Bluescape Opportunities Acquisition Corp

ROWE

PRICE

Small-Cap

Stock

Fund

March

31,

2022

(Unaudited)

Portfolio

Investments

‡

Value

(Cost

and

value

$000s)

‡

COMMON

STOCKS

94.2%

COMMUNICATION

SERVICES

1.6%

Entertainment

0.2%

Cinemark

Holdings (1)

1,135,217

19,617

Interactive

Media

Services

0.3%

Bumble,

Class

A (1)

798,600

23,143

Vimeo (1)

897,700

10,665

33,808

Media

1.1%

Advantage

Solutions (1)

938,709

5,989

Advantage

Solutions,

Warrants,

12/31/26 (1)

272,817

256

Cable

One

73,937

108,262

114,507

Total

Communication

Services

167,932

CONSUMER

DISCRETIONARY

11.8%

Auto

Components

0.3%

Gentherm

(1)

426,677

31,165

Automobiles

1.4%

Rivian

Automotive,

Acquisition

Date:

12/23/19

1/19/21,

Cost $58,197 (1)(2)

3,092,814

147,614

Diversified

Consumer

Services

1.4%

Bright

Horizons

Family

Solutions (1)

637,479

84,587

Clear

Secure,

Class

A (1)

2,236,274

60,111

Rover

Group,

Earn

Out

$16.00,

Acquisition

Date:

8/2/21,

Cost $— (1)(2)

773,380

144,730

Hotels,

Restaurants

Leisure

3.1%

BJ's

Restaurants (1)

1,107,982

31,356

Chuy's

Holdings (1)(3)

958,343

25,875

Denny's (1)

1,358,443

19,439

Dutch

Bros,

Class

A (1)

357,537

19,761

Fiesta

Restaurant

Group (1)(3)

2,164,382

16,179

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Marriott

Vacations

Worldwide

105,000

16,558

Papa

John's

International

998,420

105,114

Red

Robin

Gourmet

Burgers (1)

694,351

11,707

Red

Rock

Resorts,

Class

322,400

15,656

Ruth's

Hospitality

Group

1,030,000

23,566

Sweetgreen

Class

A (1)

287,077

9,184

Torchys

Holdings,

Class

Acquisition

Date:

11/13/20,

Cost $33,027 (1)(2)(3)(4)(5)

3,862,836

25,456

319,851

Household

Durables

0.7%

Cavco

Industries (1)

109,511

26,376

Skyline

Champion (1)

875,775

48,062

74,438

Internet

Direct

Marketing

Retail

0.8%

Big

Sky

Growth

Partners (1)

1,196,364

11,736

Farfetch

Class

A (1)

1,565,209

23,666

RealReal

(1)

2,228,900

16,182

Rent

the

Runway,

Class

A (1)

380,253

2,620

Xometry

Class

A (1)

688,188

25,291

79,495

Multiline

Retail

0.6%

Ollie's

Bargain

Outlet

Holdings (1)

1,389,352

59,687

Specialty

Retail

2.5%

Burlington

Stores (1)

490,789

89,407

Five

Below (1)

145,290

23,010

KKR

Acquisition

Holdings

I (1)

1,822,008

18,129

Monro

1,056,758

46,857

Petco

Health

Wellness (1)

661,994

12,955

RH (1)

32,009

10,438

Warby

Parker,

Class

A (1)

1,758,224

59,445

260,241

Textiles,

Apparel

Luxury

Goods

1.0%

Capri

Holdings (1)

1,000,500

51,416

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Skechers

USA,

Class

A (1)

1,184,100

48,264

99,680

Total

Consumer

Discretionary

1,216,901

CONSUMER

STAPLES

3.0%

Beverages

0.9%

Boston

Beer,

Class

A (1)

243,522

94,601

Food

Products

1.7%

ADM

Holdings (1)(4)

164

211

Cal-Maine

Foods

690,417

38,125

Makepeace

Bros (1)(4)

164

508

Nomad

Foods (1)

1,785,692

40,321

Post

Holdings (1)

557,309

38,599

Post

Holdings

Partnering (1)

789,063

7,950

TreeHouse

Foods (1)

590,575

19,052

Utz

Brands

1,973,653

29,171

173,937

Personal

Products

0.4%

BellRing

Brands (1)

1,905,808

43,986

Total

Consumer

Staples

312,524

ENERGY

4.2%

Energy

Equipment

Services

1.3%

Cactus,

Class

520,400

29,527

Halliburton

378,669

14,340

Liberty

Oilfield

Services,

Class

A (1)

2,979,321

44,154

NexTier

Oilfield

Solutions (1)

4,670,657

43,157

131,178

Oil,

Gas

Consumable

Fuels

2.9%

Devon

Energy

1,246,246

73,691

Diamondback

Energy

729,868

100,050

Magnolia

Oil

Gas,

Class

3,584,186

84,766

Venture

Global

LNG,

Series

Acquisition

Date:

3/8/18,

Cost $1,247 (1)(2)(4)

413

2,457

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Venture

Global

LNG,

Series

Acquisition

Date:

5/25/17

3/8/18,

Cost $20,149 (1)(2)(4)

5,556

33,059

294,023

Total

Energy

425,201

FINANCIALS

16.2%

Banks

9.1%

BankUnited

1,896,567

83,373

Cadence

Bank

1,167,400

34,158

CrossFirst

Bankshares

(1)

1,261,350

19,879

Dime

Community

Bancshares

1,078,236

37,275

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,938 (1)(2)(3)(4)

293,821

3,858

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,443 (1)(2)(3)(4)

144,311

1,895

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(2)(3)(4)

43,813

211

East

West

Bancorp

673,305

53,204

Equity

Bancshares,

Class

658,425

21,274

Financial

1,038,463

46,128

First

Bancshares

770,489

25,935

Five

Star

Bancorp

473,131

13,390

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

5/2/19,

Cost $5,000 (1)(2)(4)

500,044

2,000

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(2)(4)

98,245

Heritage

Commerce

2,623,554

29,515

Home

BancShares

1,879,993

42,488

Live

Oak

Bancshares

929,846

47,320

Origin

Bancorp

827,096

34,978

Pacific

Premier

Bancorp

1,114,469

39,396

Pinnacle

Financial

Partners

580,378

53,441

Popular

442,096

36,137

Professional

Holding,

Class

A (1)

424,028

9,566

Sandy

Spring

Bancorp

842,200

37,832

Signature

Bank

221,904

65,126

SouthState

719,404

58,696

Veritex

Holdings

470,688

17,966

Webster

Financial

701,384

39,362

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Western

Alliance

Bancorp

1,006,163

83,330

937,804

Capital

Markets

1.5%

Bluescape

Opportunities

Acquisition (1)

1,434,643

14,361

Cboe

Global

Markets

527,922

60,405

P10,

Class

A (1)

1,129,823

13,693

StepStone

Group,

Class

1,231,485

40,713

TMX

Group

(CAD)

225,100

23,152

152,324

Consumer

Finance

0.9%

Encore

Capital

Group (1)

474,769

29,782

PRA

Group (1)

717,786

32,358

PROG

Holdings (1)

1,023,494

29,446

91,586

Diversified

Financial

Services

0.1%

Conyers

Park

III

Acquisition (1)

1,144,815

11,494

Insurance

3.1%

Assurant

498,693

90,677

Axis

Capital

Holdings

1,186,000

71,717

Hanover

Insurance

Group

388,978

58,160

Kemper

84,800

4,795

Selective

Insurance

Group

1,089,139

97,326

322,675

Thrifts

Mortgage

Finance

1.5%

Blue

Foundry

Bancorp (1)

694,400

9,409

Capitol

Federal

Financial

1,688,132

18,367

Essent

Group

1,035,780

42,685

Kearny

Financial

1,393,400

17,947

PennyMac

Financial

Services

1,279,193

68,053

156,461

Total

Financials

1,672,344

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

HEALTH

CARE

16.3%

Biotechnology

6.3%

Abcam

ADR (1)

570,838

10,441

Agios

Pharmaceuticals (1)

440,133

12,812

Apellis

Pharmaceuticals (1)

973,276

49,452

Arcutis

Biotherapeutics

(1)

115,906

2,232

Argenx

ADR (1)

314,121

99,046

Ascendis

Pharma,

ADR (1)

508,042

59,624

Avidity

Biosciences (1)

601,531

11,110

Blueprint

Medicines (1)

467,849

29,886

Cerevel

Therapeutics

Holdings (1)

561,990

19,675

CRISPR

Therapeutics (1)

76,795

4,820

Fate

Therapeutics (1)

316,400

12,267

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $2,258 (1)(2)

(4)

344,711

2,258

Generation

Bio (1)

969,982

7,120

Global

Blood

Therapeutics (1)

738,956

25,597

Icosavax

(1)

540,347

3,804

Insmed

(1)

2,093,483

49,197

Intellia

Therapeutics (1)

239,086

17,374

Iovance

Biotherapeutics

(1)

151,486

2,522

Karuna

Therapeutics (1)

130,819

16,587

Kymera

Therapeutics (1)

200,530

8,486

MeiraGTx

Holdings (1)

233,730

3,237

Monte

Rosa

Therapeutics (1)

396,427

5,558

Morphic

Holding (1)

39,280

1,577

Nkarta

(1)

443,100

5,043

Nurix

Therapeutics (1)

179,732

2,518

Prothena

(1)

898,353

32,853

PTC

Therapeutics (1)

107,029

3,993

Radius

Health (1)

736,103

6,500

RAPT

Therapeutics (1)

484,122

10,646

Relay

Therapeutics (1)

133,999

4,011

Repare

Therapeutics (1)

394,500

5,618

Replimune

Group (1)

224,913

3,819

Scholar

Rock

Holding (1)

778,337

10,033

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Seagen

(1)

84,646

12,193

Tenaya

Therapeutics (1)

119,463

1,407

Turning

Point

Therapeutics (1)

334,488

8,981

Ultragenyx

Pharmaceutical (1)

682,130

49,536

Xencor

(1)

696,158

18,574

Zentalis

Pharmaceuticals (1)

243,073

11,215

641,622

Health

Care

Equipment

Supplies

3.3%

AtriCure

(1)

547,199

35,935

CVRx

(1)

274,458

1,644

ICU

Medical (1)

258,846

57,629

Inari

Medical (1)

513,400

46,535

Nevro

(1)

265,944

19,236

NuVasive

(1)

363,271

20,597

Outset

Medical (1)

697,519

31,667

Pax

Labs,

Class

Acquisition

Date:

4/18/19,

Cost $13,938 (1)(2)

(4)

3,701,604

3,035

Penumbra (1)

118,600

26,345

PROCEPT

BioRobotics

(1)

1,202,379

42,071

Quidel

(1)

507,128

57,032

341,726

Health

Care

Providers

Services

4.0%

Accolade (1)

355,465

6,242

Alignment

Healthcare (1)

1,481,941

16,642

Amedisys

(1)

163,515

28,172

dentalcorp

Holdings

(CAD) (1)

1,311,033

15,930

Hanger (1)

1,762,902

32,314

ModivCare

(1)

279,774

32,283

Molina

Healthcare (1)

431,928

144,087

Option

Care

Health (1)

1,335,912

38,154

Pennant

Group (1)

593,824

11,063

Privia

Health

Group (1)

755,747

20,201

Surgery

Partners (1)

602,446

33,165

U.S.

Physical

Therapy

350,293

34,836

413,089

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Health

Care

Technology

0.4%

Certara

(1)

235,112

5,050

Definitive

Healthcare (1)

238,124

5,870

Doximity

Class

A (1)

541,453

28,204

Sophia

Genetics (1)

464,772

3,593

42,717

Life

Sciences

Tools

Services

1.1%

Adaptive

Biotechnologies (1)

290,398

4,031

Bruker

1,150,396

73,970

Olink

Holding,

ADR (1)

829,002

14,640

Quanterix

(1)

156,406

4,566

Rapid

Micro

Biosystems

Class

A (1)

1,195,651

8,119

Seer (1)

419,571

6,394

111,720

Pharmaceuticals

1.2%

Arvinas

(1)

224,123

15,083

Catalent

(1)

878,191

97,391

Reata

Pharmaceuticals,

Class

A (1)

209,050

6,849

119,323

Total

Health

Care

1,670,197

INDUSTRIALS

BUSINESS

SERVICES

13.1%

Aerospace

Defense

0.2%

Cadre

Holdings

397,127

9,754

Parsons (1)

396,565

15,347

25,101

Airlines

0.1%

Sun

Country

Airlines

Holdings (1)

230,704

6,040

Building

Products

0.6%

CSW

Industrials

220,799

25,964

Gibraltar

Industries (1)

810,492

34,810

60,774

Commercial

Services

Supplies

1.7%

Brink's

419,492

28,525

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

MSA

Safety

217,435

28,854

Rentokil

Initial

(GBP)

6,605,844

45,504

Stericycle (1)

641,800

37,815

Tetra

Tech

183,240

30,224

170,922

Electrical

Equipment

0.8%

AZZ

1,188,154

57,316

Shoals

Technologies

Group,

Class

A (1)

1,020,939

17,397

Thermon

Group

Holdings (1)

502,828

8,146

82,859

Machinery

5.2%

Enerpac

Tool

Group

2,188,400

47,904

ESCO

Technologies

651,041

45,521

Federal

Signal

1,046,500

35,319

Graco

727,018

50,688

Helios

Technologies

572,648

45,955

Ingersoll

Rand

1,730,099

87,111

John

Bean

Technologies

578,159

68,495

Marel

(ISK)

2,121,777

12,503

Mueller

Water

Products,

Class

2,745,584

35,473

RBC

Bearings (1)

136,700

26,503

SPX (1)

889,700

43,960

Toro

394,823

33,753

533,185

Marine

0.2%

Matson

163,573

19,730

Professional

Services

1.7%

Booz

Allen

Hamilton

Holding

585,180

51,402

Checkr

Acquisition

Date:

6/29/18

12/2/19,

Cost $4,339 (1)(2)(4)

189,521

9,171

Clarivate

(1)

3,316,695

55,588

Huron

Consulting

Group (1)

336,500

15,415

Legalzoom.com (1)

897,334

12,688

Upwork

(1)

1,129,775

26,256

170,520

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Road

Rail

1.1%

Knight-Swift

Transportation

Holdings

701,456

35,396

Landstar

System

191,124

28,827

Saia (1)

209,375

51,050

115,273

Trading

Companies

Distributors

1.5%

Air

Lease

766,700

34,233

Rush

Enterprises,

Class

670,877

34,154

SiteOne

Landscape

Supply (1)

496,744

80,319

148,706

Total

Industrials

Business

Services

1,333,110

INFORMATION

TECHNOLOGY

13.7%

Communications

Equipment

0.0%

Infinera

(1)

483,300

4,190

Electronic

Equipment,

Instruments

Components

3.7%

CTS

1,289,353

45,566

Littelfuse

205,827

51,335

National

Instruments

650,589

26,407

Novanta

(1)

669,505

95,264

PAR

Technology (1)

1,052,657

42,464

Teledyne

Technologies (1)

241,150

113,975

375,011

Services

2.1%

Euronet

Worldwide (1)

371,600

48,364

Kratos

Defense

Security

Solutions (1)

1,159,985

23,756

Payoneer

Global (1)

3,804,600

16,969

Repay

Holdings (1)

862,044

12,732

ServiceTitan

Acquisition

Date:

11/9/18

5/4/21,

Cost $1,148 (1)

(2)(4)

25,034

2,464

Shift4

Payments,

Class

A (1)

533,800

33,058

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $2,746 (1)(2)(4)

122,320

2,949

Toast,

Class

A (1)

3,379,800

73,443

213,735

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Semiconductors

Semiconductor

Equipment

2.7%

Entegris

972,502

127,650

Lattice

Semiconductor (1)

2,086,066

127,146

Semtech

(1)

267,566

18,553

273,349

Software

5.2%

Amplitude,

Class

A (1)

799,000

14,726

Blackline (1)

79,000

5,784

Ceridian

HCM

Holding (1)

744,694

50,907

Clearwater

Analytics

Holdings,

Class

A (1)

507,187

10,651

Coupa

Software (1)

199,467

20,272

Descartes

Systems

Group (1)

1,353,733

99,174

DoubleVerify

Holdings (1)

1,023,650

25,765

Five9 (1)

166,008

18,327

ForgeRock,

Class

A (1)

225,121

4,935

Manhattan

Associates (1)

274,300

38,048

nCino

(1)

831,149

34,061

Paycom

Software (1)

99,394

34,428

Paycor

HCM (1)

1,251,428

36,429

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

Socure

Acquisition

Date:

12/22/21,

Cost $2,034 (1)(2)(4)

126,571

2,034

SS&C

Technologies

Holdings

1,131,969

84,920

Workiva

(1)

413,734

48,821

530,065

Total

Information

Technology

1,396,350

MATERIALS

3.2%

Chemicals

1.7%

Element

Solutions

4,754,567

104,125

Minerals

Technologies

562,164

37,187

Quaker

Chemical

193,161

33,380

174,692

Containers

Packaging

0.1%

Ranpak

Holdings (1)

459,087

9,379

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Metals

Mining

1.1%

Constellium

(1)

3,444,671

62,004

ERO

Copper

(CAD) (1)

960,867

14,073

Franco-Nevada

(CAD)

64,062

10,194

Haynes

International (3)

626,195

26,676

112,947

Paper

Forest

Products

0.3%

West

Fraser

Timber

(CAD)

373,647

30,743

Total

Materials

327,761

REAL

ESTATE

6.6%

Equity

Real

Estate

Investment

Trusts

5.2%

American

Campus

Communities,

REIT

1,078,617

60,370

Community

Healthcare

Trust,

REIT

495,175

20,901

CubeSmart

REIT

1,193,538

62,100

DigitalBridge

Group,

REIT (1)

3,538,604

25,478

EastGroup

Properties,

REIT

644,500

131,014

First

Industrial

Realty

Trust,

REIT

535,671

33,163

Flagship

Communities

REIT,

REIT

407,672

8,051

Business

Parks,

REIT

485,374

81,582

Rexford

Industrial

Realty,

REIT

1,058,718

78,970

Terreno

Realty,

REIT

363,900

26,947

528,576

Real

Estate

Management

Development

1.4%

Altus

Group

(CAD)

241,900

9,772

FirstService

759,813

110,082

Tricon

Residential

1,579,105

25,076

144,930

Total

Real

Estate

673,506

UTILITIES

4.3%

Electric

Utilities

0.8%

IDACORP

557,269

64,287

MGE

Energy

260,776

20,807

85,094

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Gas

Utilities

2.2%

Chesapeake

Utilities

478,257

65,884

ONE

Gas

879,700

77,625

Southwest

Gas

Holdings

1,097,177

85,898

229,407

Independent

Power

Renewable

Electricity

Producers

0.4%

NextEra

Energy

Partners

500,825

41,749

Water

Utilities

0.9%

California

Water

Service

Group

519,668

30,806

Middlesex

Water

191,153

20,103

SJW

Group

551,246

38,356

89,265

Total

Utilities

445,515

Total

Miscellaneous

Common

Stocks

0.2% (6)

20,891

Total

Common

Stocks

(Cost

$6,162,438)

9,662,232

CONVERTIBLE

PREFERRED

STOCKS

4.2%

CONSUMER

DISCRETIONARY

0.7%

Hotels,

Restaurants

Leisure

0.6%

Cava

Group,

Series

Acquisition

Date:

6/23/20

3/26/21,

Cost $17,735 (1)(2)(4)

710,468

41,534

Cava

Group,

Series

Acquisition

Date:

3/26/21,

Cost $13,024 (1)

(2)(4)

346,118

20,234

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $6,813 (1)(2)

(3)(4)(5)

758,455

4,998

66,766

Internet

Direct

Marketing

Retail

0.1%

1661,

Series

Acquisition

Date:

5/28/21,

Cost $10,756 (1)(2)(4)

1,848,191

10,756

Total

Consumer

Discretionary

77,522

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

CONSUMER

STAPLES

0.4%

Food

Products

0.4%

Farmers

Business

Network,

Series

Acquisition

Date:

11/3/17,

Cost $14,332 (1)(2)(4)

776,181

48,246

Total

Consumer

Staples

48,246

FINANCIALS

0.1%

Banks

0.1%

CRB

Group,

Series

Acquisition

Date:

1/28/22,

Cost $9,075 (1)

(2)(4)

86,312

9,075

Total

Financials

9,075

HEALTH

CARE

0.9%

Biotechnology

0.2%

Caris

Life

Sciences,

Series

Acquisition

Date:

8/14/20,

Cost $4,493 (1)(2)(4)

1,627,947

13,186

Caris

Life

Sciences,

Series

Acquisition

Date:

5/11/21,

Cost $8,050 (1)(2)(4)

993,799

8,050

21,236

Health

Care

Equipment

Supplies

0.1%

Kardium

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $5,415 (1)(2)

(4)

5,330,753

5,415

Health

Care

Providers

Services

0.1%

Honor

Technology,

Series

Acquisition

Date:

10/16/20,

Cost $9,397 (1)(2)(4)

3,902,227

12,337

Life

Sciences

Tools

Services

0.5%

Inscripta

Series

Acquisition

Date:

3/30/21,

Cost $5,808 (1)(2)

(4)

657,721

5,808

National

Resilience,

Series

Acquisition

Date:

10/23/20,

Cost $6,794 (1)(2)(4)

497,323

30,202

National

Resilience,

Series

Acquisition

Date:

6/9/21,

Cost $11,631 (1)(2)(4)

261,906

15,906

51,916

Total

Health

Care

90,904

INDUSTRIALS

BUSINESS

SERVICES

1.0%

Aerospace

Defense

0.2%

ABL

Space

Systems,

Series

Acquisition

Date:

3/24/21,

Cost $5,882 (1)(2)(4)

130,614

8,881

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $11,512 (1)(2)

(4)

2,061,623

11,512

20,393

Air

Freight

Logistics

0.1%

FLEXE,

Series

Acquisition

Date:

11/18/20,

Cost $5,112 (1)(2)(4)

420,147

8,569

Electrical

Equipment

0.1%

CELLINK,

Series

Acquisition

Date:

1/20/22,

Cost $5,620 (1)(2)

(4)

269,870

5,620

Professional

Services

0.3%

Checkr

Series

Acquisition

Date:

4/10/18,

Cost $3,881 (1)(2)(4)

284,293

13,757

Checkr

Series

Acquisition

Date:

9/6/19,

Cost $11,857 (1)(2)(4)

392,011

18,969

32,726

Road

Rail

0.3%

Convoy,

Series

Acquisition

Date:

9/14/18,

Cost $8,346 (1)(2)(4)

1,175,394

19,391

Convoy,

Series

Acquisition

Date:

10/30/19,

Cost $10,022 (1)(2)

(4)

740,142

12,211

31,602

Total

Industrials

Business

Services

98,910

INFORMATION

TECHNOLOGY

0.9%

Services

0.3%

ServiceTitan

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $10 (1)

(2)(4)

381

ServiceTitan

Series

Acquisition

Date:

11/9/18,

Cost $4,907 (1)

(2)(4)

186,629

18,368

ServiceTitan

Series

Acquisition

Date:

3/25/21,

Cost $997 (1)

(2)(4)

9,288

914

ServiceTitan

Series

Acquisition

Date:

6/28/21,

Cost $491 (1)

(2)(4)

4,130

406

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $618 (1)(2)(4)

27,540

664

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $62 (1)(2)(4)

2,740

Themis

Solutions,

Series

Acquisition

Date:

4/14/21,

Cost $67 (1)(2)(4)

2,980

Themis

Solutions,

Series

Acquisition

Date:

4/14/21,

Cost $7,824 (1)(2)(4)

348,470

8,402

28,930

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

Software

0.6%

Haul

Hub,

Series

Acquisition

Date:

2/14/20

3/3/21,

Cost $4,277 (1)(2)(4)

293,317

4,277

Nuro

Series

Acquisition

Date:

10/30/20

3/2/21,

Cost $11,576 (1)(2)(4)

886,735

18,484

Nuro

Series

Acquisition

Date:

10/29/21,

Cost $5,449 (1)(2)(4)

261,432

5,450

SecurityScorecard

Series

Acquisition

Date:

3/5/21,

Cost $5,397 (1)(2)(4)

356,213

6,290

Seismic

Software,

Series

Acquisition

Date:

12/13/18,

Cost $7,110 (1)(2)(4)

1,127,860

14,064

Seismic

Software,

Series

Acquisition

Date:

9/25/20,

Cost $698 (1)(2)(4)

79,390

990

Socure

Series

Acquisition

Date:

12/22/21,

Cost $2,472 (1)(2)

(4)

153,828

2,472

Socure

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $2,029 (1)

(2)(4)

126,253

2,029

Socure

Series

Acquisition

Date:

12/22/21,

Cost $37 (1)(2)(4)

2,284

Socure

Series

Acquisition

Date:

10/27/21,

Cost $4,702 (1)(2)(4)

292,632

4,702

58,795

Total

Information

Technology

87,725

MATERIALS

0.2%

Chemicals

0.1%

Redwood

Materials,

Series

Acquisition

Date:

5/28/21,

Cost $7,078 (1)(2)(4)

149,321

7,787

Sila

Nano,

Series

Acquisition

Date:

1/7/21,

Cost $9,813 (1)(2)(4)

237,759

7,411

15,198

Metals

Mining

0.1%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $5,884 (1)(2)(4)

214,677

5,884

Total

Materials

21,082

Total

Convertible

Preferred

Stocks

(Cost

$267,053)

433,464

ROWE

PRICE

Small-Cap

Stock

Fund

Value

(Cost

and

value

$000s)

‡

SHORT-TERM

INVESTMENTS

1.6%

Money

Market

Funds

1.6%

Rowe

Price

Government

Reserve

Fund,

0.29% (3)(7)

160,573,977

160,574

Total

Short-Term

Investments

(Cost

$160,574)

160,574

Total

Investments

Securities

100.0%

(Cost

$6,590,065)

10,256,270

Other

Assets

Less

Liabilities

0.0%

439

Net

Assets

100.0%

10,256,709

‡

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$672,811

and

represents

6.6%

net

assets.

(3)

Affiliated

Companies

(4)

Level

fair

value

hierarchy.

(5)

Investment

partnership

held

indirectly

through

limited

liability

company

that

owned

the

fund

and

treated

corporation

for

U.S.

tax

purposes.

(6)

The

identity

certain

securities

has

been

concealed

protect

the

fund

while

completes

purchase

selling

program

for

the

securities.

(7)

Seven-day

yield

ADR

American

Depositary

Receipts

CAD

Canadian

Dollar

Escrow

CUSIP;

represents

beneficial

interest

residual

pool

assets;

the

amount

and

timing

future

distributions,

any,

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

the

original

security.

GBP

British

Pound

ISK

Iceland

Krona

REIT

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

the

shareholder

ROWE

PRICE

Small-Cap

Stock

Fund

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

three

months

ended

March

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Chuy's

Holdings

135‌

(3,131‌)

—‌

Dogwood

State

Bank,

Non-Voting

—‌

Dogwood

State

Bank,

Voting

—‌

Dogwood

State

Bank,

Warrants,

5/6/24

—‌

Fiesta

Restaurant

Group

71‌

(7,735‌)

—‌

Haynes

International

16‌

1,407‌

138‌

Torchys

Holdings

—‌

(1,752‌)

—‌

Torchys

Holdings,

Class

—‌

(8,923‌)

—‌

Rowe

Price

Government

Reserve

Fund,

0.29%

—‌

57‌++

Totals

222‌#

(20,134‌)

195‌+

ROWE

PRICE

Small-Cap

Stock

Fund

The

accompanying

notes

are

integral

part

this

Portfolio

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

Chuy's

Holdings

—‌

61‌

25,875‌

Dogwood

State

Bank,

Non-

Voting

3,858‌

—‌

3,858‌

Dogwood

State

Bank,

Voting

1,895‌

—‌

1,895‌

Dogwood

State

Bank,

Warrants,

5/6/24

211‌

—‌

211‌

Fiesta

Restaurant

Group

23,991‌

—‌

77‌

16,179‌

Haynes

International

25,432‌

—‌

163‌

26,676‌

Torchys

Holdings

6,750‌

—‌

4,998‌

Torchys

Holdings,

Class

34,379‌

—‌

25,456‌

Rowe

Price

Government

Reserve

Fund,

0.29%

137,668‌

160,574‌

Total

265,722‌^

Capital

gain

distributions

from

mutual

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees.

Investment

income

comprised

$195

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$292,936.

the

date

indicated,

issuer

was

held

but

not

considered

affiliated

company.

ROWE

PRICE

Small-Cap

Stock

Fund

Unaudited

Notes

Portfolio

Investments

Rowe

Price

Small-Cap

Stock

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

1940

(the

1940

Act)

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

Investments

was

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP).

For

additional

information

the

fund’s

significant

accounting

policies

and

investment

disclosures,

please

refer

the

fund’s most

recent

semiannual

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

ET,

each

day

the

NYSE

open

for

business,

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

internal

committee

that

has

been

delegated

certain

responsibilities

the

fund’s

Board

Directors

(the

Board)

ensure

that

financial

instruments

are

appropriately

priced

fair

value

accordance

with

GAAP

and

the

1940

Act.

Subject

oversight

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

valuing

financial

instruments,

including

those

which

cannot

valued

accordance

with

normal

procedures

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

the

pricing

vendors;

oversees

the

pricing

process

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

ROWE

PRICE

Small-Cap

Stock

Fund

Level

–

unobservable

inputs

(including

the fund’s

own

assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

closing

price

for

international

securities.

The

last

quoted

prices

non-U.S.

equity

securities

may

adjusted

reflect

the

fair

value

such

securities

the

NYSE,

the

fund

determines

that

developments

between

the

foreign

market

and

the

NYSE

will

affect

the

value

some

all

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

evaluate

and,

appropriate,

decide whether

necessary

adjust

quoted

prices

reflect

fair

value

reviewing

variety

factors,

including

developments

foreign

markets,

the

performance

U.S.

securities

markets,

and

the

performance

instruments

trading

U.S.

markets

that

represent

foreign

securities

and

baskets

foreign

securities. The

fund

uses

outside

pricing

services

provide

with

quoted

prices

and

information

evaluate

adjust

those

prices.

The

fund

cannot

predict

how

often

will

use

quoted

prices

and

how

often

will

determine

necessary

adjust

those

prices

reflect

fair

value.

Investments

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

ROWE

PRICE

Small-Cap

Stock

Fund

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Investments

for

which

market

quotations

market-based

valuations

are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Committee,

accordance

with

fair

valuation

policies

and

procedures.

The

objective

any

fair

value

pricing

determination

arrive

price

that

could

reasonably

expected

from

current

sale.

Financial

instruments

fair

valued

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis

and

updated

information

becomes

available,

including

actual

purchase

and

sale

transactions

the

investment.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions,

and

fair

value

prices

determined

the

Valuation

Committee

could

differ

from

those

other

market

participants.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

March

31,

2022

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

Total

Value

Assets

Common

Stocks

9,252,244‌

317,568‌

92,420‌

9,662,232‌

Convertible

Preferred

Stocks

—‌

433,464‌

Short-Term

Investments

160,574‌

—‌

160,574‌

Total

9,412,818‌

317,568‌

525,884‌

10,256,270‌

ROWE

PRICE

Small-Cap

Stock

Fund

Following

reconciliation

the

fund’s

Level

holdings

for

the

period ended

March

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

unrealized

gain/loss

Level

holdings

during

the

period,

any.

The

change

unrealized

gain/loss

Level

instruments

held

March

31,

2022,

totaled $(8,436,000) for

the

period ended

March

31,

2022.

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

determine

the

fair

valuations

the

fund’s

Level

assets,

class

financial

instrument.

Because

the

Valuation

Committee

considers

wide

variety

factors

and

inputs,

both

observable

and

unobservable,

determining

fair

values,

the

unobservable

inputs

presented

not

reflect

all

inputs

significant

the

fair

value

determination.

($000s)

Beginning

Balance

12/31/21

Gain

(Loss)

During

Period

Total

Purchases

Ending

Balance

3/31/22

Investment

Securities

Common

Stocks

103,432‌

(11,012‌)

—‌

92,420‌

Convertible

Preferred

Stocks

398,797‌

2,576‌

32,091‌

433,464‌

Total

502,229‌

(8,436‌)

32,091‌

525,884‌

ROWE

PRICE

Small-Cap

Stock

Fund

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Common

Stocks

92,420‌

Recent

comparable

transaction

price(s)

—#

Discount

for

uncertainty

10%

Decrease

Expected

present

value

Discount

rate

for

cost

equity

20%

Decrease

Market

comparable

Enterprise

value

sales

multiple

2.0x

–

18.2x

4.5x

Increase

Sales

growth

rate

23%

45%

29%

Increase

Enterprise

value

gross

profit

multiple

7.1x

–

24.5x

12.6x

Increase

Gross

profit

growth

rate

36%

53%

49%

Increase

Enterprise

value

EBITDA

multiple

10.5x

–

22.3x

14.5x

Increase

EBITDA

growth

rate

38%

Increase

Price

tangible

book

value

multiple

1.4x

–

1.5x

Increase

Tangible

book

value

growth

rate

15%

Increase

Projected

enterprise

value

EBITDA

multiple

12.5x

Increase

ROWE

PRICE

Small-Cap

Stock

Fund

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Discount

for

lack

marketability

10%

Decrease

Pricing

service

Discount

for

lack

marketability

65%

Decrease

Options

pricing

model

Private

company

valuation

—#

Risk-free

rate

Increase

Volatility

41%

46%

44%

Increase

Discount

for

lack

marketability

10%

Decrease

Convertible

Preferred

Stocks

433,464‌

Recent

comparable

transaction

price(s)

—#

Market

comparable

Enterprise

value

sales

multiple

2.0x

–

18.2x

6.5x

Increase

Sales

growth

rate

23%

59%

34%

Increase

Enterprise

value

gross

profit

multiple

9.3x

–

24.5x

13.6x

Increase

Gross

profit

growth

rate

30%

59%

46%

Increase

Enterprise

value

EBITDA

multiple

17.9x

–

22.3x

20.9x

Increase

EBITDA

growth

rate

38%

Increase

ROWE

PRICE

Small-Cap

Stock

Fund

quantitative

unobservable

inputs

significant

the

valuation

technique

were

created

the

fund’s

management.

Unobservable

inputs

were

weighted

the

relative

fair

value

the

instruments.

Represents

the

directional

change

the

fair

value

the

Level

investment(s)

that

would

have

resulted

from

increase

the

corresponding

input

period

end.

decrease

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

these

inputs

isolation

could

result

significantly

higher

lower

fair

value

measurements.

Valuation

techniques

may

change

order

reflect

management’s

judgment

current

market

participant

assumptions.

OTHER

MATTERS

Unpredictable

events

such

environmental

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

novel

strain

coronavirus

(COVID-19)

has

resulted

disruptions

global

business

activity

and

caused

significant

volatility

and

declines

global

financial

markets.

February

2022,

Russian

forces

entered

Ukraine

and

commenced

armed

conflict.

Economic

sanctions

have

since

been

imposed

Russia

and

certain

its

citizens,

including

the

exclusion

Russia

from

the

SWIFT

global

payments

network.

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

value.

The

duration

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

the

financial

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Projected

enterprise

value

EBITDA

multiple

4.3x

Increase

Discount

rate

for

cost

capital

25%

30%

27%

Decrease

Discount

for

lack

marketability

10%

Decrease

ROWE

PRICE

Small-Cap

Stock

Fund

markets,

cannot

determined

with

certainty.

The fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

and

such

other

events.

Management

actively

monitoring

these

events.

F65-054Q1

03/22