T.

ROWE

PRICE

Small-Cap

Value

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

93.8%

COMMUNICATION

SERVICES

2.2%

Interactive

Media

&

Services

0.2%

Genius

Sports (1)

1,349,979‌

6,210‌

NerdWallet,

Class

A (1)

423,315‌

5,076‌

NerdWallet,

Class

A,

Acquisition

Date:

3/18/20,

Cost $10,575 (1)

(2)

755,363‌

8,604‌

Nextdoor

Holdings (1)

676,204‌

4,050‌

23,940‌

Media

2.0%

Advantage

Solutions (1)(3)

4,295,723‌

27,407‌

Advantage

Solutions,

Warrants,

12/31/26 (1)

400,000‌

376‌

Boston

Omaha,

Class

A (1)(4)

1,788,658‌

45,378‌

Cable

One 

71,100‌

104,108‌

Integral

Ad

Science

Holding (1)

804,020‌

11,096‌

Liberty

Broadband,

Class

C (1)

88,355‌

11,956‌

Saga

Communications,

Class

A (4)

465,700‌

10,641‌

Scholastic 

1,053,484‌

42,434‌

253,396‌

Total

Communication

Services

277,336‌

CONSUMER

DISCRETIONARY

7.9%

Auto

Components

1.2%

Dorman

Products (1)

544,621‌

51,755‌

Horizon

Global (1)(3)(4)

3,256,890‌

18,597‌

LCI

Industries 

321,718‌

33,398‌

Strattec

Security (1)(4)

352,006‌

13,119‌

Visteon (1)

335,891‌

36,656‌

153,525‌

Distributors

0.1%

Pool 

29,826‌

12,612‌

12,612‌

Diversified

Consumer

Services

0.8%

American

Public

Education (1)(4)

1,298,091‌

27,572‌

Clear

Secure,

Class

A (1)

877,243‌

23,580‌

Strategic

Education (3)

792,412‌

52,600‌

103,752‌

Hotels,

Restaurants

&

Leisure

1.7%

BJ's

Restaurants (1)

825,123‌

23,351‌

Dutch

Bros,

Class

A (1)(3)

41,586‌

2,299‌

Marriott

Vacations

Worldwide 

398,992‌

62,921‌

Papa

John's

International 

618,260‌

65,090‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Red

Robin

Gourmet

Burgers (1)

366,516‌

6,180‌

Sweetgreen,

Acquisition

Date:

8/15/16

-

9/13/19,

Cost $13,218 (1)

(2)

1,303,213‌

39,605‌

Sweetgreen,

Class

A (1)(3)

344,182‌

11,010‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $12,311 (1)(2)(5)(6)

1,439,856‌

9,489‌

219,945‌

Household

Durables

1.1%

Cavco

Industries (1)

321,420‌

77,414‌

Meritage

Homes (1)

878,790‌

69,627‌

147,041‌

Internet

&

Direct

Marketing

Retail

0.5%

Big

Sky

Growth

Partners (1)

1,318,047‌

12,930‌

Deliveroo

(GBP) (1)

5,974,865‌

8,809‌

Framebridge,

EC,

Acquisition

Date:

5/19/20,

Cost $908 (1)(2)(5)

907,892‌

273‌

Poshmark,

Class

A (1)

297,924‌

3,772‌

Rent

the

Runway,

Class

A (1)

431,719‌

2,974‌

ThredUp,

Class

A (1)(3)

936,539‌

7,211‌

Xometry,

Class

A (1)(3)

675,063‌

24,809‌

60,778‌

Leisure

Products

0.1%

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(2)(5)

1,138,910‌

10,915‌

10,915‌

Specialty

Retail

1.5%

Hibbett (3)

276,026‌

12,239‌

LL

Flooring

Holdings (1)(4)

2,328,444‌

32,645‌

Monro 

816,286‌

36,194‌

Petco

Health

&

Wellness (1)(3)

1,641,545‌

32,125‌

Warby

Parker,

Class

A (1)

903,169‌

30,536‌

Winmark (4)

258,793‌

56,935‌

200,674‌

Textiles,

Apparel

&

Luxury

Goods

0.9%

Bombas,

Acquisition

Date:

2/12/21,

Cost $14,601 (1)(2)(5)

3,303,766‌

26,328‌

On

Holding,

Class

A (1)

1,581,609‌

39,920‌

Steven

Madden 

1,340,155‌

51,783‌

118,031‌

Total

Consumer

Discretionary

1,027,273‌

CONSUMER

STAPLES

2.6%

Beverages

0.5%

Boston

Beer,

Class

A (1)

20,860‌

8,103‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Coca-Cola

Consolidated 

122,874‌

61,050‌

69,153‌

Food

&

Staples

Retailing

0.2%

Grocery

Outlet

Holding (1)(3)

801,822‌

26,284‌

26,284‌

Food

Products

1.5%

Nomad

Foods (1)

3,152,700‌

71,188‌

Post

Holdings (1)

535,852‌

37,113‌

Post

Holdings

Partnering (1)

905,204‌

9,120‌

Simply

Good

Foods (1)

1,232,462‌

46,772‌

Utz

Brands (3)

1,763,030‌

26,057‌

190,250‌

Household

Products

0.3%

Oil-Dri 

79,497‌

2,278‌

Reynolds

Consumer

Products 

1,192,300‌

34,982‌

37,260‌

Personal

Products

0.1%

BellRing

Brands (1)

679,427‌

15,681‌

15,681‌

Total

Consumer

Staples

338,628‌

ENERGY

8.0%

Energy

Equipment

&

Services

2.8%

Cactus,

Class

A 

1,477,743‌

83,847‌

ChampionX (1)

3,125,399‌

76,510‌

Enerflex

(CAD) (4)

5,415,480‌

34,698‌

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $20,875 (1)(2)(4)(5)(6)

20,874,541‌

20,875‌

Expro

Group

Holdings (1)

1,897,553‌

33,738‌

Liberty

Oilfield

Services,

Class

A (1)

2,646,490‌

39,221‌

NexTier

Oilfield

Solutions (1)

1,988,291‌

18,372‌

Ranger

Energy

Services (1)(4)

974,625‌

9,990‌

TechnipFMC (1)

6,643,382‌

51,486‌

368,737‌

Oil,

Gas

&

Consumable

Fuels

5.2%

Advantage

Energy

(CAD) (1)

8,403,904‌

58,551‌

ARC

Resources

(CAD) (3)

7,813,203‌

104,622‌

Devon

Energy 

2,854,663‌

168,796‌

International

Seaways 

1,327,651‌

23,951‌

Kimbell

Royalty

Partners 

1,199,313‌

19,501‌

Magnolia

Oil

&

Gas,

Class

A 

4,651,848‌

110,016‌

Matador

Resources 

2,205,104‌

116,827‌

REX

American

Resources (1)

257,618‌

25,659‌

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)(2)(5)

435‌

2,588‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $26,302 (1)(2)(5)

7,197‌

42,823‌

673,334‌

Total

Energy

1,042,071‌

FINANCIALS

24.4%

Banks

14.5%

BankUnited 

2,202,665‌

96,829‌

Burke

&

Herbert

Bank

&

Trust 

9,039‌

20,157‌

Coastal

Financial (1)

406,454‌

18,595‌

Columbia

Banking

System (3)

1,938,071‌

62,542‌

CrossFirst

Bankshares (1)

1,161,944‌

18,312‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $2,923 (1)(2)(4)(5)

292,336‌

3,838‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1,436 (1)(2)(4)(5)

143,582‌

1,885‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (1)(2)(4)(5)

43,592‌

210‌

East

West

Bancorp 

604,086‌

47,735‌

Eastern

Bankshares 

1,716,125‌

36,965‌

Farmers

&

Merchants

Bank

of

Long

Beach 

2,515‌

20,623‌

FB

Financial 

1,438,690‌

63,907‌

First

Bancshares 

679,931‌

22,887‌

Glacier

Bancorp 

1,079,924‌

54,299‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5,034 (1)(2)(5)

503,404‌

2,014‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (1)(2)(5)

100,220‌

72‌

HarborOne

Bancorp (4)

3,490,573‌

48,938‌

Home

BancShares 

3,703,814‌

83,706‌

Independent

Bank 

1,051,864‌

85,927‌

Independent

Bank

Group 

979,107‌

69,673‌

John

Marshall

Bancorp (1)(4)

1,029,256‌

22,541‌

Live

Oak

Bancshares (4)

2,218,086‌

112,878‌

Metropolitan

Bank

Holding (1)

191,588‌

19,498‌

National

Bank

Holdings,

Class

A (4)

1,683,079‌

67,794‌

Origin

Bancorp 

828,259‌

35,027‌

Pacific

Premier

Bancorp 

1,225,421‌

43,319‌

Pinnacle

Financial

Partners 

1,324,962‌

122,003‌

Popular 

1,007,671‌

82,367‌

Preferred

Bank (4)

778,086‌

57,648‌

Professional

Holding,

Class

A (1)

642,840‌

14,502‌

Sandy

Spring

Bancorp 

674,784‌

30,311‌

Southern

First

Bancshares (1)

334,201‌

16,991‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SouthState 

1,221,919‌

99,696‌

SVB

Financial

Group (1)

80,876‌

45,246‌

Texas

Capital

Bancshares (1)

932,248‌

53,427‌

Towne

Bank 

2,417,020‌

72,366‌

Veritex

Holdings 

529,990‌

20,230‌

Webster

Financial 

1,015,673‌

57,000‌

Western

Alliance

Bancorp 

1,827,977‌

151,393‌

1,883,351‌

Capital

Markets

2.3%

AssetMark

Financial

Holdings (1)

1,573,284‌

35,006‌

Bluescape

Opportunities

Acquisition (1)

929,414‌

9,303‌

Hercules

Capital (3)

1,038,793‌

18,771‌

Houlihan

Lokey 

872,708‌

76,624‌

Main

Street

Capital (3)

436,885‌

18,629‌

OTC

Markets

Group,

Class

A (3)

442,902‌

27,460‌

StepStone

Group,

Class

A 

1,411,775‌

46,673‌

Virtus

Investment

Partners 

276,168‌

66,277‌

298,743‌

Consumer

Finance

0.8%

Green

Dot,

Class

A (1)

1,070,112‌

29,407‌

PRA

Group (1)

527,735‌

23,790‌

PROG

Holdings (1)

1,863,173‌

53,603‌

106,800‌

Diversified

Financial

Services

0.1%

Conyers

Park

III

Acquisition (1)

1,343,147‌

13,485‌

Stash

Financial,

Acquisition

Date:

1/6/21

-

1/26/21,

Cost $1,244 (1)(2)(5)

38,630‌

2,251‌

15,736‌

Insurance

2.4%

BRP

Group,

Class

A (1)(4)

3,519,258‌

94,422‌

Coalition,

Acquisition

Date:

9/13/21,

Cost $357 (1)(2)(5)

21,587‌

357‌

Hagerty,

Class

A (1)

779,150‌

8,407‌

Hagerty

Group

Warrant,

Acquisition

Date:

8/18/21,

Cost $377 (1)

(2)

257,272‌

718‌

James

River

Group

Holdings (4)

2,073,410‌

51,296‌

Palomar

Holdings (1)

682,886‌

43,698‌

ProAssurance 

1,885,507‌

50,682‌

Ryan

Specialty

Group

Holdings,

Class

A (1)

979,228‌

37,984‌

Selective

Insurance

Group 

239,653‌

21,415‌

308,979‌

Mortgage

Real

Estate

Investment

Trusts

1.1%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT 

2,085,615‌

98,921‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

PennyMac

Mortgage

Investment

Trust,

REIT (3)

2,523,031‌

42,614‌

141,535‌

Thrifts

&

Mortgage

Finance

3.2%

Blue

Foundry

Bancorp (1)

903,300‌

12,240‌

Columbia

Financial (1)

852,165‌

18,330‌

FS

Bancorp (4)

554,600‌

17,193‌

Kearny

Financial 

2,596,094‌

33,438‌

PCSB

Financial (4)

1,012,446‌

19,348‌

PennyMac

Financial

Services 

997,894‌

53,088‌

Ponce

Financial

Group (1)(4)

1,791,077‌

18,591‌

Provident

Bancorp (4)

1,193,007‌

19,351‌

Radian

Group 

3,568,686‌

79,260‌

Walker

&

Dunlop 

449,360‌

58,156‌

WSFS

Financial 

1,969,939‌

91,838‌

420,833‌

Total

Financials

3,175,977‌

HEALTH

CARE

8.6%

Biotechnology

3.2%

Apellis

Pharmaceuticals (1)

632,469‌

32,136‌

Avidity

Biosciences (1)

1,040,535‌

19,219‌

Blueprint

Medicines (1)

329,132‌

21,025‌

C4

Therapeutics (1)

506,101‌

12,278‌

Cerevel

Therapeutics

Holdings (1)(3)

528,265‌

18,495‌

Denali

Therapeutics (1)

380,887‌

12,253‌

Fate

Therapeutics (1)

587,500‌

22,777‌

Generation

Bio (1)(3)

218,333‌

1,603‌

Icosavax (1)

396,452‌

2,791‌

IGM

Biosciences (1)

199,004‌

5,319‌

Immuneering,

Class

A (1)

328,252‌

2,124‌

Insmed (1)

1,003,482‌

23,582‌

Ionis

Pharmaceuticals (1)

584,000‌

21,631‌

Karuna

Therapeutics (1)

181,330‌

22,991‌

Kymera

Therapeutics (1)

455,353‌

19,271‌

Monte

Rosa

Therapeutics (1)(3)

451,149‌

6,325‌

Nkarta (1)(3)

834,800‌

9,500‌

Nurix

Therapeutics (1)

572,625‌

8,022‌

Progenic

Pharmaceuticals,

CVR (3)(5)

1,146,000‌

968‌

Prothena (1)

609,513‌

22,290‌

Relay

Therapeutics (1)

387,213‌

11,589‌

Repare

Therapeutics (1)(3)

612,611‌

8,724‌

Replimune

Group (1)

806,769‌

13,699‌

Rocket

Pharmaceuticals (1)

764,847‌

12,130‌

Tenaya

Therapeutics (1)(3)

393,880‌

4,640‌

Turning

Point

Therapeutics (1)

473,644‌

12,717‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Twist

Bioscience (1)

196,447‌

9,701‌

Ultragenyx

Pharmaceutical (1)

339,160‌

24,630‌

Xencor (1)

568,293‌

15,162‌

Zentalis

Pharmaceuticals (1)

428,479‌

19,770‌

417,362‌

Health

Care

Equipment

&

Supplies

1.7%

Atrion 

85,723‌

61,121‌

Figs,

Class

A (1)

2,133,518‌

45,913‌

Lantheus

Holdings (1)

711,662‌

39,362‌

Ortho

Clinical

Diagnostics

Holdings (1)

1,786,612‌

33,338‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,910 (1)(2)

(5)

2,631,808‌

2,158‌

Quidel (1)

132,129‌

14,859‌

Utah

Medical

Products (4)

243,418‌

21,874‌

218,625‌

Health

Care

Providers

&

Services

2.9%

Agiliti (1)

1,907,763‌

40,254‌

Alignment

Healthcare (1)

2,909,110‌

32,669‌

Ensign

Group 

740,867‌

66,685‌

Innovage

Holding (1)(3)

3,474,241‌

22,305‌

Molina

Healthcare (1)

52,285‌

17,442‌

Option

Care

Health (1)

3,018,154‌

86,198‌

Pennant

Group (1)

1,354,262‌

25,230‌

Select

Medical

Holdings 

3,693,034‌

88,596‌

379,379‌

Health

Care

Technology

0.5%

Certara (1)

559,178‌

12,011‌

Multiplan (1)

3,684,147‌

17,242‌

Phreesia (1)

1,255,024‌

33,082‌

62,335‌

Life

Sciences

Tools

&

Services

0.1%

Pacific

Biosciences

of

California (1)

1,157,596‌

10,534‌

Seer (1)(3)

522,256‌

7,959‌

18,493‌

Pharmaceuticals

0.2%

Arvinas (1)

296,997‌

19,988‌

19,988‌

Total

Health

Care

1,116,182‌

INDUSTRIALS

&

BUSINESS

SERVICES

14.4%

Aerospace

&

Defense

1.4%

Parsons (1)

1,011,760‌

39,155‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Triumph

Group (1)(4)

5,441,450‌

137,560‌

176,715‌

Airlines

0.3%

Allegiant

Travel (1)

90,007‌

14,616‌

Sun

Country

Airlines

Holdings (1)

986,962‌

25,839‌

40,455‌

Building

Products

2.1%

CSW

Industrials 

458,987‌

53,972‌

Insteel

Industries 

831,733‌

30,766‌

JELD-WEN

Holding (1)

1,543,473‌

31,301‌

UFP

Industries 

1,184,884‌

91,426‌

Zurn

Water

Solutions 

1,815,733‌

64,277‌

271,742‌

Commercial

Services

&

Supplies

1.9%

ABM

Industries 

641,354‌

29,528‌

Aris

Water

Solution,

Class

A (4)

1,629,662‌

29,660‌

Brady,

Class

A 

1,170,910‌

54,178‌

MSA

Safety 

294,363‌

39,062‌

Stericycle (1)

1,068,427‌

62,952‌

Tetra

Tech 

167,301‌

27,594‌

242,974‌

Construction

&

Engineering

0.5%

Ameresco,

Class

A (1)

217,848‌

17,319‌

Valmont

Industries 

211,307‌

50,418‌

67,737‌

Electrical

Equipment

1.3%

Array

Technologies (1)

1,375,724‌

15,504‌

Regal

Rexnord 

714,341‌

106,280‌

Shoals

Technologies

Group,

Class

A (1)

1,059,239‌

18,049‌

Thermon

Group

Holdings (1)

1,556,974‌

25,223‌

165,056‌

Machinery

3.0%

Alamo

Group 

269,000‌

38,679‌

Blue

Bird (1)

1,211,347‌

22,797‌

Chart

Industries (1)

82,985‌

14,254‌

CIRCOR

International (1)(4)

1,850,266‌

49,254‌

Enerpac

Tool

Group 

1,391,037‌

30,450‌

ESCO

Technologies 

600,123‌

41,961‌

Helios

Technologies 

872,021‌

69,980‌

Hydrofarm

Holdings

Group (1)(3)

129,357‌

1,960‌

John

Bean

Technologies 

100,202‌

11,871‌

RBC

Bearings (1)

170,165‌

32,992‌

SPX (1)

928,100‌

45,857‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Timken 

528,663‌

32,090‌

392,145‌

Marine

0.4%

Matson 

388,126‌

46,816‌

46,816‌

Professional

Services

0.7%

ASGN (1)

186,727‌

21,793‌

Checkr,

Acquisition

Date:

6/29/18,

Cost $866 (1)(2)(5)

70,474‌

3,410‌

FTI

Consulting (1)

162,445‌

25,540‌

Huron

Consulting

Group (1)

377,319‌

17,285‌

ManTech

International,

Class

A 

56,856‌

4,900‌

Upwork (1)

514,139‌

11,949‌

84,877‌

Road

&

Rail

0.6%

Landstar

System 

491,800‌

74,178‌

U.S.

Xpress

Enterprises,

Class

A (1)(3)

1,135,626‌

4,406‌

78,584‌

Trading

Companies

&

Distributors

2.2%

Air

Lease 

795,705‌

35,528‌

Beacon

Roofing

Supply (1)

1,707,601‌

101,227‌

Herc

Holdings 

82,263‌

13,745‌

McGrath

RentCorp 

591,270‌

50,246‌

Rush

Enterprises,

Class

A 

351,584‌

17,899‌

Univar

Solutions (1)

2,168,076‌

69,682‌

288,327‌

Total

Industrials

&

Business

Services

1,855,428‌

INFORMATION

TECHNOLOGY

5.8%

Communications

Equipment

0.8%

Harmonic (1)(4)

11,486,881‌

106,713‌

106,713‌

Electronic

Equipment,

Instruments

&

Components

1.7%

Belden 

1,929,718‌

106,906‌

Littelfuse 

411,812‌

102,710‌

PAR

Technology (1)

411,191‌

16,588‌

226,204‌

IT

Services

0.8%

I3

Verticals,

Class

A (1)

1,076,311‌

29,986‌

Megaport

(AUD) (1)

3,472,354‌

35,572‌

Payoneer

Global (1)(3)

3,480,113‌

15,521‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $3,039 (1)(2)(5)

135,360‌

3,264‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Toast,

Class

A (1)

659,199‌

14,324‌

98,667‌

Semiconductors

&

Semiconductor

Equipment

1.5%

Entegris 

458,705‌

60,210‌

Lattice

Semiconductor (1)

416,933‌

25,412‌

MaxLinear (1)

1,042,768‌

60,845‌

Onto

Innovation (1)

386,706‌

33,601‌

Semtech (1)

268,886‌

18,645‌

198,713‌

Software

1.0%

Apiture,

Acquisition

Date:

7/1/20,

Cost $7,412 (1)(2)(5)

467,672‌

10,106‌

Ceridian

HCM

Holding (1)

516,925‌

35,337‌

Clearwater

Analytics

Holdings,

Class

A (1)(3)

576,570‌

12,108‌

DoubleVerify

Holdings (1)

418,501‌

10,534‌

Gusto,

Acquisition

Date:

8/18/20

-

11/9/20,

Cost $7,473 (1)(2)(5)

559,515‌

16,087‌

nCino (1)

338,274‌

13,863‌

Paycor

HCM (1)(3)

396,047‌

11,529‌

Socure,

Acquisition

Date:

12/22/21,

Cost $2,410 (1)(2)(5)

149,990‌

2,410‌

Workiva (1)

106,446‌

12,561‌

124,535‌

Total

Information

Technology

754,832‌

MATERIALS

4.5%

Chemicals

2.0%

AgroFresh

Solutions (1)(3)(4)

5,635,705‌

10,708‌

American

Vanguard 

974,839‌

19,809‌

Element

Solutions 

3,085,300‌

67,568‌

Hawkins 

765,937‌

35,156‌

Minerals

Technologies 

319,437‌

21,131‌

Orion

Engineered

Carbons (4)

3,428,591‌

54,755‌

Quaker

Chemical (3)

317,500‌

54,867‌

263,994‌

Containers

&

Packaging

0.4%

Myers

Industries (4)

2,410,283‌

52,062‌

52,062‌

Metals

&

Mining

1.7%

Carpenter

Technology 

1,570,430‌

65,927‌

Constellium (1)

5,056,499‌

91,017‌

Reliance

Steel

&

Aluminum 

328,061‌

60,150‌

217,094‌

Paper

&

Forest

Products

0.4%

Clearwater

Paper (1)(4)

1,422,379‌

39,869‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

West

Fraser

Timber

(CAD) 

153,306‌

12,614‌

52,483‌

Total

Materials

585,633‌

REAL

ESTATE

10.1%

Equity

Real

Estate

Investment

Trusts

8.2%

American

Campus

Communities,

REIT 

947,923‌

53,055‌

Apartment

Investment

&

Management,

Class

A,

REIT (1)

2,614,654‌

19,139‌

Apple

Hospitality

REIT 

3,284,506‌

59,023‌

Cedar

Realty

Trust,

REIT 

326,639‌

9,028‌

CubeSmart,

REIT 

1,009,600‌

52,529‌

DigitalBridge

Group,

REIT (1)

4,803,200‌

34,583‌

EastGroup

Properties,

REIT 

492,300‌

100,075‌

Essential

Properties

Realty

Trust,

REIT 

2,081,545‌

52,663‌

IQHQ,

REIT (1)(5)

1,105,380‌

21,710‌

JBG

SMITH

Properties,

REIT 

2,714,842‌

79,328‌

NexPoint

Residential

Trust,

REIT 

170,500‌

15,398‌

Pebblebrook

Hotel

Trust,

REIT 

2,479,000‌

60,686‌

PotlatchDeltic,

REIT 

1,162,646‌

61,306‌

PS

Business

Parks,

REIT 

517,700‌

87,015‌

Safehold,

REIT (3)

1,046,250‌

58,015‌

Saul

Centers,

REIT (4)

1,341,306‌

70,687‌

Terreno

Realty,

REIT 

1,839,100‌

136,185‌

UMH

Properties,

REIT 

460,400‌

11,321‌

Washington

Real

Estate

Investment

Trust,

REIT 

2,977,800‌

75,934‌

1,057,680‌

Real

Estate

Management

&

Development

1.9%

eXp

World

Holdings (3)

615,800‌

13,036‌

FirstService 

456,200‌

66,094‌

Opendoor

Technologies,

Class

A (1)

3,772,797‌

32,635‌

St.

Joe 

1,683,162‌

99,711‌

Tricon

Residential (3)

2,169,634‌

34,454‌

245,930‌

Total

Real

Estate

1,303,610‌

UTILITIES

5.3%

Electric

Utilities

2.2%

IDACORP 

949,000‌

109,477‌

MGE

Energy 

959,537‌

76,561‌

PNM

Resources 

1,056,775‌

50,377‌

Portland

General

Electric 

944,300‌

52,078‌

288,493‌

Gas

Utilities

1.6%

Chesapeake

Utilities 

651,992‌

89,818‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

ONE

Gas 

769,009‌

67,857‌

RGC

Resources (4)

580,462‌

12,410‌

Southwest

Gas

Holdings 

520,583‌

40,757‌

210,842‌

Independent

Power

&

Renewable

Electricity

Producers

0.4%

NextEra

Energy

Partners 

562,757‌

46,911‌

46,911‌

Multi-Utilities

0.6%

NorthWestern 

1,239,702‌

74,990‌

74,990‌

Water

Utilities

0.5%

Artesian

Resources,

Class

A 

70,305‌

3,413‌

California

Water

Service

Group 

641,354‌

38,019‌

SJW

Group 

308,243‌

21,448‌

62,880‌

Total

Utilities

684,116‌

Total

Common

Stocks

(Cost

$7,834,573)

12,161,086‌

CONVERTIBLE

PREFERRED

STOCKS

4.6%

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)(2)(5)

695,708‌

40,671‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $14,389 (1)

(2)(5)

382,387‌

22,354‌

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $2,539 (1)(2)

(5)(6)

282,711‌

1,863‌

64,888‌

Internet

&

Direct

Marketing

Retail

0.1%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $12,383 (1)(2)(5)

2,127,647‌

12,383‌

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $5,471 (1)(2)(5)

406,249‌

6,016‌

18,399‌

Leisure

Products

0.2%

Rad

Power

Bikes,

Series

C,

Acquisition

Date:

1/22/21,

Cost $5,494 (1)(2)(5)

1,138,910‌

10,916‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $10,332 (1)(2)(5)

1,078,119‌

10,332‌

21,248‌

Total

Consumer

Discretionary

104,535‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

STAPLES

0.5%

Food

Products

0.5%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $15,529 (1)(2)(5)

841,026‌

52,277‌

Farmers

Business

Network,

Series

E,

Acquisition

Date:

2/11/19,

Cost $3,362 (1)(2)(5)

144,247‌

8,966‌

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $881 (1)(2)(5)

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)(2)(4)

2,000,000‌

19,475‌

Total

Energy

19,475‌

FINANCIALS

0.6%

Banks

0.1%

CRB

Group,

Acquisition

Date:

1/28/22,

Cost $11,470 (1)(2)(5)

109,095‌

11,470‌

11,470‌

Diversified

Financial

Services

0.3%

Stash

Financial,

Series

F,

Acquisition

Date:

4/24/20,

Cost $11,157 (1)(2)(5)

445,224‌

25,943‌

Stash

Financial,

Series

G,

Acquisition

Date:

1/26/21,

Cost $12,559 (1)(2)(5)

335,107‌

19,527‌

45,470‌

Insurance

0.2%

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $21,422 (1)(2)

(5)

1,296,510‌

21,422‌

21,422‌

Total

Financials

78,362‌

HEALTH

CARE

0.7%

Biotechnology

0.1%

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $9,269 (1)(2)(5)

331,043‌

9,269‌

9,269‌

Health

Care

Providers

&

Services

0.2%

Capsule,

Series

D,

Acquisition

Date:

4/7/21,

Cost $6,130 (1)(2)(5)

423,036‌

6,130‌

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $8,982 (1)(2)(5)

3,729,550‌

11,791‌

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $10,347 (1)(2)(5)

3,272,913‌

10,347‌

28,268‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

0.4%

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,453 (1)(2)(5)

472,388‌

28,688‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $13,636 (1)(2)(5)

307,043‌

18,647‌

47,335‌

Total

Health

Care

84,872‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.9%

Aerospace

&

Defense

0.3%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $14,587 (1)(2)(5)

323,903‌

22,024‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $14,645 (1)(2)

(5)

2,622,728‌

14,645‌

36,669‌

Electrical

Equipment

0.3%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $12,776 (1)

(2)(5)

613,518‌

12,776‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $8,652 (1)(2)(4)(5)

8,531,194‌

9,811‌

Tonian

Holdings,

Series

A,

Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $15,688 (1)(2)(4)(5)

15,050,275‌

17,307‌

39,894‌

Professional

Services

0.1%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4,046 (1)(2)(5)

296,360‌

14,341‌

14,341‌

Road

&

Rail

0.2%

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $19,800 (1)(2)

(5)

1,462,353‌

24,126‌

24,126‌

Total

Industrials

&

Business

Services

115,030‌

INFORMATION

TECHNOLOGY

0.8%

IT

Services

0.1%

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $684 (1)(2)(5)

30,470‌

735‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $68 (1)(2)(5)

3,030‌

73‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $74 (1)(2)(5)

3,310‌

80‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $8,658 (1)(2)(5)

385,620‌

9,297‌

10,185‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Software

0.7%

Gusto,

Series

B,

Acquisition

Date:

8/18/20,

Cost $1,746 (1)(2)(5)

129,187‌

3,927‌

Gusto,

Series

B-2,

Acquisition

Date:

8/18/20,

Cost $3,259 (1)(2)(5)

241,168‌

7,331‌

Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $5,412 (1)(2)(5)

711,894‌

21,638‌

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $7,227 (1)(2)(5)

542,859‌

16,501‌

Mesosphere,

Series

D,

Acquisition

Date:

5/4/18,

Cost $13,431 (1)

(2)(5)

1,214,930‌

1,823‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,195 (1)(2)(5)

857,551‌

17,876‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $6,458 (1)(2)(5)

309,802‌

6,458‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $9,505 (1)(2)(5)

627,251‌

11,077‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2,929 (1)(2)

(5)

182,290‌

2,929‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $2,404 (1)

(2)(5)

149,613‌

2,404‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $43 (1)(2)(5)

2,706‌

43‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $5,572 (1)(2)(5)

346,775‌

5,572‌

97,579‌

Total

Information

Technology

107,764‌

MATERIALS

0.2%

Chemicals

0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $11,381 (1)(2)

(5)

275,749‌

8,595‌

8,595‌

Metals

&

Mining

0.1%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $14,318 (1)(2)(5)

522,347‌

14,318‌

14,318‌

Total

Materials

22,913‌

Total

Convertible

Preferred

Stocks

(Cost

$407,936)

595,851‌

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)(2)(4)(5)(6)

1,286,870‌

1,287‌

Total

Energy

1,287‌

Total

Preferred

Stocks

(Cost

$1,287)

1,287‌

T.

ROWE

PRICE

Small-Cap

Value

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

1.7%

Money

Market

Funds

1.7%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (4)(7)

220,156,195‌

220,156‌

Total

Short-Term

Investments

(Cost

$220,156)

220,156‌

SECURITIES

LENDING

COLLATERAL

0.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (4)(7)

11,073,675‌

11,074‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

11,074‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.5%

Money

Market

Funds

0.5%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (4)(7)

62,245,490‌

62,245‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

62,245‌

Total

Securities

Lending

Collateral

(Cost

$73,319)

73,319‌

Total

Investments

in

Securities

100.7%

(Cost

$8,537,271)

$

13,051,699‌

Other

Assets

Less

Liabilities

(0.7)%

(

86,675‌

)

Net

Assets

100.0%

$

12,965,024‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

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

$807,418

and

represents

6.2%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2022.

(4)

Affiliated

Companies

(5)

Level

3

in

fair

value

hierarchy.

T.

ROWE

PRICE

Small-Cap

Value

Fund

17

.

.

.

.

.

.

.

.

.

.

(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)

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

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Small-Cap

Value

Fund

18

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2022.

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 

$

11,121‌

$

(

2,967‌

)

$

—‌

AgroFresh

Solutions 

(

696‌

)

184‌

—‌

American

Public

Education 

(

3‌

)

(

1,313‌

)

—‌

Aris

Water

Solution,

Class

A 

60‌

8,558‌

264‌

Boston

Omaha,

Class

A 

81‌

(

6,099‌

)

—‌

BRP

Group,

Class

A 

235‌

(

29,317‌

)

—‌

CIRCOR

International 

3‌

(

900‌

)

—‌

Clearwater

Paper 

143‌

(

12,100‌

)

—‌

Dogwood

State

Bank,

Non-Voting

Shares 

—‌

—‌

—‌

Dogwood

State

Bank,

Voting

Shares 

—‌

—‌

—‌

Dogwood

State

Bank,

Warrants,

5/6/24 

—‌

—‌

—‌

Enerflex 

(

83‌

)

2,071‌

74‌

Energy

Reservoir

Holdings,

Class

A-1 

—‌

—‌

—‌

Energy

Reservoir

Holdings,

Class

A-3 

—‌

—‌

—‌

FS

Bancorp 

53‌

(

1,529‌

)

112‌

HarborOne

Bancorp 

101‌

(

2,962‌

)

175‌

Harmonic 

267‌

(

28,351‌

)

—‌

Horizon

Global 

62‌

(

7,465‌

)

—‌

I3

Verticals,

Class

A 

42‌

5,453‌

—‌

James

River

Group

Holdings 

(

11‌

)

(

3,949‌

)

92‌

John

Marshall

Bancorp 

32‌

2,006‌

—‌

Live

Oak

Bancshares 

490‌

(

80,600‌

)

67‌

LL

Flooring

Holdings 

(

216‌

)

(

6,930‌

)

—‌

Myers

Industries 

76‌

3,986‌

287‌

National

Bank

Holdings,

Class

A 

334‌

(

6,500‌

)

391‌

Orion

Engineered

Carbons 

107‌

(

7,040‌

)

92‌

PCSB

Financial 

23‌

48‌

61‌

Ponce

Financial

Group ^^

7‌

(

295‌

)

—‌

Preferred

Bank 

972‌

952‌

346‌

Provident

Bancorp 

29‌

(

2,872‌

)

48‌

Ranger

Energy

Services 

(

81‌

)

75‌

—‌

Ranger

Energy

Services,

Series

A 

—‌

(

38‌

)

—‌

REX

American

Resources 

1,961‌

(

543‌

)

—‌

RGC

Resources 

—‌

(

524‌

)

86‌

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

Saga

Communications,

Class

A 

$

22‌

$

(

564‌

)

$

75‌

Saul

Centers,

REIT 

119‌

(

431‌

)

750‌

Strattec

Security 

37‌

55‌

—‌

Tonian

Holdings,

Series

A,

Non-Voting

Shares 

—‌

1,280‌

—‌

Tonian

Holdings,

Series

A,

Voting

Shares 

—‌

1,787‌

—‌

Triumph

Group 

182‌

36,617‌

—‌

Utah

Medical

Products 

58‌

(

2,428‌

)

71‌

Winmark 

308‌

(

7,715‌

)

118‌

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

—‌

—‌

59‌

++

Totals

$

15,835‌

#

$

(

150,360‌

)

$

3,168‌

+

T.

ROWE

PRICE

Small-Cap

Value

Fund

20

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

Advantage

Energy 

$

75,324‌

$

—‌

$

13,806‌

$

*

AgroFresh

Solutions 

11,399‌

—‌

875‌

10,708‌

American

Public

Education 

28,992‌

—‌

107‌

27,572‌

Aris

Water

Solution,

Class

A 

*

—‌

270‌

29,660‌

Boston

Omaha,

Class

A 

51,581‌

—‌

104‌

45,378‌

BRP

Group,

Class

A 

*

10,290‌

126‌

94,422‌

CIRCOR

International 

42,771‌

7,546‌

163‌

49,254‌

Clearwater

Paper 

50,519‌

1,480‌

30‌

39,869‌

Dogwood

State

Bank,

Non-

Voting

Shares 

3,838‌

—‌

—‌

3,838‌

Dogwood

State

Bank,

Voting

Shares 

1,885‌

—‌

—‌

1,885‌

Dogwood

State

Bank,

Warrants,

5/6/24 

210‌

—‌

—‌

210‌

Enerflex 

*

557‌

498‌

34,698‌

Energy

Reservoir

Holdings,

Class

A-1 

20,875‌

—‌

—‌

20,875‌

Energy

Reservoir

Holdings,

Class

A-3 

1,287‌

—‌

—‌

1,287‌

FS

Bancorp 

18,954‌

—‌

232‌

17,193‌

HarborOne

Bancorp 

*

—‌

93‌

48,938‌

Harmonic 

133,704‌

2,465‌

1,105‌

106,713‌

Horizon

Global 

26,086‌

—‌

24‌

18,597‌

I3

Verticals,

Class

A 

24,840‌

—‌

307‌

*

James

River

Group

Holdings 

*

13,222‌

164‌

51,296‌

John

Marshall

Bancorp 

20,584‌

—‌

49‌

22,541‌

Live

Oak

Bancshares 

192,229‌

1,363‌

114‌

112,878‌

LL

Flooring

Holdings 

40,251‌

—‌

676‌

32,645‌

Myers

Industries 

39,980‌

8,165‌

69‌

52,062‌

National

Bank

Holdings,

Class

A 

74,898‌

—‌

604‌

67,794‌

Orion

Engineered

Carbons 

*

7,949‌

86‌

54,755‌

PCSB

Financial 

19,349‌

—‌

49‌

19,348‌

Ponce

Financial

Group ^^

15,142‌

3,800‌

56‌

18,591‌

Preferred

Bank 

57,766‌

—‌

1,070‌

57,648‌

Provident

Bancorp 

*

—‌

51‌

19,351‌

Ranger

Energy

Services 

10,281‌

—‌

366‌

9,990‌

Ranger

Energy

Services,

Series

A 

19,513‌

—‌

—‌

19,475‌

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

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

REX

American

Resources 

$

33,635‌

$

—‌

$

7,433‌

$

*

RGC

Resources 

10,156‌

2,818‌

40‌

12,410‌

Saga

Communications,

Class

A 

11,222‌

—‌

17‌

10,641‌

Saul

Centers,

REIT 

69,918‌

1,335‌

135‌

70,687‌

Strattec

Security 

13,203‌

—‌

139‌

13,119‌

Tonian

Holdings,

Series

A,

Non-

Voting

Shares 

8,531‌

—‌

—‌

9,811‌

Tonian

Holdings,

Series

A,

Voting

Shares 

11,925‌

3,595‌

—‌

17,307‌

Triumph

Group 

97,338‌

3,865‌

260‌

137,560‌

Utah

Medical

Products 

22,862‌

1,474‌

34‌

21,874‌

Winmark 

65,358‌

—‌

708‌

56,935‌

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

269,856‌

¤

¤

293,475‌

Total

$

1,733,290‌

^

#

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

$3,168

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

$1,421,511.

^^

Includes

previously

reported

affiliates

PDL

Community

Bancorp

acquired

through

a

corporate

action.

*

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

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)

T.

ROWE

PRICE

Small-Cap

Value

Fund

23

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

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.

T.

ROWE

PRICE

Small-Cap

Value

Fund

24

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

March

31,

2022

(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,

2022.

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,

2022,

totaled $(5,724,000) for

the

period ended

March

31,

2022.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

11,673,262‌

$

303,793‌

$

184,031‌

$

12,161,086‌

Convertible

Preferred

Stocks

—‌

19,475‌

576,376‌

595,851‌

Preferred

Stocks

—‌

—‌

1,287‌

1,287‌

Short-Term

Investments

220,156‌

—‌

—‌

220,156‌

Securities

Lending

Collateral

73,319‌

—‌

—‌

73,319‌

Total

$

11,966,737‌

$

323,268‌

$

761,694‌

$

13,051,699‌

($000s)

Beginning

Balance

12/31/21

Gain

(Loss)

During

Period

Total

Purchases

Ending

Balance

3/31/22

Investment

in

Securities

Common

Stocks

$

186,369‌

$

(2,338‌)

$

—‌

$

184,031‌

Convertible

Preferred

Stocks

522,958‌

(3,386‌)

56,804‌

576,376‌

Preferred

Stocks

1,287‌

—‌

—‌

1,287‌

Total

$

710,614‌

$

(5,724‌)

$

56,804‌

$

761,694‌

T.

ROWE

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

$

184,031‌

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

2.75

yrs

2.75

yrs

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

2.0x

-

18.2x

6.2x

Increase

Sales

growth

rate

23%

-

45%

30%

Increase

Enterprise

value

to

gross

profit

multiple

7.1x

-

24.5x

14.7x

Increase

Gross

profit

growth

rate

36%

-

65%

50%

Increase

Enterprise

value

to

EBITDA

multiple

10.5x

-

22.3x

12.2x

Increase

EBITDA

growth

rate

38%

38%

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

1.4x

-

1.5x

1.5x

Increase

Tangible

book

value

growth

rate

15%

15%

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.5x

12.5x

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

3%

3%

Increase

Volatility

41%

-

46%

44%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Preferred

Stocks

$

1,287‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

576,376‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

2.0x

-

18.2x

6.2x

Increase

Sales

growth

rate

8%

-

59%

32%

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.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

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

4.2x

-

24.5x

15.4x

Increase

Gross

profit

growth

rate

8%

-

65%

55%

Increase

Enterprise

value

to

EBITDA

multiple

17.9x

-

22.3x

21.0x

Increase

EBITDA

growth

rate

38%

38%

Increase

Projected

enterprise

value

to

EBITDA

multiple

4.3x

4.3x

Increase

Discount

rate

for

cost

of

capital

30%

30%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T.

ROWE

PRICE

Small-Cap

Value

Fund

29

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F46-054Q1

03/22