T.

ROWE

PRICE

Small-Cap

Stock

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

94.3%

COMMUNICATION

SERVICES

1.5%

Entertainment

0.5%

Cinemark

Holdings (1)

1,146,917

22,032

Zynga,

Class

A (1)

4,298,791

32,370

54,402

Interactive

Media

&

Services

0.1%

Genius

Sports (1)

365,400

6,818

6,818

Media

0.9%

Advantage

Solutions (1)

948,609

8,205

Advantage

Solutions,

Warrants,

12/31/26 (1)

272,817

497

Cable

One 

51,437

93,262

101,964

Total

Communication

Services

163,184

CONSUMER

DISCRETIONARY

10.7%

Auto

Components

0.5%

Gentherm (1)

556,477

45,035

Stoneridge (1)

729,805

14,881

59,916

Diversified

Consumer

Services

1.3%

Alclear

Holdings,

Acquisition

Date:

3/6/18

-

12/13/18,

Cost $16,753 (1)(2)

2,236,274

87,209

Bright

Horizons

Family

Solutions (1)

417,100

58,152

Rover

Group,

Acquisition

Date:

5/11/18

-

8/2/21,

Cost $5,573 (1)

(2)

773,380

9,985

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

773,380

547

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

773,380

441

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

773,380

107

156,441

Hotels,

Restaurants

&

Leisure

3.1%

Bally's (1)

191,251

9,589

BJ's

Restaurants (1)

1,115,082

46,566

Chuy's

Holdings (1)

968,443

30,535

Denny's (1)

1,372,843

22,432

T.

ROWE

PRICE

Small-Cap

Stock

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Drive

Shack (1)

2,382,126

6,694

Dutch

Bros,

Class

A (1)

361,237

15,649

Fiesta

Restaurant

Group (1)(3)

2,186,682

23,966

Papa

John's

International 

968,520

122,993

Red

Robin

Gourmet

Burgers (1)

736,651

16,987

Red

Rock

Resorts,

Class

A (1)

250,000

12,805

Ruth's

Hospitality

Group (1)

932,606

19,314

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $33,027 (1)(2)(3)(4)(5)

3,862,836

33,027

360,557

Household

Durables

0.7%

Cavco

Industries (1)

110,611

26,186

Skyline

Champion (1)

990,075

59,464

85,650

Internet

&

Direct

Marketing

Retail

1.4%

1stdibs.com,

Acquisition

Date:

2/7/19,

Cost $5,328 (1)(2)

354,395

4,175

Altimeter

Growth (1)

1,125,077

11,971

Altimeter

Growth

SPAC

/

Grab

Holdings

PIPE (1)(6)

1,249,500

11,493

Big

Sky

Growth

Partners (1)

1,208,864

12,064

Deliveroo

Holdings,

Acquisition

Date:

9/12/17

-

5/16/19,

Cost $20,927

(GBP) (1)(2)

11,780,000

43,608

Poshmark,

Class

A (1)

135,076

3,209

RealReal (1)

1,445,300

19,049

ThredUp,

Class

A (1)

667,811

14,485

Xometry,

Acquisition

Date:

7/20/20

-

9/4/20,

Cost $5,945 (1)(2)

584,987

32,049

Xometry,

Class

A (1)

109,101

6,292

158,395

Multiline

Retail

0.6%

Ollie's

Bargain

Outlet

Holdings (1)

1,106,452

66,697

66,697

Specialty

Retail

2.2%

Burlington

Stores (1)

430,289

122,017

Five

Below (1)

85,990

15,204

Monro 

937,558

53,919

Petco

Health

&

Wellness (1)

668,894

14,114

T.

ROWE

PRICE

Small-Cap

Stock

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

RH (1)

67,909

45,289

250,543

Textiles,

Apparel

&

Luxury

Goods

0.9%

Allbirds,

Acquisition

Date:

10/10/18

-

12/21/18,

Cost $6,034 (1)

(2)(4)

550,195

6,362

Capri

Holdings (1)

960,700

46,507

Skechers

USA,

Class

A (1)

918,800

38,700

Steven

Madden 

287,000

11,526

103,095

Total

Consumer

Discretionary

1,241,294

CONSUMER

STAPLES

2.9%

Beverages

0.9%

Boston

Beer,

Class

A (1)

200,036

101,968

101,968

Food

Products

1.9%

ADM

Holdings (4)

164

264

Cal-Maine

Foods 

956,317

34,581

Makepeace

Bros (1)

164

738

Nomad

Foods (1)

1,322,592

36,451

Post

Holdings (1)

563,309

62,054

Post

Holdings

Partnering (1)

797,263

8,060

TreeHouse

Foods (1)

1,172,075

46,742

Utz

Brands 

1,994,253

34,162

223,052

Personal

Products

0.1%

BellRing

Brands,

Class

A (1)

545,352

16,770

16,770

Total

Consumer

Staples

341,790

ENERGY

3.0%

Energy

Equipment

&

Services

1.1%

Cactus,

Class

A 

525,800

19,833

Dril-Quip (1)

334,944

8,434

Halliburton 

2,000,069

43,241

Liberty

Oilfield

Services,

Class

A (1)

3,010,321

36,515

T.

ROWE

PRICE

Small-Cap

Stock

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

NexTier

Oilfield

Solutions (1)

4,719,257

21,709

129,732

Oil,

Gas

&

Consumable

Fuels

1.9%

Devon

Energy 

1,470,246

52,208

Diamondback

Energy 

875,068

82,843

Magnolia

Oil

&

Gas,

Class

A 

3,621,486

64,426

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $1,247 (1)(2)(4)

413

1,896

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $20,149 (1)(2)(4)

5,556

25,503

226,876

Total

Energy

356,608

FINANCIALS

15.7%

Banks

9.5%

Atlantic

Capital

Bancshares (1)

716,654

18,984

BankUnited 

1,916,367

80,143

CrossFirst

Bankshares (1)

1,274,350

16,567

Dime

Community

Bancshares 

938,736

30,659

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,938 (1)(2)(3)(4)

293,821

3,526

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,443 (1)(2)(3)(4)

144,311

1,732

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(2)(3)(4)

43,813

174

East

West

Bancorp 

885,805

68,685

Equity

Bancshares,

Class

A 

665,325

22,209

FB

Financial 

1,049,263

44,992

First

Bancshares 

778,589

30,194

Grasshopper

Bancorp,

Voting

Shares,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,000 (1)(2)(4)

500,044

2,275

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(2)(4)

98,245

—

Heritage

Commerce 

2,650,854

30,829

Heritage

Financial 

762,585

19,446

Home

BancShares 

1,945,293

45,773

Live

Oak

Bancshares 

965,646

61,444

Origin

Bancorp 

835,796

35,396

Pacific

Premier

Bancorp 

1,126,069

46,664

T.

ROWE

PRICE

Small-Cap

Stock

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Pinnacle

Financial

Partners 

1,053,578

99,121

Popular 

446,796

34,703

Professional

Holding,

Class

A (1)

428,528

8,056

Sandy

Spring

Bancorp 

829,200

37,994

Seacoast

Banking 

1,342,367

45,385

Signature

Bank 

414,004

112,725

SouthState 

566,565

42,305

Webster

Financial 

776,684

42,298

Western

Alliance

Bancorp 

1,126,363

122,571

1,104,850

Capital

Markets

1.2%

Cboe

Global

Markets 

711,722

88,154

StepStone

Group,

Class

A 

1,244,285

53,056

141,210

Consumer

Finance

1.1%

Encore

Capital

Group (1)

868,703

42,801

PRA

Group (1)

890,786

37,538

PROG

Holdings 

1,034,294

43,450

123,789

Diversified

Financial

Services

0.1%

Conyers

Park

III

Acquisition (1)

1,156,915

11,685

11,685

Insurance

2.5%

Assurant 

503,693

79,458

Axis

Capital

Holdings 

1,198,400

55,174

Bright

Health

Group (1)

328,169

2,678

Bright

Health

Group,

Acquisition

Date:

9/16/20,

Cost $12,434 (1)

(2)

1,826,994

14,163

Hanover

Insurance

Group 

392,978

50,938

Selective

Insurance

Group 

1,100,439

83,116

Selectquote (1)

821,901

10,627

296,154

Thrifts

&

Mortgage

Finance

1.3%

Blue

Foundry

Bancorp (1)

486,273

6,706

Capitol

Federal

Financial 

1,521,332

17,480

T.

ROWE

PRICE

Small-Cap

Stock

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Essent

Group 

1,046,580

46,060

Meridian

Bancorp 

678,912

14,094

PennyMac

Financial

Services 

1,062,093

64,926

Sterling

Bancorp (1)

607,217

3,133

152,399

Total

Financials

1,830,087

HEALTH

CARE

18.8%

Biotechnology

7.9%

Abcam,

ADR (1)

577,038

11,697

ACADIA

Pharmaceuticals (1)

247,615

4,113

Acceleron

Pharma (1)

280,046

48,196

Agios

Pharmaceuticals (1)

444,833

20,529

Allogene

Therapeutics (1)

161,365

4,147

Apellis

Pharmaceuticals (1)

294,820

9,717

Arcutis

Biotherapeutics (1)

117,206

2,800

Argenx,

ADR (1)

300,626

90,789

Ascendis

Pharma,

ADR (1)

462,842

73,772

Avidity

Biosciences (1)

507,031

12,488

Blueprint

Medicines (1)

472,749

48,603

Cerevel

Therapeutics

Holdings (1)

568,090

16,759

CRISPR

Therapeutics (1)

77,495

8,674

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $2,258 (1)(2)

(4)

344,711

2,258

G1

Therapeutics (1)

252,027

3,382

Generation

Bio (1)

980,182

24,573

Global

Blood

Therapeutics (1)

801,756

20,429

Homology

Medicines (1)

416,238

3,276

Icosavax (1)

384,574

11,379

IGM

Biosciences (1)

210,219

13,824

Insmed (1)

1,989,383

54,788

Intellia

Therapeutics (1)

241,686

32,422

Iovance

Biotherapeutics (1)

152,986

3,773

Karuna

Therapeutics (1)

78,686

9,626

Kodiak

Sciences (1)

637,364

61,174

Kymera

Therapeutics (1)

132,430

7,779

MeiraGTx

Holdings (1)

236,330

3,115

T.

ROWE

PRICE

Small-Cap

Stock

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Monte

Rosa

Therapeutics (1)

131,202

2,923

Morphic

Holding (1)

39,680

2,247

Nurix

Therapeutics (1)

181,532

5,439

Orchard

Therapeutics,

ADR (1)

554,616

1,276

Prothena (1)

907,653

64,652

PTC

Therapeutics (1)

108,229

4,027

Radius

Health (1)

2,228,514

27,656

RAPT

Therapeutics (1)

489,122

15,187

Replimune

Group (1)

227,313

6,737

Scholar

Rock

Holding (1)

786,537

25,971

Seagen (1)

198,546

33,713

Tenaya

Therapeutics (1)

120,663

2,492

TG

Therapeutics (1)

78,437

2,610

Turning

Point

Therapeutics (1)

263,088

17,477

Ultragenyx

Pharmaceutical (1)

689,130

62,153

Xencor (1)

703,458

22,975

Zentalis

Pharmaceuticals (1)

245,673

16,372

917,989

Health

Care

Equipment

&

Supplies

3.9%

AtriCure (1)

552,999

38,461

Avanos

Medical (1)

923,266

28,806

Axonics (1)

180,299

11,736

CVRx (1)

277,558

4,591

ICU

Medical (1)

246,446

57,516

Inari

Medical (1)

299,400

24,281

Mesa

Laboratories 

49,989

15,115

Nevro (1)

298,944

34,791

NuVasive (1)

367,171

21,975

Outset

Medical (1)

251,119

12,415

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $13,938 (1)(2)

(4)

3,701,604

4,701

Penumbra (1)

119,800

31,927

PROCEPT

BioRobotics (1)

104,962

4,004

Pulmonx (1)

64,755

2,330

Quidel (1)

490,528

69,238

T.

ROWE

PRICE

Small-Cap

Stock

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Warby

Parker,

Class

A (1)

1,775,220

94,175

456,062

Health

Care

Providers

&

Services

4.0%

Accolade (1)

359,165

15,146

Alignment

Healthcare (1)

1,497,441

23,929

Amedisys (1)

290,515

43,316

dentalcorp

Holdings

(CAD) (1)

1,324,633

17,329

Hanger (1)

1,849,602

40,617

ModivCare (1)

282,874

51,376

Molina

Healthcare (1)

509,028

138,104

Oak

Street

Health (1)

571,958

24,325

Option

Care

Health (1)

1,349,712

32,744

Pennant

Group (1)

500,024

14,046

Privia

Health

Group (1)

294,622

6,941

Surgery

Partners (1)

508,546

21,532

U.S.

Physical

Therapy 

353,993

39,152

468,557

Health

Care

Technology

0.4%

Certara (1)

237,712

7,868

Definitive

Healthcare (1)

240,724

10,310

Doximity,

Class

A (1)

183,453

14,805

Sophia

Genetics (1)

469,672

8,233

41,216

Life

Sciences

Tools

&

Services

1.3%

Adaptive

Biotechnologies (1)

293,498

9,976

Bruker 

1,237,796

96,672

Olink

Holding,

ADR (1)

716,577

17,377

Quanterix (1)

157,906

7,862

Rapid

Micro

Biosystems,

Class

A (1)

483,854

8,937

Seer (1)

424,071

14,643

155,467

Pharmaceuticals

1.3%

Arvinas (1)

75,723

6,223

Atea

Pharmaceuticals (1)

126,002

4,417

Catalent (1)

887,291

118,072

T.

ROWE

PRICE

Small-Cap

Stock

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Reata

Pharmaceuticals,

Class

A (1)

211,150

21,244

149,956

Total

Health

Care

2,189,247

INDUSTRIALS

&

BUSINESS

SERVICES

14.5%

Aerospace

&

Defense

0.2%

BWX

Technologies 

200,315

10,789

Parsons (1)

400,765

13,530

24,319

Airlines

0.1%

Sun

Country

Airlines

Holdings (1)

384,304

12,890

12,890

Building

Products

0.9%

CSW

Industrials 

151,195

19,308

Gibraltar

Industries (1)

915,292

63,750

PGT

Innovations (1)

1,207,803

23,069

106,127

Commercial

Services

&

Supplies

2.0%

ADT 

4,199,390

33,973

Brink's 

504,392

31,928

Heritage-Crystal

Clean (1)

722,094

20,926

MSA

Safety 

219,535

31,986

Rentokil

Initial

(GBP) 

6,674,599

52,415

Stericycle (1)

472,900

32,143

Tetra

Tech 

185,140

27,649

231,020

Electrical

Equipment

0.9%

AZZ 

1,200,554

63,870

Shoals

Technologies

Group,

Class

A (1)

1,031,739

28,765

Thermon

Group

Holdings (1)

507,928

8,792

101,427

Machinery

5.2%

Chart

Industries (1)

192,765

36,839

Enerpac

Tool

Group 

2,211,300

45,840

ESCO

Technologies 

644,241

49,607

T.

ROWE

PRICE

Small-Cap

Stock

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Federal

Signal 

906,100

34,994

Graco 

734,718

51,408

Helios

Technologies 

578,848

47,529

Ingersoll

Rand (1)

1,692,399

85,314

John

Bean

Technologies 

584,359

82,132

Marel

(ISK) 

2,139,763

14,817

Meritor (1)

1,596,968

34,031

Mueller

Water

Products,

Class

A 

2,573,884

39,174

SPX (1)

848,900

45,374

Toro 

429,023

41,791

608,850

Marine

0.5%

Matson 

668,673

53,969

53,969

Professional

Services

2.1%

Booz

Allen

Hamilton

Holding 

591,380

46,926

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $4,339 (1)(2)(4)

189,521

10,234

Clarivate (1)

3,351,095

73,389

Huron

Consulting

Group (1)

340,200

17,690

Legalzoom.com (1)

270,334

7,137

Upwork (1)

2,071,752

93,291

248,667

Road

&

Rail

1.0%

Knight-Swift

Transportation

Holdings 

764,356

39,096

Landstar

System 

193,124

30,479

Saia (1)

185,375

44,125

113,700

Trading

Companies

&

Distributors

1.6%

Air

Lease 

598,800

23,557

Rush

Enterprises,

Class

A 

717,877

32,419

SiteOne

Landscape

Supply (1)

624,244

124,518

180,494

Total

Industrials

&

Business

Services

1,681,463

T.

ROWE

PRICE

Small-Cap

Stock

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

14.3%

Communications

Equipment

0.0%

Infinera (1)

488,300

4,063

4,063

Electronic

Equipment,

Instruments

&

Components

3.6%

CTS 

1,408,153

43,526

Littelfuse 

207,827

56,793

National

Instruments 

1,138,589

44,667

Novanta (1)

676,405

104,505

PAR

Technology (1)

1,063,657

65,425

Teledyne

Technologies (1)

243,650

104,667

419,583

IT

Services

2.8%

Euronet

Worldwide (1)

355,300

45,223

Flywire,

Voting

Shares (1)

139,574

6,119

Kratos

Defense

&

Security

Solutions (1)

1,372,585

30,622

Payoneer

Global (1)

3,543,700

30,299

Repay

Holdings (1)

1,005,363

23,153

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $1,148 (1)

(2)(4)

25,034

2,978

StoneCo,

Class

A (1)

187,462

6,509

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $2,746 (1)(2)(4)

122,320

2,746

Toast,

Class

B,

Acquisition

Date:

6/27/18

-

2/14/20,

Cost $14,684 (1)(2)(3)

3,786,400

179,674

327,323

Semiconductors

&

Semiconductor

Equipment

2.6%

Entegris 

1,026,902

129,287

Lattice

Semiconductor (1)

2,374,966

153,542

Semtech (1)

270,466

21,088

303,917

Software

5.3%

Ceridian

HCM

Holding (1)

784,594

88,361

Clearwater

Analytics

Holdings,

Class

A (1)

512,287

13,120

Coupa

Software (1)

166,267

36,442

Descartes

Systems

Group (1)

1,368,133

111,175

DoubleVerify

Holdings (1)

148,703

5,080

T.

ROWE

PRICE

Small-Cap

Stock

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Duck

Creek

Technologies (1)

109,174

4,830

Five9 (1)

324,208

51,789

ForgeRock,

Class

A (1)

227,521

8,857

Manhattan

Associates (1)

227,700

34,845

nCino (1)

647,549

45,995

Paycom

Software (1)

116,294

57,653

Paycor

HCM (1)

358,628

12,609

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $754 (1)(2)(4)

753,970

679

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $108 (1)(2)(4)

107,710

104

SS&C

Technologies

Holdings 

1,259,969

87,442

Workiva (1)

342,234

48,241

Zendesk (1)

113,584

13,220

620,442

Total

Information

Technology

1,675,328

MATERIALS

3.7%

Chemicals

1.7%

Element

Solutions 

4,804,167

104,154

Minerals

Technologies 

568,264

39,688

Quaker

Chemical 

210,161

49,959

193,801

Containers

&

Packaging

0.1%

Ranpak

Holdings,

Class

A (1)

463,887

12,441

12,441

Metals

&

Mining

1.6%

Constellium (1)

3,480,771

65,369

ERO

Copper

(CAD) (1)

2,598,300

46,074

Franco-Nevada

(CAD) 

194,662

25,290

Haynes

International (3)

632,695

23,568

Northern

Star

Resources

(AUD) 

5,038,060

30,856

191,157

Paper

&

Forest

Products

0.3%

West

Fraser

Timber

(CAD) 

377,647

31,808

31,808

Total

Materials

429,207

T.

ROWE

PRICE

Small-Cap

Stock

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

MISCELLANEOUS

0.3%

Miscellaneous

0.3%

Bluescape

Opportunities

Acquisition (1)

1,449,443

14,886

KKR

Acquisition

Holdings

I (1)

1,841,008

18,373

Total

Miscellaneous

33,259

REAL

ESTATE

5.1%

Equity

Real

Estate

Investment

Trusts

3.8%

American

Campus

Communities,

REIT 

1,089,717

52,797

Community

Healthcare

Trust,

REIT 

440,275

19,896

CubeSmart,

REIT 

1,085,300

52,583

EastGroup

Properties,

REIT 

651,100

108,493

First

Industrial

Realty

Trust,

REIT 

541,171

28,184

Flagship

Communities

REIT,

REIT 

282,009

5,104

JBG

SMITH

Properties,

REIT 

1,446,638

42,835

PS

Business

Parks,

REIT 

490,274

76,846

Rexford

Industrial

Realty,

REIT 

1,069,718

60,706

447,444

Real

Estate

Management

&

Development

1.3%

Altus

Group

(CAD) 

244,500

11,930

FirstService 

801,613

144,675

156,605

Total

Real

Estate

604,049

UTILITIES

3.6%

Electric

Utilities

0.6%

IDACORP 

517,569

53,506

MGE

Energy 

238,376

17,521

71,027

Gas

Utilities

1.6%

Chesapeake

Utilities 

483,057

57,991

ONE

Gas 

888,800

56,323

Southwest

Gas

Holdings 

1,038,432

69,451

183,765

T.

ROWE

PRICE

Small-Cap

Stock

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Independent

Power

&

Renewable

Electricity

Producers

0.3%

NextEra

Energy

Partners 

505,925

38,127

38,127

Multi-Utilities

0.2%

NorthWestern 

498,900

28,587

28,587

Water

Utilities

0.9%

California

Water

Service

Group 

525,068

30,942

Middlesex

Water 

329,253

33,841

SJW

Group 

557,046

36,798

101,581

Total

Utilities

423,087

Total

Miscellaneous

Common

Stocks

 0.2% (7)

21,530

Total

Common

Stocks

(Cost

$6,234,464)

10,990,133

CONVERTIBLE

PREFERRED

STOCKS

4.9%

CONSUMER

DISCRETIONARY

2.4%

Automobiles

1.9%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $12,773 (1)(2)(4)

1,188,846

84,444

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $17,939 (1)(2)(4)

1,158,106

82,260

Rivian

Automotive,

Series

F,

Acquisition

Date:

1/19/21,

Cost $27,485 (1)(2)(4)

745,862

52,979

219,683

Hotels,

Restaurants

&

Leisure

0.4%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $17,735 (1)(2)(4)

710,468

26,735

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $13,024 (1)

(2)(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

0.1%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $10,756 (1)(2)(4)

1,848,191

10,756

10,756

T.

ROWE

PRICE

Small-Cap

Stock

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Textiles,

Apparel

&

Luxury

Goods

0.0%

Allbirds,

Series

A,

Acquisition

Date:

10/10/18,

Cost $1,974 (1)(2)

(4)

180,000

2,081

Allbirds,

Series

B,

Acquisition

Date:

10/10/18,

Cost $347 (1)(2)(4)

31,625

366

Allbirds,

Series

C,

Acquisition

Date:

10/9/18,

Cost $3,314 (1)(2)(4)

302,225

3,495

Allbirds,

Series

Seed,

Acquisition

Date:

10/10/18,

Cost $1,061 (1)

(2)(4)

96,710

1,118

7,060

Total

Consumer

Discretionary

284,071

CONSUMER

STAPLES

0.4%

Food

Products

0.4%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $14,332 (1)(2)(4)

776,181

48,246

Total

Consumer

Staples

48,246

HEALTH

CARE

0.6%

Biotechnology

0.2%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $4,493 (1)(2)(4)

1,627,947

13,186

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $8,050 (1)(2)(4)

993,799

8,050

21,236

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $5,415 (1)(2)

(4)

5,330,753

5,415

5,415

Health

Care

Providers

&

Services

0.1%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $9,397 (1)(2)(4)

3,902,227

12,337

12,337

Life

Sciences

Tools

&

Services

0.3%

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $5,808 (1)(2)

(4)

657,721

5,808

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,794 (1)(2)(4)

497,323

22,086

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $11,631 (1)(2)(4)

261,906

11,631

39,525

Total

Health

Care

78,513

T.

ROWE

PRICE

Small-Cap

Stock

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INDUSTRIALS

&

BUSINESS

SERVICES

0.7%

Aerospace

&

Defense

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $5,882 (1)(2)(4)

130,614

5,882

5,882

Professional

Services

0.3%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $3,881 (1)(2)(4)

284,293

15,352

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $11,857 (1)(2)(4)

392,011

21,168

36,520

Road

&

Rail

0.3%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $8,346 (1)(2)(4)

1,175,394

19,391

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $10,022 (1)(2)

(4)

740,142

12,211

31,602

Total

Industrials

&

Business

Services

74,004

INFORMATION

TECHNOLOGY

0.7%

IT

Services

0.3%

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $10 (1)

(2)(4)

381

45

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $4,907 (1)

(2)(4)

186,629

22,202

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $997 (1)

(2)(4)

9,288

1,105

ServiceTitan,

Series

G,

Acquisition

Date:

6/28/21,

Cost $491 (1)

(2)(4)

4,130

491

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $618 (1)(2)(4)

27,540

618

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $62 (1)(2)(4)

2,740

62

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $67 (1)(2)(4)

2,980

67

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $7,824 (1)(2)(4)

348,470

7,824

32,414

Software

0.4%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $5,112 (1)(2)(4)

420,147

5,112

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $4,277 (1)(2)(4)

293,317

4,277

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,576 (1)(2)(4)

886,735

11,576

T.

ROWE

PRICE

Small-Cap

Stock

Fund

17

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $5,398 (1)(2)(4)

356,213

5,398

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $7,110 (1)(2)(4)

1,127,860

16,270

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $697 (1)(2)(4)

79,390

1,145

43,778

Total

Information

Technology

76,192

MATERIALS

0.1%

Chemicals

0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $7,078 (1)(2)(4)

149,321

7,078

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $9,813 (1)(2)(4)

237,759

9,813

Total

Materials

16,891

Total

Convertible

Preferred

Stocks

(Cost

$285,166)

577,917

SHORT-TERM

INVESTMENTS

1.0%

Money

Market

Funds

1.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (3)(8)

111,197,965

111,198

Total

Short-Term

Investments

(Cost

$111,198)

111,198

Total

Investments

in

Securities

100.2%

(Cost

$6,630,828)

$

11,679,248

Other

Assets

Less

Liabilities

(0.2)%

(23,906

)

Net

Assets

100.0%

$

11,655,342

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,048,070

and

represents

9.0%

of

net

assets.

(3)

Affiliated

Companies

(4)

Level

3

in

fair

value

hierarchy.

(5)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

T.

ROWE

PRICE

Small-Cap

Stock

Fund

18

.

.

.

.

.

.

.

.

.

.

(6)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

September

30,

2021,

was

$12,495

and

was

valued

at

$11,493

(0.1%

of

net

assets).

(7)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(8)

Seven-day

yield

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

CAD

Canadian

Dollar

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

GBP

British

Pound

ISK

Iceland

Krona

PIPE

Private

Investment

in

Public

Equity

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SPAC

Special

Purpose

Acquisition

Company

T.

ROWE

PRICE

Small-Cap

Stock

Fund

19

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,

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

Alclear

Holdings 

$

—‌

$

54,756‌

$

—‌

BJ's

Restaurants 

1,308‌

3,595‌

—‌

Chuy's

Holdings 

7,000‌

4,729‌

—‌

CTS 

1,374‌

(6,436‌)

174‌

Dogwood

State

Bank,

Non-Voting

Shares 

—‌

1,023‌

—‌

Dogwood

State

Bank,

Voting

Shares 

—‌

502‌

—‌

Dogwood

State

Bank,

Warrants,

5/6/24 

—‌

174‌

—‌

Fiesta

Restaurant

Group 

732‌

(1,640‌)

—‌

Hanger 

411‌

(361‌)

—‌

Haynes

International 

(2,655‌)

11,304‌

422‌

Red

Robin

Gourmet

Burgers 

(1,832‌)

6,612‌

—‌

Toast,

Class

B 

—‌

164,990‌

—‌

Torchys

Holdings 

—‌

1‌

—‌

Torchys

Holdings,

Class

A 

—‌

—‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

—‌

—‌

45‌

Totals

$

6,338‌#

$

239,249‌

$

641‌+

T.

ROWE

PRICE

Small-Cap

Stock

Fund

20

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

09/30/21

Alclear

Holdings 

$

*

$

—‌

$

—‌

$

*

BJ's

Restaurants 

42,907‌

3,308‌

3,244‌

*

Chuy's

Holdings 

38,273‌

—‌

12,467‌

*

CTS 

55,086‌

—‌

5,124‌

*

Dogwood

State

Bank,

Non-

Voting

Shares 

*

—‌

—‌

3,526‌

Dogwood

State

Bank,

Voting

Shares 

*

—‌

—‌

1,732‌

Dogwood

State

Bank,

Warrants,

5/6/24 

*

—‌

—‌

174‌

Fiesta

Restaurant

Group 

25,313‌

613‌

320‌

23,966‌

Hanger 

42,137‌

—‌

1,159‌

*

Haynes

International 

16,685‌

—‌

4,421‌

23,568‌

Red

Robin

Gourmet

Burgers 

16,803‌

—‌

6,428‌

*

Toast,

Class

B 

*

14,684‌

—‌

179,674‌

Torchys

Holdings 

6,812‌

—‌

—‌

6,813‌

Torchys

Holdings,

Class

A 

33,027‌

—‌

—‌

33,027‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

111,707‌

 ¤

 ¤

111,198‌

Total

$

383,678‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$641

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

$242,379.

*

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

21

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

22

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

23

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

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

provided

by

an

outside

pricing

service.

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

September

30,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Small-Cap

Stock

Fund

24

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

September

30,

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

September

30,

2021,

totaled $264,659,000 for

the

period ended

September

30,

2021.

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

$

10,271,862‌

$

619,812‌

$

98,459‌

$

10,990,133‌

Convertible

Preferred

Stocks

—‌

—‌

577,917‌

577,917‌

Short-Term

Investments

111,198‌

—‌

—‌

111,198‌

Total

$

10,383,060‌

$

619,812‌

$

676,376‌

$

11,679,248‌

($000s)

Beginning

Balance

12/31/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

9/30/21

Investment

in

Securities

Common

Stocks

$

146,034‌

$

(19,395‌)

$

22,349‌

$

(50,529‌)

$

98,459‌

Convertible

Preferred

Stocks

365,807‌

211,767‌

130,003‌

(129,660‌)

577,917‌

Total

$

511,841‌

$

192,372‌

$

152,352‌

$

(180,189‌)

$

676,376‌

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**

Common

Stocks

$

98,459‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

3%

-

10%

9%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

20%

20%

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

4.8x

–

5.8x

5.3x

Increase

Sales

growth

rate

11%

11%

Increase

Enterprise

value

to

gross

profit

multiple

9.5x

–

15.4x

12.5x

Increase

Gross

profit

growth

rate

13%

13%

Increase

Enterprise

value

to

EBITDA

multiple

10.8x

10.8x

Increase

Price

to

tangible

book

value

multiple

1.7x

–

1.9x

1.8x

Increase

Tangible

book

value

growth

rate

36%

36%

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.7x

12.7x

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.

F65-054Q3

09/21 

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

collectability

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Pricing

service

Discount

for

lack

of

marketability

65%

65%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

3%

3%

Increase

Volatility

38%

38%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

577,917‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Capital

conversion

reference

point

$55

Billion

$55

Billion

Increase