(s) | Unobservable | Range | Average | Valuation | ||||
| + | Input(s) | of | of | from an | ||||||
| Input(s) | Input(s) * | Increase | ||||||||
| in Input** | ||||||||||
| Volatility | 23 | % | 23 | % | Increase | |||||
| Market | 26 | % | 26 | % | Decrease | |||||
| Performance | ||||||||||
| Adjustment | ||||||||||
| Convertible | Recent | Discount | -# | -# | -# | |||||
| Preferred | $ | 277,834 | comparable | Factor | ||||||
| Stocks | transaction | |||||||||
| price(s) | ||||||||||
| Market | 26 | % | 26 | % | Decrease | |||||
| Performance | ||||||||||
| Adjustment | ||||||||||
| Market | Sales Growth | 12 | % - | 16 | % | Increase | ||||
| Comparable | Rate | 25 | % | |||||||
| Enterprise | 4.3 | x - | 5.1 | x | Increase | |||||
| Value to Sales | 5.5 | x | ||||||||
| Multiple | ||||||||||
| Discount for | 10 | % | 10 | % | Decrease | |||||
| Lack of | ||||||||||
| Marketability | ||||||||||
| Discount Rate | 25 | % | 25 | % | Decrease | |||||
| for Cost of | ||||||||||
| Equity | ||||||||||
| Enterprise | 7.3 | x - | 11.4 | x | Increase | |||||
| Value to | 15.2 | x | ||||||||
| Gross Profit | ||||||||||
| Multiple | ||||||||||
| Gross Profit | 15 | % - | 18 | % | Increase | |||||
| Growth Rate | 25 | % | ||||||||
| Projected | 11.9 | x | 11.9 | x | Increase | |||||
| Enterprise | ||||||||||
| Value to | ||||||||||
| Gross Profit | ||||||||||
| Multiple | ||||||||||
| Market | 26 | % | 26 | % | 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.
T. ROWE PRICE SMALL-CAP STOCK FUND
**Represents the directional change in the fair value of the Level 3 investment(s) that would have resulted from an increase in the
corresponding input at period end. A decrease in the unobservable input would have had the opposite effect. Significant increases
and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
+ Valuation techniques may change in order to reflect our judgment of current market participant assumptions.