T.
ROWE
PRICE
Small-Cap
Value
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.9%
COMMUNICATION
SERVICES
0.8%
Diversified
Telecommunication
Services
0.0%
Frontier
Communications
Parent (1)
213,100
4,852
4,852
Media
0.8%
Advantage
Solutions (1)
5,533,223
8,743
Advantage
Solutions,
Warrants,
12/31/26,
11.50% (1)
400,000
50
AMC
Networks,
Class
A (1)
443,200
7,791
Boston
Omaha,
Class
A (1)
1,462,022
34,606
New
York
Times,
Class
A
650,800
25,303
Saga
Communications,
Class
A
244,675
5,439
81,932
Total
Communication
Services
86,784
CONSUMER
DISCRETIONARY
9.6%
Automobile
Components
1.3%
Dorman
Products (1)
616,633
53,191
LCI
Industries
333,341
36,624
Strattec
Security (1)(2)
347,806
7,912
Visteon (1)
254,746
39,952
137,679
Distributors
0.1%
Pool
Corp
29,263
10,021
10,021
Diversified
Consumer
Services
1.3%
Clear
Secure,
Class
A (3)
835,843
21,874
Strategic
Education
1,187,512
106,674
128,548
Hotels,
Restaurants
&
Leisure
1.6%
BJ's
Restaurants (1)
844,537
24,610
Deliveroo
(GBP) (1)
14,164,351
16,045
Marriott
Vacations
Worldwide
358,256
48,314
Papa
John's
International
859,481
64,401
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $12,311 (1)(4)(5)(6)
1,439,856
5,774
159,144
Household
Durables
1.3%
Cavco
Industries (1)
88,598
28,151
Meritage
Homes
865,390
101,043
129,194
T.
ROWE
PRICE
Small-Cap
Value
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Leisure
Products
0.2%
Peloton
Interactive,
Class
A (1)
1,096,200
12,431
Rad
Power
Bikes,
Class
A,
Acquisition
Date:
1/22/21,
Cost $5,494 (1)(5)(6)
1,138,910
4,863
17,294
Specialty
Retail
3.2%
Academy
Sports
&
Outdoors
669,200
43,665
Asbury
Automotive
Group (1)
157,000
32,970
Caleres
830,600
17,966
Children's
Place (1)
429,300
17,279
Farfetch,
Class
A (1)(3)
2,142,700
10,521
Floor
&
Decor
Holdings,
Class
A (1)
149,700
14,704
Framebridge,
EC,
Acquisition
Date:
5/19/20,
Cost $908 (1)(5)(6)
907,892
409
Group
1
Automotive
156,100
35,344
Hibbett
267,412
15,772
Monro
1,375,466
67,989
Petco
Health
&
Wellness (1)
2,981,037
26,829
Rent
the
Runway,
Class
A (1)
2,977,165
8,485
RH (1)
27,800
6,771
Winmark
75,468
24,182
322,886
Textiles,
Apparel
&
Luxury
Goods
0.6%
Bombas,
Acquisition
Date:
2/12/21,
Cost $14,601 (1)(5)(6)
3,303,766
11,596
On
Holding,
Class
A (1)
38,409
1,192
Steven
Madden
1,449,740
52,191
64,979
Total
Consumer
Discretionary
969,745
CONSUMER
STAPLES
2.8%
Beverages
0.7%
Boston
Beer,
Class
A (1)
14,366
4,722
Coca-Cola
Consolidated
116,374
62,269
66,991
Consumer
Staples
Distribution
&
Retail
0.1%
Sprouts
Farmers
Market (1)
206,600
7,237
7,237
Food
Products
1.6%
Nomad
Foods (1)
3,659,500
68,579
Post
Holdings (1)
531,530
47,769
Post
Holdings
Partnering (1)
895,104
9,139
Simply
Good
Foods (1)
1,079,181
42,919
168,406
T.
ROWE
PRICE
Small-Cap
Value
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
0.4%
Reynolds
Consumer
Products
1,318,000
36,245
36,245
Total
Consumer
Staples
278,879
ENERGY
7.1%
Energy
Equipment
&
Services
3.4%
Cactus,
Class
A
1,134,529
46,777
ChampionX
2,235,562
60,651
Enerflex
(CAD)
7,076,829
42,152
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $20,875 (1)(2)(4)(5)(6)
20,874,541
9,393
Expro
Group
Holdings (1)
2,459,809
45,162
Liberty
Energy,
Class
A
2,484,399
31,825
Ranger
Energy
Services (1)(2)
2,704,555
27,559
TechnipFMC (1)
6,447,893
88,014
351,533
Oil,
Gas
&
Consumable
Fuels
3.7%
Advantage
Energy
(CAD) (1)
4,275,947
24,710
International
Seaways
388,272
16,183
Magnolia
Oil
&
Gas,
Class
A
4,242,177
92,819
Matador
Resources
1,963,451
93,558
Range
Resources
437,000
11,567
REX
American
Resources (1)
311,671
8,911
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $1,314 (1)(5)(6)
435
7,451
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $26,302 (1)(5)(6)
7,197
123,273
378,472
Total
Energy
730,005
FINANCIALS
24.2%
Banks
14.3%
BankUnited
2,491,658
56,262
Blue
Foundry
Bancorp (1)
897,152
8,541
Burke
&
Herbert
Financial
Services
354,440
26,051
Coastal
Financial (1)
534,616
19,252
Columbia
Banking
System
3,352,362
71,808
Columbia
Financial (1)
774,110
14,151
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $3,215 (1)(5)(6)
30,579
2,366
CrossFirst
Bankshares (1)
1,746,122
18,299
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2,923 (1)(5)(6)
292,336
5,262
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $1,436 (1)(5)(6)
143,582
2,584
T.
ROWE
PRICE
Small-Cap
Value
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (1)(5)(6)
43,592
371
East
West
Bancorp
902,675
50,098
Eastern
Bankshares
4,689,826
59,186
Farmers
&
Merchants
Bank
of
Long
Beach
2,471
14,950
FB
Financial
1,525,723
47,419
First
Bancshares
659,581
17,037
FS
Bancorp (2)
602,358
18,077
Glacier
Bancorp
63,350
2,661
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5,034 (1)(5)(6)
503,404
1,213
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(5)(6)
100,220
16
HarborOne
Bancorp
2,727,173
33,271
Home
BancShares
3,592,651
77,996
Independent
Bank
505,695
33,184
Independent
Bank
Group
827,312
38,346
John
Marshall
Bancorp (2)
999,388
21,587
Kearny
Financial
2,519,355
20,457
Live
Oak
Bancshares (2)
2,482,036
60,487
Metropolitan
Bank
Holding (1)(2)
556,523
18,861
National
Bank
Holdings,
Class
A (2)
1,956,565
65,467
Origin
Bancorp
903,049
29,033
Pacific
Premier
Bancorp
1,188,973
28,559
Pinnacle
Financial
Partners
1,408,834
77,711
Ponce
Financial
Group (1)(3)
1,771,377
13,905
Popular
1,283,736
73,699
Preferred
Bank (2)
720,009
39,464
Provident
Bancorp
1,179,907
8,071
Sandy
Spring
Bancorp
1,044,037
27,124
Southern
First
Bancshares (1)(2)
454,622
13,957
SouthState
1,373,037
97,843
Texas
Capital
Bancshares (1)
1,140,138
55,821
Towne
Bank
2,233,152
59,513
Veritex
Holdings
830,490
15,165
Webster
Financial
759,187
29,927
Western
Alliance
Bancorp
825,707
29,346
WSFS
Financial
1,550,728
58,323
1,462,721
Capital
Markets
2.3%
AssetMark
Financial
Holdings (1)
1,517,684
47,731
Hercules
Capital (3)
783,970
10,105
Houlihan
Lokey
846,723
74,080
Main
Street
Capital (3)
398,032
15,706
OTC
Markets
Group,
Class
A
411,454
23,247
T.
ROWE
PRICE
Small-Cap
Value
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
StepStone
Group,
Class
A
647,575
15,717
Virtus
Investment
Partners
268,552
51,130
237,716
Consumer
Finance
1.2%
Green
Dot,
Class
A (1)
2,264,798
38,909
NerdWallet,
Class
A (1)
1,223,978
19,804
PRA
Group (1)
738,866
28,786
PROG
Holdings (1)
1,336,684
31,800
119,299
Financial
Services
2.7%
Conyers
Park
III
Acquisition (1)
1,328,247
14,106
Payoneer
Global (1)
2,932,476
18,416
PennyMac
Financial
Services
1,529,394
91,167
Radian
Group
3,890,276
85,975
Stash
Financial,
Acquisition
Date:
1/6/21
-
1/26/21,
Cost $1,244 (1)(5)(6)
38,630
563
Toast,
Class
A (1)
315,147
5,594
Voya
Financial (3)
227,800
16,279
Walker
&
Dunlop
619,460
47,184
279,284
Insurance
2.6%
BRP
Group,
Class
A (1)(3)
2,524,858
64,283
Coalition,
Acquisition
Date:
9/13/21,
Cost $357 (1)(5)(6)
21,587
465
Hagerty,
Warrants,
12/1/26,
11.50% (1)
257,272
617
James
River
Group
Holdings (2)
2,279,310
47,068
Palomar
Holdings (1)
762,686
42,100
ProAssurance
1,348,627
24,923
Ryan
Specialty
Holdings,
Class
A (1)
1,130,028
45,472
Selective
Insurance
Group
232,626
22,176
Skyward
Specialty
Insurance
Group (1)
704,896
15,416
262,520
Mortgage
Real
Estate
Investment
Trusts
1.1%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
REIT (3)
2,477,519
70,857
PennyMac
Mortgage
Investment
Trust,
REIT
3,314,672
40,870
111,727
Total
Financials
2,473,267
HEALTH
CARE
11.1%
Biotechnology
4.3%
Apellis
Pharmaceuticals (1)
541,325
35,706
Ascendis
Pharma,
ADR (1)
276,700
29,668
Avidity
Biosciences (1)
249,880
3,836
Blueprint
Medicines (1)
506,232
22,775
Cerevel
Therapeutics
Holdings (1)
522,065
12,733
T.
ROWE
PRICE
Small-Cap
Value
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CRISPR
Therapeutics (1)(3)
317,100
14,342
Cytokinetics (1)
209,900
7,386
Denali
Therapeutics (1)
439,838
10,134
Generation
Bio (1)
798,008
3,431
HilleVax (1)
348,562
5,762
Icosavax (1)(3)
1,606,998
9,321
Insmed (1)
1,967,329
33,543
Ionis
Pharmaceuticals (1)
907,500
32,434
Karuna
Therapeutics (1)
179,930
32,683
Kura
Oncology (1)
637,118
7,792
Kymera
Therapeutics (1)
936,553
27,750
MacroGenics (1)
1,805,400
12,945
Monte
Rosa
Therapeutics (1)(3)
582,949
4,541
Morphic
Holding (1)
86,000
3,237
MorphoSys,
ADR (1)
1,554,500
6,140
Nkarta (1)
1,644,841
5,839
Progenic
Pharmaceuticals,
CVR (1)(3)(6)
1,146,000
1,319
Prometheus
Biosciences (1)
144,142
15,469
Prothena (1)
104,813
5,080
Relay
Therapeutics (1)
809,413
13,331
Repare
Therapeutics (1)(3)
722,739
7,112
Replimune
Group (1)
498,229
8,799
Syndax
Pharmaceuticals (1)
596,200
12,592
Tenaya
Therapeutics (1)
883,480
2,518
Verve
Therapeutics (1)
513,829
7,409
Xencor (1)
1,198,558
33,428
Zentalis
Pharmaceuticals (1)
549,285
9,448
438,503
Health
Care
Equipment
&
Supplies
2.8%
Atrion
68,517
43,022
Avanos
Medical (1)
776,700
23,099
Embecta
1,669,829
46,956
Figs,
Class
A (1)
4,451,617
27,555
Lantheus
Holdings (1)
695,319
57,406
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,910 (1)(5)
(6)
2,631,808
1,263
QuidelOrtho (1)
699,568
62,325
Utah
Medical
Products (2)
243,855
23,110
284,736
Health
Care
Providers
&
Services
3.0%
Agiliti (1)
2,262,363
36,153
Alignment
Healthcare (1)
3,209,110
20,410
Capsule,
Acquisition
Date:
4/7/21,
Cost $3,065 (1)(5)(6)
211,518
620
Ensign
Group
718,672
68,662
Innovage
Holding (1)
3,566,526
28,461
T.
ROWE
PRICE
Small-Cap
Value
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Option
Care
Health (1)
854,843
27,158
Pennant
Group (1)
1,507,262
21,524
Select
Medical
Holdings
4,183,834
108,152
311,140
Health
Care
Technology
0.9%
Certara (1)
796,680
19,208
Multiplan (1)(3)
16,266,109
17,242
Phreesia (1)
1,682,924
54,342
90,792
Life
Sciences
Tools
&
Services
0.0%
Seer (1)
904,056
3,490
3,490
Pharmaceuticals
0.1%
Structure
Therapeutics,
ADR (1)
177,574
4,224
Ventyx
Biosciences (1)
77,300
2,590
6,814
Total
Health
Care
1,135,475
INDUSTRIALS
&
BUSINESS
SERVICES
13.8%
Aerospace
&
Defense
1.3%
Bombardier,
Class
B
(CAD) (1)
310,100
16,928
Parsons (1)
1,054,760
47,190
Triumph
Group (1)(2)
5,542,950
64,243
Triumph
Group,
Warrants,
12/19/23,
12.35% (1)(2)
1,332,876
660
129,021
Building
Products
1.9%
CSW
Industrials
361,748
50,258
Insteel
Industries
369,758
10,287
JELD-WEN
Holding (1)
1,257,517
15,920
UFP
Industries
1,188,902
94,482
Zurn
Elkay
Water
Solutions
1,198,135
25,592
196,539
Commercial
Services
&
Supplies
1.6%
Aris
Water
Solution,
Class
A (3)
2,292,578
17,859
Brady,
Class
A
1,219,092
65,502
MSA
Safety
259,203
34,603
Tetra
Tech
162,941
23,938
UniFirst
142,700
25,148
167,050
Construction
&
Engineering
0.6%
Valmont
Industries
205,716
65,681
65,681
T.
ROWE
PRICE
Small-Cap
Value
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Electrical
Equipment
0.3%
Thermon
Group
Holdings (1)
1,344,307
33,500
33,500
Ground
Transportation
0.9%
Convoy,
Warrants,
03/15/33,
Acquisition
Date:
3/24/23,
Cost $— (1)(5)(6)
86,098
—
Landstar
System
487,100
87,318
87,318
Machinery
4.1%
Alamo
Group
284,700
52,430
Blue
Bird (1)
986,061
20,145
CIRCOR
International (1)(2)
1,027,366
31,972
Enerpac
Tool
Group
456,961
11,652
Esab
781,771
46,179
ESCO
Technologies
608,287
58,061
Helios
Technologies
964,797
63,098
Hydrofarm
Holdings
Group (1)
537,557
930
RBC
Bearings (1)
227,451
52,935
Shyft
Group
610,500
13,889
SPX
Technologies (1)
955,200
67,418
418,709
Marine
Transportation
0.1%
Matson
238,907
14,256
14,256
Passenger
Airlines
0.6%
Allegiant
Travel (1)
413,707
38,053
Sun
Country
Airlines
Holdings (1)
1,128,011
23,124
61,177
Professional
Services
0.6%
Checkr,
Acquisition
Date:
6/29/18,
Cost $866 (1)(5)(6)
211,422
1,142
Conduent (1)
6,148,160
21,088
FTI
Consulting (1)
200,877
39,643
61,873
Trading
Companies
&
Distributors
1.8%
Air
Lease
384,774
15,148
Beacon
Roofing
Supply (1)
1,337,445
78,709
Herc
Holdings
166,110
18,920
McGrath
RentCorp
502,101
46,851
Rush
Enterprises,
Class
A
465,642
25,424
Xometry,
Class
A (1)
186,411
2,791
187,843
Total
Industrials
&
Business
Services
1,422,967
T.
ROWE
PRICE
Small-Cap
Value
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
5.2%
Communications
Equipment
0.0%
Viavi
Solutions (1)
476,300
5,158
5,158
Electronic
Equipment,
Instruments
&
Components
3.1%
Belden
1,027,066
89,118
Knowles (1)
1,621,300
27,562
Littelfuse
387,134
103,787
Mirion
Technologies (1)
3,578,924
30,564
Vontier
2,575,200
70,406
321,437
IT
Services
0.0%
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $3,039 (1)(5)(6)
135,360
2,412
2,412
Semiconductors
&
Semiconductor
Equipment
1.1%
Entegris
190,618
15,633
Lattice
Semiconductor (1)
408,757
39,036
MACOM
Technology
Solutions
Holdings (1)
165,700
11,738
MaxLinear (1)
561,237
19,761
Onto
Innovation (1)
344,801
30,301
116,469
Software
1.0%
Apiture,
Acquisition
Date:
7/1/20
-
6/30/22,
Cost $8,333 (1)(5)(6)
523,101
8,693
DoubleVerify
Holdings (1)
857,095
25,841
Gusto,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $7,473 (1)(5)(6)
559,515
10,536
nCino (1)
658,574
16,320
Paycor
HCM (1)(3)
879,465
23,323
Socure,
Acquisition
Date:
12/22/21,
Cost $2,410 (1)(5)(6)
149,990
1,122
Workiva (1)
162,436
16,635
102,470
Total
Information
Technology
547,946
MATERIALS
4.8%
Chemicals
2.2%
AgroFresh
Solutions (1)(2)
5,094,900
15,285
Element
Solutions
3,173,200
61,274
Hawkins
630,786
27,616
Orion
Engineered
Carbons
2,089,991
54,528
Quaker
Chemical
320,000
63,344
222,047
T.
ROWE
PRICE
Small-Cap
Value
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Containers
&
Packaging
0.4%
Myers
Industries
1,734,089
37,162
37,162
Metals
&
Mining
1.8%
Carpenter
Technology
679,065
30,395
Constellium (1)
4,813,585
73,551
Reliance
Steel
&
Aluminum
312,665
80,274
184,220
Paper
&
Forest
Products
0.4%
Clearwater
Paper (1)(2)
1,274,579
42,596
West
Fraser
Timber
(CAD)
13,010
928
43,524
Total
Materials
486,953
REAL
ESTATE
10.2%
Diversified
Real
Estate
Investment
Trusts
0.6%
Essential
Properties
Realty
Trust,
REIT
2,305,323
57,287
57,287
Hotel
&
Resort
Real
Estate
Investment
Trusts
1.0%
Apple
Hospitality,
REIT
3,323,006
51,573
Pebblebrook
Hotel
Trust,
REIT (3)
3,321,800
46,638
98,211
Industrial
Real
Estate
Investment
Trusts
2.0%
EastGroup
Properties,
REIT
466,000
77,039
Terreno
Realty,
REIT
1,941,600
125,427
202,466
Office
Real
Estate
Investment
Trusts
0.8%
IQHQ,
REIT,
Acquisition
Date:
10/30/19
-
8/21/20,
Cost $13,130 (1)(5)(6)
866,287
24,256
JBG
SMITH
Properties,
REIT
3,889,242
58,572
82,828
Real
Estate
Management
&
Development
2.3%
DigitalBridge
Group
2,044,700
24,516
FirstService (3)
478,100
67,407
Opendoor
Technologies,
Class
A (1)
6,777,097
11,928
St.
Joe
1,827,568
76,045
Tricon
Residential
6,605,297
51,191
231,087
Residential
Real
Estate
Investment
Trusts
0.8%
Apartment
Investment
&
Management,
Class
A,
REIT
1,941,965
14,934
Elme
Communities,
REIT
1,751,800
31,287
NexPoint
Residential
Trust,
REIT
487,900
21,307
T.
ROWE
PRICE
Small-Cap
Value
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UMH
Properties,
REIT
643,700
9,520
77,048
Residential
Reits
0.3%
BRT
Apartments,
REIT
215,500
4,250
Independence
Realty
Trust,
REIT
1,592,800
25,532
29,782
Retail
Real
Estate
Investment
Trusts
0.5%
Saul
Centers,
REIT (2)
1,326,506
51,734
51,734
Retail
Reits
0.2%
NETSTREIT,
REIT
1,008,100
18,428
18,428
Specialized
Real
Estate
Investment
Trusts
1.7%
CubeSmart,
REIT
1,597,600
73,841
iStar,
REIT (3)
1,462,250
42,946
PotlatchDeltic,
REIT
1,125,746
55,725
172,512
Total
Real
Estate
1,021,383
UTILITIES
5.3%
Electric
Utilities
2.6%
IDACORP
1,157,700
125,414
MGE
Energy
1,244,037
96,624
PNM
Resources
877,175
42,701
264,739
Gas
Utilities
1.3%
Chesapeake
Utilities
394,463
50,487
ONE
Gas
910,982
72,177
RGC
Resources (2)
563,662
13,072
135,736
Multi-Utilities
0.7%
NorthWestern
1,228,884
71,103
71,103
Water
Utilities
0.7%
Artesian
Resources,
Class
A
288,604
15,977
California
Water
Service
Group
741,839
43,175
Middlesex
Water
110,259
8,614
67,766
Total
Utilities
539,344
Total
Common
Stocks
(Cost
$7,379,282)
9,692,748
T.
ROWE
PRICE
Small-Cap
Value
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $597 (1)(5)(6)
597,290
597
Total
Convertible
Bonds
(Cost
$597)
597
CONVERTIBLE
PREFERRED
STOCKS
4.0%
CONSUMER
DISCRETIONARY
0.5%
Hotels,
Restaurants
&
Leisure
0.3%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $17,572 (1)(5)(6)
695,708
22,276
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $14,389 (1)
(5)(6)
382,387
12,244
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $2,539 (1)(4)
(5)(6)
282,711
1,134
35,654
Leisure
Products
0.1%
Rad
Power
Bikes,
Series
C,
Acquisition
Date:
1/22/21,
Cost $5,494 (1)(5)(6)
1,138,910
4,863
Rad
Power
Bikes,
Series
D,
Acquisition
Date:
9/16/21,
Cost $10,332 (1)(5)(6)
1,078,119
4,604
9,467
Specialty
Retail
0.1%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $12,383 (1)(5)(6)
2,127,647
3,915
Minted,
Series
E,
Acquisition
Date:
10/30/18,
Cost $5,471 (1)(5)(6)
406,249
3,465
7,380
Total
Consumer
Discretionary
52,501
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
42,076
Farmers
Business
Network,
Series
E,
Acquisition
Date:
2/11/19,
Cost $3,362 (1)(5)(6)
144,247
7,217
Farmers
Business
Network,
Series
F,
Acquisition
Date:
7/31/20,
Cost $881 (1)(5)(6)
26,661
1,334
Total
Consumer
Staples
50,627
FINANCIALS
0.5%
Banks
0.1%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $11,470 (1)(5)(6)
109,095
8,439
8,439
T.
ROWE
PRICE
Small-Cap
Value
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Financial
Services
0.1%
Stash
Financial,
Series
F,
Acquisition
Date:
4/24/20,
Cost $11,157 (1)(5)(6)
445,224
6,487
Stash
Financial,
Series
G,
Acquisition
Date:
1/26/21,
Cost $12,559 (1)(5)(6)
335,107
4,882
11,369
Insurance
0.3%
Coalition,
Series
E,
Acquisition
Date:
9/7/21,
Cost $21,422 (1)(5)
(6)
1,296,510
27,920
27,920
Total
Financials
47,728
HEALTH
CARE
0.8%
Biotechnology
0.0%
Laronde,
Series
B,
Acquisition
Date:
7/28/21,
Cost $9,269 (1)(5)(6)
331,043
1,854
1,854
Health
Care
Providers
&
Services
0.2%
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $3,065 (1)(5)
(6)
211,518
620
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $8,981 (1)(5)(6)
3,729,550
8,578
Honor
Technology,
Series
E,
Acquisition
Date:
9/29/21,
Cost $10,347 (1)(5)(6)
3,272,913
7,528
16,726
Life
Sciences
Tools
&
Services
0.6%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $11,917 (1)(5)(6)
1,011,567
11,917
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $6,453 (1)(5)(6)
472,388
28,688
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $13,636 (1)(5)(6)
307,043
18,647
59,252
Total
Health
Care
77,832
INDUSTRIALS
&
BUSINESS
SERVICES
0.7%
Aerospace
&
Defense
0.2%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $14,587 (1)(5)(6)
323,903
10,401
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $14,645 (1)(5)
(6)
2,622,728
13,192
23,593
Electrical
Equipment
0.4%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $12,776 (1)
(5)(6)
613,518
8,166
T.
ROWE
PRICE
Small-Cap
Value
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tonian
Holdings,
Series
A,
Non-Voting
Shares,
Acquisition
Date:
1/15/21
-
7/20/21,
Cost $8,392 (1)(2)(5)(6)
8,531,194
10,238
Tonian
Holdings,
Series
A,
Voting
Shares,
Acquisition
Date:
1/15/21
-
1/26/22,
Cost $15,325 (1)(2)(5)(6)
15,050,275
18,060
36,464
Ground
Transportation
0.1%
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $19,800 (1)(5)
(6)
1,462,353
7,575
7,575
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $4,046 (1)(5)(6)
889,080
4,801
4,801
Total
Industrials
&
Business
Services
72,433
INFORMATION
TECHNOLOGY
0.7%
IT
Services
0.1%
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $684 (1)(5)(6)
30,470
543
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $68 (1)(5)(6)
3,030
54
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $74 (1)(5)(6)
3,310
59
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $8,658 (1)(5)(6)
385,620
6,872
7,528
Software
0.6%
Gusto,
Series
B,
Acquisition
Date:
8/18/20,
Cost $1,746 (1)(5)(6)
129,187
2,433
Gusto,
Series
B-2,
Acquisition
Date:
8/18/20,
Cost $3,259 (1)(5)(6)
241,168
4,541
Gusto,
Series
C,
Acquisition
Date:
7/16/18,
Cost $5,412 (1)(5)(6)
711,894
13,405
Gusto,
Series
D,
Acquisition
Date:
7/16/19,
Cost $7,227 (1)(5)(6)
542,859
10,222
Mesosphere,
Series
D,
Acquisition
Date:
5/4/18,
Cost $13,430 (1)
(5)(6)
1,214,930
753
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $11,195 (1)(5)(6)
857,551
11,903
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $6,458 (1)(5)(6)
309,802
4,300
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $9,505 (1)(5)(6)
1,881,753
9,183
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,929 (1)(5)
(6)
182,290
1,363
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,404 (1)
(5)(6)
149,613
1,119
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $43 (1)(5)(6)
2,706
20
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5,572 (1)(5)(6)
346,775
2,594
61,836
T.
ROWE
PRICE
Small-Cap
Value
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Total
Information
Technology
69,364
MATERIALS
0.3%
Chemicals
0.1%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $11,381 (1)(5)
(6)
275,749
8,595
8,595
Metals
&
Mining
0.2%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $14,318 (1)(5)(6)
522,347
22,347
22,347
Total
Materials
30,942
Total
Convertible
Preferred
Stocks
(Cost
$402,164)
401,427
PREFERRED
STOCKS
0.0%
ENERGY
0.0%
Energy
Equipment
&
Services
0.0%
Energy
Reservoir
Holdings,
Class
A-3,
Acquisition
Date:
11/30/22,
Cost $144 (1)(2)(5)(6)
143,910
144
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
1,364
Total
Energy
1,508
Total
Preferred
Stocks
(Cost
$1,431)
1,508
SHORT-TERM
INVESTMENTS
1.2%
Money
Market
Funds
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (2)(7)
127,266,975
127,267
Total
Short-Term
Investments
(Cost
$127,267)
127,267
T.
ROWE
PRICE
Small-Cap
Value
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (2)(7)
18,849,222
18,849
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
18,849
Total
Securities
Lending
Collateral
(Cost
$18,849)
18,849
Total
Investments
in
Securities
100.3%
(Cost
$7,929,590)
$
10,242,396
Other
Assets
Less
Liabilities
(0.3)%
(26,117)
Net
Assets
100.0%
$
10,216,279
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Affiliated
Companies
(3)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(4)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$629,175
and
represents
6.2%
of
net
assets.
(6)
Level
3
in
fair
value
hierarchy.
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
CVR
Contingent
Value
Rights
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
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
17
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
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
AgroFresh
Solutions
$
4
$
201
$
—
Boston
Omaha,
Class
A
348
(4,502)
—
CIRCOR
International
(5,344)
14,419
—
Clearwater
Paper
64
(5,304)
—
Energy
Reservoir
Holdings,
Class
A-1
—
(1)
—
Energy
Reservoir
Holdings,
Class
A-3
—
—
—
Energy
Reservoir
Holdings,
Class
A-3
—
—
—
FS
Bancorp
28
(2,109)
151
James
River
Group
Holdings
6
(178)
439
John
Marshall
Bancorp
25
(7,208)
—
Live
Oak
Bancshares
91
(14,549)
74
Metropolitan
Bank
Holding
2
(12,222)
—
Myers
Industries
1,164
(2,088)
234
National
Bank
Holdings,
Class
A
97
(16,631)
475
Preferred
Bank
97
(14,364)
397
Ranger
Energy
Services
22
(2,239)
—
RGC
Resources
(51)
715
113
Saul
Centers,
REIT
52
(942)
3,122
Southern
First
Bancshares
17
(6,862)
—
Strategic
Education
(105)
14,148
713
Strattec
Security
1
764
—
Tonian
Holdings,
Series
A,
Non-Voting
Shares
—
1
—
Tonian
Holdings,
Series
A,
Voting
Shares
—
—
—
Triumph
Group
(31)
5,965
—
Triumph
Group,
Warrants,
12/19/23,
12.35%
170
(456)
—
Utah
Medical
Products
28
(1,394)
72
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
—
—
2,289++
Affiliates
not
held
at
period
end
(52,203)
67,031
—
Totals
$
(55,518)#
$
12,195
$
8,079+
T.
ROWE
PRICE
Small-Cap
Value
Fund
18
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
AgroFresh
Solutions
$
15,110
$
—
$
26
$
15,285
American
Public
Education
13,349
—
26,556
—
Boston
Omaha,
Class
A
46,970
—
7,862
*
CIRCOR
International
39,650
—
22,097
31,972
Clearwater
Paper
38,800
9,112
12
42,596
Energy
Reservoir
Holdings,
Class
A-1
9,394
—
—
9,393
Energy
Reservoir
Holdings,
Class
A-3
1,364
—
—
1,364
Energy
Reservoir
Holdings,
Class
A-3
144
—
—
144
FS
Bancorp
19,136
1,067
17
18,077
Horizon
Global
1,255
—
23,858
—
James
River
Group
Holdings
47,754
—
508
47,068
John
Marshall
Bancorp
28,820
—
25
21,587
Live
Oak
Bancshares
75,105
—
69
60,487
LL
Flooring
Holdings
12,969
—
38,766
—
Metropolitan
Bank
Holding
*
7,020
52
18,861
Myers
Industries
45,660
—
6,410
*
National
Bank
Holdings,
Class
A
80,117
2,050
69
65,467
Preferred
Bank
53,839
—
11
39,464
Ranger
Energy
Services
29,835
—
37
27,559
RGC
Resources
12,676
—
319
13,072
Saul
Centers,
REIT
54,068
—
1,392
51,734
Southern
First
Bancshares
20,845
—
26
13,957
Strategic
Education
95,042
1,110
3,626
*
Strattec
Security
7,164
—
16
7,912
Tonian
Holdings,
Series
A,
Non-
Voting
Shares
10,237
—
—
10,238
Tonian
Holdings,
Series
A,
Voting
Shares
18,060
—
—
18,060
Triumph
Group
58,424
—
146
64,243
Triumph
Group,
Warrants,
12/19/23,
12.35%
1,116
—
—
660
U.S.
Xpress
Enterprises,
Class
A
3,467
—
8,891
—
Utah
Medical
Products
24,250
271
17
23,110
T.
ROWE
PRICE
Small-Cap
Value
Fund
19
The
accompanying
notes
are
an
integral
part
of
these
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
267,249
¤
¤
$
146,116
Total
$
748,426^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$8,079
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
$778,488.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Small-Cap
Value
Fund
Unaudited
Notes
to
Portfolio
of
Investments
20
T.
Rowe
Price
Small-Cap
Value
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Small-Cap
Value
Fund
21
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Small-Cap
Value
Fund
22
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Small-Cap
Value
Fund
23
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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,
2023.
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,
2023,
totaled $(6,026,000) for
the
period ended
March
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
9,364,356
$
101,430
$
226,962
$
9,692,748
Convertible
Bonds
—
—
597
597
Convertible
Preferred
Stocks
—
—
401,427
401,427
Preferred
Stocks
—
—
1,508
1,508
Short-Term
Investments
127,267
—
—
127,267
Securities
Lending
Collateral
18,849
—
—
18,849
Total
$
9,510,472
$
101,430
$
630,494
$
10,242,396
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
212,364
$
17,664
$
—
$
(3,066)
$
226,962
Convertible
Bonds
—
—
597
—
597
Convertible
Preferred
Stocks
422,052
(23,690)
3,065
—
401,427
Preferred
Stocks
1,508
—
—
—
1,508
Total
$
635,924
$
(6,026)
$
3,662
$
(3,066)
$
630,494
T.
ROWE
PRICE
Small-Cap
Value
Fund
24
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
226,962
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
11%
11%
Decrease
Discount
for
lack
of
collectability
50%
50%
Decrease
Timing
of
events
2.08
yrs
2.08
yrs
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
1.3x
–
14.3x
4.3x
Increase
Sales
growth
rate
0%
–
168%
25%
Increase
Enterprise
value
to
gross
profit
multiple
3.8x
–
18.4x
7.8x
Increase
Gross
profit
growth
rate
11%
–
50%
23%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
–
16.5x
9.3x
Increase
T.
ROWE
PRICE
Small-Cap
Value
Fund
25
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
EBITDA
growth
rate
(47%)
(47%)
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.0x
12.0x
Increase
Price
to
tangible
book
value
multiple
0.8x
-
0.9x
0.9x
Increase
Tangible
book
value
growth
rate
14%
14%
Increase
Price-to-
earnings
multiple
8.4x
-
11.9x
10.3x
Increase
Price-to-
earnings
growth
rate
0%
-
85%
43%
Increase
Discount
rate
for
cost
of
capital
13%
13%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
34%
–
39%
34%
Increase
Convertible
Bonds
$
597
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Small-Cap
Value
Fund
26
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Convertible
Preferred
Stocks
$
401,427
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
0.8x
–
14.3x
4.1x
Increase
Sales
growth
rate
0%
–
172%
40%
Increase
Enterprise
value
to
gross
profit
multiple
1.9x
–
18.4x
9.6x
Increase
Gross
profit
growth
rate
8%
–
57%
35%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
–
23.3x
16.6x
Increase
EBITDA
growth
rate
65%
–
93%
87%
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.5x
–
0.6x
0.6x
Increase
Gross
merchandise
value
growth
rate
30%
30%
Increase
Projected
enterprise
value
to
sales
multiple
0.8x
–
5.1x
3.5x
Increase
Projected
enterprise
value
to
EBITDA
multiple
4.3x
–
15.1x
10.2x
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-
earnings
multiple
8.4x
-
11.9x
10.3x
Increase
Price-to-
earnings
growth
rate
0%
-
85%
43%
Increase
Discount
rate
for
cost
of
capital
20%
-
40%
29%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Estimated
liquidation
value
Discount
for
lack
of
collectability
100%
100%
Decrease
Discounted
cash
flow
Long-term
free
cash
flow
margin
27%
27%
Increase
Long-term
free
cash
flow
growth
rate
3%
3%
Increase
Discount
rate
for
cost
of
capital
25%
25%
Decrease
Preferred
Stocks
$
1,508
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Small-Cap
Value
Fund
28
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
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
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
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
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
uncertainty
5%
5%
Decrease
T.
ROWE
PRICE
Small-Cap
Value
Fund
29
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F46-054Q1
03/23