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| SUMMARYPROSPECTUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| PASVX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| May 1,2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
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| T. Rowe Price

Small-CapValue Fund—

Advisor Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| A fund seeking long-term capital growth through investmentsin stocks of small companies believed to be undervalued. This class of shares is sold only through financialintermediaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Before you invest, youmay want to review the fund’s prospectus, which contains more information about the fund and itsrisks. You can find the fund’s prospectus and other information about the fund online at troweprice.com/prospectus. You canalso get this information at no cost by calling 1-800-638-8790 or by sending an e-mail request to info@troweprice.com. This SummaryProspectus incorporates by reference the fund’s prospectus, dated May 1, 2016, and Statement ofAdditional Information, dated May 1, 2016.

The Securities and ExchangeCommission has not approved or disapproved these securities or passed upon the adequacy of this prospectus.Any representation to the contrary is a criminal offense. |
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| Summary | 1      |

Investment Objective

The fund seeks long-term capital growth by investing primarily insmall companies whose common stocks are believed to be undervalued.

Fees and Expenses

This table describes the feesand expenses that you may pay if you buy and hold shares of the fund. 

Fees and Expenses of the Fund’sAdvisor Class

|                                                                                                          |   |
|---------------------------------------------------------------------------------------------------------------|--------|
| Shareholderfees (fees paid directly from your investment)                                                     |
| Redemption fee (as a percentage of amount redeemedon shares held for 90 days or less)                         | 1.00%  |
|                                                                                                          |   |
| Annualfund operating expenses(expenses that you pay each year as apercentage of the value of your investment) |
| Management fees                                                                                               | 0.64%  |
|                                                                                                          |   |
| Distribution and service (12b-1) fees                                                                         | 0.25%  |
|                                                                                                          |   |
| Other expenses                                                                                                | 0.21%  |
|                                                                                                          |   |
| Acquired fund fees and expenses                                                                               | 0.12%  |
|                                                                                                          |   |
| Total annualfund operating expenses                                                                           | 1.22%a |

a The figure shown in the feetable does not match the “Ratio of expenses to average net assets” shown in the Financial Highlightstable, as that figure does not include acquired fund fees and expenses.

Example  This example is intended to help you compare the costof investing in the fund with the cost of investing in other mutual funds. The example assumes that youinvest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the endof those periods. The example also assumes that your investment has a 5% return each year and that thefund’s operating expenses remain the same. Although your actual costs may be higher or lower, basedon these assumptions your costs would be:

|   |   |   |     |
|--------|--------|--------|----------|
| 1 year | 3years | 5years | 10 years |
| $124   | $387   | $670   | $1,477   |

PortfolioTurnover  The fund pays transaction costs, such as commissions, when it buys and sells securities(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactioncosts and may result in higher taxes when fund shares are held in a taxable account. These costs, whichare not reflected in annual fund operating expenses or in the example, affect the fund’s performance.During the most recent fiscal year, the fund’s portfolio turnover rate was 32.2% of the averagevalue of its portfolio.

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| T.Rowe Price | 2      |

Investments, Risks, and Performance

Principal Investment Strategies  Reflecting a value approachto investing, the fund will seek the stocks of companies whose current stock prices do not appear toadequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises.Normally, the fund will invest at least 80% of its net assets (including any borrowings for investmentpurposes) in companies with a market capitalization that is within or below the range of companies inthe Russell 2000 Index. As of December 31, 2015, the market capitalization range for the Russell 2000Index was approximately $14.8 million to $6.4 billion. The market capitalization of the companies inthe fund’s portfolio and the Russell 2000 Index changes over time, and the fund will not sell astock just because the company has grown to a market capitalization outside the range. The fund may,on occasion, purchase companies with a market capitalization above the range.

Our in-house research teamseeks to identify companies that appear to be undervalued by various measures, and may be temporarilyout of favor, but have good prospects for capital appreciation. In selecting investments, we generallylook for some of the following:

· low price/earnings, price/book value, or price/cashflow ratios relative to the Russell 2000 Index, the company’s peers, or its own historical norm;

· lowstock price relative to a company’s underlying asset values;

· above-averagedividend yield relative to a company’s peers or its own historical norm;

· a plan toimprove the business through restructuring; and

· a sound balance sheet and other positive financial characteristics.

Inpursuing its investment objective, the fund has the discretion to deviate from its normal investmentcriteria. These situations might arise when the fund’s adviser believes a security could increasein value for a variety of reasons, including an extraordinary corporate event, a new product introductionor innovation, a favorable competitive development, or a change in management.

While most assets will typicallybe invested in U.S. common stocks, including real estate investment trusts (“REITs”) that poolmoney to invest in properties and mortgages, the fund may also invest in foreign stocks in keeping withthe fund’s objectives.

The fund may sell securities for a variety of reasons, such as to secure gains, limitlosses, or redeploy assets into more promising opportunities.

Principal Risks  As with any mutual fund, there is no guarantee that the fundwill achieve its objective. The fund’s share price fluctuates, which means you could lose moneyby investing in the fund. The principal risks of investing in this fund are summarized as follows:

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| Summary | 3      |

Active management riskThe fund is subject to the risk that the investment adviser’sjudgments about the attractiveness, value, or potential appreciation of the fund’s investments mayprove to be incorrect. If the investments selected and strategies employed by the fund fail to producethe intended results, the fund could underperform in comparison to other funds with similar objectivesand investment strategies.

Risks of U.S. stockinvesting  Stocks generally fluctuate in value more than bonds and may decline significantly overshort time periods. There is a chance that stock prices overall will decline because stock markets tendto move in cycles, with periods of rising and falling prices. The value of a stock in which the fundinvests may decline due to general weakness in the U.S. stock market, such as when the U.S. financialmarkets decline, or because of factors that affect a particular company or industry. 

Investment style risk  Different investment styles tend toshift in and out of favor depending on market conditions and investor sentiment. The fund’s valueapproach to investing could cause it to underperform other stock funds that employ a different investmentstyle. The intrinsic value of a stock with value characteristics may not be fully recognized by the marketfor a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

Market capitalization risk  Investingprimarily in issuers within the same market capitalization category carries the risk that the categorymay be out of favor due to current market conditions or investor sentiment. Because the fund investsprimarily in securities issued by small-cap companies, it is likely to be more volatile than a fund thatfocuses on securities issued by larger companies. Small-sized companies often have less experienced management,narrower product lines, more limited financial resources, and less publicly available information thanlarger companies. In addition, smaller companies are typically more sensitive to changes in overall economicconditions and their securities may be difficult to trade.

REIT investing risk  REITs must satisfy specific requirements for favorabletax treatment and can involve unique risks in addition to the risks generally affecting the real estateindustry. REITs are dependent upon the quality of their management, may have limited financial resourcesand heavy cash flow dependency, and may not be diversified geographically or by property type.

Foreign investing risk  This isthe risk that the fund’s investments in foreign securities may be adversely affected by local, political,social, and economic conditions overseas, greater volatility, reduced liquidity, or decreases in foreigncurrency values relative to the U.S. dollar.

Performance The bar chart showing calendar year returns and the average annual total returns table provide someindication of the risks of investing in the fund by showing how much returns can differ from year toyear and how the fund’s average annual returns for certain periods compare with the returns of arelevant broad-based market index, as well as with the returns of one or more comparative indexes that

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| T.Rowe Price | 4      |

have investment characteristics similar to those of the fund. Thefund’s performance information represents only past performance (before and after taxes) and isnot necessarily an indication of future results.

The fund can also experience short-term performance swings, as shownby the best and worst calendar quarter returns during the years depicted.

Inaddition, the average annual total returns table shows hypothetical after-tax returns to demonstratehow taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historicalhighest individual federal marginal income tax rates and do not reflect the impact of state and localtaxes. Actual after-tax returns depend on an investor’s tax situation and may differ from thoseshown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferredarrangements, such as a 401(k) account or individual retirement account. In some cases, the figure shownfor “returns after taxes on distributions and sale of fund shares” may be higher than the figureshown for “returns before taxes” because the calculations assume the investor received a taxdeduction for any loss incurred on the sale of shares. 

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| Summary | 5      |

|                        |                                                                          |                                 |              |   |       |          |       |       |           |   |   |   |
|-----------------------------|-------------------------------------------------------------------------------|--------------------------------------|-------------------|--------|------------|---------------|------------|------------|----------------|--------|--------|--------|
| AverageAnnual Total Returns |                                                                          |                                 |              |   |       |          |       |       |           |   |
|                        |                                                                          |                                 | Periods ended     |   |
|                        |                                                                          |                                 | December 31, 2015 |   |
|                        |                                                                          |                                 | 1 Year       |   |       | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Small-Cap Value Fund—AdvisorClass                                        |                                 |              |   |       |          |       |       |           |   |   |
|                        |                                                                          | Returns before taxes                 | -5.00        | %      | 7.90  | %             | 6.67  | %          |           |
|                        |                                                                          | Returns after taxes on distributions | -9.10        |   |       | 6.22     |       |       | 5.38      |   |   |   |
|                        |                                                                          | Returns after taxes on distributions |              |   |       |          |       |       |           |   |   |   |
|                        |                                                                          | and sale of fund shares              | 0.49         |   |       | 6.27     |       |       | 5.39      |   |   |   |
|                        | Russell 2000 ValueIndex (reflects no deduction for fees, expenses, or taxes)a | -7.47                           |              |   | 7.67  |          |       | 5.57  |           |   |   |
|                        | Russell 2000 Index (reflects no deduction for fees, expenses, ortaxes)        | -4.41                           |              |   | 9.19  |          |       | 6.80  |           |   |   |
|                        | LipperSmall-Cap Core Funds Index                                              | -4.23                           |              |   | 8.64  |          |       | 6.69  |           |   |   |

aThe adviser believes that the new benchmark better reflects the fund’s value-oriented investmentstrategy.

Updated performanceinformation is available through troweprice.com or may be obtained by calling 1-800-638-8790.

Management

Investment Adviser  T. RowePrice Associates, Inc. (T. Rowe Price)

|             |                                        |               |                      |
|------------------|---------------------------------------------|--------------------|---------------------------|
| PortfolioManager | Title                                       | Managed Fund Since | Joined Investment Adviser |
| J. David Wagner  | Chairman of Investment

 Advisory Committee | 2014               | 2000                      |

Purchaseand Sale of Fund Shares

You must purchase, redeem, and exchange shares of the fund through your financial intermediary.Generally, the fund’s minimum initial investment requirement is $2,500 and the fund’s minimumsubsequent investment requirement is $100, although the investment minimums may be modified or waivedfor financial intermediaries submitting orders on behalf of their customers. You should check with yourfinancial intermediary to determine the investment minimums that apply to your account.

Tax Information

Anydividends or capital gains are declared and paid annually, usually in December. Redemptions or exchangesof fund shares and distributions by the fund, whether or not you reinvest these amounts in additionalfund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferredaccount (although you may be taxed upon withdrawal from such account). 

Payments to Broker-Dealers andOther Financial Intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary(such as a bank), the fund and its related companies may pay the 

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| T.Rowe Price | 6      |

intermediary for the sale of fund shares and related services. Thesepayments may create a conflict of interest by influencing the broker-dealer or other intermediary andyour salesperson to recommend the fund over another investment. Ask your salesperson or visit your financialintermediary’s website for more information.

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E246-045 5/1/16 |