T.
ROWE
PRICE
Capital
Appreciation
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.1%
Domino's
Pizza
Master
Issuer
Series 2017-1A,
Class
A23
4.118%,
7/25/47 (1)
22,555,850
21,282
Domino's
Pizza
Master
Issuer
Series 2019-1A,
Class
A2
3.668%,
10/25/49 (1)
18,017,750
16,029
Total
Asset-Backed
Securities
(Cost
$40,371)
37,311
BANK
LOANS
10.9%
(2)
ADMI,
FRN
1M
USD
LIBOR
+
3.00%,
7.84%,
4/30/25
19,962,793
19,153
ADMI,
FRN
1M
USD
LIBOR
+
3.38%,
8.215%,
12/23/27
56,820,345
52,464
ADMI,
FRN
1M
USD
LIBOR
+
3.75%,
8.59%,
12/23/27
138,547,184
128,329
Alliant
Holdings
Intermediate,
FRN
1M
TSFR
+
3.50%,
8.347%,
11/5/27
79,348,655
78,312
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.50%,
8.279%,
11/5/27
210,795,518
208,081
Applied
Systems,
FRN
1M
TSFR
+
4.50%,
9.398%,
9/18/26
235,015,085
234,344
Applied
Systems,
FRN
3M
USD
LIBOR
+
6.75%,
11.648%,
9/17/27 (3)
47,879,152
47,795
Ascend
Learning,
FRN
1M
USD
LIBOR
+
3.50%,
8.407%,
12/11/28
100,784,545
92,848
AthenaHealth
Group,
FRN
1M
TSFR
+
3.50%,
7.738%,
2/15/29 (4)
191,794,388
179,328
Avantor
Funding,
FRN
1M
USD
LIBOR
+
2.25%,
7.09%,
11/8/27
40,197,548
40,116
Azalea
Topco,
FRN
1M
TSFR
+
3.75%,
8.657%,
7/24/26 (5)
26,023,829
24,332
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.50%,
8.135%,
7/24/26
157,029,860
146,333
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.75%,
8.59%,
7/24/26 (3)
46,422,753
43,289
BroadStreet
Partners,
FRN
1M
USD
LIBOR
+
3.00%,
7.84%,
1/27/27
1,942,291
1,899
Charter
Communications
Operating,
FRN
1M
USD
LIBOR
+
1.75%,
6.557%,
4/30/25
22,800,152
22,772
Charter
Communications
Operating,
FRN
1M
USD
LIBOR
+
1.75%,
6.557%,
2/1/27
34,424,435
34,064
CoreLogic,
FRN
1M
USD
LIBOR
+
6.50%,
11.375%,
6/4/29
2,536,336
1,866
T.
ROWE
PRICE
Capital
Appreciation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Filtration
Group,
FRN
1M
USD
LIBOR
+
3.50%,
8.34%,
10/21/28
72,495,589
71,318
Filtration
Group,
FRN
3M
EURIBOR
+
3.50%,
6.405%,
3/31/25
(EUR)
50,559,365
54,283
Filtration
Group,
FRN
3M
USD
LIBOR
+
3.00%,
7.84%,
3/31/25
85,277,950
84,944
Heartland
Dental,
FRN
1M
USD
LIBOR
+
4.00%,
8.84%,
4/30/25
20,344,983
19,103
Heartland
Dental,
FRN
3M
USD
LIBOR
+
3.75%,
8.59%,
4/30/25
168,251,284
157,014
Hilton
Worldwide
Finance,
FRN
3M
TSFR
+
1.75%,
6.642%,
6/22/26
22,696,780
22,659
Howden
Group
Holdings,
FRN
1M
USD
LIBOR
+
3.25%,
8.125%,
11/12/27
163,387,383
161,200
HUB
International,
FRN
1M
TSFR
+
4.00%,
8.728%,
11/10/29
44,676,851
44,493
HUB
International,
FRN
1M
USD
LIBOR
+
3.25%,
8.058%,
4/25/25
519,622,571
517,861
HUB
International,
FRN
3M
USD
LIBOR
+
3.00%,
7.818%,
4/25/25
765,557,997
762,396
IRB
Holding,
FRN
1M
TSFR
+
3.00%,
7.737%,
12/15/27
124,366,828
122,087
Loire
Finco
Luxembourg,
FRN
1M
USD
LIBOR
+
3.00%,
7.84%,
4/21/27
109,571,443
104,504
Loire
Finco
Luxembourg,
FRN
1M
USD
LIBOR
+
3.50%,
8.34%,
4/21/27
21,306,020
20,223
Medline
Borrower,
FRN
1M
USD
LIBOR
+
3.25%,
8.09%,
10/23/28
28,957,708
28,202
Mileage
Plus
Holdings,
FRN
3M
USD
LIBOR
+
5.25%,
10.213%,
6/21/27 (3)
209,023,690
216,628
PetVet
Care
Centers,
FRN
1M
USD
LIBOR
+
3.25%,
8.09%,
2/14/25
48,506,655
46,566
PetVet
Care
Centers,
FRN
1M
USD
LIBOR
+
3.50%,
8.34%,
2/14/25
74,060,716
71,358
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
2.75%,
7.59%,
2/14/25
11,433,833
10,942
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
6.25%,
11.09%,
2/13/26
3,982,000
3,508
RealPage,
FRN
1M
USD
LIBOR
+
3.00%,
7.84%,
4/24/28
184,940,428
179,074
RealPage,
FRN
1M
USD
LIBOR
+
6.50%,
11.34%,
4/23/29
6,300,000
5,930
Ryan
Specialty
Group,
FRN
1M
TSFR
+
3.00%,
7.907%,
9/1/27
36,657,825
36,520
SBA
Senior
Finance
II,
FRN
1M
USD
LIBOR
+
1.75%,
6.60%,
4/11/25 (3)
33,094,022
33,049
T.
ROWE
PRICE
Capital
Appreciation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SkyMiles
IP,
FRN
3M
USD
LIBOR
+
3.75%,
8.558%,
10/20/27
63,538,529
65,755
Sophia,
FRN
1M
TSFR
+
4.25%,
9.057%,
10/7/27 (3)
18,320,455
18,091
Sophia,
FRN
3M
USD
LIBOR
+
3.50%,
8.659%,
10/7/27 (3)
61,923,979
61,112
Storable,
FRN
1M
TSFR
+
3.50%,
8.302%,
4/17/28
23,596,909
22,535
Sunshine
Luxembourg
VII,
FRN
3M
USD
LIBOR
+
3.75%,
8.909%,
10/1/26
118,325,592
117,069
UKG,
FRN
3M
USD
LIBOR
+
3.25%,
8.271%,
5/4/26
494,472,612
481,107
UKG,
FRN
3M
USD
LIBOR
+
5.25%,
10.473%,
5/3/27
23,827,203
22,767
USI,
FRN
1M
TSFR
+
3.75%,
8.648%,
11/22/29
165,425,328
164,628
USI,
FRN
3M
TSFR
+
3.25%,
8.409%,
12/2/26
183,140,167
182,682
Woof
Holdings,
FRN
3M
USD
LIBOR
+
3.75%,
8.529%,
12/21/27 (5)
18,365,200
17,539
Total
Bank
Loans
(Cost
$5,361,400)
5,282,472
BOND
MUTUAL
FUNDS
1.6%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
8.43% (6)(7)
83,341,286
772,574
Total
Bond
Mutual
Funds
(Cost
$807,534)
772,574
COMMON
STOCKS
64.9%
COMMUNICATION
SERVICES
2.2%
Interactive
Media
&
Services
2.2%
Alphabet,
Class
A (8)(9)
7,381,840
765,718
Meta
Platforms,
Class
A (8)
1,363,585
288,998
Total
Communication
Services
1,054,716
CONSUMER
DISCRETIONARY
5.2%
Automobile
Components
0.1%
Mobileye
Global,
Class
A (8)
664,493
28,753
28,753
Broadline
Retail
2.6%
Amazon.com (8)(9)
12,011,354
1,240,653
1,240,653
Hotels,
Restaurants
&
Leisure
2.5%
Hilton
Worldwide
Holdings (9)
1,743,200
245,565
T.
ROWE
PRICE
Capital
Appreciation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Starbucks (9)
970,100
101,016
Yum!
Brands (9)
6,546,928
864,718
1,211,299
Total
Consumer
Discretionary
2,480,705
CONSUMER
STAPLES
0.5%
Beverages
0.4%
Keurig
Dr
Pepper (9)
5,669,861
200,033
200,033
Consumer
Staples
Distribution
&
Retail
0.1%
Dollar
General (9)
99,400
20,920
20,920
Total
Consumer
Staples
220,953
ENERGY
1.3%
Oil,
Gas
&
Consumable
Fuels
1.3%
ConocoPhillips
1,165,989
115,678
EOG
Resources
2,611,405
299,345
Pioneer
Natural
Resources
1,123,000
229,362
Total
Energy
644,385
FINANCIALS
7.4%
Banks
2.0%
PNC
Financial
Services
Group (9)
7,565,393
961,561
961,561
Capital
Markets
3.2%
Intercontinental
Exchange (9)
9,196,785
959,133
KKR (9)
8,497,037
446,264
S&P
Global (9)
378,190
130,389
1,535,786
Financial
Services
1.4%
Mastercard,
Class
A (9)
1,005,000
365,227
Visa,
Class
A (9)
1,449,400
326,782
692,009
Insurance
0.8%
Marsh
&
McLennan (9)
2,167,252
360,956
360,956
Total
Financials
3,550,312
HEALTH
CARE
16.1%
Biotechnology
1.6%
AbbVie (9)
4,846,700
772,419
772,419
T.
ROWE
PRICE
Capital
Appreciation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Equipment
&
Supplies
4.7%
Alcon
(CHF)
3,968,381
281,706
Baxter
International
4,594,360
186,347
Becton
Dickinson
&
Company (9)
3,394,444
840,261
GE
HealthCare
Technologies (8)
3,250,404
266,631
Stryker (9)
705,570
201,419
Teleflex
2,051,997
519,791
2,296,155
Health
Care
Providers
&
Services
2.8%
UnitedHealth
Group (9)
2,868,767
1,355,751
1,355,751
Life
Sciences
Tools
&
Services
6.4%
Avantor (8)
27,058,051
572,007
Danaher (9)
3,318,294
836,343
PerkinElmer (9)
6,258,526
834,011
Thermo
Fisher
Scientific (9)
1,523,704
878,217
3,120,578
Pharmaceuticals
0.6%
Eli
Lilly
844,600
290,052
290,052
Total
Health
Care
7,834,955
INDUSTRIALS
&
BUSINESS
SERVICES
9.0%
Commercial
Services
&
Supplies
1.6%
Aurora
Innovation (8)
34,667,381
48,188
Waste
Connections (9)
5,276,112
733,749
781,937
Industrial
Conglomerates
1.9%
General
Electric (9)
2,815,452
269,157
Roper
Technologies (9)
1,502,122
661,970
931,127
Machinery
3.3%
Fortive (9)
14,370,161
979,614
Ingersoll
Rand (9)
10,906,532
634,542
1,614,156
Professional
Services
2.2%
Equifax (9)
2,248,344
456,054
TransUnion (9)
10,150,553
630,755
1,086,809
Total
Industrials
&
Business
Services
4,414,029
T.
ROWE
PRICE
Capital
Appreciation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
16.4%
Electronic
Equipment,
Instruments
&
Components
2.0%
TE
Connectivity (9)
2,762,128
362,253
Teledyne
Technologies (8)(9)
1,324,093
592,346
954,599
Semiconductors
&
Semiconductor
Equipment
3.9%
NVIDIA
1,763,800
489,931
NXP
Semiconductors (9)
4,478,282
835,087
Texas
Instruments (9)
3,110,129
578,515
1,903,533
Software
7.2%
Black
Knight (8)
4,319,417
248,626
Microsoft (9)
9,620,327
2,773,540
Salesforce (8)(9)
2,413,848
482,238
3,504,404
Technology
Hardware,
Storage
&
Peripherals
3.3%
Apple (9)
9,544,738
1,573,927
1,573,927
Total
Information
Technology
7,936,463
MATERIALS
1.0%
Chemicals
1.0%
Linde (9)
1,360,722
483,655
Total
Materials
483,655
UTILITIES
4.4%
Electric
Utilities
2.4%
Exelon (9)
12,674,842
530,949
Xcel
Energy
9,664,038
651,743
1,182,692
Multi-Utilities
2.0%
Ameren
9,134,843
789,159
DTE
Energy
1,740,651
190,671
979,830
Total
Utilities
2,162,522
Total
Miscellaneous
Common
Stocks
1.4% (10)
709,274
Total
Common
Stocks
(Cost
$24,192,209)
31,491,969
T.
ROWE
PRICE
Capital
Appreciation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
BONDS
0.1%
Spotify
USA,
Zero
Coupon,
3/15/26
44,593,000
37,545
Total
Convertible
Bonds
(Cost
$39,574)
37,545
CONVERTIBLE
PREFERRED
STOCKS
0.2%
INFORMATION
TECHNOLOGY
0.2%
Software
0.2%
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $183,922 (5)
(8)(11)
2,141,932
101,057
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $16,282 (5)
(8)(11)
177,514
8,375
Total
Information
Technology
109,432
Total
Convertible
Preferred
Stocks
(Cost
$200,204)
109,432
CORPORATE
BONDS
8.8%
Acrisure,
7.00%,
11/15/25 (1)
29,548,000
27,627
Alliant
Holdings
Intermediate,
4.25%,
10/15/27 (1)
14,533,000
13,007
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
22,668,000
19,154
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
74,350,000
68,960
Alliant
Holdings
Intermediate,
6.75%,
4/15/28 (1)
162,272,000
161,461
Altice
France
Holding,
10.50%,
5/15/27 (1)
56,255,000
42,894
AmWINS
Group,
4.875%,
6/30/29 (1)
20,805,000
18,412
Avantor
Funding,
3.875%,
11/1/29 (1)
94,924,000
84,957
Avantor
Funding,
4.625%,
7/15/28 (1)
98,436,000
93,145
Black
Knight
InfoServ,
3.625%,
9/1/28 (1)
10,398,000
9,449
Booz
Allen
Hamilton,
3.875%,
9/1/28 (1)
26,906,000
24,484
Booz
Allen
Hamilton,
4.00%,
7/1/29 (1)
16,051,000
14,486
BroadStreet
Partners,
5.875%,
4/15/29 (1)
20,687,000
17,532
CCO
Holdings,
5.00%,
2/1/28 (1)
252,238,000
232,690
CCO
Holdings,
5.125%,
5/1/27 (1)
321,632,000
303,942
CCO
Holdings,
5.50%,
5/1/26 (1)
12,750,000
12,368
Cedar
Fair,
5.25%,
7/15/29
75,398,000
69,932
Cedar
Fair,
5.375%,
4/15/27
95,041,000
91,002
Cedar
Fair,
5.50%,
5/1/25 (1)
59,601,000
59,303
Cedar
Fair,
6.50%,
10/1/28
64,276,000
62,348
Charles
River
Laboratories
International,
3.75%,
3/15/29 (1)
37,905,000
33,546
Charles
River
Laboratories
International,
4.00%,
3/15/31 (1)
27,372,000
23,882
Charles
River
Laboratories
International,
4.25%,
5/1/28 (1)
6,559,000
6,018
Clarios
Global,
6.25%,
5/15/26 (1)
21,486,000
21,298
Clarios
Global,
6.75%,
5/15/25 (1)
15,558,000
15,597
Clarios
Global,
8.50%,
5/15/27 (1)
76,610,000
76,897
Clarivate
Science
Holdings,
3.875%,
7/1/28 (1)
10,532,000
9,374
T.
ROWE
PRICE
Capital
Appreciation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Clarivate
Science
Holdings,
4.875%,
7/1/29 (1)
7,515,000
6,670
Crowdstrike
Holdings,
3.00%,
2/15/29
5,749,000
5,001
Delta
Air
Lines,
4.75%,
10/20/28 (1)
37,425,000
35,945
Entegris
Escrow,
4.75%,
4/15/29 (1)
49,658,000
46,865
Gartner,
3.625%,
6/15/29 (1)
29,541,000
26,365
Gartner,
3.75%,
10/1/30 (1)
12,944,000
11,585
Gartner,
4.50%,
7/1/28 (1)
9,226,000
8,753
General
Electric,
Series D,
FRN,
3M
USD
LIBOR
+
3.33%,
8.196% (12)
97,683,000
97,439
GFL
Environmental,
4.00%,
8/1/28 (1)
1,923,000
1,726
GFL
Environmental,
4.375%,
8/15/29 (1)
17,240,000
15,473
GFL
Environmental,
4.75%,
6/15/29 (1)
20,456,000
18,871
Hadrian
Merger
Sub,
8.50%,
5/1/26 (1)
65,911,000
54,376
Hilton
Domestic
Operating,
3.625%,
2/15/32 (1)
48,500,000
40,922
Hilton
Domestic
Operating,
3.75%,
5/1/29 (1)
35,415,000
31,608
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
39,300,000
34,387
Hilton
Domestic
Operating,
4.875%,
1/15/30
30,615,000
29,276
Hilton
Domestic
Operating,
5.375%,
5/1/25 (1)
18,264,000
18,241
Hilton
Domestic
Operating,
5.75%,
5/1/28 (1)
38,376,000
38,376
Hilton
Worldwide
Finance,
4.875%,
4/1/27
14,587,000
14,368
Hologic,
3.25%,
2/15/29 (1)
23,573,000
21,039
Howmet
Aerospace,
3.00%,
1/15/29
21,568,000
19,034
Howmet
Aerospace,
5.90%,
2/1/27
3,203,000
3,267
HUB
International,
5.625%,
12/1/29 (1)
32,572,000
28,297
HUB
International,
7.00%,
5/1/26 (1)
320,983,000
315,366
Intercontinental
Exchange,
4.00%,
9/15/27
6,439,000
6,361
IQVIA,
5.00%,
5/15/27 (1)
14,625,000
14,223
KFC
Holding,
4.75%,
6/1/27 (1)
135,551,000
132,162
Korn
Ferry,
4.625%,
12/15/27 (1)
13,236,000
12,508
Lamar
Media,
3.625%,
1/15/31
4,650,000
3,999
Lamar
Media,
3.75%,
2/15/28
29,206,000
26,724
Lamar
Media,
4.875%,
1/15/29
5,216,000
4,955
Lennox
International,
3.00%,
11/15/23
6,420,000
6,333
Life
Time,
5.75%,
1/15/26 (1)
52,089,000
50,396
Live
Nation
Entertainment,
4.875%,
11/1/24 (1)
3,645,000
3,563
Mattel,
3.375%,
4/1/26 (1)
7,552,000
7,108
Mattel,
3.75%,
4/1/29 (1)
16,096,000
14,406
Mattel,
5.875%,
12/15/27 (1)
5,795,000
5,766
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
33,532,500
33,406
Mirant,
EC,
7.90%,
7/15/09 (1)(5)(8)
16,000,000
—
MSCI,
3.25%,
8/15/33 (1)
25,206,000
20,448
MSCI,
3.625%,
9/1/30 (1)
63,407,000
54,926
MSCI,
3.625%,
11/1/31 (1)
39,028,000
33,418
MSCI,
3.875%,
2/15/31 (1)
38,282,000
33,975
MSCI,
4.00%,
11/15/29 (1)
36,940,000
33,615
NiSource,
VR,
5.65% (12)(13)
20,039,000
18,636
T.
ROWE
PRICE
Capital
Appreciation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PRA
Health
Sciences,
2.875%,
7/15/26 (1)
16,684,000
15,162
PTC,
4.00%,
2/15/28 (1)
6,340,000
5,928
Ryan
Specialty
Group,
4.375%,
2/1/30 (1)
2,890,000
2,525
SBA
Communications,
3.125%,
2/1/29
48,386,000
42,096
SBA
Communications,
3.875%,
2/15/27
54,443,000
51,449
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
2,575,000
2,643
Sensata
Technologies,
3.75%,
2/15/31 (1)
30,768,000
26,768
Sensata
Technologies,
4.00%,
4/15/29 (1)
39,128,000
35,166
Sensata
Technologies,
4.375%,
2/15/30 (1)
12,337,000
11,227
Sensata
Technologies,
5.00%,
10/1/25 (1)
23,800,000
23,562
Sensata
Technologies,
5.625%,
11/1/24 (1)
6,670,000
6,653
Sensata
Technologies,
5.875%,
9/1/30 (1)
26,938,000
26,702
Service
Corp.
International,
3.375%,
8/15/30
25,751,000
21,953
Six
Flags
Entertainment,
4.875%,
7/31/24 (1)
186,526,000
183,961
Six
Flags
Entertainment,
5.50%,
4/15/27 (1)
115,949,000
111,021
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (1)
29,908,000
30,170
Surgery
Center
Holdings,
10.00%,
4/15/27 (1)
29,147,000
29,730
Teleflex,
4.25%,
6/1/28 (1)
5,425,000
5,113
Teleflex,
4.625%,
11/15/27
31,460,000
30,359
TransDigm,
5.50%,
11/15/27
32,271,000
30,254
TransDigm,
6.25%,
3/15/26 (1)
39,745,000
39,646
TransDigm,
6.375%,
6/15/26
5,780,000
5,664
TransDigm
U.K.
Holdings,
6.875%,
5/15/26
6,624,000
6,525
U.S.
Airways
PTT,
Series 2010-1,
Class
A,
6.25%,
4/22/23
4,170,556
4,129
U.S.
Airways
PTT,
Series 2012-2,
Class
A,
4.625%,
6/3/25
822,229
769
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
4,866,607
4,526
United
Airlines
PTT,
Series 2012-1,
Class
A,
4.15%,
4/11/24
7,813,296
7,646
USI,
6.875%,
5/1/25 (1)
119,087,000
116,408
Vail
Resorts,
6.25%,
5/15/25 (1)
16,109,000
16,149
Yum!
Brands,
3.625%,
3/15/31
37,870,000
33,089
Yum!
Brands,
4.625%,
1/31/32
80,207,000
74,492
Yum!
Brands,
4.75%,
1/15/30 (1)
37,386,000
35,657
Yum!
Brands,
5.35%,
11/1/43
73,790,000
63,459
Yum!
Brands,
5.375%,
4/1/32
75,713,000
72,969
Yum!
Brands,
6.875%,
11/15/37
30,316,000
31,832
Total
Corporate
Bonds
(Cost
$4,358,943)
4,259,345
PREFERRED
STOCKS
0.3%
FINANCIALS
0.0%
Financial
Services
0.0%
Charles
Schwab,
Series
D,
5.95% (12)
95,800
2,206
Total
Financials
2,206
T.
ROWE
PRICE
Capital
Appreciation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UTILITIES
0.3%
Electric
Utilities
0.3%
CMS
Energy,
5.875%,
10/15/78
2,122,274
51,211
CMS
Energy,
5.875%,
3/1/79
2,406,819
58,462
SCE
Trust
IV,
Series
J,
VR,
5.375% (12)(13)
1,455,783
29,552
139,225
Gas
&
Gas
Transmission
0.0%
NiSource,
Series
B,
VR,
6.50% (12)(13)
491,729
11,801
11,801
Total
Utilities
151,026
Total
Preferred
Stocks
(Cost
$164,310)
153,232
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
8.7%
U.S.
Treasury
Obligations
8.7%
U.S.
Treasury
Notes,
2.75%,
8/15/32
2,247,928,400
2,115,160
U.S.
Treasury
Notes,
4.125%,
11/15/32
1,999,698,500
2,101,558
4,216,718
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$4,129,362)
4,216,718
SHORT-TERM
INVESTMENTS
4.7%
Money
Market
Funds
4.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (6)(14)
2,264,630,429
2,264,630
Total
Short-Term
Investments
(Cost
$2,264,630)
2,264,630
Total
Investments
in
Securities
100.3%
(Cost
$41,558,537)
$
48,625,228
Other
Assets
Less
Liabilities
(0.3)%
(144,948)
Net
Assets
100.0%
$
48,480,280
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$3,356,770
and
represents
6.9%
of
net
assets.
(2)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
T.
ROWE
PRICE
Capital
Appreciation
Fund
11
.
.
.
.
.
.
.
.
.
.
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
March
31,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2023,
was
$20,984
and
was
valued
at
$19,620
(0.0%
of
net
assets).
(5)
Level
3
in
fair
value
hierarchy.
(6)
Affiliated
Companies
(7)
SEC
30-day
yield
(8)
Non-income
producing
(9)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
March
31,
2023.
(10)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(11)
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
$109,432
and
represents
0.2%
of
net
assets.
(12)
Perpetual
security
with
no
stated
maturity
date.
(13)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(14)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
CHF
Swiss
Franc
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.
EUR
Euro
FRN
Floating
Rate
Note
OTC
Over-the-counter
PTT
Pass-Through
Trust
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Capital
Appreciation
Fund
12
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.8)%
OTC
Options
Written
(0.8)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
AbbVie,
Call,
1/19/24
@
$155.00
3,998
63,716
(6,077)
Citibank
AbbVie,
Call,
1/19/24
@
$160.00
3,997
63,700
(4,976)
Citibank
AbbVie,
Call,
1/19/24
@
$170.00
5,094
81,183
(3,973)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$175.00
2,554
40,703
(1,532)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$180.00
1,271
20,256
(572)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$185.00
1,271
20,256
(429)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$195.00
1,271
20,256
(222)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$200.00
1,271
20,256
(156)
Citibank
Alphabet,
Class
A,
Call,
1/19/24
@
$102.50
3,109
32,250
(4,508)
Wells
Fargo
Bank
Alphabet,
Class
A,
Call,
1/19/24
@
$120.00
11,767
122,059
(8,002)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$107.50
3,812
39,374
(5,089)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$110.00
7,625
78,759
(9,303)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$115.00
14,862
153,510
(14,973)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$120.00
3,809
39,343
(3,142)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$135.00
6,452
66,643
(2,790)
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$145.00
3,177
52,389
(9,992)
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$150.00
6,354
104,777
(17,553)
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$155.00
6,354
104,777
(15,647)
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$180.00
4,788
78,954
(5,494)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$270.00
1,923
47,602
(2,019)
T.
ROWE
PRICE
Capital
Appreciation
Fund
13
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$280.00
1,923
47,602
(1,433)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$290.00
1,261
31,215
(668)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$300.00
1,261
31,215
(492)
Wells
Fargo
Bank
CME
Group,
Call,
1/19/24
@
$190.00
471
9,020
(857)
Wells
Fargo
Bank
CME
Group,
Call,
1/19/24
@
$200.00
471
9,020
(591)
Wells
Fargo
Bank
CME
Group,
Call,
1/19/24
@
$210.00
470
9,001
(421)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$290.00
3,172
79,947
(3,775)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$300.00
625
15,753
(566)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$310.00
625
15,753
(412)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$320.00
625
15,752
(256)
Wells
Fargo
Bank
Dollar
General,
Call,
1/19/24
@
$250.00
497
10,460
(318)
Wells
Fargo
Bank
Dollar
General,
Call,
1/19/24
@
$270.00
497
10,460
(145)
Citibank
Equifax,
Call,
12/15/23
@
$220.00
1,996
40,487
(3,383)
Citibank
Equifax,
Call,
12/15/23
@
$230.00
1,038
21,055
(1,360)
Citibank
Equifax,
Call,
12/15/23
@
$240.00
3,600
73,022
(3,600)
JPMorgan
Chase
Exelon,
Call,
1/19/24
@
$45.00
17,562
73,567
(4,171)
JPMorgan
Chase
Exelon,
Call,
1/19/24
@
$47.00
4,322
18,105
(692)
JPMorgan
Chase
Exelon,
Call,
1/19/24
@
$50.00
4,683
19,617
(410)
Citibank
Fortive,
Call,
6/16/23
@
$75.00
2,519
17,172
(246)
Wells
Fargo
Bank
General
Electric,
Call,
1/19/24
@
$90.00
4,340
41,490
(6,901)
Wells
Fargo
Bank
General
Electric,
Call,
1/19/24
@
$95.00
4,340
41,490
(5,620)
T.
ROWE
PRICE
Capital
Appreciation
Fund
14
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$140.00
629
8,861
(1,132)
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$145.00
3,666
51,643
(5,609)
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$150.00
3,666
51,643
(4,582)
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$155.00
629
8,861
(635)
Goldman
Sachs
Ingersoll
Rand,
Call,
12/15/23
@
$60.00
2,521
14,667
(1,513)
Citibank
Intercontinental
Exchange
,
Call,
1/19/24
@
$110.00
6,384
66,579
(4,533)
Citibank
Keurig
Dr
Pepper,
Call,
1/19/24
@
$37.00
3,368
11,882
(631)
Citibank
Keurig
Dr
Pepper,
Call,
1/19/24
@
$40.00
3,368
11,882
(328)
UBS
Investment
Bank
KKR,
Call,
1/19/24
@
$55.00
3,192
16,764
(1,899)
Wells
Fargo
Bank
Linde,
Call,
1/19/24
@
$390.00
639
22,713
(1,256)
Goldman
Sachs
Marsh
&
McLennan,
Call,
7/21/23
@
$185.00
1,891
31,495
(388)
Goldman
Sachs
Marsh
&
McLennan,
Call,
7/21/23
@
$190.00
1,891
31,495
(477)
Goldman
Sachs
Marsh
&
McLennan,
Call,
7/21/23
@
$195.00
1,891
31,495
(463)
Goldman
Sachs
Marsh
&
McLennan,
Call,
7/21/23
@
$200.00
1,891
31,495
(199)
Goldman
Sachs
Marsh
&
McLennan,
Call,
1/19/24
@
$180.00
2,554
42,537
(1,979)
Goldman
Sachs
Mastercard
,
Call,
1/19/24
@
$380.00
1,272
46,227
(3,806)
Goldman
Sachs
Mastercard
,
Call,
1/19/24
@
$400.00
3,188
115,855
(6,623)
Goldman
Sachs
Mastercard
,
Call,
1/19/24
@
$420.00
1,272
46,226
(1,755)
Goldman
Sachs
Mastercard
,
Call,
1/19/24
@
$430.00
1,272
46,226
(1,402)
Bank
of
America
Microsoft,
Call,
1/19/24
@
$275.00
2,224
64,118
(9,018)
Bank
of
America
Microsoft,
Call,
1/19/24
@
$290.00
2,224
64,118
(7,139)
Bank
of
America
Microsoft,
Call,
1/19/24
@
$300.00
2,224
64,118
(6,049)
T.
ROWE
PRICE
Capital
Appreciation
Fund
15
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
Microsoft,
Call,
1/19/24
@
$300.00
9,507
274,087
(25,859)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$170.00
1,866
34,796
(6,503)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$180.00
3,771
70,320
(10,917)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$185.00
3,771
70,320
(9,974)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$195.00
3,771
70,320
(8,089)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$200.00
2,554
47,626
(4,802)
Citibank
Perkinelmer,
Call,
6/16/23
@
$155.00
288
3,838
(40)
Citibank
Perkinelmer,
Call,
6/16/23
@
$165.00
288
3,838
(33)
Citibank
Perkinelmer,
Call,
6/16/23
@
$170.00
288
3,838
(12)
Citibank
Perkinelmer,
Call,
6/16/23
@
$175.00
288
3,838
(11)
Citibank
Perkinelmer,
Call,
9/15/23
@
$155.00
1,613
21,495
(605)
Citibank
Perkinelmer,
Call,
9/15/23
@
$165.00
1,613
21,495
(379)
Citibank
Perkinelmer,
Call,
9/15/23
@
$170.00
1,613
21,495
(331)
Citibank
Perkinelmer,
Call,
9/15/23
@
$175.00
1,613
21,495
(258)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$170.00
1,525
19,383
(431)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$175.00
2,478
31,495
(613)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$185.00
933
11,858
(126)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$190.00
933
11,858
(117)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$200.00
933
11,858
(103)
Citibank
Roper
Technologies,
Call,
8/18/23
@
$470.00
1,274
56,144
(1,694)
T.
ROWE
PRICE
Capital
Appreciation
Fund
16
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
Roper
Technologies,
Call,
8/18/23
@
$480.00
311
13,705
(278)
Citibank
Roper
Technologies,
Call,
8/18/23
@
$500.00
311
13,705
(131)
Citibank
Roper
Technologies,
Call,
8/18/23
@
$520.00
311
13,705
(95)
Citibank
Roper
Technologies,
Call,
8/18/23
@
$540.00
311
13,705
(30)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$370.00
429
14,791
(1,019)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$390.00
429
14,791
(691)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$400.00
429
14,791
(598)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$410.00
207
7,137
(228)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$420.00
429
14,791
(435)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$430.00
207
7,137
(171)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$450.00
207
7,137
(98)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$470.00
207
7,137
(68)
Goldman
Sachs
Salesforce,
Call,
1/19/24
@
$160.00
1,562
31,206
(8,419)
Goldman
Sachs
Salesforce,
Call,
1/19/24
@
$165.00
3,151
62,951
(15,818)
Goldman
Sachs
Salesforce,
Call,
1/19/24
@
$170.00
1,589
31,745
(7,417)
Goldman
Sachs
Starbucks,
Call,
1/19/24
@
$100.00
3,666
38,174
(4,885)
Goldman
Sachs
Starbucks,
Call,
1/19/24
@
$105.00
3,666
38,174
(3,840)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$270.00
1,271
36,283
(5,097)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$280.00
1,271
36,283
(4,194)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$290.00
1,271
36,283
(3,489)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$300.00
1,271
36,283
(2,815)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$310.00
958
27,348
(1,691)
T.
ROWE
PRICE
Capital
Appreciation
Fund
17
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
TE
Connectivity,
Call,
7/21/23
@
$125.00
937
12,289
(1,059)
JPMorgan
Chase
TE
Connectivity,
Call,
7/21/23
@
$130.00
1,890
24,787
(1,531)
JPMorgan
Chase
TE
Connectivity,
Call,
7/21/23
@
$135.00
1,890
24,787
(1,049)
JPMorgan
Chase
TE
Connectivity,
Call,
7/21/23
@
$140.00
1,890
24,787
(690)
JPMorgan
Chase
Teledyn
Technologies,
Call,
6/16/23
@
$440.00
318
14,226
(833)
JPMorgan
Chase
Teledyn
Technologies,
Call,
6/16/23
@
$460.00
318
14,226
(485)
JPMorgan
Chase
Teledyn
Technologies,
Call,
6/16/23
@
$480.00
318
14,226
(237)
JPMorgan
Chase
Teledyn
Technologies,
Call,
6/16/23
@
$500.00
318
14,226
(91)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$180.00
2,540
47,247
(5,766)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$190.00
2,540
47,247
(4,388)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$195.00
2,540
47,247
(3,791)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$200.00
7,328
136,308
(9,325)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$610.00
316
18,213
(1,438)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$630.00
316
18,213
(1,117)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$660.00
316
18,213
(788)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$690.00
316
18,213
(518)
Goldman
Sachs
TransUnion,
Call,
10/20/23
@
$65.00
1,258
7,817
(830)
Goldman
Sachs
TransUnion,
Call,
10/20/23
@
$70.00
1,258
7,817
(547)
Citibank
UnitedHealth
Group,
Call,
1/19/24
@
$580.00
2,096
99,055
(2,080)
JPMorgan
Chase
UnitedHealth
Group,
Call,
1/19/24
@
$600.00
2,209
104,395
(1,287)
Goldman
Sachs
Visa,
Call,
1/19/24
@
$230.00
1,905
42,950
(3,910)
Goldman
Sachs
Visa,
Call,
1/19/24
@
$240.00
1,905
42,950
(2,934)
T.
ROWE
PRICE
Capital
Appreciation
Fund
18
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Visa,
Call,
1/19/24
@
$250.00
1,905
42,950
(2,115)
Goldman
Sachs
Visa,
Call,
1/19/24
@
$260.00
1,905
42,950
(1,486)
JPMorgan
Chase
Waste
Connections,
Call,
6/16/23
@
$145.00
953
13,253
(241)
JPMorgan
Chase
Waste
Connections,
Call,
6/16/23
@
$150.00
953
13,253
(136)
JPMorgan
Chase
Waste
Connections,
Call,
6/16/23
@
$160.00
953
13,253
(91)
JPMorgan
Chase
Waste
Connections,
Call,
6/16/23
@
$165.00
953
13,253
(36)
Citibank
Yum!
Brands,
Call,
1/19/24
@
$145.00
2,241
29,599
(1,233)
Citibank
Yum!
Brands,
Call,
1/19/24
@
$150.00
2,241
29,599
(863)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/19/24
@
$140.00
9,000
118,872
(6,795)
Total
Options
Written
(Premiums
$(340,398))
$
(404,276)
T.
ROWE
PRICE
Capital
Appreciation
Fund
19
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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
CMS
Energy,
5.875%,
10/15/78
$
(117)
$
4,478
$
781
CMS
Energy,
5.875%,
3/1/79
(306)
5,431
920
SCE
Trust
IV,
Series
J,
VR,
5.375%
(944)
4,455
498
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
8.43%
—
7,276
15,909
TransUnion
—
54,711
1,066
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
—
—
24,904
Totals
$
(1,367)#
$
76,351
$
44,078+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
CMS
Energy,
5.875%,
10/15/78
$
49,731
$
—
$
2,998
$
*
CMS
Energy,
5.875%,
3/1/79
61,510
—
8,479
*
SCE
Trust
IV,
Series
J,
VR,
5.375%
29,636
—
4,539
*
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
8.43%
749,303
15,995
—
772,574
TransUnion
576,044
—
—
*
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
2,714,515
¤
¤
2,264,630
Total
$
3,037,204^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$44,078
of
dividend
income
and
$0
of
interest
income.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$3,072,164.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
20
T.
Rowe
Price
Capital
Appreciation
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)
T.
ROWE
PRICE
Capital
Appreciation
Fund
21
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
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.
T.
ROWE
PRICE
Capital
Appreciation
Fund
22
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
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.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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
Capital
Appreciation
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):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
4,291,574
$
—
$
4,291,574
Bank
Loans
—
5,240,601
41,871
5,282,472
Bond
Mutual
Funds
772,574
—
—
772,574
Common
Stocks
31,210,263
281,706
—
31,491,969
Convertible
Preferred
Stocks
—
—
109,432
109,432
Corporate
Bonds
—
4,259,345
—
4,259,345
Preferred
Stocks
153,232
—
—
153,232
Short-Term
Investments
2,264,630
—
—
2,264,630
Total
$
34,400,699
$
14,073,226
$
151,303
$
48,625,228
Liabilities
Options
Written
$
—
$
404,276
$
—
$
404,276
1
Includes
Asset-Backed
Securities,
Convertible
Bonds
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Capital
Appreciation
Fund
24
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
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.
F72-054Q1
03/23