T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.6%
COMMUNICATION
SERVICES
1.7%
Entertainment
0.7%
Cinemark
Holdings
771,149
15,739
Zynga,
Class
A (1)
3,269,284
33,380
49,119
Media
1.0%
Advantage
Solutions (1)
607,438
7,174
Advantage
Solutions,
Warrants,
12/31/26 (1)
147,335
473
Cable
One
29,317
53,602
National
CineMedia
1,743,809
8,056
69,305
Total
Communication
Services
118,424
CONSUMER
DISCRETIONARY
9.4%
Auto
Components
0.6%
Gentherm (1)
400,456
29,678
Stoneridge (1)
431,900
13,739
43,417
Diversified
Consumer
Services
0.5%
Bright
Horizons
Family
Solutions (1)
208,049
35,670
35,670
Hotels,
Restaurants
&
Leisure
3.2%
BJ's
Restaurants (1)
652,353
37,889
Bloomin'
Brands (1)
337,355
9,126
Chuy's
Holdings (1)
771,303
34,184
Denny's (1)
863,590
15,640
Drive
Shack (1)
1,572,300
5,047
Fiesta
Restaurant
Group (1)
1,242,976
15,649
Papa
John's
International
563,043
49,908
Red
Robin
Gourmet
Burgers (1)
485,976
19,386
Ruth's
Hospitality
Group
362,520
9,001
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $17,606 (1)(2)
(3)(4)
2,059,233
17,606
213,436
Household
Durables
0.8%
Cavco
Industries (1)
68,246
15,397
Skyline
Champion (1)
618,454
27,991
Tri
Pointe
Homes (1)
544,982
11,096
54,484
Internet
&
Direct
Marketing
Retail
0.6%
A
Place
for
Rover,
Acquisition
Date:
5/25/18,
Cost $154 (1)(3)
22,774
222
Deliveroo
Holdings
(GBP),
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $9,193 (1)(3)
5,170,800
19,466
Poshmark,
Class
A (1)
84,053
3,413
RealReal (1)
594,400
13,451
ThredUp,
Class
A (1)
285,946
6,671
43,223
Shares
$
Value
(Cost
and
value
in
$000s)
Multiline
Retail
0.8%
Ollie's
Bargain
Outlet
Holdings (1)
601,028
52,289
52,289
Specialty
Retail
2.4%
Burlington
Stores (1)
265,861
79,439
Five
Below (1)
57,695
11,008
Monro
502,454
33,061
Petco
Health
&
Wellness (1)
405,357
8,983
RH (1)
49,605
29,594
162,085
Textiles,
Apparel
&
Luxury
Goods
0.5%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $2,915 (1)(2)(3)
265,810
3,074
Capri
Holdings (1)
517,800
26,408
Steven
Madden
164,100
6,114
35,596
Total
Consumer
Discretionary
640,200
CONSUMER
STAPLES
4.5%
Beverages
1.8%
Boston
Beer,
Class
A (1)
100,371
121,076
121,076
Food
Products
2.6%
Cal-Maine
Foods (1)
649,012
24,935
Nomad
Foods (1)
833,953
22,900
Post
Holdings (1)
345,560
36,533
Sanderson
Farms
176,320
27,467
TreeHouse
Foods (1)
704,450
36,801
Utz
Brands
1,099,077
27,246
175,882
Personal
Products
0.1%
BellRing
Brands,
Class
A (1)
309,683
7,312
7,312
Total
Consumer
Staples
304,270
ENERGY
2.8%
Energy
Equipment
&
Services
1.3%
Cactus,
Class
A
303,100
9,281
Computer
Modelling
Group
(CAD)
803,800
3,678
Dril-Quip (1)
223,000
7,410
Halliburton
1,519,200
32,602
Liberty
Oilfield
Services,
Class
A
1,877,197
21,194
NexTier
Oilfield
Solutions (1)
2,898,700
10,783
84,948
Oil,
Gas
&
Consumable
Fuels
1.5%
Devon
Energy
940,474
20,549
Diamondback
Energy
567,124
41,678
Magnolia
Oil
&
Gas,
Class
A (1)
2,242,849
25,748
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $577 (1)(2)(3)
191
1,063
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $8,412 (1)(2)(3)
2,319
12,906
101,944
Total
Energy
186,892
FINANCIALS
17.8%
Banks
11.0%
Atlantic
Capital
Bancshares (1)
470,994
11,351
BankUnited
1,260,897
55,416
Columbia
Banking
System
264,554
11,400
CrossFirst
Bankshares (1)
765,062
10,550
Dime
Community
Bancshares
415,800
12,532
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $1,511 (1)(2)(3)
151,114
1,813
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $742 (1)(2)(3)
74,220
891
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (1)(2)(3)
22,533
89
East
West
Bancorp
534,388
39,438
Equity
Bancshares,
Class
A (1)
393,100
10,771
FB
Financial
654,679
29,107
First
Bancshares
462,032
16,915
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $2,456 (1)(2)(3)
245,627
1,670
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(3)
47,055
121
Heritage
Commerce
1,426,094
17,427
Heritage
Financial
487,000
13,753
Home
BancShares
1,431,712
38,728
Investors
Bancorp
1,316,432
19,338
Live
Oak
Bancshares
594,310
40,704
Origin
Bancorp
552,139
23,416
Pacific
Premier
Bancorp
813,619
35,344
Pinnacle
Financial
Partners
688,862
61,075
Popular
285,100
20,048
Professional
Holding,
Class
A (1)
247,654
4,549
Prosperity
Bancshares
323,517
24,228
Sandy
Spring
Bancorp
411,800
17,885
Seacoast
Banking (1)
1,005,402
36,436
Signature
Bank
249,914
56,506
South
State
431,307
33,862
Webster
Financial
484,004
26,673
Western
Alliance
Bancorp
711,119
67,158
739,194
Capital
Markets
1.3%
Altimeter
Growth (1)
647,655
7,914
Bluescape
Opportunities
Acquisition (1)
821,895
8,761
Cboe
Global
Markets
435,460
42,976
dMY
Technology
Group
II,
Class
A (1)
209,400
3,080
StepStone
Group,
Class
A
696,952
24,582
87,313
Shares
$
Value
(Cost
and
value
in
$000s)
Consumer
Finance
1.3%
Encore
Capital
Group (1)
505,024
20,317
PRA
Group (1)
540,665
20,042
PROG
Holdings
640,371
27,722
SLM
1,131,200
20,328
88,409
Insurance
2.6%
Assurant
295,914
41,952
Axis
Capital
Holdings
631,595
31,308
Hanover
Insurance
Group
237,000
30,682
Safety
Insurance
Group
73,691
6,209
Selective
Insurance
Group
664,076
48,172
Selectquote (1)
387,934
11,448
State
Auto
Financial
269,923
5,320
175,091
Thrifts
&
Mortgage
Finance
1.6%
Capitol
Federal
Financial
931,847
12,342
Essent
Group
600,365
28,511
Meridian
Bancorp
1,146,818
21,124
PennyMac
Financial
Services
615,938
41,188
Sterling
Bancorp (1)
757,162
4,286
107,451
Total
Financials
1,197,458
HEALTH
CARE
17.4%
Biotechnology
7.3%
Abcam,
ADR (1)
329,853
6,340
ACADIA
Pharmaceuticals (1)
157,938
4,075
Acceleron
Pharma (1)
220,795
29,942
Agios
Pharmaceuticals (1)
272,179
14,055
Allogene
Therapeutics (1)
104,049
3,673
Apellis
Pharmaceuticals (1)
89,400
3,836
Arcutis
Biotherapeutics (1)
70,393
2,036
Argenx,
ADR (1)
176,007
48,471
Ascendis
Pharma,
ADR (1)
261,846
33,747
Avidity
Biosciences (1)
74,487
1,625
Blueprint
Medicines (1)
276,628
26,897
Cerevel
Therapeutics
Holdings (1)
158,844
2,181
CRISPR
Therapeutics (1)
34,913
4,254
Enanta
Pharmaceuticals (1)
25,500
1,258
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $1,212 (1)(2)(3)
185,000
1,212
G1
Therapeutics (1)
151,520
3,646
Generation
Bio (1)
460,277
13,099
Global
Blood
Therapeutics (1)
481,281
19,612
Homology
Medicines (1)
250,165
2,354
IGM
Biosciences (1)
124,003
9,510
Insmed (1)
873,510
29,752
Intellia
Therapeutics (1)
110,876
8,898
Iovance
Biotherapeutics (1)
96,900
3,068
Karuna
Therapeutics (1)
46,011
5,532
Kodiak
Sciences (1)
364,606
41,343
Legend
Biotech,
ADR (1)
33,114
961
MeiraGTx
Holdings (1)
135,123
1,950
Morphic
Holding (1)
23,276
1,473
Nurix
Therapeutics (1)
106,742
3,319
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Orchard
Therapeutics,
ADR (1)
335,101
2,433
Prothena (1)
166,895
4,192
PTC
Therapeutics (1)
68,200
3,229
Radius
Health (1)
1,286,161
26,829
RAPT
Therapeutics (1)
158,600
3,521
Replimune
Group (1)
73,034
2,228
Scholar
Rock
Holding (1)
400,425
20,286
Seagen (1)
119,575
16,604
TG
Therapeutics (1)
44,138
2,127
Turning
Point
Therapeutics (1)
156,573
14,810
Ultragenyx
Pharmaceutical (1)
396,462
45,141
Xencor (1)
419,960
18,083
Zentalis
Pharmaceuticals (1)
66,357
2,879
490,481
Health
Care
Equipment
&
Supplies
3.4%
AtriCure (1)
356,972
23,389
Avanos
Medical (1)
569,647
24,916
Axonics
Modulation
Technologies (1)
127,377
7,629
ICU
Medical (1)
115,882
23,807
iRhythm
Technologies (1)
251,292
34,894
JAND,
Class
A,
Acquisition
Date:
3/9/18,
Cost $3,072 (1)(2)(3)
195,430
4,794
Mesa
Laboratories
33,591
8,179
Nevro (1)
145,692
20,324
NuVasive (1)
231,226
15,159
Outset
Medical (1)
44,982
2,447
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $7,145 (1)(2)(3)
1,897,440
3,188
Penumbra (1)
69,010
18,673
Pulmonx (1)
41,084
1,879
Quidel (1)
307,537
39,343
228,621
Health
Care
Providers
&
Services
4.0%
Accolade (1)
136,430
6,190
Amedisys (1)
178,239
47,196
Cross
Country
Healthcare (1)
671,020
8,381
Hanger (1)
1,085,118
24,762
Innovage
Holding (1)
104,926
2,706
ModivCare (1)
173,279
25,666
Molina
Healthcare (1)
327,475
76,551
Oak
Street
Health (1)
346,207
18,789
Option
Care
Health (1)
355,531
6,307
Pennant
Group (1)
317,988
14,564
Surgery
Partners (1)
288,575
12,772
U.S.
Physical
Therapy
212,288
22,099
265,983
Health
Care
Technology
0.3%
Alignment
Healthcare (1)
245,637
5,387
Alignment
Healthcare,
Acquisition
Date:
2/28/20,
Cost $4,788 (1)(3)
593,285
12,360
Certara (1)
136,531
3,727
21,474
Life
Sciences
Tools
&
Services
1.1%
Adaptive
Biotechnologies (1)
180,906
7,283
Shares
$
Value
(Cost
and
value
in
$000s)
Bruker
746,842
48,007
Olink
Holding,
ADR (1)
197,509
7,110
Quanterix (1)
93,138
5,446
Seer (1)
65,501
3,276
Seer,
Class
A,
Acquisition
Date:
12/8/20,
Cost $2,129 (1)(3)
112,075
5,326
76,448
Pharmaceuticals
1.3%
Arvinas (1)
42,484
2,808
Atea
Pharmaceuticals (1)
71,591
4,421
Cara
Therapeutics (1)
239,548
5,201
Catalent (1)
548,155
57,726
Reata
Pharmaceuticals,
Class
A (1)
124,837
12,446
TherapeuticsMD (1)
5,027,203
6,736
89,338
Total
Health
Care
1,172,345
INDUSTRIALS
&
BUSINESS
SERVICES
17.0%
Aerospace
&
Defense
1.3%
BWX
Technologies
209,515
13,815
Parsons (1)
251,163
10,157
Teledyne
Technologies (1)
149,805
61,967
85,939
Airlines
0.3%
Alclear
Holdings,
Class
B,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $7,841 (1)(2)(3)(4)
52,226
15,146
Sun
Country
Airlines
Holdings (1)
106,302
3,644
18,790
Building
Products
1.1%
Gibraltar
Industries (1)
550,646
50,389
PGT
Innovations (1)
799,867
20,197
70,586
Commercial
Services
&
Supplies
1.9%
ADT
2,401,076
20,265
Brink's
356,290
28,229
Heritage-Crystal
Clean (1)
483,300
13,112
MSA
Safety
147,449
22,120
Rentokil
Initial
(GBP) (1)
4,158,167
27,762
Tetra
Tech
116,106
15,758
127,246
Electrical
Equipment
1.1%
Array
Technologies (1)
422,580
12,601
AZZ
687,319
34,607
Shoals
Technologies
Group,
Class
A (1)
621,900
21,630
Thermon
Group
Holdings (1)
299,700
5,841
74,679
Machinery
6.1%
Chart
Industries (1)
339,159
48,279
Enerpac
Tool
Group
1,280,867
33,456
ESCO
Technologies
399,218
43,471
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Federal
Signal
404,300
15,485
Graco
456,227
32,675
Helios
Technologies
386,317
28,151
Ingersoll
Rand (1)
1,021,154
50,251
John
Bean
Technologies
361,754
48,236
Marel
(ISK)
1,148,999
7,810
Meritor (1)
1,029,809
30,297
Mueller
Water
Products,
Class
A
1,608,578
22,343
SPX (1)
450,999
26,280
Toro
259,970
26,813
413,547
Marine
0.5%
Matson
542,165
36,162
36,162
Professional
Services
2.1%
Booz
Allen
Hamilton
Holding
356,343
28,697
Clarivate (1)
2,030,627
53,588
Huron
Consulting
Group (1)
129,700
6,534
Upwork (1)
1,140,266
51,050
139,869
Road
&
Rail
1.1%
Knight-Swift
Transportation
Holdings
587,976
28,276
Landstar
System
121,333
20,027
Saia (1)
120,827
27,860
76,163
Trading
Companies
&
Distributors
1.5%
Air
Lease
202,200
9,908
Rush
Enterprises,
Class
A
518,800
25,852
SiteOne
Landscape
Supply (1)
398,287
68,003
103,763
Total
Industrials
&
Business
Services
1,146,744
INFORMATION
TECHNOLOGY
11.3%
Communications
Equipment
0.0%
Infinera (1)
282,154
2,717
2,717
Electronic
Equipment,
Instruments
&
Components
2.3%
CTS
891,969
27,705
Littelfuse
129,158
34,154
National
Instruments
825,477
35,648
Novanta (1)
417,103
55,012
152,519
IT
Services
1.2%
Euronet
Worldwide (1)
205,586
28,433
Kratos
Defense
&
Security
Solutions (1)
1,017,123
27,747
Repay
Holdings (1)
426,949
10,025
ServiceTitan,
Acquisition
Date:
11/9/18,
Cost $235 (1)(2)(3)
8,945
960
StoneCo,
Class
A (1)
200,233
12,258
79,423
Shares
$
Value
(Cost
and
value
in
$000s)
Semiconductors
&
Semiconductor
Equipment
2.6%
Entegris
756,175
84,540
Lattice
Semiconductor (1)
1,545,479
69,578
PDF
Solutions (1)
566,114
10,066
Semtech (1)
168,600
11,633
175,817
Software
5.2%
Ceridian
HCM
Holding (1)
480,378
40,482
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $2,271 (1)(2)(3)
97,182
2,380
Coupa
Software (1)
84,213
21,431
Descartes
Systems
Group (1)
823,326
50,149
Duck
Creek
Technologies (1)
64,271
2,901
Five9 (1)
333,877
52,195
Manhattan
Associates (1)
130,200
15,283
nCino (1)
301,892
20,142
Olo,
Class
A (1)
198,562
5,240
Paycom
Software (1)
77,201
28,569
Proofpoint (1)
246,088
30,955
SS&C
Technologies
Holdings
737,774
51,548
Toast,
Acquisition
Date:
9/14/18,
Cost $9 (1)(2)(3)
508
65
Workiva (1)
207,600
18,323
Zendesk (1)
71,500
9,482
349,145
Total
Information
Technology
759,621
MATERIALS
4.0%
Chemicals
1.7%
Element
Solutions
2,812,979
51,449
Minerals
Technologies
367,016
27,644
Quaker
Chemical
138,898
33,859
112,952
Metals
&
Mining
1.7%
Alcoa (1)
414,922
13,481
Constellium (1)
1,990,716
29,263
ERO
Copper
(CAD) (1)
1,471,100
25,320
Franco-Nevada
(CAD)
122,320
15,329
Haynes
International
412,633
12,243
Northern
Star
Resources
(AUD)
2,971,752
21,527
117,163
Paper
&
Forest
Products
0.6%
Domtar
408,583
15,097
West
Fraser
Timber
(CAD)
326,747
23,507
38,604
Total
Materials
268,719
MISCELLANEOUS
0.2%
Miscellaneous
0.2%
KKR
Acquisition
Holdings
I (1)
1,088,014
10,891
Total
Miscellaneous
10,891
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
REAL
ESTATE
4.8%
Equity
Real
Estate
Investment
Trusts
3.7%
American
Campus
Communities,
REIT
677,692
29,256
Community
Healthcare
Trust,
REIT
229,798
10,598
CubeSmart,
REIT
624,610
23,629
EastGroup
Properties,
REIT
381,344
54,639
First
Industrial
Realty
Trust,
REIT
336,409
15,404
Flagship
Communities,
REIT
163,249
2,449
JBG
SMITH
Properties,
REIT
900,217
28,618
PS
Business
Parks,
REIT
284,800
44,024
Regency
Centers,
REIT
80,035
4,539
Rexford
Industrial
Realty,
REIT
644,835
32,500
245,656
Real
Estate
Management
&
Development
1.1%
Altus
Group
(CAD)
75,800
3,646
FirstService
485,013
71,874
75,520
Total
Real
Estate
321,176
UTILITIES
3.7%
Electric
Utilities
0.6%
IDACORP
282,339
28,225
MGE
Energy
138,894
9,916
38,141
Gas
Utilities
1.7%
Chesapeake
Utilities
277,130
32,169
ONE
Gas
520,311
40,017
Southwest
Gas
Holdings
607,887
41,768
113,954
Independent
Power
&
Renewable
Electricity
Producers
0.3%
NextEra
Energy
Partners
301,793
21,995
21,995
Multi-Utilities
0.2%
NorthWestern
158,500
10,334
10,334
Water
Utilities
0.9%
California
Water
Service
Group
334,237
18,831
Middlesex
Water
237,078
18,734
SJW
Group
343,540
21,639
59,204
Total
Utilities
243,628
Total
Common
Stocks
(Cost
$3,638,991)
6,370,368
Shares
$
Value
(Cost
and
value
in
$000s)
CONVERTIBLE
PREFERRED
STOCKS
3.8%
CONSUMER
DISCRETIONARY
1.4%
Automobiles
0.9%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $6,836 (1)(2)(3)
636,266
23,446
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $9,483 (1)(2)(3)
612,175
22,559
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $15,100 (1)(2)(3)
409,781
15,100
61,105
Diversified
Consumer
Services
0.1%
1stdibs.com,
Series
D,
Acquisition
Date:
2/7/19,
Cost $2,637 (1)(2)(3)
526,258
4,373
4,373
Hotels,
Restaurants
&
Leisure
0.4%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $9,599 (1)(2)(3)
381,719
14,364
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $7,556 (1)(2)(3)
200,801
7,556
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $3,632 (1)(2)(3)(4)
404,324
3,632
25,552
Internet
&
Direct
Marketing
Retail
0.0%
A
Place
for
Rover,
Series
G,
Acquisition
Date:
5/11/18,
Cost $2,453 (1)(3)
325,849
3,177
3,177
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $950 (1)(2)(3)
86,665
1,002
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $167 (1)(2)(3)
15,225
176
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $1,596 (1)(2)(3)
145,515
1,683
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $511 (1)(2)(3)
46,565
538
3,399
Total
Consumer
Discretionary
97,606
CONSUMER
STAPLES
0.2%
Food
Products
0.2%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $6,275 (1)(2)(3)
339,830
11,234
Total
Consumer
Staples
11,234
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
HEALTH
CARE
0.5%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $2,356 (1)(2)(3)
853,615
2,356
2,356
Health
Care
Equipment
&
Supplies
0.2%
JAND,
Series
E,
Acquisition
Date:
3/9/18,
Cost $3,789 (1)(2)(3)
241,083
5,914
JAND,
Series
F,
Acquisition
Date:
4/3/20,
Cost $5,398 (1)(2)(3)
276,941
6,793
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $2,939 (1)(2)(3)
2,892,844
2,939
15,646
Health
Care
Providers
&
Services
0.2%
Bright
Health,
Series
E,
Acquisition
Date:
9/16/20,
Cost $6,531 (1)(2)(3)
319,884
6,531
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $5,010 (1)(2)(3)
2,080,305
5,010
11,541
Life
Sciences
Tools
&
Services
0.1%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $3,366 (1)(2)(3)
381,143
3,366
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $3,621 (1)(2)(3)
265,089
3,621
6,987
Total
Health
Care
36,530
INDUSTRIALS
&
BUSINESS
SERVICES
0.3%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $3,410 (1)(2)(3)
75,721
3,410
3,410
Machinery
0.0%
Xometry,
Series
A-2,
Acquisition
Date:
7/20/20,
Cost $440 (1)(2)(3)
46,043
443
Xometry,
Series
B,
Acquisition
Date:
7/20/20,
Cost $151 (1)(2)(3)
15,805
152
Xometry,
Series
C,
Acquisition
Date:
7/20/20,
Cost $160 (1)(2)(3)
16,424
158
Xometry,
Series
D,
Acquisition
Date:
7/20/20,
Cost $125 (1)(2)(3)
12,747
123
Xometry,
Series
E,
Acquisition
Date:
7/20/20,
Cost $1,256 (1)(2)(3)
92,188
1,256
Xometry,
Series
Seed-1,
Acquisition
Date:
9/4/20,
Cost $693 (1)(2)(3)
86,572
693
Xometry,
Series
Seed-2,
Acquisition
Date:
9/4/20,
Cost $305 (1)(2)(3)
38,088
305
3,130
Shares
$
Value
(Cost
and
value
in
$000s)
Road
&
Rail
0.2%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $3,999 (1)(2)(3)
563,190
6,561
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $5,376 (1)(2)(3)
397,082
4,626
11,187
Total
Industrials
&
Business
Services
17,727
INFORMATION
TECHNOLOGY
1.3%
IT
Services
0.2%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $4 (1)(2)(3)
185
20
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $2,387 (1)(2)(3)
90,775
9,742
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $578 (1)(2)(3)
5,381
578
10,340
Software
1.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $1,791 (1)(2)(3)
131,220
3,214
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $6,330 (1)(2)(3)
209,265
5,125
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $2,725 (1)(2)(3)
223,990
2,725
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $2,376 (1)(2)(3)
162,965
2,376
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $6,214 (1)
(2)(3)
475,993
6,214
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $1,713 (1)(2)(3)
746,493
2,695
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $3,099 (1)(2)(3)
204,547
3,099
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $3,462 (1)(2)(3)
549,145
4,827
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $374 (1)(2)(3)
42,590
374
Toast,
Series
B,
Acquisition
Date:
9/14/18,
Cost $79 (1)(2)(3)
4,568
587
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $5,630 (1)(2)(3)
325,293
41,791
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $1,397 (1)(2)(3)
30,724
3,947
76,974
Total
Information
Technology
87,314
MATERIALS
0.1%
Chemicals
0.1%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $5,284 (1)(2)(3)
128,029
5,284
Total
Materials
5,284
Total
Convertible
Preferred
Stocks
(Cost
$159,163)
255,695
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
2.2%
Money
Market
Funds
2.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (5)(6)
151,485,391
151,485
Total
Short-Term
Investments
(Cost
$151,485)
151,485
Total
Investments
in
Securities
100.6%
(Cost
$3,949,639)
$
6,777,548
Other
Assets
Less
Liabilities
(0.6)%
(38,875)
Net
Assets
100.0%
$
6,738,673
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
$360,047
and
represents
5.3%
of
net
assets.
(4)
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.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
GBP
British
Pound
ISK
Iceland
Krona
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
8
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
—#
$
—
$
15+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
55,005
¤
¤
$
151,485^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$15
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
$151,485.
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
Unaudited
9
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Institutional
Small-Cap
Stock
Fund (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)
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
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
10
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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2021,
totaled $50,737,000 for
the
period ended
March
31,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
6,134,988
$
168,402
$
66,978
$
6,370,368
Convertible
Preferred
Stocks
—
3,177
252,518
255,695
Short-Term
Investments
151,485
—
—
151,485
Total
$
6,286,473
$
171,579
$
319,496
$
6,777,548
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Out
of
Level
3
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
70,424
$
1,504
$
—
$
(4,950
)
$
66,978
Convertible
Preferred
Stocks
174,569
49,233
46,755
(18,039
)
252,518
Total
$
244,993
$
50,737
$
46,755
$
(22,989
)
$
319,496
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
11
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)
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**
Investments
in
Securities
Common
Stock
$
66,978
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Expected
present
value
Discount
Rate
for
Cost
of
Equity
20%
20%
Decrease
Market
comparable
Enterprise
Value
to
Sales
Multiple
3.4x
–
4.8x
4.1x
Increase
Sales
Growth
Rate
19%
19%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
7.5x
–
15.2x
13.0x
Increase
Gross
Profit
Growth
Rate
21%
21%
Increase
Enterprise
Value
to
EBITDA
Multiple
10.0x
10.0x
Increase
Price
to
Tangible
Book
Value
Multiple
0.9x
–
1.0x
1.0x
Increase
Tangible
Book
Value
Growth
Rate
23%
23%
Increase
Projected
Enterprise
Value
to
EBITDA
Multiple
12.0x
12.0x
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Enterprise
Value
to
EBITDA
Multiple
10.0x
10.0x
Increase
Options
Pricing
Model
Private
Company
Valuation
—#
—#
—#
Risk-Free
Rate
3%
3%
Increase
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
12
#
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.
E129-054Q1
03/21
($000s)
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**
Volatility
38%
–
43%
41%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$252,518
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
Comparable
Enterprise
Value
to
Sales
Multiple
5.7x
–
10.40x
8.0x
Increase
Sales
Growth
Rate
12%
–
29%
23%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
8.3x
–
20.1x
14.8x
Increase
Gross
Profit
Rate
15%
–
29%
24%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease