T.

ROWE

PRICE

Small-Cap

Stock

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

94.2%

COMMUNICATION

SERVICES

1.7%

Entertainment

0.7%

Cinemark

Holdings 

1,351,600

27,586

Zynga,

Class

A (1)

5,500,488

56,160

83,746

Media

1.0%

Advantage

Solutions (1)

992,424

11,721

Advantage

Solutions,

Warrants,

12/31/26 (1)

272,817

876

Cable

One 

50,437

92,217

National

CineMedia

2,766,129

12,779

117,593

Total

Communication

Services

201,339

CONSUMER

DISCRETIONARY

9.5%

Auto

Components

0.6%

Gentherm

 (1)

678,265

50,266

Stoneridge (1)

763,729

24,294

74,560

Diversified

Consumer

Services

0.5%

Bright

Horizons

Family

Solutions (1)

359,200

61,585

61,585

Hotels,

Restaurants

&

Leisure

3.2%

BJ's

Restaurants (1)

1,115,082

64,764

Bloomin

'

Brands (1)

605,847

16,388

Chuy's

Holdings (1)(2)

1,291,766

57,251

Denny's (1)

1,436,234

26,010

Drive

Shack (1)

2,492,386

8,001

Fiesta

Restaurant

Group (1)(2)

2,220,082

27,951

Papa

John's

International 

983,320

87,161

Red

Robin

Gourmet

Burgers (1)(2)

821,284

32,761

Ruth's

Hospitality

Group 

627,706

15,586

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $33,027 (1)(2)(3)(4)(5)

3,862,836

33,027

368,900

T.

ROWE

PRICE

Small-Cap

Stock

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Household

Durables

0.8%

Cavco

Industries (1)

112,211

25,316

Skyline

Champion (1)

1,035,858

46,883

Tri

Pointe

Homes (1)

909,983

18,527

90,726

Internet

&

Direct

Marketing

Retail

0.7%

A

Place

for

Rover,

Acquisition

Date:

5/25/18,

Cost $330 (1)(4)

48,677

475

Deliveroo

Holdings,

Acquisition

Date:

9/12/17

-

5/16/19,

Cost $20,926

(GBP) (1)(4)

11,780,000

44,347

Poshmark

,

Class

A (1)

141,307

5,737

RealReal

 (1)

1,042,900

23,601

ThredUp

,

Class

A (1)

493,182

11,506

85,666

Multiline

Retail

0.8%

Ollie's

Bargain

Outlet

Holdings (1)

1,042,152

90,667

90,667

Specialty

Retail

2.4%

Burlington

Stores (1)

450,249

134,534

Five

Below (1)

99,521

18,988

Monro

844,652

55,578

Petco

Health

&

Wellness (1)

699,954

15,511

RH (1)

83,541

49,841

274,452

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds

,

Acquisition

Date:

10/10/18

-

12/21/18,

Cost $6,034 (1)

(3)(4)

550,195

6,362

Capri

Holdings (1)

894,200

45,604

Steven

Madden 

291,500

10,861

62,827

Total

Consumer

Discretionary

1,109,383

CONSUMER

STAPLES

4.5%

Beverages

1.8%

Boston

Beer,

Class

A (1)

173,953

209,836

209,836

T.

ROWE

PRICE

Small-Cap

Stock

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Food

Products

2.6%

ADM

HOLDINGS (3)

164

262

Cal-Maine

Foods (1)

1,090,366

41,892

Makepeace

Bros (1)

164

738

Nomad

Foods (1)

1,383,646

37,995

Post

Holdings (1)

589,237

62,294

Sanderson

Farms 

292,320

45,538

TreeHouse

Foods (1)

1,250,775

65,340

Utz

Brands 

1,943,653

48,183

302,242

Personal

Products

0.1%

BellRing

Brands,

Class

A (1)

553,552

13,069

13,069

Total

Consumer

Staples

525,147

ENERGY

2.8%

Energy

Equipment

&

Services

1.2%

Cactus,

Class

A 

533,800

16,345

Computer

Modelling

Group

(CAD) 

1,291,429

5,909

Dril

-Quip (1)

350,391

11,643

Halliburton 

2,527,618

54,243

Liberty

Oilfield

Services,

Class

A 

3,149,596

35,559

NexTier

Oilfield

Solutions (1)

4,937,800

18,369

142,068

Oil,

Gas

&

Consumable

Fuels

1.6%

Devon

Energy 

1,538,420

33,614

Diamondback

Energy 

961,684

70,674

Magnolia

Oil

&

Gas,

Class

A (1)

3,789,156

43,500

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $1,247 (1)(3)(4)

413

2,298

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $20,149 (1)(3)(4)

5,556

30,921

181,007

Total

Energy

323,075

T.

ROWE

PRICE

Small-Cap

Stock

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

FINANCIALS

17.6%

Banks

10.8%

Atlantic

Capital

Bancshares (1)

727,554

17,534

BankUnited

2,122,205

93,271

Columbia

Banking

System 

379,461

16,351

CrossFirst

Bankshares

 (1)

1,293,750

17,841

Dime

Community

Bancshares 

663,836

20,008

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,938 (1)(3)(4)

293,821

3,526

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,443 (1)(3)(4)

144,311

1,732

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(3)(4)

43,813

174

East

West

Bancorp 

926,800

68,398

Equity

Bancshares,

Class

A (1)

675,625

18,512

FB

Financial 

1,097,759

48,806

First

Bancshares 

814,605

29,823

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,000 (1)(3)(4)

500,044

3,400

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(3)(4)

98,245

251

Heritage

Commerce 

2,473,754

30,229

Heritage

Financial 

798,012

22,536

Home

BancShares

2,396,194

64,817

Investors

Bancorp 

2,193,035

32,216

Live

Oak

Bancshares 

1,010,284

69,194

Origin

Bancorp 

874,460

37,086

Pacific

Premier

Bancorp 

1,365,612

59,322

Pinnacle

Financial

Partners 

1,194,395

105,895

Popular 

467,564

32,879

Professional

Holding,

Class

A (1)

435,128

7,993

Prosperity

Bancshares 

539,685

40,417

Sandy

Spring

Bancorp 

730,200

31,712

Seacoast

Banking (1)

1,641,025

59,471

Signature

Bank 

433,267

97,962

South

State 

729,294

57,257

Webster

Financial 

812,641

44,785

T.

ROWE

PRICE

Small-Cap

Stock

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

Western

Alliance

Bancorp 

1,202,826

113,595

1,246,993

Capital

Markets

1.3%

Altimeter

Growth (1)

1,142,377

13,960

Bluescape

Opportunities

Acquisition (1)

1,471,543

15,687

Cboe

Global

Markets 

755,099

74,521

dMY

Technology

Group

II,

Class

A (1)

371,000

5,457

StepStone

Group,

Class

A 

1,263,285

44,556

154,181

Consumer

Finance

1.3%

Encore

Capital

Group (1)

882,003

35,483

PRA

Group (1)

904,386

33,525

PROG

Holdings 

1,082,233

46,850

SLM 

1,745,611

31,369

147,227

Insurance

2.6%

Assurant 

527,000

74,713

Axis

Capital

Holdings 

1,095,600

54,309

Hanover

Insurance

Group 

411,200

53,234

Safety

Insurance

Group 

113,161

9,534

Selective

Insurance

Group 

1,151,500

83,530

Selectquote

 (1)

626,301

18,482

State

Auto

Financial 

444,923

8,769

302,571

Thrifts

&

Mortgage

Finance

1.6%

Capitol

Federal

Financial 

1,544,732

20,460

Essent

Group 

1,062,580

50,462

Meridian

Bancorp 

1,809,389

33,329

PennyMac

Financial

Services 

1,040,193

69,558

Sterling

Bancorp (1)

1,287,317

7,286

181,095

Total

Financials

2,032,067

T.

ROWE

PRICE

Small-Cap

Stock

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

HEALTH

CARE

17.5%

Biotechnology

7.4%

Abcam

,

ADR (1)

585,538

11,254

ACADIA

Pharmaceuticals (1)

259,193

6,687

Acceleron

Pharma (1)

383,045

51,945

Agios

Pharmaceuticals (1)

451,633

23,322

Allogene

Therapeutics (1)

168,802

5,959

Apellis

Pharmaceuticals (1)

143,020

6,137

Arcutis

Biotherapeutics

 (1)

119,006

3,443

Argenx

,

ADR (1)

305,226

84,056

Ascendis

Pharma,

ADR (1)

453,726

58,476

Avidity

Biosciences (1)

132,282

2,885

Blueprint

Medicines (1)

479,949

46,665

Cerevel

Therapeutics

Holdings (1)

299,098

4,107

CRISPR

Therapeutics (1)

78,495

9,565

Enanta

Pharmaceuticals (1)

41,957

2,069

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $2,258 (1)(3)

(4)

344,711

2,258

G1

Therapeutics (1)

256,027

6,160

Generation

Bio (1)

807,682

22,987

Global

Blood

Therapeutics (1)

838,981

34,188

Homology

Medicines (1)

422,638

3,977

IGM

Biosciences (1)

220,053

16,876

Insmed

 (1)

1,515,383

51,614

Intellia

Therapeutics (1)

193,403

15,521

Iovance

Biotherapeutics

 (1)

160,066

5,068

Karuna

Therapeutics (1)

79,686

9,581

Kodiak

Sciences (1)

632,364

71,704

Legend

Biotech,

ADR (1)

58,727

1,704

MeiraGTx

Holdings (1)

239,930

3,462

Morphic

Holding (1)

40,280

2,549

Nurix

Therapeutics (1)

184,132

5,725

Orchard

Therapeutics,

ADR (1)

575,604

4,179

Prothena

 (1)

286,930

7,208

PTC

Therapeutics (1)

113,141

5,357

Radius

Health (1)

2,262,614

47,198

T.

ROWE

PRICE

Small-Cap

Stock

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

RAPT

Therapeutics (1)

276,200

6,132

Replimune

Group (1)

129,613

3,954

Scholar

Rock

Holding (1)

798,637

40,459

Seagen

 (1)

207,621

28,830

TG

Therapeutics (1)

79,437

3,829

Turning

Point

Therapeutics (1)

275,438

26,054

Ultragenyx

Pharmaceutical (1)

684,630

77,952

Xencor

 (1)

736,178

31,700

Zentalis

Pharmaceuticals (1)

113,219

4,912

857,708

Health

Care

Equipment

&

Supplies

3.4%

AtriCure

 (1)

598,414

39,208

Avanos

Medical (1)

965,907

42,249

Axonics

Modulation

Technologies (1)

203,613

12,194

ICU

Medical (1)

194,946

40,050

iRhythm

Technologies (1)

433,636

60,215

JAND,

Class

A,

Acquisition

Date:

3/9/18,

Cost $6,622 (1)(3)(4)

421,333

10,335

Mesa

Laboratories 

55,789

13,585

Nevro

 (1)

252,744

35,258

NuVasive

 (1)

384,205

25,188

Outset

Medical (1)

79,019

4,298

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $13,938 (1)(3)

(4)

3,701,604

6,219

Penumbra (1)

121,600

32,902

Pulmonx

 (1)

67,637

3,094

Quidel

 (1)

525,599

67,240

392,035

Health

Care

Providers

&

Services

3.9%

Accolade (1)

240,300

10,902

Amedisys

 (1)

303,898

80,469

Cross

Country

Healthcare (1)

1,081,473

13,508

Hanger (1)

1,877,802

42,851

Innovage

Holding (1)

180,808

4,663

ModivCare

 (1)

296,028

43,848

Molina

Healthcare (1)

554,812

129,693

Oak

Street

Health (1)

598,350

32,473

T.

ROWE

PRICE

Small-Cap

Stock

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

Option

Care

Health (1)

631,112

11,196

Pennant

Group (1)

523,018

23,954

Surgery

Partners (1)

516,246

22,849

U.S.

Physical

Therapy 

359,393

37,413

453,819

Health

Care

Technology

0.3%

Alignment

Healthcare (1)

422,051

9,256

Alignment

Healthcare,

Acquisition

Date:

2/28/20,

Cost $8,730 (1)

(4)

1,081,690

22,535

Certara

 (1)

241,312

6,588

38,379

Life

Sciences

Tools

&

Services

1.2%

Adaptive

Biotechnologies (1)

297,998

11,997

Bruker 

1,295,059

83,246

Olink

Holding,

ADR (1)

340,665

12,264

Quanterix

 (1)

165,238

9,662

Seer (1)

116,541

5,829

Seer,

Class

A,

Acquisition

Date:

12/8/20,

Cost $3,996 (1)(4)

210,330

9,995

132,993

Pharmaceuticals

1.3%

Arvinas

 (1)

76,723

5,071

Atea

Pharmaceuticals (1)

128,002

7,904

Cara

Therapeutics (1)

376,527

8,174

Catalent

 (1)

928,330

97,763

Reata

Pharmaceuticals,

Class

A (1)

221,112

22,045

TherapeuticsMD

 (1)

8,274,357

11,088

152,045

Total

Health

Care

2,026,979

INDUSTRIALS

&

BUSINESS

SERVICES

16.8%

Aerospace

&

Defense

1.3%

BWX

Technologies 

339,048

22,357

Parsons (1)

406,865

16,453

Teledyne

Technologies (1)

259,700

107,425

146,235

T.

ROWE

PRICE

Small-Cap

Stock

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

Airlines

0.3%

Alclear

Holdings,

Class

B,

Acquisition

Date:

3/6/18

-

12/13/18,

Cost $16,753 (1)(3)(4)(5)

111,905

32,452

Sun

Country

Airlines

Holdings (1)

182,604

6,260

38,712

Building

Products

1.0%

Gibraltar

Industries (1)

929,292

85,039

PGT

Innovations (1)

1,314,446

33,190

118,229

Commercial

Services

&

Supplies

1.8%

ADT 

4,263,590

35,985

Brink's 

597,919

47,373

Heritage-Crystal

Clean (1)

755,483

20,496

MSA

Safety 

229,753

34,467

Rentokil

Initial

(GBP) 

6,983,542

46,625

Tetra

Tech 

193,602

26,276

211,222

Electrical

Equipment

1.1%

Array

Technologies (1)

742,688

22,147

AZZ 

1,218,954

61,374

Shoals

Technologies

Group,

Class

A (1)

1,079,497

37,545

Thermon

Group

Holdings (1)

531,364

10,356

131,422

Machinery

6.1%

Chart

Industries (1)

572,361

81,476

Enerpac

Tool

Group 

2,245,000

58,639

ESCO

Technologies 

674,150

73,408

Federal

Signal 

697,600

26,718

Graco

768,791

55,061

Helios

Technologies 

637,758

46,474

Ingersoll

Rand (1)

1,770,665

87,135

John

Bean

Technologies 

611,335

81,515

Marel

(ISK) 

2,172,492

14,767

Meritor (1)

1,726,315

50,788

Mueller

Water

Products,

Class

A 

2,693,011

37,406

T.

ROWE

PRICE

Small-Cap

Stock

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

SPX (1)

792,900

46,202

Toro 

435,623

44,930

704,519

Marine

0.5%

Matson 

897,470

59,861

59,861

Professional

Services

2.1%

Booz

Allen

Hamilton

Holding 

600,380

48,348

Clarivate

 (1)

3,506,093

92,526

Huron

Consulting

Group (1)

234,000

11,789

Upwork

 (1)

1,967,635

88,091

240,754

Road

&

Rail

1.1%

Knight-Swift

Transportation

Holdings 

938,137

45,115

Landstar

System 

202,031

33,347

Saia (1)

193,841

44,696

123,158

Trading

Companies

&

Distributors

1.5%

Air

Lease 

348,800

17,091

Rush

Enterprises,

Class

A 

872,237

43,463

SiteOne

Landscape

Supply (1)

674,690

115,197

175,751

Total

Industrials

&

Business

Services

1,949,863

INFORMATION

TECHNOLOGY

11.2%

Communications

Equipment

0.0%

Infinera

 (1)

495,800

4,775

4,775

Electronic

Equipment,

Instruments

&

Components

2.2%

CTS 

1,473,225

45,758

Littelfuse

217,583

57,538

National

Instruments 

1,392,993

60,156

Novanta

 (1)

707,795

93,351

256,803

T.

ROWE

PRICE

Small-Cap

Stock

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

IT

Services

1.2%

Euronet

Worldwide (1)

360,700

49,885

Kratos

Defense

&

Security

Solutions (1)

1,767,701

48,223

Repay

Holdings (1)

737,263

17,311

ServiceTitan

,

Acquisition

Date:

11/9/18,

Cost $484 (1)(3)(4)

18,389

1,974

StoneCo

,

Class

A (1)

345,743

21,166

138,559

Semiconductors

&

Semiconductor

Equipment

2.6%

Entegris

1,290,878

144,320

Lattice

Semiconductor (1)

2,617,112

117,822

PDF

Solutions (1)

898,301

15,972

Semtech

 (1)

283,042

19,530

297,644

Software

5.2%

Ceridian

HCM

Holding (1)

820,793

69,168

Checkr

,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $4,339 (1)(3)(4)

189,521

4,641

Coupa

Software (1)

145,367

36,993

Descartes

Systems

Group (1)

1,389,033

84,606

Duck

Creek

Technologies (1)

114,114

5,151

Five9 (1)

561,637

87,801

Manhattan

Associates (1)

231,300

27,150

nCino

 (1)

520,785

34,747

Olo

,

Class

A (1)

341,108

9,002

Paycom

Software (1)

130,148

48,163

Proofpoint

 (1)

414,928

52,194

SS&C

Technologies

Holdings 

1,279,269

89,382

Toast,

Acquisition

Date:

9/14/18,

Cost $18 (1)(3)(4)

1,059

136

Workiva

 (1)

358,104

31,606

Zendesk

 (1)

118,859

15,763

596,503

Total

Information

Technology

1,294,284

MATERIALS

4.0%

Chemicals

1.7%

Element

Solutions 

4,877,567

89,211

Minerals

Technologies 

615,458

46,356

T.

ROWE

PRICE

Small-Cap

Stock

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

Quaker

Chemical 

233,788

56,990

192,557

Metals

&

Mining

1.7%

Alcoa (1)

632,758

20,558

Constellium

 (1)

3,533,871

51,948

ERO

Copper

(CAD) (1)

2,638,000

45,405

Franco-Nevada

(CAD) 

203,618

25,517

Haynes

International (2)

642,595

19,066

Northern

Star

Resources

(AUD) 

5,271,254

38,184

200,678

Paper

&

Forest

Products

0.6%

Domtar 

696,500

25,736

West

Fraser

Timber

(CAD) 

576,200

41,453

67,189

Total

Materials

460,424

MISCELLANEOUS

0.2%

Miscellaneous

0.2%

KKR

Acquisition

Holdings

I (1)

1,869,008

18,709

Total

Miscellaneous

18,709

REAL

ESTATE

4.7%

Equity

Real

Estate

Investment

Trusts

3.6%

American

Campus

Communities,

REIT 

1,140,350

49,229

Community

Healthcare

Trust,

REIT 

396,575

18,290

CubeSmart

,

REIT 

1,101,900

41,685

EastGroup

Properties,

REIT 

661,200

94,737

First

Industrial

Realty

Trust,

REIT 

549,371

25,156

Flagship

Communities

REIT,

REIT 

286,309

4,295

JBG

SMITH

Properties,

REIT 

1,513,688

48,120

PS

Business

Parks,

REIT 

497,874

76,961

Regency

Centers,

REIT 

104,265

5,913

Rexford

Industrial

Realty,

REIT 

1,086,018

54,735

419,121

Real

Estate

Management

&

Development

1.1%

Altus

Group

(CAD) 

132,200

6,358

T.

ROWE

PRICE

Small-Cap

Stock

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

FirstService

813,913

120,614

126,972

Total

Real

Estate

546,093

UTILITIES

3.7%

Electric

Utilities

0.6%

IDACORP 

489,869

48,972

MGE

Energy 

241,976

17,275

66,247

Gas

Utilities

1.7%

Chesapeake

Utilities 

490,357

56,921

ONE

Gas 

902,400

69,404

Southwest

Gas

Holdings 

1,054,232

72,436

198,761

Independent

Power

&

Renewable

Electricity

Producers

0.3%

NextEra

Energy

Partners 

529,300

38,575

38,575

Multi-Utilities

0.2%

NorthWestern

273,400

17,826

17,826

Water

Utilities

0.9%

California

Water

Service

Group 

549,331

30,949

Middlesex

Water 

396,752

31,352

SJW

Group 

582,584

36,697

98,998

Total

Utilities

420,407

Total

Common

Stocks

(Cost

$6,111,000)

10,907,770

CONVERTIBLE

PREFERRED

STOCKS

4.4%

CONSUMER

DISCRETIONARY

1.6%

Automobiles

1.0%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $12,773 (1)(3)(4)

1,188,846

43,809

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $17,939 (1)(3)(4)

1,158,106

42,676

T.

ROWE

PRICE

Small-Cap

Stock

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

Rivian

Automotive,

Series

F,

Acquisition

Date:

1/19/21,

Cost $27,485 (1)(3)(4)

745,862

27,485

113,970

Diversified

Consumer

Services

0.1%

1stdibs.com,

Series

D,

Acquisition

Date:

2/7/19,

Cost $5,328 (1)

(3)(4)

1,063,187

8,835

8,835

Hotels,

Restaurants

&

Leisure

0.4%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $17,735 (1)(3)(4)

710,468

26,735

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $13,024 (1)

(3)(4)

346,118

13,024

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $6,813 (1)(2)

(3)(4)(5)

758,455

6,813

46,572

Internet

&

Direct

Marketing

Retail

0.0%

A

Place

for

Rover,

Series

G,

Acquisition

Date:

5/11/18,

Cost $5,243 (1)(4)

696,458

6,791

6,791

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

183,228

CONSUMER

STAPLES

0.2%

Food

Products

0.2%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $14,332 (1)(3)(4)

776,181

25,658

Total

Consumer

Staples

25,658

HEALTH

CARE

0.6%

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

T.

ROWE

PRICE

Small-Cap

Stock

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

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

12,468

Kardium

,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $5,415 (1)(3)

(4)

5,330,753

5,415

30,633

Health

Care

Providers

&

Services

0.2%

Bright

Health,

Series

E,

Acquisition

Date:

9/16/20,

Cost $12,434 (1)(3)(4)

608,998

12,434

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $9,397 (1)(3)(4)

3,902,227

9,397

21,831

Life

Sciences

Tools

&

Services

0.1%

Inscripta

,

Series

E,

Acquisition

Date:

3/30/21,

Cost $5,808 (1)(3)

(4)

657,721

5,808

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,793 (1)(3)(4)

497,323

6,793

12,601

Total

Health

Care

69,558

INDUSTRIALS

&

BUSINESS

SERVICES

0.3%

Aerospace

&

Defense

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $5,882 (1)(3)(4)

130,614

5,882

5,882

Machinery

0.0%

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 $304 (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

13,693

T.

ROWE

PRICE

Small-Cap

Stock

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $10,022 (1)(3)

(4)

740,142

8,623

22,316

Total

Industrials

&

Business

Services

34,143

INFORMATION

TECHNOLOGY

1.6%

IT

Services

0.2%

ServiceTitan

,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $10 (1)

(3)(4)

381

41

ServiceTitan

,

Series

D,

Acquisition

Date:

11/9/18,

Cost $4,907 (1)

(3)(4)

186,629

20,029

ServiceTitan

,

Series

F,

Acquisition

Date:

3/25/21,

Cost $997 (1)

(3)(4)

9,288

997

21,067

Software

1.4%

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 $11,857 (1)(3)(4)

392,011

9,600

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $5,112 (1)(3)(4)

420,147

5,112

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $4,277 (1)(3)(4)

293,317

4,277

Nuro

,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,576 (1)(3)(4)

886,735

11,576

Plex

Systems

Holdings,

Series

B,

Acquisition

Date:

6/9/14,

Cost $10,984 (1)(3)(4)

4,787,573

17,283

SecurityScorecard

,

Series

E,

Acquisition

Date:

3/5/21,

Cost $5,398 (1)(3)(4)

356,213

5,398

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $7,110 (1)(3)(4)

1,127,860

9,914

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $698 (1)(3)(4)

79,390

698

Toast,

Series

B,

Acquisition

Date:

9/14/18,

Cost $165 (1)(3)(4)

9,531

1,225

Toast,

Series

D,

Acquisition

Date:

6/27/18,

Cost $11,952 (1)(3)(4)

690,616

88,723

Toast,

Series

F,

Acquisition

Date:

2/14/20,

Cost $2,548 (1)(3)(4)

56,074

7,204

167,972

Total

Information

Technology

189,039

MATERIALS

0.1%

Chemicals

0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $9,813 (1)(3)(4)

237,759

9,813

Total

Materials

9,813

Total

Convertible

Preferred

Stocks

(Cost

$311,265)

511,439

T.

ROWE

PRICE

Small-Cap

Stock

Fund

17

Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

1.8%

Money

Market

Funds

1.8%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (2)(6)

206,414,206

206,414

Total

Short-Term

Investments

(Cost

$206,414)

206,414

Total

Investments

in

Securities

100.4%

(Cost

$6,628,679)

$

11,625,623

Other

Assets

Less

Liabilities

(0.4)%

(48,942

)

Net

Assets

100.0%

$

11,576,681

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Affiliated

Companies

(3)

Level

3

in

fair

value

hierarchy.

(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

$728,497

and

represents

6.3%

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)

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

T.

ROWE

PRICE

Small-Cap

Stock

Fund

18

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,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

BJ's

Restaurants 

$

1,308‌

$

21,794‌

$

—‌

Chuy's

Holdings 

2,131‌

22,822‌

—‌

CTS 

709‌

(5,795‌)

59‌

Fiesta

Restaurant

Group 

403‌

2,204‌

—‌

Hanger 

209‌

1,382‌

—‌

Haynes

International 

(2,602‌)

6,436‌

143‌

Red

Robin

Gourmet

Burgers 

(597‌)

18,371‌

—‌

Torchys

Holdings 

—‌

—‌

—‌

Torchys

Holdings,

Class

A 

—‌

—‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

—‌

—‌

23‌

Totals

$

1,561‌#

$

67,214‌

$

225‌+

T.

ROWE

PRICE

Small-Cap

Stock

Fund

19

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

BJ's

Restaurants 

$

42,907‌

$

3,308‌

$

3,245‌

$

*

Chuy's

Holdings 

38,273‌

—‌

3,844‌

57,251‌

CTS 

55,086‌

—‌

3,533‌

*

Fiesta

Restaurant

Group 

25,313‌

613‌

179‌

27,951‌

Hanger 

42,137‌

—‌

668‌

*

Haynes

International 

16,685‌

—‌

4,055‌

19,066‌

Red

Robin

Gourmet

Burgers 

16,803‌

—‌

2,413‌

32,761‌

Torchys

Holdings 

6,812‌

1‌

—‌

6,813‌

Torchys

Holdings,

Class

A 

33,027‌

—‌

—‌

33,027‌

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

111,707‌

 ¤

 ¤

206,414‌

Total

$

383,283‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$225

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$374,400.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Small-Cap

Stock

Fund

Unaudited

Notes

to

Portfolio

of

Investments

20

T.

Rowe

Price

Small-Cap

Stock

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Small-Cap

Stock

Fund

21

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

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.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value,

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

T.

ROWE

PRICE

Small-Cap

Stock

Fund

22

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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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;

discounted

cash

flows;

yield

to

maturity;

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

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Small-Cap

Stock

Fund

23

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

2021.

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,

2021,

totaled $99,306,000 for

the

period ended

March

31,

2021.

During

the

period,

transfers

out

of

Level

3

were

because

observable

market

data

became

available

for

the

security.

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.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

10,461,199‌

$

306,603‌

$

139,968‌

$

10,907,770‌

Convertible

Preferred

Stocks

—‌

6,791‌

504,648‌

511,439‌

Short-Term

Investments

206,414‌

—‌

—‌

206,414‌

Total

$

10,667,613‌

$

313,394‌

$

644,616‌

$

11,625,623‌

($000s)

Beginning

Balance

1/1/21

Gain

(Loss)

During

Period

Total

Purchases

Transfer

Out

of

Level

3

Ending

Balance

3/31/21

Investment

in

Securities

Common

Stocks

$

146,034‌

$

2,992‌

$

—‌

$

(9,058‌)

$

139,968‌

Convertible

Preferred

Stocks

365,807‌

96,314‌

83,425‌

(40,898‌)

504,648‌

Total

$

511,841‌

$

99,306‌

$

83,425‌

$

(49,956‌)

$

644,616‌

T.

ROWE

PRICE

Small-Cap

Stock

Fund

24

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

139,968‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Expected

Present

Value

Discount

Rate

for

Cost

of

Equity

20%

20%

Decrease

Market

Comparable

Enterprise

Value

to

Sales

Multiple

3.4x

–

4.8x

4.1x

Increase

Sales

Growth

Rate

19%

19%

Increase

Enterprise

Value

to

Gross

Profit

Multiple

7.5x

–

15.2x

13.0x

Increase

Gross

Profit

Growth

Rate

21%

21%

Increase

Enterprise

Value

to

EBITDA

Multiple

10.0x

10.0x

Increase

Price

to

Tangible

Book

Value

Multiple

0.9x

–

1.0x

1.0x

Increase

Tangible

Book

Value

Growth

Rate

23%

23%

Increase

Projected

Enterprise

Value

to

EBITDA

Multiple

12.0x

12.0x

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

T.

ROWE

PRICE

Small-Cap

Stock

Fund

25

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Pricing

Service

Discount

for

Lack

of

Marketability

65%

65%

Decrease

Options

Pricing

Model

Private

Company

Valuation

—#

—#

—#

Risk-Free

Rate

3%

3%

Increase

Volatility

38%

-

43%

41%

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

504,648‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

Comparable

Enterprise

Value

to

Sales

Multiple

5.7x

–

10.4x

7.1x

Increase

Sales

Growth

Rate

12%

-

29%

18%

Increase

Enterprise

Value

to

Gross

Profit

Multiple

8.3x

–

20.1x

13.1x

Increase

Gross

Profit

Growth

Rate

15%

-

29%

20%

Increase

T.

ROWE

PRICE

Small-Cap

Stock

Fund

26

#

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.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

F65-054Q1

03/21 

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

for

Lack

of

Marketability

10%

10%

Decrease