NPORT-EX 2 7031TRPSMCapStockFdInc.htm scs7031trowepricesmall-capst.htm - Generated by SEC Publisher for SEC Filing

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.