FORTUNE — T. Rowe Price still may want to vote against Michael Dell’s proposed takeover of Dell Inc., but its opinion will no longer be heard quite so loudly.
Yesterday the mutual fund reported disclosed that it sold around 10.26 million Dell (DELL) shares during the first quarter, which represented around 12.5% of its holdings. It also acquired 5.8 million call options during the same period.
There is no available information as to what price T. Rowe
sold at, or what call options it purchased. Dell shares traded at between $10.31 and $14.51 per share during the first quarter, compared to the proposed buyout price of $13.65 per share.
Also unavailable is any information as to whether T. Rowe has increased or decreased its Dell holdings since March 31.
When T. Rowe originally came out in opposition to the buyout, it was believed to be the company’s second-largest outside shareholder (based on year-end 2012 data), behind only Southeastern Asset Management. At the end of Q1, it dropped down to number five, behind Southeastern, UBS (UBS), Carl Icahn and BlackRock (BLK).
Sign up for our daily email newsletter on deals and deal-makers: GetTermSheet.com