# EDGAR Filing Document

**Accession Number:** 0000075170
**File Stem:** 0001193125-25-184836
**Filing Date:** 2025-8
**Character Count:** 123381
**Document Hash:** 7b4956dc7f62ecc62d76aa6afeac010d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184836.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184836

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Small-Cap Stock Fund, Inc.
- **CENTRAL INDEX KEY:** 0000075170

**ORGANIZATION NAME:**
- **EIN:** 231622210
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00696
- **FILM NUMBER:** 251238628

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE SMALL CAP STOCK FUND INC
- **DATE OF NAME CHANGE:** 19980513

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE OTC FUND INC
- **DATE OF NAME CHANGE:** 19930210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OVER THE COUNTER SECURITIES GROUP INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Small-Cap Stock Fund, Inc. (Series ID: S000002120)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005508 | T. Rowe Price Small-Cap Stock Fund, Inc.         | OTCFX           |
| C000005509 | T. Rowe Price Small-Cap Stock Fund-Advisor Class | PASSX           |
| C000159682 | T. Rowe Price Small-Cap Stock Fund-I Class       | OTIIX           |
| C000219319 | T. Rowe Price Small-Cap Stock Fund-Z Class       | TRZZX           |

?xml version='1.0' encoding='ASCII'? Small-Cap Stock Fund_SCS

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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: June 30, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g10687ia1ad2ac59e524088219e.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Small-Cap Stock Fund

#### Investor Class (OTCFX)
This semi-annual shareholder report contains important information about Small-Cap Stock Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Stock Fund - Investor Class | $46 | 0.92% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8017998 |
| Number of Portfolio Holdings | 297 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 36.8% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Industrials & Business Services | 19.5% |
| Financials | 19.1 |
| Health Care | 18.7 |
| Information Technology | 11.6 |
| Consumer Discretionary | 7.0 |
| Real Estate | 6.0 |
| Materials | 5.0 |
| Energy | 4.6 |
| Utilities | 3.7 |
| Other | 4.8 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Liberty Media Corp-Liberty Live | 2.2% |
| Masimo | 1.6 |
| Mirion Technologies | 1.6 |
| VSE | 1.4 |
| API Group | 1.3 |
| RBC Bearings | 1.3 |
| Planet Fitness | 1.2 |
| Esab | 1.2 |
| PennyMac Financial Services | 1.1 |
| OR Royalties | 1.1 |

---

# How has the fund changed?
This is a summary of certain material changes to Small-Cap Stock Fund. Effective September 30, 2025, the fund will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price. Please see the fund's prospectus supplement dated August 19, 2025, for more information.

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F65-053 8/25

Small-Cap Stock Fund

Investor Class (OTCFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10687i28cd783b013ec58e35f8.jpg)

![Image](g10687ia1ad2ac59e524088219e.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Small-Cap Stock Fund

#### Advisor Class (PASSX)
This semi-annual shareholder report contains important information about Small-Cap Stock Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Stock Fund - Advisor Class | $59 | 1.18% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8017998 |
| Number of Portfolio Holdings | 297 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 36.8% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Industrials & Business Services | 19.5% |
| Financials | 19.1 |
| Health Care | 18.7 |
| Information Technology | 11.6 |
| Consumer Discretionary | 7.0 |
| Real Estate | 6.0 |
| Materials | 5.0 |
| Energy | 4.6 |
| Utilities | 3.7 |
| Other | 4.8 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Liberty Media Corp-Liberty Live | 2.2% |
| Masimo | 1.6 |
| Mirion Technologies | 1.6 |
| VSE | 1.4 |
| API Group | 1.3 |
| RBC Bearings | 1.3 |
| Planet Fitness | 1.2 |
| Esab | 1.2 |
| PennyMac Financial Services | 1.1 |
| OR Royalties | 1.1 |

---

# How has the fund changed?
This is a summary of certain material changes to Small-Cap Stock Fund. Effective September 30, 2025, the fund will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price. Please see the fund's prospectus supplement dated August 19, 2025, for more information.

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F265-053 8/25

Small-Cap Stock Fund

Advisor Class (PASSX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10687i28cd783b013ec58e35f8.jpg)

![Image](g10687ia1ad2ac59e524088219e.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Small-Cap Stock Fund

#### I Class (OTIIX)
This semi-annual shareholder report contains important information about Small-Cap Stock Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Stock Fund - I Class | $38 | 0.77% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8017998 |
| Number of Portfolio Holdings | 297 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 36.8% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Industrials & Business Services | 19.5% |
| Financials | 19.1 |
| Health Care | 18.7 |
| Information Technology | 11.6 |
| Consumer Discretionary | 7.0 |
| Real Estate | 6.0 |
| Materials | 5.0 |
| Energy | 4.6 |
| Utilities | 3.7 |
| Other | 4.8 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Liberty Media Corp-Liberty Live | 2.2% |
| Masimo | 1.6 |
| Mirion Technologies | 1.6 |
| VSE | 1.4 |
| API Group | 1.3 |
| RBC Bearings | 1.3 |
| Planet Fitness | 1.2 |
| Esab | 1.2 |
| PennyMac Financial Services | 1.1 |
| OR Royalties | 1.1 |

---

# How has the fund changed?
This is a summary of certain material changes to Small-Cap Stock Fund. Effective September 30, 2025, the fund will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price. Please see the fund's prospectus supplement dated August 19, 2025, for more information.

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F525-053 8/25

Small-Cap Stock Fund

I Class (OTIIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10687i28cd783b013ec58e35f8.jpg)

![Image](g10687ia1ad2ac59e524088219e.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Small-Cap Stock Fund

#### Z Class (TRZZX)
This semi-annual shareholder report contains important information about Small-Cap Stock Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Stock Fund - Z Class | $0 | 0.00% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8017998 |
| Number of Portfolio Holdings | 297 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 36.8% |

---

# **What did the fund invest in?** 

# **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Industrials & Business Services | 19.5% |
| Financials | 19.1 |
| Health Care | 18.7 |
| Information Technology | 11.6 |
| Consumer Discretionary | 7.0 |
| Real Estate | 6.0 |
| Materials | 5.0 |
| Energy | 4.6 |
| Utilities | 3.7 |
| Other | 4.8 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Liberty Media Corp-Liberty Live | 2.2% |
| Masimo | 1.6 |
| Mirion Technologies | 1.6 |
| VSE | 1.4 |
| API Group | 1.3 |
| RBC Bearings | 1.3 |
| Planet Fitness | 1.2 |
| Esab | 1.2 |
| PennyMac Financial Services | 1.1 |
| OR Royalties | 1.1 |

---

# How has the fund changed?
This is a summary of certain material changes to Small-Cap Stock Fund. Effective September 30, 2025, the fund will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price. Please see the fund's prospectus supplement dated August 19, 2025, for more information.

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1268-053 8/25

Small-Cap Stock Fund

Z Class (TRZZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g10687i28cd783b013ec58e35f8.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
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

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

56.21 $

58.00 $

51.34 $

69.75 $

63.91 $

52.31 Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.02)

(0.01)

0.08 (0.03)

(0.13)

(0.01)

Net

realized

and

unrealized

gain/

loss

0.17 7.21 8.79 (16.26)

10.91 13.07 Total

from

investment

activities

0.15 7.20 8.87 (16.29)

10.78 13.06 Distributions

Net

investment

income

—

(0.28)

(0.13)

—

—

—

Net

realized

gain

—

(8.71)

(2.08)

(2.12)

(4.94)

(1.46)

Total

distributions

—

(8.99)

(2.21)

(2.12)

(4.94)

(1.46)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 56.36

#### $

#### 56.21

#### $

#### 58.00

#### $

#### 51.34

#### $

#### 69.75

#### $

#### 63.91
T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 0.27%

#### 11.64%

#### 17.43%

#### (23.49)%

#### 17.14%

#### 25.05%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.92%

(4) 0.90%

0.90%

0.91%

0.85%

0.88%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.92%

(4) 0.90%

0.90%

0.91%

0.85%

0.88%

Net

investment

income

(loss)

(0.07)

%

(4) (0.01)%

0.15%

(0.05)%

(0.18)%

(0.02)%

Portfolio

turnover

rate

36.8%

58.7%

28.2%

24.3%

14.9%

19.6%

Net

assets,

end

of

period

(in

millions)

$2,261

$2,440

$2,676

$2,394

$5,249

$5,095

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

55.21 $

57.13 $

50.62 $

68.99 $

63.23 $

51.78 Investment

activities

Net

investment

loss

(1)(2)

(0.09)

(0.16)

(0.07)

(0.17)

(0.34)

(0.15)

Net

realized

and

unrealized

gain/

loss

0.17 7.09 8.66 (16.08)

10.79 12.91 Total

from

investment

activities

0.08 6.93 8.59 (16.25)

10.45 12.76 Distributions

Net

investment

income

—

(0.14)

—

—

—

—

Net

realized

gain

—

(8.71)

(2.08)

(2.12)

(4.69)

(1.31)

Total

distributions

—

(8.85)

(2.08)

(2.12)

(4.69)

(1.31)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 55.29

#### $

#### 55.21

#### $

#### 57.13

#### $

#### 50.62

#### $

#### 68.99

#### $

#### 63.23
T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 0.14%

#### 11.34%

#### 17.12%

#### (23.69)%

#### 16.79%

#### 24.72%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

1.18%

(4) 1.15%

1.17%

1.17%

1.15%

1.15%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.18%

(4) 1.15%

1.17%

1.17%

1.15%

1.15%

Net

investment

loss

(0.34)%

(4) (0.27)%

(0.13)%

(0.31)%

(0.48)%

(0.30)%

Portfolio

turnover

rate

36.8%

58.7%

28.2%

24.3%

14.9%

19.6%

Net

assets,

end

of

period

(in

thousands)

$38,010

$46,955

$57,626

$65,259

$105,183

$116,742

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

56.23 $

58.03 $

51.36 $

69.76 $

63.92 $

52.31 Investment

activities

Net

investment

income

(loss)

(1)(2)

0.02 0.07 0.15 0.07 (0.05)

0.03 Net

realized

and

unrealized

gain/

loss

0.18 7.22 8.78 (16.28)

10.91 13.11 Total

from

investment

activities

0.20 7.29 8.93 (16.21)

10.86 13.14 Distributions

Net

investment

income

—

(0.38)

(0.18)

(0.07)

—

(0.01)

Net

realized

gain

—

(8.71)

(2.08)

(2.12)

(5.02)

(1.52)

Total

distributions

—

(9.09)

(2.26)

(2.19)

(5.02)

(1.53)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 56.43

#### $

#### 56.23

#### $

#### 58.03

#### $

#### 51.36

#### $

#### 69.76

#### $

#### 63.92
T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 0.36%

#### 11.78%

#### 17.56%

#### (23.37)%

#### 17.27%

#### 25.21%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.77%

(4) 0.77%

0.78%

0.77%

0.75%

0.75%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.77%

(4) 0.77%

0.78%

0.77%

0.75%

0.75%

Net

investment

income

(loss)

0.08%

(4) 0.12%

0.27%

.12%

(0.08)%

0.07%

Portfolio

turnover

rate

36.8%

58.7%

28.2%

24.3%

14.9%

19.6%

Net

assets,

end

of

period

(in

millions)

$3,282

$3,448

$3,340

$2,987

$2,385

$2,110

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

56.45 $

58.16 $

51.43 $

69.79 $

63.93 $

34.88 Investment

activities

Net

investment

income

(2)(3)

0.23 0.54 0.57 0.50 0.48 0.35 Net

realized

and

unrealized

gain/

loss

0.18 7.30 8.84 (16.29)

10.92 30.57 Total

from

investment

activities

0.41 7.84 9.41 (15.79)

11.40 30.92 Distributions

Net

investment

income

—

(0.84)

(0.60)

(0.45)

(0.30)

(0.35)

Net

realized

gain

—

(8.71)

(2.08)

(2.12)

(5.24)

(1.52)

Total

distributions

—

(9.55)

(2.68)

(2.57)

(5.54)

(1.87)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 56.86

#### $

#### 56.45

#### $

#### 58.16

#### $

#### 51.43

#### $

#### 69.79

#### $

#### 63.93
T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 0.73%

#### 12.66%

#### 18.49%

#### (22.79)%

#### 18.14%

#### 88.82%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.74%

(5) 0.74%

0.74%

0.74%

0.74%

0.74%

(5) Net

expenses

after

waivers/

payments

by

Price

Associates

0.00%

(5) 0.00%

0.00%

0.00%

0.00%

0.00%

(5) Net

investment

income

0.84%

(5) 0.89%

1.05%

0.87%

0.67%

0.85%

(5) Portfolio

turnover

rate

36.8%

58.7%

28.2%

24.3%

14.9%

19.6%

Net

assets,

end

of

period

(in

millions)

$2,436

$2,558

$3,389

$2,971

$3,983

$4,009

0%

0%

0%

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Small-Cap

Stock

Fund

June

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 98.3%

#### COMMUNICATION

#### SERVICES

#### 3.2%

#### Entertainment

#### 2.6%
Atlanta

Braves

Holdings,

Class

C (1)

808,708

37,823

Liberty

Media

Corp-Liberty

Live,

Class

C (1)

2,123,872

172,374

210,197

#### Interactive

#### Media

#### &

#### Services

#### 0.5%
Reddit,

Class

A (1)

180,911

27,240

Vimeo (1)

2,692,841

10,879

38,119

#### Media

#### 0.1%
MNTN,

Class

A (1)

441,314

9,652

9,652

Total

Communication

Services

257,968

#### CONSUMER

#### DISCRETIONARY

#### 6.9%

#### Broadline

#### Retail

#### 0.7%
Global-e

Online (1)

676,003

22,673

Ollie's

Bargain

Outlet

Holdings (1)

14,361

1,892

Savers

Value

Village (1)

2,724,194

27,787

52,352

#### Diversified

#### Consumer

#### Services

#### 0.6%
Bright

Horizons

Family

Solutions (1)

198,151

24,489

Duolingo (1)

14,357

5,887

Frontdoor (1)

337,789

19,909

50,285

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.6%
Cava

Group (1)

6,795

572

Dutch

Bros,

Class

A (1)

512,445

35,036

Life

Time

Group

Holdings (1)

443,114

13,440

Planet

Fitness,

Class

A (1)

879,569

95,917

Red

Rock

Resorts,

Class

A

505,426

26,297

Sportradar

Group,

Class

A (1)

1,083,346

30,421

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $33,027 (1)(2)(3)(4)(5)

3,862,836

14,370

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Wingstop

141,614

47,687

Wyndham

Hotels

&

Resorts

329,112

26,727

290,467

#### Household

#### Durables

#### 0.6%
Champion

Homes (1)

289,557

18,129

Installed

Building

Products

161,263

29,079

47,208

#### Leisure

#### Products

#### 0.3%
Peloton

Interactive,

Class

A (1)

3,971,396

27,561

27,561

#### Specialty

#### Retail

#### 0.5%
Burlington

Stores (1)

117,376

27,307

Floor

&

Decor

Holdings,

Class

A (1)

212,996

16,179

43,486

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.6%
Birkenstock

Holding (1)

820,958

40,375

Kontoor

Brands

174,817

11,532

51,907

Total

Consumer

Discretionary

563,266

#### CONSUMER

#### STAPLES

#### 1.7%

#### Beverages

#### 0.0%
Primo

Brands

26,788

793

793

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
Grocery

Outlet

Holding (1)

2,233,535

27,740

27,740

#### Food

#### Products

#### 0.6%
Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $10,490 (1)(3)(5)

568,149

—

Post

Holdings (1)

199,851

21,790

Simply

Good

Foods (1)

933,633

29,493

51,283

#### Personal

#### Care

#### Products

#### 0.8%
BellRing

Brands (1)

317,205

18,376

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Interparfums

214,369

28,149

Olaplex

Holdings (1)

10,276,746

14,387

60,912

Total

Consumer

Staples

140,728

#### ENERGY

#### 4.3%

#### Energy

#### Equipment

#### &

#### Services

#### 1.9%
Cactus,

Class

A

427,150

18,675

Kodiak

Gas

Services

354,612

12,153

TechnipFMC

2,326,844

80,136

Weatherford

International

759,982

38,235

149,199

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.4%
Antero

Resources (1)

21,416

863

Delek

U.S.

Holdings

550,478

11,659

DT

Midstream

9,161

1,007

Expand

Energy

430,421

50,333

Magnolia

Oil

&

Gas,

Class

A

603,389

13,564

MEG

Energy

(CAD)

1,021,371

19,299

PBF

Energy,

Class

A

876,334

18,990

Range

Resources

594,407

24,175

Viper

Energy

1,285,660

49,022

188,912

Total

Energy

338,111

#### FINANCIALS

#### 18.8%

#### Banks

#### 9.7%
Banc

of

California

2,987,051

41,968

Blue

Foundry

Bancorp (1)

673,338

6,444

Cadence

Bank

1,413,571

45,206

Columbia

Banking

System

1,821,661

42,590

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $2,582 (1)(3)(5)

24,556

1,554

Dime

Community

Bancshares

1,077,087

29,017

Dogwood

State

Bank (1)

480,611

7,305

East

West

Bancorp

689,974

69,674

Eastern

Bankshares

1,680,371

25,659

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Equity

Bancshares,

Class

A

667,233

27,223

FB

Financial

681,926

30,891

Five

Star

Bancorp

867,161

24,749

Flagstar

Financial

872,958

9,253

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,000 (1)(3)(5)

500,044

2,250

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(3)(5)

98,245

HarborOne

Bancorp

1,159,120

13,538

Home

BancShares

962,153

27,383

Kearny

Financial

1,205,058

7,785

Live

Oak

Bancshares

973,293

29,004

Origin

Bancorp

495,383

17,705

Pinnacle

Financial

Partners

551,532

60,895

Popular

200,513

22,099

Prosperity

Bancshares

600,589

42,185

Renasant

1,128,739

40,556

SouthState

669,904

61,651

Texas

Capital

Bancshares (1)

570,890

45,329

Western

Alliance

Bancorp

562,451

43,860

775,840

#### Capital

#### Markets

#### 4.1%
Cboe

Global

Markets

325,272

75,857

Etoro

Group,

Class

A (1)

341,248

22,724

Hamilton

Lane,

Class

A

446,970

63,523

iCapital,

Acquisition

Date:

3/10/25

-

4/17/25,

Cost $11,753 (1)

(3)(5)

839,506

11,753

PJT

Partners,

Class

A

188,160

31,048

StepStone

Group,

Class

A

658,696

36,558

Stifel

Financial

82,169

8,527

TMX

Group

(CAD)

1,896,329

80,379

330,369

#### Consumer

#### Finance

#### 0.2%
Encore

Capital

Group (1)

499,753

19,345

19,345

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Financial

#### Services

#### 1.7%
Marqeta,

Class

A (1)

8,343,854

48,645

PennyMac

Financial

Services

910,302

90,702

Toast,

Class

A (1)

12,635

560

139,907

#### Insurance

#### 3.1%
Baldwin

Insurance

Group (1)

896,373

38,374

Definity

Financial

(CAD)

554,672

32,329

Goosehead

Insurance,

Class

A

339,177

35,787

Palomar

Holdings (1)

85,435

13,178

RLI

520,103

37,562

Root,

Class

A (1)

215,725

27,606

TWFG (1)(4)

759,778

26,592

White

Mountains

Insurance

Group

21,352

38,342

249,770

Total

Financials

1,515,231

#### HEALTH

#### CARE

#### 17.9%

#### Biotechnology

#### 6.7%
ADMA

Biologics (1)

748,564

13,631

Arcellx (1)

500,372

32,950

Ascendis

Pharma,

ADR (1)

257,498

44,444

Avidity

Biosciences (1)

365,627

10,384

Black

Diamond

Therapeutics (1)

2,500,434

6,201

Caris

Life

Sciences (1)

312,643

8,354

Caris

Life

Sciences,

Acquisition

Date:

8/14/20

-

6/30/25,

Cost $12,543 (1)(3)

832,901

22,255

Crinetics

Pharmaceuticals (1)

290,830

8,364

Cytokinetics (1)

1,718,503

56,779

Denali

Therapeutics (1)

1,012,982

14,172

Erasca (1)

3,573,384

4,538

Immatics (1)

3,834,703

20,631

Immunocore

Holdings,

ADR (1)

2,057,637

64,569

Immunome (1)

3,034,516

28,221

Immunovant (1)

2,546,141

40,738

Ionis

Pharmaceuticals (1)

1,016,319

40,155

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Merus (1)

164,539

8,655

Metsera (1)

485,939

13,825

Metsera,

Acquisition

Date:

11/12/24,

Cost $6,890 (1)(3)

581,810

16,552

Nurix

Therapeutics (1)

558,295

6,359

Nuvalent,

Class

A (1)

490,461

37,422

Prime

Medicine (1)

116,033

Revolution

Medicines (1)

633,539

23,308

Vaxcyte (1)

391,771

12,736

535,530

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3.4%
Haemonetics (1)

266,154

19,858

Kestra

Medical

Technologies,

Acquisition

Date:

7/15/24

-

3/6/25,

Cost $6,947 (1)(3)

601,756

9,977

Lantheus

Holdings (1)

316,376

25,899

Masimo (1)

744,476

125,236

Outset

Medical (1)

719,350

13,819

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $13,938 (1)

(3)(5)

3,701,604

1,147

Penumbra (1)

3,514

902

PROCEPT

BioRobotics (1)

586,358

33,774

QuidelOrtho (1)

1,467,609

42,296

272,908

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.1%
Alignment

Healthcare (1)

3,926,453

54,970

BrightSpring

Health

Services (1)

1,126,346

26,570

Concentra

Group

Holdings

Parent

1,278,214

26,293

GeneDx

Holdings (1)

465,265

42,949

HealthEquity (1)

268,576

28,136

Molina

Healthcare (1)

99,625

29,678

NeoGenomics (1)

1,183,200

8,649

Oscar

Health,

Class

A (1)

3,558,446

76,293

RadNet (1)

561,810

31,973

325,511

#### Health

#### Care

#### Technology

#### 0.0%
Doximity,

Class

A (1)

18,142

1,113

1,113

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2.6%
Avantor (1)

2,063,436

27,774

BioLife

Solutions (1)

1,904,977

41,033

Bio-Techne

522,678

26,892

Bruker

709,252

29,221

Repligen (1)

219,642

27,319

Sotera

Health (1)

2,655,338

29,527

Stevanato

Group

1,069,612

26,131

207,897

#### Pharmaceuticals

#### 1.1%
Axsome

Therapeutics (1)

110,861

11,573

Corcept

Therapeutics (1)

252,898

18,563

Elanco

Animal

Health (1)

3,320,061

47,410

Perrigo

478,217

12,778

90,324

Total

Health

Care

1,433,283

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 17.9%

#### Aerospace

#### &

#### Defense

#### 1.3%
Karman

Holdings (1)

569,160

28,669

Leonardo

DRS

563,839

26,207

Loar

Holdings (1)

445,417

38,382

Mercury

Systems (1)

155,597

8,380

101,638

#### Building

#### Products

#### 1.1%
AZZ

647,986

61,222

CSW

Industrials

52,888

15,170

Simpson

Manufacturing

52,754

8,193

84,585

#### Commercial

#### Services

#### &

#### Supplies

#### 2.2%
ACV

Auctions,

Class

A (1)

493,035

7,997

Casella

Waste

Systems,

Class

A (1)

230,722

26,621

MSA

Safety

175,373

29,380

Tetra

Tech

14,606

525

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

VSE

878,817

115,108

179,631

#### Construction

#### &

#### Engineering

#### 1.7%
API

Group (1)

2,087,089

106,546

Arcosa

298,031

25,842

132,388

#### Electrical

#### Equipment

#### 0.1%
Thermon

Group

Holdings (1)

387,227

10,873

10,873

#### Ground

#### Transportation

#### 0.9%
RXO (1)

992,673

15,605

Saia (1)

194,671

53,338

68,943

#### Machinery

#### 6.6%
Atmus

Filtration

Technologies

737,882

26,874

Crane

141,113

26,796

Enerpac

Tool

Group

473,667

19,212

Enpro

209,549

40,139

Esab

762,971

91,976

ESCO

Technologies

156,497

30,027

Federal

Signal

442,761

47,119

Graco

506,189

43,517

Hillman

Solutions (1)

1,705,317

12,176

ITT

53,240

8,350

RBC

Bearings (1)

264,031

101,599

Spirax

Group

(GBP)

429,090

35,088

SPX

Technologies (1)

184,878

31,000

Weir

Group

(GBP)

431,040

14,741

528,614

#### Professional

#### Services

#### 1.2%
Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $4,339 (1)(3)

(5) 568,563

3,491

Parsons (1)

864,275

62,029

Paylocity

Holding (1)

149,417

27,073

92,593

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Trading

#### Companies

#### &

#### Distributors

#### 2.8%
Custom

Truck

One

Source (1)

1,988,663

9,824

Diploma

(GBP)

394,761

26,500

FTAI

Aviation

203,149

23,370

McGrath

RentCorp

224,165

25,994

QXO (1)

1,631,659

35,146

Rush

Enterprises,

Class

A

523,518

26,967

SiteOne

Landscape

Supply (1)

661,511

80,003

227,804

Total

Industrials

&

Business

Services

1,427,069

#### INFORMATION

#### TECHNOLOGY

#### 10.1%

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.5%
CTS

484,670

20,652

Mirion

Technologies (1)

5,756,128

123,929

Novanta (1)

197,011

25,401

PAR

Technology (1)

1,160,734

80,520

Teledyne

Technologies (1)

52,361

26,825

277,327

#### IT

#### Services

#### 0.2%
Globant (1)

189,864

17,247

17,247

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.9%
Entegris

345,774

27,886

Lattice

Semiconductor (1)

1,744,601

85,468

MACOM

Technology

Solutions

Holdings (1)

267,351

38,309

151,663

#### Software

#### 4.5%
Alkami

Technology (1)

265,911

8,014

Amplitude,

Class

A (1)

3,975,763

49,299

Aurora

Innovation (1)

4,457,979

23,360

CCC

Intelligent

Solutions

Holdings (1)

873,484

8,219

Descartes

Systems

Group (1)

782,376

79,525

I3

Verticals,

Class

A (1)

863,786

23,737

Intapp (1)

530,846

27,402

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

JFrog (1)

630,692

27,675

nCino (1)

956,871

26,764

Onestream (1)

1,731,470

49,001

Workiva (1)

544,874

37,297

360,293

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%
IonQ (1)

54,427

2,339

2,339

Total

Information

Technology

808,869

#### MATERIALS

#### 4.4%

#### Chemicals

#### 0.7%
Element

Solutions

1,976,494

44,767

HB

Fuller

146,760

8,828

53,595

#### Construction

#### Materials

#### 0.5%
Knife

River (1)

491,898

40,159

40,159

#### Containers

#### &

#### Packaging

#### 0.7%
International

Paper

1,272,135

59,574

59,574

#### Metals

#### &

#### Mining

#### 2.2%
Alamos

Gold,

Class

A

(CAD)

21,843

581

Capstone

Copper

(CAD) (1)

4,594,259

28,205

Constellium (1)

2,073,215

27,574

OR

Royalties

3,527,840

90,701

Royal

Gold

6,242

1,110

Warrior

Met

Coal

585,173

26,818

174,989

#### Paper

#### &

#### Forest

#### Products

#### 0.3%
Louisiana-Pacific

302,733

26,032

26,032

Total

Materials

354,349

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### REAL

#### ESTATE

#### 6.0%

#### Hotel

#### &

#### Resort

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.2%
Ryman

Hospitality

Properties,

REIT

189,631

18,711

18,711

#### Industrial

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.0%
EastGroup

Properties,

REIT

216,718

36,218

Terreno

Realty,

REIT

731,570

41,019

77,237

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.9%
Colliers

International

Group

320,595

41,851

FirstService

234,895

41,017

Landbridge,

Class

A

535,044

36,158

Redfin (1)

2,639,986

29,542

148,568

#### Residential

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.1%
Flagship

Communities

REIT (4)

1,225,166

22,041

Independence

Realty

Trust,

REIT

2,681,488

47,435

UNITE

Group

(GBP)

1,547,743

18,039

87,515

#### Retail

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.8%
Curbline

Properties,

REIT

2,224,892

50,794

Macerich,

REIT

805,349

13,031

63,825

#### Specialized

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.0%
CubeSmart,

REIT

1,800,846

76,536

76,536

Total

Real

Estate

472,392

#### UTILITIES

#### 3.5%

#### Electric

#### Utilities

#### 2.1%
Hawaiian

Electric

Industries (1)

2,641,271

28,076

IDACORP

430,254

49,673

OGE

Energy

1,118,501

49,639

TXNM

Energy

744,440

41,927

169,315

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Gas

#### Utilities

#### 0.8%
Chesapeake

Utilities

540,702

65,003

65,003

#### Water

#### Utilities

#### 0.6%
California

Water

Service

Group

689,406

31,354

Middlesex

Water

349,571

18,940

50,294

Total

Utilities

284,612

Total

Miscellaneous

Common

Stocks

3.6% (6)

284,266

#### Total

#### Common

#### Stocks

#### (Cost

#### $6,209,331)

#### 7,880,144

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 1.8%

#### CONSUMER

#### DISCRETIONARY

#### 0.0%

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%
Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $6,813 (1)

(2)(3)(4)(5)

758,455

2,822

2,822

#### Specialty

#### Retail

#### 0.0%
1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $10,756 (1)(3)

(5) 1,848,191

1,922

1,922

Total

Consumer

Discretionary

4,744

#### CONSUMER

#### STAPLES

#### 0.0%

#### Food

#### Products

#### 0.0%
Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $3,841 (1)(3)(5)

208,032

—

Total

Consumer

Staples

—

#### FINANCIALS

#### 0.1%

#### Banks

#### 0.1%
CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $9,075 (1)(3)(5)

86,312

5,461

Total

Financials

5,461

#### HEALTH

#### CARE

#### 0.5%

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $5,415 (1)

(3)(5)

5,330,753

4,411

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Kardium,

Series

D-7,

Acquisition

Date:

6/9/25,

Cost $5,246 (1)

(3)(5)

10,806,506

6,994

Kardium,

Series

D-8,

Acquisition

Date:

6/6/25,

Cost $4,351 (1)

(3)(5)

6,722,576

4,351

15,756

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $9,397 (1)(3)(5)

3,902,227

5,229

5,229

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $4,754 (1)(3)

(5) 403,512

4,753

Manus

Bio,

Series

One-6,

Acquisition

Date:

3/30/21,

Cost $5,808 (1)(3)(5)

553,678

1,661

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,793 (1)(3)(5)

497,323

7,992

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $11,631 (1)(3)(5)

261,906

4,209

18,615

Total

Health

Care

39,600

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 0.3%

#### Aerospace

#### &

#### Defense

#### 0.1%
ABL

Space

Systems,

Series

A-8,

Acquisition

Date:

3/24/21,

Cost $5,882 (1)(3)(5)

148,209

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $11,512 (1)

(3)(5)

2,061,623

5,720

Epirus,

Series

D,

Acquisition

Date:

1/21/25,

Cost $1,132 (1)(3)

(5) 408,092

1,132

6,885

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%
Flexe,

Series

C,

Acquisition

Date:

11/18/20,

Cost $5,112 (1)(3)

(5) 420,147

2,202

Flexe,

Series

D,

Acquisition

Date:

4/7/22,

Cost $3,033 (1)(3)(5)

148,715

779

2,981

#### Electrical

#### Equipment

#### 0.0%
CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $5,620 (1)

(3)(5)

269,870

534

534

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Professional

#### Services

#### 0.2%
Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $3,881 (1)(3)

(5) 852,879

5,237

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $11,857 (1)(3)

(5) 1,176,033

7,221

12,458

Total

Industrials

&

Business

Services

22,858

#### INFORMATION

#### TECHNOLOGY

#### 0.3%

#### IT

#### Services

#### 0.0%
Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $4,277 (1)(3)(5)

293,317

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $1,811 (1)

(3)(5)

95,996

568

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.1%
Lightmatter,

Series

D,

Acquisition

Date:

10/11/24,

Cost $9,109 (1)(3)(5)

113,529

8,128

8,128

#### Software

#### 0.2%
Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,576 (1)(3)(5)

886,735

11,351

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $5,450 (1)(3)

(5) 261,432

3,388

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $5,397 (1)(3)(5)

1,068,639

3,676

18,415

Total

Information

Technology

27,111

#### MATERIALS

#### 0.6%

#### Chemicals

#### 0.2%
Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $7,078 (1)(3)(5)

149,321

8,850

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $9,813 (1)

(3)(5)

237,759

4,649

13,499

#### Metals

#### &

#### Mining

#### 0.4%
Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $5,885 (1)(3)(5)

214,677

18,238

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Kobold

Metals,

Series

C-1,

Acquisition

Date:

9/20/24,

Cost $9,035 (1)(3)(5)

106,359

9,035

27,273

Total

Materials

40,772

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $201,340)

#### 140,546

#### SHORT-TERM

#### INVESTMENTS

#### 0.2%

#### Money

#### Market

#### Funds

#### 0.2%
T. Rowe

Price

Government

Reserve

Fund,

4.37% (4)(7)

18,175,366

18,175

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $18,175)

#### 18,175

#### Total

#### Investments

#### in

#### Securities

#### 100.3%

#### of

#### Net

#### Assets

#### (Cost

#### $6,428,846)

#### $

#### 8,038,865
‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Non-income

producing

(2) 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.

(3) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$223,962

and

represents

2.8%

of

net

assets.

(4) Affiliated

Companies

(5) See

Note

2. Level

in

fair

value

hierarchy.

(6) The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(7) Seven-day

yield

ADR

American

Depositary

Receipts

CAD

Canadian

Dollar

GBP

British

Pound

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T. ROWE

PRICE

Small-Cap

Stock

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### 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

six

months

ended

June

30,

2025. 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
Flagship

Communities

REIT

$

$

3,432

$

Torchys

Holdings

—

—

—

Torchys

Holdings,

Class

A

—

—

—

TWFG

3,430

—

T. Rowe

Price

Government

Reserve

Fund,

4.37%

—

—

Totals

$

38#

$

6,862

$

735+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 6/30/25
Flagship

Communities

REIT

$

15,192

$

3,461

$

$

22,041

Torchys

Holdings

2,822

—

—

2,822

Torchys

Holdings,

Class

A

14,370

—

—

14,370

TWFG

\*

5,620

26,592

T. Rowe

Price

Government

Reserve

Fund,

4.37%

56,752

¤

¤

18,175

Total

$

84,000^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$735

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

$97,428.

\*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T. ROWE

PRICE

Small-Cap

Stock

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$6,428,846)

$

8,038,865

Receivable

for

investment

securities

sold

13,889

Dividends

receivable

4,011

Receivable

for

shares

sold

1,707

Due

from

affiliates

1,221

Other

assets

Total

assets

8,059,799

#### Liabilities
Payable

for

investment

securities

purchased

27,789

Payable

for

shares

redeemed

8,814

Investment

management

fees

payable

4,770

Payable

to

directors

Other

liabilities

Total

liabilities

41,801

#### NET

#### ASSETS

#### $

#### 8,017,998
T. ROWE

PRICE

Small-Cap

Stock

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

2,017,506

Paid-in

capital

applicable

to

141,814,437

shares

of

$0.50

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

6,000,492

#### NET

#### ASSETS

#### $

#### 8,017,998

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $2,261,436;

#### Shares

#### outstanding:

#### 40,121,425)

#### $

#### 56.36

#### Advisor

#### Class

#### (Net

#### assets:

#### $38,010;

#### Shares

#### outstanding:

#### 687,435)

#### $

#### 55.29

#### I

#### Class

#### (Net

#### assets:

#### $3,282,348;

#### Shares

#### outstanding:

#### 58,163,657)

#### $

#### 56.43

#### Z

#### Class

#### (Net

#### assets:

#### $2,436,204;

#### Shares

#### outstanding:

#### 42,841,920)

#### $

#### 56.86
T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

6/30/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$377)

$

33,264

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

Other

Total

income

33,456

Expenses

Investment

management

29,120

Shareholder

servicing

Investor

Class

$

1,947

Advisor

Class

I

Class

2,393

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(8,936)

Total

expenses

22,988

Net

investment

income

10,468

T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

333,603

Foreign

currency

transactions

Net

realized

gain

333,680

Change

in

net

unrealized

gain

/

loss

Securities

(319,585)

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(319,577)

Net

realized

and

unrealized

gain

/

loss

14,103

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 24,571
T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

10,468

$

31,472

Net

realized

gain

333,680

1,964,656

Change

in

net

unrealized

gain

/

loss

(319,577)

(933,185)

Increase

in

net

assets

from

operations

24,571

1,062,943

Distributions

to

shareholders

Net

earnings

Investor

Class

–

(345,084)

Advisor

Class

–

(6,620)

I

Class

–

(492,595)

Z

Class

–

(448,668)

Decrease

in

net

assets

from

distributions

–

(1,292,967)

Capital

share

transactions

\*

Shares

sold

Investor

Class

60,275

181,172

Advisor

Class

2,404

8,342

I

Class

122,396

430,922

Z

Class

35,540

126,730

Distributions

reinvested

Investor

Class

–

327,294

Advisor

Class

–

6,601

I

Class

–

450,683

Z

Class

–

448,668

Shares

redeemed

Investor

Class

(240,760)

(678,914)

Advisor

Class

(11,314)

(23,972)

I

Class

(295,059)

(663,718)

Z

Class

(173,617)

(1,352,998)

Decrease

in

net

assets

from

capital

share

transactions

(500,135)

(739,190)

T. ROWE

PRICE

Small-Cap

Stock

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Net

#### Assets
Decrease

during

period

(475,564)

(969,214)

Beginning

of

period

8,493,562

9,462,776

#### End

#### of

#### period

#### $

#### 8,017,998

#### $

#### 8,493,562
\*Share

information

(000s)

Shares

sold

Investor

Class

1,106

2,970

Advisor

Class

I

Class

2,224

7,117

Z

Class

645

2,139

Distributions

reinvested

Investor

Class

–

5,529

Advisor

Class

–

I

Class

–

7,610

Z

Class

–

7,551

Shares

redeemed

Investor

Class

(4,393)

(11,231)

Advisor

Class

(208)

(411)

I

Class

(5,387)

(10,960)

Z

Class

(3,125)

(22,639)

Decrease

in

shares

outstanding

(9,094)

(12,072)

T. ROWE

PRICE

Small-Cap

Stock

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Small-Cap

Stock

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Small-Cap

Stock

Fund,

Inc.

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

long-term

capital

growth

by

investing

primarily

in

stocks

of

small

companies.

The

fund

has four classes

of

shares:

the

Small-Cap

Stock

Fund,

Inc.

(Investor

Class),

the

Small-Cap

Stock

Fund–Advisor

Class

(Advisor

Class),

the

Small-Cap

Stock

Fund–I

Class

(I

Class)

and

the

Small-Cap

Stock

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

T. ROWE

PRICE

Small-Cap

Stock

Fund

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets.

#### In-Kind

#### Redemptions
In

accordance

with

guidelines

described

in

the

fund's

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

six

months ended

June

30,

2025,

the

fund

realized

$8,043,000 of

net

gain

on

$21,355,000

of

in-kind

redemptions.

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

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 fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

T. ROWE

PRICE

Small-Cap

Stock

Fund

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee 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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

unobservable

inputs

(including

the Valuation

Designee's 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

T. ROWE

PRICE

Small-Cap

Stock

Fund

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 Valuation

Designee

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

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee 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

Designee 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.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

T. ROWE

PRICE

Small-Cap

Stock

Fund

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

six

months ended

June

30,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

June

30,

2025,

totaled $(28,833,000) for

the

six

months ended

June

30,

2025. ($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

7,511,387

$

334,125

$

34,632

$

7,880,144

Convertible

Preferred

Stocks

—

—

140,546

140,546

Short-Term

Investments

18,175

—

—

18,175

Total

$

7,529,562

$

334,125

$

175,178

$

8,038,865

($000s)

#### Beginning

#### Balance

#### 12/31/24

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Ending

#### Balance

#### 6/30/25
Investment

in

Securities

Common

Stocks

$

45,386

$

(1,985)

$

11,753

$

(20,522)

$

34,632

Convertible

Bonds

4,745

501

—

(5,246)

—

Convertible

Preferred

Stocks

177,746

(24,564)

20,339

(32,975)

140,546

Total

$

227,877

$

(26,048)

$

32,092

$

(58,743)

$

175,178

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### NOTE

#### 3

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $2,966,290,000 and

$3,418,718,000,

respectively,

for

the

six

months ended

June

30,

2025. #### NOTE

#### 4

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

June

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$6,433,301,000.

Net

unrealized

gain

aggregated

$1,605,557,000

at

period-end,

of

which

$2,022,795,000

related

to

appreciated

investments

and

$417,238,000

related

to

depreciated

investments.

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### NOTE

#### 5

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 6

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.45%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

June

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

and

Advisor

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

T. ROWE

PRICE

Small-Cap

Stock

Fund

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

in

the

table

below.

At

June

30,

2025,

there

were

no

amounts

subject

to

repayment

T. ROWE

PRICE

Small-Cap

Stock

Fund

by

the

fund. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$63,000

for

Price

Associates;

$1,111,000

for

T. Rowe

Price

Services,

Inc.;

and

$128,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

six

months ended

June

30,

2025,

the

fund

was

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

1.09%

1.34%

0.05%

0.00%

Expense

limitation

date

02/29/28

02/29/28

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$—

$—

$(8,936)

T. ROWE

PRICE

Small-Cap

Stock

Fund

charged $76,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$34,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

June

30,

2025,

approximately

15%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

June

30,

2025, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Price

Associates

has voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

brokerage

commissions

embedded

in

the

cost

of

the

fund's

foreign

currency

transactions. This

agreement

may

be

rescinded

at

any

time. For

the

six

months ended

June

30,

2025,

this

reimbursement

amounted

to

$107,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### NOTE

#### 7

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 8

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T. Rowe

Price

Investment

Management,

Inc.

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

12–13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

also

considered

that

the

Subadviser

has

its

own

investment

platform

and

investment

management

leadership,

and

the

Adviser

and

Subadviser

have

implemented

information

barriers

restricting

the

sharing

of

investment

information

and

voting

activity.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser

#### and

#### Subadviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

However,

the

Board

noted

that

there

are

information

barriers

between

investment

personnel

of

the

Adviser

and

Subadviser

that

restrict

the

sharing

of

certain

information,

such

as

investment

research,

trading,

and

proxy

T. ROWE

PRICE

Small-Cap

Stock

Fund

voting.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

and

Subadviser's

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Small-Cap

Stock

Fund

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Small-Cap

Stock

Fund

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

for

small-cap

growth

funds

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

second

quintile

(Expense

Universe),

and

third

quintile

(Advisor

Class

Expense

Group),

and

the

fund's

total

expenses

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Expense

Universe,

and

Advisor

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Small-Cap

Stock

Fund

Class

Expense

Group).

At

the

Adviser's

request,

Broadridge

also

compared

the

fund

against

other

relevant

small-cap

core

funds.

The

information

provided

to

the

Board

for

small-cap

core

funds

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

second

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

third

quintile

(Advisor

Class

Expense

Group),

and

the

fund's

total

expenses

ranked

in

the

second

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Small-Cap

Stock

Fund

#### Approval

#### of

#### the

#### Advisory

#### Contract

#### and

#### Subadvisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F65-051

8/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d10687dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d10687dex99906ce.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| T. Rowe Price Small-Cap Stock Fund, Inc. | T. Rowe Price Small-Cap Stock Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | August 19, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Small-Cap Stock Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Small-Cap Stock Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Small-Cap Stock Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---