NPORT-EX 2 7031TRP033122.htm
T.
ROWE
PRICE
Small-Cap
Stock
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.2%
COMMUNICATION
SERVICES
1.6%
Entertainment
0.2%
Cinemark
Holdings (1)
1,135,217
19,617
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
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
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
Shares
$16.00,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
773,380
32
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$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
A 
322,400
15,656
Ruth's
Hospitality
Group 
1,030,000
23,566
Sweetgreen
,
Class
A (1)
287,077
9,184
Torchys
Holdings,
Class
A,
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
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$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
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
43,986
Total
Consumer
Staples
312,524
ENERGY
4.2%
Energy
Equipment
&
Services
1.3%
Cactus,
Class
A 
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
A 
3,584,186
84,766
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $1,247 (1)(2)(4)
413
2,457
T.
ROWE
PRICE
Small-Cap
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Venture
Global
LNG,
Series
C,
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
A 
658,425
21,274
FB
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
71
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$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
A 
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
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$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
A,
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$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
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$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
A 
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
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$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
A 
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
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
IT
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
11
Shares
$
Value
(Cost
and
value
in
$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
9,379
T.
ROWE
PRICE
Small-Cap
Stock
Fund
12
Shares
$
Value
(Cost
and
value
in
$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
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
PS
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
13
Shares
$
Value
(Cost
and
value
in
$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
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
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $17,735 (1)(2)(4)
710,468
41,534
Cava
Group,
Series
F,
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
F,
Acquisition
Date:
5/28/21,
Cost $10,756 (1)(2)(4)
1,848,191
10,756
10,756
Total
Consumer
Discretionary
77,522
T.
ROWE
PRICE
Small-Cap
Stock
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
‡
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
FINANCIALS
0.1%
Banks
0.1%
CRB
Group,
Series
D,
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
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
0.1%
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
0.5%
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
30,202
National
Resilience,
Series
C,
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
B,
Acquisition
Date:
3/24/21,
Cost $5,882 (1)(2)(4)
130,614
8,881
T.
ROWE
PRICE
Small-Cap
Stock
Fund
15
Shares
$
Value
(Cost
and
value
in
$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
C,
Acquisition
Date:
11/18/20,
Cost $5,112 (1)(2)(4)
420,147
8,569
8,569
Electrical
Equipment
0.1%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5,620 (1)(2)
(4)
269,870
5,620
5,620
Professional
Services
0.3%
Checkr
,
Series
C,
Acquisition
Date:
4/10/18,
Cost $3,881 (1)(2)(4)
284,293
13,757
Checkr
,
Series
D,
Acquisition
Date:
9/6/19,
Cost $11,857 (1)(2)(4)
392,011
18,969
32,726
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
98,910
INFORMATION
TECHNOLOGY
0.9%
IT
Services
0.3%
ServiceTitan
,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $10 (1)
(2)(4)
381
38
ServiceTitan
,
Series
D,
Acquisition
Date:
11/9/18,
Cost $4,907 (1)
(2)(4)
186,629
18,368
ServiceTitan
,
Series
F,
Acquisition
Date:
3/25/21,
Cost $997 (1)
(2)(4)
9,288
914
ServiceTitan
,
Series
G,
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
66
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $67 (1)(2)(4)
2,980
72
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $7,824 (1)(2)(4)
348,470
8,402
28,930
T.
ROWE
PRICE
Small-Cap
Stock
Fund
16
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Software
0.6%
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
18,484
Nuro
,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5,449 (1)(2)(4)
261,432
5,450
SecurityScorecard
,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5,397 (1)(2)(4)
356,213
6,290
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7,110 (1)(2)(4)
1,127,860
14,064
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $698 (1)(2)(4)
79,390
990
Socure
,
Series
A,
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
B,
Acquisition
Date:
12/22/21,
Cost $37 (1)(2)(4)
2,284
37
Socure
,
Series
E,
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
C,
Acquisition
Date:
5/28/21,
Cost $7,078 (1)(2)(4)
149,321
7,787
Sila
Nano,
Series
F,
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
5,884
Total
Materials
21,082
Total
Convertible
Preferred
Stocks
(Cost
$267,053)
433,464
T.
ROWE
PRICE
Small-Cap
Stock
Fund
17
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
1.6%
Money
Market
Funds
1.6%
T.
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
in
Securities
100.0%
(Cost
$6,590,065)
$
10,256,270
Other
Assets
Less
Liabilities
0.0%
439
Net
Assets
100.0%
$
10,256,709
‡
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
$672,811
and
represents
6.6%
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.
(6)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
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
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,
2022.
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
Chuy's
Holdings 
$
135‌
$
(3,131‌)
$
—‌
Dogwood
State
Bank,
Non-Voting
Shares 
—‌
—‌
—‌
Dogwood
State
Bank,
Voting
Shares 
—‌
—‌
—‌
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
A 
—‌
(8,923‌)
—‌
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—‌
—‌
57‌++
Totals
$
222‌#
$
(20,134‌)
$
195‌+
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
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
Chuy's
Holdings 
$
*
$
—‌
$
61‌
$
25,875‌
Dogwood
State
Bank,
Non-
Voting
Shares 
3,858‌
—‌
—‌
3,858‌
Dogwood
State
Bank,
Voting
Shares 
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
A 
34,379‌
—‌
—‌
25,456‌
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
137,668‌
 ¤
 ¤
160,574‌
Total
$
265,722‌^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$195
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
$292,936.
*
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
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)
T.
ROWE
PRICE
Small-Cap
Stock
Fund
21
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
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.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
22
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
9,252,244‌
$
317,568‌
$
92,420‌
$
9,662,232‌
Convertible
Preferred
Stocks
—‌
—‌
433,464‌
433,464‌
Short-Term
Investments
160,574‌
—‌
—‌
160,574‌
Total
$
9,412,818‌
$
317,568‌
$
525,884‌
$
10,256,270‌
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,
2022.
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,
2022,
totaled $(8,436,000) for
the
period ended
March
31,
2022.
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)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/22
Investment
in
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
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
Stocks
$
92,420‌
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
2.0x
–
18.2x
4.5x
Increase
Sales
growth
rate
23%
-
45%
29%
Increase
Enterprise
value
to
gross
profit
multiple
7.1x
–
24.5x
12.6x
Increase
Gross
profit
growth
rate
36%
-
53%
49%
Increase
Enterprise
value
to
EBITDA
multiple
10.5x
–
22.3x
14.5x
Increase
EBITDA
growth
rate
38%
38%
Increase
Price
to
tangible
book
value
multiple
1.4x
–
1.5x
1.5x
Increase
Tangible
book
value
growth
rate
15%
15%
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.5x
12.5x
Increase
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**
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
41%
-
46%
44%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
433,464‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
2.0x
–
18.2x
6.5x
Increase
Sales
growth
rate
23%
-
59%
34%
Increase
Enterprise
value
to
gross
profit
multiple
9.3x
–
24.5x
13.6x
Increase
Gross
profit
growth
rate
30%
-
59%
46%
Increase
Enterprise
value
to
EBITDA
multiple
17.9x
–
22.3x
20.9x
Increase
EBITDA
growth
rate
38%
38%
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.
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
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**
Projected
enterprise
value
to
EBITDA
multiple
4.3x
4.3x
Increase
Discount
rate
for
cost
of
capital
25%
-
30%
27%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Small-Cap
Stock
Fund
27
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F65-054Q1
03/22