T.
ROWE
PRICE
Capital
Appreciation
Fund
September
30,
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)
22,368,339
20,694
Domino's
Pizza
Master
Issuer
Series 2019-1A,
Class
A2
3.668%,
10/25/49 (1)
17,870,063
15,462
Total
Asset-Backed
Securities
(Cost
$40,043)
36,156
BANK
LOANS
10.1%
(2)
1011778
B.C.,
FRN
1M
TSFR
+
2.25%,
7.566%,
9/23/30
32,054,123
31,914
ADMI,
FRN
1M
TSFR
+
3.00%,
8.431%,
4/30/25
37,329,388
36,603
ADMI,
FRN
1M
TSFR
+
3.38%,
8.806%,
12/23/27
56,530,446
52,291
ADMI,
FRN
1M
TSFR
+
3.75%,
9.181%,
12/23/27
137,843,899
128,342
Alliant
Holdings
Intermediate,
FRN
1M
TSFR
+
3.50%,
8.831%,
11/5/27 (3)
94,452,015
94,245
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.50%,
8.931%,
11/5/27 (3)
221,751,531
221,175
Applied
Systems,
FRN
3M
TSFR
+
4.50%,
9.89%,
9/18/26
294,815,481
295,420
Applied
Systems,
FRN
3M
TSFR
+
6.75%,
12.14%,
9/17/27
59,407,364
59,494
AssuredPartners,
FRN
1M
TSFR
+
3.50%,
8.816%,
2/12/27 (3)
9,592,890
9,560
AssuredPartners,
FRN
1M
TSFR
+
3.50%,
8.931%,
2/12/27 (3)
16,694,259
16,648
AssuredPartners,
FRN
1M
TSFR
+
3.50%,
8.931%,
2/12/27 (3)
9,573,997
9,562
AthenaHealth
Group,
FRN
1M
TSFR
+
3.25%,
8.568%,
2/15/29
170,380,438
166,920
Avantor
Funding,
FRN
1M
TSFR
+
2.25%,
7.666%,
11/8/27
43,649,244
43,590
Azalea
Topco,
FRN
1M
TSFR
+
3.50%,
9.184%,
7/24/26 (3)
167,498,623
160,841
Azalea
Topco,
FRN
1M
TSFR
+
3.75%,
9.322%,
7/24/26
33,913,884
32,568
Azalea
Topco,
FRN
1M
TSFR
+
3.75%,
9.434%,
7/24/26
59,469,472
57,239
BroadStreet
Partners,
FRN
1M
TSFR
+
3.00%,
8.431%,
1/27/27
1,932,279
1,921
T.
ROWE
PRICE
Capital
Appreciation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BroadStreet
Partners,
FRN
1M
TSFR
+
4.00%,
9.316%,
1/27/29
47,975,106
47,915
Charter
Communications
Operating,
FRN
1M
TSFR
+
1.75%,
7.116%,
4/30/25 (3)
56,240,346
56,252
Charter
Communications
Operating,
FRN
1M
TSFR
+
1.75%,
7.116%,
2/1/27
36,189,665
36,131
Epicor
Software,
FRN
1M
USD
LIBOR
+
3.75%,
7/31/27 (3)
6,446,275
6,448
Filtration
Group,
FRN
1M
TSFR
+
3.50%,
8.931%,
10/21/28
80,167,559
79,784
Filtration
Group,
FRN
1M
TSFR
+
4.25%,
9.681%,
10/21/28
149,485,533
149,548
Filtration
Group,
FRN
3M
EURIBOR
+
4.25%,
8.108%,
10/21/28
(EUR) (3)
73,960,371
77,543
Heartland
Dental,
FRN
1M
TSFR
+
5.00%,
10.331%,
4/28/28
160,817,484
158,942
Hilton
Worldwide
Finance,
FRN
3M
TSFR
+
1.75%,
7.17%,
6/22/26 (3)
138,329,259
138,187
Howden
Group
Holdings,
FRN
1M
USD
LIBOR
+
3.25%,
8.688%,
11/12/27
162,551,642
161,861
HUB
International,
FRN
1M
TSFR
+
4.25%,
9.584%,
6/20/30
796,571,000
797,901
HUB
International,
FRN
3M
TSFR
+
4.00%,
9.365%,
11/10/29
44,452,907
44,483
IRB
Holding,
FRN
1M
TSFR
+
3.00%,
8.416%,
12/15/27
123,740,247
123,169
Loire
Finco
Luxembourg,
FRN
1M
TSFR
+
3.50%,
8.916%,
4/21/27 (3)
134,553,733
132,031
Loire
Finco
Luxembourg,
FRN
1M
TSFR
+
3.75%,
9.166%,
4/21/27
22,597,758
22,259
Mileage
Plus
Holdings,
FRN
3M
TSFR
+
5.25%,
10.798%,
6/21/27
196,472,782
203,862
PetVet
Care
Centers,
FRN
1M
TSFR
+
3.25%,
8.666%,
2/14/25
48,252,694
47,971
PetVet
Care
Centers,
FRN
1M
TSFR
+
3.50%,
8.916%,
2/14/25
42,948,325
42,712
PetVet
Care
Centers,
FRN
1M
TSFR
+
6.25%,
11.666%,
2/13/26
3,982,000
3,934
PetVet
Care
Centers,
FRN
3M
TSFR
+
2.75%,
8.166%,
2/14/25
11,373,665
11,299
Quartz
Acquireco,
FRN
1M
TSFR
+
3.50%,
8.818%,
6/28/30 (4)
9,587,082
9,563
RealPage,
FRN
1M
TSFR
+
3.00%,
8.431%,
4/24/28 (3)
212,200,707
209,548
RealPage,
FRN
1M
TSFR
+
6.50%,
11.931%,
4/23/29
6,300,000
6,308
T.
ROWE
PRICE
Capital
Appreciation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ryan
Specialty,
FRN
1M
TSFR
+
3.00%,
8.416%,
9/1/27
36,469,836
36,431
SBA
Senior
Finance
II,
FRN
1M
TSFR
+
1.75%,
7.17%,
4/11/25
74,227,308
74,151
SkyMiles
IP,
FRN
1M
TSFR
+
3.75%,
9.076%,
10/20/27
56,850,263
58,819
Sophia,
FRN
1M
TSFR
+
4.25%,
9.566%,
10/7/27
21,349,008
21,215
Sophia,
FRN
3M
TSFR
+
3.50%,
8.816%,
10/7/27
71,170,681
70,949
Storable,
FRN
1M
TSFR
+
3.50%,
8.866%,
4/17/28
31,690,925
31,391
Sunshine
Luxembourg
VII,
FRN
3M
TSFR
+
3.75%,
9.24%,
10/1/26
117,721,890
117,461
Trans
Union,
FRN
1M
TSFR
+
1.75%,
7.166%,
11/16/26
31,768,933
31,716
UKG,
FRN
3M
TSFR
+
3.25%,
8.764%,
5/4/26
383,937,611
382,540
USI,
FRN
1M
TSFR
+
3.25%,
9/13/30 (3)
188,195,004
187,568
USI,
FRN
1M
TSFR
+
3.75%,
9.14%,
11/22/29
164,594,045
164,342
USI,
FRN
1M
USD
LIBOR
+
3.25%,
9/13/30 (3)
64,671,920
64,483
Woof
Holdings,
FRN
1M
TSFR
+
3.75%,
9.397%,
12/21/27
5,614,066
4,430
Total
Bank
Loans
(Cost
$5,216,222)
5,231,480
BOND
MUTUAL
FUNDS
1.6%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
8.96% (5)(6)
87,092,489
816,928
Total
Bond
Mutual
Funds
(Cost
$842,519)
816,928
COMMON
STOCKS
64.9%
COMMUNICATION
SERVICES
3.6%
Interactive
Media
&
Services
3.6%
Alphabet,
Class
A (7)(8)
11,190,748
1,464,421
Meta
Platforms,
Class
A (7)(8)
1,317,185
395,432
Total
Communication
Services
1,859,853
CONSUMER
DISCRETIONARY
5.3%
Automobile
Components
0.4%
Mobileye
Global,
Class
A (7)
4,584,471
190,485
190,485
T.
ROWE
PRICE
Capital
Appreciation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Broadline
Retail
2.5%
Amazon.com (7)(8)
10,082,905
1,281,739
1,281,739
Hotels,
Restaurants
&
Leisure
2.4%
Hilton
Worldwide
Holdings (8)
2,396,011
359,833
Starbucks (8)
313,316
28,596
Yum!
Brands (8)
6,940,528
867,150
1,255,579
Total
Consumer
Discretionary
2,727,803
CONSUMER
STAPLES
0.6%
Beverages
0.6%
Keurig
Dr
Pepper (8)
10,307,261
325,400
Total
Consumer
Staples
325,400
ENERGY
1.8%
Oil,
Gas
&
Consumable
Fuels
1.8%
Canadian
Natural
Resources
6,341,090
410,078
Chesapeake
Energy
4,116,000
354,923
EOG
Resources
1,236,805
156,777
Total
Energy
921,778
FINANCIALS
7.0%
Banks
0.6%
PNC
Financial
Services
Group (8)
2,718,893
333,798
333,798
Capital
Markets
3.2%
CME
Group (8)
648,592
129,861
Goldman
Sachs
Group
1,028,000
332,630
Intercontinental
Exchange (8)
6,319,942
695,320
KKR (8)
6,629,167
408,357
S&P
Global (8)
293,685
107,315
1,673,483
Financial
Services
2.3%
Mastercard,
Class
A (8)
1,661,100
657,646
Visa,
Class
A (8)
2,392,000
550,184
1,207,830
Insurance
0.9%
Hockey
Parent
Holdings,
Acquisition
Date:
9/14/23,
Cost $123,055 (4)(7)(9)
61,221
123,055
Marsh
&
McLennan (8)
1,702,852
324,053
447,108
Total
Financials
3,662,219
T.
ROWE
PRICE
Capital
Appreciation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
14.7%
Biotechnology
1.3%
AbbVie (8)
4,023,407
599,729
Karuna
Therapeutics (7)
378,567
64,012
663,741
Health
Care
Equipment
&
Supplies
3.3%
Becton
Dickinson
&
Company (8)
4,166,644
1,077,202
GE
HealthCare
Technologies (8)
3,355,090
228,280
Stryker (8)
705,500
192,792
Teleflex
1,146,310
225,147
1,723,421
Health
Care
Providers
&
Services
3.4%
Humana
579,400
281,890
UnitedHealth
Group (8)
2,930,467
1,477,512
1,759,402
Life
Sciences
Tools
&
Services
5.8%
Avantor (7)
22,962,453
484,049
Danaher (8)
3,437,450
852,831
Revvity (6)
8,435,582
933,819
Thermo
Fisher
Scientific (8)
1,404,906
711,121
2,981,820
Pharmaceuticals
0.9%
Eli
Lilly
842,000
452,263
452,263
Total
Health
Care
7,580,647
INDUSTRIALS
&
BUSINESS
SERVICES
7.7%
Commercial
Services
&
Supplies
1.6%
Republic
Services
582,515
83,014
Waste
Connections
5,682,996
763,227
846,241
Industrial
Conglomerates
1.5%
General
Electric (8)
1,988,852
219,867
Roper
Technologies (8)
1,206,099
584,090
803,957
Machinery
3.4%
Fortive (8)
14,922,343
1,106,641
Ingersoll
Rand (8)
10,251,832
653,247
1,759,888
Professional
Services
1.2%
Equifax (8)
2,120,144
388,368
T.
ROWE
PRICE
Capital
Appreciation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
TransUnion (8)
3,307,123
237,418
625,786
Total
Industrials
&
Business
Services
4,035,872
INFORMATION
TECHNOLOGY
13.4%
Electronic
Equipment,
Instruments
&
Components
1.3%
TE
Connectivity
462,410
57,122
Teledyne
Technologies (7)(8)
1,452,064
593,284
650,406
Semiconductors
&
Semiconductor
Equipment
3.0%
NVIDIA
1,643,500
714,906
NXP
Semiconductors (8)
2,040,698
407,977
Texas
Instruments (8)
2,588,329
411,570
1,534,453
Software
7.0%
Aurora
Innovation (7)
74,222,591
174,423
Intuit (8)
788,898
403,079
Microsoft (8)
7,493,162
2,365,966
PTC (7)
2,379,502
337,128
Salesforce (7)(8)
1,784,948
361,952
3,642,548
Technology
Hardware,
Storage
&
Peripherals
2.1%
Apple (8)
6,269,038
1,073,322
1,073,322
Total
Information
Technology
6,900,729
MATERIALS
0.9%
Chemicals
0.9%
Linde (8)
1,222,022
455,020
Total
Materials
455,020
REAL
ESTATE
0.2%
Specialized
Real
Estate
Investment
Trusts
0.2%
SBA
Communications,
REIT
522,200
104,529
Total
Real
Estate
104,529
UTILITIES
6.5%
Electric
Utilities
3.0%
Exelon (8)
19,639,440
742,175
Xcel
Energy
13,892,837
794,948
1,537,123
Multi-Utilities
3.5%
Ameren
10,259,699
767,734
CenterPoint
Energy
10,855,311
291,465
T.
ROWE
PRICE
Capital
Appreciation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DTE
Energy
4,951,481
491,583
WEC
Energy
Group
3,004,919
242,046
1,792,828
Total
Utilities
3,329,951
Total
Miscellaneous
Common
Stocks
3.2% (10)
1,678,689
Total
Common
Stocks
(Cost
$25,738,035)
33,582,490
CONVERTIBLE
PREFERRED
STOCKS
0.2%
INFORMATION
TECHNOLOGY
0.2%
Software
0.2%
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $183,922 (4)
(7)(9)
2,141,932
96,837
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $16,282 (4)
(7)(9)
177,514
8,025
Total
Information
Technology
104,862
Total
Convertible
Preferred
Stocks
(Cost
$200,204)
104,862
CORPORATE
BONDS
9.3%
Alliant
Holdings
Intermediate,
4.25%,
10/15/27 (1)
14,488,000
12,949
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
22,598,000
19,604
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
74,120,000
68,932
Alliant
Holdings
Intermediate,
6.75%,
4/15/28 (1)
161,771,000
156,109
AmWINS
Group,
4.875%,
6/30/29 (1)
20,741,000
18,096
Avantor
Funding,
3.875%,
11/1/29 (1)
97,085,000
83,129
Avantor
Funding,
4.625%,
7/15/28 (1)
106,567,000
96,976
Ball,
6.00%,
6/15/29
54,727,000
53,222
Black
Knight
InfoServ,
3.625%,
9/1/28 (1)
10,366,000
9,291
Booz
Allen
Hamilton,
3.875%,
9/1/28 (1)
26,823,000
23,973
Booz
Allen
Hamilton,
4.00%,
7/1/29 (1)
16,001,000
14,181
Booz
Allen
Hamilton,
5.95%,
8/4/33
16,093,000
15,590
BroadStreet
Partners,
5.875%,
4/15/29 (1)
32,116,000
28,061
CCO
Holdings,
5.00%,
2/1/28 (1)
251,459,000
228,199
CCO
Holdings,
5.125%,
5/1/27 (1)
320,639,000
298,194
CCO
Holdings,
5.50%,
5/1/26 (1)
12,711,000
12,266
Cedar
Fair,
5.25%,
7/15/29
75,165,000
65,300
Cedar
Fair,
5.375%,
4/15/27
94,748,000
88,589
Cedar
Fair,
5.50%,
5/1/25 (1)
59,417,000
58,080
Cedar
Fair,
6.50%,
10/1/28
64,078,000
60,794
Charles
River
Laboratories
International,
3.75%,
3/15/29 (1)
47,375,000
40,802
Charles
River
Laboratories
International,
4.00%,
3/15/31 (1)
36,274,000
30,606
Charles
River
Laboratories
International,
4.25%,
5/1/28 (1)
14,116,000
12,669
Clarios
Global,
6.25%,
5/15/26 (1)
21,420,000
20,938
T.
ROWE
PRICE
Capital
Appreciation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Clarios
Global,
6.75%,
5/15/25 (1)
15,510,000
15,413
Clarios
Global,
8.50%,
5/15/27 (1)
76,373,000
76,278
Clarivate
Science
Holdings,
3.875%,
7/1/28 (1)
10,499,000
9,082
Clarivate
Science
Holdings,
4.875%,
7/1/29 (1)
7,492,000
6,368
Crowdstrike
Holdings,
3.00%,
2/15/29
5,731,000
4,814
Delta
Air
Lines,
4.75%,
10/20/28 (1)
37,309,458
35,312
Entegris
Escrow,
4.75%,
4/15/29 (1)
10,635,000
9,518
Gartner,
3.625%,
6/15/29 (1)
35,146,000
30,138
Gartner,
3.75%,
10/1/30 (1)
12,904,000
10,823
Gartner,
4.50%,
7/1/28 (1)
12,758,000
11,642
GFL
Environmental,
4.00%,
8/1/28 (1)
21,174,000
18,422
GFL
Environmental,
4.375%,
8/15/29 (1)
20,415,000
17,659
GFL
Environmental,
4.75%,
6/15/29 (1)
47,859,000
42,355
Heartland
Dental,
8.50%,
5/1/26 (1)
65,708,000
62,094
Heartland
Dental,
10.50%,
4/30/28 (1)
47,725,000
47,964
Hilton
Domestic
Operating,
3.625%,
2/15/32 (1)
55,439,000
44,698
Hilton
Domestic
Operating,
3.75%,
5/1/29 (1)
52,441,000
45,165
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
73,449,000
61,513
Hilton
Domestic
Operating,
4.875%,
1/15/30
45,626,000
41,520
Hilton
Domestic
Operating,
5.375%,
5/1/25 (1)
20,764,000
20,401
Hilton
Domestic
Operating,
5.75%,
5/1/28 (1)
47,347,000
45,749
Hilton
Worldwide
Finance,
4.875%,
4/1/27
14,542,000
13,851
Hologic,
3.25%,
2/15/29 (1)
23,500,000
19,857
Howmet
Aerospace,
3.00%,
1/15/29
21,501,000
18,141
Howmet
Aerospace,
5.90%,
2/1/27
3,193,000
3,133
HUB
International,
5.625%,
12/1/29 (1)
34,550,000
30,015
HUB
International,
7.00%,
5/1/26 (1)
323,573,000
321,955
HUB
International,
7.25%,
6/15/30 (1)
530,482,000
528,493
Intercontinental
Exchange,
4.00%,
9/15/27
6,419,000
6,067
IQVIA,
5.00%,
5/15/27 (1)
14,625,000
13,766
IQVIA,
5.70%,
5/15/28 (1)
64,099,000
62,176
IQVIA,
6.50%,
5/15/30 (1)
15,969,000
15,690
KFC
Holding,
4.75%,
6/1/27 (1)
135,133,000
128,714
Korn
Ferry,
4.625%,
12/15/27 (1)
26,409,000
24,296
Lamar
Media,
3.625%,
1/15/31
4,636,000
3,755
Lamar
Media,
3.75%,
2/15/28
29,116,000
25,841
Lamar
Media,
4.875%,
1/15/29
5,200,000
4,732
Lennox
International,
3.00%,
11/15/23
6,420,000
6,396
Life
Time,
5.75%,
1/15/26 (1)
51,928,000
50,110
Live
Nation
Entertainment,
4.875%,
11/1/24 (1)
3,634,000
3,570
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
73,927,348
73,188
Mirant,
EC,
7.90%,
7/15/09 (1)(4)(7)
16,000,000
—
MSCI,
3.25%,
8/15/33 (1)
28,325,000
21,810
MSCI,
3.625%,
9/1/30 (1)
67,207,000
56,202
MSCI,
3.625%,
11/1/31 (1)
38,908,000
31,807
MSCI,
3.875%,
2/15/31 (1)
44,538,000
37,579
T.
ROWE
PRICE
Capital
Appreciation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MSCI,
4.00%,
11/15/29 (1)
36,826,000
32,361
Pioneer
Natural
Resources,
1.125%,
1/15/26
4,515,000
4,082
Pioneer
Natural
Resources,
2.15%,
1/15/31
11,289,000
8,909
Pioneer
Natural
Resources,
5.10%,
3/29/26
9,274,000
9,137
PRA
Health
Sciences,
2.875%,
7/15/26 (1)
16,684,000
15,057
PTC,
4.00%,
2/15/28 (1)
6,320,000
5,664
Ryan
Specialty,
4.375%,
2/1/30 (1)
13,042,000
11,379
SBA
Communications,
3.125%,
2/1/29
68,421,000
56,960
SBA
Communications,
3.875%,
2/15/27
63,101,000
57,895
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
2,575,000
2,587
Sensata
Technologies,
3.75%,
2/15/31 (1)
30,673,000
24,768
Sensata
Technologies,
4.00%,
4/15/29 (1)
39,128,000
33,454
Sensata
Technologies,
4.375%,
2/15/30 (1)
12,299,000
10,577
Sensata
Technologies,
5.00%,
10/1/25 (1)
23,727,000
22,926
Sensata
Technologies,
5.625%,
11/1/24 (1)
6,649,000
6,558
Sensata
Technologies,
5.875%,
9/1/30 (1)
26,938,000
24,918
Service
Corp.
International,
3.375%,
8/15/30
25,671,000
20,697
Six
Flags
Entertainment,
5.50%,
4/15/27 (1)
115,591,000
106,922
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (1)
29,816,000
29,741
Surgery
Center
Holdings,
10.00%,
4/15/27 (1)
29,057,000
29,384
Teleflex,
4.25%,
6/1/28 (1)
5,408,000
4,820
Teleflex,
4.625%,
11/15/27
31,363,000
28,736
TransDigm,
5.50%,
11/15/27
42,679,000
40,012
TransDigm,
6.25%,
3/15/26 (1)
39,622,000
38,978
U.S.
Airways
PTT,
Series 2012-2,
Class
A,
4.625%,
6/3/25
779,017
744
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
4,492,793
4,246
United
Airlines
PTT,
Series 2012-1,
Class
A,
4.15%,
4/11/24
7,429,149
7,329
USI,
6.875%,
5/1/25 (1)
128,536,000
127,411
Vail
Resorts,
6.25%,
5/15/25 (1)
16,059,000
15,939
Yum!
Brands,
3.625%,
3/15/31
49,319,000
40,688
Yum!
Brands,
4.625%,
1/31/32
92,179,000
79,965
Yum!
Brands,
4.75%,
1/15/30 (1)
39,563,000
35,360
Yum!
Brands,
5.35%,
11/1/43
73,562,000
64,551
Yum!
Brands,
5.375%,
4/1/32
110,553,000
100,327
Yum!
Brands,
6.875%,
11/15/37
30,222,000
30,524
Total
Corporate
Bonds
(Cost
$5,002,977)
4,808,228
PREFERRED
STOCKS
0.2%
FINANCIALS
0.0%
Financial
Services
0.0%
Charles
Schwab,
Series
D,
5.95% (11)
95,500
2,325
Total
Financials
2,325
T.
ROWE
PRICE
Capital
Appreciation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UTILITIES
0.2%
Electric
Utilities
0.2%
CMS
Energy,
5.875%,
10/15/78 (6)
1,751,071
39,504
CMS
Energy,
5.875%,
3/1/79 (6)
1,440,097
33,180
SCE
Trust
IV,
Series
J,
VR,
5.375% (6)(11)(12)
1,125,415
23,319
96,003
Gas
&
Gas
Transmission
0.0%
NiSource,
Series
B,
VR,
6.50% (11)(12)
490,204
12,304
12,304
Total
Utilities
108,307
Total
Preferred
Stocks
(Cost
$122,557)
110,632
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
11.0%
U.S.
Treasury
Obligations
11.0%
U.S.
Treasury
Notes,
3.375%,
5/15/33
2,647,821,700
2,402,071
U.S.
Treasury
Notes,
3.50%,
2/15/33
2,105,016,000
1,932,010
U.S.
Treasury
Notes,
3.875%,
8/15/33
538,682,300
509,055
U.S.
Treasury
Notes,
4.125%,
11/15/32
869,897,900
839,043
5,682,179
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$6,048,747)
5,682,179
SHORT-TERM
INVESTMENTS
3.2%
Money
Market
Funds
3.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(13)
1,646,918,187
1,646,918
Total
Short-Term
Investments
(Cost
$1,646,918)
1,646,918
Total
Investments
in
Securities
100.6%
(Cost
$44,858,222)
$
52,019,873
Other
Assets
Less
Liabilities
(0.6)%
(
296,461
)
Net
Assets
100.0%
$
51,723,412
‡
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
$3,877,837
and
represents
7.5%
of
net
assets.
T.
ROWE
PRICE
Capital
Appreciation
Fund
11
.
.
.
.
.
.
.
.
.
.
(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.
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
September
30,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Level
3
in
fair
value
hierarchy.
(5)
SEC
30-day
yield
(6)
Affiliated
Companies
(7)
Non-income
producing
(8)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
September
30,
2023.
(9)
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
$227,917
and
represents
0.4%
of
net
assets.
(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)
Perpetual
security
with
no
stated
maturity
date.
(12)
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.
(13)
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)
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
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
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
(0.3)%
OTC
Options
Written
(0.3)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
AbbVie,
Call,
1/17/25
@
$160.00
3,998
59,594
(
4,398
)
Citibank
AbbVie,
Call,
1/17/25
@
$165.00
3,997
59,579
(
3,657
)
Citibank
AbbVie,
Call,
1/17/25
@
$175.00
5,094
75,931
(
3,095
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$145.00
322
4,800
(
304
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$150.00
322
4,800
(
210
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$175.00
2,554
38,070
(
112
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$180.00
3,828
57,060
(
98
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$185.00
1,271
18,946
(
21
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$195.00
1,271
18,946
(
32
)
JPMorgan
Chase
AbbVie,
Call,
1/19/24
@
$200.00
1,271
18,946
(
10
)
Citibank
Alphabet,
Class
A,
Call,
1/19/24
@
$142.00
6,415
83,947
(
2,823
)
Wells
Fargo
Bank
Alphabet,
Class
A,
Call,
1/19/24
@
$120.00
11,767
153,983
(
19,621
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$120.00
3,809
48,420
(
5,628
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$132.50
9,629
122,404
(
7,583
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/19/24
@
$135.00
6,452
82,018
(
4,387
)
UBS
Investment
Bank
Analog
Devices,
Call,
1/19/24
@
$200.00
1,606
28,120
(
442
)
UBS
Investment
Bank
Analog
Devices,
Call,
1/19/24
@
$210.00
322
5,638
(
43
)
UBS
Investment
Bank
Analog
Devices,
Call,
6/21/24
@
$210.00
322
5,638
(
187
)
UBS
Investment
Bank
Analog
Devices,
Call,
6/21/24
@
$220.00
322
5,638
(
126
)
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$195.00
3,851
65,933
(
753
)
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$200.00
3,208
54,924
(
401
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
13
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
Apple,
Call,
1/19/24
@
$205.00
643
11,009
(
52
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$270.00
1,923
49,715
(
1,442
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$280.00
1,923
49,715
(
788
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$290.00
1,261
32,601
(
240
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/19/24
@
$300.00
1,261
32,601
(
113
)
Wells
Fargo
Bank
CME
Group,
Call,
1/19/24
@
$190.00
471
9,430
(
709
)
Wells
Fargo
Bank
CME
Group,
Call,
1/19/24
@
$200.00
471
9,430
(
396
)
Wells
Fargo
Bank
CME
Group,
Call,
1/19/24
@
$210.00
470
9,410
(
179
)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$290.00
3,172
78,697
(
698
)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$300.00
625
15,506
(
84
)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$310.00
625
15,506
(
50
)
JPMorgan
Chase
Danaher,
Call,
1/19/24
@
$320.00
625
15,506
(
39
)
Citibank
Equifax,
Call,
12/15/23
@
$220.00
2,955
54,130
(
325
)
Citibank
Equifax,
Call,
12/15/23
@
$240.00
3,600
65,945
(
135
)
Citibank
Equifax,
Call,
1/19/24
@
$230.00
322
5,898
(
31
)
Citibank
Equifax,
Call,
1/19/24
@
$240.00
321
5,880
(
17
)
JPMorgan
Chase
Exelon,
Call,
1/19/24
@
$45.00
18,205
68,797
(
182
)
JPMorgan
Chase
Exelon,
Call,
1/19/24
@
$47.00
4,322
16,333
(
32
)
JPMorgan
Chase
Exelon,
Call,
1/19/24
@
$50.00
4,683
17,697
(
35
)
JPMorgan
Chase
Exelon,
Call,
6/21/24
@
$47.00
643
2,430
(
23
)
Citibank
Fortive,
Call,
12/15/23
@
$75.00
643
4,768
(
199
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
14
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
Fortive,
Call,
12/15/23
@
$80.00
643
4,769
(
74
)
Wells
Fargo
Bank
GE
HealthCare
Technologies,
Call,
1/19/24
@
$85.00
1,285
8,743
(
61
)
Wells
Fargo
Bank
GE
HealthCare
Technologies,
Call,
1/19/24
@
$90.00
3,851
26,202
(
96
)
Wells
Fargo
Bank
General
Electric,
Call,
1/19/24
@
$95.00
4,340
47,979
(
8,170
)
Wells
Fargo
Bank
General
Electric,
Call,
1/19/24
@
$110.00
7,774
85,942
(
6,180
)
Wells
Fargo
Bank
General
Electric,
Call,
1/19/24
@
$115.00
7,774
85,942
(
4,179
)
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$140.00
629
9,446
(
1,013
)
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$155.00
1,912
28,714
(
1,329
)
Wells
Fargo
Bank
Hilton
Worldwide
Holdings,
Call,
1/19/24
@
$160.00
1,283
19,268
(
622
)
Goldman
Sachs
Ingersoll
Rand,
Call,
12/15/23
@
$60.00
2,521
16,064
(
1,462
)
Goldman
Sachs
Ingersoll
Rand,
Call,
12/15/23
@
$75.00
3,212
20,467
(
88
)
Citibank
Intercontinental
Exchange,
Call,
1/19/24
@
$115.00
3,837
42,215
(
1,266
)
UBS
Investment
Bank
Intuit,
Call,
1/19/24
@
$480.00
642
32,802
(
3,528
)
Citibank
Keurig
Dr
Pepper,
Call,
1/19/24
@
$37.00
3,368
10,633
(
34
)
Citibank
Keurig
Dr
Pepper,
Call,
1/19/24
@
$40.00
3,368
10,633
(
25
)
UBS
Investment
Bank
KKR,
Call,
1/19/24
@
$55.00
6,389
39,356
(
5,654
)
UBS
Investment
Bank
KKR,
Call,
1/19/24
@
$65.00
643
3,961
(
178
)
UBS
Investment
Bank
KKR,
Call,
6/21/24
@
$65.00
643
3,961
(
360
)
Wells
Fargo
Bank
Linde,
Call,
1/19/24
@
$390.00
1,279
47,624
(
1,394
)
Wells
Fargo
Bank
Linde,
Call,
1/19/24
@
$395.00
321
11,952
(
287
)
Wells
Fargo
Bank
Linde,
Call,
1/19/24
@
$410.00
321
11,952
(
169
)
Goldman
Sachs
Marsh
&
McLennan,
Call,
1/19/24
@
$190.00
2,878
54,768
(
2,720
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
15
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Marsh
&
McLennan,
Call,
1/19/24
@
$200.00
321
6,109
(
143
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$380.00
1,272
50,360
(
4,055
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$400.00
3,510
138,964
(
6,704
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$405.00
321
12,709
(
529
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$410.00
1,918
75,936
(
2,695
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$420.00
1,594
63,108
(
1,578
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$425.00
321
12,709
(
265
)
Goldman
Sachs
Mastercard,
Class
A,
Call,
1/19/24
@
$430.00
1,272
50,360
(
852
)
Barclays
Bank
Meta
Platforms,
Class
A,
Call,
1/19/24
@
$290.00
3,208
96,307
(
10,755
)
UBS
Investment
Bank
Microsoft,
Call,
1/19/24
@
$360.00
1,284
40,542
(
591
)
UBS
Investment
Bank
Microsoft,
Call,
1/19/24
@
$365.00
482
15,219
(
152
)
UBS
Investment
Bank
Microsoft,
Call,
1/19/24
@
$375.00
1,284
40,542
(
324
)
UBS
Investment
Bank
Microsoft,
Call,
1/19/24
@
$385.00
482
15,219
(
81
)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$190.00
2,554
51,060
(
5,440
)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$195.00
3,771
75,390
(
6,901
)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$200.00
2,554
51,060
(
3,959
)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$210.00
643
12,855
(
691
)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
1/19/24
@
$220.00
643
12,855
(
460
)
Wells
Fargo
Bank
NXP
Semiconductors,
Call,
6/21/24
@
$220.00
482
9,636
(
771
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$170.00
1,525
18,722
(
15
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$175.00
2,478
30,422
(
12
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
16
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$185.00
933
11,454
(
7
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$190.00
933
11,454
(
7
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/19/24
@
$200.00
933
11,454
(
5
)
Citibank
Roper
Technologies,
Call,
2/16/24
@
$510.00
322
15,594
(
509
)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$400.00
429
15,676
(
272
)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$410.00
207
7,564
(
83
)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$420.00
429
15,676
(
108
)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$430.00
207
7,564
(
31
)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$450.00
207
7,564
(
13
)
Bank
of
America
S&P
Global,
Call,
1/19/24
@
$470.00
207
7,564
(
7
)
UBS
Investment
Bank
S&P
Global,
Call,
1/19/24
@
$400.00
321
11,730
(
204
)
UBS
Investment
Bank
S&P
Global,
Call,
1/19/24
@
$410.00
321
11,730
(
128
)
Goldman
Sachs
Salesforce,
Call,
1/19/24
@
$230.00
964
19,548
(
455
)
Goldman
Sachs
Salesforce,
Call,
1/19/24
@
$240.00
964
19,548
(
275
)
Goldman
Sachs
Salesforce,
Call,
6/21/24
@
$230.00
322
6,530
(
460
)
Goldman
Sachs
Salesforce,
Call,
6/21/24
@
$240.00
322
6,530
(
359
)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$270.00
1,271
34,733
(
2,288
)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$280.00
1,271
34,733
(
1,576
)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$290.00
1,271
34,733
(
1,036
)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$300.00
1,271
34,733
(
636
)
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$310.00
958
26,179
(
285
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
17
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Wells
Fargo
Bank
Stryker,
Call,
1/19/24
@
$320.00
1,013
27,682
(
160
)
JPMorgan
Chase
Teledyne
Technologies,
Call,
12/15/23
@
$460.00
161
6,578
(
39
)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$180.00
2,540
40,389
(
568
)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$190.00
3,504
55,717
(
317
)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$195.00
3,504
55,717
(
196
)
Bank
of
America
Texas
Instruments,
Call,
1/19/24
@
$200.00
10,524
167,342
(
368
)
Bank
of
America
Texas
Instruments,
Call,
6/21/24
@
$195.00
643
10,224
(
220
)
Bank
of
America
Texas
Instruments,
Call,
6/21/24
@
$200.00
643
10,224
(
171
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$560.00
161
8,149
(
140
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$590.00
161
8,149
(
53
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$600.00
1,284
64,992
(
311
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$610.00
448
22,676
(
76
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$620.00
448
22,676
(
69
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$630.00
448
22,676
(
46
)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$610.00
316
15,995
(
54
)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$630.00
316
15,995
(
32
)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$660.00
316
15,995
(
40
)
JPMorgan
Chase
Thermo
Fisher
Scientific,
Call,
1/19/24
@
$690.00
316
15,995
(
76
)
Goldman
Sachs
TransUnion,
Call,
12/15/23
@
$80.00
1,284
9,218
(
154
)
Citibank
UnitedHealth
Group,
Call,
1/19/24
@
$580.00
2,096
105,678
(
713
)
JPMorgan
Chase
UnitedHealth
Group,
Call,
1/19/24
@
$550.00
642
32,369
(
576
)
JPMorgan
Chase
UnitedHealth
Group,
Call,
1/19/24
@
$600.00
2,209
111,376
(
353
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
18
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Visa,
Class
A,
Call,
1/19/24
@
$230.00
1,905
43,817
(
2,391
)
Goldman
Sachs
Visa,
Class
A,
Call,
1/19/24
@
$240.00
2,227
51,223
(
1,637
)
Goldman
Sachs
Visa,
Class
A,
Call,
1/19/24
@
$245.00
963
22,150
(
520
)
Goldman
Sachs
Visa,
Class
A,
Call,
1/19/24
@
$250.00
1,905
43,817
(
738
)
Goldman
Sachs
Visa,
Class
A,
Call,
1/19/24
@
$260.00
2,227
51,223
(
409
)
Goldman
Sachs
Visa,
Class
A,
Call,
6/21/24
@
$250.00
161
3,703
(
200
)
Goldman
Sachs
Visa,
Class
A,
Call,
6/21/24
@
$260.00
161
3,703
(
142
)
Citibank
Yum!
Brands,
Call,
1/19/24
@
$145.00
2,241
27,999
(
84
)
Citibank
Yum!
Brands,
Call,
1/19/24
@
$150.00
2,241
27,999
(
84
)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/19/24
@
$140.00
9,000
112,446
(
788
)
Total
Options
Written
(Premiums
$(292,292))
$
(
166,031
)
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
nine
months
ended
September
30,
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
$
(
546
)
$
2,051
$
2,173
CMS
Energy,
5.875%,
3/1/79
(
1,183
)
4,316
2,383
Revvity ^^
1,791
(
195,314
)
1,418
SCE
Trust
IV,
Series
J,
VR,
5.375%
(
2,514
)
6,482
1,357
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
8.96%
—
16,645
51,038
TransUnion
(
101,545
)
273,617
2,480
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
97,022
Totals
$
(
103,997
)
#
$
107,797
$
157,871
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
CMS
Energy,
5.875%,
10/15/78
$
49,731
$
—
$
12,278
$
39,504
CMS
Energy,
5.875%,
3/1/79
61,510
—
32,646
33,180
Revvity ^^
*
318,965
12,663
933,819
SCE
Trust
IV,
Series
J,
VR,
5.375%
29,636
—
12,799
23,319
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
8.96%
749,303
50,980
—
816,928
TransUnion
576,044
—
612,243
*
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
2,714,515
¤
¤
1,646,918
Total
$
3,493,668
^
^^
Includes
previously
reported
affiliates
PerkinElmer
acquired
through
a
corporate
action.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$157,871
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
$3,526,284.
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.
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.
T.
ROWE
PRICE
Capital
Appreciation
Fund
22
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
September
30,
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
5,718,335
$
—
$
5,718,335
Bank
Loans
—
5,221,917
9,563
5,231,480
Bond
Mutual
Funds
816,928
—
—
816,928
Common
Stocks
33,459,435
—
123,055
33,582,490
Convertible
Preferred
Stocks
—
—
104,862
104,862
Corporate
Bonds
—
4,808,228
—
4,808,228
Preferred
Stocks
110,632
—
—
110,632
Short-Term
Investments
1,646,918
—
—
1,646,918
Total
$
36,033,913
$
15,748,480
$
237,480
$
52,019,873
Liabilities
Options
Written
$
—
$
166,031
$
—
$
166,031
Total
$
—
$
166,031
$
—
$
166,031
1
Includes
Asset-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Capital
Appreciation
Fund
24
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.
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.
F72-054Q3
09/23