T.

ROWE

PRICE

Small-Cap

Value

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

96.0%

AIRLINES

0.1%

Industrials

&

Business

Services

0.1%

Aspirational

Consumer

Lifestyle

SPAC/Wheels

Up

PIPE (1)(2)

1,457,300‌

13,129‌

Total

Airlines

13,129‌

COMMUNICATION

SERVICES

1.8%

Media

1.8%

Advantage

Solutions (1)

4,135,523‌

48,841‌

Advantage

Solutions,

Warrants,

12/31/26 (1)

400,000‌

1,284‌

Boston

Omaha,

Class

A (1)(3)

1,375,637‌

40,664‌

Cable

One 

35,700‌

65,272‌

Liberty

Broadband,

Class

C (1)

222,942‌

33,475‌

Saga

Communications,

Class

A (3)

432,112‌

9,442‌

Scholastic 

1,058,370‌

31,867‌

Total

Communication

Services

230,845‌

CONSUMER

DISCRETIONARY

10.8%

Auto

Components

1.9%

Dorman

Products (1)

502,800‌

51,607‌

Goodyear

Tire

&

Rubber (1)

1,139,500‌

20,021‌

Horizon

Global (1)(3)

3,361,490‌

34,724‌

LCI

Industries 

492,600‌

65,161‌

Strattec

Security (3)

366,860‌

17,206‌

Visteon (1)

433,600‌

52,878‌

241,597‌

Distributors

0.3%

Pool 

108,600‌

37,493‌

37,493‌

Diversified

Consumer

Services

1.1%

American

Public

Education (1)(3)

1,339,891‌

47,740‌

Perdoceo

Education (1)

2,411,239‌

28,838‌

Strategic

Education 

662,512‌

60,892‌

137,470‌

Hotels,

Restaurants

&

Leisure

2.3%

BJ's

Restaurants (1)

1,073,016‌

62,321‌

Marriott

Vacations

Worldwide (1)

459,666‌

80,065‌

Papa

John's

International 

588,200‌

52,138‌

Planet

Fitness,

Class

A (1)

527,600‌

40,783‌

Red

Robin

Gourmet

Burgers (1)

582,628‌

23,241‌

Texas

Roadhouse 

210,300‌

20,176‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $12,311 (1)(4)(5)(6)

1,439,856‌

12,311‌

291,035‌

Household

Durables

1.3%

Cavco

Industries (1)

356,800‌

80,498‌

Meritage

Homes (1)

888,864‌

81,704‌

162,202‌

Internet

&

Direct

Marketing

Retail

0.5%

Deliveroo

Holdings,

Acquisition

Date:

9/12/17

-

5/16/19,

Cost $10,632

(GBP) (1)(5)

5,985,000‌

22,532‌

Figs,

Acquisition

Date:

10/23/20,

Cost $17,528 (1)(4)(5)

227,838‌

17,528‌

Framebridge,

EC,

Acquisition

Date:

5/19/20,

Cost $2,372 (1)(4)(5)

2,372,290‌

731‌

Poshmark,

Class

A (1)(7)

279,824‌

11,361‌

ThredUp,

Class

A (1)

396,139‌

9,242‌

61,394‌

Leisure

Products

0.0%

RAD

Power

Bikes,

Class

A,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(4)(5)

1,138,910‌

5,494‌

5,494‌

Specialty

Retail

2.1%

Aaron's 

895,672‌

23,001‌

Hibbett

Sports (1)

560,500‌

38,613‌

Lumber

Liquidators

Holdings (1)(3)

2,243,905‌

56,367‌

Monro 

903,000‌

59,417‌

Petco

Health

&

Wellness (1)(7)

1,640,452‌

36,352‌

Sportsman's

Warehouse

Holdings (1)

701,540‌

12,095‌

Winmark (3)

270,632‌

50,454‌

276,299‌

Textiles,

Apparel

&

Luxury

Goods

1.3%

Allbirds,

Acquisition

Date:

10/10/18

-

12/21/18,

Cost $6,158 (1)

(4)(5)

561,510‌

6,492‌

Bombas,

Acquisition

Date:

2/12/21,

Cost $14,601 (1)(4)(5)

3,303,766‌

14,601‌

Hanesbrands 

3,562,800‌

70,080‌

On

Holding,

Acquisition

Date:

2/25/20,

Cost $9,961

(CHF) (1)(4)(5)

1,095‌

11,528‌

Steven

Madden 

1,784,062‌

66,474‌

169,175‌

Total

Consumer

Discretionary

1,382,159‌

CONSUMER

STAPLES

2.7%

Beverages

0.5%

Boston

Beer,

Class

A (1)

24,347‌

29,369‌

Coca-Cola

Consolidated 

131,674‌

38,025‌

67,394‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Food

&

Staples

Retailing

0.2%

Grocery

Outlet

Holding (1)

714,706‌

26,366‌

26,366‌

Food

Products

1.9%

Nomad

Foods (1)

2,822,000‌

77,492‌

Post

Holdings (1)

558,154‌

59,008‌

Simply

Good

Foods (1)

1,399,304‌

42,567‌

Utz

Brands 

2,631,626‌

65,238‌

244,305‌

Household

Products

0.1%

Oil-Dri (3)

306,738‌

10,564‌

10,564‌

Total

Consumer

Staples

348,629‌

ENERGY

5.3%

Energy

Equipment

&

Services

2.4%

Aspen

Aerogels (1)

432,505‌

8,797‌

Cactus,

Class

A 

1,538,983‌

47,124‌

ChampionX (1)

3,303,900‌

71,794‌

Dril-Quip (1)

392,000‌

13,026‌

Enerflex

(CAD) 

3,864,400‌

24,939‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $20,875 (1)(3)(4)(5)(6)

20,874,541‌

13,777‌

Frank's

International (1)

8,000,957‌

28,403‌

Liberty

Oilfield

Services,

Class

A 

3,177,700‌

35,876‌

NexTier

Oilfield

Solutions (1)

6,846,202‌

25,468‌

Ranger

Energy

Services (1)(3)

1,029,520‌

5,642‌

SEACOR

Marine

Holdings (1)

969,098‌

5,165‌

TechnipFMC 

1,825,000‌

14,089‌

TETRA

Technologies (1)

3,746,600‌

8,992‌

303,092‌

Oil,

Gas

&

Consumable

Fuels

2.9%

Advantage

Oil

&

Gas

(CAD) (1)(3)

13,596,017‌

25,641‌

Devon

Energy 

3,219,447‌

70,345‌

International

Seaways 

1,315,546‌

25,495‌

Kimbell

Royalty

Partners 

1,757,478‌

17,821‌

Magnolia

Oil

&

Gas,

Class

A (1)

4,463,023‌

51,235‌

Matador

Resources 

2,310,160‌

54,173‌

REX

American

Resources (1)(3)

363,000‌

30,554‌

Seven

Generations

Energy,

Class

A

(CAD) (1)

8,142,504‌

55,074‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $1,314 (1)(4)(5)

435‌

2,421‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $26,302 (1)(4)(5)

7,197‌

40,053‌

372,812‌

Total

Energy

675,904‌

FINANCIALS

28.0%

Banks

16.8%

American

Business

Bank (1)

361,959‌

14,478‌

Atlantic

Capital

Bancshares (1)

800,371‌

19,289‌

BankUnited 

3,002,599‌

131,964‌

Burke

&

Herbert

Bank

&

Trust 

9,421‌

18,371‌

Columbia

Banking

System 

2,127,035‌

91,654‌

CrossFirst

Bankshares (1)

1,210,054‌

16,687‌

Dime

Community

Bancshares 

581,665‌

17,531‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,923 (1)(4)(5)

292,336‌

3,508‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,436 (1)(4)(5)

143,582‌

1,723‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(4)(5)

43,592‌

173‌

East

West

Bancorp 

663,399‌

48,959‌

Eastern

Bankshares 

1,715,100‌

33,084‌

Farmers

&

Merchants

Bank

of

Long

Beach 

2,620‌

20,253‌

FB

Financial 

1,429,380‌

63,550‌

First

Bancshares 

708,023‌

25,921‌

First

Hawaiian 

264,229‌

7,232‌

Glacier

Bancorp 

1,124,600‌

64,192‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,034 (1)(4)(5)

503,404‌

3,423‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(4)(5)

100,220‌

257‌

HarborOne

Bancorp (3)

3,602,873‌

48,531‌

Heritage

Commerce 

917,942‌

11,217‌

Heritage

Financial 

1,032,533‌

29,159‌

Home

BancShares 

5,318,096‌

143,854‌

Howard

Bancorp (1)(3)

1,317,185‌

21,655‌

Independent

Bank 

433,251‌

36,475‌

Independent

Bank

Group 

812,480‌

58,694‌

John

Marshall

Bancorp (1)(3)

1,062,456‌

18,274‌

Live

Oak

Bancshares (3)

2,100,386‌

143,855‌

National

Bank

Holdings,

Class

A (3)

1,788,059‌

70,950‌

Origin

Bancorp 

828,080‌

35,119‌

Pacific

Premier

Bancorp 

1,243,100‌

54,000‌

Pinnacle

Financial

Partners 

1,432,333‌

126,991‌

Popular 

1,049,500‌

73,801‌

Preferred

Bank (3)

827,358‌

52,686‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

Professional

Holding,

Class

A (1)

652,557‌

11,987‌

Prosperity

Bancshares 

742,100‌

55,576‌

Sandy

Spring

Bancorp 

702,730‌

30,520‌

South

State 

1,148,154‌

90,142‌

Southern

First

Bancshares (1)

348,296‌

16,328‌

SVB

Financial

Group (1)

84,100‌

41,517‌

Texas

Capital

Bancshares (1)

838,100‌

59,438‌

Towne

Bank 

2,603,775‌

79,155‌

Webster

Financial 

1,245,173‌

68,621‌

Western

Alliance

Bancorp 

2,041,254‌

192,776‌

2,153,570‌

Capital

Markets

2.3%

AssetMark

Financial

Holdings (1)

287,284‌

6,705‌

Bluescape

Opportunities

Acquisition (1)

959,414‌

10,227‌

dMY

Technology

Group

II,

Class

A (1)(7)

376,400‌

5,537‌

FTAC

Olympus

Acquisition,

Class

A (1)

622,300‌

6,578‌

FTAC

Olympus

Acquisition

SPAC/Payoneer

PIPE (1)(2)

712,791‌

6,781‌

Hercules

Capital (7)

1,474,500‌

23,636‌

Houlihan

Lokey 

909,027‌

60,460‌

Main

Street

Capital (7)

554,200‌

21,697‌

Open

Lending,

Class

A (1)

476,905‌

16,892‌

OTC

Markets

Group,

Class

A 

462,185‌

18,372‌

Safeguard

Scientifics (1)

474,100‌

3,233‌

StepStone

Group,

Class

A 

1,376,675‌

48,555‌

Virtus

Investment

Partners 

287,542‌

67,716‌

296,389‌

Consumer

Finance

1.2%

Green

Dot,

Class

A (1)

1,082,900‌

49,586‌

Nerdwallet,

Class

A,

Acquisition

Date:

3/18/20,

Cost $10,575 (1)

(4)(5)

1,510,726‌

10,575‌

PRA

Group (1)

515,064‌

19,093‌

PROG

Holdings 

1,630,873‌

70,601‌

149,855‌

Diversified

Financial

Services

0.0%

Stash

Financial,

Acquisition

Date:

1/6/21

-

1/26/21,

Cost $1,244 (1)(4)(5)

38,630‌

1,303‌

1,303‌

Insurance

2.0%

Axis

Capital

Holdings 

80,747‌

4,003‌

BRP

Group,

Class

A (1)

2,019,672‌

55,036‌

Employers

Holdings 

267,900‌

11,536‌

James

River

Group

Holdings 

900,833‌

41,096‌

Palomar

Holdings (1)

487,186‌

32,661‌

ProAssurance 

1,913,500‌

51,205‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

Safety

Insurance

Group 

290,100‌

24,441‌

State

Auto

Financial 

1,743,459‌

34,363‌

254,341‌

Mortgage

Real

Estate

Investment

Trusts

1.7%

Blackstone

Mortgage

Trust,

Class

A,

REIT 

560,657‌

17,380‌

Capstead

Mortgage,

REIT 

3,690,077‌

22,989‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT (7)

2,203,100‌

123,594‌

PennyMac

Mortgage

Investment

Trust,

REIT 

2,627,435‌

51,498‌

215,461‌

Thrifts

&

Mortgage

Finance

4.0%

Columbia

Financial (1)

959,500‌

16,772‌

FS

Bancorp (3)

289,800‌

19,475‌

Kearny

Financial 

3,802,953‌

45,940‌

Meridian

Bancorp 

2,405,918‌

44,317‌

PCSB

Financial (3)

1,045,246‌

17,361‌

PDL

Community

Bancorp (1)(3)

1,029,104‌

11,433‌

PennyMac

Financial

Services 

1,646,294‌

110,088‌

Provident

Bancorp (3)

1,231,207‌

17,729‌

Radian

Group 

3,608,358‌

83,894‌

Walker

&

Dunlop 

315,896‌

32,455‌

WSFS

Financial 

2,241,688‌

111,614‌

511,078‌

Total

Financials

3,581,997‌

HEALTH

CARE

7.0%

Biotechnology

1.8%

Acceleron

Pharma (1)

182,159‌

24,703‌

Blueprint

Medicines (1)

145,082‌

14,106‌

Denali

Therapeutics (1)

256,300‌

14,635‌

Fate

Therapeutics (1)

146,900‌

12,112‌

Insmed (1)

206,500‌

7,033‌

Karuna

Therapeutics (1)

96,158‌

11,561‌

Kodiak

Sciences (1)

189,141‌

21,447‌

Nurix

Therapeutics (1)

202,956‌

6,310‌

Progenic

Pharmaceuticals,

CVR (7)

1,146,000‌

—‌

Prothena (1)

235,213‌

5,909‌

Radius

Health (1)

990,290‌

20,657‌

Replimune

Group (1)

291,998‌

8,909‌

Rocket

Pharmaceuticals (1)

284,900‌

12,641‌

Sage

Therapeutics (1)

113,100‌

8,465‌

Turning

Point

Therapeutics (1)

64,789‌

6,128‌

Twist

Bioscience (1)

91,963‌

11,391‌

Ultragenyx

Pharmaceutical (1)

216,399‌

24,639‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

Xencor (1)

395,885‌

17,047‌

227,693‌

Health

Care

Equipment

&

Supplies

2.0%

Atrion 

83,823‌

53,757‌

Avanos

Medical (1)

645,431‌

28,231‌

Envista

Holdings (1)

1,582,489‌

64,566‌

JAND,

Class

A,

Acquisition

Date:

3/9/18,

Cost $4,644 (1)(4)(5)

295,474‌

7,248‌

Lantheus

Holdings (1)

741,339‌

15,842‌

Mesa

Laboratories 

69,715‌

16,976‌

Ortho

Clinical

Diagnostics

Holdings (1)

1,364,938‌

26,336‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,910 (1)(4)

(5)

2,631,808‌

4,421‌

Quidel (1)

180,029‌

23,031‌

Utah

Medical

Products (3)

186,719‌

16,170‌

256,578‌

Health

Care

Providers

&

Services

2.4%

Covetrus (1)

1,268,462‌

38,016‌

Ensign

Group 

837,806‌

78,620‌

Innovage

Holding (1)

197,291‌

5,088‌

Molina

Healthcare (1)

58,654‌

13,711‌

Option

Care

Health (1)

2,144,531‌

38,044‌

Pennant

Group (1)

941,916‌

43,140‌

Select

Medical

Holdings (1)

2,857,434‌

97,438‌

314,057‌

Health

Care

Technology

0.6%

Alignment

Healthcare,

Acquisition

Date:

2/28/20,

Cost $8,625 (1)

(5)

1,068,671‌

22,264‌

Certara (1)

458,978‌

12,530‌

Phreesia (1)

735,124‌

38,300‌

73,094‌

Life

Sciences

Tools

&

Services

0.2%

Berkeley

Lights (1)

101,626‌

5,104‌

Seer (1)(7)

117,091‌

5,857‌

Seer,

Class

A,

Acquisition

Date:

12/8/20,

Cost $3,847 (1)(5)

202,465‌

9,621‌

20,582‌

Pharmaceuticals

0.0%

Arvinas (1)

76,997‌

5,090‌

5,090‌

Total

Health

Care

897,094‌

INDUSTRIALS

&

BUSINESS

SERVICES

16.5%

Aerospace

&

Defense

1.0%

Parsons (1)

949,660‌

38,404‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

Triumph

Group (1)(3)

4,687,486‌

86,156‌

124,560‌

Airlines

0.2%

Alclear

Holdings,

Class

B,

Acquisition

Date:

12/13/18,

Cost $9,877 (1)(4)(5)(6)

43,898‌

12,730‌

Sun

Country

Airlines

Holdings (1)

203,286‌

6,969‌

19,699‌

Building

Products

2.0%

CSW

Industrials 

478,000‌

64,530‌

Insteel

Industries 

935,185‌

28,841‌

JELD-WEN

Holding (1)

1,667,000‌

46,159‌

Resideo

Technologies (1)

1,023,481‌

28,914‌

UFP

Industries 

1,234,100‌

93,594‌

262,038‌

Commercial

Services

&

Supplies

1.9%

ABM

Industries 

432,800‌

22,077‌

Brady,

Class

A 

1,194,200‌

63,830‌

MSA

Safety 

306,600‌

45,996‌

Stericycle (1)

1,076,200‌

72,654‌

Tetra

Tech 

174,200‌

23,643‌

UniFirst 

87,100‌

19,485‌

247,685‌

Construction

&

Engineering

0.8%

Aegion (1)

1,242,198‌

35,713‌

Ameresco,

Class

A (1)

378,000‌

18,382‌

Valmont

Industries 

219,600‌

52,193‌

106,288‌

Electrical

Equipment

1.3%

Array

Technologies (1)

825,132‌

24,605‌

Regal

Beloit 

228,000‌

32,531‌

Shoals

Technologies

Group,

Class

A (1)

1,103,029‌

38,363‌

Thermon

Group

Holdings (1)

1,621,323‌

31,600‌

Vertiv

Holdings 

1,757,934‌

35,159‌

162,258‌

Machinery

4.4%

Alamo

Group 

213,500‌

33,338‌

Blue

Bird (1)

1,293,500‌

32,376‌

Chart

Industries (1)

248,600‌

35,388‌

CIRCOR

International (1)(3)

1,028,935‌

35,828‌

Enerpac

Tool

Group 

1,952,000‌

50,986‌

ESCO

Technologies 

624,800‌

68,035‌

Helios

Technologies 

908,334‌

66,190‌

Hillenbrand 

462,200‌

22,052‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

Hydrofarm

Holdings

Group (1)

60,369‌

3,641‌

John

Bean

Technologies 

114,700‌

15,294‌

RBC

Bearings (1)

79,882‌

15,718‌

Rexnord 

1,918,600‌

90,347‌

SPX (1)

825,600‌

48,108‌

Timken 

589,800‌

47,874‌

565,175‌

Marine

0.4%

Matson 

698,600‌

46,597‌

SEACOR

Holdings (1)

188,182‌

7,668‌

54,265‌

Professional

Services

1.2%

Clarivate (1)

1,146,489‌

30,256‌

FTI

Consulting (1)

169,200‌

23,707‌

Korn

Ferry 

867,000‌

54,075‌

Upwork (1)

994,846‌

44,539‌

152,577‌

Road

&

Rail

1.2%

Landstar

System 

455,700‌

75,218‌

Ryder

System 

811,300‌

61,375‌

U.S.

Xpress

Enterprises,

Class

A (1)

1,295,795‌

15,225‌

151,818‌

Trading

Companies

&

Distributors

2.1%

Air

Lease 

730,600‌

35,799‌

Beacon

Roofing

Supply (1)

1,829,700‌

95,730‌

McGrath

RentCorp 

698,102‌

56,302‌

Rush

Enterprises,

Class

A 

598,750‌

29,836‌

Univar

Solutions (1)

2,588,600‌

55,758‌

273,425‌

Total

Industrials

&

Business

Services

2,119,788‌

INFORMATION

TECHNOLOGY

6.2%

Communications

Equipment

0.7%

Harmonic (1)(3)

10,942,590‌

85,790‌

85,790‌

Electronic

Equipment,

Instruments

&

Components

2.1%

Belden (3)

2,555,400‌

113,383‌

Knowles (1)

1,771,300‌

37,056‌

Littelfuse 

428,900‌

113,418‌

263,857‌

IT

Services

0.5%

Afterpay

(AUD) (1)

70,029‌

5,469‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

I3

Verticals,

Class

A (1)(3)

1,120,854‌

34,887‌

Megaport

(AUD) (1)

3,583,955‌

30,281‌

70,637‌

Semiconductors

&

Semiconductor

Equipment

1.9%

Entegris 

909,500‌

101,682‌

Lattice

Semiconductor (1)

1,202,069‌

54,117‌

MaxLinear (1)

1,216,300‌

41,452‌

Onto

Innovation (1)

402,871‌

26,473‌

Semtech (1)

340,596‌

23,501‌

247,225‌

Software

1.0%

Apiture,

Acquisition

Date:

7/1/20,

Cost $7,412 (1)(4)(5)

467,672‌

7,412‌

Ceridian

HCM

Holding (1)

553,557‌

46,648‌

Checkr,

Acquisition

Date:

6/29/18,

Cost $866 (1)(4)(5)

70,474‌

1,726‌

Descartes

Systems

Group (1)

239,400‌

14,582‌

nCino (1)

441,674‌

29,468‌

Olo,

Class

A (1)

379,941‌

10,027‌

Toast,

Acquisition

Date:

9/14/18

-

11/14/18,

Cost $1,094 (1)(4)(5)

40,202‌

5,165‌

Workiva (1)

122,900‌

10,847‌

Zenpayroll,

Acquisition

Date:

8/18/20

-

11/9/20,

Cost $7,473 (1)

(4)(5)

559,515‌

7,448‌

133,323‌

Total

Information

Technology

800,832‌

MATERIALS

6.0%

Chemicals

2.3%

AgroFresh

Solutions (1)(3)

5,956,544‌

11,913‌

American

Vanguard 

1,297,500‌

26,482‌

Atotech (1)

2,030,238‌

41,112‌

Element

Solutions 

1,350,400‌

24,699‌

Hawkins 

797,700‌

26,739‌

Minerals

Technologies 

831,400‌

62,621‌

Orion

Engineered

Carbons 

2,719,291‌

53,625‌

Quaker

Chemical 

219,200‌

53,434‌

300,625‌

Containers

&

Packaging

0.3%

Myers

Industries (3)

1,873,443‌

37,019‌

37,019‌

Metals

&

Mining

2.5%

Alcoa (1)

2,259,700‌

73,418‌

Carpenter

Technology 

1,794,500‌

73,844‌

Constellium (1)

5,334,600‌

78,418‌

ERO

Copper

(CAD) (1)

2,921,766‌

50,289‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

Reliance

Steel

&

Aluminum 

317,900‌

48,413‌

324,382‌

Paper

&

Forest

Products

0.9%

Clearwater

Paper (1)(3)

1,104,479‌

41,551‌

Stella-Jones

(CAD) 

588,880‌

23,889‌

West

Fraser

Timber

(CAD) (7)

783,300‌

56,352‌

121,792‌

Total

Materials

783,818‌

REAL

ESTATE

7.6%

Equity

Real

Estate

Investment

Trusts

6.1%

American

Campus

Communities,

REIT 

785,617‌

33,915‌

Apartment

Investment

&

Management,

Class

A,

REIT 

4,414,100‌

27,103‌

Cedar

Realty

Trust,

REIT (3)

1,842,294‌

27,450‌

CubeSmart,

REIT 

1,011,600‌

38,269‌

EastGroup

Properties,

REIT 

436,400‌

62,528‌

Essential

Properties

Realty

Trust,

REIT 

1,294,145‌

29,545‌

Healthcare

Realty

Trust,

REIT 

2,253,892‌

68,338‌

JBG

SMITH

Properties,

REIT 

2,460,142‌

78,208‌

Pebblebrook

Hotel

Trust,

REIT 

1,911,500‌

46,430‌

PotlatchDeltic,

REIT 

1,221,746‌

64,655‌

PS

Business

Parks,

REIT 

447,900‌

69,236‌

Safehold,

REIT 

432,300‌

30,304‌

Saul

Centers,

REIT (3)

1,166,206‌

46,777‌

Sunstone

Hotel

Investors,

REIT 

4,366,210‌

54,403‌

Terreno

Realty,

REIT 

1,730,400‌

99,965‌

Washington

Real

Estate

Investment

Trust,

REIT 

302,300‌

6,681‌

783,807‌

Real

Estate

Management

&

Development

1.5%

FirstService 

470,700‌

69,753‌

Opendoor

Technologies (1)

2,172,397‌

46,033‌

St.

Joe 

1,745,638‌

74,888‌

190,674‌

Total

Real

Estate

974,481‌

UTILITIES

3.9%

Electric

Utilities

1.2%

IDACORP 

575,100‌

57,493‌

MGE

Energy 

777,437‌

55,501‌

PNM

Resources 

686,675‌

33,682‌

Portland

General

Electric 

162,300‌

7,704‌

154,380‌

Gas

Utilities

1.6%

Chesapeake

Utilities 

757,880‌

87,975‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

ONE

Gas 

1,135,200‌

87,308‌

RGC

Resources (3)

453,971‌

10,069‌

Southwest

Gas

Holdings 

234,400‌

16,106‌

201,458‌

Independent

Power

&

Renewable

Electricity

Producers

0.3%

NextEra

Energy

Partners 

603,000‌

43,947‌

43,947‌

Multi-Utilities

0.2%

NorthWestern 

316,200‌

20,616‌

20,616‌

Water

Utilities

0.6%

California

Water

Service

Group 

597,200‌

33,646‌

Middlesex

Water 

317,837‌

25,115‌

SJW

Group 

278,306‌

17,531‌

76,292‌

Total

Utilities

496,693‌

Total

Miscellaneous

Common

Stocks

 0.1% (8)

18,548‌

Total

Common

Stocks

(Cost

$7,245,368)

12,323,917‌

CONVERTIBLE

PREFERRED

STOCKS

3.0%

CONSUMER

DISCRETIONARY

0.6%

Hotels,

Restaurants

&

Leisure

0.5%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $17,572 (1)(4)(5)

695,708‌

26,180‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $14,389 (1)

(4)(5)

382,387‌

14,389‌

Sweetgreen,

Series

G,

Acquisition

Date:

8/15/16

-

2/27/18,

Cost $10,075 (1)(4)(5)

1,119,428‌

16,993‌

Sweetgreen,

Series

I,

Acquisition

Date:

9/13/19,

Cost $3,143 (1)

(4)(5)

183,785‌

2,790‌

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $2,539 (1)(4)

(5)(6)

282,711‌

2,539‌

62,891‌

Internet

&

Direct

Marketing

Retail

0.0%

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $5,471 (1)(4)(5)

406,249‌

2,600‌

2,600‌

Leisure

Products

0.0%

RAD

Power

Bikes,

Series

C,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(4)(5)

1,138,910‌

5,494‌

5,494‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

13

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)(4)

(5)

184,315‌

2,131‌

Allbirds,

Series

B,

Acquisition

Date:

10/10/18,

Cost $355 (1)(4)(5)

32,380‌

375‌

Allbirds,

Series

C,

Acquisition

Date:

10/9/18,

Cost $3,394 (1)(4)(5)

309,470‌

3,578‌

Allbirds,

Series

E,

Acquisition

Date:

9/22/20,

Cost $7,403 (1)(4)(5)

640,264‌

7,403‌

Allbirds,

Series

Seed,

Acquisition

Date:

10/10/18,

Cost $1,086 (1)

(4)(5)

99,030‌

1,145‌

14,632‌

Total

Consumer

Discretionary

85,617‌

CONSUMER

STAPLES

0.3%

Food

Products

0.3%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $15,529 (1)(4)(5)

841,026‌

27,802‌

Farmers

Business

Network,

Series

E,

Acquisition

Date:

2/11/19,

Cost $3,362 (1)(4)(5)

144,247‌

4,768‌

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $881 (1)(4)(5)

26,661‌

881‌

Total

Consumer

Staples

33,451‌

FINANCIALS

0.2%

Diversified

Financial

Services

0.2%

Stash

Financial,

Series

F,

Acquisition

Date:

4/24/20,

Cost $11,157 (1)(4)(5)

445,224‌

16,686‌

Stash

Financial,

Series

G,

Acquisition

Date:

1/26/21,

Cost $12,559 (1)(4)(5)

335,107‌

12,559‌

Total

Financials

29,245‌

HEALTH

CARE

0.3%

Health

Care

Equipment

&

Supplies

0.1%

JAND,

Series

E,

Acquisition

Date:

3/9/18,

Cost $5,729 (1)(4)(5)

364,498‌

8,941‌

JAND,

Series

F,

Acquisition

Date:

4/3/20,

Cost $4,986 (1)(4)(5)

255,789‌

6,275‌

15,216‌

Health

Care

Providers

&

Services

0.1%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $8,981 (1)(4)(5)

3,729,550‌

8,981‌

8,981‌

Life

Sciences

Tools

&

Services

0.1%

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,453 (1)(4)(5)

472,388‌

6,453‌

6,453‌

Total

Health

Care

30,650‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

INDUSTRIALS

&

BUSINESS

SERVICES

0.3%

Aerospace

&

Defense

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $14,587 (1)(4)(5)

323,903‌

14,587‌

14,587‌

Electrical

Equipment

0.0%

Tonian

Holdings,

Series

A,

Non-Voting

Shares,

Acquisition

Date:

1/15/21

-

2/11/21,

Cost $2,141 (1)(3)(4)(5)

2,138,869‌

2,139‌

Tonian

Holdings,

Series

A,

Voting

Shares,

Acquisition

Date:

1/15/21

-

2/11/21,

Cost $2,993 (1)(3)(4)(5)

2,990,619‌

2,990‌

5,129‌

Machinery

0.1%

Xometry,

Series

A-2,

Acquisition

Date:

7/20/20,

Cost $804 (1)(4)(5)

83,914‌

809‌

Xometry,

Series

B,

Acquisition

Date:

7/20/20,

Cost $276 (1)(4)(5)

28,804‌

278‌

Xometry,

Series

C,

Acquisition

Date:

7/20/20,

Cost $291 (1)(4)(5)

29,934‌

288‌

Xometry,

Series

D,

Acquisition

Date:

7/20/20,

Cost $228 (1)(4)(5)

23,230‌

224‌

Xometry,

Series

E,

Acquisition

Date:

7/20/20,

Cost $2,289 (1)(4)(5)

168,013‌

2,289‌

Xometry,

Series

Seed-1,

Acquisition

Date:

9/4/20,

Cost $1,266 (1)

(4)(5)

158,292‌

1,266‌

Xometry,

Series

Seed-2,

Acquisition

Date:

9/4/20,

Cost $557 (1)

(4)(5)

69,641‌

557‌

5,711‌

Road

&

Rail

0.1%

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $19,800 (1)(4)

(5)

1,462,353‌

17,036‌

17,036‌

Total

Industrials

&

Business

Services

42,463‌

INFORMATION

TECHNOLOGY

1.2%

Software

1.2%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4,046 (1)(4)(5)

296,360‌

7,258‌

Mesosphere,

Series

D,

Acquisition

Date:

5/4/18,

Cost $13,430 (1)

(4)(5)

1,214,930‌

2,709‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,195 (1)(4)(5)

857,551‌

11,195‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $9,505 (1)(4)(5)

627,251‌

9,505‌

Toast,

Series

B,

Acquisition

Date:

9/14/18,

Cost $171 (1)(4)(5)

9,907‌

1,273‌

Toast,

Series

D,

Acquisition

Date:

6/27/18,

Cost $12,505 (1)(4)(5)

722,552‌

92,826‌

Zenpayroll,

Series

B,

Acquisition

Date:

8/18/20,

Cost $1,746 (1)

(4)(5)

129,187‌

1,720‌

Zenpayroll,

Series

B-2,

Acquisition

Date:

8/18/20,

Cost $3,259 (1)

(4)(5)

241,168‌

3,210‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

Zenpayroll,

Series

C,

Acquisition

Date:

7/16/18,

Cost $5,412 (1)

(4)(5)

711,894‌

9,477‌

Zenpayroll,

Series

D,

Acquisition

Date:

7/16/19,

Cost $7,227 (1)

(4)(5)

542,859‌

7,227‌

Total

Information

Technology

146,400‌

MATERIALS

0.1%

Chemicals

0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $11,381 (1)(4)

(5)

275,749‌

11,381‌

Total

Materials

11,381‌

Total

Convertible

Preferred

Stocks

(Cost

$267,689)

379,207‌

SHORT-TERM

INVESTMENTS

1.3%

Money

Market

Funds

1.3%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (3)(9)

165,525,862‌

165,526‌

Total

Short-Term

Investments

(Cost

$165,526)

165,526‌

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.0%

Short-Term

Funds

0.0%

T.

Rowe

Price

Short-Term

Fund,

0.08% (3)(9)

349,340‌

3,493‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

3,493‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.1%

Short-Term

Funds

0.1%

T.

Rowe

Price

Short-Term

Fund,

0.08% (3)(9)

1,190,549‌

11,906‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

11,906‌

Total

Securities

Lending

Collateral

(Cost

$15,399)

15,399‌

Total

Investments

in

Securities

100.4%

(Cost

$7,693,982)

$

12,884,049‌

Other

Assets

Less

Liabilities

(0.4)%

(45,106‌)

Net

Assets

100.0%

$

12,838,943‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

16

.

.

.

.

.

.

.

.

.

.

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

March

31,

2021,

was

$21,701

and

was

valued

at

$19,910

(0.2%

of

net

assets).

(3)

Affiliated

Companies

(4)

Level

3

in

fair

value

hierarchy.

(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

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

$625,672

and

represents

4.9%

of

net

assets.

(6)

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.

(7)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

(8)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(9)

Seven-day

yield

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CVR

Contingent

Value

Rights

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

GBP

British

Pound

PIPE

Private

Investment

in

Public

Equity

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SPAC

Special

Purpose

Acquisition

Company

T.

ROWE

PRICE

Small-Cap

Value

Fund

17

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2021.

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

Advantage

Oil

&

Gas 

$

63‌

$

5,975‌

$

—‌

Aegion 

19,808‌

9,751‌

—‌

AgroFresh

Solutions 

(118‌)

(1,492‌)

—‌

American

Business

Bank 

33‌

2,934‌

—‌

American

Public

Education 

84‌

10,828‌

—‌

Belden 

537‌

5,804‌

127‌

Boston

Omaha,

Class

A 

162‌

2,496‌

—‌

Cedar

Realty

Trust,

REIT 

81‌

8,730‌

122‌

CIRCOR

International 

178‌

(3,456‌)

—‌

Clearwater

Paper 

260‌

(371‌)

—‌

Energy

Reservoir

Holdings,

Class

A-1 

—‌

(1‌)

—‌

FS

Bancorp 

72‌

3,493‌

73‌

HarborOne

Bancorp 

133‌

9,293‌

—‌

Harmonic 

398‌

4,553‌

—‌

Horizon

Global 

180‌

5,682‌

—‌

Howard

Bancorp 

46‌

6,073‌

—‌

I3

Verticals,

Class

A 

158‌

(2,487‌)

—‌

John

Marshall

Bancorp 

41‌

3,017‌

—‌

Live

Oak

Bancshares 

647‌

43,635‌

63‌

Lumber

Liquidators

Holdings 

394‌

(12,994‌)

—‌

Myers

Industries 

146‌

(1,757‌)

203‌

National

Bank

Holdings,

Class

A 

259‌

12,159‌

377‌

Oil-Dri 

644‌

(451‌)

87‌

PCSB

Financial 

41‌

659‌

42‌

PDL

Community

Bancorp 

13‌

605‌

—‌

Preferred

Bank 

304‌

10,654‌

249‌

Provident

Bancorp 

15‌

2,945‌

37‌

Ranger

Energy

Services 

(23‌)

1,926‌

—‌

REX

American

Resources 

102‌

3,801‌

—‌

RGC

Resources 

3‌

(632‌)

70‌

Saga

Communications,

Class

A 

37‌

(966‌)

—‌

Saul

Centers,

REIT 

65‌

9,790‌

620‌

Sportsman's

Warehouse

Holdings 

34,000‌

(34,351‌)

—‌

Strattec

Security 

102‌

(1,007‌)

—‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

18

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

Tonian

Holdings,

Series

A,

Voting

Shares 

$

—‌

$

(3‌)

$

—‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares 

—‌

(2‌)

—‌

Triumph

Group 

96‌

26,858‌

—‌

Utah

Medical

Products 

79‌

352‌

53‌

Winmark 

203‌

50‌

67‌

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

—‌

—‌

19‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

—‌

—‌

—‌++

Totals

$

59,243‌#

$

132,093‌

$

2,209‌+

T.

ROWE

PRICE

Small-Cap

Value

Fund

19

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

Advantage

Oil

&

Gas 

$

13,605‌

$

6,147‌

$

86‌

$

25,641‌

Aegion 

66,189‌

207‌

40,434‌

*

AgroFresh

Solutions 

13,620‌

35‌

250‌

11,913‌

American

Business

Bank 

11,578‌

33‌

67‌

*

American

Public

Education 

*

19,558‌

140‌

47,740‌

Belden 

106,313‌

1,569‌

303‌

113,383‌

Boston

Omaha,

Class

A 

38,219‌

105‌

156‌

40,664‌

Cedar

Realty

Trust,

REIT 

18,762‌

41‌

83‌

27,450‌

CIRCOR

International 

*

6,881‌

71‌

35,828‌

Clearwater

Paper 

40,562‌

1,399‌

39‌

41,551‌

Energy

Reservoir

Holdings,

Class

A-1 

13,777‌

1‌

—‌

13,777‌

FS

Bancorp 

14,791‌

1,242‌

51‌

19,475‌

HarborOne

Bancorp 

39,311‌

117‌

190‌

48,531‌

Harmonic 

81,249‌

232‌

244‌

85,790‌

Horizon

Global 

29,012‌

81‌

51‌

34,724‌

Howard

Bancorp 

15,629‌

47‌

94‌

21,655‌

I3

Verticals,

Class

A 

37,385‌

99‌

110‌

34,887‌

John

Marshall

Bancorp 

15,075‌

264‌

82‌

18,274‌

Live

Oak

Bancshares 

100,145‌

289‌

214‌

143,855‌

Lumber

Liquidators

Holdings 

68,058‌

1,390‌

87‌

56,367‌

Myers

Industries 

*

8,765‌

99‌

37,019‌

National

Bank

Holdings,

Class

A 

58,855‌

179‌

243‌

70,950‌

Oil-Dri 

11,443‌

32‌

460‌

10,564‌

PCSB

Financial 

16,741‌

49‌

88‌

17,361‌

PDL

Community

Bancorp 

10,867‌

30‌

69‌

11,433‌

Preferred

Bank 

41,959‌

120‌

47‌

52,686‌

Provident

Bancorp 

14,844‌

43‌

103‌

17,729‌

Ranger

Energy

Services 

3,766‌

11‌

61‌

5,642‌

REX

American

Resources 

26,795‌

97‌

139‌

30,554‌

RGC

Resources 

*

1,776‌

68‌

10,069‌

Saga

Communications,

Class

A 

9,872‌

568‌

32‌

9,442‌

Saul

Centers,

REIT 

37,120‌

110‌

243‌

46,777‌

Sportsman's

Warehouse

Holdings 

60,963‌

165‌

14,682‌

*

Strattec

Security 

18,197‌

51‌

35‌

17,206‌

Tonian

Holdings,

Series

A,

Voting

Shares 

—‌

2,993‌

—‌

2,990‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

20

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

Tonian

Holdings,

Series

A,

Non-

Voting

Shares 

$

—‌

$

2,141‌

$

—‌

$

2,139‌

Triumph

Group 

54,414‌

5,277‌

393‌

86,156‌

Utah

Medical

Products 

15,825‌

44‌

51‌

16,170‌

Winmark 

46,254‌

4,296‌

146‌

50,454‌

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

103,930‌

 ¤

 ¤

165,526‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

59,676‌

 ¤

 ¤

15,399‌

Total

$

1,497,771‌^

#

Capital

gain

distributions

from

mutual

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

$2,209

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

$1,177,584.

*

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

21

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

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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Small-Cap

Value

Fund

22

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

fund's

own

assumptions

in

determining

fair

value)

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

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.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

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

fund

uses

outside

pricing

services

T.

ROWE

PRICE

Small-Cap

Value

Fund

23

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.

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

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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;

discounted

cash

flows;

yield

to

maturity;

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

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Small-Cap

Value

Fund

24

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(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,

2021.

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,

2021,

totaled $39,278,000 for

the

period ended

March

31,

2021.

During

the

period,

transfers

out

of

Level

3

were

because

observable

market

data

became

available

for

the

security.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

11,767,060‌

$

346,261‌

$

210,596‌

$

12,323,917‌

Convertible

Preferred

Stocks

—‌

—‌

379,207‌

379,207‌

Short-Term

Investments

165,526‌

—‌

—‌

165,526‌

Securities

Lending

Collateral

15,399‌

—‌

—‌

15,399‌

Total

$

11,947,985‌

$

346,261‌

$

589,803‌

$

12,884,049‌

($000s)

Beginning

Balance

1/1/21

Gain

(Loss)

During

Period

Total

Purchases

Transfer

Out

of

Level

3

Ending

Balance

3/31/21

Investment

in

Securities

Common

Stocks

$

195,528‌

$

2,469‌

$

21,339‌

$

(8,740‌)

$

210,596‌

Convertible

Preferred

Stocks

279,859‌

36,809‌

81,789‌

(19,250‌)

379,207‌

Total

$

475,387‌

$

39,278‌

$

103,128‌

$

(27,990‌)

$

589,803‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

25

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

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

210,596‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Expected

Present

Value

Discount

Rate

for

Cost

of

Equity

20%

20%

Decrease

Discount

for

Lack

of

Collectability

25%

-

75%

50%

Decrease

Timing

of

Events

2.26

–

4.20

yrs

3.24

yrs

Decrease

Market

comparable

Enterprise

Value

to

Sales

Multiple

2.7x

–

4.8x

3.0x

Increase

Sales

Growth

Rate

19%

19%

Increase

Enterprise

Value

to

Gross

Profit

Multiple

7.5x

–

15.2x

12.4x

Increase

Gross

Profit

Growth

Rate

21%

21%

Increase

Enterprise

Value

to

EBITDA

Multiple

10.0x

–

15.6x

11.1x

Increase

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**

EBITDA

Growth

Rate

29%

29%

Increase

Price

to

Tangible

Book

Value

Multiple

0.9x

–

1.0x

1.0x

Increase

Tangible

Book

Value

Growth

Rate

23%

23%

Increase

Projected

Enterprise

Value

to

EBITDA

Multiple

12.0x

12.0x

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Options

Pricing

Model

Private

Company

Valuation

—#

—#

—#

Risk-Free

Rate

3%

3%

Increase

Volatility

38%

-

43%

41%

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

379,207‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

Comparable

Enterprise

Value

to

Sales

Multiple

1.4x

–

3.7x

2.5x

Increase

Sales

Growth

Rate

10%

-

21%

16%

Increase

T.

ROWE

PRICE

Small-Cap

Value

Fund

27

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

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.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

F46-054Q1

03/21 

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

Gross

Profit

Multiple

3.1x

–

15.2x

10.5x

Increase

Gross

Profit

Growth

Rate

11%

-

23%

17%

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Options

Pricing

Model

Private

Company

Valuation

—#

—#

—#

Risk-Free

Rate

3%

3%

Increase

Volatility

38%

38%

Increase