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| SUMMARYPROSPECTUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| PRVIX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| August28, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
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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 August 28, 2015, and Statement of Additional Information, dated August 24, 2015.

The Securities and Exchange Commission has not approved or disapprovedthese securities or passed upon the adequacy of this prospectus. Any representation to the contrary isa 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                                                                                                | 0.01%  |
|                                                                                                          |   |
| Acquired fund fees and expenses                                                                               | 0.15%  |
|                                                                                                          |   |
| Total annualfund operating expenses                                                                           | 0.80%  |

Example This example is intended to help you compare the cost of investing in the fund with the cost of investingin other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicatedand then redeem all of your shares at the end of those periods. The example also assumes that your investmenthas a 5% return each year and that the fund’s operating expenses remain the same. Although youractual costs may be higher or lower, based on these assumptions your costs would be:

|   |    |    |     |
|--------|---------|---------|----------|
| 1 year | 3 years | 5 years | 10 years |
| $82    | $255    | $444    | $990     |

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 shares are held in a taxable account. These costs, which are not reflectedin annual fund operating expenses or in the example, affect the fund’s performance. During the mostrecent fiscal year, the fund’s portfolio turnover rate (for existing classes) was 16.0% of the averagevalue of its 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, 

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| T.Rowe Price | 2      |

or business franchises. Normally, the fund will invest at least80% of its net assets (including any borrowings for investment purposes) in companies with a market capitalizationthat is within or below the range of companies in the Russell 2000 Index. As of December 31, 2014, themarket capitalization range for the Russell 2000 Index was approximately $19.0 million to $7.3 billion.The market capitalization of the companies in the fund’s portfolio and the Russell 2000 Index changesover time, and the fund will not sell a stock just because the company has grown to a market capitalizationoutside the range. The fund may, on occasion, purchase companies with a market capitalization above therange.

Ourin-house research team seeks to identify companies that appear to be undervalued by various measures,and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments,we generally look 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 management 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 pool money toinvest in properties and mortgages, the fund may also invest in foreign stocks in keeping with the fund’sobjectives.

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:

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 securities selected and strategies employed by the fund fail to producethe intended results, the fund could underperform other funds with similar objectives and investmentstrategies.

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| Summary | 3      |

Risks of stock investing  Stocksgenerally fluctuate in value more than bonds and may decline significantly over short time periods. Thereis a chance that stock prices overall will decline because stock markets tend to move in cycles, withperiods of rising and falling prices. The value of a stock in which the fund invests may decline dueto general weakness in the stock market or because of factors that affect a particular company or industry.

Investment style risk  Differentinvestment styles tend to shift in and out of favor depending on market conditions and investor sentiment.The fund’s value approach to investing could cause it to underperform other stock funds that employa different investment style. The intrinsic value of a stock with value characteristics may not be fullyrecognized by the market for a long time or a stock judged to be undervalued may actually be appropriatelypriced at a low level.

Market capitalizationrisk  Investing primarily in issuers within the same market capitalization category carries therisk that the category may be out of favor due to current market conditions or investor sentiment. Becausethe fund invests primarily in securities issued by small-cap companies, it is likely to be more volatilethan a fund that focuses on securities issued by larger companies. Small-sized companies often have lessexperienced management, narrower product lines, more limited financial resources, and less publicly availableinformation than larger companies. In addition, smaller companies are typically more sensitive to changesin overall economic conditions and their securities may be difficult to trade.

REIT investing risk  REITs must satisfy specific requirementsfor favorable tax treatment and can involve unique risks in addition to the risks generally affectingthe real estate industry. REITs are dependent upon the quality of their management, may have limitedfinancial resources and heavy cash flow dependency, and may not be diversified geographically or by propertytype.

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

Performance The Small-Cap Value Fund—I Class incepted on August 28, 2015, and does not have a full calendaryear of performance history. Performance for the class will be presented after the class has been inoperation for one full calendar year. As a point of comparison, however, the following bar chart andtable show calendar year returns and average annual total returns for the existing Investor Class ofthe Small-Cap Value Fund (“Investor Class”). Because the Small-Cap Value Fund—I Classis expected to have lower expenses than the Investor Class, its performance, had it existed over theperiods shown, would have been higher. The Investor Class and the Small-Cap Value Fund—I Class sharethe same portfolio. The bar chart and table provide some indication of the risks of investing in thefund by showing changes in the performance from year to year and how the Investor Class’ averageannual returns 

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| T.Rowe Price | 4      |

for certain periods compare with the returns of a relevant broad-basedmarket index, as well as with the returns of other comparative indexes that have investment characteristicssimilar to those of the fund.

The fund can also experience short-term performance swings, as shown by the best andworst calendar quarter returns during the years depicted for the Investor Class.

Performance information representsonly past performance (before and after taxes) and does not necessarily indicate future results.

In addition, the average annual total returns table shows hypothetical after-tax returnsto demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculatedusing the historical highest individual federal marginal income tax rates and do not reflect the impactof state and local taxes. Actual after-tax returns depend on an investor’s tax situation and maydiffer from those shown. After-tax returns shown are not relevant to investors who hold their fund sharesthrough tax-deferred arrangements, such as a 401(k) account or individual retirement account. In somecases, the figure shown for “returns after taxes on distributions and sale of fund shares”may be higher than the figure shown for “returns before taxes” because the calculations assumethe investor received a tax deduction for any loss incurred on the sale of shares. 

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| Summary | 5      |

|                        |                                                                   |                                 |              |   |        |          |       |       |           |   |   |   |
|-----------------------------|------------------------------------------------------------------------|--------------------------------------|-------------------|--------|-------------|---------------|------------|------------|----------------|--------|--------|--------|
| AverageAnnual Total Returns |                                                                   |                                 |              |   |        |          |       |       |           |   |
|                        |                                                                   |                                 | Periods ended     |   |
|                        |                                                                   |                                 | December 31, 2014 |   |
|                        |                                                                   |                                 | 1 Year       |   |        | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Small-Cap Value Fund                                                   |                                 |              |   |        |          |       |       |           |   |   |
|                        |                                                                   | Returns before taxes                 | 0.14         | %      | 14.27  | %             | 8.34  | %          |           |
|                        |                                                                   | Returns after taxes on distributions | -1.58        |   |        | 13.38    |       |       | 7.39      |   |   |   |
|                        |                                                                   | Returns after taxes on distributions |              |   |        |          |       |       |           |   |   |   |
|                        |                                                                   | and sale of fund shares              | 1.40         |   |        | 11.51    |       |       | 6.76      |   |   |   |
|                        | Russell 2000 Index (reflectsno deduction for fees, expenses, or taxes) | 4.89                            |              |   | 15.55  |          |       | 7.77  |           |   |   |
|                        | LipperSmall-Cap Core Funds Index                                       | 4.09                            |              |   | 14.71  |          |       | 7.93  |           |   |   |

Current performance 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 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). 

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| T.Rowe Price | 6      |

Payments to Broker-Dealers and Other FinancialIntermediaries

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 8/28/15 |