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QM U.S. Small-Cap Growth Equity Fund^{N-restricted, †}

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Invests primarily in small-cap growth companies. The portfolio will be broadly diversified, and the top 25 holdings will not constitute a large portion of assets.

The fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. Small companies tend to be riskier than large companies.

PRDSXCUSIP 779917103

Factsheet

Fund Story Prospectus

More Literature

Morningstar (Category)

Morningstar
(Overall Rating)¹

Small Growth

(568 funds)

Data as of 01/31/2020

Fund Manager Tenure²

Net Assets³
(USD)

13yrs

$8.6b

Data as of 01/31/2020

Price
(USD)

Daily Price Change

$41.29

$-0.12

Data as of 02/18/2020

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

References

Sudhir Nanda, Portfolio Manager

Sudhir Nanda is a portfolio manager and the head of the Quantitative Equity Group for T. Rowe Price. He is president of the Investment Advisory Committees of the QM US Small-Cap Growth Equity, QM US Value Equity, QM US Small- and Mid-Cap Core Equity, and QM Global Equity Strategies. He is a vice president and member of the Investment Advisory Committees for the Capital Appreciation, Diversified Mid-Cap Growth, and Institutional Global Value Equity Strategies. In addition, he is a member of the U.S. Equity Steering Committee. Mr. Nanda is a vice president of T. Rowe Price Group, Inc.

Strategy

Investment Objective

The fund seeks long-term growth of capital by investing primarily in common stocks of small growth companies.

Morningstar Equity Style

Mid Growth

Data as of 01/31/2020

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period	Rating	Funds In Category (Small Growth)
Overall		568
3 Years		568
5 Years		503
10 Years		380

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR

32.76%

Benchmark

29.50%

Value

6.11%

Benchmark

6.84%

Value

-0.73%

Asset Allocation

Net Assets
(USD)

$8.6b

Largest US Stock 98.03% $8.4b

Other View complete Asset Allocation

Holdings

Total
Holdings

280

Largest Holding Cable One 1.12% Was (09/30/2019) 1.02%

Other View complete Full Holdings

Top 10 Holdings 8.77% View the latest Top 10 Holdings

12-Month Portfolio Turnover 21.2% Data as of 01/31/2020

Largest Contributor

Cable One

1.12%

Largest Detractor

Aerojet Rocketdyne Holdings

0.71%

Purchase

EMCOR Group (N)

0.45%

Was 0.00%

Sale

Bright Horizons Family Solutions

0.66%

Was 1.01%

Sectors

Total
Sectors

Largest Sector Health Care 23.75% Was (12/31/2019) 23.79%

Other View complete Sector Diversification

Contributor

Information Technology

By 0.22%

Sector -0.00%

Selection 0.22%

Detractor

Health Care

By -1.24%

Sector -0.01%

Selection -1.23%

Over

Consumer Discretionary

By 0.46%

Fund 13.63%

Benchmark 13.17%

Under

Industrials & Business Services

By -0.55%

Fund 18.08%

Benchmark 18.62%

Team (As of 12/31/2019)

Sudhir Nanda
Portfolio Manager

Fund manager
since 2006
Years at
T. Rowe Price 19
Years investment
experience 20

Brian Dausch
Portfolio Specialist

Brian Dausch is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is a member of the Global Natural Resources Equity, US Mid-Cap Growth Equity, US Small-Cap Growth Equity, QM US Small-Cap Growth Equity, and Health Sciences Strategy teams, working closely with institutional clients, consultants, and prospects. Mr. Dausch is a vice president of T. Rowe Price Group, Inc.

Years at
T. Rowe Price 21
Years investment
experience 22

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information

Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	12b-1 Fee	Expense Ratio
Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	12b-1 Fee	Gross	Net	Limitation Type	Limitation Expiration Date
Investor Class Cusip 779917103	$2,500	$100	0.00%	0.80%	0.80%	N/A	N/A
I Class Cusip 87283A102	$1,000,000*	N/A	0.00%	0.66%	0.66%	N/A	N/A
Advisor Class Cusip 87283A201	$2,500	$100	0.25%	1.07%	1.07%	N/A	N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

Investor Profile

For an investor seeking long-term appreciation through a widely diversified portfolio of small-cap growth stocks.

Risk/Return Characteristics

Data as of 01/31/2020

Risk/Return (5 Years)	Fund	MSCI US Small Cap Growth Index
Alpha	2.34%	0.00%
Beta	0.88	1.00
R-Squared	0.97	1.00
Annualized Std. Deviation	14.44%	16.10%
Information Ratio	0.48	0.00
Sharpe Ratio	0.71	0.54
Tracking Error	3.27%	0.00%

Figures are calculated using monthly data and are net of fees. Past performance cannot guarantee future results.

Asset Allocation (01/31/2020)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Global ex-US Stock	0.91%	$77,916,329.48
Reserves	1.07%	$91,615,903.90
US Stock	98.03%	$8,393,557,998.92
Total Allocation		$8,562,234,008.90

Numbers may not total due to rounding; all numbers are percentages.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.

Holdings (12/31/2019)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country
Cable One	1.12%	0.11%	$96,304,009.00	Communication Services	Media	United States
Euronet Worldwide	1.03%	-0.01%	$88,217,844.00	Information Technology	IT Services	United States
Fair Isaac	1.02%	0.09%	$87,525,248.00	Information Technology	Software	United States
Churchill Downs	0.88%	0.02%	$75,438,048.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Pool	0.87%	-0.04%	$74,736,522.00	Consumer Discretionary	Distributors	United States
Molina Healthcare	0.78%	0.10%	$67,030,860.00	Health Care	Health Care Providers & Services	United States
Chemed	0.77%	-0.02%	$66,240,408.00	Health Care	Health Care Providers & Services	United States
PRA Health Sciences	0.77%	0.02%	$65,979,862.65	Health Care	Life Sciences Tools & Services	United States
Primerica	0.77%	-0.02%	$65,880,576.00	Financials	Insurance	United States
Helen of Troy Limited	0.76%	0.06%	$65,515,476.00	Consumer Discretionary	Household Durables	United States
Masimo	0.75%	-0.02%	$64,203,972.00	Health Care	Health Care Equipment & Supplies	United States
Charles River Laboratories International	0.74%	0.06%	$63,166,260.00	Health Care	Life Sciences Tools & Services	United States
Entegris	0.73%	0.02%	$62,612,500.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Aerojet Rocketdyne Holdings	0.71%	-0.14%	$61,335,078.00	Industrials & Business Services	Aerospace & Defense	United States
Performance Food	0.71%	0.02%	$60,710,364.00	Consumer Staples	Food & Staples Retailing	United States
Zebra Technologies	0.70%	0.09%	$60,105,032.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
MarketAxess Holdings	0.69%	0.04%	$59,482,359.00	Financials	Capital Markets	United States
Casella Waste Systems	0.69%	-0.03%	$59,236,007.00	Industrials & Business Services	Commercial Services & Supplies	United States
Mellanox Technologies	0.69%	-0.01%	$59,117,310.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Vail Resorts	0.69%	-0.02%	$58,957,408.90	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Casey's General Stores	0.68%	-0.07%	$58,397,027.00	Consumer Staples	Food & Staples Retailing	United States
Teledyne Technologies	0.67%	-0.03%	$57,709,306.20	Industrials & Business Services	Aerospace & Defense	United States
Booz Allen Hamilton	0.67%	-0.06%	$57,579,735.00	Information Technology	IT Services	United States
Toro	0.67%	0.00%	$57,521,740.00	Industrials & Business Services	Machinery	United States
Bright Horizons Family Solutions	0.66%	-0.34%	$57,041,667.76	Consumer Discretionary	Diversified Consumer Services	United States
Maximus	0.66%	-0.04%	$56,893,472.00	Information Technology	IT Services	United States
Woodward	0.66%	0.05%	$56,416,525.20	Industrials & Business Services	Machinery	United States
Catalent	0.66%	0.05%	$56,381,128.30	Health Care	Pharmaceuticals	United States
MKS Instruments	0.65%	0.06%	$55,445,040.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Exponent	0.63%	-0.05%	$53,904,815.16	Industrials & Business Services	Professional Services	United States
Exact Sciences	0.62%	0.12%	$53,568,300.16	Health Care	Health Care Equipment & Supplies	United States
West Pharmaceutical Services	0.61%	-0.01%	$52,765,830.00	Health Care	Health Care Equipment & Supplies	United States
Curtiss-Wright	0.61%	0.03%	$52,523,792.00	Industrials & Business Services	Aerospace & Defense	United States
WEX	0.60%	-0.03%	$51,489,457.20	Information Technology	IT Services	United States
ASGN	0.59%	0.05%	$50,878,393.00	Industrials & Business Services	Professional Services	United States
Monolithic Power Systems	0.59%	0.08%	$50,717,898.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Burlington Stores	0.59%	0.01%	$50,645,463.00	Consumer Discretionary	Specialty Retail	United States
Haemonetics	0.59%	-0.11%	$50,544,510.00	Health Care	Health Care Equipment & Supplies	United States
WPX Energy	0.58%	0.12%	$50,170,236.00	Energy	Oil, Gas & Consumable Fuels	United States
Littelfuse	0.57%	-0.00%	$48,571,070.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
Innospec	0.57%	0.04%	$48,554,736.00	Materials	Chemicals	United States
Novanta	0.56%	-0.00%	$48,447,432.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
GCI Liberty	0.56%	0.10%	$47,972,464.15	Communication Services	Diversified Telecommunication Services	United States
ICU Medical	0.56%	0.04%	$47,902,345.76	Health Care	Health Care Equipment & Supplies	United States
Lennox International	0.56%	-0.04%	$47,720,532.00	Industrials & Business Services	Building Products	United States
Horizon therapeutics	0.55%	0.16%	$47,418,380.00	Health Care	Pharmaceuticals	United States
Service Corporation International	0.55%	-0.14%	$47,323,443.00	Consumer Discretionary	Diversified Consumer Services	United States
Ingevity	0.55%	-0.03%	$47,298,794.00	Materials	Chemicals	United States
Amedisys	0.54%	0.09%	$46,353,684.00	Health Care	Health Care Providers & Services	United States
Medpace Holdings	0.54%	-0.03%	$46,291,842.00	Health Care	Life Sciences Tools & Services	United States
Americold Realty Trust	0.54%	-0.01%	$46,036,023.84	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Wendy's	0.53%	0.03%	$45,834,777.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
UniFirst	0.53%	0.01%	$45,344,510.00	Industrials & Business Services	Commercial Services & Supplies	United States
HEICO	0.53%	-0.13%	$45,116,405.25	Industrials & Business Services	Aerospace & Defense	United States
Terreno Realty	0.52%	-0.00%	$44,860,404.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Envestnet	0.52%	0.06%	$44,730,312.00	Information Technology	Software	United States
Generac Holdings	0.52%	0.12%	$44,480,898.00	Industrials & Business Services	Electrical Equipment	United States
J & J Snack Foods	0.52%	-0.05%	$44,350,287.87	Consumer Staples	Food Products	United States
IAA	0.51%	0.36%	$43,982,276.00	Industrials & Business Services	Commercial Services & Supplies	United States
Pegasystems	0.51%	0.03%	$43,656,165.00	Information Technology	Software	United States
Proofpoint	0.51%	-0.11%	$43,559,010.00	Information Technology	Software	United States
Carters	0.50%	0.08%	$43,025,290.00	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United States
CACI International	0.50%	0.16%	$42,948,282.00	Information Technology	IT Services	United States
ACI Worldwide	0.50%	0.05%	$42,900,974.00	Information Technology	Software	United States
Berry Global	0.50%	0.05%	$42,750,498.00	Materials	Containers & Packaging	United States
Steven Madden	0.50%	0.05%	$42,736,886.50	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United States
John Bean Technologies	0.50%	0.03%	$42,596,746.00	Industrials & Business Services	Machinery	United States
Tyler Technologies	0.50%	0.02%	$42,482,832.00	Information Technology	Software	United States
Blackbaud	0.49%	-0.11%	$42,387,000.00	Information Technology	Software	United States
Repligen	0.49%	0.05%	$42,087,500.00	Health Care	Life Sciences Tools & Services	United States
Omnicell	0.49%	0.03%	$42,085,800.00	Health Care	Health Care Technology	United States
Choice Hotels International	0.49%	0.03%	$42,064,981.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Hexcel	0.48%	-0.09%	$41,618,087.00	Industrials & Business Services	Aerospace & Defense	United States
Penn National Gaming	0.48%	0.10%	$41,391,403.92	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Boston Beer	0.48%	-0.02%	$41,299,005.00	Consumer Staples	Beverages	United States
Cirrus Logic	0.48%	0.15%	$41,265,159.30	Information Technology	Semiconductors & Semiconductor Equipment	United States
Landstar System	0.48%	-0.03%	$41,220,940.00	Industrials & Business Services	Road & Rail	United States
Murphy USA	0.48%	0.10%	$41,020,200.00	Consumer Discretionary	Specialty Retail	United States
Nexstar Media	0.48%	0.04%	$41,002,325.00	Communication Services	Media	United States
ACADIA Pharmaceuticals	0.48%	0.08%	$40,928,139.36	Health Care	Biotechnology	United States
Insperity	0.48%	-0.12%	$40,912,020.00	Industrials & Business Services	Professional Services	United States
Ubiquiti	0.48%	0.15%	$40,838,578.00	Information Technology	Communications Equipment	United States
OSI Systems	0.47%	-0.03%	$40,487,406.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
Texas Roadhouse	0.47%	-0.01%	$40,471,552.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Bio-Rad Laboratories	0.47%	0.01%	$40,259,264.00	Health Care	Life Sciences Tools & Services	United States
Ensign	0.47%	-0.06%	$39,998,192.00	Health Care	Health Care Providers & Services	United States
Boyd Gaming	0.46%	0.06%	$39,898,044.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Watsco	0.46%	0.08%	$39,795,135.00	Industrials & Business Services	Trading Companies & Distributors	United States
Post Holdings	0.46%	-0.02%	$39,689,489.00	Consumer Staples	Food Products	United States
Coherent	0.46%	-0.00%	$39,679,465.50	Information Technology	Electronic Equip, Instr & Cmpts	United States
Graco	0.46%	0.02%	$39,062,920.00	Industrials & Business Services	Machinery	United States
EMCOR Group	0.46%	N/A	$39,059,380.00	Industrials & Business Services	Construction & Engineering	United States
Gardner denver Holdings	0.46%	0.10%	$39,053,196.00	Industrials & Business Services	Machinery	United States
Ormat Technologies	0.45%	-0.04%	$38,906,892.00	Utilities	Independent Power & Renewable Electricity Producer	United States
CoreSite Realty	0.45%	-0.08%	$38,759,884.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Western Alliance Bancorp	0.45%	0.12%	$38,509,200.00	Financials	Banks	United States
Ceridian HCM Holding	0.44%	0.16%	$37,934,534.36	Information Technology	Software	United States
First Industrial Realty	0.44%	-0.02%	$37,898,630.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Grand Canyon Education	0.44%	-0.05%	$37,884,945.00	Consumer Discretionary	Diversified Consumer Services	United States
Moog	0.44%	-0.01%	$37,715,860.00	Industrials & Business Services	Aerospace & Defense	United States
Cboe Global Markets	0.44%	-0.02%	$37,560,000.00	Financials	Capital Markets	United States
Cabot Microelectronics	0.43%	0.05%	$37,075,808.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
ServiceMaster Global Holdings	0.43%	-0.25%	$37,013,315.96	Consumer Discretionary	Diversified Consumer Services	United States
CyrusOne	0.43%	-0.13%	$37,007,208.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
SS&C Technologies Holdings	0.42%	-0.00%	$36,465,460.00	Information Technology	Software	United States
Globus Medical	0.42%	0.04%	$36,317,184.00	Health Care	Health Care Equipment & Supplies	United States
Manhattan Associates	0.42%	-0.03%	$35,911,425.00	Information Technology	Software	United States
Penumbra	0.42%	0.05%	$35,876,568.00	Health Care	Health Care Equipment & Supplies	United States
NuVasive	0.42%	0.05%	$35,777,484.00	Health Care	Health Care Equipment & Supplies	United States
RealPage	0.42%	-0.11%	$35,718,648.75	Information Technology	Software	United States
Take-Two Interactive Software	0.42%	-0.05%	$35,676,102.00	Communication Services	Entertainment	United States
XPO Logistics	0.41%	0.01%	$35,275,220.00	Industrials & Business Services	Air Freight & Logistics	United States
NewMarket	0.41%	-0.02%	$35,126,744.00	Materials	Chemicals	United States
Atkore International	0.41%	0.11%	$35,068,421.78	Industrials & Business Services	Electrical Equipment	United States
Aspen Technology	0.41%	-0.09%	$34,864,119.00	Information Technology	Software	United States
Qualys	0.41%	0.01%	$34,798,638.00	Information Technology	Software	United States
Emergent BioSolutions	0.40%	-0.01%	$34,312,200.00	Health Care	Biotechnology	United States
Global Blood Therapeutics	0.40%	0.18%	$33,925,537.10	Health Care	Biotechnology	United States
Eagle Materials	0.39%	-0.01%	$33,662,058.00	Materials	Construction Materials	United States
Denny's	0.39%	-0.09%	$33,271,545.72	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Addus HomeCare	0.38%	0.04%	$32,879,804.00	Health Care	Health Care Providers & Services	United States
Patrick Industries	0.38%	0.04%	$32,860,502.50	Industrials & Business Services	Building Products	United States
Hilton Grand Vacations	0.38%	-0.00%	$32,467,599.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Old Dominion Freight Line	0.37%	0.01%	$32,072,820.00	Industrials & Business Services	Road & Rail	United States
Quaker Chemical	0.37%	-0.01%	$31,686,552.00	Materials	Chemicals	United States
Douglas Dynamics	0.37%	0.05%	$31,537,000.00	Industrials & Business Services	Machinery	United States
Nordson	0.37%	0.02%	$31,362,984.00	Industrials & Business Services	Machinery	United States
Chase	0.36%	-0.00%	$30,923,280.00	Materials	Chemicals	United States
CoreLogic	0.36%	-0.05%	$30,811,179.00	Information Technology	IT Services	United States
frontdoor	0.36%	-0.04%	$30,695,108.26	Industrials & Business Services	Commercial Services & Supplies	United States
Equity LifeStyle Properties	0.36%	-0.01%	$30,507,026.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Encompass Health	0.35%	0.00%	$30,451,092.00	Health Care	Health Care Providers & Services	United States
SAIC	0.35%	-0.03%	$30,091,516.00	Information Technology	IT Services	United States
Cantel Medical	0.35%	-0.05%	$30,011,970.00	Health Care	Health Care Equipment & Supplies	United States
LCI Industries	0.35%	0.02%	$29,985,687.00	Consumer Discretionary	Auto Components	United States
U.S. Physical Therapy	0.35%	-0.08%	$29,982,570.00	Health Care	Health Care Providers & Services	United States
Brunswick	0.35%	0.02%	$29,896,431.20	Consumer Discretionary	Leisure Products	United States
First Bancorp North Carolina	0.35%	0.01%	$29,856,671.00	Financials	Banks	United States
Advanced Energy Industries	0.35%	0.05%	$29,847,040.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Cognex	0.35%	0.02%	$29,617,140.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
Strategic Education	0.34%	0.04%	$29,475,950.00	Consumer Discretionary	Diversified Consumer Services	United States
Albany International	0.34%	0.06%	$29,358,264.00	Industrials & Business Services	Machinery	United States
NCR	0.34%	0.05%	$29,130,060.00	Information Technology	Technology Hardware, Storage & Peripherals	United States
Coca-Cola Consolidated	0.34%	-0.03%	$28,944,695.00	Consumer Staples	Beverages	United States
CubeSmart	0.33%	0.02%	$28,637,356.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Advanced Disposal Services	0.33%	-0.04%	$28,102,009.28	Industrials & Business Services	Commercial Services & Supplies	United States
Insulet	0.33%	-0.01%	$28,076,800.00	Health Care	Health Care Equipment & Supplies	United States
MaxLinear	0.33%	-0.05%	$28,074,060.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Domino's Pizza	0.32%	-0.02%	$27,729,012.86	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Scotts Miracle Gro	0.32%	-0.01%	$27,670,508.00	Materials	Chemicals	United States
AMN Healthcare Services	0.32%	0.21%	$27,217,008.00	Health Care	Health Care Providers & Services	United States
CenterState Bank	0.32%	-0.01%	$27,128,280.00	Financials	Banks	United States
Cardtronics	0.31%	0.08%	$26,957,169.60	Information Technology	IT Services	United States
Ameris Bancorp	0.31%	-0.01%	$26,587,500.00	Financials	Banks	United States
j2 Global	0.31%	-0.02%	$26,411,226.40	Information Technology	Software	United States
Mirati Therapeutics	0.30%	0.13%	$26,068,378.00	Health Care	Biotechnology	United States
Apergy	0.30%	0.04%	$25,595,106.00	Energy	Energy Equipment & Services	United States
Blueprint Medicines	0.29%	0.01%	$25,102,949.16	Health Care	Biotechnology	United States
Gray Television	0.29%	0.05%	$24,898,272.00	Communication Services	Media	United States
LivaNova	0.29%	-0.02%	$24,884,357.00	Health Care	Health Care Equipment & Supplies	United Kingdom
Ligand Pharmaceuticals	0.29%	-0.01%	$24,768,875.00	Health Care	Biotechnology	United States
Prestige Consumer Healthcare	0.29%	0.00%	$24,737,400.00	Health Care	Pharmaceuticals	United States
Live Nation Entertainment	0.28%	-0.01%	$23,921,009.00	Communication Services	Entertainment	United States
Papa John's International	0.28%	0.07%	$23,611,785.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Cyber-Ark Software	0.27%	0.02%	$22,954,602.00	Information Technology	Software	Israel
Kemper	0.26%	0.01%	$22,661,000.00	Financials	Insurance	United States
PS Business Parks	0.26%	-0.04%	$22,603,677.00	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Sprouts Farmers Market	0.26%	-0.02%	$22,378,275.00	Consumer Staples	Food & Staples Retailing	United States
Gartner	0.26%	-0.00%	$22,375,320.00	Information Technology	IT Services	United States
CorVel	0.26%	0.02%	$22,334,981.76	Health Care	Health Care Providers & Services	United States
US Ecology	0.26%	N/A	$21,976,845.00	Industrials & Business Services	Commercial Services & Supplies	United States
Comfort Systems USA	0.26%	0.20%	$21,963,910.00	Industrials & Business Services	Construction & Engineering	United States
Sarepta Therapeutics	0.26%	0.07%	$21,885,184.00	Health Care	Biotechnology	United States
Lantheus Holdings	0.25%	-0.07%	$21,822,640.00	Health Care	Health Care Equipment & Supplies	United States
Kodiak Sciences	0.25%	N/A	$21,516,503.60	Health Care	Biotechnology	United States
Thor Industries	0.25%	N/A	$21,090,931.00	Consumer Discretionary	Automobiles	United States
PolyOne	0.24%	0.01%	$20,962,942.00	Materials	Chemicals	United States
Bruker	0.24%	0.06%	$20,918,088.00	Health Care	Life Sciences Tools & Services	United States
Neurocrine Biosciences	0.24%	0.02%	$20,780,611.74	Health Care	Biotechnology	United States
PBF Energy	0.24%	-0.08%	$20,760,666.00	Energy	Oil, Gas & Consumable Fuels	United States
Seattle Genetics	0.24%	0.05%	$20,726,764.00	Health Care	Biotechnology	United States
Pennant	0.24%	N/A	$20,599,303.00	Health Care	Health Care Providers & Services	United States
Uniqure	0.24%	0.11%	$20,387,270.00	Health Care	Biotechnology	United States
Matador Resources	0.23%	-0.06%	$20,099,445.00	Energy	Oil, Gas & Consumable Fuels	United States
Axsome therapeutics	0.23%	N/A	$20,000,160.00	Health Care	Pharmaceuticals	United States
Commvault Systems	0.23%	-0.02%	$19,985,328.00	Information Technology	Software	United States
Ruth's Hospitality Group	0.23%	-0.00%	$19,971,564.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Crispr therapeutics	0.23%	0.09%	$19,539,724.82	Health Care	Biotechnology	United States
Visteon	0.23%	-0.10%	$19,526,045.00	Consumer Discretionary	Auto Components	United States
Fortinet	0.23%	0.05%	$19,451,672.00	Information Technology	Software	United States
Cavco Industries	0.23%	-0.02%	$19,403,187.80	Consumer Discretionary	Household Durables	United States
Lincoln Electric Holdings	0.23%	0.01%	$19,355,673.00	Industrials & Business Services	Machinery	United States
PTC Therapeutics	0.22%	0.07%	$19,250,424.00	Health Care	Biotechnology	United States
BioTelemetry	0.22%	0.01%	$19,214,500.00	Health Care	Health Care Providers & Services	United States
SAGE Therapeutics	0.22%	-0.25%	$19,214,018.21	Health Care	Biotechnology	United States
Radian	0.22%	0.00%	$18,940,448.00	Financials	Thrifts & Mortgage Finance	United States
Signature Bank	0.22%	0.01%	$18,838,519.00	Financials	Banks	United States
Cooper Companies	0.22%	-0.00%	$18,811,529.50	Health Care	Health Care Equipment & Supplies	United States
FactSet Research Systems	0.21%	0.02%	$18,271,230.00	Financials	Capital Markets	United States
Aaron's	0.21%	-0.05%	$18,192,904.49	Consumer Discretionary	Specialty Retail	United States
Middlesex Water	0.21%	0.03%	$18,180,575.01	Utilities	Water Utilities	United States
Rollins	0.21%	-0.08%	$18,133,114.92	Industrials & Business Services	Commercial Services & Supplies	United States
John B Sanfilippo & Son	0.21%	-0.03%	$18,027,800.00	Consumer Staples	Food Products	United States
MyoKardia	0.21%	0.05%	$17,731,462.80	Health Care	Pharmaceuticals	United States
AAON	0.20%	-0.00%	$17,352,792.00	Industrials & Business Services	Building Products	United States
Descartes Systems	0.20%	-0.00%	$17,314,416.00	Information Technology	Software	Canada
Ultragenyx Pharmaceutical	0.20%	-0.02%	$16,814,286.35	Health Care	Biotechnology	United States
H.B. Fuller	0.19%	0.04%	$16,528,185.00	Materials	Chemicals	United States
Insmed	0.19%	0.04%	$16,501,080.00	Health Care	Biotechnology	United States
Acceleron Pharma	0.19%	0.05%	$16,430,898.00	Health Care	Biotechnology	United States
Tech Data	0.19%	0.05%	$16,413,480.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
FibroGen	0.19%	0.01%	$16,027,993.00	Health Care	Biotechnology	United States
TreeHouse Foods	0.18%	-0.04%	$15,772,200.00	Consumer Staples	Food Products	United States
LogMeIn	0.18%	0.02%	$15,759,012.00	Information Technology	Software	United States
Universal Insurance Holdings	0.18%	-0.03%	$15,624,018.00	Financials	Insurance	United States
Tabula Rasa HealthCare	0.18%	-0.04%	$15,553,260.00	Health Care	Health Care Technology	United States
Univar Solutions	0.18%	0.01%	$15,491,784.00	Industrials & Business Services	Trading Companies & Distributors	United States
Xencor	0.18%	-0.00%	$15,410,159.00	Health Care	Biotechnology	United States
Stepan	0.18%	0.01%	$15,298,184.72	Materials	Chemicals	United States
Six Flags Entertainment	0.18%	-0.04%	$15,278,757.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Agios Pharmaceuticals	0.18%	0.05%	$15,274,317.75	Health Care	Biotechnology	United States
SLM Corporation	0.17%	-0.01%	$14,842,278.00	Financials	Consumer Finance	United States
Broadridge Financial Solutions	0.17%	-0.02%	$14,750,676.00	Information Technology	IT Services	United States
EnPro Industries	0.17%	-0.02%	$14,660,096.00	Industrials & Business Services	Machinery	United States
Minerals Technologies	0.16%	0.00%	$13,767,807.00	Materials	Chemicals	United States
McGrath RentCorp	0.16%	N/A	$13,593,504.00	Industrials & Business Services	Commercial Services & Supplies	United States
Dril-Quip	0.16%	-0.03%	$13,589,827.00	Energy	Energy Equipment & Services	United States
Immunomedics	0.16%	0.05%	$13,440,281.84	Health Care	Biotechnology	United States
IDEX	0.15%	-0.01%	$13,140,800.00	Industrials & Business Services	Machinery	United States
Supernus Pharmaceuticals	0.14%	-0.04%	$12,381,840.00	Health Care	Pharmaceuticals	United States
MSG Networks	0.14%	-0.03%	$12,223,500.00	Communication Services	Media	United States
Onto Innovation	0.14%	N/A	$11,912,040.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
The Cheesecake Factory	0.14%	-0.02%	$11,809,554.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Alkermes	0.13%	0.07%	$10,926,240.00	Health Care	Biotechnology	United States
Phibro Animal Health	0.12%	0.01%	$10,676,900.00	Health Care	Pharmaceuticals	United States
Pacira BioSciences	0.12%	0.01%	$10,441,650.00	Health Care	Pharmaceuticals	United States
Carolina Financial	0.12%	-0.12%	$10,379,220.39	Financials	Banks	United States
Ichor Holdings	0.12%	0.03%	$10,346,970.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Reata Pharmaceuticals	0.12%	N/A	$10,139,728.00	Health Care	Pharmaceuticals	United States
Weight Watchers	0.11%	-0.01%	$9,816,149.00	Consumer Discretionary	Diversified Consumer Services	United States
Jazz Pharmaceuticals	0.11%	0.01%	$9,807,696.00	Health Care	Pharmaceuticals	United States
Deciphera Pharmaceuticals	0.11%	N/A	$9,665,872.00	Health Care	Biotechnology	United States
PDC Energy	0.11%	-0.09%	$9,495,784.50	Energy	Oil, Gas & Consumable Fuels	United States
Aimmune Therapeutics	0.11%	0.04%	$9,495,070.83	Health Care	Biotechnology	United States
ePlus	0.11%	0.00%	$9,406,764.00	Information Technology	Electronic Equip, Instr & Cmpts	United States
Bluebird Bio	0.11%	-0.01%	$9,354,150.00	Health Care	Biotechnology	United States
Lydall	0.11%	-0.03%	$9,301,716.00	Industrials & Business Services	Machinery	United States
PTC	0.11%	0.00%	$9,245,170.50	Information Technology	Software	United States
Beacon Roofing Supply	0.11%	-0.01%	$9,047,142.00	Industrials & Business Services	Trading Companies & Distributors	United States
Ironwood Pharmaceuticals	0.10%	0.03%	$8,948,313.00	Health Care	Biotechnology	United States
AdvanSix	0.10%	-0.06%	$8,918,128.00	Materials	Chemicals	United States
MGIC Investment	0.10%	-0.04%	$8,650,785.00	Financials	Thrifts & Mortgage Finance	United States
Ionis Pharmaceuticals	0.10%	-0.01%	$8,650,712.00	Health Care	Biotechnology	United States
Theravance Biopharma	0.10%	0.02%	$8,629,887.81	Health Care	Pharmaceuticals	United States
Innoviva	0.09%	0.02%	$7,966,416.00	Health Care	Pharmaceuticals	United States
SPX	0.09%	N/A	$7,733,760.00	Industrials & Business Services	Machinery	United States
Worthington Industries	0.09%	-0.04%	$7,689,414.00	Materials	Metals & Mining	United States
Exelixis	0.09%	0.01%	$7,682,320.00	Health Care	Biotechnology	United States
Green Dot	0.09%	-0.03%	$7,430,370.00	Financials	Consumer Finance	United States
Marriott Vacations Worldwide	0.09%	0.01%	$7,390,824.00	Consumer Discretionary	Hotels Restaurants & Leisure	United States
E*TRADE Financial	0.08%	-0.01%	$7,074,407.99	Financials	Capital Markets	United States
Inogen	0.07%	0.02%	$6,040,372.00	Health Care	Health Care Equipment & Supplies	United States
Aerie Pharmaceuticals	0.07%	0.01%	$5,875,727.00	Health Care	Pharmaceuticals	United States
Amicus Therapeutics	0.07%	0.01%	$5,828,416.00	Health Care	Biotechnology	United States
Sapiens International	0.07%	0.04%	$5,793,700.00	Information Technology	Software	Israel
Nektar Therapeutics	0.07%	0.01%	$5,754,561.00	Health Care	Pharmaceuticals	United States
Standex International	0.06%	0.00%	$5,308,515.00	Industrials & Business Services	Machinery	United States
Middleby	0.06%	-0.08%	$5,147,440.00	Industrials & Business Services	Machinery	United States
Enanta Pharmaceuticals	0.06%	-0.00%	$4,757,060.00	Health Care	Biotechnology	United States
Alnylam Pharmaceuticals	0.05%	0.01%	$4,687,419.00	Health Care	Biotechnology	United States
Hillenbrand	0.05%	N/A	$4,156,288.56	Industrials & Business Services	Machinery	United States
Principia Biopharma	0.05%	N/A	$3,987,984.00	Health Care	Biotechnology	United States
Resideo Technologies	0.04%	-0.01%	$3,513,385.00	Industrials & Business Services	Building Products	United States
Plantronics	0.04%	-0.02%	$3,472,180.00	Information Technology	Communications Equipment	United States
Madrigal Pharmaceuticals	0.04%	-0.00%	$3,106,851.00	Health Care	Biotechnology	United States
Avanos Medical	0.03%	-0.04%	$2,305,080.00	Health Care	Health Care Equipment & Supplies	United States
Children's Place	0.03%	-0.06%	$2,263,224.00	Consumer Discretionary	Specialty Retail	United States
Heritage Insurance Holdings	0.02%	-0.02%	$1,592,650.00	Financials	Insurance	United States
Computer Modelling	0.02%	0.00%	$1,352,117.36	Energy	Energy Equipment & Services	Canada
WaVe Life Sciences	0.01%	-0.02%	$841,150.21	Health Care	Pharmaceuticals	United States

Numbers may not total due to rounding; all numbers are percentages.

Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.

The information shown does not reflect any ETFs that may be held in the portfolio.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.

Contributors (12/31/2019)

As of end:

Contributors	% of Fund	Industry	Country
Fair Isaac	1.02%	Software	United States
Ubiquiti	0.48%	Communications Equipment	United States
Cable One	1.12%	Media	United States
Cirrus Logic	0.48%	Semiconductors & Semiconductor Equipment	United States
Molina Healthcare	0.78%	Health Care Providers & Services	United States
Axsome therapeutics	0.23%	Pharmaceuticals	United States
Zebra Technologies	0.70%	Electronic Equip, Instr & Cmpts	United States
Global Blood Therapeutics	0.40%	Biotechnology	United States
WPX Energy	0.58%	Oil, Gas & Consumable Fuels	United States
Horizon therapeutics	0.55%	Pharmaceuticals	United States

Detractors (12/31/2019)

Detractors	% of Fund	Industry	Country
SAGE Therapeutics	0.22%	Biotechnology	United States
ServiceMaster Global Holdings	0.43%	Diversified Consumer Services	United States
CyrusOne	0.43%	Equity Real Estate Investment Trusts (REITs)	United States
Aerojet Rocketdyne Holdings	0.71%	Aerospace & Defense	United States
RealPage	0.42%	Software	United States
Insperity	0.48%	Professional Services	United States
Blackbaud	0.49%	Software	United States
Proofpoint	0.51%	Software	United States
Haemonetics	0.59%	Health Care Equipment & Supplies	United States
Hexcel	0.48%	Aerospace & Defense	United States

The information shown does not reflect any ETFs that may be held in the portfolio.

Sector Diversification (01/31/2020)

As of end:

Sector	% of Fund	% of Benchmark
Consumer Discretionary	13.63%	13.17%
Health Care	23.75%	23.35%
Consumer Staples	3.70%	3.43%
Real Estate	3.49%	3.52%
Materials	4.05%	4.09%
Energy	1.25%	1.41%
Utilities	0.74%	0.98%
Financials	4.68%	5.00%
Communication Services	3.45%	3.84%
Information Technology	22.13%	22.59%
Industrials & Business Services	18.08%	18.62%

Benchmark: MSCI US Small Cap Growth Index

Numbers may not total due to rounding; all numbers are percentages.

Platforms (Investor Class)

Platform	Retail Investor	Institutional Investor
Pershing	N/A	NTF
TD Ameritrade	NTF	NTF
Schwab	NTF	NTF
Fidelity	NTF	NTF
E*Trade	NTF	N/A

NTF No Transaction Fee
TF Transaction Fee
N/A Not Available

Calendar Year Performance

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
33.50%	1.54%	15.69%	44.19%	6.38%	2.33%	11.31%	22.12%	-6.86%	32.76%	Fund
30.71%	-1.53%	17.57%	44.50%	4.69%	-3.05%	13.44%	21.46%	-9.03%	29.50%	Benchmark
2.79%	3.07%	-1.88%	-0.31%	1.69%	5.38%	-2.13%	0.66%	2.17%	3.26%	Value added

Fund
Benchmark
Annual Report

Investor Class Inception Date: 06/30/1997

Benchmark: MSCI US Small Cap Growth Index

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Distributions (Investor Class)

Period	Dividend From Net Income (USD)	Short-Term Capital Gains (USD)	Long-Term Capital Gains (USD)	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2019 Year End	-	$0.005	$1.63	12/12/2019	12/13/2019	12/16/2019	20191216
2018 Year End	-	$0.20	$1.21	12/12/2018	12/13/2018	12/14/2018	20181214
2017 Year End	-	$0.035	-	12/13/2017	12/14/2017	12/15/2017	20171215
2016 Year End	-	$0.007	-	12/13/2016	12/14/2016	12/15/2016	20161215

Future Declarations

Period	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2020 Year End	12/11/2020	12/14/2020	12/15/2020	20201215

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

Figure applies to all share classes.

^N-restricted

Certain limited exceptions may apply to these scenarios. The funds reserve the right, when in the judgment of T. Rowe Price, it is not adverse to a fund's interest, to permit certain types of investors to open new accounts in a fund, to impose further restrictions, or to close a fund to any additional investments, all without notice.

MSCI index returns are shown with gross dividends reinvested.

Morningstar (Category)

Morningstar(Overall Rating)1

Fund Manager Tenure2

Net Assets3(USD)

Price(USD)

Daily Price Change

Strategy

Investment Objective

Morningstar Equity Style

Morningstar Rating

Average Annual Total Returns (Investor Class)

1 YR

Benchmark

Value

3 YR

Benchmark

Value

5 YR

Benchmark

Value

10 YR

Benchmark

Value

Expense Ratio

Gross

Net

Current Year Performance (Investor Class)

Daily YTD

Benchmark

Value

Monthly YTD

Benchmark

Value

One Month

Benchmark

Value

Three Months

Benchmark

Value

Asset Allocation

Net Assets(USD)

Holdings

TotalHoldings

Largest Contributor

Cable One

Largest Detractor

Aerojet Rocketdyne Holdings

Purchase

EMCOR Group (N)

Sale

Bright Horizons Family Solutions

Sectors

TotalSectors

Contributor

Information Technology

Detractor

Health Care

Over

Consumer Discretionary

Under

Industrials & Business Services

Team (As of 12/31/2019)

Sudhir NandaPortfolio Manager

Brian DauschPortfolio Specialist

How to Invest

Benefits & Risks

Investor Profile

Risk/Return Characteristics

Asset Allocation (01/31/2020)

Holdings (12/31/2019)

Contributors (12/31/2019)

Detractors (12/31/2019)

Sector Diversification (01/31/2020)

Platforms (Investor Class)

Calendar Year Performance

Monthly Performance

Distributions (Investor Class)

Future Declarations

Financial Advisors

Manage Subscriptions

Morningstar
(Overall Rating)¹

Fund Manager Tenure²

Net Assets³
(USD)

Price
(USD)

Net Assets
(USD)

Total
Holdings

Total
Sectors

Sudhir Nanda
Portfolio Manager

Brian Dausch
Portfolio Specialist