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

Small-CapValue Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| A fund seeking long-term capital growththrough investments in stocks of small companies believed to be undervalued.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 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 calling1-800-225-5132or 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

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|---------------------------------------------------------------------------------------------------------------|--------------|
| Shareholder fees (fees paiddirectly from your investment)                                                     |
| Maximum sales charge (load) imposed on purchases                                                              | NONE         |
|                                                                                                          |         |
| Maximum deferred sales charge (load)                                                                          | NONE         |
|                                                                                                          |         |
| Redemption fee (as a percentage of amount redeemedon shares held for 90 days or less)                         | 1.00%        |
|                                                                                                          |         |
| Maximum account fee                                                                                           | $20a         |
| Annual fund operating expenses(expenses that you pay each yearas apercentage of the value of your investment) |
| Management fees                                                                                               | 0.64%        |
|                                                                                                          |         |
| Distribution and service (12b-1) fees                                                                         | 0.00%        |
|                                                                                                          |         |
| Other expenses                                                                                                | 0.16%        |
|                                                                                                          |         |
| Acquired fund fees and expenses                                                                               | 0.12%        |
|                                                                                                          |         |
| Total annual fund operating expenses                                                                          |  0.92%b |

a Subject to certain exceptions,accounts with a balance of less than $10,000 are charged an annual $20 fee.

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 and that the fund’s operating expenses remain the same. Although your actual costsmay be higher or lower, based on these assumptions your costs would be:

|   |    |    |     |
|--------|---------|---------|----------|
| 1 year | 3 years | 5 years | 10 years |
| $94    | $293    | $509    | $1,131   |

Portfolio Turnover  The fundpays transaction costs, such as commissions, when it buys and sells securities (or “turns over”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may resultin higher taxes when fund 

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| T.Rowe Price | 2      |

shares are held in a taxable account. These costs, which are notreflected in annual fund operating expenses or in the example, affect the fund’s performance. Duringthe most recent fiscal year, the fund’s portfolio turnover rate was 32.2% of the average value ofits portfolio.

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.

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| Summary | 3      |

Principal Risks  As with anymutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share pricefluctuates, which means you could lose money by investing in the fund. The principal risks of investingin this fund are summarized as follows:

Activemanagement riskThefund is subject to the risk that the investment adviser’s judgments about the attractiveness, value,or potential appreciation of the fund’s investments may prove to be incorrect. If the investmentsselected and strategies employed by the fund fail to produce the intended results, the fund could underperformin comparison to other funds with similar objectives and investment strategies.

Risks of U.S. stock investing  Stocks generally fluctuatein value more than bonds and may decline significantly over short time periods. There is a chance thatstock prices overall will decline because stock markets tend to move in cycles, with periods of risingand falling prices. The value of a stock in which the fund invests may decline due to general weaknessin the U.S. stock market, such as when the U.S. financial markets decline, or because of factors thataffect a particular company or industry. 

Investmentstyle risk  Different investment styles tend to shift in and out of favor depending on marketconditions and investor sentiment. The fund’s value approach to investing could cause it to underperformother stock funds that employ a different investment style. The intrinsic value of a stock with valuecharacteristics may not be fully recognized by the market for a long time or a stock judged to be undervaluedmay actually be appropriately priced at a low level.

Market capitalization risk  Investing primarily in issuers within the same marketcapitalization category carries the risk that the category may be out of favor due to current marketconditions or investor sentiment. Because the fund invests primarily in securities issued by small-capcompanies, it is likely to be more volatile than a fund that focuses on securities issued by larger companies.Small-sized companies often have less experienced management, narrower product lines, more limited financialresources, and less publicly available information than larger companies. In addition, smaller companiesare typically more sensitive to changes in overall economic conditions and their securities may be difficultto trade.

REIT investing risk  REITs mustsatisfy specific requirements for favorable tax treatment and can involve unique risks in addition tothe risks generally affecting the real estate industry. REITs are dependent upon the quality of theirmanagement, may have limited financial resources and heavy cash flow dependency, and may not be diversifiedgeographically or by property type.

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.

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| T.Rowe Price | 4      |

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 thathave investment characteristics similar to those of the fund. The fund’s performance informationrepresents only past performance (before and after taxes) and is not necessarily an indication of futureresults.

Thefund can also experience short-term performance swings, as shown by the best and worst calendar quarterreturns during the years depicted.

In addition, the average annualtotal returns table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholdermay influence returns. After-tax returns are calculated using the historical highest individual federalmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returnsdepend on an investor’s tax situation and may differ from those shown. After-tax returns shown arenot relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k)account or individual retirement account. In some cases, the figure shown for “returns after taxeson distributions and sale of fund shares” may be higher than the figure shown for “returnsbefore taxes” because the calculations assume the investor received a tax deduction for any lossincurred 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                                                          |                                 |              |   |       |          |       |       |           |   |   |
|                        |                                                                          | 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.

Updated performanceinformation is available through troweprice.com or may be obtained by calling 1-800-225-5132.

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

The fund requires a $1,000 minimum initial investment and a $100 minimum subsequentinvestment for individual retirement accounts, small business retirement plan accounts, and Uniform Giftsto Minors Act or Uniform Transfers to Minors Act accounts. For all other accounts, the fund generallyrequires a $2,500 minimum initial investment and a $100 minimum subsequent investment. The investmentminimums may be modified for financial intermediaries that submit orders on behalf of their customers.

Youmay purchase, redeem, or exchange fund shares by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by written request. If you holdshares through a financial intermediary, you must purchase, redeem, and exchange shares through yourintermediary.

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| T.Rowe Price | 6      |

Tax Information

Any dividends or capital gainsare declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributionsby the fund, whether or not you reinvest these amounts in additional fund shares, may be taxed as ordinaryincome or capital gains unless you invest through a tax-deferred account (although you may be taxed uponwithdrawal from such account). 

Payments to Broker-Dealers and Other FinancialIntermediaries

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 intermediary for the sale of fund sharesand related services. These payments may create a conflict of interest by influencing the broker-dealeror other intermediary and your salesperson to recommend the fund over another investment. Ask your salespersonor visit your financial intermediary’s website for more information.

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | F46-045 5/1/16 |