T.
ROWE
PRICE
All-Cap
Opportunities
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.7%
COMMUNICATION
SERVICES
17.0%
Entertainment
5.6%
CTS
Eventim
(EUR) (1)
684,107
39,728
Liberty
Media-Liberty
Formula
One,
Class
C (1)
1,697,700
73,493
Live
Nation
Entertainment (1)
1,625,129
137,567
Netflix (1)
257,454
134,304
Sea,
ADR (1)
243,777
54,418
439,510
Interactive
Media
&
Services
8.3%
Alphabet,
Class
C (1)
189,760
392,543
Facebook,
Class
A (1)
721,341
212,456
Snap,
Class
A (1)
977,484
51,113
656,112
Media
1.1%
Charter
Communications,
Class
A (1)
137,204
84,658
84,658
Wireless
Telecommunication
Services
2.0%
T-Mobile
U.S. (1)
1,233,617
154,560
154,560
Total
Communication
Services
1,334,840
CONSUMER
DISCRETIONARY
15.0%
Diversified
Consumer
Services
0.5%
Bright
Horizons
Family
Solutions (1)
240,695
41,267
41,267
Hotels,
Restaurants
&
Leisure
4.8%
Cedar
Fair
1,708,100
84,858
Marriott
Vacations
Worldwide (1)
179,568
31,277
Planet
Fitness,
Class
A (1)
1,025,374
79,262
Starbucks
455,000
49,718
Vail
Resorts
189,800
55,357
Yum!
Brands
689,996
74,644
375,116
Household
Durables
0.9%
Gree
Electric
Appliances
of
Zhuhai,
A
Shares
(CNH)
7,364,615
70,622
70,622
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Internet
&
Direct
Marketing
Retail
6.3%
Amazon.com (1)
159,053
492,123
492,123
Specialty
Retail
2.5%
Burlington
Stores (1)
156,504
46,763
Carvana
(1)
122,076
32,033
Ross
Stores
1,013,498
121,529
200,325
Total
Consumer
Discretionary
1,179,453
CONSUMER
STAPLES
0.5%
Food
Products
0.5%
Barry
Callebaut
(CHF)
17,102
38,720
Total
Consumer
Staples
38,720
FINANCIALS
5.9%
Banks
2.7%
East
West
Bancorp
1,052,400
77,667
Wells
Fargo
2,501,800
97,745
Western
Alliance
Bancorp
410,705
38,787
214,199
Capital
Markets
3.2%
Charles
Schwab
1,291,900
84,206
CME
Group
384,900
78,608
London
Stock
Exchange
Group
(GBP)
707,560
67,643
XP,
Class
A (1)
612,567
23,075
253,532
Total
Financials
467,731
HEALTH
CARE
15.3%
Biotechnology
4.8%
AbbVie
1,538,833
166,533
Alexion
Pharmaceuticals (1)
393,135
60,114
Argenx
,
ADR (1)
133,187
36,678
Kodiak
Sciences (1)
100,607
11,408
Moderna
(1)
514,199
67,334
Ultragenyx
Pharmaceutical (1)
287,869
32,777
374,844
Health
Care
Equipment
&
Supplies
2.6%
Cooper
201,473
77,384
DENTSPLY
SIRONA
949,400
60,581
Intuitive
Surgical (1)
87,758
64,848
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,145 (1)(2)
(3)
2,428,492
4,080
206,893
Health
Care
Providers
&
Services
5.5%
HCA
Healthcare
338,122
63,682
Humana
141,501
59,324
Molina
Healthcare (1)
322,100
75,294
UnitedHealth
Group
629,553
234,238
432,538
Life
Sciences
Tools
&
Services
0.2%
Thermo
Fisher
Scientific
38,900
17,753
17,753
Pharmaceuticals
2.2%
Eli
Lilly
624,200
116,613
Zoetis
368,700
58,063
174,676
Total
Health
Care
1,206,704
INDUSTRIALS
&
BUSINESS
SERVICES
10.0%
Aerospace
&
Defense
1.2%
Airbus
(EUR) (1)
816,295
92,582
92,582
Electrical
Equipment
0.3%
Array
Technologies (1)
768,068
22,904
22,904
Industrial
Conglomerates
2.1%
General
Electric
6,733,400
88,410
Roper
Technologies
199,700
80,547
168,957
Machinery
3.5%
Caterpillar
268,500
62,257
Fortive
722,100
51,009
Middleby
(1)
1,000,100
165,767
279,033
Professional
Services
2.9%
Clarivate
(1)
3,833,812
101,174
CoStar
Group (1)
48,131
39,559
Equifax
316,354
57,301
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
TransUnion
343,400
30,906
228,940
Total
Industrials
&
Business
Services
792,416
INFORMATION
TECHNOLOGY
29.3%
Electronic
Equipment,
Instruments
&
Components
0.2%
Littelfuse
46,545
12,308
12,308
IT
Services
11.4%
Euronet
Worldwide (1)
856,981
118,520
Fidelity
National
Information
Services
715,672
100,631
Global
Payments
610,770
123,119
Mastercard
,
Class
A
446,390
158,937
StoneCo
,
Class
A (1)
919,776
56,309
Visa,
Class
A
1,317,503
278,955
Wix.com (1)
205,588
57,404
893,875
Semiconductors
&
Semiconductor
Equipment
6.3%
Advanced
Micro
Devices (1)
778,900
61,144
Infineon
Technologies
(EUR)
1,932,388
82,218
Maxim
Integrated
Products
1,167,394
106,665
Micron
Technology (1)
685,800
60,494
Taiwan
Semiconductor
Manufacturing,
ADR
484,351
57,289
Texas
Instruments
658,112
124,377
492,187
Software
10.0%
Ceridian
HCM
Holding (1)
469,905
39,599
Intuit
224,003
85,807
Microsoft
1,472,624
347,201
RealPage
(1)
248,204
21,643
salesforce.com (1)
259,044
54,884
ServiceNow
(1)
197,083
98,563
Splunk
(1)
318,083
43,094
Synopsys (1)
157,226
38,957
Uipath
,
Class
A,
Acquisition
Date:
12/11/20,
Cost $1,877 (1)(2)(3)
64,524
4,018
Workiva
(1)
363,993
32,126
Zoom
Video
Communications,
Class
A (1)
78,700
25,285
791,177
Technology
Hardware,
Storage
&
Peripherals
1.4%
Apple
878,532
107,313
107,313
Total
Information
Technology
2,296,860
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
MATERIALS
0.4%
Chemicals
0.4%
Linde
112,676
31,565
Total
Materials
31,565
REAL
ESTATE
0.4%
Equity
Real
Estate
Investment
Trusts
0.4%
American
Campus
Communities,
REIT
755,300
32,606
Total
Real
Estate
32,606
UTILITIES
2.9%
Electric
Utilities
1.4%
NextEra
Energy
1,479,364
111,855
111,855
Multi-Utilities
1.5%
Sempra
Energy
908,499
120,449
120,449
Total
Utilities
232,304
Total
Common
Stocks
(Cost
$4,832,577)
7,613,199
CONVERTIBLE
PREFERRED
STOCKS
2.5%
COMMUNICATION
SERVICES
0.4%
Interactive
Media
&
Services
0.4%
ByteDance
,
Series
E,
Acquisition
Date:
7/8/19,
Cost $7,875 (1)(2)
(3)
159,769
25,207
Total
Communication
Services
25,207
CONSUMER
DISCRETIONARY
1.4%
Automobiles
1.4%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $13,652 (1)(2)(3)
1,270,636
46,823
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $17,598 (1)(2)(3)
1,136,096
41,865
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $18,238 (1)(2)(3)
494,929
18,238
Total
Consumer
Discretionary
106,926
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
INDUSTRIALS
&
BUSINESS
SERVICES
0.1%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $10,360 (1)(2)(3)
230,036
10,360
Total
Industrials
&
Business
Services
10,360
INFORMATION
TECHNOLOGY
0.6%
Software
0.6%
Uipath
,
Series
D-1,
Acquisition
Date:
4/26/19,
Cost $5,997 (1)(2)
(3)
457,152
28,469
Uipath
,
Series
D-2,
Acquisition
Date:
4/26/19,
Cost $1,007 (1)(2)
(3)
76,764
4,780
Uipath
,
Series
E,
Acquisition
Date:
7/9/20,
Cost $224 (1)(2)(3)
12,071
752
Waymo
,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $14,266 (1)(2)
(3)
166,137
14,266
Total
Information
Technology
48,267
Total
Convertible
Preferred
Stocks
(Cost
$89,217)
190,760
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (4)(5)
73,580,331
73,580
Total
Short-Term
Investments
(Cost
$73,580)
73,580
Total
Investments
in
Securities
100.1%
(Cost
$4,995,374)
$
7,877,539
Other
Assets
Less
Liabilities
(0.1)%
(5,646)
Net
Assets
100.0%
$
7,871,893
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
$198,858
and
represents
2.5%
of
net
assets.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
7
.
.
.
.
.
.
.
.
.
.
.
CNH
Offshore
China
Renminbi
EUR
Euro
GBP
British
Pound
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
8
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,
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
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
—#
$
—
$
10+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
64,461
¤
¤
$
73,580^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$10
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$73,580.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
All-Cap
Opportunities
Fund,
Inc. (the
fund),
formerly
the
T.
Rowe
Price
New
America
Growth
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
All-Cap
Opportunities
Fund
10
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
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
11
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
12
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2021,
totaled $78,428,000 for
the
period ended
March
31,
2021.
F60-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,213,588
$
391,513
$
8,098
$
7,613,199
Convertible
Preferred
Stocks
—
—
190,760
190,760
Short-Term
Investments
73,580
—
—
73,580
Total
$
7,287,168
$
391,513
$
198,858
$
7,877,539
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
5,957
$
2,141
$
—
$
8,098
Convertible
Preferred
Stocks
85,875
76,287
28,598
190,760
Total
$
91,832
$
78,428
$
28,598
$
198,858