T.

ROWE

PRICE

Small-Cap

Value

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.7%

COMMUNICATION

SERVICES

1.3%

Diversified

Telecommunication

Services

0.2%

Frontier

Communications

Parent (1)(2)

936,406‌

22,942‌

GCI

Liberty,

Class

A,

EC (1)(3)

399,039‌

—‌

22,942‌

Entertainment

0.1%

Liberty

Media

Corp-Liberty

Live,

Class

C (1)

234,400‌

10,271‌

10,271‌

Media

1.0%

Advantage

Solutions (1)(2)

5,972,523‌

25,861‌

Advantage

Solutions,

Warrants,

12/31/26 (1)

400,000‌

52‌

Boston

Omaha,

Class

A (1)(2)

278,158‌

4,300‌

New

York

Times,

Class

A 

1,852,100‌

80,048‌

110,261‌

Total

Communication

Services

143,474‌

CONSUMER

DISCRETIONARY

10.7%

Automobile

Components

1.3%

Dorman

Products (1)

612,333‌

59,023‌

LCI

Industries 

331,041‌

40,738‌

Modine

Manufacturing (1)

222,700‌

21,199‌

Strattec

Security (1)

169,515‌

4,022‌

Visteon (1)

156,846‌

18,447‌

143,429‌

Broadline

Retail

0.3%

Kohl's (2)

406,700‌

11,855‌

Ollie's

Bargain

Outlet

Holdings (1)

134,700‌

10,718‌

Savers

Value

Village (1)(2)

657,617‌

12,679‌

35,252‌

Distributors

0.1%

Pool

Corp (2)

31,963‌

12,897‌

12,897‌

Diversified

Consumer

Services

1.1%

Strategic

Education 

1,147,512‌

119,479‌

119,479‌

Hotels,

Restaurants

&

Leisure

2.1%

BJ's

Restaurants (1)(2)

494,537‌

17,892‌

Cava

Group (1)(2)

565,415‌

39,607‌

Dutch

Bros,

Class

A (1)(2)

776,781‌

25,634‌

Marriott

Vacations

Worldwide 

444,856‌

47,924‌

Papa

John's

International (2)

881,981‌

58,740‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $12,311 (1)(3)(4)(5)

1,439,856‌

6,307‌

United

Parks

&

Resorts (1)

87,100‌

4,896‌

Wyndham

Hotels

&

Resorts 

289,100‌

22,189‌

223,189‌

Household

Durables

1.9%

Meritage

Homes 

797,590‌

139,945‌

Skyline

Champion (1)

390,000‌

33,154‌

Smith

Douglas

Homes (1)

358,980‌

10,662‌

Taylor

Morrison

Home (1)

371,500‌

23,096‌

206,857‌

Leisure

Products

0.1%

Peloton

Interactive,

Class

A (1)

3,279,800‌

14,054‌

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

1/22/21

-

9/16/21,

Cost $21,320 (1)(3)(5)

3,355,939‌

1,040‌

15,094‌

Specialty

Retail

2.8%

Abercrombie

&

Fitch,

Class

A (1)

117,300‌

14,701‌

Asbury

Automotive

Group (1)

165,300‌

38,974‌

Caleres (2)

1,113,900‌

45,703‌

Carvana (1)(2)

437,900‌

38,496‌

Chewy,

Class

A (1)

46,100‌

733‌

Floor

&

Decor

Holdings,

Class

A (1)(2)

201,200‌

26,080‌

Framebridge,

EC,

Acquisition

Date:

5/19/20,

Cost $908 (1)(3)(5)

907,892‌

427‌

Group

1

Automotive 

148,000‌

43,250‌

Monro (2)

1,438,666‌

45,376‌

RH (1)

47,200‌

16,438‌

Urban

Outfitters (1)

594,700‌

25,822‌

296,000‌

Textiles,

Apparel

&

Luxury

Goods

1.0%

Bombas,

Acquisition

Date:

2/12/21,

Cost $14,601 (1)(3)(5)

3,303,766‌

10,308‌

Figs,

Class

A (1)(2)

6,035,417‌

30,056‌

Oxford

Industries 

113,200‌

12,724‌

Steven

Madden 

1,367,640‌

57,824‌

110,912‌

Total

Consumer

Discretionary

1,163,109‌

CONSUMER

STAPLES

1.9%

Beverages

0.1%

Boston

Beer,

Class

A (1)

18,966‌

5,774‌

Coca-Cola

Consolidated 

6,374‌

5,395‌

11,169‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Food

Products

1.3%

Farmers

Business

Network,

Warrants,

9/29/33,

Acquisition

Date:

9/29/23,

Cost $— (1)(3)(5)

10,691,000‌

—‌

Nomad

Foods 

2,148,300‌

42,021‌

Post

Holdings (1)

479,730‌

50,986‌

Simply

Good

Foods (1)

365,481‌

12,437‌

TreeHouse

Foods (1)

510,498‌

19,884‌

Utz

Brands (2)

873,000‌

16,098‌

141,426‌

Personal

Care

Products

0.5%

BellRing

Brands (1)

977,800‌

57,720‌

57,720‌

Total

Consumer

Staples

210,315‌

ENERGY

9.2%

Energy

Equipment

&

Services

4.1%

Cactus,

Class

A 

1,129,229‌

56,563‌

ChampionX 

2,297,562‌

82,460‌

Enerflex

(CAD) (2)

7,483,229‌

43,533‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $20,875 (1)(3)(4)(5)(6)

20,874,541‌

12,107‌

Expro

Group

Holdings (1)(2)

2,803,609‌

55,988‌

Liberty

Energy,

Class

A 

1,781,899‌

36,921‌

Ranger

Energy

Services 

324,884‌

3,668‌

TechnipFMC 

5,774,093‌

144,987‌

436,227‌

Oil,

Gas

&

Consumable

Fuels

5.1%

Advantage

Energy

(CAD) (1)

3,058,647‌

22,310‌

Gulfport

Energy (1)

32,800‌

5,252‌

International

Seaways 

18,972‌

1,009‌

Magnolia

Oil

&

Gas,

Class

A (2)

2,531,765‌

65,699‌

Matador

Resources 

2,588,251‌

172,818‌

Permian

Resources 

3,789,500‌

66,923‌

Range

Resources 

2,185,200‌

75,236‌

SM

Energy 

1,112,800‌

55,473‌

Southwestern

Energy (1)

10,277,600‌

77,904‌

542,624‌

Total

Energy

978,851‌

FINANCIALS

24.3%

Banks

15.4%

Banc

of

California 

502,200‌

7,639‌

BankUnited (2)

1,724,637‌

48,290‌

Blue

Foundry

Bancorp (1)(2)

890,752‌

8,337‌

Cadence

Bank 

946,900‌

27,460‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cathay

General

Bancorp 

685,000‌

25,914‌

Coastal

Financial (1)

582,716‌

22,650‌

Columbia

Banking

System 

4,201,562‌

81,300‌

Columbia

Financial (1)(2)

997,610‌

17,169‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $3,215 (1)(3)(5)

30,579‌

2,233‌

CrossFirst

Bankshares,

Class

A (1)(2)

2,112,405‌

29,236‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,923 (1)(3)(5)

292,336‌

5,131‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,436 (1)(3)(5)

143,582‌

2,520‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(3)(5)

43,592‌

342‌

East

West

Bancorp 

1,110,875‌

87,881‌

Eastern

Bankshares 

4,645,808‌

64,019‌

Farmers

&

Merchants

Bank

of

Long

Beach 

1,111‌

5,333‌

FB

Financial 

1,518,223‌

57,176‌

First

Bancshares 

128,881‌

3,344‌

FS

Bancorp (2)(6)

665,858‌

23,112‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,034 (1)(3)(5)

503,404‌

1,510‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(3)(5)

100,220‌

31‌

HarborOne

Bancorp 

2,217,573‌

23,639‌

Home

BancShares 

2,882,351‌

70,819‌

John

Marshall

Bancorp (2)(6)

1,080,563‌

19,364‌

Kearny

Financial 

2,026,955‌

13,054‌

Live

Oak

Bancshares (6)

2,464,736‌

102,311‌

Metropolitan

Bank

Holding (1)

353,823‌

13,622‌

National

Bank

Holdings,

Class

A (2)

1,625,765‌

58,641‌

Origin

Bancorp 

901,449‌

28,161‌

Pacific

Premier

Bancorp (2)

878,973‌

21,095‌

Pinnacle

Financial

Partners (2)

1,540,734‌

132,318‌

Ponce

Financial

Group (1)(2)

1,649,377‌

14,679‌

Popular 

1,147,436‌

101,078‌

Preferred

Bank 

637,509‌

48,942‌

Prosperity

Bancshares 

574,500‌

37,791‌

Provident

Bancorp (1)(2)

889,607‌

8,095‌

Sandy

Spring

Bancorp 

384,964‌

8,924‌

Southern

First

Bancshares (1)(6)

451,422‌

14,337‌

SouthState 

1,256,337‌

106,826‌

Synovus

Financial 

269,800‌

10,808‌

Texas

Capital

Bancshares (1)

1,046,838‌

64,433‌

Towne

Bank 

2,277,652‌

63,911‌

Webster

Financial 

777,187‌

39,458‌

Western

Alliance

Bancorp 

1,114,907‌

71,566‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

WSFS

Financial 

1,391,228‌

62,800‌

1,657,299‌

Capital

Markets

2.0%

AssetMark

Financial

Holdings (1)

749,584‌

26,543‌

Hamilton

Lane,

Class

A 

176,932‌

19,951‌

Houlihan

Lokey 

781,823‌

100,222‌

Open

Lending (1)

10,000‌

62‌

OTC

Markets

Group,

Class

A 

403,454‌

22,291‌

StepStone

Group,

Class

A 

567,575‌

20,285‌

Virtus

Investment

Partners 

87,452‌

21,686‌

211,040‌

Consumer

Finance

0.4%

NerdWallet,

Class

A (1)(2)

1,556,878‌

22,886‌

PRA

Group (1)(2)

916,398‌

23,899‌

Upstart

Holdings (1)(2)

100‌

3‌

46,788‌

Financial

Services

2.3%

PennyMac

Financial

Services 

1,522,694‌

138,702‌

Radian

Group 

162,276‌

5,432‌

Stash

Financial,

Acquisition

Date:

1/6/21

-

1/26/21,

Cost $1,244 (1)(3)(5)

38,630‌

558‌

Voya

Financial 

378,400‌

27,971‌

Walker

&

Dunlop (2)

707,504‌

71,500‌

244,163‌

Insurance

2.9%

BRP

Group,

Class

A (1)(2)

315,526‌

9,131‌

Coalition,

Acquisition

Date:

9/13/21,

Cost $357 (1)(3)(5)

21,587‌

209‌

First

American

Financial 

547,269‌

33,411‌

Goosehead

Insurance,

Class

A (1)

70,500‌

4,697‌

Hagerty,

Warrants,

12/1/26 (1)

257,272‌

256‌

Hanover

Insurance

Group 

165,700‌

22,563‌

James

River

Group

Holdings (6)

1,911,439‌

17,776‌

Oscar

Health,

Class

A (1)

2,363,000‌

35,138‌

Palomar

Holdings (1)

88,286‌

7,401‌

Primerica 

84,700‌

21,426‌

ProAssurance 

2,519,927‌

32,406‌

RLI 

85,700‌

12,724‌

Root,

Class

A (1)

37,500‌

2,291‌

Ryan

Specialty

Holdings,

Class

A 

1,197,228‌

66,446‌

Selective

Insurance

Group 

255,826‌

27,929‌

White

Mountains

Insurance

Group 

9,500‌

17,046‌

310,850‌

Mortgage

Real

Estate

Investment

Trusts

1.3%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT (2)

2,906,895‌

82,556‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PennyMac

Mortgage

Investment

Trust,

REIT (2)

3,574,572‌

52,475‌

135,031‌

Total

Financials

2,605,171‌

HEALTH

CARE

9.0%

Biotechnology

4.5%

ACELYRIN (1)

1,385,100‌

9,349‌

Akero

Therapeutics (1)

396,681‌

10,020‌

Apellis

Pharmaceuticals (1)(2)

291,425‌

17,130‌

Arrowhead

Pharmaceuticals (1)

464,100‌

13,273‌

Ascendis

Pharma,

ADR (1)

142,065‌

21,476‌

Biohaven (1)

394,900‌

21,597‌

Black

Diamond

Therapeutics (1)

2,314,800‌

11,736‌

Blueprint

Medicines (1)

102,332‌

9,707‌

Bridgebio

Pharma (1)

283,900‌

8,778‌

Cabaletta

Bio (1)

534,746‌

9,123‌

CG

oncology (1)

152,436‌

6,692‌

Crinetics

Pharmaceuticals (1)

439,200‌

20,559‌

CRISPR

Therapeutics (1)(2)

104,788‌

7,142‌

Cytokinetics (1)

503,900‌

35,328‌

Denali

Therapeutics (1)

289,638‌

5,943‌

Grifols,

ADR (1)

1,318,600‌

8,808‌

HilleVax (1)(2)

913,389‌

15,190‌

Icosavax,

CVR (1)(3)

1,240,955‌

—‌

Immatics (1)(2)

1,824,170‌

19,172‌

Immunocore

Holdings,

ADR (1)

236,300‌

15,360‌

Immunome (1)(2)

324,093‌

7,999‌

Insmed (1)

329,129‌

8,929‌

Ionis

Pharmaceuticals (1)

901,200‌

39,067‌

Iovance

Biotherapeutics (1)

858,100‌

12,717‌

MacroGenics (1)

679,961‌

10,009‌

Madrigal

Pharmaceuticals (1)(2)

28,176‌

7,524‌

Merus (1)

177,800‌

8,006‌

MoonLake

Immunotherapeutics (1)(2)

83,056‌

4,172‌

Nkarta (1)

529,654‌

5,726‌

Prime

Medicine (1)

801,678‌

5,612‌

Sana

Biotechnology (1)(2)

1,592,844‌

15,929‌

Syndax

Pharmaceuticals (1)

607,500‌

14,459‌

Tango

Therapeutics (1)(2)

1,221,646‌

9,700‌

Vaxcyte (1)

342,695‌

23,410‌

Verve

Therapeutics (1)(2)

1,285,711‌

17,074‌

Xenon

Pharmaceuticals (1)

347,774‌

14,972‌

Zentalis

Pharmaceuticals (1)(2)

798,185‌

12,579‌

484,267‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Equipment

&

Supplies

1.2%

Atrion (2)

83,971‌

38,925‌

Avanos

Medical (1)

1,161,200‌

23,119‌

Lantheus

Holdings (1)

442,319‌

27,530‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,910 (1)(3)

(5)

2,631,808‌

1,053‌

QuidelOrtho (1)

717,468‌

34,395‌

125,022‌

Health

Care

Providers

&

Services

2.3%

Alignment

Healthcare (1)

970,910‌

4,816‌

Capsule,

Acquisition

Date:

4/7/21,

Cost $3,065 (1)(3)(5)

211,518‌

298‌

Ensign

Group 

668,072‌

83,121‌

Innovage

Holding (1)(2)

3,159,412‌

14,028‌

Pennant

Group (1)

1,595,362‌

31,317‌

Privia

Health

Group (1)

528,600‌

10,355‌

Select

Medical

Holdings 

3,365,534‌

101,471‌

245,406‌

Health

Care

Technology

0.3%

Multiplan (1)

5,345,275‌

4,336‌

Phreesia (1)

1,072,224‌

25,658‌

29,994‌

Life

Sciences

Tools

&

Services

0.1%

Sotera

Health (1)(2)

729,100‌

8,756‌

8,756‌

Pharmaceuticals

0.6%

Elanco

Animal

Health (1)

1,937,300‌

31,539‌

EyePoint

Pharmaceuticals (1)

412,911‌

8,535‌

Neumora

Therapeutics (1)(2)

1,020,241‌

14,028‌

Structure

Therapeutics,

ADR (1)

204,800‌

8,778‌

62,880‌

Total

Health

Care

956,325‌

INDUSTRIALS

&

BUSINESS

SERVICES

14.7%

Aerospace

&

Defense

0.9%

BWX

Technologies 

177,100‌

18,174‌

Leonardo

DRS (1)

1,256,508‌

27,756‌

Moog,

Class

A 

346,100‌

55,255‌

101,185‌

Building

Products

1.7%

AZZ 

142,700‌

11,032‌

CSW

Industrials 

125,748‌

29,501‌

UFP

Industries 

668,502‌

82,232‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zurn

Elkay

Water

Solutions 

1,896,235‌

63,467‌

186,232‌

Commercial

Services

&

Supplies

2.0%

Brady,

Class

A 

1,035,092‌

61,360‌

Casella

Waste

Systems,

Class

A (1)

375,000‌

37,076‌

MSA

Safety 

200,603‌

38,835‌

Stericycle (1)

402,300‌

21,221‌

Tetra

Tech 

155,541‌

28,730‌

UniFirst 

60,000‌

10,406‌

VSE (2)

275,022‌

22,002‌

219,630‌

Construction

&

Engineering

0.8%

Arcosa 

226,600‌

19,456‌

MYR

Group (1)

64,300‌

11,365‌

Valmont

Industries 

96,316‌

21,987‌

WillScot

Mobile

Mini

Holdings (1)

761,200‌

35,396‌

88,204‌

Electrical

Equipment

0.4%

Thermon

Group

Holdings (1)

1,296,407‌

42,418‌

42,418‌

Ground

Transportation

0.8%

Landstar

System 

440,000‌

84,814‌

84,814‌

Machinery

3.5%

Alamo

Group 

221,800‌

50,644‌

Crane 

231,800‌

31,323‌

Douglas

Dynamics 

223,300‌

5,386‌

Enpro 

169,000‌

28,522‌

Esab 

718,071‌

79,397‌

ESCO

Technologies 

296,887‌

31,782‌

Federal

Signal 

59,300‌

5,033‌

Helios

Technologies 

331,436‌

14,812‌

Hydrofarm

Holdings

Group (1)(2)

533,757‌

576‌

John

Bean

Technologies 

269,400‌

28,257‌

RBC

Bearings (1)

225,851‌

61,059‌

Shyft

Group 

641,900‌

7,972‌

SPX

Technologies (1)

286,800‌

35,314‌

380,077‌

Marine

Transportation

0.2%

Matson 

227,507‌

25,572‌

25,572‌

Passenger

Airlines

0.4%

Allegiant

Travel (2)

345,507‌

25,986‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sun

Country

Airlines

Holdings (1)

844,811‌

12,748‌

38,734‌

Professional

Services

2.0%

ASGN (1)

278,300‌

29,155‌

Checkr,

Acquisition

Date:

6/29/18,

Cost $866 (1)(3)(5)

211,422‌

913‌

Conduent (1)

4,408,638‌

14,901‌

FTI

Consulting (1)

220,277‌

46,322‌

Parsons (1)

1,031,560‌

85,568‌

Paycor

HCM (1)(2)

1,747,965‌

33,981‌

210,840‌

Trading

Companies

&

Distributors

2.0%

Beacon

Roofing

Supply (1)

1,082,345‌

106,091‌

Herc

Holdings 

264,510‌

44,517‌

MSC

Industrial

Direct,

Class

A 

269,400‌

26,143‌

Rush

Enterprises,

Class

A 

694,513‌

37,170‌

213,921‌

Total

Industrials

&

Business

Services

1,591,627‌

INFORMATION

TECHNOLOGY

6.3%

Communications

Equipment

0.3%

Viavi

Solutions (1)

3,612,700‌

32,839‌

32,839‌

Electronic

Equipment,

Instruments

&

Components

2.2%

Insight

Enterprises (1)

5,700‌

1,057‌

Knowles (1)

1,198,600‌

19,297‌

Littelfuse 

265,734‌

64,401‌

Mirion

Technologies (1)(2)

4,534,310‌

51,555‌

New

York

Community

Bancorp,

Acquisition

Date:

3/8/24,

Cost $10,989 (1)(5)

284,311‌

12,252‌

PAR

Technology (1)(2)

386,236‌

17,520‌

Vishay

Intertechnology (2)

1,394,200‌

31,620‌

Vontier 

866,800‌

39,318‌

237,020‌

IT

Services

0.2%

Endava,

ADR (1)

451,700‌

17,183‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $3,039 (1)(3)(5)

135,360‌

2,649‌

19,832‌

Semiconductors

&

Semiconductor

Equipment

2.0%

Allegro

MicroSystems (1)(2)

562,000‌

15,152‌

Diodes (1)

313,800‌

22,123‌

Entegris 

89,718‌

12,609‌

Lattice

Semiconductor (1)

396,557‌

31,023‌

MACOM

Technology

Solutions

Holdings (1)(2)

675,400‌

64,595‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Onto

Innovation (1)

397,401‌

71,961‌

217,463‌

Software

1.6%

Altair

Engineering,

Class

A (1)(2)

112,500‌

9,692‌

Amplitude,

Class

A (1)

880,600‌

9,581‌

Apiture,

Acquisition

Date:

11/6/23,

Cost $252 (1)(3)(5)

15,000‌

252‌

Apiture,

Acquisition

Date:

7/1/20

-

11/6/23,

Cost $11,099 (1)(3)(5)

687,865‌

11,549‌

DoubleVerify

Holdings (1)

851,195‌

29,928‌

Enfusion,

Class

A (1)(2)

586,500‌

5,425‌

Envestnet (1)

202,046‌

11,701‌

Gusto,

Acquisition

Date:

8/18/20

-

11/9/20,

Cost $7,473 (1)(3)(5)

559,515‌

8,605‌

Intapp (1)

423,660‌

14,532‌

JFrog (1)

402,200‌

17,785‌

nCino (1)

796,574‌

29,776‌

Socure,

Acquisition

Date:

12/22/21,

Cost $2,410 (1)(3)(5)

149,990‌

937‌

Workiva (1)

193,036‌

16,370‌

166,133‌

Total

Information

Technology

673,287‌

MATERIALS

4.5%

Chemicals

1.6%

Element

Solutions 

3,360,300‌

83,940‌

Hawkins 

181,786‌

13,961‌

Orion 

1,738,791‌

40,897‌

Quaker

Chemical 

185,100‌

37,992‌

176,790‌

Containers

&

Packaging

0.2%

Pactiv

Evergreen 

708,382‌

10,144‌

Sealed

Air 

283,800‌

10,557‌

20,701‌

Metals

&

Mining

2.4%

Alpha

Metallurgical

Resources 

18,000‌

5,961‌

Carpenter

Technology 

407,265‌

29,087‌

Constellium (1)

4,331,585‌

95,771‌

ERO

Copper (1)(2)

567,400‌

10,940‌

First

Quantum

Minerals

(CAD) 

1,248,657‌

13,422‌

Hudbay

Minerals 

869,300‌

6,085‌

Reliance 

280,765‌

93,826‌

255,092‌

Paper

&

Forest

Products

0.3%

Clearwater

Paper (1)

319,252‌

13,961‌

West

Fraser

Timber

(CAD) 

202,410‌

17,477‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

West

Fraser

Timber (2)

60,700‌

5,246‌

36,684‌

Total

Materials

489,267‌

MISCELLANEOUS

0.0%

Miscellaneous

0.0%

Helix

Acquisition

Corp.

II (1)

263,611‌

2,728‌

Total

Miscellaneous

2,728‌

REAL

ESTATE

10.0%

Diversified

Real

Estate

Investment

Trusts

0.9%

American

Assets

Trust,

REIT 

863,700‌

18,924‌

Empire

State

Realty

Trust,

Class

A,

REIT 

214,500‌

2,173‌

Essential

Properties

Realty

Trust,

REIT 

2,724,023‌

72,622‌

93,719‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

1.1%

Apple

Hospitality,

REIT 

3,646,206‌

59,725‌

Pebblebrook

Hotel

Trust,

REIT (2)

3,912,400‌

60,290‌

120,015‌

Industrial

Real

Estate

Investment

Trusts

2.0%

EastGroup

Properties,

REIT 

492,100‌

88,465‌

Innovative

Industrial

Properties,

REIT (2)

70,000‌

7,248‌

Terreno

Realty,

REIT (2)

1,743,600‌

115,775‌

211,488‌

Office

Real

Estate

Investment

Trusts

0.9%

Highwoods

Properties,

REIT 

1,531,800‌

40,102‌

IQHQ,

REIT,

Acquisition

Date:

10/30/19

-

8/21/20,

Cost $13,130 (1)(3)(5)

866,287‌

16,347‌

Kilroy

Realty,

REIT 

998,700‌

36,383‌

92,832‌

Real

Estate

Management

&

Development

1.5%

Colliers

International

Group 

181,722‌

22,212‌

DigitalBridge

Group 

1,135,800‌

21,887‌

FirstService (2)

317,700‌

52,675‌

Opendoor

Technologies,

Class

A (1)(2)

5,266,497‌

15,957‌

St.

Joe 

780,168‌

45,226‌

157,957‌

Residential

Real

Estate

Investment

Trusts

1.1%

Apartment

Investment

&

Management,

Class

A,

REIT (1)

2,029,165‌

16,619‌

Independence

Realty

Trust,

REIT 

3,805,600‌

61,384‌

UMH

Properties,

REIT 

2,277,600‌

36,988‌

114,991‌

Retail

Real

Estate

Investment

Trusts

1.2%

T.

ROWE

PRICE

Small-Cap

Value

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Macerich,

REIT 

2,082,300‌

35,878‌

NETSTREIT,

REIT (2)

3,042,236‌

55,886‌

Saul

Centers,

REIT (2)

1,075,806‌

41,408‌

133,172‌

Specialized

Real

Estate

Investment

Trusts

1.3%

CubeSmart,

REIT 

1,613,000‌

72,940‌

PotlatchDeltic,

REIT 

631,046‌

29,672‌

Safehold,

REIT (2)

1,565,250‌

32,244‌

134,856‌

Total

Real

Estate

1,059,030‌

UTILITIES

3.8%

Electric

Utilities

1.9%

IDACORP 

590,600‌

54,861‌

MGE

Energy 

559,977‌

44,082‌

OGE

Energy 

1,092,400‌

37,469‌

PNM

Resources 

1,723,275‌

64,864‌

201,276‌

Gas

Utilities

1.1%

Chesapeake

Utilities 

507,181‌

54,421‌

ONE

Gas (2)

945,982‌

61,044‌

115,465‌

Independent

Power

&

Renewable

Electricity

Producer

0.1%

Talen

Energy (1)

152,200‌

14,360‌

14,360‌

Water

Utilities

0.7%

Artesian

Resources,

Class

A (2)

482,563‌

17,908‌

California

Water

Service

Group 

812,739‌

37,776‌

Middlesex

Water 

335,363‌

17,607‌

73,291‌

Total

Utilities

404,392‌

Total

Common

Stocks

(Cost

$7,063,754)

10,277,576‌

CONVERTIBLE

BONDS

0.2%

Farmers

Business

Network,

15.00%,

9/29/25,

Acquisition

Date:

9/29/23,

Cost $10,691 (1)(3)(5)

10,691,000‌

10,691‌

Stash

Financial,

5.00%,

3/23/26,

Acquisition

Date:

9/8/23,

Cost $9,400 (1)(3)(5)

9,400,000‌

9,400‌

Total

Convertible

Bonds

(Cost

$20,091)

20,091‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONVERTIBLE

PREFERRED

STOCKS

2.6%

CONSUMER

DISCRETIONARY

0.1%

Hotels,

Restaurants

&

Leisure

0.0%

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $2,539 (1)(3)

(4)(5)

282,711‌

1,238‌

1,238‌

Specialty

Retail

0.1%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $12,383 (1)(3)(5)

2,127,647‌

2,128‌

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $5,471 (1)(3)(5)

406,249‌

4,546‌

6,674‌

Total

Consumer

Discretionary

7,912‌

CONSUMER

STAPLES

0.1%

Food

Products

0.1%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $15,529 (1)(3)(5)

841,026‌

4,390‌

Farmers

Business

Network,

Series

E,

Acquisition

Date:

2/11/19,

Cost $3,362 (1)(3)(5)

144,247‌

753‌

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $881 (1)(3)(5)

26,661‌

139‌

Total

Consumer

Staples

5,282‌

FINANCIALS

0.3%

Banks

0.1%

CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $11,470 (1)

(3)(5)

109,095‌

7,965‌

7,965‌

Financial

Services

0.1%

Stash

Financial,

Series

F,

Acquisition

Date:

4/24/20,

Cost $11,157 (1)(3)(5)

445,224‌

6,434‌

Stash

Financial,

Series

G,

Acquisition

Date:

1/26/21,

Cost $12,559 (1)(3)(5)

335,107‌

4,842‌

11,276‌

Insurance

0.1%

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $21,422 (1)(3)

(5)

1,296,510‌

12,576‌

12,576‌

Total

Financials

31,817‌

HEALTH

CARE

0.6%

Biotechnology

0.0%

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $9,269 (1)(3)(5)

331,043‌

1,390‌

1,390‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Providers

&

Services

0.1%

Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $3,065 (1)(3)

(5)

211,518‌

298‌

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $8,981 (1)(3)(5)

3,729,550‌

6,378‌

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $10,347 (1)(3)(5)

3,272,913‌

5,597‌

12,273‌

Life

Sciences

Tools

&

Services

0.5%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $11,917 (1)(3)(5)

1,011,567‌

9,074‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,453 (1)(3)(5)

472,388‌

28,688‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $13,636 (1)(3)(5)

307,043‌

18,647‌

56,409‌

Total

Health

Care

70,072‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.5%

Aerospace

&

Defense

0.2%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $14,587 (1)(3)(5)

323,903‌

11,359‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $14,645 (1)(3)

(5)

2,622,728‌

12,773‌

24,132‌

Electrical

Equipment

0.3%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $12,776 (1)

(3)(5)

613,518‌

1,736‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $8,392 (1)(3)(5)(6)

8,531,194‌

11,091‌

Tonian

Holdings,

Series

A,

Voting

Shares,

Acquisition

Date:

1/15/21

-

1/26/22,

Cost $15,325 (1)(3)(5)(6)

15,050,275‌

19,565‌

32,392‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4,046 (1)(3)(5)

889,080‌

3,841‌

3,841‌

Total

Industrials

&

Business

Services

60,365‌

INFORMATION

TECHNOLOGY

0.5%

IT

Services

0.1%

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $684 (1)(3)(5)

30,470‌

596‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $68 (1)(3)(5)

3,030‌

59‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $74 (1)(3)(5)

3,310‌

65‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $8,658 (1)(3)(5)

385,620‌

7,547‌

8,267‌

Software

0.4%

Gusto,

Series

B,

Acquisition

Date:

8/18/20,

Cost $1,746 (1)(3)(5)

129,187‌

1,987‌

Gusto,

Series

B-2,

Acquisition

Date:

8/18/20,

Cost $3,259 (1)(3)(5)

241,168‌

3,709‌

Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $5,412 (1)(3)(5)

711,894‌

10,949‌

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $7,227 (1)(3)(5)

542,859‌

8,349‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,195 (1)(3)(5)

857,551‌

3,508‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $6,458 (1)(3)(5)

309,802‌

1,267‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $9,505 (1)(3)(5)

1,881,753‌

9,917‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2,929 (1)(3)

(5)

182,290‌

1,139‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $2,404 (1)

(3)(5)

149,613‌

935‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $43 (1)(3)(5)

2,706‌

17‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $5,572 (1)(3)(5)

346,775‌

2,167‌

43,944‌

Total

Information

Technology

52,211‌

MATERIALS

0.5%

Chemicals

0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $11,381 (1)(3)

(5)

275,749‌

5,592‌

5,592‌

Metals

&

Mining

0.4%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $14,318 (1)(3)(5)

522,347‌

38,319‌

38,319‌

Total

Materials

43,911‌

Total

Convertible

Preferred

Stocks

(Cost

$321,145)

271,570‌

CORPORATE

BONDS

0.1%

PRA

Group,

7.375%,

9/1/25 (7)

7,174,000‌

7,138‌

Total

Corporate

Bonds

(Cost

$6,892)

7,138‌

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)(3)(4)(5)(6)

143,910‌

151‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

5/3/21

-

9/29/21,

Cost $1,286 (1)(3)(4)(5)(6)

1,286,870‌

1,531‌

Total

Energy

1,682‌

Total

Preferred

Stocks

(Cost

$1,430)

1,682‌

SHORT-TERM

INVESTMENTS

1.4%

Money

Market

Funds

1.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (6)(8)

150,279,690‌

150,280‌

Total

Short-Term

Investments

(Cost

$150,280)

150,280‌

SECURITIES

LENDING

COLLATERAL

1.9%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (6)(8)

1,329,409‌

1,330‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,330‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.9%

Money

Market

Funds

1.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (6)(8)

207,650,330‌

207,650‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

207,650‌

Total

Securities

Lending

Collateral

(Cost

$208,980)

208,980‌

Total

Investments

in

Securities

101.9%

(Cost

$7,772,572)

$

10,937,317‌

Other

Assets

Less

Liabilities

(1.9)%

(201,101‌)

Net

Assets

100.0%

$

10,736,216‌

‡

Shares/Par

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(3)

Level

3

in

fair

value

hierarchy.

(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.

T.

ROWE

PRICE

Small-Cap

Value

Fund

17

.

.

.

.

.

.

.

.

.

.

(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

$390,921

and

represents

3.6%

of

net

assets.

(6)

Affiliated

Companies

(7)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$7,138

and

represents

0.1%

of

net

assets.

(8)

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.

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

18

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,

2024.

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

Dogwood

State

Bank,

Non-Voting

Shares 

$

—‌

$

1‌

$

—‌

Dogwood

State

Bank,

Voting

Shares 

—‌

—‌

—‌

Dogwood

State

Bank,

Warrants,

5/6/24 

—‌

—‌

—‌

Energy

Reservoir

Holdings,

Class

A-1 

—‌

—‌

—‌

Energy

Reservoir

Holdings,

Class

A-3 

—‌

—‌

—‌

Energy

Reservoir

Holdings,

Class

A-3 

—‌

1‌

—‌

FS

Bancorp 

16‌

(1,515‌)

173‌

James

River

Group

Holdings 

(13‌)

158‌

96‌

John

Marshall

Bancorp 

7‌

(4,939‌)

—‌

Live

Oak

Bancshares 

67‌

(9,917‌)

74‌

Metropolitan

Bank

Holding 

(7,995‌)

(1,396‌)

—‌

Saul

Centers,

REIT 

(1,770‌)

1,268‌

3,121‌

Southern

First

Bancshares 

4‌

(2,416‌)

—‌

Strattec

Security 

(5‌)

(309‌)

—‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares 

—‌

853‌

—‌

Tonian

Holdings,

Series

A,

Voting

Shares 

—‌

1,505‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

—‌

—‌

1,770‌++

Totals

$

(9,689‌)#

$

(16,706‌)

$

5,234‌+

T.

ROWE

PRICE

Small-Cap

Value

Fund

19

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

Dogwood

State

Bank,

Non-

Voting

Shares 

$

5,130‌

$

—‌

$

—‌

$

*

Dogwood

State

Bank,

Voting

Shares 

2,520‌

—‌

—‌

*

Dogwood

State

Bank,

Warrants,

5/6/24 

342‌

—‌

—‌

*

Energy

Reservoir

Holdings,

Class

A-1 

12,107‌

—‌

—‌

12,107‌

Energy

Reservoir

Holdings,

Class

A-3 

151‌

—‌

—‌

151‌

Energy

Reservoir

Holdings,

Class

A-3 

1,531‌

—‌

1‌

1,531‌

FS

Bancorp 

24,636‌

—‌

9‌

23,112‌

James

River

Group

Holdings 

*

1,054‌

31‌

17,776‌

John

Marshall

Bancorp 

23,951‌

366‌

14‌

19,364‌

Live

Oak

Bancshares 

112,264‌

—‌

36‌

102,311‌

Metropolitan

Bank

Holding 

32,044‌

—‌

17,026‌

*

Saul

Centers,

REIT 

51,774‌

—‌

11,634‌

*

Southern

First

Bancshares 

16,766‌

—‌

13‌

14,337‌

Strattec

Security 

5,881‌

—‌

1,550‌

*

Tonian

Holdings,

Series

A,

Non-

Voting

Shares 

10,238‌

—‌

—‌

11,091‌

Tonian

Holdings,

Series

A,

Voting

Shares 

18,060‌

—‌

—‌

19,565‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

296,346‌

 ¤

 ¤

359,260‌

Total

$

580,605‌^

#

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

$5,234

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

$563,681.

*

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,

2024

(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,

2024.

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,

2024,

totaled $22,686,000 for

the

period ended

March

31,

2024.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

10,083,000‌

$

109,250‌

$

85,326‌

$

10,277,576‌

Convertible

Bonds

—‌

—‌

20,091‌

20,091‌

Convertible

Preferred

Stocks

—‌

—‌

271,570‌

271,570‌

Corporate

Bonds

—‌

7,138‌

—‌

7,138‌

Preferred

Stocks

—‌

—‌

1,682‌

1,682‌

Short-Term

Investments

150,280‌

—‌

—‌

150,280‌

Securities

Lending

Collateral

208,980‌

—‌

—‌

208,980‌

Total

$

10,442,260‌

$

116,388‌

$

378,669‌

$

10,937,317‌

($000s)

Beginning

Balance

12/31/23

Gain

(Loss)

During

Period

Ending

Balance

3/31/24

Investment

in

Securities

Common

Stocks

$

86,206‌

$

(880‌)

$

85,326‌

Convertible

Bonds

20,091‌

—‌

20,091‌

Convertible

Preferred

Stocks

248,004‌

23,566‌

271,570‌

Preferred

Stocks

1,682‌

—‌

1,682‌

Total

$

355,983‌

$

22,686‌

$

378,669‌

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

Stocks

$

85,326‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

7%

7%

Decrease

Discount

for

lack

of

collectability

50%

50%

Decrease

Timing

of

events

1.07

yrs

1.07

yrs

Decrease

Market

comparable

Probability

for

potential

outcome

20%

–

80%

27%

Increase

Enterprise

value

to

sales

multiple

1.7x

–

11.5x

3.7x

Increase

Sales

growth

rate

5%

–

55%

18%

Increase

Enterprise

value

to

gross

profit

multiple

3.4x

–

15.3x

7.3x

Increase

Gross

profit

growth

rate

24%

–

25%

24%

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**

Enterprise

value

to

EBITDA

multiple

12.2x

–

18.1x

15.4x

Increase

EBITDA

growth

rate

125%

125%

Increase

Enterprise

value

to

gross

written

premiums

multiple

1.3x

-

1.6x

1.5x

Increase

Gross

written

premiums

growth

rate

20%

20%

Increase

Price

to

tangible

book

value

multiple

1.4x

–

2.7x

1.7x

Increase

Projected

enterprise

value

to

sales

multiple

1.1x

-

1.3x

1.2x

Increase

Projected

enterprise

value

to

EBITDA

multiple

11.8x

11.8x

Increase

Tangible

book

value

growth

rate

3%

-

7%

6%

Increase

Discount

for

liquidation

preference

—#

—#

—#

Discount

to

public

company

multiples

31%

-

52%

42%

Decrease

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**

Discount

rate

for

cost

of

capital

15%

15%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

5%

5%

Increase

Volatility

35%

–

41%

35%

Increase

Convertible

Bonds

$

20,091‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

271,570‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Conversion

ratio

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Probability

for

potential

outcome

10%

–

80%

34%

Increase

Enterprise

value

to

sales

multiple

1.0x

–

11.5x

6.0x

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**

Sales

growth

rate

1%

–

129%

29%

Increase

Enterprise

value

to

gross

profit

multiple

1.5x

-

15.3x

9.8x

Increase

Gross

profit

growth

rate

5%

-

25%

21%

Increase

Enterprise

value

to

EBITDA

multiple

11.5x

-

18.1x

14.2x

Increase

Enterprise

value

to

gross

written

premiums

multiple

1.3x

-

1.6x

1.5x

Increase

Gross

written

premiums

growth

rate

20%

20%

Increase

Projected

enterprise

value

to

sales

multiple

1.1x

-

17.6x

11.6x

Increase

Projected

enterprise

value

to

EBITDA

multiple

11.8x

11.8x

Increase

EBITDA

growth

rate

56%

56%

Increase

Price

to

net

asset

value

multiple

0.9x

0.9x

Increase

Price

to

tangible

book

value

multiple

2.1x

-

2.7x

2.4x

Increase

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.

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**

Tangible

book

value

growth

rate

3%

-

7%

5%

Increase

Discount

to

public

company

multiples

31%

-

52%

42%

Decrease

Discount

rate

for

cost

of

capital

15%

-

25%

22%

Decrease

Discount

for

uncertainty

80%

-

100%

92%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Preferred

Stocks

$

1,682‌

Recent

comparable

transaction

price(s)

Discount

for

uncertainty

5%

5%

Decrease

T.

ROWE

PRICE

Small-Cap

Value

Fund

29

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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

03/24