T.

ROWE

PRICE

Small-Cap

Value

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.2%

COMMUNICATION

SERVICES

2.5%

Interactive

Media

&

Services

0.2%

Genius

Sports (1)(2)

1,015,579‌

18,951‌

Khosla

Ventures

Acquistion

SPAC/Nextdoor

PIPE (1)(3)

676,204‌

6,195‌

25,146‌

Media

2.3%

Advantage

Solutions (1)

4,328,823‌

37,444‌

Advantage

Solutions,

Warrants,

12/31/26 (1)

400,000‌

728‌

Boston

Omaha,

Class

A (1)(4)

1,802,458‌

69,899‌

Cable

One 

42,300‌

76,696‌

Integral

Ad

Science

Holding (1)

731,720‌

15,096‌

Liberty

Broadband,

Class

C (1)

201,142‌

34,737‌

Saga

Communications,

Class

A (4)

469,200‌

10,674‌

Scholastic 

1,166,800‌

41,597‌

Thryv

Holdings (1)

1,124,675‌

33,785‌

320,656‌

Total

Communication

Services

345,802‌

CONSUMER

DISCRETIONARY

8.8%

Auto

Components

1.2%

Dorman

Products (1)

553,800‌

52,428‌

Horizon

Global (1)(4)

3,281,990‌

23,072‌

LCI

Industries 

327,000‌

44,024‌

Strattec

Security (1)(4)

358,160‌

13,933‌

Visteon (1)

366,200‌

34,566‌

168,023‌

Distributors

0.3%

Pool 

79,700‌

34,623‌

34,623‌

Diversified

Consumer

Services

1.0%

Alclear

Holdings,

Acquisition

Date:

12/13/18,

Cost $9,877 (1)(5)

877,243‌

34,210‌

American

Public

Education (1)(4)

1,308,291‌

33,505‌

Perdoceo

Education (1)

1,856,391‌

19,604‌

Strategic

Education 

642,912‌

45,325‌

132,644‌

Hotels,

Restaurants

&

Leisure

1.7%

Bally's (1)

316,734‌

15,881‌

BJ's

Restaurants (1)

872,316‌

36,428‌

Dutch

Bros,

Class

A (1)

369,659‌

16,014‌

Marriott

Vacations

Worldwide 

405,666‌

63,823‌

Papa

John's

International 

628,600‌

79,826‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Red

Robin

Gourmet

Burgers (1)

500,000‌

11,530‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $12,311 (1)(5)(6)(7)

1,439,856‌

12,311‌

235,813‌

Household

Durables

1.2%

Cavco

Industries (1)

326,700‌

77,343‌

Meritage

Homes (1)

893,564‌

86,676‌

164,019‌

Internet

&

Direct

Marketing

Retail

0.7%

Big

Sky

Growth

Partners (1)

1,328,347‌

13,257‌

Deliveroo

Holdings,

Acquisition

Date:

9/12/17

-

5/16/19,

Cost $10,632

(GBP) (1)(5)

5,985,000‌

22,156‌

Framebridge,

EC,

Acquisition

Date:

5/19/20,

Cost $908 (1)(5)(6)

907,892‌

232‌

Poshmark,

Class

A (1)

351,624‌

8,355‌

ThredUp,

Class

A (1)(2)

693,339‌

15,038‌

Xometry,

Acquisition

Date:

7/20/20

-

9/4/20,

Cost $5,711 (1)(5)

561,828‌

30,781‌

Xometry,

Class

A (1)(2)

123,083‌

7,098‌

96,917‌

Leisure

Products

0.1%

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(5)(6)

1,138,910‌

10,915‌

10,915‌

Specialty

Retail

1.6%

Hibbett 

479,200‌

33,898‌

Lumber

Liquidators

Holdings (1)(4)

2,367,505‌

44,225‌

Monro 

830,100‌

47,739‌

Petco

Health

&

Wellness (1)

1,669,052‌

35,217‌

Winmark (4)

264,232‌

56,818‌

217,897‌

Textiles,

Apparel

&

Luxury

Goods

1.0%

Allbirds,

Acquisition

Date:

10/10/18

-

12/21/18,

Cost $6,158 (1)

(5)(6)

561,510‌

6,492‌

Bombas,

Acquisition

Date:

2/12/21,

Cost $14,601 (1)(5)(6)

3,303,766‌

27,884‌

Hanesbrands 

370,500‌

6,358‌

On

Holding,

Acquisition

Date:

2/25/20,

Cost $9,961 (1)(5)

1,368,750‌

39,178‌

On

Holding,

Class

A (1)

215,659‌

6,498‌

Steven

Madden 

1,362,462‌

54,717‌

141,127‌

Total

Consumer

Discretionary

1,201,978‌

CONSUMER

STAPLES

2.2%

Beverages

0.4%

Boston

Beer,

Class

A (1)

21,047‌

10,729‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Coca-Cola

Consolidated 

125,474‌

49,459‌

60,188‌

Food

&

Staples

Retailing

0.1%

Grocery

Outlet

Holding (1)

862,006‌

18,593‌

18,593‌

Food

Products

1.6%

Nomad

Foods (1)

2,755,100‌

75,931‌

Post

Holdings (1)

545,054‌

60,043‌

Post

Holdings

Partnering (1)

912,104‌

9,221‌

Simply

Good

Foods (1)

1,253,104‌

43,220‌

Utz

Brands (2)

1,876,326‌

32,141‌

220,556‌

Household

Products

0.1%

Oil-Dri 

265,000‌

9,275‌

Reynolds

Consumer

Products 

242,200‌

6,622‌

15,897‌

Total

Consumer

Staples

315,234‌

ENERGY

6.4%

Energy

Equipment

&

Services

2.5%

Aspen

Aerogels (1)

321,805‌

14,806‌

Cactus,

Class

A 

1,502,583‌

56,677‌

ChampionX (1)

3,225,700‌

72,127‌

Enerflex

(CAD) 

4,413,918‌

32,340‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $20,875 (1)(4)(5)(6)(7)

20,874,541‌

20,875‌

Expro

Group

Holdings (1)

7,811,657‌

22,966‌

Liberty

Oilfield

Services,

Class

A (1)

2,690,800‌

32,639‌

NexTier

Oilfield

Solutions (1)

4,476,502‌

20,592‌

Ranger

Energy

Services (1)(4)

1,005,220‌

9,248‌

TechnipFMC (1)

5,598,800‌

42,159‌

TETRA

Technologies (1)

3,658,100‌

11,413‌

335,842‌

Oil,

Gas

&

Consumable

Fuels

3.9%

Advantage

Energy

(CAD) (1)(4)

12,909,921‌

65,233‌

ARC

Resources

(CAD) (2)

8,796,894‌

82,440‌

Devon

Energy 

3,088,547‌

109,674‌

International

Seaways 

1,349,846‌

24,594‌

Kimbell

Royalty

Partners 

1,564,859‌

22,111‌

Magnolia

Oil

&

Gas,

Class

A 

4,357,423‌

77,519‌

Matador

Resources 

2,205,760‌

83,907‌

PDC

Energy 

145,900‌

6,914‌

REX

American

Resources (1)(4)

368,900‌

29,464‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $1,314 (1)(5)(6)

435‌

1,997‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $26,302 (1)(5)(6)

7,197‌

33,035‌

536,888‌

Total

Energy

872,730‌

FINANCIALS

25.4%

Banks

14.5%

Atlantic

Capital

Bancshares (1)

781,371‌

20,699‌

BankUnited 

2,747,499‌

114,900‌

Burke

&

Herbert

Bank

&

Trust 

9,197‌

20,013‌

Columbia

Banking

System 

1,893,835‌

71,947‌

CrossFirst

Bankshares (1)

1,181,454‌

15,359‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,923 (1)(4)(5)(6)

292,336‌

3,508‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,436 (1)(4)(5)(6)

143,582‌

1,723‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(4)(5)(6)

43,592‌

173‌

East

West

Bancorp 

629,499‌

48,811‌

Eastern

Bankshares 

1,744,900‌

35,421‌

Farmers

&

Merchants

Bank

of

Long

Beach 

2,557‌

20,776‌

FB

Financial 

1,462,980‌

62,733‌

First

Bancshares 

691,323‌

26,810‌

Glacier

Bancorp 

1,098,000‌

60,774‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,034 (1)(5)(6)

503,404‌

2,290‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(5)(6)

100,220‌

—‌

HarborOne

Bancorp (4)

3,517,573‌

49,387‌

Heritage

Financial 

788,733‌

20,113‌

Home

BancShares 

4,329,596‌

101,875‌

Independent

Bank 

423,151‌

32,223‌

Independent

Bank

Group 

852,780‌

60,581‌

John

Marshall

Bancorp (1)(4)

1,037,256‌

18,904‌

Live

Oak

Bancshares (4)

2,189,686‌

139,330‌

Metropolitan

Bank

Holding (1)

181,004‌

15,259‌

National

Bank

Holdings,

Class

A (4)

1,711,459‌

69,280‌

Origin

Bancorp 

842,180‌

35,666‌

Pacific

Premier

Bancorp 

1,213,800‌

50,300‌

Pinnacle

Financial

Partners 

1,441,533‌

135,619‌

Popular 

1,024,700‌

79,588‌

Preferred

Bank (4)

807,758‌

53,861‌

Professional

Holding,

Class

A (1)

640,000‌

12,032‌

Prosperity

Bancshares 

408,500‌

29,057‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Sandy

Spring

Bancorp 

686,130‌

31,438‌

Southern

First

Bancshares (1)

339,996‌

18,190‌

SouthState 

1,010,354‌

75,443‌

SVB

Financial

Group (1)

82,100‌

53,109‌

Texas

Capital

Bancshares (1)

783,300‌

47,014‌

Towne

Bank 

2,499,175‌

77,749‌

Webster

Financial 

1,165,273‌

63,461‌

Western

Alliance

Bancorp 

1,978,654‌

215,317‌

1,990,733‌

Capital

Markets

2.3%

AssetMark

Financial

Holdings (1)

975,884‌

24,270‌

Hercules

Capital (2)

1,361,800‌

22,620‌

Houlihan

Lokey 

887,427‌

81,732‌

Main

Street

Capital (2)

476,700‌

19,592‌

OTC

Markets

Group,

Class

A (2)

451,185‌

22,108‌

StepStone

Group,

Class

A 

1,344,075‌

57,311‌

Virtus

Investment

Partners 

280,742‌

87,120‌

314,753‌

Consumer

Finance

1.2%

Green

Dot,

Class

A (1)

1,088,100‌

54,764‌

Nerdwallet,

Class

A,

Acquisition

Date:

3/18/20,

Cost $10,575 (1)

(5)(6)

1,510,726‌

16,467‌

PRA

Group (1)

536,664‌

22,615‌

PROG

Holdings 

1,513,473‌

63,581‌

157,427‌

Diversified

Financial

Services

0.1%

Conyers

Park

III

Acquisition (1)

1,353,447‌

13,670‌

Stash

Financial,

Acquisition

Date:

1/6/21

-

1/26/21,

Cost $1,244 (1)(5)(6)

38,630‌

2,437‌

16,107‌

Insurance

2.4%

Aldel

Financial

SPAC/Hagerty

Group

PIPE (1)(3)

1,429,288‌

12,979‌

Aldel

Financial

SPAC/Hagerty

Group

PIPE,

Warrants (1)(3)

257,272‌

468‌

BRP

Group,

Class

A (1)(4)

3,157,858‌

105,125‌

Coalition,

Acquisition

Date:

9/13/21,

Cost $357 (1)(5)(6)

21,587‌

357‌

James

River

Group

Holdings 

1,723,153‌

65,015‌

Palomar

Holdings (1)

527,286‌

42,620‌

ProAssurance 

1,975,700‌

46,982‌

Ryan

Specialty

Group

Holdings,

Class

A (1)

944,828‌

32,001‌

Selective

Insurance

Group 

260,500‌

19,676‌

325,223‌

Mortgage

Real

Estate

Investment

Trusts

1.5%

Blackstone

Mortgage

Trust,

Class

A,

REIT 

460,657‌

13,967‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Capstead

Mortgage,

REIT 

3,602,777‌

24,103‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT 

2,049,600‌

109,613‌

PennyMac

Mortgage

Investment

Trust,

REIT 

2,565,235‌

50,509‌

198,192‌

Thrifts

&

Mortgage

Finance

3.4%

Blue

Foundry

Bancorp (1)

553,054‌

7,627‌

Columbia

Financial (1)

866,600‌

16,032‌

FS

Bancorp (4)

566,000‌

19,589‌

Kearny

Financial 

2,639,653‌

32,811‌

Meridian

Bancorp 

2,348,918‌

48,764‌

PCSB

Financial (4)

1,020,446‌

18,817‌

PDL

Community

Bancorp (1)(4)

1,038,475‌

15,068‌

PennyMac

Financial

Services 

1,005,694‌

61,478‌

Provident

Bancorp (4)

1,202,307‌

19,261‌

Radian

Group 

3,628,458‌

82,439‌

Walker

&

Dunlop 

387,096‌

43,935‌

WSFS

Financial 

2,031,588‌

104,241‌

470,062‌

Total

Financials

3,472,497‌

HEALTH

CARE

9.5%

Biotechnology

3.9%

ACADIA

Pharmaceuticals (1)

10,000‌

166‌

Acceleron

Pharma (1)

262,959‌

45,255‌

Apellis

Pharmaceuticals (1)

365,300‌

12,040‌

Avidity

Biosciences (1)

1,058,058‌

26,060‌

Blueprint

Medicines (1)

236,682‌

24,333‌

C4

Therapeutics (1)

555,636‌

24,826‌

Cerevel

Therapeutics

Holdings (1)

532,465‌

15,708‌

Denali

Therapeutics (1)

331,200‌

16,709‌

Fate

Therapeutics (1)

341,900‌

20,264‌

Generation

Bio (1)

221,690‌

5,558‌

Icosavax (1)

342,552‌

10,136‌

IGM

Biosciences (1)(2)

194,200‌

12,771‌

Immuneering,

Class

A (1)(2)

333,794‌

8,862‌

Insmed (1)

795,882‌

21,919‌

Karuna

Therapeutics (1)

149,058‌

18,234‌

Kodiak

Sciences (1)

235,141‌

22,569‌

Kymera

Therapeutics (1)

368,653‌

21,655‌

Monte

Rosa

Therapeutics (1)(2)

282,029‌

6,284‌

Nurix

Therapeutics (1)

582,256‌

17,444‌

Progenic

Pharmaceuticals,

CVR (1)(2)

1,146,000‌

56‌

Prothena (1)

402,713‌

28,685‌

Radius

Health (1)

1,008,548‌

12,516‌

Repare

Therapeutics (1)

448,300‌

11,763‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Replimune

Group (1)

538,398‌

15,958‌

Rocket

Pharmaceuticals (1)

467,700‌

13,980‌

Tenaya

Therapeutics (1)

274,080‌

5,660‌

Turning

Point

Therapeutics (1)

418,889‌

27,827‌

Twist

Bioscience (1)

150,963‌

16,149‌

Ultragenyx

Pharmaceutical (1)

307,899‌

27,769‌

Xencor (1)

539,685‌

17,626‌

Zentalis

Pharmaceuticals (1)

285,464‌

19,023‌

527,805‌

Health

Care

Equipment

&

Supplies

2.0%

Atrion 

86,223‌

60,141‌

Figs,

Acquisition

Date:

10/23/20,

Cost $14,899 (1)(5)

1,742,961‌

61,497‌

Figs,

Class

A (1)(2)

328,972‌

12,218‌

Lantheus

Holdings (1)

723,739‌

18,586‌

Ortho

Clinical

Diagnostics

Holdings (1)

1,800,412‌

33,272‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,910 (1)(5)

(6)

2,631,808‌

3,342‌

Quidel (1)

119,529‌

16,871‌

Utah

Medical

Products (4)

183,572‌

17,043‌

Warby

Parker,

Class

A (1)

915,761‌

48,581‌

271,551‌

Health

Care

Providers

&

Services

2.6%

Agiliti (1)

1,922,563‌

36,606‌

Alignment

Healthcare (1)

1,578,071‌

25,218‌

Ensign

Group 

753,306‌

56,415‌

Innovage

Holding (1)

346,951‌

2,293‌

Molina

Healthcare (1)

57,354‌

15,561‌

Option

Care

Health (1)

3,013,294‌

73,102‌

Pennant

Group (1)

1,122,109‌

31,520‌

Select

Medical

Holdings 

3,214,534‌

116,270‌

356,985‌

Health

Care

Technology

0.6%

Certara (1)

499,278‌

16,526‌

Multiplan (1)(2)

1,832,715‌

10,318‌

Phreesia (1)

818,024‌

50,472‌

77,316‌

Life

Sciences

Tools

&

Services

0.3%

Pacific

Biosciences

of

California,

Acquisition

Date:

7/21/21,

Cost $13,533 (1)(5)

505,896‌

12,279‌

Pacific

Biosciences

of

California,

Acquisition

Date:

8/13/21

-

9/10/21,

Cost $19,022 (1)(5)

656,800‌

16,781‌

Seer (1)(2)

442,156‌

15,268‌

44,328‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Pharmaceuticals

0.1%

Arvinas (1)

243,497‌

20,011‌

20,011‌

Total

Health

Care

1,297,996‌

INDUSTRIALS

&

BUSINESS

SERVICES

14.2%

Aerospace

&

Defense

0.9%

Parsons (1)

1,019,760‌

34,427‌

Triumph

Group (1)(4)

4,993,486‌

93,029‌

127,456‌

Airlines

0.2%

Allegiant

Travel (1)

90,507‌

17,693‌

Sun

Country

Airlines

Holdings (1)

385,727‌

12,937‌

30,630‌

Building

Products

1.6%

CSW

Industrials 

466,600‌

59,585‌

Insteel

Industries 

912,985‌

34,739‌

JELD-WEN

Holding (1)

1,625,800‌

40,694‌

UFP

Industries 

1,204,900‌

81,909‌

216,927‌

Commercial

Services

&

Supplies

2.0%

ABM

Industries 

652,000‌

29,347‌

Brady,

Class

A 

1,190,500‌

60,358‌

MSA

Safety 

299,300‌

43,608‌

Stericycle (1)

1,223,800‌

83,182‌

Tetra

Tech 

170,000‌

25,388‌

UniFirst 

121,500‌

25,833‌

267,716‌

Construction

&

Engineering

0.5%

Ameresco,

Class

A (1)

286,300‌

16,729‌

Valmont

Industries 

214,500‌

50,433‌

67,162‌

Electrical

Equipment

0.9%

Array

Technologies (1)

784,949‌

14,537‌

Regal

Rexnord 

323,300‌

48,605‌

Shoals

Technologies

Group,

Class

A (1)

1,077,029‌

30,028‌

Thermon

Group

Holdings (1)

1,583,023‌

27,402‌

120,572‌

Machinery

4.1%

Alamo

Group 

225,400‌

31,450‌

Blue

Bird (1)

1,231,600‌

25,691‌

Chart

Industries (1)

122,100‌

23,334‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CIRCOR

International (1)(4)

1,441,035‌

47,569‌

Enerpac

Tool

Group 

1,793,300‌

37,175‌

ESCO

Technologies 

610,200‌

46,985‌

Helios

Technologies 

886,734‌

72,810‌

Hillenbrand 

623,100‌

26,575‌

Hydrofarm

Holdings

Group (1)

130,457‌

4,938‌

John

Bean

Technologies 

112,000‌

15,742‌

RBC

Bearings (1)

172,889‌

36,687‌

SPX (1)

827,200‌

44,214‌

Timken 

537,600‌

35,170‌

Zurn

Water

Solutions 

1,845,800‌

118,666‌

567,006‌

Marine

0.3%

Matson 

531,500‌

42,897‌

42,897‌

Professional

Services

1.4%

ASGN (1)

189,700‌

21,463‌

Checkr,

Acquisition

Date:

6/29/18,

Cost $866 (1)(5)(6)

70,474‌

3,806‌

FTI

Consulting (1)

165,100‌

22,239‌

Huron

Consulting

Group (1)

413,600‌

21,507‌

Korn

Ferry 

985,300‌

71,296‌

ManTech

International,

Class

A 

111,900‌

8,495‌

Upwork (1)

888,946‌

40,029‌

188,835‌

Road

&

Rail

0.6%

Landstar

System 

444,900‌

70,214‌

Ryder

System 

94,900‌

7,849‌

U.S.

Xpress

Enterprises,

Class

A (1)

1,137,900‌

9,820‌

87,883‌

Trading

Companies

&

Distributors

1.7%

Air

Lease 

713,400‌

28,065‌

Beacon

Roofing

Supply (1)

1,736,300‌

82,926‌

McGrath

RentCorp 

648,702‌

46,674‌

Rush

Enterprises,

Class

A 

584,550‌

26,398‌

Univar

Solutions (1)

2,204,400‌

52,509‌

236,572‌

Total

Industrials

&

Business

Services

1,953,656‌

INFORMATION

TECHNOLOGY

7.7%

Communications

Equipment

0.7%

Harmonic (1)(4)

11,414,990‌

99,881‌

99,881‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Electronic

Equipment,

Instruments

&

Components

2.2%

Belden (4)

2,475,900‌

144,246‌

Knowles (1)

685,900‌

12,854‌

Littelfuse 

418,800‌

114,445‌

PAR

Technology (1)

379,291‌

23,330‌

294,875‌

IT

Services

2.0%

I3

Verticals,

Class

A (1)(4)

1,094,354‌

26,494‌

Megaport

(AUD) (1)

3,499,142‌

41,814‌

Payoneer

Global (1)(2)

2,881,591‌

24,638‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $3,039 (1)(5)(6)

135,360‌

3,039‌

Toast,

Class

B,

Acquisition

Date:

6/27/18

-

2/14/20,

Cost $13,771 (1)(4)(5)

3,863,305‌

183,323‌

279,308‌

Semiconductors

&

Semiconductor

Equipment

1.6%

Entegris 

598,200‌

75,313‌

Lattice

Semiconductor (1)

538,169‌

34,793‌

MaxLinear (1)

1,147,500‌

56,514‌

Onto

Innovation (1)

393,371‌

28,421‌

Semtech (1)

310,396‌

24,202‌

219,243‌

Software

1.2%

Apiture,

Acquisition

Date:

7/1/20,

Cost $7,412 (1)(5)(6)

467,672‌

10,107‌

Ceridian

HCM

Holding (1)

525,657‌

59,200‌

Clearwater

Analytics

Holdings,

Class

A (1)

586,336‌

15,016‌

DoubleVerify

Holdings (1)

163,562‌

5,587‌

Gusto,

Acquisition

Date:

8/18/20

-

11/9/20,

Cost $7,474 (1)(5)(6)

559,515‌

16,087‌

nCino (1)

341,074‌

24,227‌

Paycor

HCM (1)

402,796‌

14,162‌

Workiva (1)

120,000‌

16,915‌

161,301‌

Total

Information

Technology

1,054,608‌

MATERIALS

4.8%

Chemicals

2.1%

AgroFresh

Solutions (1)(2)(4)

5,790,000‌

12,506‌

American

Vanguard 

1,266,800‌

19,065‌

Element

Solutions 

2,755,500‌

59,739‌

Hawkins 

778,700‌

27,161‌

Minerals

Technologies 

659,000‌

46,025‌

Orion

Engineered

Carbons (1)(4)

3,106,391‌

56,630‌

Quaker

Chemical 

268,800‌

63,899‌

285,025‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Containers

&

Packaging

0.3%

Myers

Industries (4)

1,990,883‌

38,962‌

38,962‌

Metals

&

Mining

1.7%

Carpenter

Technology 

1,542,600‌

50,505‌

Constellium (1)

5,141,200‌

96,552‌

ERO

Copper

(CAD) (1)

2,658,066‌

47,134‌

Reliance

Steel

&

Aluminum 

307,800‌

43,837‌

238,028‌

Paper

&

Forest

Products

0.7%

Clearwater

Paper (1)(4)

1,383,079‌

53,014‌

West

Fraser

Timber

(CAD) (2)

455,600‌

38,373‌

91,387‌

Total

Materials

653,402‌

MISCELLANEOUS

0.1%

Miscellaneous

0.1%

Bluescape

Opportunities

Acquisition (1)

936,614‌

9,619‌

Total

Miscellaneous

9,619‌

REAL

ESTATE

9.1%

Equity

Real

Estate

Investment

Trusts

7.5%

American

Campus

Communities,

REIT 

963,717‌

46,692‌

Apartment

Investment

&

Management,

Class

A,

REIT 

4,309,600‌

29,521‌

Cedar

Realty

Trust,

REIT (4)

1,614,594‌

35,021‌

CubeSmart,

REIT 

1,017,600‌

49,303‌

EastGroup

Properties,

REIT 

458,000‌

76,316‌

Essential

Properties

Realty

Trust,

REIT 

1,787,445‌

49,905‌

Healthcare

Realty

Trust,

REIT 

2,583,192‌

76,927‌

IQHQ,

REIT (1)(6)

1,105,380‌

18,836‌

JBG

SMITH

Properties,

REIT 

2,645,042‌

78,320‌

NexPoint

Residential

Trust,

REIT 

150,400‌

9,307‌

Pebblebrook

Hotel

Trust,

REIT 

2,387,300‌

53,499‌

PotlatchDeltic,

REIT 

1,171,646‌

60,433‌

PS

Business

Parks,

REIT 

489,200‌

76,677‌

Safehold,

REIT 

742,671‌

53,391‌

Saul

Centers,

REIT (4)

1,324,006‌

58,336‌

Sunstone

Hotel

Investors,

REIT (1)

5,317,310‌

63,489‌

Terreno

Realty,

REIT 

1,730,100‌

109,394‌

UMH

Properties,

REIT 

347,000‌

7,946‌

Washington

Real

Estate

Investment

Trust,

REIT 

2,837,400‌

70,226‌

1,023,539‌

Real

Estate

Management

&

Development

1.6%

FirstService 

459,600‌

82,948‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Opendoor

Technologies,

Class

A (1)

3,101,597‌

63,676‌

St.

Joe 

1,704,438‌

71,757‌

218,381‌

Total

Real

Estate

1,241,920‌

UTILITIES

4.5%

Electric

Utilities

1.5%

IDACORP 

734,500‌

75,932‌

MGE

Energy 

864,337‌

63,529‌

PNM

Resources 

539,675‌

26,703‌

Portland

General

Electric 

860,900‌

40,454‌

206,618‌

Gas

Utilities

1.5%

Chesapeake

Utilities 

739,880‌

88,822‌

ONE

Gas 

1,068,000‌

67,679‌

RGC

Resources (4)

443,171‌

10,038‌

Southwest

Gas

Holdings 

545,000‌

36,450‌

202,989‌

Independent

Power

&

Renewable

Electricity

Producers

0.3%

NextEra

Energy

Partners 

588,700‌

44,364‌

44,364‌

Multi-Utilities

0.5%

NorthWestern 

1,258,100‌

72,089‌

72,089‌

Water

Utilities

0.7%

California

Water

Service

Group 

652,000‌

38,422‌

Middlesex

Water 

290,537‌

29,861‌

SJW

Group 

313,406‌

20,704‌

88,987‌

Total

Utilities

615,047‌

Total

Miscellaneous

Common

Stocks

 0.0% (1)(8)

1,402‌

Total

Common

Stocks

(Cost

$7,869,337)

13,035,891‌

CONVERTIBLE

PREFERRED

STOCKS

3.7%

CONSUMER

DISCRETIONARY

0.8%

Hotels,

Restaurants

&

Leisure

0.5%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $17,573 (1)(5)(6)

695,708‌

26,180‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $14,389 (1)

(5)(6)

382,387‌

14,389‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Sweetgreen,

Series

G,

Acquisition

Date:

8/15/16

-

2/27/18,

Cost $10,075 (1)(5)(6)

1,119,428‌

16,993‌

Sweetgreen,

Series

I,

Acquisition

Date:

9/13/19,

Cost $3,143 (1)

(5)(6)

183,785‌

2,790‌

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $2,539 (1)(5)

(6)(7)

282,711‌

2,539‌

62,891‌

Internet

&

Direct

Marketing

Retail

0.1%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $12,383 (1)(5)(6)

2,127,647‌

12,383‌

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $5,471 (1)(5)(6)

406,249‌

6,016‌

18,399‌

Leisure

Products

0.1%

Rad

Power

Bikes,

Series

C,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(5)(6)

1,138,910‌

10,916‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $10,332 (1)(5)(6)

1,078,119‌

10,332‌

21,248‌

Textiles,

Apparel

&

Luxury

Goods

0.1%

Allbirds,

Series

A,

Acquisition

Date:

10/10/18,

Cost $2,022 (1)(5)

(6)

184,315‌

2,131‌

Allbirds,

Series

B,

Acquisition

Date:

10/10/18,

Cost $355 (1)(5)(6)

32,380‌

375‌

Allbirds,

Series

C,

Acquisition

Date:

10/9/18,

Cost $3,394 (1)(5)(6)

309,470‌

3,578‌

Allbirds,

Series

E,

Acquisition

Date:

9/22/20,

Cost $7,403 (1)(5)(6)

640,264‌

7,403‌

Allbirds,

Series

Seed,

Acquisition

Date:

10/10/18,

Cost $1,086 (1)

(5)(6)

99,030‌

1,145‌

14,632‌

Total

Consumer

Discretionary

117,170‌

CONSUMER

STAPLES

0.5%

Food

Products

0.5%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $15,529 (1)(5)(6)

841,026‌

52,277‌

Farmers

Business

Network,

Series

E,

Acquisition

Date:

2/11/19,

Cost $3,362 (1)(5)(6)

144,247‌

8,966‌

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $881 (1)(5)(6)

26,661‌

1,657‌

Total

Consumer

Staples

62,900‌

ENERGY

0.1%

Energy

Equipment

&

Services

0.1%

Ranger

Energy

Services,

Series

A,

Acquisition

Date:

9/30/21,

Cost $14,000 (1)(5)

2,000,000‌

17,480‌

Total

Energy

17,480‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

FINANCIALS

0.6%

Diversified

Financial

Services

0.4%

Stash

Financial,

Series

F,

Acquisition

Date:

4/24/20,

Cost $11,157 (1)(5)(6)

445,224‌

28,094‌

Stash

Financial,

Series

G,

Acquisition

Date:

1/26/21,

Cost $12,559 (1)(5)(6)

335,107‌

21,145‌

49,239‌

Insurance

0.2%

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $21,422 (1)(5)

(6)

1,296,510‌

21,422‌

21,422‌

Total

Financials

70,661‌

HEALTH

CARE

0.5%

Biotechnology

0.1%

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $9,269 (1)(5)(6)

331,043‌

9,269‌

9,269‌

Health

Care

Providers

&

Services

0.2%

Capsule,

Series

D,

Acquisition

Date:

4/7/21,

Cost $6,130 (1)(5)(6)

423,036‌

6,130‌

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $8,981 (1)(5)(6)

3,729,550‌

11,791‌

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $10,347 (1)(5)(6)

3,272,913‌

10,347‌

28,268‌

Life

Sciences

Tools

&

Services

0.2%

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,453 (1)(5)(6)

472,388‌

20,978‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $13,636 (1)(5)(6)

307,043‌

13,636‌

34,614‌

Total

Health

Care

72,151‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.5%

Aerospace

&

Defense

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $14,587 (1)(5)(6)

323,903‌

14,587‌

14,587‌

Electrical

Equipment

0.1%

Tonian

Holdings,

Series

A,

Non-Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $8,652 (1)(4)(5)(6)

8,531,194‌

8,531‌

Tonian

Holdings,

Series

A,

Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $12,093 (1)(4)(5)(6)

11,924,382‌

11,925‌

20,456‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Professional

Services

0.1%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4,046 (1)(5)(6)

296,360‌

16,003‌

16,003‌

Road

&

Rail

0.2%

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $19,800 (1)(5)

(6)

1,462,353‌

24,126‌

24,126‌

Total

Industrials

&

Business

Services

75,172‌

INFORMATION

TECHNOLOGY

0.6%

IT

Services

0.1%

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $684 (1)(5)(6)

30,470‌

684‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $68 (1)(5)(6)

3,030‌

68‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $74 (1)(5)(6)

3,310‌

74‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $8,658 (1)(5)(6)

385,620‌

8,658‌

9,484‌

Software

0.5%

Gusto,

Series

B,

Acquisition

Date:

8/18/20,

Cost $1,746 (1)(5)(6)

129,187‌

3,927‌

Gusto,

Series

B-2,

Acquisition

Date:

8/18/20,

Cost $3,259 (1)(5)(6)

241,168‌

7,331‌

Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $5,412 (1)(5)(6)

711,894‌

21,638‌

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $7,227 (1)(5)(6)

542,859‌

16,500‌

Mesosphere,

Series

D,

Acquisition

Date:

5/4/18,

Cost $13,430 (1)

(5)(6)

1,214,930‌

2,709‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,195 (1)(5)(6)

857,551‌

11,195‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $9,505 (1)(5)(6)

627,251‌

9,505‌

72,805‌

Total

Information

Technology

82,289‌

MATERIALS

0.1%

Chemicals

0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $11,381 (1)(5)

(6)

275,749‌

11,381‌

Total

Materials

11,381‌

Total

Convertible

Preferred

Stocks

(Cost

$361,202)

509,204‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

‡

PREFERRED

STOCKS

0.0%

ENERGY

0.0%

Energy

Equipment

&

Services

0.0%

Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

5/3/21

-

9/29/21,

Cost $1,287 (1)(5)(6)(7)

1,286,870‌

1,287‌

Total

Energy

1,287‌

Total

Preferred

Stocks

(Cost

$1,287)

1,287‌

SHORT-TERM

INVESTMENTS

1.2%

Money

Market

Funds

1.2%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (4)(9)

162,403,679‌

162,404‌

Total

Short-Term

Investments

(Cost

$162,404)

162,404‌

SECURITIES

LENDING

COLLATERAL

0.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Short-Term

Funds

0.2%

T.

Rowe

Price

Short-Term

Fund,

0.07% (4)(9)

27,205,810‌

27,206‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

27,206‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Short-Term

Funds

0.2%

T.

Rowe

Price

Short-Term

Fund,

0.07% (4)(9)

27,462,437‌

27,462‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

27,462‌

Total

Securities

Lending

Collateral

(Cost

$54,668)

54,668‌

Total

Investments

in

Securities

100.5%

(Cost

$8,448,898)

$

13,763,454‌

Other

Assets

Less

Liabilities

(0.5)%

(72,950‌)

Net

Assets

100.0%

$

13,690,504‌

‡

Shares

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

September

30,

2021.

T.

ROWE

PRICE

Small-Cap

Value

Fund

17

.

.

.

.

.

.

.

.

.

.

(3)

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

September

30,

2021,

was

$21,055

and

was

valued

at

$19,642

(0.1%

of

net

assets).

(4)

Affiliated

Companies

(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

$1,087,773

and

represents

7.9%

of

net

assets.

(6)

Level

3

in

fair

value

hierarchy.

(7)

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.

(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

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

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

nine

months

ended

September

30,

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

Energy 

$

(349‌)

$

48,133‌

$

—‌

AgroFresh

Solutions 

(338‌)

(335‌)

—‌

Alclear

Holdings 

—‌

24,333‌

—‌

American

Public

Education 

367‌

(2,740‌)

—‌

Belden 

2,631‌

38,886‌

382‌

Boston

Omaha,

Class

A 

786‌

20,517‌

—‌

BRP

Group,

Class

A 

1,336‌

10,629‌

—‌

Cedar

Realty

Trust,

REIT 

(5,594‌)

26,628‌

362‌

CIRCOR

International 

397‌

(6,037‌)

—‌

Clearwater

Paper 

1,047‌

1,872‌

—‌

Dogwood

State

Bank,

Non-Voting

Shares 

—‌

1,017‌

—‌

Dogwood

State

Bank,

Voting

Shares 

—‌

500‌

—‌

Dogwood

State

Bank,

Warrants,

5/6/24 

—‌

173‌

—‌

Energy

Reservoir

Holdings,

Class

A-1 

—‌

7,097‌

—‌

FS

Bancorp 

365‌

3,780‌

230‌

HarborOne

Bancorp 

757‌

10,759‌

356‌

Harmonic 

1,693‌

13,925‌

—‌

Horizon

Global 

648‌

(5,810‌)

—‌

I3

Verticals,

Class

A 

664‌

(10,536‌)

—‌

John

Marshall

Bancorp 

220‌

3,919‌

—‌

Live

Oak

Bancshares 

3,129‌

31,590‌

190‌

Lumber

Liquidators

Holdings 

1,361‌

(28,876‌)

—‌

Myers

Industries 

762‌

(3,003‌)

743‌

National

Bank

Holdings,

Class

A 

1,383‌

12,389‌

1,142‌

Oil-Dri 

1,570‌

(1,193‌)

240‌

Orion

Engineered

Carbons 

928‌

1,002‌

—‌

PCSB

Financial 

204‌

2,394‌

165‌

PDL

Community

Bancorp 

49‌

4,036‌

—‌

Preferred

Bank 

1,452‌

11,976‌

871‌

Provident

Bancorp 

160‌

4,801‌

134‌

Ranger

Energy

Services 

(91‌)

5,763‌

—‌

REX

American

Resources 

434‌

1,725‌

—‌

RGC

Resources 

3‌

(420‌)

236‌

Saga

Communications,

Class

A 

159‌

(697‌)

74‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

19

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

Saul

Centers,

REIT 

$

588‌

$

14,561‌

$

3,758‌

Strattec

Security 

358‌

(4,142‌)

—‌

Toast,

Class

B 

—‌

109,921‌

—‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares 

—‌

(121‌)

—‌

Tonian

Holdings,

Series

A,

Voting

Shares 

—‌

(168‌)

—‌

Triumph

Group 

812‌

28,302‌

—‌

Utah

Medical

Products 

318‌

1,267‌

158‌

Winmark 

974‌

6,906‌

307‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

—‌

—‌

53‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

—‌

—‌++

Affiliates

not

held

at

period

end

77,139‌

(53,989‌)

—‌

Totals

$

96,322‌#

$

330,734‌

$

9,401‌+

T.

ROWE

PRICE

Small-Cap

Value

Fund

20

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

Advantage

Energy 

$

13,605‌

$

7,309‌

$

3,814‌

$

65,233‌

Aegion 

66,189‌

207‌

53,030‌

—‌

AgroFresh

Solutions 

13,620‌

35‌

814‌

12,506‌

Alclear

Holdings 

—‌

9,877‌

—‌

*

American

Business

Bank 

11,578‌

34‌

11,893‌

—‌

American

Public

Education 

*

19,558‌

807‌

33,505‌

Belden 

106,313‌

4,342‌

5,295‌

144,246‌

Boston

Omaha,

Class

A 

38,219‌

11,991‌

828‌

69,899‌

BRP

Group,

Class

A 

*

48,324‌

614‌

105,125‌

Cedar

Realty

Trust,

REIT 

18,762‌

42‌

10,411‌

35,021‌

CIRCOR

International 

*

21,934‌

802‌

47,569‌

Clearwater

Paper 

40,562‌

10,769‌

189‌

53,014‌

Dogwood

State

Bank,

Non-

Voting

Shares 

*

—‌

—‌

3,508‌

Dogwood

State

Bank,

Voting

Shares 

*

—‌

—‌

1,723‌

Dogwood

State

Bank,

Warrants,

5/6/24 

*

—‌

—‌

173‌

Energy

Reservoir

Holdings,

Class

A-1 

13,777‌

—‌

(1‌)

20,875‌

FS

Bancorp 

14,791‌

1,242‌

224‌

19,589‌

HarborOne

Bancorp 

39,311‌

118‌

801‌

49,387‌

Harmonic 

81,249‌

5,747‌

1,040‌

99,881‌

Horizon

Global 

29,012‌

80‌

210‌

23,072‌

Howard

Bancorp 

15,629‌

47‌

17,856‌

—‌

I3

Verticals,

Class

A 

37,385‌

99‌

454‌

26,494‌

John

Marshall

Bancorp 

15,075‌

263‌

353‌

18,904‌

Live

Oak

Bancshares 

100,145‌

8,483‌

888‌

139,330‌

Lumber

Liquidators

Holdings 

68,058‌

5,417‌

374‌

44,225‌

Myers

Industries 

*

12,356‌

501‌

38,962‌

National

Bank

Holdings,

Class

A 

58,855‌

179‌

2,143‌

69,280‌

Oil-Dri 

11,443‌

32‌

1,007‌

*

Orion

Engineered

Carbons 

*

17,975‌

2,225‌

56,630‌

PCSB

Financial 

16,741‌

49‌

367‌

18,817‌

PDL

Community

Bancorp 

10,867‌

496‌

331‌

15,068‌

Preferred

Bank 

41,959‌

120‌

194‌

53,861‌

Provident

Bancorp 

14,844‌

43‌

427‌

19,261‌

Ranger

Energy

Services 

3,766‌

11‌

292‌

9,248‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

21

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

09/30/21

REX

American

Resources 

$

26,795‌

$

1,520‌

$

576‌

$

29,464‌

RGC

Resources 

*

1,776‌

311‌

10,038‌

Saga

Communications,

Class

A 

9,872‌

1,640‌

141‌

10,674‌

Saul

Centers,

REIT 

37,120‌

8,383‌

1,728‌

58,336‌

Sportsman's

Warehouse

Holdings 

60,963‌

165‌

18,044‌

—‌

Strattec

Security 

18,197‌

51‌

173‌

13,933‌

Toast,

Class

B 

*

—‌

—‌

183,323‌

Tonian

Holdings,

Series

A,

Non-

Voting

Shares 

—‌

8,652‌

—‌

8,531‌

Tonian

Holdings,

Series

A,

Voting

Shares 

—‌

12,093‌

—‌

11,925‌

Triumph

Group 

54,414‌

12,139‌

1,826‌

93,029‌

Utah

Medical

Products 

15,825‌

155‌

204‌

17,043‌

Winmark 

46,254‌

4,296‌

638‌

56,818‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

103,930‌

 ¤

 ¤

162,404‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

59,676‌

 ¤

 ¤

54,668‌

Total

$

2,004,592‌^

#

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

$9,401

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

$1,394,876.

*

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

22

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

23

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

24

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

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

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

25

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

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

September

30,

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

September

30,

2021,

totaled $170,708,000 for

the

period ended

September

30,

2021.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

12,129,522‌

$

710,456‌

$

195,913‌

$

13,035,891‌

Convertible

Preferred

Stocks

—‌

17,480‌

491,724‌

509,204‌

Preferred

Stocks

—‌

—‌

1,287‌

1,287‌

Short-Term

Investments

162,404‌

—‌

—‌

162,404‌

Securities

Lending

Collateral

54,668‌

—‌

—‌

54,668‌

Total

$

12,346,594‌

$

727,936‌

$

688,924‌

$

13,763,454‌

($000s)

Beginning

Balance

12/31/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

9/30/21

Investment

in

Securities

Common

Stocks

$

195,528‌

$

28,843‌

$

35,451‌

$

(63,909‌)

$

195,913‌

Convertible

Preferred

Stocks

279,859‌

61,195‌

190,512‌

(39,842‌)

491,724‌

Preferred

Stocks

—‌

—‌

1,287‌

—‌

1,287‌

Total

$

475,387‌

$

90,038‌

$

227,250‌

$

(103,751‌)

$

688,924‌

T.

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PRICE

Small-Cap

Value

Fund

26

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

$

195,913‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Expected

present

value

Discount

rate

for

cost

of

equity

20%

20%

Decrease

Discount

for

lack

of

collectability

50%

50%

Decrease

Timing

of

events

3.67

yrs

3.67

yrs

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

2.4x

–

7.8x

6.0x

Increase

Sales

growth

rate

11%

-

40%

30%

Increase

Enterprise

value

to

gross

profit

multiple

9.5x

–

15.4x

12.3x

Increase

Gross

profit

growth

rate

13%

-

27%

26%

Increase

Enterprise

value

to

EBITDA

multiple

10.8x

10.8x

Increase

T.

ROWE

PRICE

Small-Cap

Value

Fund

27

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Price

to

tangible

book

value

multiple

1.7x

–

1.9x

1.8x

Increase

Tangible

book

value

growth

rate

36%

36%

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.7x

12.7x

Increase

Discount

for

lack

of

collectability

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

3%

3%

Increase

Volatility

38%

38%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Preferred

Stocks

$

1,287‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

491,724‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

2.1x

–

3.7x

2.6x

Increase

T.

ROWE

PRICE

Small-Cap

Value

Fund

28

#

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.

F46-054Q3

09/21 

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**

Sales

growth

rate

8%

-

21%

12%

Increase

Enterprise

value

to

gross

profit

multiple

4.2x

–

4.8x

4.4x

Increase

Gross

profit

growth

rate

8%

-

23%

13%

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