T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.0%
COMMUNICATION
SERVICES
1.5%
Entertainment
0.5%
Cinemark
Holdings (1)
774,949
14,887
Zynga,
Class
A (1)
2,554,384
19,234
34,121
Interactive
Media
&
Services
0.1%
Genius
Sports (1)
210,600
3,930
3,930
Media
0.9%
Advantage
Solutions (1)
610,538
5,281
Advantage
Solutions,
Warrants,
12/31/26 (1)
147,335
268
Cable
One
30,017
54,425
59,974
Total
Communication
Services
98,025
CONSUMER
DISCRETIONARY
10.5%
Auto
Components
0.5%
Gentherm (1)
330,699
26,764
Stoneridge (1)
434,400
8,857
35,621
Diversified
Consumer
Services
1.2%
Alclear
Holdings,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $7,841 (1)(2)
1,043,667
40,700
Bright
Horizons
Family
Solutions (1)
247,749
34,541
Rover
Group,
Acquisition
Date:
5/11/18
-
8/2/21,
Cost $2,607 (1)(2)
361,837
4,672
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
361,837
256
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
361,837
206
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
361,837
50
80,425
Hotels,
Restaurants
&
Leisure
3.1%
Bally's (1)
113,894
5,711
BJ's
Restaurants (1)
652,353
27,242
Chuy's
Holdings (1)
601,003
18,950
Denny's (1)
868,090
14,185
Drive
Shack (1)
1,580,200
4,440
Dutch
Bros,
Class
A (1)
214,073
9,274
Fiesta
Restaurant
Group (1)
1,249,976
13,700
Papa
John's
International
577,851
73,381
Red
Robin
Gourmet
Burgers (1)
451,976
10,422
Red
Rock
Resorts,
Class
A (1)
89,200
4,569
Ruth's
Hospitality
Group (1)
557,720
11,550
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $17,606 (1)(2)
(3)(4)
2,059,233
17,606
211,030
Household
Durables
0.8%
Cavco
Industries (1)
68,546
16,228
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Skyline
Champion (1)
621,754
37,342
53,570
Internet
&
Direct
Marketing
Retail
1.2%
1stdibs.com,
Acquisition
Date:
2/7/19,
Cost $2,637 (1)(2)
175,419
2,066
Altimeter
Growth (1)
651,355
6,930
Altimeter
Growth
SPAC
/
Grab
Holdings
PIPE (1)(5)
726,587
6,683
Big
Sky
Growth
Partners (1)
719,987
7,186
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $9,193
(GBP) (1)(2)
5,170,800
19,142
Poshmark,
Class
A (1)
84,453
2,007
RealReal (1)
860,400
11,340
ThredUp,
Class
A (1)
372,446
8,078
Xometry,
Acquisition
Date:
7/20/20
-
9/4/20,
Cost $3,130 (1)(2)
307,867
16,867
Xometry,
Class
A (1)
64,949
3,746
84,045
Multiline
Retail
0.6%
Ollie's
Bargain
Outlet
Holdings (1)
641,580
38,675
38,675
Specialty
Retail
2.2%
Burlington
Stores (1)
262,713
74,498
Five
Below (1)
55,395
9,794
Monro
505,154
29,051
Petco
Health
&
Wellness (1)
407,657
8,602
RH (1)
40,405
26,946
148,891
Textiles,
Apparel
&
Luxury
Goods
0.9%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $2,916 (1)(2)(3)
265,810
3,073
Capri
Holdings (1)
546,200
26,442
Skechers
USA,
Class
A (1)
545,400
22,972
Steven
Madden
165,100
6,631
59,118
Total
Consumer
Discretionary
711,375
CONSUMER
STAPLES
2.9%
Beverages
0.8%
Boston
Beer,
Class
A (1)
112,275
57,232
57,232
Food
Products
2.0%
Cal-Maine
Foods
611,031
22,095
Nomad
Foods (1)
838,353
23,105
Post
Holdings (1)
347,360
38,265
Post
Holdings
Partnering (1)
475,490
4,807
TreeHouse
Foods (1)
698,203
27,844
Utz
Brands
1,167,977
20,008
136,124
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Personal
Products
0.1%
BellRing
Brands,
Class
A (1)
311,383
9,575
9,575
Total
Consumer
Staples
202,931
ENERGY
3.0%
Energy
Equipment
&
Services
1.1%
Cactus,
Class
A
304,800
11,497
Dril-Quip (1)
224,100
5,643
Halliburton
1,185,700
25,635
Liberty
Oilfield
Services,
Class
A (1)
1,887,197
22,891
NexTier
Oilfield
Solutions (1)
2,914,500
13,407
79,073
Oil,
Gas
&
Consumable
Fuels
1.9%
Devon
Energy
919,672
32,658
Diamondback
Energy
518,324
49,070
Magnolia
Oil
&
Gas,
Class
A
2,254,949
40,115
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $577 (1)(2)(3)
191
877
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $8,412 (1)(2)(3)
2,319
10,644
133,364
Total
Energy
212,437
FINANCIALS
16.1%
Banks
9.8%
Atlantic
Capital
Bancshares (1)
473,294
12,538
BankUnited
1,146,097
47,930
CrossFirst
Bankshares (1)
769,162
9,999
Dime
Community
Bancshares
559,000
18,257
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
547,159
42,427
Equity
Bancshares,
Class
A
395,300
13,195
FB
Financial
658,179
28,223
First
Bancshares
464,632
18,018
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $2,456 (1)(2)(3)
245,627
1,118
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(3)
47,055
—
Heritage
Commerce
1,578,494
18,358
Heritage
Financial
489,600
12,485
Home
BancShares
1,221,812
28,749
Live
Oak
Bancshares
597,510
38,020
Origin
Bancorp
554,939
23,502
Pacific
Premier
Bancorp
711,219
29,473
Pinnacle
Financial
Partners
624,529
58,756
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Popular
286,600
22,260
Professional
Holding,
Class
A (1)
249,054
4,682
Sandy
Spring
Bancorp
493,428
22,609
Seacoast
Banking
841,802
28,461
Signature
Bank
255,353
69,528
SouthState
354,607
26,478
Webster
Financial
486,604
26,500
Western
Alliance
Bancorp
673,621
73,303
677,662
Capital
Markets
1.2%
Cboe
Global
Markets
423,832
52,496
StepStone
Group,
Class
A
700,952
29,888
82,384
Consumer
Finance
1.1%
Encore
Capital
Group (1)
507,824
25,020
PRA
Group (1)
543,565
22,906
PROG
Holdings
643,871
27,049
74,975
Diversified
Financial
Services
0.1%
Conyers
Park
III
Acquisition (1)
689,938
6,968
6,968
Insurance
2.6%
Assurant
297,614
46,949
Axis
Capital
Holdings
713,295
32,840
Bright
Health
Group (1)
195,754
1,597
Bright
Health
Group,
Acquisition
Date:
9/16/20,
Cost $6,531 (1)(2)
959,652
7,439
Hanover
Insurance
Group
243,069
31,507
Selective
Insurance
Group
667,776
50,437
Selectquote (1)
487,334
6,301
177,070
Thrifts
&
Mortgage
Finance
1.3%
Blue
Foundry
Bancorp (1)
271,300
3,741
Capitol
Federal
Financial
936,847
10,764
Essent
Group
628,670
27,668
Meridian
Bancorp
402,418
8,354
PennyMac
Financial
Services
630,538
38,545
Sterling
Bancorp (1)
359,962
1,858
90,930
Total
Financials
1,109,989
HEALTH
CARE
18.7%
Biotechnology
7.9%
Abcam,
ADR (1)
331,653
6,723
ACADIA
Pharmaceuticals (1)
158,838
2,638
Acceleron
Pharma (1)
165,995
28,568
Agios
Pharmaceuticals (1)
273,579
12,626
Allogene
Therapeutics (1)
104,549
2,687
Apellis
Pharmaceuticals (1)
175,300
5,778
Arcutis
Biotherapeutics (1)
70,793
1,691
Argenx,
ADR (1)
180,094
54,388
Ascendis
Pharma,
ADR (1)
285,440
45,496
Avidity
Biosciences (1)
261,571
6,443
Blueprint
Medicines (1)
278,128
28,594
Cerevel
Therapeutics
Holdings (1)
319,507
9,425
CRISPR
Therapeutics (1)
48,144
5,389
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $1,212 (1)(2)(3)
185,000
1,212
G1
Therapeutics (1)
152,420
2,045
Generation
Bio (1)
573,679
14,382
Global
Blood
Therapeutics (1)
483,981
12,332
Homology
Medicines (1)
251,465
1,979
Icosavax (1)
179,791
5,320
IGM
Biosciences (1)
124,703
8,200
Insmed (1)
1,174,978
32,359
Intellia
Therapeutics (1)
143,475
19,247
Iovance
Biotherapeutics (1)
97,400
2,402
Karuna
Therapeutics (1)
46,211
5,653
Kodiak
Sciences (1)
379,206
36,396
Kymera
Therapeutics (1)
78,639
4,619
MeiraGTx
Holdings (1)
135,923
1,791
Monte
Rosa
Therapeutics (1)
78,045
1,739
Morphic
Holding (1)
23,376
1,324
Nurix
Therapeutics (1)
107,242
3,213
Orchard
Therapeutics,
ADR (1)
336,901
775
Prothena (1)
540,040
38,467
PTC
Therapeutics (1)
68,500
2,549
Radius
Health (1)
1,313,336
16,299
RAPT
Therapeutics (1)
290,725
9,027
Replimune
Group (1)
135,234
4,008
Scholar
Rock
Holding (1)
403,025
13,308
Seagen (1)
120,175
20,406
Tenaya
Therapeutics (1)
71,788
1,482
TG
Therapeutics (1)
44,338
1,476
Turning
Point
Therapeutics (1)
157,473
10,461
Ultragenyx
Pharmaceutical (1)
407,504
36,753
Xencor (1)
422,360
13,794
Zentalis
Pharmaceuticals (1)
146,124
9,738
543,202
Health
Care
Equipment
&
Supplies
3.8%
AtriCure (1)
348,672
24,250
Avanos
Medical (1)
572,647
17,866
Axonics (1)
127,977
8,330
CVRx (1)
164,925
2,728
ICU
Medical (1)
131,482
30,685
Inari
Medical (1)
167,300
13,568
Mesa
Laboratories
29,791
9,008
Nevro (1)
162,292
18,887
NuVasive (1)
232,426
13,911
Outset
Medical (1)
126,940
6,276
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $7,145 (1)(2)(3)
1,897,440
2,410
Penumbra (1)
72,236
19,251
PROCEPT
BioRobotics (1)
62,202
2,373
Pulmonx (1)
41,284
1,485
Quidel (1)
290,837
41,052
Warby
Parker,
Class
A (1)
990,482
52,545
264,625
Health
Care
Providers
&
Services
4.1%
Accolade (1)
213,495
9,003
Alignment
Healthcare (1)
840,222
13,427
Amedisys (1)
179,239
26,724
Shares
$
Value
(Cost
and
value
in
$000s)
‡
dentalcorp
Holdings
(CAD) (1)
783,355
10,248
Hanger (1)
1,091,018
23,959
ModivCare (1)
174,279
31,652
Molina
Healthcare (1)
303,965
82,469
Oak
Street
Health (1)
348,107
14,805
Option
Care
Health (1)
802,170
19,461
Pennant
Group (1)
319,588
8,977
Privia
Health
Group (1)
174,995
4,123
Surgery
Partners (1)
290,175
12,286
U.S.
Physical
Therapy
213,488
23,612
280,746
Health
Care
Technology
0.3%
Certara (1)
137,331
4,546
Definitive
Healthcare (1)
142,656
6,110
Doximity,
Class
A (1)
108,994
8,796
Sophia
Genetics (1)
279,811
4,905
24,357
Life
Sciences
Tools
&
Services
1.3%
Adaptive
Biotechnologies (1)
181,906
6,183
Bruker
763,755
59,649
Olink
Holding,
ADR (1)
365,226
8,857
Quanterix (1)
93,638
4,662
Rapid
Micro
Biosystems,
Class
A (1)
268,743
4,964
Seer (1)
239,376
8,266
92,581
Pharmaceuticals
1.3%
Arvinas (1)
42,684
3,508
Atea
Pharmaceuticals (1)
71,991
2,524
Catalent (1)
543,281
72,294
Reata
Pharmaceuticals,
Class
A (1)
131,981
13,279
91,605
Total
Health
Care
1,297,116
INDUSTRIALS
&
BUSINESS
SERVICES
14.9%
Aerospace
&
Defense
0.2%
BWX
Technologies
119,084
6,414
Parsons (1)
252,463
8,523
14,937
Airlines
0.1%
Sun
Country
Airlines
Holdings (1)
221,811
7,440
7,440
Building
Products
0.9%
CSW
Industrials
90,035
11,497
Gibraltar
Industries (1)
553,546
38,555
PGT
Innovations (1)
771,467
14,735
64,787
Commercial
Services
&
Supplies
2.1%
ADT
2,526,392
20,438
Brink's
321,690
20,363
Heritage-Crystal
Clean (1)
485,700
14,076
MSA
Safety
144,249
21,017
Rentokil
Initial
(GBP)
4,180,386
32,828
Stericycle (1)
231,100
15,708
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tetra
Tech
116,706
17,429
141,859
Electrical
Equipment
0.9%
AZZ
691,219
36,773
Shoals
Technologies
Group,
Class
A (1)
625,400
17,436
Thermon
Group
Holdings (1)
301,400
5,217
59,426
Machinery
5.4%
Chart
Industries (1)
123,752
23,650
Enerpac
Tool
Group
1,287,967
26,700
ESCO
Technologies
401,418
30,909
Federal
Signal
529,000
20,430
Graco
458,727
32,097
Helios
Technologies
345,617
28,379
Ingersoll
Rand (1)
1,044,315
52,644
John
Bean
Technologies
358,904
50,444
Marel
(ISK)
1,155,910
8,004
Meritor (1)
1,005,609
21,429
Mueller
Water
Products,
Class
A
1,617,078
24,612
SPX (1)
503,911
26,934
Toro
261,370
25,460
371,692
Marine
0.5%
Matson
397,043
32,045
32,045
Professional
Services
2.2%
Booz
Allen
Hamilton
Holding
358,243
28,426
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $2,271 (1)(2)(3)
97,182
5,248
Clarivate (1)
2,066,546
45,257
Huron
Consulting
Group (1)
196,400
10,213
Legalzoom.com (1)
106,651
2,816
Upwork (1)
1,267,725
57,086
149,046
Road
&
Rail
1.0%
Knight-Swift
Transportation
Holdings
481,276
24,617
Landstar
System
121,933
19,244
Saia (1)
115,532
27,500
71,361
Trading
Companies
&
Distributors
1.6%
Air
Lease
355,800
13,997
Rush
Enterprises,
Class
A
458,739
20,717
SiteOne
Landscape
Supply (1)
372,740
74,350
109,064
Total
Industrials
&
Business
Services
1,021,657
INFORMATION
TECHNOLOGY
14.2%
Communications
Equipment
0.0%
Infinera (1)
283,754
2,361
2,361
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Electronic
Equipment,
Instruments
&
Components
3.7%
CTS
884,488
27,340
Littelfuse
129,858
35,486
National
Instruments
675,040
26,482
Novanta (1)
419,403
64,798
PAR
Technology (1)
632,389
38,898
Teledyne
Technologies (1)
149,132
64,064
257,068
IT
Services
2.5%
Euronet
Worldwide (1)
213,357
27,156
Flywire (1)
83,224
3,649
Kratos
Defense
&
Security
Solutions (1)
815,123
18,186
Payoneer
Global (1)
1,886,100
16,126
Repay
Holdings (1)
598,349
13,780
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $620 (1)(2)(3)
12,795
1,522
StoneCo,
Class
A (1)
111,500
3,871
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $1,603 (1)(2)(3)
71,410
1,603
Toast,
Class
B,
Acquisition
Date:
6/27/18
-
2/14/20,
Cost $7,114 (1)
(2)(6)
1,805,465
85,674
171,567
Semiconductors
&
Semiconductor
Equipment
2.6%
Entegris
608,713
76,637
Lattice
Semiconductor (1)
1,411,850
91,276
Semtech (1)
169,500
13,216
181,129
Software
5.4%
Ceridian
HCM
Holding (1)
482,978
54,393
Clearwater
Analytics
Holdings,
Class
A (1)
302,466
7,746
Coupa
Software (1)
98,613
21,614
Descartes
Systems
Group (1)
827,726
67,261
DoubleVerify
Holdings (1)
88,540
3,025
Duck
Creek
Technologies (1)
64,571
2,857
Five9 (1)
192,777
30,794
ForgeRock,
Class
A (1)
134,739
5,245
Manhattan
Associates (1)
137,579
21,054
nCino (1)
376,948
26,775
Paycom
Software (1)
72,258
35,822
Paycor
HCM (1)
213,367
7,502
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
SS&C
Technologies
Holdings
754,180
52,340
Workiva (1)
208,800
29,432
Zendesk (1)
71,900
8,368
374,350
Total
Information
Technology
986,475
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
3.8%
Chemicals
1.7%
Element
Solutions
2,873,640
62,301
Minerals
Technologies
337,816
23,593
Quaker
Chemical
132,098
31,402
117,296
Containers
&
Packaging
0.1%
Ranpak
Holdings (1)
276,553
7,417
7,417
Metals
&
Mining
1.7%
Constellium (1)
2,056,659
38,624
ERO
Copper
(CAD) (1)
1,479,500
26,235
Franco-Nevada
(CAD)
122,920
15,969
Haynes
International
414,733
15,449
Northern
Star
Resources
(AUD)
2,988,523
18,304
114,581
Paper
&
Forest
Products
0.3%
West
Fraser
Timber
(CAD)
239,183
20,145
20,145
Total
Materials
259,439
MISCELLANEOUS
0.3%
Miscellaneous
0.3%
Bluescape
Opportunities
Acquisition (1)
826,495
8,488
KKR
Acquisition
Holdings
I (1)
1,093,914
10,917
Total
Miscellaneous
19,405
REAL
ESTATE
5.3%
Equity
Real
Estate
Investment
Trusts
3.9%
American
Campus
Communities,
REIT
681,392
33,013
Community
Healthcare
Trust,
REIT
261,598
11,822
CubeSmart,
REIT
652,541
31,616
EastGroup
Properties,
REIT
383,444
63,893
First
Industrial
Realty
Trust,
REIT
338,109
17,609
Flagship
Communities
REIT,
REIT
164,149
2,971
JBG
SMITH
Properties,
REIT
905,117
26,800
PS
Business
Parks,
REIT
290,226
45,490
Rexford
Industrial
Realty,
REIT
648,335
36,793
270,007
Real
Estate
Management
&
Development
1.4%
Altus
Group
(CAD)
145,300
7,090
FirstService
487,613
88,004
95,094
Total
Real
Estate
365,101
UTILITIES
3.6%
Electric
Utilities
0.6%
IDACORP
283,839
29,343
MGE
Energy
139,694
10,268
39,611
Gas
Utilities
1.6%
Chesapeake
Utilities
278,630
33,449
Shares
$
Value
(Cost
and
value
in
$000s)
‡
ONE
Gas
523,211
33,156
Southwest
Gas
Holdings
619,734
41,448
108,053
Independent
Power
&
Renewable
Electricity
Producers
0.3%
NextEra
Energy
Partners
314,234
23,681
23,681
Multi-Utilities
0.2%
NorthWestern
281,500
16,130
16,130
Water
Utilities
0.9%
California
Water
Service
Group
335,937
19,797
Middlesex
Water
195,978
20,143
SJW
Group
345,340
22,813
62,753
Total
Utilities
250,228
Total
Miscellaneous
Common
Stocks
0.2% (7)
12,477
Total
Common
Stocks
(Cost
$3,794,812)
6,546,655
CONVERTIBLE
PREFERRED
STOCKS
4.4%
CONSUMER
DISCRETIONARY
2.3%
Automobiles
1.7%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $6,836 (1)(2)(3)
636,266
45,194
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $9,483 (1)(2)(3)
612,175
43,483
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $15,100 (1)(2)(3)
409,781
29,106
117,783
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
0.1%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $6,391 (1)(2)(3)
1,098,082
6,391
6,391
Textiles,
Apparel
&
Luxury
Goods
0.1%
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
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
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
153,125
CONSUMER
STAPLES
0.3%
Food
Products
0.3%
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
HEALTH
CARE
0.6%
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
0.0%
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
0.3%
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
11,773
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $6,907 (1)(2)(3)
155,519
6,907
22,045
Total
Health
Care
43,204
INDUSTRIALS
&
BUSINESS
SERVICES
0.5%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $3,410 (1)(2)(3)
75,721
3,410
3,410
Professional
Services
0.3%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $1,791 (1)(2)(3)
131,220
7,086
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $6,330 (1)(2)(3)
209,265
11,300
18,386
Road
&
Rail
0.2%
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
37,638
INFORMATION
TECHNOLOGY
0.6%
IT
Services
0.3%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $5 (1)(2)(3)
185
22
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $2,387 (1)(2)(3)
90,775
10,799
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $577 (1)(2)(3)
5,381
640
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $361 (1)(2)(3)
16,080
361
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $36 (1)(2)(3)
1,600
36
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $39 (1)(2)(3)
1,750
39
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $4,568 (1)(2)(3)
203,440
4,568
16,465
Software
0.3%
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
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
7,922
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $375 (1)(2)(3)
42,590
615
22,951
Total
Information
Technology
39,416
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $4,206 (1)(2)(3)
88,718
4,206
T.
ROWE
PRICE
Institutional
Small-Cap
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $5,284 (1)(2)(3)
128,029
5,284
Total
Materials
9,490
Total
Convertible
Preferred
Stocks
(Cost
$153,642)
303,996
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (6)(8)
47,960,549
47,961
Total
Short-Term
Investments
(Cost
$47,961)
47,961
Total
Investments
in
Securities
100.1%
(Cost
$3,996,415)
$
6,898,612
Other
Assets
Less
Liabilities
(0.1)%
(6,288)
Net
Assets
100.0%
$
6,892,324
‡
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
$529,296
and
represents
7.7%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(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)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
September
30,
2021,
was
$7,266
and
was
valued
at
$6,683
(0.1%
of
net
assets).
(6)
Affiliated
Companies
(7)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(8)
Seven-day
yield
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
GBP
British
Pound
ISK
Iceland
Krona
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
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
nine
months
ended
September
30,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Toast,
Class
B
$
—
$
51,370
$
—
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
28
Totals
$
—#
$
51,370
$
28+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Toast,
Class
B
$
*
$
—
$
—
$
85,674
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
55,005
¤
¤
47,961
Total
$
133,635^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$28
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
$55,075.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
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
September
30,
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
September
30,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
September
30,
2021,
totaled $137,788,000 for
the
period ended
September
30,
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
$
6,172,878
$
325,549
$
48,228
$
6,546,655
Convertible
Preferred
Stocks
—
—
303,996
303,996
Short-Term
Investments
47,961
—
—
47,961
Total
$
6,220,839
$
325,549
$
352,224
$
6,898,612
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
70,424
$
(8,511)
$
11,310
$
(24,897)
$
(98)
$
48,228
Convertible
Preferred
Stocks
174,569
101,964
73,991
(45,120)
(1,408)
303,996
Total
$
244,993
$
93,453
$
85,301
$
(70,017)
$
(1,506)
$
352,224
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
$
48,228
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
3%
-
10%
9%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
4.8x
–
5.8x
5.3x
Increase
Sales
growth
rate
11%
11%
Increase
Enterprise
value
to
gross
profit
multiple
9.5x
–
15.4x
12.5x
Increase
Gross
profit
growth
rate
13%
13%
Increase
Enterprise
value
to
EBITDA
multiple
10.8x
10.8x
Increase
Price
to
tangible
book
value
multiple
1.7
x
–
1.9x
1.8x
Increase
Tangible
book
value
growth
rate
36%
36%
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.7x
12.7x
Increase
Discount
for
lack
of
collectability
100%
100%
Decrease
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.
E129-054Q3
09/21
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Risk-free
rate
3%
3%
Increase
Volatility
38%
38%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$303,996
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Capital
conversion
reference
point
$55
Billion
$55
Billion
Increase