T.

ROWE

PRICE

Small-Cap

Value

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

94.9%

COMMUNICATION

SERVICES

0.8%

Diversified

Telecommunication

Services

0.0%

Frontier

Communications

Parent (1)

213,100‌

4,852‌

4,852‌

Media

0.8%

Advantage

Solutions (1)

5,533,223‌

8,743‌

Advantage

Solutions,

Warrants,

12/31/26,

11.50% (1)

400,000‌

50‌

AMC

Networks,

Class

A (1)

443,200‌

7,791‌

Boston

Omaha,

Class

A (1)

1,462,022‌

34,606‌

New

York

Times,

Class

A 

650,800‌

25,303‌

Saga

Communications,

Class

A 

244,675‌

5,439‌

81,932‌

Total

Communication

Services

86,784‌

CONSUMER

DISCRETIONARY

9.6%

Automobile

Components

1.3%

Dorman

Products (1)

616,633‌

53,191‌

LCI

Industries 

333,341‌

36,624‌

Strattec

Security (1)(2)

347,806‌

7,912‌

Visteon (1)

254,746‌

39,952‌

137,679‌

Distributors

0.1%

Pool

Corp 

29,263‌

10,021‌

10,021‌

Diversified

Consumer

Services

1.3%

Clear

Secure,

Class

A (3)

835,843‌

21,874‌

Strategic

Education 

1,187,512‌

106,674‌

128,548‌

Hotels,

Restaurants

&

Leisure

1.6%

BJ's

Restaurants (1)

844,537‌

24,610‌

Deliveroo

(GBP) (1)

14,164,351‌

16,045‌

Marriott

Vacations

Worldwide 

358,256‌

48,314‌

Papa

John's

International 

859,481‌

64,401‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $12,311 (1)(4)(5)(6)

1,439,856‌

5,774‌

159,144‌

Household

Durables

1.3%

Cavco

Industries (1)

88,598‌

28,151‌

Meritage

Homes 

865,390‌

101,043‌

129,194‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Leisure

Products

0.2%

Peloton

Interactive,

Class

A (1)

1,096,200‌

12,431‌

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(5)(6)

1,138,910‌

4,863‌

17,294‌

Specialty

Retail

3.2%

Academy

Sports

&

Outdoors 

669,200‌

43,665‌

Asbury

Automotive

Group (1)

157,000‌

32,970‌

Caleres 

830,600‌

17,966‌

Children's

Place (1)

429,300‌

17,279‌

Farfetch,

Class

A (1)(3)

2,142,700‌

10,521‌

Floor

&

Decor

Holdings,

Class

A (1)

149,700‌

14,704‌

Framebridge,

EC,

Acquisition

Date:

5/19/20,

Cost $908 (1)(5)(6)

907,892‌

409‌

Group

1

Automotive 

156,100‌

35,344‌

Hibbett 

267,412‌

15,772‌

Monro 

1,375,466‌

67,989‌

Petco

Health

&

Wellness (1)

2,981,037‌

26,829‌

Rent

the

Runway,

Class

A (1)

2,977,165‌

8,485‌

RH (1)

27,800‌

6,771‌

Winmark 

75,468‌

24,182‌

322,886‌

Textiles,

Apparel

&

Luxury

Goods

0.6%

Bombas,

Acquisition

Date:

2/12/21,

Cost $14,601 (1)(5)(6)

3,303,766‌

11,596‌

On

Holding,

Class

A (1)

38,409‌

1,192‌

Steven

Madden 

1,449,740‌

52,191‌

64,979‌

Total

Consumer

Discretionary

969,745‌

CONSUMER

STAPLES

2.8%

Beverages

0.7%

Boston

Beer,

Class

A (1)

14,366‌

4,722‌

Coca-Cola

Consolidated 

116,374‌

62,269‌

66,991‌

Consumer

Staples

Distribution

&

Retail

0.1%

Sprouts

Farmers

Market (1)

206,600‌

7,237‌

7,237‌

Food

Products

1.6%

Nomad

Foods (1)

3,659,500‌

68,579‌

Post

Holdings (1)

531,530‌

47,769‌

Post

Holdings

Partnering (1)

895,104‌

9,139‌

Simply

Good

Foods (1)

1,079,181‌

42,919‌

168,406‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Household

Products

0.4%

Reynolds

Consumer

Products 

1,318,000‌

36,245‌

36,245‌

Total

Consumer

Staples

278,879‌

ENERGY

7.1%

Energy

Equipment

&

Services

3.4%

Cactus,

Class

A 

1,134,529‌

46,777‌

ChampionX 

2,235,562‌

60,651‌

Enerflex

(CAD) 

7,076,829‌

42,152‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $20,875 (1)(2)(4)(5)(6)

20,874,541‌

9,393‌

Expro

Group

Holdings (1)

2,459,809‌

45,162‌

Liberty

Energy,

Class

A 

2,484,399‌

31,825‌

Ranger

Energy

Services (1)(2)

2,704,555‌

27,559‌

TechnipFMC (1)

6,447,893‌

88,014‌

351,533‌

Oil,

Gas

&

Consumable

Fuels

3.7%

Advantage

Energy

(CAD) (1)

4,275,947‌

24,710‌

International

Seaways 

388,272‌

16,183‌

Magnolia

Oil

&

Gas,

Class

A 

4,242,177‌

92,819‌

Matador

Resources 

1,963,451‌

93,558‌

Range

Resources 

437,000‌

11,567‌

REX

American

Resources (1)

311,671‌

8,911‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $1,314 (1)(5)(6)

435‌

7,451‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $26,302 (1)(5)(6)

7,197‌

123,273‌

378,472‌

Total

Energy

730,005‌

FINANCIALS

24.2%

Banks

14.3%

BankUnited 

2,491,658‌

56,262‌

Blue

Foundry

Bancorp (1)

897,152‌

8,541‌

Burke

&

Herbert

Financial

Services 

354,440‌

26,051‌

Coastal

Financial (1)

534,616‌

19,252‌

Columbia

Banking

System 

3,352,362‌

71,808‌

Columbia

Financial (1)

774,110‌

14,151‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $3,215 (1)(5)(6)

30,579‌

2,366‌

CrossFirst

Bankshares (1)

1,746,122‌

18,299‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,923 (1)(5)(6)

292,336‌

5,262‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,436 (1)(5)(6)

143,582‌

2,584‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(5)(6)

43,592‌

371‌

East

West

Bancorp 

902,675‌

50,098‌

Eastern

Bankshares 

4,689,826‌

59,186‌

Farmers

&

Merchants

Bank

of

Long

Beach 

2,471‌

14,950‌

FB

Financial 

1,525,723‌

47,419‌

First

Bancshares 

659,581‌

17,037‌

FS

Bancorp (2)

602,358‌

18,077‌

Glacier

Bancorp 

63,350‌

2,661‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,034 (1)(5)(6)

503,404‌

1,213‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(5)(6)

100,220‌

16‌

HarborOne

Bancorp 

2,727,173‌

33,271‌

Home

BancShares 

3,592,651‌

77,996‌

Independent

Bank 

505,695‌

33,184‌

Independent

Bank

Group 

827,312‌

38,346‌

John

Marshall

Bancorp (2)

999,388‌

21,587‌

Kearny

Financial 

2,519,355‌

20,457‌

Live

Oak

Bancshares (2)

2,482,036‌

60,487‌

Metropolitan

Bank

Holding (1)(2)

556,523‌

18,861‌

National

Bank

Holdings,

Class

A (2)

1,956,565‌

65,467‌

Origin

Bancorp 

903,049‌

29,033‌

Pacific

Premier

Bancorp 

1,188,973‌

28,559‌

Pinnacle

Financial

Partners 

1,408,834‌

77,711‌

Ponce

Financial

Group (1)(3)

1,771,377‌

13,905‌

Popular 

1,283,736‌

73,699‌

Preferred

Bank (2)

720,009‌

39,464‌

Provident

Bancorp 

1,179,907‌

8,071‌

Sandy

Spring

Bancorp 

1,044,037‌

27,124‌

Southern

First

Bancshares (1)(2)

454,622‌

13,957‌

SouthState 

1,373,037‌

97,843‌

Texas

Capital

Bancshares (1)

1,140,138‌

55,821‌

Towne

Bank 

2,233,152‌

59,513‌

Veritex

Holdings 

830,490‌

15,165‌

Webster

Financial 

759,187‌

29,927‌

Western

Alliance

Bancorp 

825,707‌

29,346‌

WSFS

Financial 

1,550,728‌

58,323‌

1,462,721‌

Capital

Markets

2.3%

AssetMark

Financial

Holdings (1)

1,517,684‌

47,731‌

Hercules

Capital (3)

783,970‌

10,105‌

Houlihan

Lokey 

846,723‌

74,080‌

Main

Street

Capital (3)

398,032‌

15,706‌

OTC

Markets

Group,

Class

A 

411,454‌

23,247‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

StepStone

Group,

Class

A 

647,575‌

15,717‌

Virtus

Investment

Partners 

268,552‌

51,130‌

237,716‌

Consumer

Finance

1.2%

Green

Dot,

Class

A (1)

2,264,798‌

38,909‌

NerdWallet,

Class

A (1)

1,223,978‌

19,804‌

PRA

Group (1)

738,866‌

28,786‌

PROG

Holdings (1)

1,336,684‌

31,800‌

119,299‌

Financial

Services

2.7%

Conyers

Park

III

Acquisition (1)

1,328,247‌

14,106‌

Payoneer

Global (1)

2,932,476‌

18,416‌

PennyMac

Financial

Services 

1,529,394‌

91,167‌

Radian

Group 

3,890,276‌

85,975‌

Stash

Financial,

Acquisition

Date:

1/6/21

-

1/26/21,

Cost $1,244 (1)(5)(6)

38,630‌

563‌

Toast,

Class

A (1)

315,147‌

5,594‌

Voya

Financial (3)

227,800‌

16,279‌

Walker

&

Dunlop 

619,460‌

47,184‌

279,284‌

Insurance

2.6%

BRP

Group,

Class

A (1)(3)

2,524,858‌

64,283‌

Coalition,

Acquisition

Date:

9/13/21,

Cost $357 (1)(5)(6)

21,587‌

465‌

Hagerty,

Warrants,

12/1/26,

11.50% (1)

257,272‌

617‌

James

River

Group

Holdings (2)

2,279,310‌

47,068‌

Palomar

Holdings (1)

762,686‌

42,100‌

ProAssurance 

1,348,627‌

24,923‌

Ryan

Specialty

Holdings,

Class

A (1)

1,130,028‌

45,472‌

Selective

Insurance

Group 

232,626‌

22,176‌

Skyward

Specialty

Insurance

Group (1)

704,896‌

15,416‌

262,520‌

Mortgage

Real

Estate

Investment

Trusts

1.1%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT (3)

2,477,519‌

70,857‌

PennyMac

Mortgage

Investment

Trust,

REIT 

3,314,672‌

40,870‌

111,727‌

Total

Financials

2,473,267‌

HEALTH

CARE

11.1%

Biotechnology

4.3%

Apellis

Pharmaceuticals (1)

541,325‌

35,706‌

Ascendis

Pharma,

ADR (1)

276,700‌

29,668‌

Avidity

Biosciences (1)

249,880‌

3,836‌

Blueprint

Medicines (1)

506,232‌

22,775‌

Cerevel

Therapeutics

Holdings (1)

522,065‌

12,733‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CRISPR

Therapeutics (1)(3)

317,100‌

14,342‌

Cytokinetics (1)

209,900‌

7,386‌

Denali

Therapeutics (1)

439,838‌

10,134‌

Generation

Bio (1)

798,008‌

3,431‌

HilleVax (1)

348,562‌

5,762‌

Icosavax (1)(3)

1,606,998‌

9,321‌

Insmed (1)

1,967,329‌

33,543‌

Ionis

Pharmaceuticals (1)

907,500‌

32,434‌

Karuna

Therapeutics (1)

179,930‌

32,683‌

Kura

Oncology (1)

637,118‌

7,792‌

Kymera

Therapeutics (1)

936,553‌

27,750‌

MacroGenics (1)

1,805,400‌

12,945‌

Monte

Rosa

Therapeutics (1)(3)

582,949‌

4,541‌

Morphic

Holding (1)

86,000‌

3,237‌

MorphoSys,

ADR (1)

1,554,500‌

6,140‌

Nkarta (1)

1,644,841‌

5,839‌

Progenic

Pharmaceuticals,

CVR (1)(3)(6)

1,146,000‌

1,319‌

Prometheus

Biosciences (1)

144,142‌

15,469‌

Prothena (1)

104,813‌

5,080‌

Relay

Therapeutics (1)

809,413‌

13,331‌

Repare

Therapeutics (1)(3)

722,739‌

7,112‌

Replimune

Group (1)

498,229‌

8,799‌

Syndax

Pharmaceuticals (1)

596,200‌

12,592‌

Tenaya

Therapeutics (1)

883,480‌

2,518‌

Verve

Therapeutics (1)

513,829‌

7,409‌

Xencor (1)

1,198,558‌

33,428‌

Zentalis

Pharmaceuticals (1)

549,285‌

9,448‌

438,503‌

Health

Care

Equipment

&

Supplies

2.8%

Atrion 

68,517‌

43,022‌

Avanos

Medical (1)

776,700‌

23,099‌

Embecta 

1,669,829‌

46,956‌

Figs,

Class

A (1)

4,451,617‌

27,555‌

Lantheus

Holdings (1)

695,319‌

57,406‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,910 (1)(5)

(6)

2,631,808‌

1,263‌

QuidelOrtho (1)

699,568‌

62,325‌

Utah

Medical

Products (2)

243,855‌

23,110‌

284,736‌

Health

Care

Providers

&

Services

3.0%

Agiliti (1)

2,262,363‌

36,153‌

Alignment

Healthcare (1)

3,209,110‌

20,410‌

Capsule,

Acquisition

Date:

4/7/21,

Cost $3,065 (1)(5)(6)

211,518‌

620‌

Ensign

Group 

718,672‌

68,662‌

Innovage

Holding (1)

3,566,526‌

28,461‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Option

Care

Health (1)

854,843‌

27,158‌

Pennant

Group (1)

1,507,262‌

21,524‌

Select

Medical

Holdings 

4,183,834‌

108,152‌

311,140‌

Health

Care

Technology

0.9%

Certara (1)

796,680‌

19,208‌

Multiplan (1)(3)

16,266,109‌

17,242‌

Phreesia (1)

1,682,924‌

54,342‌

90,792‌

Life

Sciences

Tools

&

Services

0.0%

Seer (1)

904,056‌

3,490‌

3,490‌

Pharmaceuticals

0.1%

Structure

Therapeutics,

ADR (1)

177,574‌

4,224‌

Ventyx

Biosciences (1)

77,300‌

2,590‌

6,814‌

Total

Health

Care

1,135,475‌

INDUSTRIALS

&

BUSINESS

SERVICES

13.8%

Aerospace

&

Defense

1.3%

Bombardier,

Class

B

(CAD) (1)

310,100‌

16,928‌

Parsons (1)

1,054,760‌

47,190‌

Triumph

Group (1)(2)

5,542,950‌

64,243‌

Triumph

Group,

Warrants,

12/19/23,

12.35% (1)(2)

1,332,876‌

660‌

129,021‌

Building

Products

1.9%

CSW

Industrials 

361,748‌

50,258‌

Insteel

Industries 

369,758‌

10,287‌

JELD-WEN

Holding (1)

1,257,517‌

15,920‌

UFP

Industries 

1,188,902‌

94,482‌

Zurn

Elkay

Water

Solutions 

1,198,135‌

25,592‌

196,539‌

Commercial

Services

&

Supplies

1.6%

Aris

Water

Solution,

Class

A (3)

2,292,578‌

17,859‌

Brady,

Class

A 

1,219,092‌

65,502‌

MSA

Safety 

259,203‌

34,603‌

Tetra

Tech 

162,941‌

23,938‌

UniFirst 

142,700‌

25,148‌

167,050‌

Construction

&

Engineering

0.6%

Valmont

Industries 

205,716‌

65,681‌

65,681‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Electrical

Equipment

0.3%

Thermon

Group

Holdings (1)

1,344,307‌

33,500‌

33,500‌

Ground

Transportation

0.9%

Convoy,

Warrants,

03/15/33,

Acquisition

Date:

3/24/23,

Cost $— (1)(5)(6)

86,098‌

—‌

Landstar

System 

487,100‌

87,318‌

87,318‌

Machinery

4.1%

Alamo

Group 

284,700‌

52,430‌

Blue

Bird (1)

986,061‌

20,145‌

CIRCOR

International (1)(2)

1,027,366‌

31,972‌

Enerpac

Tool

Group 

456,961‌

11,652‌

Esab 

781,771‌

46,179‌

ESCO

Technologies 

608,287‌

58,061‌

Helios

Technologies 

964,797‌

63,098‌

Hydrofarm

Holdings

Group (1)

537,557‌

930‌

RBC

Bearings (1)

227,451‌

52,935‌

Shyft

Group 

610,500‌

13,889‌

SPX

Technologies (1)

955,200‌

67,418‌

418,709‌

Marine

Transportation

0.1%

Matson 

238,907‌

14,256‌

14,256‌

Passenger

Airlines

0.6%

Allegiant

Travel (1)

413,707‌

38,053‌

Sun

Country

Airlines

Holdings (1)

1,128,011‌

23,124‌

61,177‌

Professional

Services

0.6%

Checkr,

Acquisition

Date:

6/29/18,

Cost $866 (1)(5)(6)

211,422‌

1,142‌

Conduent (1)

6,148,160‌

21,088‌

FTI

Consulting (1)

200,877‌

39,643‌

61,873‌

Trading

Companies

&

Distributors

1.8%

Air

Lease 

384,774‌

15,148‌

Beacon

Roofing

Supply (1)

1,337,445‌

78,709‌

Herc

Holdings 

166,110‌

18,920‌

McGrath

RentCorp 

502,101‌

46,851‌

Rush

Enterprises,

Class

A 

465,642‌

25,424‌

Xometry,

Class

A (1)

186,411‌

2,791‌

187,843‌

Total

Industrials

&

Business

Services

1,422,967‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

5.2%

Communications

Equipment

0.0%

Viavi

Solutions (1)

476,300‌

5,158‌

5,158‌

Electronic

Equipment,

Instruments

&

Components

3.1%

Belden 

1,027,066‌

89,118‌

Knowles (1)

1,621,300‌

27,562‌

Littelfuse 

387,134‌

103,787‌

Mirion

Technologies (1)

3,578,924‌

30,564‌

Vontier 

2,575,200‌

70,406‌

321,437‌

IT

Services

0.0%

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $3,039 (1)(5)(6)

135,360‌

2,412‌

2,412‌

Semiconductors

&

Semiconductor

Equipment

1.1%

Entegris 

190,618‌

15,633‌

Lattice

Semiconductor (1)

408,757‌

39,036‌

MACOM

Technology

Solutions

Holdings (1)

165,700‌

11,738‌

MaxLinear (1)

561,237‌

19,761‌

Onto

Innovation (1)

344,801‌

30,301‌

116,469‌

Software

1.0%

Apiture,

Acquisition

Date:

7/1/20

-

6/30/22,

Cost $8,333 (1)(5)(6)

523,101‌

8,693‌

DoubleVerify

Holdings (1)

857,095‌

25,841‌

Gusto,

Acquisition

Date:

8/18/20

-

11/9/20,

Cost $7,473 (1)(5)(6)

559,515‌

10,536‌

nCino (1)

658,574‌

16,320‌

Paycor

HCM (1)(3)

879,465‌

23,323‌

Socure,

Acquisition

Date:

12/22/21,

Cost $2,410 (1)(5)(6)

149,990‌

1,122‌

Workiva (1)

162,436‌

16,635‌

102,470‌

Total

Information

Technology

547,946‌

MATERIALS

4.8%

Chemicals

2.2%

AgroFresh

Solutions (1)(2)

5,094,900‌

15,285‌

Element

Solutions 

3,173,200‌

61,274‌

Hawkins 

630,786‌

27,616‌

Orion

Engineered

Carbons 

2,089,991‌

54,528‌

Quaker

Chemical 

320,000‌

63,344‌

222,047‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Containers

&

Packaging

0.4%

Myers

Industries 

1,734,089‌

37,162‌

37,162‌

Metals

&

Mining

1.8%

Carpenter

Technology 

679,065‌

30,395‌

Constellium (1)

4,813,585‌

73,551‌

Reliance

Steel

&

Aluminum 

312,665‌

80,274‌

184,220‌

Paper

&

Forest

Products

0.4%

Clearwater

Paper (1)(2)

1,274,579‌

42,596‌

West

Fraser

Timber

(CAD) 

13,010‌

928‌

43,524‌

Total

Materials

486,953‌

REAL

ESTATE

10.2%

Diversified

Real

Estate

Investment

Trusts

0.6%

Essential

Properties

Realty

Trust,

REIT 

2,305,323‌

57,287‌

57,287‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

1.0%

Apple

Hospitality,

REIT 

3,323,006‌

51,573‌

Pebblebrook

Hotel

Trust,

REIT (3)

3,321,800‌

46,638‌

98,211‌

Industrial

Real

Estate

Investment

Trusts

2.0%

EastGroup

Properties,

REIT 

466,000‌

77,039‌

Terreno

Realty,

REIT 

1,941,600‌

125,427‌

202,466‌

Office

Real

Estate

Investment

Trusts

0.8%

IQHQ,

REIT,

Acquisition

Date:

10/30/19

-

8/21/20,

Cost $13,130 (1)(5)(6)

866,287‌

24,256‌

JBG

SMITH

Properties,

REIT 

3,889,242‌

58,572‌

82,828‌

Real

Estate

Management

&

Development

2.3%

DigitalBridge

Group 

2,044,700‌

24,516‌

FirstService (3)

478,100‌

67,407‌

Opendoor

Technologies,

Class

A (1)

6,777,097‌

11,928‌

St.

Joe 

1,827,568‌

76,045‌

Tricon

Residential 

6,605,297‌

51,191‌

231,087‌

Residential

Real

Estate

Investment

Trusts

0.8%

Apartment

Investment

&

Management,

Class

A,

REIT 

1,941,965‌

14,934‌

Elme

Communities,

REIT 

1,751,800‌

31,287‌

NexPoint

Residential

Trust,

REIT 

487,900‌

21,307‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UMH

Properties,

REIT 

643,700‌

9,520‌

77,048‌

Residential

Reits

0.3%

BRT

Apartments,

REIT 

215,500‌

4,250‌

Independence

Realty

Trust,

REIT 

1,592,800‌

25,532‌

29,782‌

Retail

Real

Estate

Investment

Trusts

0.5%

Saul

Centers,

REIT (2)

1,326,506‌

51,734‌

51,734‌

Retail

Reits

0.2%

NETSTREIT,

REIT 

1,008,100‌

18,428‌

18,428‌

Specialized

Real

Estate

Investment

Trusts

1.7%

CubeSmart,

REIT 

1,597,600‌

73,841‌

iStar,

REIT (3)

1,462,250‌

42,946‌

PotlatchDeltic,

REIT 

1,125,746‌

55,725‌

172,512‌

Total

Real

Estate

1,021,383‌

UTILITIES

5.3%

Electric

Utilities

2.6%

IDACORP 

1,157,700‌

125,414‌

MGE

Energy 

1,244,037‌

96,624‌

PNM

Resources 

877,175‌

42,701‌

264,739‌

Gas

Utilities

1.3%

Chesapeake

Utilities 

394,463‌

50,487‌

ONE

Gas 

910,982‌

72,177‌

RGC

Resources (2)

563,662‌

13,072‌

135,736‌

Multi-Utilities

0.7%

NorthWestern 

1,228,884‌

71,103‌

71,103‌

Water

Utilities

0.7%

Artesian

Resources,

Class

A 

288,604‌

15,977‌

California

Water

Service

Group 

741,839‌

43,175‌

Middlesex

Water 

110,259‌

8,614‌

67,766‌

Total

Utilities

539,344‌

Total

Common

Stocks

(Cost

$7,379,282)

9,692,748‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONVERTIBLE

BONDS

0.0%

Convoy,

15.00%,

9/30/26,

Acquisition

Date:

3/24/23,

Cost $597 (1)(5)(6)

597,290‌

597‌

Total

Convertible

Bonds

(Cost

$597)

597‌

CONVERTIBLE

PREFERRED

STOCKS

4.0%

CONSUMER

DISCRETIONARY

0.5%

Hotels,

Restaurants

&

Leisure

0.3%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $17,572 (1)(5)(6)

695,708‌

22,276‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $14,389 (1)

(5)(6)

382,387‌

12,244‌

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $2,539 (1)(4)

(5)(6)

282,711‌

1,134‌

35,654‌

Leisure

Products

0.1%

Rad

Power

Bikes,

Series

C,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(5)(6)

1,138,910‌

4,863‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $10,332 (1)(5)(6)

1,078,119‌

4,604‌

9,467‌

Specialty

Retail

0.1%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $12,383 (1)(5)(6)

2,127,647‌

3,915‌

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $5,471 (1)(5)(6)

406,249‌

3,465‌

7,380‌

Total

Consumer

Discretionary

52,501‌

CONSUMER

STAPLES

0.5%

Food

Products

0.5%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $15,529 (1)(5)(6)

841,026‌

42,076‌

Farmers

Business

Network,

Series

E,

Acquisition

Date:

2/11/19,

Cost $3,362 (1)(5)(6)

144,247‌

7,217‌

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $881 (1)(5)(6)

26,661‌

1,334‌

Total

Consumer

Staples

50,627‌

FINANCIALS

0.5%

Banks

0.1%

CRB

Group,

Acquisition

Date:

1/28/22,

Cost $11,470 (1)(5)(6)

109,095‌

8,439‌

8,439‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Financial

Services

0.1%

Stash

Financial,

Series

F,

Acquisition

Date:

4/24/20,

Cost $11,157 (1)(5)(6)

445,224‌

6,487‌

Stash

Financial,

Series

G,

Acquisition

Date:

1/26/21,

Cost $12,559 (1)(5)(6)

335,107‌

4,882‌

11,369‌

Insurance

0.3%

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $21,422 (1)(5)

(6)

1,296,510‌

27,920‌

27,920‌

Total

Financials

47,728‌

HEALTH

CARE

0.8%

Biotechnology

0.0%

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $9,269 (1)(5)(6)

331,043‌

1,854‌

1,854‌

Health

Care

Providers

&

Services

0.2%

Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $3,065 (1)(5)

(6)

211,518‌

620‌

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $8,981 (1)(5)(6)

3,729,550‌

8,578‌

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $10,347 (1)(5)(6)

3,272,913‌

7,528‌

16,726‌

Life

Sciences

Tools

&

Services

0.6%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $11,917 (1)(5)(6)

1,011,567‌

11,917‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,453 (1)(5)(6)

472,388‌

28,688‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $13,636 (1)(5)(6)

307,043‌

18,647‌

59,252‌

Total

Health

Care

77,832‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.7%

Aerospace

&

Defense

0.2%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $14,587 (1)(5)(6)

323,903‌

10,401‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $14,645 (1)(5)

(6)

2,622,728‌

13,192‌

23,593‌

Electrical

Equipment

0.4%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $12,776 (1)

(5)(6)

613,518‌

8,166‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tonian

Holdings,

Series

A,

Non-Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $8,392 (1)(2)(5)(6)

8,531,194‌

10,238‌

Tonian

Holdings,

Series

A,

Voting

Shares,

Acquisition

Date:

1/15/21

-

1/26/22,

Cost $15,325 (1)(2)(5)(6)

15,050,275‌

18,060‌

36,464‌

Ground

Transportation

0.1%

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $19,800 (1)(5)

(6)

1,462,353‌

7,575‌

7,575‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4,046 (1)(5)(6)

889,080‌

4,801‌

4,801‌

Total

Industrials

&

Business

Services

72,433‌

INFORMATION

TECHNOLOGY

0.7%

IT

Services

0.1%

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $684 (1)(5)(6)

30,470‌

543‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $68 (1)(5)(6)

3,030‌

54‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $74 (1)(5)(6)

3,310‌

59‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $8,658 (1)(5)(6)

385,620‌

6,872‌

7,528‌

Software

0.6%

Gusto,

Series

B,

Acquisition

Date:

8/18/20,

Cost $1,746 (1)(5)(6)

129,187‌

2,433‌

Gusto,

Series

B-2,

Acquisition

Date:

8/18/20,

Cost $3,259 (1)(5)(6)

241,168‌

4,541‌

Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $5,412 (1)(5)(6)

711,894‌

13,405‌

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $7,227 (1)(5)(6)

542,859‌

10,222‌

Mesosphere,

Series

D,

Acquisition

Date:

5/4/18,

Cost $13,430 (1)

(5)(6)

1,214,930‌

753‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,195 (1)(5)(6)

857,551‌

11,903‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $6,458 (1)(5)(6)

309,802‌

4,300‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $9,505 (1)(5)(6)

1,881,753‌

9,183‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2,929 (1)(5)

(6)

182,290‌

1,363‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $2,404 (1)

(5)(6)

149,613‌

1,119‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $43 (1)(5)(6)

2,706‌

20‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $5,572 (1)(5)(6)

346,775‌

2,594‌

61,836‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Total

Information

Technology

69,364‌

MATERIALS

0.3%

Chemicals

0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $11,381 (1)(5)

(6)

275,749‌

8,595‌

8,595‌

Metals

&

Mining

0.2%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $14,318 (1)(5)(6)

522,347‌

22,347‌

22,347‌

Total

Materials

30,942‌

Total

Convertible

Preferred

Stocks

(Cost

$402,164)

401,427‌

PREFERRED

STOCKS

0.0%

ENERGY

0.0%

Energy

Equipment

&

Services

0.0%

Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

11/30/22,

Cost $144 (1)(2)(5)(6)

143,910‌

144‌

Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

5/3/21

-

9/29/21,

Cost $1,287 (1)(2)(4)(5)(6)

1,286,870‌

1,364‌

Total

Energy

1,508‌

Total

Preferred

Stocks

(Cost

$1,431)

1,508‌

SHORT-TERM

INVESTMENTS

1.2%

Money

Market

Funds

1.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (2)(7)

127,266,975‌

127,267‌

Total

Short-Term

Investments

(Cost

$127,267)

127,267‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (2)(7)

18,849,222‌

18,849‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

18,849‌

Total

Securities

Lending

Collateral

(Cost

$18,849)

18,849‌

Total

Investments

in

Securities

100.3%

(Cost

$7,929,590)

$

10,242,396‌

Other

Assets

Less

Liabilities

(0.3)%

(26,117‌)

Net

Assets

100.0%

$

10,216,279‌

‡

Shares/Par

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Affiliated

Companies

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2023.

(4)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(5)

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

$629,175

and

represents

6.2%

of

net

assets.

(6)

Level

3

in

fair

value

hierarchy.

(7)

Seven-day

yield

ADR

American

Depositary

Receipts

CAD

Canadian

Dollar

CVR

Contingent

Value

Rights

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

GBP

British

Pound

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Small-Cap

Value

Fund

17

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

three

months

ended

March

31,

2023.

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

AgroFresh

Solutions 

$

4‌

$

201‌

$

—‌

Boston

Omaha,

Class

A 

348‌

(4,502‌)

—‌

CIRCOR

International 

(5,344‌)

14,419‌

—‌

Clearwater

Paper 

64‌

(5,304‌)

—‌

Energy

Reservoir

Holdings,

Class

A-1 

—‌

(1‌)

—‌

Energy

Reservoir

Holdings,

Class

A-3 

—‌

—‌

—‌

Energy

Reservoir

Holdings,

Class

A-3 

—‌

—‌

—‌

FS

Bancorp 

28‌

(2,109‌)

151‌

James

River

Group

Holdings 

6‌

(178‌)

439‌

John

Marshall

Bancorp 

25‌

(7,208‌)

—‌

Live

Oak

Bancshares 

91‌

(14,549‌)

74‌

Metropolitan

Bank

Holding 

2‌

(12,222‌)

—‌

Myers

Industries 

1,164‌

(2,088‌)

234‌

National

Bank

Holdings,

Class

A 

97‌

(16,631‌)

475‌

Preferred

Bank 

97‌

(14,364‌)

397‌

Ranger

Energy

Services 

22‌

(2,239‌)

—‌

RGC

Resources 

(51‌)

715‌

113‌

Saul

Centers,

REIT 

52‌

(942‌)

3,122‌

Southern

First

Bancshares 

17‌

(6,862‌)

—‌

Strategic

Education 

(105‌)

14,148‌

713‌

Strattec

Security 

1‌

764‌

—‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares 

—‌

1‌

—‌

Tonian

Holdings,

Series

A,

Voting

Shares 

—‌

—‌

—‌

Triumph

Group 

(31‌)

5,965‌

—‌

Triumph

Group,

Warrants,

12/19/23,

12.35% 

170‌

(456‌)

—‌

Utah

Medical

Products 

28‌

(1,394‌)

72‌

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

—‌

—‌

2,289‌++

Affiliates

not

held

at

period

end

(52,203‌)

67,031‌

—‌

Totals

$

(55,518‌)#

$

12,195‌

$

8,079‌+

T.

ROWE

PRICE

Small-Cap

Value

Fund

18

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

AgroFresh

Solutions 

$

15,110‌

$

—‌

$

26‌

$

15,285‌

American

Public

Education 

13,349‌

—‌

26,556‌

—‌

Boston

Omaha,

Class

A 

46,970‌

—‌

7,862‌

*

CIRCOR

International 

39,650‌

—‌

22,097‌

31,972‌

Clearwater

Paper 

38,800‌

9,112‌

12‌

42,596‌

Energy

Reservoir

Holdings,

Class

A-1 

9,394‌

—‌

—‌

9,393‌

Energy

Reservoir

Holdings,

Class

A-3 

1,364‌

—‌

—‌

1,364‌

Energy

Reservoir

Holdings,

Class

A-3 

144‌

—‌

—‌

144‌

FS

Bancorp 

19,136‌

1,067‌

17‌

18,077‌

Horizon

Global 

1,255‌

—‌

23,858‌

—‌

James

River

Group

Holdings 

47,754‌

—‌

508‌

47,068‌

John

Marshall

Bancorp 

28,820‌

—‌

25‌

21,587‌

Live

Oak

Bancshares 

75,105‌

—‌

69‌

60,487‌

LL

Flooring

Holdings 

12,969‌

—‌

38,766‌

—‌

Metropolitan

Bank

Holding 

*

7,020‌

52‌

18,861‌

Myers

Industries 

45,660‌

—‌

6,410‌

*

National

Bank

Holdings,

Class

A 

80,117‌

2,050‌

69‌

65,467‌

Preferred

Bank 

53,839‌

—‌

11‌

39,464‌

Ranger

Energy

Services 

29,835‌

—‌

37‌

27,559‌

RGC

Resources 

12,676‌

—‌

319‌

13,072‌

Saul

Centers,

REIT 

54,068‌

—‌

1,392‌

51,734‌

Southern

First

Bancshares 

20,845‌

—‌

26‌

13,957‌

Strategic

Education 

95,042‌

1,110‌

3,626‌

*

Strattec

Security 

7,164‌

—‌

16‌

7,912‌

Tonian

Holdings,

Series

A,

Non-

Voting

Shares 

10,237‌

—‌

—‌

10,238‌

Tonian

Holdings,

Series

A,

Voting

Shares 

18,060‌

—‌

—‌

18,060‌

Triumph

Group 

58,424‌

—‌

146‌

64,243‌

Triumph

Group,

Warrants,

12/19/23,

12.35% 

1,116‌

—‌

—‌

660‌

U.S.

Xpress

Enterprises,

Class

A 

3,467‌

—‌

8,891‌

—‌

Utah

Medical

Products 

24,250‌

271‌

17‌

23,110‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

19

The

accompanying

notes

are

an

integral

part

of

these

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

267,249‌

 ¤

 ¤

$

146,116‌

Total

$

748,426‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$8,079

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

$778,488.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Small-Cap

Value

Fund

Unaudited

Notes

to

Portfolio

of

Investments

20

T.

Rowe

Price

Small-Cap

Value

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The 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

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

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Small-Cap

Value

Fund

21

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the 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 its 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.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

T.

ROWE

PRICE

Small-Cap

Value

Fund

22

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations 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

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.

T.

ROWE

PRICE

Small-Cap

Value

Fund

23

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

2023.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

March

31,

2023,

totaled $(6,026,000) for

the

period ended

March

31,

2023.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

9,364,356‌

$

101,430‌

$

226,962‌

$

9,692,748‌

Convertible

Bonds

—‌

—‌

597‌

597‌

Convertible

Preferred

Stocks

—‌

—‌

401,427‌

401,427‌

Preferred

Stocks

—‌

—‌

1,508‌

1,508‌

Short-Term

Investments

127,267‌

—‌

—‌

127,267‌

Securities

Lending

Collateral

18,849‌

—‌

—‌

18,849‌

Total

$

9,510,472‌

$

101,430‌

$

630,494‌

$

10,242,396‌

($000s)

Beginning

Balance

12/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

3/31/23

Investment

in

Securities

Common

Stocks

$

212,364‌

$

17,664‌

$

—‌

$

(3,066‌)

$

226,962‌

Convertible

Bonds

—‌

—‌

597‌

—‌

597‌

Convertible

Preferred

Stocks

422,052‌

(23,690‌)

3,065‌

—‌

401,427‌

Preferred

Stocks

1,508‌

—‌

—‌

—‌

1,508‌

Total

$

635,924‌

$

(6,026‌)

$

3,662‌

$

(3,066‌)

$

630,494‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

24

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

226,962‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

11%

11%

Decrease

Discount

for

lack

of

collectability

50%

50%

Decrease

Timing

of

events

2.08

yrs

2.08

yrs

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

1.3x

–

14.3x

4.3x

Increase

Sales

growth

rate

0%

–

168%

25%

Increase

Enterprise

value

to

gross

profit

multiple

3.8x

–

18.4x

7.8x

Increase

Gross

profit

growth

rate

11%

–

50%

23%

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

–

16.5x

9.3x

Increase

T.

ROWE

PRICE

Small-Cap

Value

Fund

25

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

EBITDA

growth

rate

(47%)

(47%)

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.0x

12.0x

Increase

Price

to

tangible

book

value

multiple

0.8x

-

0.9x

0.9x

Increase

Tangible

book

value

growth

rate

14%

14%

Increase

Price-to-

earnings

multiple

8.4x

-

11.9x

10.3x

Increase

Price-to-

earnings

growth

rate

0%

-

85%

43%

Increase

Discount

rate

for

cost

of

capital

13%

13%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

34%

–

39%

34%

Increase

Convertible

Bonds

$

597‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Small-Cap

Value

Fund

26

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Convertible

Preferred

Stocks

$

401,427‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

0.8x

–

14.3x

4.1x

Increase

Sales

growth

rate

0%

–

172%

40%

Increase

Enterprise

value

to

gross

profit

multiple

1.9x

–

18.4x

9.6x

Increase

Gross

profit

growth

rate

8%

–

57%

35%

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

–

23.3x

16.6x

Increase

EBITDA

growth

rate

65%

–

93%

87%

Increase

Enterprise

value

to

gross

merchandise

value

multiple

0.5x

–

0.6x

0.6x

Increase

Gross

merchandise

value

growth

rate

30%

30%

Increase

Projected

enterprise

value

to

sales

multiple

0.8x

–

5.1x

3.5x

Increase

Projected

enterprise

value

to

EBITDA

multiple

4.3x

–

15.1x

10.2x

Increase

T.

ROWE

PRICE

Small-Cap

Value

Fund

27

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Price-to-

earnings

multiple

8.4x

-

11.9x

10.3x

Increase

Price-to-

earnings

growth

rate

0%

-

85%

43%

Increase

Discount

rate

for

cost

of

capital

20%

-

40%

29%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Estimated

liquidation

value

Discount

for

lack

of

collectability

100%

100%

Decrease

Discounted

cash

flow

Long-term

free

cash

flow

margin

27%

27%

Increase

Long-term

free

cash

flow

growth

rate

3%

3%

Increase

Discount

rate

for

cost

of

capital

25%

25%

Decrease

Preferred

Stocks

$

1,508‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Small-Cap

Value

Fund

28

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

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.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

for

uncertainty

5%

5%

Decrease

T.

ROWE

PRICE

Small-Cap

Value

Fund

29

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F46-054Q1

03/23