T.
ROWE
PRICE
Capital
Appreciation
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.2%
Domino's
Pizza
Master
Issuer
Series 2017-1A,
Class
A23
4.118%,
7/25/47 (1)
39,251,375
42,132
Domino's
Pizza
Master
Issuer
Series 2018-1A,
Class
A2I
4.116%,
7/25/48 (1)
34,382,738
35,599
Domino's
Pizza
Master
Issuer
Series 2019-1A,
Class
A2
3.668%,
10/25/49 (1)
18,296,375
19,660
Total
Asset-Backed
Securities
(Cost
$91,581)
97,391
BANK
LOANS
9.4%
(2)
Acrisure,
FRN
1M
USD
LIBOR
+
3.75%,
3.882%,
2/15/27
25,555,000
25,438
ADMI,
FRN
1M
USD
LIBOR
+
3.13%,
3.625%,
12/23/27
55,093,150
54,611
ADMI,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
12/23/27 (3)
107,785,000
107,650
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.25%,
3.334%,
5/9/25
88,176,182
87,515
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.25%,
3.334%,
5/9/25 (3)
47,645,148
47,255
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.75%,
4.25%,
11/5/27 (3)
87,584,481
87,609
Applied
Systems,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
9/19/24
92,634,387
92,600
Applied
Systems,
FRN
1M
USD
LIBOR
+
5.50%,
6.25%,
9/19/25
10,152,767
10,274
Ascend
Learning,
FRN
3M
USD
LIBOR
+
3.00%,
4.00%,
7/12/24 (3)
8,553,131
8,546
Avantor
Funding,
FRN
1M
USD
LIBOR
+
2.00%,
2.50%,
11/21/24
8,962,056
8,947
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.50%,
3.629%,
7/24/26
119,292,587
118,473
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.75%,
4.50%,
7/24/26
20,808,748
20,835
Camelot
U.S.
Acquisition,
FRN
1M
USD
LIBOR
+
3.00%,
4.00%,
10/30/26
94,163,438
94,370
CoreLogic,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
6/2/28
82,490,000
82,387
CoreLogic,
FRN
3M
USD
LIBOR
+
6.50%,
7.00%,
6/4/29 (4)
5,985,000
6,105
CPI
Holdco,
FRN
1M
USD
LIBOR
+
3.75%,
3.834%,
11/4/26
20,250,719
20,238
T.
ROWE
PRICE
Capital
Appreciation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Delta
2,
FRN
3M
USD
LIBOR
+
2.50%,
3.50%,
2/1/24
199,234,747
198,488
Dino
Grandparent,
FRN
1M
USD
LIBOR
+
1.75%,
1.875%,
2/20/23
76,125,000
75,364
Eagle
Broadband
Investments,
FRN
1M
USD
LIBOR
+
3.00%,
3.75%,
11/12/27
13,458,300
13,458
Filtration
Group,
FRN
1M
USD
LIBOR
+
3.75%,
4.50%,
3/29/25
9,533,700
9,548
Filtration
Group,
FRN
3M
EURIBOR
+
3.50%,
3.50%,
3/31/25
(EUR)
51,334,415
59,315
Filtration
Group,
FRN
3M
USD
LIBOR
+
3.00%,
3.084%,
3/31/25
27,576,440
27,421
Four
Seasons
Hotels,
FRN
3M
USD
LIBOR
+
2.00%,
2.087%,
11/30/23
26,441,834
26,343
HB
Fuller,
FRN
3M
USD
LIBOR
+
2.00%,
2.087%,
10/20/24
8,916,193
8,920
Heartland
Dental,
FRN
1M
USD
LIBOR
+
4.00%,
4.085%,
4/30/25
16,533,563
16,484
Heartland
Dental,
FRN
3M
USD
LIBOR
+
3.50%,
3.584%,
4/30/25
170,898,693
169,342
Howden
Group
Holdings,
FRN
1M
USD
LIBOR
+
3.25%,
11/12/27 (3)
52,295,000
52,197
HUB
International,
FRN
1M
USD
LIBOR
+
2.75%,
2.875%,
4/25/25 (3)
676,007,083
669,179
HUB
International,
FRN
1M
USD
LIBOR
+
3.25%,
4.00%,
4/25/25
263,959,968
263,960
Hyperion
Refinance,
FRN
1M
USD
LIBOR
+
3.75%,
4.75%,
11/12/27
45,390,161
45,334
IRB
Holding,
FRN
1M
USD
LIBOR
+
2.75%,
3.75%,
2/5/25 (3)
48,947,638
48,861
IRB
Holding,
FRN
1M
USD
LIBOR
+
3.25%,
4.25%,
12/15/27 (3)
66,835,488
66,919
Life
Time,
FRN
1M
USD
LIBOR
+
4.75%,
5.75%,
12/16/24
61,054,365
61,474
Loire
Finco
Luxembourg,
FRN
1M
USD
LIBOR
+
3.25%,
3.334%,
4/21/27
106,029,631
103,777
Mileage
Plus
Holdings,
FRN
1M
USD
LIBOR
+
5.25%,
6.25%,
6/21/27
222,075,066
235,817
Mozart
Borrower,
FRN
1M
USD
LIBOR
+
3.25%,
9/30/28 (3)(4)
114,735,000
114,161
Pacific
Dental
Services,
FRN
1M
USD
LIBOR
+
3.50%,
4.25%,
5/5/28
14,478,713
14,509
PetVet
Care
Centers,
FRN
1M
USD
LIBOR
+
3.50%,
4.25%,
2/14/25
38,681,344
38,669
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
2.75%,
2.834%,
2/14/25
9,689,352
9,586
T.
ROWE
PRICE
Capital
Appreciation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
3.25%,
3.334%,
2/14/25
31,452,622
31,295
Project
Boost
Purchaser,
FRN
1M
USD
LIBOR
+
3.50%,
3.584%,
5/30/26 (3)
15,010,020
15,002
RealPage,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
4/24/28 (3)
130,845,000
130,395
RealPage,
FRN
3M
USD
LIBOR
+
6.50%,
7.25%,
4/23/29
6,300,000
6,426
Ryan
Specialty
Group,
FRN
1M
USD
LIBOR
+
2.00%,
3.75%,
9/1/27
28,720,323
28,692
SeaWorld
Parks
&
Entertainment,
FRN
1M
USD
LIBOR
+
3.00%,
3.50%,
8/25/28 (3)
46,204,447
46,002
SkyMiles
IP,
FRN
3M
USD
LIBOR
+
3.75%,
4.75%,
10/20/27
90,160,000
95,835
Solera,
FRN
1M
USD
LIBOR
+
4.00%,
4.50%,
6/2/28
16,465,000
16,496
Sunshine
Luxembourg
VII,
FRN
1M
USD
LIBOR
+
3.00%,
4.50%,
10/1/26
120,136,698
120,437
TK
Elevator
U.S.
Newco,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
7/30/27
145,274,967
145,477
UKG,
FRN
1M
USD
LIBOR
+
3.25%,
4.00%,
5/4/26
507,472,545
508,147
UKG,
FRN
1M
USD
LIBOR
+
6.75%,
7.50%,
5/3/27
15,825,000
16,075
UKG,
FRN
3M
USD
LIBOR
+
3.75%,
3.834%,
5/4/26
13,783,700
13,803
USI,
FRN
1M
USD
LIBOR
+
3.25%,
3.382%,
12/2/26
148,789,172
147,719
USI,
FRN
3M
USD
LIBOR
+
3.00%,
3.132%,
5/16/24 (3)
253,361,737
251,507
Welbilt,
FRN
3M
USD
LIBOR
+
2.50%,
2.584%,
10/23/25
17,400,000
17,342
Woof
Holdings,
FRN
1M
USD
LIBOR
+
3.75%,
4.50%,
12/21/27
18,646,300
18,658
Total
Bank
Loans
(Cost
$4,764,568)
4,811,287
BOND
MUTUAL
FUNDS
0.9%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
3.47% (5)(6)
47,426,231
463,354
Total
Bond
Mutual
Funds
(Cost
$461,846)
463,354
T.
ROWE
PRICE
Capital
Appreciation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
70.4%
COMMUNICATION
SERVICES
6.0%
Interactive
Media
&
Services
6.0%
Alphabet,
Class
A (7)(8)
386,337
1,032,880
Alphabet,
Class
C (7)(8)
591,326
1,576,067
Facebook,
Class
A (7)(8)
1,301,085
441,575
Total
Communication
Services
3,050,522
CONSUMER
DISCRETIONARY
10.5%
Hotels,
Restaurants
&
Leisure
5.0%
Hilton
Worldwide
Holdings (7)(8)
2,945,477
389,127
Marriott
International,
Class
A (7)(8)
2,613,136
386,979
McDonald's (8)
726,596
175,190
Yum!
Brands (8)
13,199,779
1,614,465
2,565,761
Internet
&
Direct
Marketing
Retail
5.5%
Amazon.com (7)(8)
857,714
2,817,625
2,817,625
Specialty
Retail
0.0%
Ross
Stores (8)
188,400
20,507
20,507
Total
Consumer
Discretionary
5,403,893
CONSUMER
STAPLES
1.9%
Beverages
1.8%
Coca-Cola (8)
2,707,300
142,052
Keurig
Dr
Pepper (8)
19,716,017
673,499
PepsiCo (8)
804,400
120,990
936,541
Food
Products
0.1%
Mondelez
International,
Class
A (8)
788,500
45,875
45,875
Total
Consumer
Staples
982,416
ENERGY
0.2%
Oil,
Gas
&
Consumable
Fuels
0.2%
Reinvent
Technology
Partners
SPAC/Aurora
PIPE (7)(9)
10,101,946
90,281
Total
Energy
90,281
T.
ROWE
PRICE
Capital
Appreciation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
10.3%
Banks
6.2%
Bank
of
America (8)
26,267,330
1,115,048
PNC
Financial
Services
Group (8)
10,535,473
2,061,160
3,176,208
Capital
Markets
1.4%
CME
Group (8)
382,200
73,910
Intercontinental
Exchange (8)
5,425,110
622,911
696,821
Insurance
2.7%
Marsh
&
McLennan (8)
9,110,117
1,379,545
1,379,545
Total
Financials
5,252,574
HEALTH
CARE
13.2%
Health
Care
Equipment
&
Supplies
3.3%
Becton
Dickinson
&
Company
2,029,331
498,850
Danaher (8)
3,748,557
1,141,211
Medtronic (8)
384,800
48,235
1,688,296
Health
Care
Providers
&
Services
5.4%
Humana
3,196,502
1,243,919
UnitedHealth
Group (8)
3,900,190
1,523,960
2,767,879
Life
Sciences
Tools
&
Services
4.5%
PerkinElmer
3,988,110
691,099
Thermo
Fisher
Scientific (8)
2,778,534
1,587,460
2,278,559
Total
Health
Care
6,734,734
INDUSTRIALS
&
BUSINESS
SERVICES
7.1%
Aerospace
&
Defense
0.4%
Lockheed
Martin (8)
265,100
91,486
Northrop
Grumman (8)
304,600
109,702
201,188
Commercial
Services
&
Supplies
1.1%
Waste
Connections
3,940,873
496,274
Waste
Management (8)
389,500
58,176
554,450
Industrial
Conglomerates
4.9%
General
Electric (8)
22,202,414
2,287,515
T.
ROWE
PRICE
Capital
Appreciation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Roper
Technologies (8)
470,397
209,858
2,497,373
Machinery
0.7%
Ingersoll
Rand (7)
6,815,369
343,563
343,563
Total
Industrials
&
Business
Services
3,596,574
INFORMATION
TECHNOLOGY
13.8%
Communications
Equipment
0.3%
Cisco
Systems (8)
2,966,100
161,445
161,445
Electronic
Equipment,
Instruments
&
Components
1.0%
TE
Connectivity
2,922,290
400,997
Teledyne
Technologies (7)(8)
247,446
106,298
507,295
IT
Services
3.7%
Fiserv (7)(8)
3,337,241
362,091
FleetCor
Technologies (7)(8)
1,863,701
486,929
Global
Payments (8)
1,034,448
163,008
Visa,
Class
A (8)
3,871,081
862,283
1,874,311
Semiconductors
&
Semiconductor
Equipment
0.2%
NXP
Semiconductors (8)
477,900
93,606
93,606
Software
8.6%
Microsoft (8)
12,718,227
3,585,523
salesforce.com (7)
3,069,753
832,578
4,418,101
Total
Information
Technology
7,054,758
REAL
ESTATE
0.1%
Equity
Real
Estate
Investment
Trusts
0.1%
American
Tower,
REIT (8)
253,850
67,374
Total
Real
Estate
67,374
UTILITIES
6.9%
Electric
Utilities
2.1%
American
Electric
Power (8)
4,975,479
403,909
Duke
Energy
13,195
1,288
Exelon (8)
14,323,507
692,398
1,097,595
T.
ROWE
PRICE
Capital
Appreciation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Multi-Utilities
4.8%
Ameren (8)
10,200,433
826,235
CMS
Energy (5)
7,325,271
437,539
NiSource (5)
16,022,825
388,233
Public
Service
Enterprise
Group
12,940,135
788,054
2,440,061
Total
Utilities
3,537,656
Total
Miscellaneous
Common
Stocks
0.4% (10)
201,241
Total
Common
Stocks
(Cost
$23,266,684)
35,972,023
CONVERTIBLE
PREFERRED
STOCKS
0.8%
INFORMATION
TECHNOLOGY
0.5%
Software
0.5%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $25,766 (7)(11)
2,788,430
54,027
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $183,922 (4)
(7)(11)
2,141,932
196,462
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $16,282 (4)
(7)(11)
177,514
16,282
Total
Information
Technology
266,771
UTILITIES
0.3%
Electric
Utilities
0.1%
American
Electric
Power,
6.125%,
3/15/22
1,162,195
55,756
55,756
Multi-Utilities
0.2%
NiSource,
7.75%,
3/1/24 (5)
783,100
81,008
81,008
Total
Utilities
136,764
Total
Convertible
Preferred
Stocks
(Cost
$362,142)
403,535
CORPORATE
BONDS
7.3%
Acrisure,
7.00%,
11/15/25 (1)
76,025,000
77,355
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
9,475,000
9,807
Altice
France
Holding,
10.50%,
5/15/27 (1)
46,155,000
50,424
AmWINS
Group,
4.875%,
6/30/29 (1)
8,680,000
8,767
Avantor
Funding,
4.625%,
7/15/28 (1)
42,428,000
44,550
Bank
of
New
York
Mellon,
Series E,
FRN,
3M
USD
LIBOR
+
3.42%,
3.542% (12)
43,465,000
43,595
CCO
Holdings,
4.00%,
3/1/23 (1)
43,430,000
43,484
T.
ROWE
PRICE
Capital
Appreciation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CCO
Holdings,
5.00%,
2/1/28 (1)
197,338,000
205,232
CCO
Holdings,
5.125%,
5/1/27 (1)
149,015,000
155,162
Cedar
Fair,
5.25%,
7/15/29
71,965,000
73,764
Cedar
Fair,
5.375%,
6/1/24
103,858,000
104,767
Cedar
Fair,
5.375%,
4/15/27
61,780,000
63,479
Cedar
Fair,
5.50%,
5/1/25 (1)
19,320,000
20,093
Cedar
Fair,
6.50%,
10/1/28
57,835,000
62,100
Clarios
Global,
6.25%,
5/15/26 (1)
19,696,000
20,681
Clarios
Global,
6.75%,
5/15/25 (1)
10,425,000
11,012
Clarios
Global,
8.50%,
5/15/27 (1)
15,925,000
16,940
Clarivate
Science
Holdings,
3.875%,
7/1/28 (1)
24,580,000
24,549
Clarivate
Science
Holdings,
4.875%,
7/1/29 (1)
7,515,000
7,506
Delta
Air
Lines,
4.50%,
10/20/25 (1)
67,265,000
72,128
Delta
Air
Lines,
4.75%,
10/20/28 (1)
37,425,000
41,638
General
Electric,
Series D,
FRN,
3M
USD
LIBOR
+
3.33%,
3.446% (12)
174,666,000
169,426
Hadrian
Merger
Sub,
8.50%,
5/1/26 (1)
48,716,000
50,421
Hilton
Domestic
Operating,
5.375%,
5/1/25 (1)
3,675,000
3,836
HUB
International,
7.00%,
5/1/26 (1)
214,063,000
221,020
KFC
Holding,
4.75%,
6/1/27 (1)
169,330,000
176,315
Korn
Ferry,
4.625%,
12/15/27 (1)
11,955,000
12,403
Lennox
International,
3.00%,
11/15/23
6,420,000
6,714
Life
Time,
5.75%,
1/15/26 (1)
40,572,000
42,144
Marriott
International,
Series R,
3.125%,
6/15/26
11,184,000
11,934
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
39,450,000
42,902
Mirant,
EC,
0.00%,
7/15/49 (1)(4)
16,000,000
—
Netflix,
4.375%,
11/15/26
134,150,000
149,577
Netflix,
4.875%,
4/15/28
168,167,000
193,812
Netflix,
4.875%,
6/15/30 (1)
4,130,000
4,853
Netflix,
5.50%,
2/15/22
9,485,000
9,615
Netflix,
5.875%,
2/15/25
56,540,000
64,244
Netflix,
5.875%,
11/15/28
225,575,000
275,202
Netflix,
6.375%,
5/15/29
120,825,000
152,844
NiSource,
VR,
5.65% (5)(12)(13)
44,495,000
46,942
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (1)
30,248,000
32,706
SBA
Communications,
3.875%,
2/15/27
17,885,000
18,444
SBA
Communications,
4.875%,
9/1/24
44,220,000
44,883
Sensata
Technologies,
4.875%,
10/15/23 (1)
20,175,000
21,537
Sensata
Technologies,
5.00%,
10/1/25 (1)
23,800,000
26,329
Sensata
Technologies,
5.625%,
11/1/24 (1)
6,670,000
7,370
Sirius
XM
Radio,
5.00%,
8/1/27 (1)
16,060,000
16,702
Six
Flags
Entertainment,
4.875%,
7/31/24 (1)
160,761,000
162,176
Six
Flags
Entertainment,
5.50%,
4/15/27 (1)
112,754,000
116,418
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (1)
59,402,000
63,189
State
Street,
Series F,
FRN,
3M
USD
LIBOR
+
3.597%,
3.713% (12)
11,154,000
11,199
Surgery
Center
Holdings,
10.00%,
4/15/27 (1)
24,038,000
25,961
T.
ROWE
PRICE
Capital
Appreciation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Teleflex,
4.625%,
11/15/27
21,957,000
22,945
Tenet
Healthcare,
4.625%,
9/1/24 (1)
15,925,000
16,283
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (1)
5,055,000
5,295
U.S.
Airways
PTT,
Series 2010-1,
Class
A,
6.25%,
4/22/23
5,738,576
5,911
U.S.
Airways
PTT,
Series 2012-2,
Class
A,
4.625%,
6/3/25
951,186
950
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
5,979,558
6,077
U.S.
Airways
PTT,
Series 2013-1,
Class
B,
5.375%,
11/15/21
2,131,697
2,132
United
Airlines
PTT,
Series 2012-1,
Class
A,
4.15%,
4/11/24
8,896,723
9,369
USI,
6.875%,
5/1/25 (1)
85,903,000
87,406
Welbilt,
9.50%,
2/15/24
27,746,000
28,509
Xylem,
4.875%,
10/1/21
3,095,000
3,095
Yum!
Brands,
3.875%,
11/1/23
42,025,000
44,126
Yum!
Brands,
4.75%,
1/15/30 (1)
11,060,000
11,945
Yum!
Brands,
5.35%,
11/1/43
64,619,000
71,243
Yum!
Brands,
6.875%,
11/15/37
27,015,000
34,849
Yum!
Brands,
7.75%,
4/1/25 (1)
9,720,000
10,376
Total
Corporate
Bonds
(Cost
$3,433,487)
3,698,662
PREFERRED
STOCKS
0.7%
FINANCIALS
0.0%
Financial
Services
0.0%
Charles
Schwab,
Series
D,
5.95% (12)
95,800
2,434
Total
Financials
2,434
UTILITIES
0.7%
Electric
Utilities
0.6%
Alabama
Power,
Series
A,
5.00% (12)
154,840
4,043
CMS
Energy,
5.875%,
10/15/78 (5)
3,226,463
86,534
CMS
Energy,
5.875%,
3/1/79 (5)
4,405,413
118,990
DTE
Energy,
Series
E,
5.25%,
12/1/77
550,533
14,220
Duke
Energy,
5.625%,
9/15/78
133,079
3,564
SCE
Trust
IV,
Series
J,
VR,
5.375% (5)(12)(13)
2,276,225
56,451
283,802
Gas
&
Gas
Transmission
0.1%
NiSource,
Series
B,
VR,
6.50% (5)(12)(13)
2,231,421
61,230
61,230
Total
Utilities
345,032
Total
Preferred
Stocks
(Cost
$326,844)
347,466
T.
ROWE
PRICE
Capital
Appreciation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
12.8%
Money
Market
Funds
12.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (5)(14)
6,561,611,919
6,561,612
Total
Short-Term
Investments
(Cost
$6,561,612)
6,561,612
Total
Investments
in
Securities
102.5%
(Cost
$39,268,764)
$
52,355,330
Other
Assets
Less
Liabilities
(2.5)%
(1,255,383)
Net
Assets
100.0%
$
51,099,947
‡
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
$2,064,306
and
represents
4.0%
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.
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
September
30,
2021.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Affiliated
Companies
(6)
SEC
30-day
yield
(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,
2021.
(9)
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
September
30,
2021,
was
$101,019
and
was
valued
at
$90,281
(0.2%
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)
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$266,771
and
represents
0.5%
of
net
assets.
(12)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
Capital
Appreciation
Fund
11
.
.
.
.
.
.
.
.
.
.
(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
is
provided
if
the
rate
is
currently
floating.
(14)
Seven-day
yield
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
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
PIPE
Private
Investment
in
Public
Equity
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SPAC
Special
Purpose
Acquisition
Company
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
(1.4)%
OTC
Options
Written
(1.4)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$1,960.00
128
34,221
(10,170)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$1,980.00
128
34,221
(9,939)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$2,000.00
128
34,221
(9,734)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$2,100.00
128
34,221
(8,704)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,200.00
119
31,815
(1,901)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,300.00
119
31,815
(1,612)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,400.00
119
31,815
(1,379)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,500.00
119
31,815
(1,148)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,450.00
32
8,555
(1,378)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,500.00
32
8,555
(1,283)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,550.00
32
8,555
(1,186)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,600.00
32
8,555
(1,094)
Goldman
Sachs
Alphabet,
Class
C,
Call,
1/21/22
@
$1,760.00
448
119,406
(41,003)
Goldman
Sachs
Alphabet,
Class
C,
Call,
1/21/22
@
$1,780.00
448
119,406
(40,141)
Goldman
Sachs
Alphabet,
Class
C,
Call,
1/21/22
@
$1,800.00
448
119,406
(39,290)
Goldman
Sachs
Alphabet,
Class
C,
Call,
6/17/22
@
$1,980.00
128
34,116
(9,528)
Goldman
Sachs
Alphabet,
Class
C,
Call,
6/17/22
@
$2,000.00
128
34,116
(9,312)
Goldman
Sachs
Alphabet,
Class
C,
Call,
6/17/22
@
$2,100.00
128
34,116
(8,233)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
C,
Call,
6/17/22
@
$2,550.00
48
12,793
(1,535)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
C,
Call,
6/17/22
@
$2,600.00
48
12,793
(1,398)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
C,
Call,
6/17/22
@
$2,650.00
48
12,793
(1,276)
T.
ROWE
PRICE
Capital
Appreciation
Fund
13
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citigroup
Amazon.com,
Call,
1/21/22
@
$4,000.00
127
41,720
(230)
Citigroup
Amazon.com,
Call,
1/21/22
@
$4,100.00
128
42,049
(172)
Citigroup
Amazon.com,
Call,
1/21/22
@
$4,200.00
128
42,049
(122)
Citigroup
Amazon.com,
Call,
1/21/22
@
$4,300.00
128
42,049
(94)
Citigroup
Amazon.com,
Call,
1/20/23
@
$4,500.00
63
20,696
(627)
Citigroup
Amazon.com,
Call,
1/20/23
@
$4,600.00
63
20,696
(553)
Citigroup
Amazon.com,
Call,
1/20/23
@
$4,700.00
63
20,696
(487)
Citigroup
Amazon.com,
Call,
1/20/23
@
$4,800.00
63
20,696
(430)
Citigroup
Amazon.com,
Call,
1/20/23
@
$4,900.00
63
20,696
(382)
Citigroup
Amazon.com,
Call,
1/20/23
@
$5,000.00
63
20,696
(340)
Citigroup
Amazon.com,
Call,
1/20/23
@
$5,100.00
63
20,696
(301)
Credit
Suisse
Amazon.com,
Call,
1/21/22
@
$3,800.00
201
66,029
(752)
Credit
Suisse
Amazon.com,
Call,
1/21/22
@
$3,900.00
201
66,029
(520)
Credit
Suisse
Amazon.com,
Call,
1/21/22
@
$4,000.00
201
66,029
(364)
Royal
Bank
of
Canada
Amazon.com,
Call,
1/21/22
@
$3,900.00
84
27,594
(217)
Royal
Bank
of
Canada
Amazon.com,
Call,
1/21/22
@
$4,000.00
84
27,594
(152)
Royal
Bank
of
Canada
Amazon.com,
Call,
1/21/22
@
$4,100.00
84
27,594
(113)
Royal
Bank
of
Canada
Amazon.com,
Call,
1/21/22
@
$4,200.00
83
27,266
(79)
Royal
Bank
of
Canada
Amazon.com,
Call,
1/21/22
@
$4,300.00
84
27,594
(62)
Citigroup
Ameren,
Call,
12/17/21
@
$90.00
2,231
18,071
(84)
Citigroup
Ameren,
Call,
12/17/21
@
$95.00
2,231
18,071
(22)
JPMorgan
Chase
American
Electric
Power,
Call,
1/21/22
@
$90.00
7,852
63,743
(471)
T.
ROWE
PRICE
Capital
Appreciation
Fund
14
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
American
Electric
Power,
Call,
1/21/22
@
$95.00
9,619
78,087
(168)
JPMorgan
Chase
American
Electric
Power,
Call,
1/21/22
@
$97.50
3,186
25,864
(56)
JPMorgan
Chase
American
Electric
Power,
Call,
1/21/22
@
$100.00
3,186
25,864
(40)
Citigroup
American
Tower,
Call,
1/21/22
@
$210.00
637
16,907
(3,688)
Citigroup
American
Tower,
Call,
1/21/22
@
$220.00
637
16,907
(3,089)
Citigroup
American
Tower,
Call,
1/21/22
@
$230.00
844
22,401
(3,338)
Citigroup
American
Tower,
Call,
1/21/22
@
$240.00
207
5,494
(640)
Citigroup
American
Tower,
Call,
1/21/22
@
$250.00
208
5,521
(477)
Credit
Suisse
Bank
of
America,
Call,
1/21/22
@
$30.00
24,420
103,663
(31,135)
Credit
Suisse
Bank
of
America,
Call,
1/21/22
@
$32.00
12,826
54,446
(13,980)
Credit
Suisse
Bank
of
America,
Call,
1/21/22
@
$35.00
25,653
108,897
(20,907)
Credit
Suisse
Bank
of
America,
Call,
1/21/22
@
$40.00
5,674
24,086
(2,369)
Credit
Suisse
Bank
of
America,
Call,
1/21/22
@
$45.00
5,674
24,086
(868)
Credit
Suisse
Bank
of
America,
Call,
1/20/23
@
$45.00
45,310
192,341
(18,351)
Credit
Suisse
Bank
of
America,
Call,
1/20/23
@
$50.00
41,369
175,611
(9,784)
Royal
Bank
of
Canada
Bank
of
America,
Call,
1/21/22
@
$37.00
19,105
81,101
(12,275)
Susquehanna
Financial
Group
LLLP
Bank
of
America,
Call,
1/21/22
@
$30.00
39,989
169,753
(50,986)
JPMorgan
Chase
Cisco
Systems,
Call,
1/21/22
@
$45.00
9,887
53,815
(9,714)
JPMorgan
Chase
Cisco
Systems,
Call,
1/21/22
@
$47.50
9,887
53,815
(7,539)
JPMorgan
Chase
Cisco
Systems,
Call,
1/21/22
@
$50.00
9,887
53,815
(5,487)
JPMorgan
Chase
CME
Group,
Call,
1/21/22
@
$220.00
1,911
36,955
(325)
JPMorgan
Chase
CME
Group,
Call,
1/21/22
@
$230.00
1,911
36,955
(225)
T.
ROWE
PRICE
Capital
Appreciation
Fund
15
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Credit
Suisse
Coca-Cola,
Call,
1/21/22
@
$50.00
9,024
47,349
(3,249)
Credit
Suisse
Coca-Cola,
Call,
1/21/22
@
$52.50
9,024
47,349
(1,787)
Credit
Suisse
Coca-Cola,
Call,
1/21/22
@
$55.00
9,025
47,354
(857)
Credit
Suisse
Danaher,
Call,
1/21/22
@
$250.00
3,969
120,832
(23,556)
Credit
Suisse
Danaher,
Call,
1/21/22
@
$270.00
398
12,117
(1,672)
Credit
Suisse
Danaher,
Call,
1/21/22
@
$280.00
1,036
31,540
(3,471)
Credit
Suisse
Danaher,
Call,
1/21/22
@
$290.00
638
19,423
(1,672)
JPMorgan
Chase
Danaher,
Call,
1/21/22
@
$300.00
4,561
138,855
(9,076)
Citigroup
Exelon,
Call,
1/21/22
@
$40.00
2,044
9,881
(1,758)
Citigroup
Exelon,
Call,
1/21/22
@
$43.00
2,044
9,881
(1,216)
Citigroup
Exelon,
Call,
1/21/22
@
$45.00
2,043
9,876
(899)
Citigroup
Exelon,
Call,
1/21/22
@
$47.00
12,739
61,580
(3,854)
Citigroup
Exelon,
Call,
1/21/22
@
$50.00
3,186
15,401
(486)
JPMorgan
Chase
Facebook,
Class
A,
Call,
1/21/22
@
$340.00
1,149
38,996
(2,686)
JPMorgan
Chase
Facebook,
Class
A,
Call,
1/21/22
@
$345.00
1,149
38,996
(2,390)
JPMorgan
Chase
Facebook,
Class
A,
Call,
1/21/22
@
$380.00
749
25,420
(612)
JPMorgan
Chase
Facebook,
Class
A,
Call,
1/21/22
@
$400.00
8,433
286,208
(3,795)
JPMorgan
Chase
Facebook,
Class
A,
Call,
9/16/22
@
$345.00
638
21,653
(2,624)
JPMorgan
Chase
Facebook,
Class
A,
Call,
9/16/22
@
$360.00
638
21,653
(2,190)
Goldman
Sachs
Fiserv,
Call,
1/21/22
@
$130.00
1,275
13,834
(136)
Goldman
Sachs
Fiserv,
Call,
1/21/22
@
$135.00
1,275
13,834
(87)
JPMorgan
Chase
Fleetcor
Technologies,
Call,
1/21/22
@
$300.00
478
12,489
(207)
T.
ROWE
PRICE
Capital
Appreciation
Fund
16
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
Fleetcor
Technologies,
Call,
1/21/22
@
$310.00
319
8,335
(96)
JPMorgan
Chase
General
Electric,
Call,
1/21/22
@
$12.00
31,828
327,924
(4,647)
JPMorgan
Chase
General
Electric,
Call,
1/21/22
@
$15.00
31,828
327,924
(875)
Susquehanna
Financial
Group
LLLP
General
Electric,
Call,
1/21/22
@
$15.00
63,681
656,105
(1,751)
Goldman
Sachs
Global
Payments,
Call,
1/21/22
@
$230.00
956
15,065
(227)
Goldman
Sachs
Global
Payments,
Call,
1/21/22
@
$240.00
956
15,065
(45)
Citigroup
Hilton
Worldwide
Holdings,
Call,
1/21/22
@
$125.00
1,656
21,877
(2,260)
Citigroup
Hilton
Worldwide
Holdings,
Call,
1/21/22
@
$130.00
2,928
38,682
(3,133)
Citigroup
Hilton
Worldwide
Holdings,
Call,
1/21/22
@
$135.00
1,272
16,804
(1,018)
Goldman
Sachs
Hilton
Worldwide
Holdings,
Call,
1/21/22
@
$135.00
3,758
49,647
(3,006)
Goldman
Sachs
Hilton
Worldwide
Holdings,
Call,
1/21/22
@
$140.00
3,758
49,647
(2,217)
JPMorgan
Chase
Intercontinental
Exchange,
Call,
1/21/22
@
$125.00
1,593
18,291
(231)
JPMorgan
Chase
Intercontinental
Exchange,
Call,
1/21/22
@
$130.00
3,185
36,570
(199)
JPMorgan
Chase
Intercontinental
Exchange,
Call,
1/21/22
@
$135.00
1,592
18,279
(99)
Susquehanna
Financial
Group
LLLP
Keurig
Dr
Pepper,
Call,
12/17/21
@
$32.00
9,537
32,578
(2,646)
JPMorgan
Chase
Lockheed
Martin,
Call,
1/21/22
@
$340.00
884
30,507
(1,640)
JPMorgan
Chase
Lockheed
Martin,
Call,
1/21/22
@
$360.00
884
30,507
(809)
JPMorgan
Chase
Lockheed
Martin,
Call,
1/21/22
@
$375.00
883
30,472
(433)
Credit
Suisse
Marriott
International,
Class
A,
Call,
1/21/22
@
$145.00
2,548
37,733
(3,096)
Credit
Suisse
Marriott
International,
Class
A,
Call,
1/21/22
@
$150.00
2,548
37,733
(2,446)
Credit
Suisse
Marriott
International,
Class
A,
Call,
1/21/22
@
$155.00
1,275
18,881
(943)
Credit
Suisse
Marriott
International,
Class
A,
Call,
1/21/22
@
$160.00
1,275
18,881
(708)
T.
ROWE
PRICE
Capital
Appreciation
Fund
17
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Credit
Suisse
Marriott
International,
Class
A,
Call,
1/21/22
@
$165.00
954
14,128
(370)
Credit
Suisse
Marriott
International,
Class
A,
Call,
1/21/22
@
$170.00
954
14,128
(285)
Goldman
Sachs
Marsh
&
McLennan,
Call,
10/15/21
@
$150.00
2,549
38,599
(809)
Goldman
Sachs
Marsh
&
McLennan,
Call,
10/15/21
@
$155.00
2,549
38,599
(236)
Citigroup
McDonald's,
Call,
1/21/22
@
$210.00
785
18,927
(2,661)
Citigroup
McDonald's,
Call,
1/21/22
@
$220.00
784
18,903
(1,925)
Citigroup
McDonald's,
Call,
1/21/22
@
$230.00
784
18,903
(1,309)
Goldman
Sachs
McDonald's,
Call,
1/20/23
@
$260.00
1,472
35,491
(1,914)
Goldman
Sachs
McDonald's,
Call,
1/20/23
@
$270.00
1,472
35,491
(1,457)
Royal
Bank
of
Canada
McDonald's,
Call,
1/21/22
@
$210.00
637
15,359
(2,159)
Royal
Bank
of
Canada
McDonald's,
Call,
1/21/22
@
$220.00
637
15,359
(1,564)
Royal
Bank
of
Canada
McDonald's,
Call,
1/21/22
@
$230.00
637
15,359
(1,064)
Credit
Suisse
Medtronic,
Call,
1/21/22
@
$115.00
1,283
16,082
(1,742)
Credit
Suisse
Medtronic,
Call,
1/21/22
@
$125.00
1,283
16,082
(776)
Credit
Suisse
Medtronic,
Call,
1/21/22
@
$130.00
1,282
16,070
(551)
Bank
of
America
Microsoft,
Call,
1/21/22
@
$270.00
956
26,952
(2,206)
Bank
of
America
Microsoft,
Call,
1/21/22
@
$275.00
956
26,952
(1,986)
Bank
of
America
Microsoft,
Call,
1/21/22
@
$280.00
956
26,952
(1,749)
Citigroup
Microsoft,
Call,
1/21/22
@
$280.00
6,220
175,354
(11,383)
Citigroup
Microsoft,
Call,
1/20/23
@
$330.00
2,142
60,387
(3,384)
Citigroup
Microsoft,
Call,
1/20/23
@
$340.00
4,452
125,511
(6,400)
Citigroup
Microsoft,
Call,
1/20/23
@
$350.00
4,452
125,511
(4,897)
T.
ROWE
PRICE
Capital
Appreciation
Fund
18
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citigroup
Microsoft,
Call,
1/20/23
@
$360.00
2,310
65,124
(2,524)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$350.00
2,320
65,405
(2,552)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$355.00
2,320
65,405
(2,546)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$360.00
2,321
65,434
(2,536)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/21/22
@
$250.00
2,098
59,147
(8,140)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/21/22
@
$255.00
2,098
59,147
(7,296)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/21/22
@
$260.00
2,099
59,175
(6,544)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/21/22
@
$265.00
1,615
45,530
(4,417)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/21/22
@
$270.00
1,616
45,558
(3,729)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/21/22
@
$275.00
1,616
45,558
(3,357)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$300.00
6,571
185,250
(17,873)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$320.00
2,277
64,193
(4,349)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$330.00
2,277
64,193
(3,598)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$340.00
2,277
64,193
(3,273)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$350.00
2,277
64,193
(2,505)
Citigroup
Mondelez
International,
Class
A,
Call,
1/21/22
@
$57.50
2,629
15,296
(736)
Citigroup
Mondelez
International,
Class
A,
Call,
1/21/22
@
$60.00
2,628
15,290
(420)
Citigroup
Mondelez
International,
Class
A,
Call,
1/21/22
@
$62.50
2,628
15,290
(204)
Credit
Suisse
Northrop
Grumman,
Call,
1/21/22
@
$300.00
1,016
36,591
(6,497)
Credit
Suisse
Northrop
Grumman,
Call,
1/21/22
@
$315.00
1,016
36,591
(5,126)
Credit
Suisse
Northrop
Grumman,
Call,
1/21/22
@
$325.00
1,014
36,519
(4,304)
T.
ROWE
PRICE
Capital
Appreciation
Fund
19
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
NXP
Semiconductors,
Call,
1/21/22
@
$195.00
1,593
31,202
(2,346)
JPMorgan
Chase
NXP
Semiconductors,
Call,
1/21/22
@
$200.00
1,593
31,202
(2,035)
JPMorgan
Chase
NXP
Semiconductors,
Call,
1/21/22
@
$210.00
1,593
31,202
(1,326)
Susquehanna
Financial
Group
LLLP
PepsiCo,
Call,
1/21/22
@
$140.00
2,681
40,325
(3,472)
Susquehanna
Financial
Group
LLLP
PepsiCo,
Call,
1/21/22
@
$145.00
2,681
40,325
(2,453)
Susquehanna
Financial
Group
LLLP
PepsiCo,
Call,
1/21/22
@
$155.00
2,682
40,340
(992)
Citigroup
PNC
Financial
Services
Group,
Call,
1/21/22
@
$175.00
1,274
24,925
(3,121)
Citigroup
PNC
Financial
Services
Group,
Call,
1/21/22
@
$180.00
2,616
51,179
(5,441)
Citigroup
PNC
Financial
Services
Group,
Call,
1/21/22
@
$185.00
2,616
51,179
(4,552)
Citigroup
PNC
Financial
Services
Group,
Call,
1/21/22
@
$190.00
1,342
26,255
(1,919)
Citigroup
PNC
Financial
Services
Group,
Call,
1/20/23
@
$220.00
2,441
47,756
(3,344)
Citigroup
PNC
Financial
Services
Group,
Call,
1/20/23
@
$230.00
2,441
47,756
(2,624)
JPMorgan
Chase
Roper
Technologies,
Call,
11/19/21
@
$490.00
319
14,232
(70)
JPMorgan
Chase
Roper
Technologies,
Call,
11/19/21
@
$500.00
319
14,232
(33)
Bank
of
America
Ross
Stores,
Call,
1/21/22
@
$135.00
306
3,331
(20)
Bank
of
America
Ross
Stores,
Call,
1/21/22
@
$140.00
306
3,331
(15)
Credit
Suisse
Ross
Stores,
Call,
1/21/22
@
$130.00
636
6,923
(65)
Credit
Suisse
Ross
Stores,
Call,
1/21/22
@
$135.00
636
6,923
(41)
JPMorgan
Chase
Teledyne
Technologies,
Call,
12/17/21
@
$470.00
319
13,704
(214)
JPMorgan
Chase
Teledyne
Technologies,
Call,
12/17/21
@
$480.00
319
13,704
(163)
T.
ROWE
PRICE
Capital
Appreciation
Fund
20
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citigroup
Thermo
Fisher
Scientific,
Call,
1/21/22
@
$560.00
731
41,764
(2,862)
Citigroup
Thermo
Fisher
Scientific,
Call,
1/21/22
@
$580.00
1,496
85,471
(4,286)
Citigroup
Thermo
Fisher
Scientific,
Call,
1/21/22
@
$600.00
765
43,707
(1,549)
Citigroup
UnitedHealth
Group,
Call,
1/21/22
@
$400.00
637
24,890
(1,204)
Citigroup
UnitedHealth
Group,
Call,
1/21/22
@
$410.00
637
24,890
(952)
Citigroup
UnitedHealth
Group,
Call,
1/21/22
@
$420.00
637
24,890
(723)
Citigroup
UnitedHealth
Group,
Call,
1/21/22
@
$460.00
319
12,465
(81)
Citigroup
UnitedHealth
Group,
Call,
1/21/22
@
$470.00
319
12,465
(47)
Citigroup
Visa,
Class
A,
Call,
1/21/22
@
$250.00
4,231
94,246
(1,210)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$225.00
2,176
48,470
(2,372)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$230.00
2,176
48,470
(1,860)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$235.00
2,176
48,470
(1,442)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$240.00
1,272
28,334
(646)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$245.00
3,041
67,738
(1,140)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$250.00
1,769
39,404
(506)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$255.00
2,407
53,616
(496)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$260.00
638
14,211
(98)
Credit
Suisse
Visa,
Class
A,
Call,
1/21/22
@
$265.00
638
14,211
(72)
Goldman
Sachs
Visa,
Class
A,
Call,
1/21/22
@
$225.00
2,597
57,848
(2,831)
Goldman
Sachs
Visa,
Class
A,
Call,
1/21/22
@
$230.00
2,597
57,848
(2,220)
Goldman
Sachs
Visa,
Class
A,
Call,
1/21/22
@
$250.00
2,335
52,012
(668)
Goldman
Sachs
Visa,
Class
A,
Call,
1/21/22
@
$255.00
1,068
23,790
(220)
T.
ROWE
PRICE
Capital
Appreciation
Fund
21
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Visa,
Class
A,
Call,
1/21/22
@
$260.00
1,267
28,222
(194)
Goldman
Sachs
Visa,
Class
A,
Call,
1/21/22
@
$270.00
1,267
28,222
(107)
JPMorgan
Chase
Visa,
Class
A,
Call,
1/21/22
@
$220.00
1,861
41,454
(2,522)
JPMorgan
Chase
Visa,
Class
A,
Call,
1/21/22
@
$225.00
1,860
41,431
(2,027)
JPMorgan
Chase
Visa,
Class
A,
Call,
1/21/22
@
$230.00
1,861
41,454
(1,591)
Credit
Suisse
Waste
Management,
Call,
1/21/22
@
$115.00
1,298
19,387
(4,673)
Credit
Suisse
Waste
Management,
Call,
1/21/22
@
$120.00
1,298
19,387
(3,978)
Credit
Suisse
Waste
Management,
Call,
1/21/22
@
$130.00
1,299
19,402
(2,812)
JPMorgan
Chase
Yum!
Brands,
Call,
1/21/22
@
$105.00
702
8,586
(1,302)
JPMorgan
Chase
Yum!
Brands,
Call,
1/21/22
@
$110.00
702
8,586
(997)
JPMorgan
Chase
Yum!
Brands,
Call,
1/21/22
@
$120.00
6,182
75,612
(4,327)
JPMorgan
Chase
Yum!
Brands,
Call,
1/21/22
@
$125.00
2,548
31,165
(1,108)
Total
Options
Written
(Premiums
$(483,887))
$
(734,786)
T.
ROWE
PRICE
Capital
Appreciation
Fund
22
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,
2021.
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
$
—
$
(7,965)
$
2,255
CMS
Energy,
5.875%,
10/15/78
1,252
(7,048)
3,975
CMS
Energy,
5.875%,
3/1/79
1,459
(5,840)
5,500
DTE
Energy,
Series
E,
5.25%,
12/1/77
1,710
(4,437)
1,644
Duke
Energy,
5.625%,
9/15/78
3,607
(7,218)
528
NiSource
(4,750)
54,567
14,221
NiSource,
7.75%,
3/1/24
—
2,698
2,225
NiSource,
VR,
5.65%
—
1,335
1,888
NiSource,
Series
B,
VR,
6.50%
871
(3,454)
3,070
SCE
Trust
IV,
Series
J,
VR,
5.375%
11
1,457
2,428
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
3.47%
—
1,212
9,699
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
2,032
Affiliates
not
held
at
period
end
257,681
(160,533)
—
Totals
$
261,841#
$
(135,226)
$
49,465+
T.
ROWE
PRICE
Capital
Appreciation
Fund
23
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
CMS
Energy
$
—
$
445,504
$
—
$
437,539
CMS
Energy,
5.875%,
10/15/78
107,920
—
14,338
86,534
CMS
Energy,
5.875%,
3/1/79
140,945
—
16,115
118,990
DTE
Energy,
Series
E,
5.25%,
12/1/77
60,512
—
41,855
*
Duke
Energy,
5.625%,
9/15/78
56,887
—
46,105
*
Envista
Holdings
403,897
—
243,364
—
NiSource
512,195
66,557
245,086
388,233
NiSource,
7.75%,
3/1/24
—
78,310
—
81,008
NiSource,
VR,
5.65%
45,607
—
—
46,942
NiSource,
Series
B,
VR,
6.50%
72,649
—
7,965
61,230
SCE
Trust
IV,
Series
J,
VR,
5.375%
59,350
—
4,356
56,451
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
3.47%
87,471
374,671
—
463,354
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
5,488,869
¤
¤
6,561,612
Total
$
8,301,893^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$47,577
of
dividend
income
and
$1,888
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
$8,260,050.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
24
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Capital
Appreciation
Fund
25
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)
Level
3
–
unobservable
inputs
(including
the fund’s
own
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
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.
T.
ROWE
PRICE
Capital
Appreciation
Fund
26
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Capital
Appreciation
Fund
27
F72-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Asset-Backed
Securities
$
—
$
97,391
$
—
$
97,391
Bank
Loans
—
4,691,021
120,266
4,811,287
Bond
Mutual
Funds
463,354
—
—
463,354
Common
Stocks
35,881,742
90,281
—
35,972,023
Convertible
Preferred
Stocks
—
190,791
212,744
403,535
Corporate
Bonds
—
3,698,662
—
3,698,662
Preferred
Stocks
347,466
—
—
347,466
Short-Term
Investments
6,561,612
—
—
6,561,612
Total
$
43,254,174
$
8,768,146
$
333,010
$
52,355,330
Liabilities
Options
Written
$
—
$
734,786
$
—
$
734,786