NPORT-EX 2 7032_TRP_small-cap_value_fd.htm trowepricesmall-capvaluefund.htm - Generated by SEC Publisher for SEC Filing

T. ROWE PRICE SMALL-CAP VALUE FUND
September 30, 2019 (Unaudited)

Portfolio of Investments‡  Shares  $ Value 
(Cost and value in $000s)     
COMMON STOCKS 97.3%     
COMMUNICATION SERVICES 1.9%     
Diversified Telecommunication Services 0.3%     
GCI Liberty, Class A (1)  418,839  25,997 
    25,997 
Entertainment 0.2%     
Rosetta Stone (1)(2)  1,450,018  25,230 
    25,230 
Media 1.4%     
Cable One  75,200  94,353 
Saga Communications, Class A (2)  453,393  13,489 
Scholastic  736,200  27,799 
    135,641 
Total Communication Services    186,868 
CONSUMER DISCRETIONARY 8.2%     
Auto Components 1.5%     
Dorman Products (1)  495,200  39,388 
Garrett Motion (1)  2,371,100  23,616 
Horizon Global (1)(2)  3,244,390  12,394 
LCI Industries  480,400  44,125 
Strattec Security (2)  194,553  3,887 
Visteon (1)  324,500  26,784 
    150,194 
Distributors 0.8%     
Pool  412,500  83,201 
    83,201 
Diversified Consumer Services 1.3%     
American Public Education (1)  780,235  17,431 
Career Education (1)  1,832,591  29,120 
Strategic Education  559,812  76,067 
    122,618 

 


The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

      Shares  $ Value 
  (Cost and value in $000s)      
 
  Hotels, Restaurants & Leisure 0.7%      
  Marriott Vacations Worldwide   307,366  31,846 
  Papa John's International   68,563  3,589 
  Red Robin Gourmet Burgers (1)   544,494  18,110 
  Red Rock Resorts, Class A   542,544  11,017 
        64,562 
  Household Durables 0.8%      
  Cavco Industries (1)   391,700  75,242 
  CSS Industries (2)   1,180,000  4,684 
        79,926 
  Specialty Retail 2.3%      
  Aaron's   1,393,100  89,521 
  Boot Barn Holdings (1)   218,599  7,629 
  Express (1)   2,061,120  7,090 
  Lumber Liquidators Holdings (1)   1,116,305  11,018 
  Monro   551,900  43,606 
  Sportsman's Warehouse Holdings (1)(2)   4,078,653  21,127 
  Winmark (2)   254,247  44,847 
        224,838 
  Textiles, Apparel & Luxury Goods 0.8%      
  Allbirds, Acquisition Date: 10/10/18 - 12/21/18, Cost $6,158      
(1)(3)(4)  112,302  6,158 
Culp(2)  814,485  13,276 
  J. G. Boswell   11,077  7,566 
  Steven Madden   1,319,462  47,223 
        74,223 
  Total Consumer Discretionary     799,562 
  CONSUMER STAPLES 3.7%      
 
  Beverages 0.6%      
  Boston Beer, Class A (1)   50,900  18,532 
  Coca-Cola Consolidated   123,874  37,642 
        56,174 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
Food & Staples Retailing 0.1%     
Grocery Outlet Holding (1)  324,454  11,252 
    11,252 
Food Products 2.8%     
Collier Creek Holdings (1)  2,076,770  22,221 
Hain Celestial Group (1)  226,200  4,858 
Nomad Foods (1)  5,267,200  107,978 
Post Holdings (1)  679,654  71,934 
Sanderson Farms  180,400  27,300 
Simply Good Foods (1)  1,597,204  46,303 
    280,594 
Household Products 0.2%     
Oil-Dri (2)  560,900  19,104 
    19,104 
Total Consumer Staples    367,124 
ENERGY 5.6%     
 
Energy Equipment & Services 2.1%     
Apergy (1)  727,200  19,671 
Cactus, Class A (1)  849,883  24,596 
Computer Modelling Group (CAD)  2,051,180  9,460 
Dril-Quip (1)  468,500  23,509 
Energy Reservoir Holdings, Class A-1, Acquisition Date:     
4/30/19, Cost $20,875 (1)(2)(3)(4)(5)  20,874,000  20,874 
Frank's International (1)  3,692,628  17,540 
Keane Group (1)  4,826,832  29,251 
Liberty Oilfield Services, Class A  1,139,490  12,341 
Ranger Energy Services (1)(2)  1,085,920  7,004 
SEACOR Holdings (1)  286,082  13,466 
SEACOR Marine Holdings (1)  1,021,898  12,845 
TETRA Technologies (1)(2)  6,240,800  12,544 
    203,101 
Oil, Gas & Consumable Fuels 3.5%     
Advantage Oil & Gas (CAD) (1)  6,539,200  10,612 
Delek US Holdings  519,600  18,862 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
Earthstone Energy, Class A (1)(2)  1,668,583  5,423 
International Seaways (1)  829,346  15,973 
Jagged Peak Energy (1)  2,287,387  16,606 
Kelt Exploration (CAD) (1)  3,808,300  10,003 
Kimbell Royalty Partners (2)  1,220,304  17,951 
Kosmos Energy  3,287,500  20,514 
Magnolia Oil & Gas, Class A (1)  2,284,100  25,354 
Matador Resources (1)  1,968,060  32,532 
Panhandle Oil & Gas, Class A  613,470  8,576 
Plains GP Holdings, Class A  1,088,752  23,114 
REX American Resources (1)(2)  371,100  28,326 
Seven Generations Energy, Class A (CAD) (1)  4,662,400  29,632 
Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost     
$1,314 (1)(3)(4)  435  2,262 
Venture Global LNG, Series C, Acquisition Date: 5/25/17 -     
3/8/18, Cost $26,302 (1)(3)(4)  7,197  37,424 
WPX Energy (1)  4,095,300  43,369 
    346,533 
Total Energy    549,634 
FINANCIALS 26.8%     
Banks 16.5%     
American Business Bank (1)  272,140  9,283 
Atlantic Capital Bancshares (1)  908,874  15,760 
BankUnited  2,632,100  88,491 
BOK Financial  469,789  37,184 
Bridge Bancorp  382,868  11,318 
Burke & Herbert Bank & Trust  9,886  22,540 
CenterState Bank  2,202,402  52,825 
Columbia Banking System  2,165,635  79,912 
CrossFirst Bankshares (1)  527,612  7,547 
CrossFirst Bankshares, Acquisition Date: 10/23/18, Cost $7,274     
(1)(3)  510,426  6,937 
East West Bancorp  573,899  25,418 
Farmers & Merchants Bank of Long Beach  2,764  21,974 
FB Financial  1,126,887  42,315 
First Bancshares  457,475  14,776 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
 
First Hawaiian  800,829  21,382 
Glacier Bancorp  1,254,600  50,761 
Grasshopper Bancorp, Acquisition Date: 10/12/18 - 5/2/19,     
Cost $5,034 (1)(3)(4)  503,404  5,034 
Grasshopper Bancorp, Warrants, 10/12/28, Acquisition Date:     
10/12/18, Cost $- (1)(3)(4)  100,220  374 
HarborOne Bancorp (1)(2)  3,219,173  32,401 
Heritage Commerce  1,461,021  17,174 
Heritage Financial  1,088,733  29,352 
Home BancShares  5,486,896  103,126 
Hope Bancorp  2,764,887  39,648 
Howard Bancorp (1)(2)  1,042,457  17,399 
Independent Bank  296,151  22,108 
Independent Bank Group  828,580  43,592 
John Marshall Bancorp (1)(2)  775,954  13,145 
Live Oak Bancshares (2)  2,214,386  40,080 
National Bank Holdings, Class A (2)  1,850,959  63,284 
Origin Bancorp  665,380  22,450 
Pacific Premier Bancorp  1,063,800  33,180 
Pinnacle Financial Partners  1,191,972  67,644 
Popular  1,137,500  61,516 
Preferred Bank (2)  931,058  48,769 
Prosperity Bancshares  799,900  56,497 
Revere Bank (1)  483,934  16,575 
Sound Bank, Non-Voting Shares, Acquisition Date: 5/6/19, Cost     
$2,923 (1)(3)(4)  292,336  2,923 
Sound Bank, Voting Shares, Acquisition Date: 5/6/19, Cost     
$1,436 (1)(3)(4)  143,582  1,436 
Sound Bank, Warrants, 5/6/24, Acquisition Date: 5/6/19, Cost     
$- (1)(3)(4)  43,592  — 
South State  430,218  32,395 
Southern First Bancshares (1)  337,896  13,465 
SVB Financial Group (1)  88,600  18,513 
Texas Capital Bancshares (1)  841,600  45,993 
Towne Bank  2,495,475  69,387 
Webster Financial  1,202,973  56,383 
Western Alliance Bancorp  1,965,354  90,563 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
 
Wintrust Financial  622,568  40,237 
    1,613,066 
Capital Markets 2.1%     
Assetmark Financial Holdings (1)  286,084  7,452 
Barings BDC  1,335,931  13,560 
Cboe Global Markets  164,836  18,941 
Conyers Park II Acquisition (1)  1,324,990  14,085 
Hercules Capital (6)  1,554,300  20,781 
Houlihan Lokey  1,042,427  47,013 
Main Street Capital  584,500  25,256 
OTC Markets Group, Class A  487,685  17,679 
Safeguard Scientifics (1)  685,800  7,777 
StepStone Group, Class A, Acquisition Date: 8/19/19, Cost     
$9,658 (1)(3)(4)(5)  12,072  9,658 
Virtus Investment Partners  248,942  27,526 
    209,728 
Consumer Finance 0.2%     
Green Dot, Class A (1)  754,200  19,043 
SLM  572,000  5,048 
    24,091 
Diversified Financial Services 0.2%     
GS Acquisition Holdings (1)  1,395,632  14,863 
    14,863 
Insurance 2.8%     
Assured Guaranty  361,783  16,085 
Axis Capital Holdings  291,347  19,439 
eHealth (1)  79,000  5,276 
Employers Holdings  574,300  25,028 
EverQuote, Class A (1)  232,878  4,970 
James River Group Holdings  547,033  28,030 
Kinsale Capital Group  11,347  1,172 
Palomar Holdings (1)  369,610  14,570 
ProAssurance  1,318,500  53,096 
RenaissanceRe Holdings  111,200  21,512 
Safety Insurance Group  388,700  39,387 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
 
State Auto Financial  1,513,527  49,023 
    277,588 
Mortgage Real Estate Investment Trusts 0.9%     
Capstead Mortgage, REIT (2)  4,819,825  35,426 
PennyMac Mortgage Investment Trust, REIT  1,282,035  28,500 
Redwood Trust, REIT  1,442,079  23,664 
    87,590 
Thrifts & Mortgage Finance 4.1%     
Columbia Financial (1)  1,161,500  18,340 
FS Bancorp (2)  226,304  11,881 
Kearny Financial  4,047,859  52,784 
Meridian Bancorp  2,537,118  47,571 
PCSB Financial (2)  999,005  19,970 
PDL Community Bancorp (1)(2)  1,045,144  14,695 
PennyMac Financial Services (1)  2,321,960  70,541 
Radian Group  2,697,400  61,608 
Sterling Bancorp  1,354,704  13,222 
WSFS Financial  2,094,688  92,376 
    402,988 
Total Financials    2,629,914 
HEALTH CARE 6.2%     
 
Biotechnology 0.7%     
10X Genomics, Class A (1)  71,029  3,580 
Momenta Pharmaceuticals (1)  1,400,648  18,153 
Radius Health (1)  347,100  8,938 
Rigel Pharmaceuticals (1)  2,949,300  5,515 
Tricida (1)  266,340  8,222 
Ultragenyx Pharmaceutical (1)  150,099  6,421 
Xencor (1)  389,985  13,154 
    63,983 
Health Care Equipment & Supplies 4.1%     
AngioDynamics (1)  390,200  7,187 
Atrion (2)  106,323  82,844 
Avanos Medical (1)  1,353,531  50,703 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

      Shares  $ Value 
  (Cost and value in $000s)      
  CryoPort (1)   550,150  8,998 
  Envista Holdings (1)   1,593,470  44,426 
  JAND, Class A, Acquisition Date: 3/9/18, Cost $4,644 (1)(3)(4)   295,474  5,005 
  Lantheus Holdings (1)   412,179  10,331 
  Mesa Laboratories   171,615  40,805 
Nevro(1)  66,300  5,700 
  Pax Labs, Class A, Acquisition Date: 4/18/19, Cost $9,910      
(1)(3)(4)  2,631,808  9,910 
  Quidel (1)   1,089,806  66,860 
  Utah Medical Products (2)   216,983  20,796 
  West Pharmaceutical Services   327,800  46,488 
        400,053 
  Health Care Providers & Services 1.1%      
  Ensign Group   1,023,706  48,554 
  Molina Healthcare (1)   165,254  18,132 
  Select Medical Holdings (1)   2,791,234  46,251 
        112,937 
  Health Care Technology 0.2%      
  Health Catalyst (1)   216,140  6,839 
  Phreesia (1)   395,218  9,580 
        16,419 
  Pharmaceuticals 0.1%      
  Cara Therapeutics (1)   696,093  12,724 
        12,724 
  Total Health Care     606,116 
  INDUSTRIALS & BUSINESS SERVICES 13.7%      
 
  Aerospace & Defense 2.2%      
  BWX Technologies   712,500  40,762 
  Cubic   1,090,533  76,806 
  Triumph Group (2)   4,545,300  103,997 
        221,565 
  Airlines 0.1%      
  Alclear Holdings, Class B, Acquisition Date: 12/13/18, Cost      
$9,877 (1)(3)(4)(5)  43,898  9,877 
        9,877 
  The accompanying notes are an integral part of this Portfolio of Investments.      

 

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
 
Building Products 1.3%     
CSW Industrials  585,300  40,404 
Insteel Industries  838,585  17,216 
JELD-WEN Holding (1)  755,221  14,568 
Resideo Technologies (1)  315,400  4,526 
Universal Forest Products  1,248,900  49,806 
    126,520 
Commercial Services & Supplies 1.8%     
Brady, Class A  701,400  37,209 
Brink's  248,400  20,605 
McGrath RentCorp  633,902  44,113 
MSA Safety  276,000  30,114 
Stericycle (1)  843,400  42,955 
    174,996 
Construction & Engineering 0.9%     
Aegion (1)(2)  3,042,952  65,058 
Valmont Industries  201,900  27,951 
    93,009 
Electrical Equipment 0.3%     
Thermon Group Holdings (1)  1,263,340  29,032 
    29,032 
Industrial Conglomerates 0.2%     
Raven Industries  504,748  16,889 
    16,889 
Machinery 2.9%     
Blue Bird (1)  1,142,600  21,749 
Chart Industries (1)  250,400  15,615 
CIRCOR International (1)(2)  1,220,402  45,826 
ESCO Technologies  658,700  52,406 
Helios Technologies  859,934  34,888 
John Bean Technologies  280,000  27,840 
Lydall (1)  144,900  3,610 
RBC Bearings (1)  166,782  27,671 
Rexnord (1)  1,475,700  39,918 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
SPX (1)  244,700  9,790 
Westport Fuel Systems (1)  1,190,000  3,237 
    282,550 
Marine 0.5%     
Kirby (1)  298,200  24,500 
Matson  553,200  20,751 
    45,251 
Professional Services 1.8%     
Clarivate Analytics (1)  1,481,933  25,000 
FTI Consulting (1)  996,400  105,608 
Huron Consulting Group (1)  415,600  25,493 
Upwork (1)  1,482,946  19,731 
    175,832 
Road & Rail 1.4%     
Genesee & Wyoming, Class A (1)  152,219  16,822 
Landstar System  796,100  89,625 
Patriot Transportation Holding (1)(2)  210,848  4,006 
Universal Logistics Holdings  928,893  21,624 
US Xpress Enterprises, Class A (1)  918,695  4,428 
    136,505 
Trading Companies & Distributors 0.3%     
Beacon Roofing Supply (1)  965,300  32,366 
    32,366 
Total Industrials & Business Services    1,344,392 
INFORMATION TECHNOLOGY 9.4%     
Communications Equipment 0.8%     
Harmonic (1)(2)  11,184,690  73,595 
    73,595 
Electronic Equipment, Instruments & Components 2.8%     
Badger Meter  64,209  3,448 
Belden (2)  2,678,600  142,876 
Knowles (1)  3,034,800  61,728 
Littelfuse  393,000  69,683 
    277,735 
The accompanying notes are an integral part of this Portfolio of Investments.     

 

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
 
IT Services 1.8%     
Afterpay Touch Group (AUD) (1)  1,619,334  39,379 
Conduent (1)  2,787,600  17,339 
Endava, ADR (1)  570,623  21,598 
Evo Payments, Class A (1)  710,490  19,979 
GTT Communications (1)  534,900  5,039 
I3 Verticals, Class A (1)(2)  1,154,954  23,238 
Megaport (AUD) (1)  2,789,675  17,125 
Parsons (1)  901,560  29,733 
    173,430 
Semiconductors & Semiconductor Equipment 2.1%     
Cabot Microelectronics  371,612  52,475 
Entegris  1,406,300  66,181 
Lattice Semiconductor (1)  2,104,569  38,482 
MaxLinear (1)  1,208,000  27,035 
Rudolph Technologies (1)  602,800  15,890 
Semtech (1)  155,458  7,557 
    207,620 
Software 1.9%     
Ceridian HCM Holding (1)  863,114  42,612 
Checkr, Acquisition Date: 6/29/18, Cost $866 (1)(3)(4)  70,474  2,025 
Cision (1)  1,773,213  13,636 
Cloudflare, Class A (1)  1,438,326  26,710 
Coupa Software (1)  161,804  20,965 
Descartes Systems Group (1)  252,600  10,182 
nCino, Acquisition Date: 9/16/19, Cost $8,644 (1)(3)(4)  397,429  8,644 
Q2 Holdings (1)  99,900  7,879 
RealPage (1)  233,000  14,646 
salesforce. com (1)  87,045  12,921 
Toast, Acquisition Date: 9/14/18 - 11/14/18, Cost $1,094     
(1)(3)(4)  40,202  1,107 
Zendesk (1)  321,400  23,424 
    184,751 
Total Information Technology    917,131 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
MATERIALS 4.7%     
 
Chemicals 1.4%     
AgroFresh Solutions (1)(2)  6,399,779  16,831 
American Vanguard  1,367,800  21,475 
Balchem  55,500  5,505 
Hawkins  446,700  18,985 
Minerals Technologies  657,100  34,885 
Orion Engineered Carbons  478,191  7,991 
Quaker Chemical  198,554  31,399 
    137,071 
Containers & Packaging 0.6%     
Myers Industries (2)  3,137,514  55,377 
    55,377 
Metals & Mining 1.6%     
Alacer Gold (CAD) (1)  2,841,000  11,473 
Carpenter Technology  1,001,000  51,712 
Constellium (1)  2,751,500  34,972 
ERO Copper (CAD) (1)  1,389,227  20,290 
Osisko Gold Royalties (CAD)  1,075,400  9,992 
Reliance Steel & Aluminum  316,500  31,542 
    159,981 
Paper & Forest Products 1.1%     
Clearwater Paper (1)  542,113  11,449 
Stella-Jones (CAD)  1,775,580  51,880 
West Fraser Timber (CAD)  1,041,500  41,665 
    104,994 
Total Materials    457,423 
REAL ESTATE 10.6%     
 
Equity Real Estate Investment Trusts 9.4%     
Acadia Realty Trust, REIT  1,261,900  36,065 
American Assets Trust, REIT  645,671  30,179 
American Campus Communities, REIT  883,917  42,499 
Cedar Realty Trust, REIT (2)  11,229,801  33,689 
CubeSmart, REIT  1,397,900  48,787 
The accompanying notes are an integral part of this Portfolio of Investments.     

 

 

T. ROWE PRICE SMALL-CAP VALUE FUND

  Shares  $ Value 
(Cost and value in $000s)     
 
Douglas Emmett, REIT  851,300  36,461 
EastGroup Properties, REIT  434,200  54,284 
First Industrial Realty Trust, REIT  710,222  28,096 
Hannon Armstrong Sustainable Infrastructure Capital, REIT  1,749,100  50,986 
Healthcare Realty Trust, REIT  2,345,492  78,574 
JBG SMITH Properties, REIT  1,884,642  73,897 
Kilroy Realty, REIT  438,800  34,178 
Paramount Group, REIT  1,524,542  20,353 
Pebblebrook Hotel Trust, REIT  991,300  27,578 
PotlatchDeltic, REIT  862,646  35,442 
PS Business Parks, REIT  341,400  62,118 
QTS Realty Trust, Class A, REIT  282,128  14,504 
Saul Centers, REIT  818,206  44,600 
Sunstone Hotel Investors, REIT  3,717,610  51,080 
Terreno Realty, REIT  1,761,900  90,015 
Washington Real Estate Investment Trust, REIT  903,200  24,712 
    918,097 
Real Estate Management & Development 1.2%     
FirstService  657,300  67,419 
FRP Holdings (1)  168,800  8,106 
St Joe (1)  2,436,921  41,744 
    117,269 
Total Real Estate    1,035,366 
UTILITIES 6.5%     
 
Electric Utilities 2.1%     
MGE Energy  450,700  35,998 
PNM Resources  2,316,500  120,643 
Portland General Electric  882,300  49,735 
    206,376 
Gas Utilities 3.1%     
Atmos Energy  171,400  19,521 
Chesapeake Utilities  787,580  75,072 
ONE Gas  1,214,600  116,735 
RGC Resources  356,569  10,426 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

      Shares  $ Value 
  (Cost and value in $000s)      
  Southwest Gas Holdings   936,000  85,214 
        306,968 
  Independent Power & Renewable Electricity Producers 0.4%      
  NextEra Energy Partners   650,500  34,372 
        34,372 
Multi-Utilities 0.2%      
  NorthWestern   244,200  18,327 
        18,327 
  Water Utilities 0.7%      
  California Water Service Group   608,000  32,182 
  Middlesex Water   290,932  18,899 
  SJW Group   277,206  18,930 
        70,011 
  Total Utilities     636,054 
  Total Common Stocks (Cost $6,465,314)     9,529,584 
 
  CONVERTIBLE PREFERRED STOCKS 1.4%      
  CONSUMER DISCRETIONARY 0.5%      
  Hotels, Restaurants & Leisure 0.2%      
  Sweetgreen, Series G, Acquisition Date: 8/15/16 - 2/27/18,      
Cost $10,075 (1)(3)(4)  1,119,428  19,142 
  Sweetgreen, Series I, Acquisition Date: 9/13/19, Cost $3,142      
(1)(3)(4)  183,785  3,143 
        22,285 
  Internet & Direct Marketing Retail 0.2%      
  Framebridge, Series C, Acquisition Date: 6/20/18, Cost $5,134      
(1)(3)(4)  1,477,622  5,134 
  Minted, Series E, Acquisition Date: 10/30/18, Cost $5,471      
(1)(3)(4)  406,249  5,471 
  Roofoods, Series F, Acquisition Date: 9/12/17, Cost $10,300      
(1)(3)(4)  29,130  11,322 
  Roofoods, Series G, Acquisition Date: 5/16/19, Cost $332      
(1)(3)(4)  795  332 
        22,259 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

      Shares  $ Value 
  (Cost and value in $000s)      
 
  Textiles, Apparel & Luxury Goods 0.1%      
  Allbirds, Series A, Acquisition Date: 10/10/18, Cost $2,022      
(1)(3)(4)  36,863  2,022 
  Allbirds, Series B, Acquisition Date: 10/10/18, Cost $355      
(1)(3)(4)  6,476  355 
  Allbirds, Series C, Acquisition Date: 10/9/18, Cost $3,394      
(1)(3)(4)  61,894  3,394 
  Allbirds, Series Seed, Acquisition Date: 10/10/18, Cost $1,086      
(1)(3)(4)  19,806  1,086 
        6,857 
  Total Consumer Discretionary     51,401 
  CONSUMER STAPLES 0.2%      
  Food Products 0.2%      
  Farmers Business Network, Series D, Acquisition Date: 11/3/17,      
Cost $15,529 (1)(3)(4)  841,026  19,603 
  Farmers Business Network, Series E, Acquisition Date: 2/11/19,      
Cost $3,362 (1)(3)(4)  144,247  3,362 
  Total Consumer Staples     22,965 
  HEALTH CARE 0.1%      
 
  Health Care Equipment & Supplies 0.1%      
  JAND, Series E, Acquisition Date: 3/9/18, Cost $5,729 (1)(3)(4)   364,498  6,174 
  Total Health Care     6,174 
  INFORMATION TECHNOLOGY 0.6%      
 
  Software 0.6%      
  Checkr, Series C, Acquisition Date: 4/10/18, Cost $4,046      
(1)(3)(4)  296,360  8,964 
  Mesosphere, Series D, Acquisition Date: 5/4/18, Cost $13,431      
(1)(3)(4)  1,214,930  10,667 
  Toast, Series B, Acquisition Date: 9/14/18, Cost $171 (1)(3)(4)   9,907  272 
  Toast, Series D, Acquisition Date: 6/27/18, Cost $12,505      
(1)(3)(4)  722,552  19,893 
  ZenPayroll, Series C, Acquisition Date: 7/16/18, Cost $5,412      
(1)(3)(4)  711,894  9,477 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

      Shares    $ Value 
  (Cost and value in $000s)        
  ZenPayroll, Series D, Acquisition Date: 7/16/19, Cost $7,227        
(1)(3)(4)  542,859    7,227 
  Total Information Technology       56,500 
  Total Convertible Preferred Stocks (Cost $108,723)       137,040 
SHORT-TERM INVESTMENTS 1.4%        
  Money Market Funds 1.4%        
  T. Rowe Price Government Reserve Fund, 2.00% (2)(7)   139,138,319    139,138 
  Total Short-Term Investments (Cost $139,138)       139,138 
 
  Total Investments in Securities 100.1%        
  (Cost $6,713,175)     $  9,805,762 
  Other Assets Less Liabilities (0.1)%       (9,825) 
  Net Assets 100.0%     $  9,795,937 

 

‡   Shares are denominated in U.S. dollars unless otherwise noted. 
(1 )  Non-income producing 
(2 )  Affiliated Companies 
(3 )  Security cannot be offered for public resale without first being registered 
    under the Securities Act of 1933 and related rules ("restricted security"). 
    Acquisition date represents the day on which an enforceable right to acquire 
    such security is obtained and is presented along with related cost in the 
    security description. The fund has registration rights for certain restricted 
    securities. Any costs related to such registration are borne by the issuer. The 
    aggregate value of restricted securities (excluding 144A holdings) at period- 
    end amounts to $266,688 and represents 2.7% of net assets. 
(4 )  Level 3 in fair value hierarchy. 
(5 )  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. 
(6 )  Organized as a closed-end management investment company. 
(7 )  Seven-day yield 
ADR   American Depositary Receipts 
AUD   Australian Dollar 
CAD   Canadian Dollar 
REIT   A domestic Real Estate Investment Trust whose distributions pass-through 
    with original tax character to the shareholder 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

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 nine
months ended September 30, 2019. 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.

      Change in Net     
  Net Realized Gain    Unrealized    Investment 
Affiliate    (Loss)    Gain/Loss    Income 
Aegion  $  (242)  $  15,987  $  — 
AgroFresh Solutions    (217)    (6,284)    — 
American Public Education    (5,784)    (775)    — 
Atrion    29,670    (22,609)    486 
Belden    1,817    26,338    378 
Burke & Herbert Bank & Trust    276    (6,865)    592 
Capstead Mortgage    (5)    (5,165)    777 
Cedar Realty Trust    (6,276)    5,936    388 
CIRCOR International    (427)    19,172    — 
CSS Industries    (2,646)    (3,412)    239 
Culp    (1,938)    (1,197)    219 
Earthstone Energy, Class A    (2,889)    641    — 
Energy Reservoir Holdings,             
Class A-1    —    —    — 
FS Bancorp    91    1,838    91 
HarborOne Bancorp    82    1,640    — 
Harmonic    512    20,525    — 
Horizon Global    (5,080)    11,310    — 
Howard Bancorp    59    2,404    — 
I3 Verticals, Class A    233    (4,579)    — 
John Marshall Bancorp    29    1,233    — 
Kimbell Royalty Partners    (1)    (1,335)    — 
Live Oak Bancshares    130    7,214    200 
Lumber Liquidators Holdings    (10,688)    10,375    — 
Mesa Laboratories    3,010    2,873    91 
Myers Industries    531    7,563    1,278 
National Bank Holdings, Class A    585    5,691    1,025 
Oil-Dri    191    3,865    402 
Patriot Transportation Holding    22    (145)    — 
PCSB Financial    64    359    106 
PDL Community Bancorp    15    1,384    — 
Preferred Bank    698    7,777    845 
The accompanying notes are an integral part of this Portfolio of Investments.     

 

 

T. ROWE PRICE SMALL-CAP VALUE FUND

Affiliated Companies (continued)             
($000s)             
 
        Change in Net     
    Net Realized Gain    Unrealized    Investment 
Affiliate    (Loss)    Gain/Loss    Income 
Ranger Energy Services    (55)    1,479   — 
REX American Resources    150    2,353   — 
Rosetta Stone    217   454   — 
Saga Communications, Class A    (72)    (1,687)    453 
SEACOR Marine Holdings    24   834   — 
Sound Bank, Non-Voting Shares    —   —   — 
Sound Bank, Voting Shares    —   —   — 
Sound Bank, Warrants    —   —   — 
Sportsman's Warehouse             
Holdings    (2)    3,000   — 
Strattec Security    16   (1,735)    82 
TETRA Technologies    (3,441)    5,689   — 
Triumph Group    127   45,349   508 
Utah Medical Products    221   2,442   177 
Winmark    425   3,742   150 
T. Rowe Price Government             
Reserve Fund    —   —   2,986 
Affiliates not held at period end    5,289   (7,659)    464 
Totals  $  4,721#  $  156,020 $  11,937+ 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

Affiliated Companies (continued)         
($000s)           
 
Supplementary Investment Schedule       
    Value  Purchase  Sales  Value 
Affiliate    12/31/18  Cost  Cost  9/30/19 
Aegion  $  42,265  $         10,887  $           4,081  $           65,058 
AgroFresh Solutions    22,808 857  550  16,831 
American Public Education  37,071 —  18,865  * 
Atrion    106,140 —  687  82,844 
Belden    96,075 21,046  583  142,876 
Burke & Herbert Bank &           
Trust    29,412 229 236  * 
Capstead Mortgage    — 40,744  153  35,426 
Cedar Realty Trust    36,443 925 9,615  33,689 
CIRCOR International    22,505 6,911 2,762  45,826 
CSS Industries    10,764 574 3,242  4,684 
Culp    19,124 1,865 6,516  13,276 
Earthstone Energy, Class A  8,950 — 4,168  5,423 
Energy Reservoir Holdings,       
Class A-1    — 20,874 —  20,874 
FS Bancorp    * 1,949 96  11,881 
HarborOne Bancorp    * 17,363 225  32,401 
Harmonic    53,680 1,032 1,642  73,595 
Horizon Global    2,918 4,365 6,199  12,394 
Howard Bancorp    14,058 1,151 214  17,399 
I3 Verticals, Class A    24,106 3,985 274  23,238 
John Marshall Bancorp    * 3,820 161  13,145 
Kimbell Royalty Partners    — 19,364 78  17,951 
Live Oak Bancshares    33,348 75 557  40,080 
Lumber Liquidators           
Holdings    20,924 2,060 22,341  * 
Mesa Laboratories    42,535 — 4,603  * 
Myers Industries    48,307 — 493  55,377 
National Bank Holdings,         
Class A    58,226 — 633  63,284 
Oil-Dri    13,080 2,277 118  19,104 
Patriot Transportation           
Holding    4,486 — 335  4,006 
PCSB Financial    17,939 1,960 288  19,970 
PDL Community Bancorp  13,568 — 257  14,695 
Preferred Bank    41,124 — 132  48,769 
Ranger Energy Services    5,721 — 196  7,004 
REX American Resources  * 5,787 295  28,326 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND

Affiliated Companies (continued)         
($000s)         
 
Supplementary Investment Schedule       
  Value  Purchase  Sales  Value 
Affiliate  12/31/18  Cost  Cost  9/30/19 
Rosetta Stone  21,663  3,430  317  25,230 
Saga Communications,         
Class A  18,579  —  3,403  13,489 
SEACOR Marine Holdings  12,247  —  236  * 
Sound Bank, Non-Voting         
Shares  —  2,923  —  * 
Sound Bank, Voting Shares  —  1,436  —  * 
Sound Bank, Warrants  —  —  —  * 
Sportsman's Warehouse         
Holdings  16,434  2,008  315  21,127 
Strattec Security  5,704  —  82  3,887 
TETRA Technologies  11,596  1,064  5,805  12,544 
Triumph Group  44,240  15,755  1,347  103,997 
United Financial Bancorp  37,306  —  29,647  — 
Utah Medical Products  16,710  1,783  139  20,796 
Winmark  35,911  5,507  313  44,847 
T. Rowe Price Government         
Reserve Fund  183,209  ¤  ¤  139,138 
      $  1,354,481^ 

 

# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $11,937 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 $1,181,733.
* On the date indicated, issuer was held but not considered an affiliated company.

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SMALL-CAP VALUE FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS

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

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.

Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.

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

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 listed or regularly traded on a securities exchange or in the 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

 

T. ROWE PRICE SMALL-CAP VALUE FUND

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.

For valuation purposes, 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 fund 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.

Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.

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 quoted by a major bank.

Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.

Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.

Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee 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 Committee 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; or some combination. Fair value determinations are reviewed on a
regular basis and updated as information becomes available, including actual purchase and sale transactions of the
issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity

 

T. ROWE PRICE SMALL-CAP VALUE FUND

inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from
those of other market participants. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.

Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on September 30, 2019 (for further detail by category, please refer to the accompanying Portfolio of Investments):

($000s)    Level 1  Level 2  Level 3  Total Value 
Assets           
Common Stocks  $  9,148,425  $           258,448  $                122,711  $           9,529,584 
Convertible Preferred Stocks    —  —  137,040  137,040 
Short-Term Investments    139,138  —  —  139,138 
Total  $  9,287,563  $           258,448  $                259,751  $          9,805,762 

 

Following is a reconciliation of the fund’s Level 3 holdings for the period ended September 30, 2019. 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 September 30, 2019, totaled $11,788,000 for the period ended September 30,
2019. During the period, transfers out of Level 3 were because observable market data became available for the security.
Additionally, during the period, transfers into and out of Level 3 include securities acquired as a result of a corporate
action.

($000s)        Gain                     
        Beginning    (Loss)            Transfers    Transfers    Ending 
        Balance    During    Total    Total    Into    Out of    Balance 
        1/1/19    Period Purchases  Sales    Level 3    Level 3    9/30/19 
  Investment in Securities                         
  Common Stocks   $ 69,487  $  2,027  $  57,478  $  (9)  $  1,002  $  (7,274)  $ 122,711 
  Convertible                              
  Preferred Stocks     113,216    9,761    14,063    –    –    –    137,040 
  Convertible                              
  Bonds     1,002    –    –    –    –    (1,002)    – 
  Total   $ 183,705  $  11,788  $  71,541  $  (9)  $  1,002  $  (8,276)  $ 259,751