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

Small-CapValue Fund—I Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| A fund seeking long-termcapital growth through investments in stocks of small companies believed to be undervalued. This classis generally available only to financial intermediaries and other institutional investors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Before you invest, you may want to review the fund’s prospectus,which contains more information about the fund and its risks. You can find the fund’s prospectusand other information about the fund online at troweprice.com/prospectus. You can also get this information at no cost by calling1-800-638-8790or by sending an e-mail request to info@troweprice.com. This Summary Prospectus incorporates by reference the fund’sprospectus, dated May 1, 2016, and Statement of Additional Information, dated May 1, 2016.

The Securities and Exchange Commission has not approved or disapproved these securitiesor 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’sI 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                                                                         | 0.00%    |
|                                                                                                          |     |
| Other expenses                                                                                                | 0.07%    |
|                                                                                                          |     |
| Acquired fund fees and expenses                                                                               | 0.12%    |
|                                                                                                          |     |
| Total annual fund operating expenses                                                                          | 0.83%    |
|                                                                                                          |     |
| Fee waiver/expense reimbursement                                                                              | (0.02)%a |
|                                                                                                          |     |
| Total annual fund operating expenses after fee waiver/expense reimbursement                                   | 0.81%a,b |

a ThroughApril 30, 2018, T. Rowe Price Associates, Inc. has agreed to pay the operating expenses of the fund’sI Class excluding management fees; interest; expenses related to borrowings, taxes and brokerage;nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class OperatingExpenses”), to the extent the I Class Operating Expenses exceed 0.05% of the class’ averagedaily net assets. Any expenses paid under this agreement are subject to reimbursement to T.  RowePrice Associates, Inc. by the fund or class whenever the fund’s I Class Operating Expensesare below 0.05%. However, no reimbursement will be made more than three years after the payment of theI Class Operating Expenses or if such reimbursement would cause the fund’s I Class OperatingExpenses to exceed 0.05%. The agreement may be terminated at any time beyond April 30, 2018, with approvalby the fund’s Board of Directors. 

b Thefigure shown in the fee table does not match the “Ratio of expenses to average net assets”shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses.

Example  This example is intendedto help you compare the cost of investing in the fund with the cost of investing in other mutual funds.The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeemall of your shares at the end of those periods. The example also assumes that your investment has a 5%return each year, the fund’s operating expenses remain the same, and the expense limitation currentlyin place is not renewed. The figures have been adjusted to reflect fee waivers or expense reimbursementsonly in the periods for which the expense limitation arrangement is expected to continue. Although youractual costs may be higher or lower, based on these assumptions your costs would be:

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|--------------|--------|
| T.Rowe Price | 2      |

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|--------|--------|--------|----------|
| 1 year | 3years | 5years | 10 years |
| $83    | $259   | $450   | $1,002   |

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 period August 28, 2015 through December 31, 2015, the fund’s portfolio turnover ratewas 32.2% of the average value of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies Reflecting a value approach to investing, the fund will seek the stocks of companies whose current stockprices do not appear to adequately reflect their underlying value as measured by assets, earnings, cashflow, or business franchises. Normally, the fund will invest at least 80% of its net assets (includingany borrowings for investment purposes) in companies with a market capitalization that is within or belowthe range of companies in the Russell 2000 Index. As of December 31, 2015, the market capitalizationrange for the Russell 2000 Index was approximately $14.8 million to $6.4 billion. The market capitalizationof the companies in the fund’s portfolio and the Russell 2000 Index changes over time, and the fundwill not sell a stock 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 

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| Summary | 3      |

mortgages,the fund may also invest in foreign stocks in keeping with the fund’s objectives.

The fund may sell securitiesfor a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promisingopportunities.

Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’sshare price fluctuates, which means you could lose money by investing in the fund. The principal risksof investing in this fund are summarized as follows:

Active management riskThe fund is subject to the risk that the investment adviser’s judgmentsabout the attractiveness, value, or potential appreciation of the fund’s investments may prove tobe incorrect. If the investments selected and strategies employed by the fund fail to produce the intendedresults, the fund could underperform in comparison to other funds with similar objectives and investmentstrategies.

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.

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| T.Rowe Price | 4      |

Foreigninvesting risk  This is the risk that the fund’s investments in foreign securities may beadversely affected by local, political, social, and economic conditions overseas, greater volatility,reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar.

Performance  The Small-Cap Value Fund I—Class inceptedon August 28, 2015, and does not have a full calendar year of performance history. Performance forthe class will be presented after the class has been in operation for one full calendar year. As a pointof comparison, however, the following bar chart and table show calendar year returns and average annualtotal returns for the existing Investor Class of the Small-Cap Value Fund (“Investor Class”).Because the Small-Cap Value Fund I—Class is expected to have lower expenses than the Investor Class,its performance, had it existed over the periods shown, would have been higher. The Investor Class andthe Small-Cap Value Fund I—Class share the same portfolio. The bar chart and table provide someindication of the risks of investing in the fund by showing how much returns can differ from year toyear and how the Investor Class’ average annual returns for certain periods compare with the returnsof a relevant broad-based market index, as well as with the returns of one or more other comparativeindexes that have investment characteristics similar to those of the fund.

The fund can also experienceshort-term performance swings, as shown by the best and worst calendar quarter returns during the yearsdepicted for the Investor Class.

Performance information represents only past performance (beforeand after taxes) and does not necessarily indicate future results.

In addition, the average annualtotal returns table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholdermay influence returns. After-

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| Summary | 5      |

taxreturns are calculated using the historical highest individual federal marginal income tax rates anddo not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’stax situation and may differ from those shown. After-tax returns shown are not relevant to investorswho hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individualretirement account. In some cases, the figure shown for “returns after taxes on distributions andsale of fund shares” may be higher than the figure shown for “returns before taxes” becausethe calculations assume the investor received a tax deduction for any loss incurred on the sale of shares.

|                        |                                                                          |                                 |              |   |       |          |       |       |           |   |   |   |
|-----------------------------|-------------------------------------------------------------------------------|--------------------------------------|-------------------|--------|------------|---------------|------------|------------|----------------|--------|--------|--------|
| AverageAnnual Total Returns |                                                                          |                                 |              |   |       |          |       |       |           |   |
|                        |                                                                          |                                 | Periods ended     |   |
|                        |                                                                          |                                 | December 31, 2015 |   |
|                        |                                                                          |                                 | 1 Year       |   |       | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Small-Cap Value Fund                                                          |                                 |              |   |       |          |       |       |           |   |   |
|                        |                                                                          | Returns before taxes                 | -4.70        | %      | 8.20  | %             | 6.92  | %          |           |
|                        |                                                                          | Returns after taxes on distributions | -8.91        |   |       | 6.45     |       |       | 5.58      |   |   |   |
|                        |                                                                          | Returns after taxes on distributions |              |   |       |          |       |       |           |   |   |   |
|                        |                                                                          | and sale of fund shares              | 0.74         |   |       | 6.51     |       |       | 5.59      |   |   |   |
|                        | 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.

Currentperformance information may be obtained through troweprice.comor by calling 1-800-638-8790.

Management

InvestmentAdviser  T. Rowe Price Associates, Inc. (T. Rowe Price)

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

 Advisory Committee | 2014               | 2000                      |

Purchaseand Sale of Fund Shares

The fund’s I Class generally requires a $1,000,000 minimum initial investment,although the minimum may be waived for certain accounts, such as retirement plans and financial intermediariesmaintaining omnibus accounts. There is no minimum for subsequent purchases. If you hold shares througha retirement plan or financial intermediary, different investment minimums may apply to your account.

Youmay purchase, redeem, or exchange shares of the fund at any time by written request or by calling 1-800-638-8790on any day the New York Stock Exchange is 

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| T.Rowe Price | 6      |

open for business. If you hold shares through a financial intermediary,you must purchase, redeem, and exchange shares through your intermediary.

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

The fund and its investment adviser do not pay broker-dealers or other financial intermediariesfor sales or related services of the fund’s I Class shares.

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | R538-045 5/1/16 |