T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.5%
COMMUNICATION
SERVICES
1.6%
Entertainment
0.2%
Cinemark
Holdings (1)
615,305
10,632
10,632
Interactive
Media
&
Services
0.3%
Bumble,
Class
A (1)
426,200
12,351
Vimeo (1)
478,900
5,690
18,041
Media
1.1%
Advantage
Solutions (1)
508,338
3,243
Advantage
Solutions,
Warrants,
12/31/26 (1)
147,335
139
Cable
One
39,385
57,669
61,051
Total
Communication
Services
89,724
CONSUMER
DISCRETIONARY
12.0%
Auto
Components
0.3%
Gentherm (1)
226,742
16,561
16,561
Automobiles
1.5%
Rivian
Automotive,
Acquisition
Date:
12/23/19
-
1/19/21,
Cost $31,419 (1)
(2)
1,658,222
79,144
79,144
Diversified
Consumer
Services
1.4%
Bright
Horizons
Family
Solutions (1)
340,133
45,132
Clear
Secure,
Class
A (1)
1,056,245
28,392
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
361,837
15
73,539
Hotels
Restaurants
&
Leisure
0.2%
Marriott
Vacations
Worldwide
56,000
8,831
8,831
Hotels,
Restaurants
&
Leisure
3.0%
BJ's
Restaurants (1)
654,553
18,524
Chuy's
Holdings (1)
521,203
14,073
Denny's (1)
731,511
10,468
Dutch
Bros,
Class
A (1)
192,999
10,667
Fiesta
Restaurant
Group (1)
1,084,076
8,103
Papa
John's
International
532,663
56,079
Red
Robin
Gourmet
Burgers (1)
369,960
6,238
Red
Rock
Resorts,
Class
A
172,069
8,356
Ruth's
Hospitality
Group
549,620
12,575
Sweetgreen,
Class
A (1)
157,555
5,040
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $17,606 (1)(2)(3)
2,059,233
13,570
163,693
Household
Durables
0.7%
Cavco
Industries (1)
57,793
13,919
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Skyline
Champion (1)
465,006
25,520
39,439
Internet
&
Direct
Marketing
Retail
0.8%
Big
Sky
Growth
Partners (1)
624,387
6,125
Farfetch,
Class
A (1)
831,807
12,577
RealReal (1)
1,189,500
8,636
Rent
the
Runway,
Class
A (1)
196,811
1,356
Xometry,
Class
A (1)
368,748
13,551
42,245
Multiline
Retail
0.6%
Ollie's
Bargain
Outlet
Holdings (1)
742,212
31,885
31,885
Specialty
Retail
2.5%
Burlington
Stores (1)
261,741
47,681
Five
Below (1)
77,495
12,273
KKR
Acquisition
Holdings
I (1)
948,714
9,440
Monro
563,788
24,998
Petco
Health
&
Wellness (1)
353,457
6,917
RH (1)
16,905
5,513
Warby
Parker,
Class
A (1)
871,526
29,466
136,288
Textiles,
Apparel
&
Luxury
Goods
1.0%
Capri
Holdings (1)
533,814
27,433
Skechers
USA,
Class
A (1)
631,918
25,757
53,190
Total
Consumer
Discretionary
644,815
CONSUMER
STAPLES
3.0%
Beverages
0.9%
Boston
Beer,
Class
A (1)
129,717
50,391
50,391
Food
Products
1.7%
Cal-Maine
Foods
366,931
20,262
Nomad
Foods (1)
952,871
21,516
Post
Holdings (1)
298,518
20,675
Post
Holdings
Partnering (1)
412,390
4,155
TreeHouse
Foods (1)
315,003
10,162
Utz
Brands
1,057,912
15,636
92,406
Personal
Products
0.4%
BellRing
Brands (1)
1,014,210
23,408
23,408
Total
Consumer
Staples
166,205
ENERGY
4.1%
Energy
Equipment
&
Services
1.3%
Cactus,
Class
A
279,400
15,853
Halliburton
202,128
7,654
Liberty
Oilfield
Services,
Class
A (1)
1,594,323
23,628
NexTier
Oilfield
Solutions (1)
2,505,601
23,152
70,287
Oil,
Gas
&
Consumable
Fuels
2.8%
Devon
Energy
659,748
39,011
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Diamondback
Energy
387,312
53,093
Magnolia
Oil
&
Gas,
Class
A
1,910,498
45,183
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $577 (1)(2)(3)
191
1,137
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $8,412 (1)(2)(3)
2,319
13,798
152,222
Total
Energy
222,509
FINANCIALS
16.4%
Banks
9.2%
BankUnited
1,011,297
44,457
Cadence
Bank
622,500
18,214
CrossFirst
Bankshares (1)
666,962
10,511
Dime
Community
Bancshares
574,900
19,874
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $1,511 (1)(2)(3)
151,114
1,984
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $742 (1)(2)(3)
74,220
975
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (1)(2)(3)
22,533
109
East
West
Bancorp
359,299
28,392
Equity
Bancshares,
Class
A
342,800
11,076
FB
Financial
570,679
25,350
First
Bancshares
403,032
13,566
Five
Star
Bancorp
231,081
6,540
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $2,456 (1)(2)(3)
245,627
982
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(3)
47,055
34
Heritage
Commerce
1,368,894
15,400
Home
BancShares
1,002,412
22,655
Live
Oak
Bancshares
496,630
25,273
Origin
Bancorp
481,139
20,347
Pacific
Premier
Bancorp
596,619
21,090
Pinnacle
Financial
Partners
309,490
28,498
Popular
236,527
19,334
Professional
Holding,
Class
A (1)
215,954
4,872
Sandy
Spring
Bancorp
449,374
20,186
Signature
Bank
118,283
34,715
SouthState
383,629
31,300
Veritex
Holdings
250,994
9,580
Webster
Financial
374,284
21,005
Western
Alliance
Bancorp
532,008
44,061
500,380
Capital
Markets
1.5%
Bluescape
Opportunities
Acquisition (1)
716,895
7,176
Cboe
Global
Markets
281,696
32,232
P10,
Class
A (1)
496,700
6,020
StepStone
Group,
Class
A
659,707
21,810
Shares
$
Value
(Cost
and
value
in
$000s)
‡
TMX
Group
(CAD)
120,100
12,352
79,590
Consumer
Finance
0.9%
Encore
Capital
Group (1)
254,389
15,958
PRA
Group (1)
384,438
17,331
PROG
Holdings (1)
547,630
15,755
49,044
Diversified
Financial
Services
0.1%
Conyers
Park
III
Acquisition (1)
598,438
6,008
6,008
Insurance
3.2%
Assurant
264,618
48,115
Axis
Capital
Holdings
633,083
38,282
Hanover
Insurance
Group
206,491
30,875
Kemper
44,800
2,533
Selective
Insurance
Group
580,503
51,874
171,679
Thrifts
&
Mortgage
Finance
1.5%
Blue
Foundry
Bancorp (1)
367,500
4,980
Capitol
Federal
Financial
893,710
9,724
Essent
Group
550,046
22,667
Kearny
Financial
743,500
9,576
PennyMac
Financial
Services
682,142
36,290
83,237
Total
Financials
889,938
HEALTH
CARE
16.4%
Biotechnology
6.3%
Abcam,
ADR (1)
299,753
5,482
Agios
Pharmaceuticals (1)
237,279
6,907
Apellis
Pharmaceuticals (1)
519,211
26,381
Arcutis
Biotherapeutics (1)
61,493
1,184
Argenx,
ADR (1)
166,371
52,458
Ascendis
Pharma,
ADR (1)
271,087
31,815
Avidity
Biosciences (1)
317,871
5,871
Blueprint
Medicines (1)
247,725
15,825
Cerevel
Therapeutics
Holdings (1)
304,818
10,672
CRISPR
Therapeutics (1)
41,644
2,614
Fate
Therapeutics (1)
168,400
6,529
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $1,212 (1)(2)(3)
185,000
1,212
Generation
Bio (1)
497,579
3,652
Global
Blood
Therapeutics (1)
398,295
13,797
Icosavax (1)
232,174
1,634
Insmed (1)
1,123,333
26,398
Intellia
Therapeutics (1)
128,781
9,359
Iovance
Biotherapeutics (1)
84,400
1,405
Karuna
Therapeutics (1)
69,740
8,842
Kymera
Therapeutics (1)
112,020
4,741
MeiraGTx
Holdings (1)
117,923
1,633
Monte
Rosa
Therapeutics (1)
209,491
2,937
Morphic
Holding (1)
20,276
814
Nkarta (1)
233,300
2,655
Nurix
Therapeutics (1)
93,042
1,304
Prothena (1)
481,744
17,617
PTC
Therapeutics (1)
59,500
2,220
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Radius
Health (1)
380,190
3,357
RAPT
Therapeutics (1)
266,928
5,870
Relay
Therapeutics (1)
69,397
2,077
Repare
Therapeutics (1)
205,900
2,932
Replimune
Group (1)
117,234
1,991
Scholar
Rock
Holding (1)
388,725
5,011
Seagen (1)
44,975
6,479
Tenaya
Therapeutics (1)
62,288
734
Turning
Point
Therapeutics (1)
182,305
4,895
Ultragenyx
Pharmaceutical (1)
361,431
26,247
Xencor (1)
375,658
10,023
Zentalis
Pharmaceuticals (1)
132,056
6,093
341,667
Health
Care
Equipment
&
Supplies
3.4%
AtriCure (1)
293,234
19,257
CVRx (1)
142,925
856
ICU
Medical (1)
138,468
30,828
Inari
Medical (1)
273,974
24,833
Nevro (1)
143,600
10,387
NuVasive (1)
193,260
10,958
Outset
Medical (1)
372,151
16,896
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $7,145 (1)(2)(3)
1,897,440
1,556
Penumbra (1)
62,736
13,935
PROCEPT
BioRobotics (1)
641,531
22,447
Quidel (1)
268,381
30,182
182,135
Health
Care
Providers
&
Services
4.0%
Accolade (1)
185,095
3,250
Alignment
Healthcare (1)
772,667
8,677
Amedisys (1)
87,239
15,031
dentalcorp
Holdings
(CAD) (1)
775,955
9,428
Hanger (1)
914,018
16,754
ModivCare (1)
149,891
17,296
Molina
Healthcare (1)
229,158
76,445
Option
Care
Health (1)
716,208
20,455
Pennant
Group (1)
292,288
5,445
Privia
Health
Group (1)
401,568
10,734
Surgery
Partners (1)
318,841
17,552
U.S.
Physical
Therapy
184,522
18,351
219,418
Health
Care
Technology
0.4%
Certara (1)
130,977
2,813
Definitive
Healthcare (1)
123,756
3,051
Doximity,
Class
A (1)
288,894
15,049
Sophia
Genetics (1)
242,611
1,875
22,788
Life
Sciences
Tools
&
Services
1.1%
Adaptive
Biotechnologies (1)
157,606
2,188
Bruker
613,537
39,450
Olink
Holding,
ADR (1)
341,544
6,032
Quanterix (1)
81,238
2,371
Rapid
Micro
Biosystems,
Class
A (1)
637,036
4,326
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Seer (1)
227,576
3,468
57,835
Pharmaceuticals
1.2%
Arvinas (1)
119,601
8,049
Catalent (1)
465,371
51,610
Reata
Pharmaceuticals,
Class
A (1)
114,381
3,747
63,406
Total
Health
Care
887,249
INDUSTRIALS
&
BUSINESS
SERVICES
13.1%
Aerospace
&
Defense
0.2%
Cadre
Holdings
211,275
5,189
Parsons (1)
215,485
8,339
13,528
Airlines
0.1%
Sun
Country
Airlines
Holdings (1)
123,142
3,224
3,224
Building
Products
0.6%
CSW
Industrials
117,851
13,858
Gibraltar
Industries (1)
432,382
18,571
32,429
Commercial
Services
&
Supplies
1.7%
Brink's
223,851
15,222
MSA
Safety
117,049
15,533
Rentokil
Initial
(GBP)
3,693,685
25,444
Stericycle (1)
341,603
20,127
Tetra
Tech
97,359
16,058
92,384
Electrical
Equipment
0.8%
AZZ
599,519
28,921
Shoals
Technologies
Group,
Class
A (1)
542,400
9,242
Thermon
Group
Holdings (1)
261,400
4,235
42,398
Machinery
5.2%
Enerpac
Tool
Group
1,127,067
24,672
ESCO
Technologies
347,318
24,285
Federal
Signal
558,466
18,848
Graco
389,132
27,130
Helios
Technologies
306,297
24,580
Ingersoll
Rand
920,857
46,365
John
Bean
Technologies
306,939
36,363
Marel
(ISK)
1,160,174
6,837
Mueller
Water
Products,
Class
A
1,458,466
18,843
RBC
Bearings (1)
72,900
14,134
SPX (1)
471,018
23,273
Toro
209,779
17,934
283,264
Marine
0.2%
Matson
87,242
10,523
10,523
Professional
Services
1.7%
Booz
Allen
Hamilton
Holding
310,643
27,287
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $2,271 (1)(2)(3)
97,182
4,703
Clarivate (1)
1,764,568
29,574
Huron
Consulting
Group (1)
177,462
8,129
Legalzoom.com (1)
486,236
6,875
Upwork (1)
602,791
14,009
90,577
Road
&
Rail
1.1%
Knight-Swift
Transportation
Holdings
372,755
18,809
Landstar
System
102,765
15,500
Saia (1)
111,728
27,242
61,551
Trading
Companies
&
Distributors
1.5%
Air
Lease
409,157
18,269
Rush
Enterprises,
Class
A
359,138
18,284
SiteOne
Landscape
Supply (1)
262,892
42,507
79,060
Total
Industrials
&
Business
Services
708,938
INFORMATION
TECHNOLOGY
13.6%
Communications
Equipment
0.0%
Infinera (1)
246,054
2,133
2,133
Electronic
Equipment,
Instruments
&
Components
3.7%
CTS
668,188
23,614
Littelfuse
110,068
27,452
National
Instruments
343,940
13,960
Novanta (1)
356,888
50,782
PAR
Technology (1)
634,489
25,595
Teledyne
Technologies (1)
127,332
60,181
201,584
IT
Services
2.1%
Euronet
Worldwide (1)
198,245
25,801
Kratos
Defense
&
Security
Solutions (1)
625,242
12,805
Payoneer
Global (1)
2,053,085
9,157
Repay
Holdings (1)
459,079
6,780
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $620 (1)(2)(3)
12,795
1,259
Shift4
Payments,
Class
A (1)
284,800
17,638
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $1,603 (1)(2)(3)
71,410
1,722
Toast,
Class
A (1)
1,805,565
39,235
114,397
Semiconductors
&
Semiconductor
Equipment
2.6%
Entegris
504,313
66,196
Lattice
Semiconductor (1)
1,110,320
67,674
Semtech (1)
142,335
9,870
143,740
Software
5.2%
Amplitude,
Class
A (1)
426,400
7,859
Blackline (1)
42,100
3,083
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ceridian
HCM
Holding (1)
394,254
26,951
Clearwater
Analytics
Holdings,
Class
A (1)
270,301
5,676
Coupa
Software (1)
105,513
10,723
Descartes
Systems
Group (1)
717,826
52,588
DoubleVerify
Holdings (1)
544,065
13,694
Five9 (1)
88,559
9,777
ForgeRock,
Class
A (1)
116,839
2,561
Manhattan
Associates (1)
146,279
20,290
nCino (1)
441,760
18,103
Paycom
Software (1)
53,330
18,473
Paycor
HCM (1)
667,731
19,438
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $118 (1)(2)(3)
117,561
106
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $17 (1)(2)(3)
16,794
16
Socure,
Acquisition
Date:
12/22/21,
Cost $1,200 (1)(2)(3)
74,692
1,200
SS&C
Technologies
Holdings
600,800
45,072
Workiva (1)
220,707
26,043
281,653
Total
Information
Technology
743,507
MATERIALS
3.2%
Chemicals
1.7%
Element
Solutions
2,532,410
55,460
Minerals
Technologies
296,516
19,615
Quaker
Chemical
102,387
17,693
92,768
Containers
&
Packaging
0.1%
Ranpak
Holdings (1)
239,853
4,900
4,900
Metals
&
Mining
1.1%
Constellium (1)
1,834,054
33,013
ERO
Copper
(CAD) (1)
536,970
7,864
Franco-Nevada
(CAD)
34,120
5,430
Haynes
International
359,533
15,316
61,623
Paper
&
Forest
Products
0.3%
West
Fraser
Timber
(CAD)
208,334
17,141
17,141
Total
Materials
176,432
REAL
ESTATE
6.6%
Equity
Real
Estate
Investment
Trusts
5.2%
American
Campus
Communities,
REIT
576,796
32,283
Community
Healthcare
Trust,
REIT
232,998
9,835
CubeSmart,
REIT
633,088
32,940
DigitalBridge
Group,
REIT (1)
1,888,257
13,595
EastGroup
Properties,
REIT
343,021
69,729
First
Industrial
Realty
Trust,
REIT
284,575
17,618
Flagship
Communities
REIT
241,575
4,771
PS
Business
Parks,
REIT
258,931
43,521
Rexford
Industrial
Realty,
REIT
558,182
41,635
Terreno
Realty,
REIT
194,200
14,381
280,308
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Real
Estate
Management
&
Development
1.4%
Altus
Group
(CAD)
137,800
5,566
FirstService
402,113
58,258
Tricon
Residential
842,176
13,374
77,198
Total
Real
Estate
357,506
UTILITIES
4.3%
Electric
Utilities
0.8%
IDACORP
297,297
34,296
MGE
Energy
138,794
11,075
45,371
Gas
Utilities
2.2%
Chesapeake
Utilities
245,630
33,838
ONE
Gas
472,996
41,737
Southwest
Gas
Holdings
596,242
46,680
122,255
Independent
Power
&
Renewable
Electricity
Producers
0.4%
NextEra
Energy
Partners
265,990
22,173
22,173
Water
Utilities
0.9%
California
Water
Service
Group
278,523
16,511
Middlesex
Water
101,978
10,725
SJW
Group
295,890
20,588
47,824
Total
Utilities
237,623
Total
Miscellaneous
Common
Stocks
0.2% (4)
11,164
Total
Common
Stocks
(Cost
$3,461,090)
5,135,610
CONVERTIBLE
PREFERRED
STOCKS
4.2%
CONSUMER
DISCRETIONARY
0.8%
Hotels,
Restaurants
&
Leisure
0.7%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $9,599 (1)(2)(3)
381,719
22,315
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $7,556 (1)(2)(3)
200,801
11,739
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $3,632 (1)(2)(3)(5)
404,324
2,665
36,719
Internet
&
Direct
Marketing
Retail
0.1%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $6,391 (1)(2)(3)
1,098,082
6,391
6,391
Total
Consumer
Discretionary
43,110
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 $6,275 (1)(2)(3)
339,830
21,123
Total
Consumer
Staples
21,123
FINANCIALS
0.1%
Banks
0.1%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $4,795 (1)(2)(3)
45,609
4,795
Total
Financials
4,795
HEALTH
CARE
0.9%
Biotechnology
0.2%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $2,356 (1)(2)(3)
853,615
6,914
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $4,729 (1)(2)(3)
583,832
4,729
11,643
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $2,939 (1)(2)(3)
2,892,844
2,939
2,939
Health
Care
Providers
&
Services
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $5,009 (1)(2)(3)
2,080,305
6,577
6,577
Life
Sciences
Tools
&
Services
0.5%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $3,365 (1)(2)(3)
381,143
3,365
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $3,621 (1)(2)(3)
265,089
16,099
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $6,907 (1)(2)(3)
155,519
9,445
28,909
Total
Health
Care
50,068
INDUSTRIALS
&
BUSINESS
SERVICES
1.0%
Aerospace
&
Defense
0.2%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $3,410 (1)(2)(3)
75,721
5,149
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $6,074 (1)(2)(3)
1,087,799
6,074
11,223
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Air
Freight
&
Logistics
0.1%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $2,725 (1)(2)(3)
223,990
4,568
4,568
Electrical
Equipment
0.1%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $2,969 (1)(2)(3)
142,571
2,969
2,969
Professional
Services
0.3%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $1,791 (1)(2)(3)
131,220
6,350
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $6,330 (1)(2)(3)
209,265
10,126
16,476
Road
&
Rail
0.3%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $3,999 (1)(2)(3)
563,190
9,291
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $5,376 (1)(2)(3)
397,082
6,551
15,842
Total
Industrials
&
Business
Services
51,078
INFORMATION
TECHNOLOGY
0.8%
IT
Services
0.2%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $5 (1)(2)(3)
185
18
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $2,387 (1)(2)(3)
90,775
8,934
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $577 (1)(2)(3)
5,381
530
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $361 (1)(2)(3)
16,080
388
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $36 (1)(2)(3)
1,600
38
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $39 (1)(2)(3)
1,750
42
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $4,568 (1)(2)(3)
203,440
4,905
14,855
Software
0.6%
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
9,922
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $3,216 (1)(2)(3)
154,275
3,216
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $3,099 (1)(2)(3)
204,547
3,612
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $3,462 (1)(2)(3)
549,145
6,848
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $374 (1)(2)(3)
42,590
531
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $1,459 (1)(2)(3)
90,776
1,459
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $1,197 (1)(2)(3)
74,504
1,197
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $22 (1)(2)(3)
1,348
22
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $2,775 (1)(2)(3)
172,687
2,775
31,958
Total
Information
Technology
46,813
MATERIALS
0.2%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $4,206 (1)(2)(3)
88,718
4,626
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $5,284 (1)(2)(3)
128,029
3,991
8,617
Metals
&
Mining
0.1%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $3,092 (1)(2)(3)
112,792
3,092
3,092
Total
Materials
11,709
Total
Convertible
Preferred
Stocks
(Cost
$144,597)
228,696
SHORT-TERM
INVESTMENTS
1.3%
Money
Market
Funds
1.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (6)(7)
72,771,674
72,772
Total
Short-Term
Investments
(Cost
$72,772)
72,772
Total
Investments
in
Securities
100.0%
(Cost
$3,678,459)
$
5,437,078
Other
Assets
Less
Liabilities
(0.0)%
(460)
Net
Assets
100.0%
$
5,436,618
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
7
‡
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
$352,218
and
represents
6.5%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(5)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(6)
Seven-day
yield
(7)
Affiliated
Companies
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
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,
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
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
—
$
—
$
29++
Totals
$
—#
$
—
$
29+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
86,214
¤
¤
$
72,772
Total
$
72,772^
#
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
$29
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
$72,772.
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2022
(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,
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 $(3,703,000) for
the
period ended
March
31,
2022.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
4,917,255
$
173,992
$
44,363
$
5,135,610
Convertible
Preferred
Stocks
—
—
228,696
228,696
Short-Term
Investments
72,772
—
—
72,772
Total
$
4,990,027
$
173,992
$
273,059
$
5,437,078
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
50,195
$
(5,832)
$
—
$
44,363
Convertible
Preferred
Stocks
209,637
2,129
16,930
228,696
Total
$
259,832
$
(3,703)
$
16,930
$
273,059
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.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
44,363
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
4.6x
Increase
Sales
growth
rate
23%
-
45%
29%
Increase
Enterprise
value
to
gross
profit
multiple
7.1x
–
24.5x
12.8x
Increase
Gross
profit
growth
rate
36%
-
53%
48%
Increase
Enterprise
value
to
EBITDA
multiple
10.5x
–
22.3
x
15.1x
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
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
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.
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**
Risk-free
rate
3%
3%
Increase
Volatility
41%
-
46%
45%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$228,696
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
13.7x
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
Projected
enterprise
value
to
EBITDA
multiple
4.3x
4.3x
Increase
Discount
rate
for
cost
of
capital
25%
-
30%
27%
Increase
Discount
for
lack
of
marketability
10%
10%
Increase
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
13
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
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.
E129-054Q1
03/22