UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-00696

T. Rowe Price Small-Cap Stock Fund, Inc.

 

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

 

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31 

Date of reporting period: December 31, 2023


Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 


Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
2023
Annual
Report
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
OTCFX
Small-Cap
Stock
Fund
.
PASSX
Small-Cap
Stock
Fund–
.
Advisor  Class
OTIIX
Small-Cap
Stock
Fund–
.
I  Class
TRZZX
Small-Cap
Stock
Fund–
.
Z Class
T.
ROWE
PRICE
Small-Cap
Stock
Fund
HIGHLIGHTS
The
Small-Cap
Stock
Fund
advanced
and
outperformed
the
Russell
2000
Index,
as
major
U.S.
stock
indexes
produced
strong
gains
and
rebounded
from
weaker
performance
in
2022.
Stock
selection
in
the
health
care,
industrials
and
business
services,
and
consumer
discretionary
sectors
were
notably
strong,
while
the
financials
sector
was
the
most
significant
detractor
due
to
our
stock
choices.
Bottom-up
stock
selection
continued
to
drive
our
portfolio
positioning.
We
sought
companies
that
are
attempting
to
solve
hard
problems,
believing
that
they
will
be
successful
regardless
of
the
macro
environment.
We
maintain
conviction
in
our
investment
process,
remain
focused
on
identifying
the
advantaged
companies
across
our
universe
that
offer
relative
value,
and
believe
that
our
fundamental
and
patient
approach
will
provide
strong
long-term
results.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Market
Commentary
1
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
2
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Management’s
Discussion
of
Fund
Performance
3
INVESTMENT
OBJECTIVE 
The
fund
seeks
to
provide
long-term
capital
growth
by
investing
primarily
in
stocks
of
small
companies.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
Small-Cap
Stock
Fund
returned
17.43%
for
2023.
The
fund
outperformed
the
Russell
2000
Index
but
underperformed
its
Lipper
peer
group.,
as
represented
by
the
Lipper
Small-Cap
Growth
Funds
Index.
Lipper
currently
classifies
the
fund
as
a
small-cap
growth
portfolio,
but
we
have
not
changed
our
investment
approach.
The
fund
outperformed
the
Lipper
Small-Cap
Core
Funds
Index.
(Returns
for
the
Advisor,
I,
and
Z
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
The
health
care
sector
added
value
due
to
stock
choices,
led
by
two
names
boosted
by
acquisition
announcements.
Shares
of
Abcam,
a
producer
and
distributor
of
research-grade
antibodies,
spiked
in
the
period
on
news
the
company
would
be
acquired
by
Danaher.
Shares
of
clinical-stage
biopharmaceutical
company
Karuna
Therapeutics
also
surged
following
an
announcement
that
Bristol-
Myers
Squibb
is
expected
to
acquire
the
company.
Blueprint
Medicines
is
a
commercial-stage
biotechnology
company
focused
on
developing
precision
small
molecule
treatments
for
cancer.
Shares
rose
sharply
late
in
the
period
following
news
that
sales
exceeded
estimates
for
its
Ayvakit
medicine,
which
is
primarily
used
for
patients
with
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Small-Cap
Stock
Fund
.
8.01‌%
17.43‌%
Small-Cap
Stock
Fund–
.
Advisor  Class
7.87‌
17.12‌
Small-Cap
Stock
Fund–
.
I  Class
8.07‌
17.56‌
Small-Cap
Stock
Fund–
.
Z  Class
8.49‌
18.49‌
Russell
2000
Index
8.18‌
16.93‌
Lipper
Small-Cap
Core
Funds
Index
8.96‌
16.15‌
Lipper
Small-Cap
Growth
Funds
Index
5.93‌
18.36‌
S&P
500
Index
8.04‌
26.29‌
T.
ROWE
PRICE
Small-Cap
Stock
Fund
4
indolent
systemic
mastocytosis
(ISM).
The
company
has
also
released
positive
news
regarding
elenestinib,
a
KIT
D816V
inhibitor
that
also
treats
ISM.
Recent
data
seemingly
confirming
Blueprint’s
dominance
relative
to
a
competitor
within
the
ISM
market
further
boosted
shares.
Stock
choices
in
the
industrials
and
business
services
sector
contributed,
most
notably
our
holdings
in
less-than-truckload
company
Saia
and
Ingersoll
Rand,
a
maker
of
industrial
pumps,
compressors,
and
other
flow
control
products.
Less-than-truckload
(LTL)
is
a
shipping
service
for
relatively
small
loads
that
don't
require
a
full
truckload
trailer.
Both
companies
executed
well
during
the
year,
and
we
trimmed
our
stakes
on
strength.
Stock
selection
in
the
consumer
discretionary
sector
boosted
relative
results,
especially
our
holding
in
Cava,
the
largest
Mediterranean
restaurant
company
in
the
U.S.
We
first
invested
in
Cava
while
the
company
was
still
private,
and
shares
performed
well
following
the
company’s
initial
public
offering.
We
like
the
company’s
concept,
management’s
ability
to
execute,
and
the
potential
for
continued
margin
expansion
as
the
brand
scales.
Duolingo,
an
educational
mobile
app
focused
on
language
learning,
was
another
strong
performer.
Duolingo
has
experienced
strong
subscriber
and
revenue
growth
while
maintaining
cost
discipline
and
has
consistently
exceeded
market
expectations.
Solid
execution
and
favorable
customer
traffic
trends
amid
a
supportive
closeout
environment
aided
shares
of
Ollie’s
Bargain
Outlet
Holdings.
We
have
a
positive
long-term
view
of
Ollie’s
given
its
strong
customer
value
proposition
and
its
long
runway
for
unit
growth.
On
the
negative
side,
the
regional
banking
turmoil
in
March
weighed
on
some
of
our
holdings
in
the
financials
sector.
The
closure
of
Signature
Bank,
announced
by
regulators
on
March
12,
marks
the
fourth-largest
bank
failure
in
U.S.
history.
Signature
Bank’s
weakness
appeared
to
reflect
concerns
about
its
exposure
to
the
U.S.
dollar-denominated
operating
deposits
of
companies
involved
in
cryptocurrency
and
other
digital
assets.
The
bank’s
customer
concentration
within
the
highly
connected
New
York
real
estate
market
also
likely
led
to
the
pace
of
withdrawals
resulting
in
its
collapse.
Our
out-
of-benchmark
exposure
to
the
company
weighed
on
relative
performance.
Similarities
to
Silicon
Valley
Bank,
including
some
exposure
to
the
tech
and
innovation
sector,
sparked
a
large
outflow
of
deposits
at
Western
Alliance
Bancorporation,
a
large
community
bank
operating
in
California,
Nevada,
and
Arizona.
The
company
has
since
rebounded
from
oversold
conditions.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
5
The
energy
sector
also
detracted,
due
mainly
to
stock
selection,
but
an
underweight
allocation
also
hindered
returns.
Shares
of
Devon
Energy
declined
due
to
weaker
execution
relative
to
peers,
who
raised
production
guidance
with
less
capital
expenditure
while
Devon
maintained
both
production
and
capex
guidance.
How
is
the
fund
positioned?
Bottom-up
stock
selection
continued
to
drive
our
portfolio
positioning.
We
sought
companies
that
are
attempting
to
solve
hard
problems,
believing
that
they
will
be
successful
regardless
of
the
macro
environment.
The
industrials
and
business
services
sector
represents
our
largest
sector
allocation
and
overweight
versus
the
benchmark.
We
found
opportunities
across
the
various
sectors,
but
some
of
our
largest
purchases
occurred
within
energy,
where
we
narrowed
our
underweight.
On
the
other
hand,
we
sold
holdings
that
were
acquired,
that
performed
well,
or
in
which
our
conviction
has
begun
to
wane,
and
we
used
proceeds
to
fund
names
that
have
come
under
pressure.
The
industrials
and
business
services
sector
has
been
an
investment
focus
for
multiple
years.
Generally,
we
look
for
companies
with
durable
businesses
and
strong
management
teams,
a
history
of
strong
execution,
quality
lean
production,
and
a
focus
on
shareholder
value.
We
tend
to
find
opportunities
in
companies
with
niche
products
that
service
growing
end
markets.
Our
top
holding
in
the
sector,
although
we
did
trim
to
manage
the
position
size,
is
Ingersoll
Rand,
mentioned
earlier.
The
company
was
formed
by
the
2020
merger
of
Gardner
Denver
and
the
industrial
division
of
Ingersoll
Rand,
a
deal
that
left
the
combined
company
with
a
significant
margin
improvement
opportunity.
We
believe
the
company
has
a
best-in-class
management
team,
a
compelling
combination
of
solid
underlying
businesses
with
secular
tailwinds,
and
the
ability
to
generate
organic
growth
from
share
gains
and
mergers
and
acquisitions.
Another
large
position
is
Saia,
a
less-than-truckload
company
benefiting
from
an
improving
industry
backdrop.
Additionally,
the
company
is
seen
to
be
a
benefactor
of
competitor
Yellow’s
bankruptcy.
Saia
is
expanding
its
footprint
and
has
been
investing
for
future
growth,
which
should
flow
through
to
shareholder
returns
over
time.
Within
the
energy
sector,
we
seek
selective
exposure
to
high-quality,
low-cost
producers
with
attractive
acreage
for
production
and
the
ability
to
withstand
sector
headwinds.
A
pullback
in
the
sector,
as
gas
and
oil
prices
declined,
created
compelling
entry
points
in
companies,
including
onshore
exploration
and
production
names
Range
Resources
and
Southwestern
Energy.
We
believe
these
companies
will
benefit
from
a
favorable
natural
gas
outlook.
We
also
added
a
position
in
global
oil
field
service
and
equipment
company
T.
ROWE
PRICE
Small-Cap
Stock
Fund
6
TechnipFMC,
the
clear
market
leader
in
the
subsea
segment.
We
believe
increased
offshore
spending
will
lead
to
accelerating
cash
flows
and
significant
margin
improvement.
On
the
sale
side,
we
exited
Devon
Energy,
which
had
moved
beyond
our
market
capitalization,
and
Patterson-UTI
Energy
in
favor
of
those
higher-conviction
names.
Other
large
sales
included
trimming
longtime
holdings
Lattice
Semiconductor
and
Ollie’s
Bargain
Outlet
Holdings
on
strength
following
share
price
appreciation
and
the
merger-driven
eliminations
of
health
care
companies
Abcam
and
Prometheus
Biosciences.
Rounding
out
top
trades,
we
also
exited
software
company
SS&C
Technologies
on
market
capitalization
considerations.
What
is
portfolio
management’s
outlook?
Arguably
the
most
significant
factor
affecting
the
U.S.
economy
throughout
the
year
was
rising
interest
rates
in
response
to
elevated
inflation.
The
Federal
Reserve
raised
short-term
interest
rates
four
times
through
the
end
of
July,
lifting
the
fed
funds
target
rate
to
the
5.25%
to
5.50%
range.
However,
equities
rallied
in
the
fourth
quarter
as
longer-term
interest
rates
fell
sharply
in
response
to
weaker-than-expected
inflation
and
labor
market
data
and
as
Fed
officials
projected
at
their
mid-
December
policy
meeting
that
there
could
be
three
quarter-point
interest
rate
cuts
in
2024.
We
had
believed
for
some
time
that
the
market
was
seeking
a
reason
to
run,
and
it
finally
came
to
pass
as
the
year
concluded.
We
do
see
some
economic
green
shoots
but
remain
cautious
on
the
economy
as
well
as
small-cap
fundamentals
more
broadly.
The
first
quarter
of
2024
brings
an
earnings
season
that
could
potentially
derail
the
rally
if
results
do
not
meet
the
lofty
expectations
that
the
market
has
now
priced
in.
It
is
also
not
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
6/30/23
12/31/23
Industrials
and
Business
Services  
18.0‌%
19.6‌%
Health
Care  
19.1‌
17.5‌
Financials  
13.9‌
15.7‌
Information
Technology  
13.0‌
13.3‌
Consumer
Discretionary  
12.2‌
11.3‌
Energy  
3.8‌
6.1‌
Real
Estate  
5.2‌
5.3‌
Materials  
3.6‌
4.0‌
Utilities  
3.0‌
2.9‌
Consumer
Staples  
3.8‌
2.8‌
Communication
Services  
0.3‌
0.6‌
Other
and
Reserves  
4.1‌
0.9‌
Total
100.0‌%
100.0‌%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
7
clear
to
us
that
the
Fed
will
reduce
rates
to
the
extent
the
market
expects,
and
if
those
expectations
are
not
met,
we
could
see
weakness
in
small-cap
stocks.
The
domestic
political
and
geopolitical
environments
remain
volatile,
and
we
are
heading
into
what
will
likely
be
a
highly
contentious
2024
presidential
election.
While
we
monitor
these
macroeconomic
factors,
we
do
not
make
top-down
adjustments
to
the
portfolio
in
response.
We
maintain
conviction
in
our
investment
process,
remain
focused
on
identifying
the
advantaged
companies
across
our
universe
that
offer
relative
value,
and
believe
that
our
fundamental
and
patient
approach
will
provide
strong
long-term
results.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
8
RISKS
OF
INVESTING
IN
THE
SMALL-CAP
STOCK
FUND
Stocks
generally
fluctuate
in
value
more
than
bonds
and
may
decline
significantly
over
short
time
periods.
There
is
a
chance
that
stock
prices
overall
will
decline
because
stock
markets
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
The
value
of
a
stock
in
which
the
fund
invests
may
decline
due
to
general
weakness
in
the
U.S.
stock
market,
such
as
when
the
U.S.
financial
markets
decline,
or
because
of
factors
that
affect
a
particular
company
or
industry.
Because
the
fund
may
hold
stocks
with
either
growth
or
value
characteristics,
it
could
underperform
other
stock
funds
that
take
a
strictly
growth
or
value
approach
to
investing
when
one
style
is
currently
in
favor.
Growth
stocks
tend
to
be
more
volatile
than
the
overall
stock
market
and
can
have
sharp
price
declines
as
a
result
of
earnings
disappointments.
Value
stocks
carry
the
risk
that
the
market
will
not
recognize
their
intrinsic
value
or
that
they
are
actually
appropriately
priced
at
a
low
level.
Because
the
fund
invests
primarily
in
securities
issued
by
small-cap
companies,
it
is
likely
to
be
more
volatile
than
a
fund
that
focuses
on
securities
issued
by
larger
companies.
Small
companies
often
have
less
experienced
management,
narrower
product
lines,
more
limited
financial
resources,
and
less
publicly
available
information
than
larger
companies.
In
addition,
smaller
companies
are
typically
more
sensitive
to
changes
in
overall
economic
conditions,
and
their
securities
may
be
difficult
to
trade.
BENCHMARK
INFORMATION
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
London
Stock
Exchange
Group
plc
and
its
group
undertakings
(collectively,
the
“LSE
Group”).
©
LSE
Group
2024.
FTSE
Russell
is
a
trading
name
of
certain
of
the
LSE
Group
companies.  “Russell
®
” is/are
a
trademark(s)
of
the
relevant
LSE
Group
companies
and
is/are
used
by
any
other
LSE
Group
company
under
license.
All
rights
in
the
FTSE
Russell
indexes
or
data
vest
in
the
relevant
LSE
Group
company
which
owns
the
index
or
the
data.
Neither
LSE
Group
nor
its
licensors
accept
any
liability
for
any
errors
or
omissions
in
the
indexes
or
data
and
no
party
may
rely
on
any
indexes
or
data
contained
in
this
communication.
No
further
distribution
of
data
from
the
LSE
Group
T.
ROWE
PRICE
Small-Cap
Stock
Fund
9
is
permitted
without
the
relevant
LSE
Group
company’s
express
written
consent.
The
LSE
Group
does
not
promote,
sponsor
or
endorse
the
content
of
this
communication.
The
LSE
Group
is
not
responsible
for
the
formatting
or
configuration
of
this
material
or
for
any
inaccuracy
in
T.
Rowe
Price’s
presentation
thereof.
Note:
Copyright
©
2024,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
(“Content”)
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
(“Content
Providers”)
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Small-Cap
Stock
Fund
10
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/23
Cava
Group
1.5‌%
Ingersoll
Rand
1.3‌ 
Element
Solutions
1.1‌ 
EastGroup
Properties
1.1‌ 
Burlington
Stores
1.0‌ 
PennyMac
Financial
Services
1.0‌
Selective
Insurance
Group
1.0‌
FirstService
1.0‌
BellRing
Brands
1.0‌
RBC
Bearings
0.9‌
Saia
0.9‌
Diamondback
Energy
0.9‌
Federal
Signal
0.9‌
Molina
Healthcare
0.9‌
Entegris
0.9‌
PAR
Technology
0.9‌
Papa
John's
International
0.9‌
Onto
Innovation
0.8‌
Teledyne
Technologies
0.8‌
Karuna
Therapeutics
0.8‌
DoubleVerify
Holdings
0.8‌
Cboe
Global
Markets
0.8‌
SPX
Technologies
0.8‌
Descartes
Systems
Group
0.8‌
SiteOne
Landscape
Supply
0.8‌
Total
23.6‌%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
11
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
SMALL-CAP
STOCK
FUND 
Note:
Performance
for
the Advisor,
I,
and
Z
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page. 
T.
ROWE
PRICE
Small-Cap
Stock
Fund
12
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Small-Cap
Stock
Fund
.
17.43‌%
11.96‌%
9.18‌%
–‌
Small-Cap
Stock
Fund–
.
Advisor  Class
17.12‌
11.65‌
8.89‌
–‌
Small-Cap
Stock
Fund–
.
I  Class
17.56‌
12.09‌
–‌
10.75‌%
8/28/15
Small-Cap
Stock
Fund–
.
Z  Class
18.49‌
–‌
–‌
20.68‌
3/16/20
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor,
I,
and
Z
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
13
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
four
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.