T.
ROWE
PRICE
Capital
Appreciation
Fund
March
31,
2022
(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)
39,048,000
38,723
Domino's
Pizza
Master
Issuer
Series 2018-1A,
Class
A2I
4.116%,
7/25/48 (1)
34,205,963
34,367
Domino's
Pizza
Master
Issuer
Series 2019-1A,
Class
A2
3.668%,
10/25/49 (1)
18,203,500
17,451
Total
Asset-Backed
Securities
(Cost
$91,119)
90,541
BANK
LOANS
12.4%
(2)
Acrisure,
FRN
1M
USD
LIBOR
+
3.75%,
4.25%,
2/15/27
25,427,225
25,221
ADMI,
FRN
1M
USD
LIBOR
+
3.38%,
3.875%,
12/23/27
54,816,300
53,797
ADMI,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
12/23/27 (3)
133,443,251
131,664
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.25%,
3.707%,
5/9/25 (3)
123,194,890
121,699
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.25%,
3.707%,
5/9/25 (3)
52,349,244
51,738
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
11/5/27
181,585,734
180,199
Applied
Systems,
FRN
1M
USD
LIBOR
+
3.00%,
4.027%,
9/19/24
128,326,954
127,332
Applied
Systems,
FRN
1M
USD
LIBOR
+
5.50%,
6.506%,
9/19/25
10,152,767
10,081
Arches
Buyer,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
12/6/27
28,841,982
28,322
Ascend
Learning,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
12/11/28
196,163,363
193,760
Ascend
Learning,
FRN
1M
USD
LIBOR
+
5.75%,
6.25%,
11/18/29
27,870,000
27,661
AthenaHealth
Group,
FRN
SOFR
+
3.50%,
4.00%,
1/27/29 (3)(4)
193,050,000
190,685
Avantor
Funding,
FRN
1M
USD
LIBOR
+
2.00%,
2.50%,
11/21/24
4,139,637
4,097
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.50%,
3.799%,
7/24/26
133,311,047
131,374
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.75%,
4.50%,
7/24/26
20,754,318
20,547
Azalea
Topco,
FRN
SOFR
+
3.75%,
7/25/26 (3)
14,970,000
14,783
T.
ROWE
PRICE
Capital
Appreciation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Camelot
U.S.
Acquisition,
FRN
1M
USD
LIBOR
+
3.00%,
4.00%,
10/30/26
93,689,063
92,694
Cedar
Fair,
FRN
3M
USD
LIBOR
+
1.75%,
2.207%,
4/13/24
2,150,380
2,122
CoreLogic,
FRN
1M
LIBOR
+
6.50%,
7.00%,
6/4/29
5,985,000
5,888
CoreLogic,
FRN
3M
LIBOR
+
3.50%,
4.00%,
6/2/28
105,330,700
103,949
Delta
2,
FRN
3M
USD
LIBOR
+
2.50%,
3.50%,
2/1/24
199,234,747
198,115
Eagle
Broadband
Investments,
FRN
1M
USD
LIBOR
+
3.00%,
4.063%,
11/12/27
20,629,503
20,341
Entegris,
FRN
SOFR
+
3.00%,
3/2/29 (3)
83,366,079
83,088
Eyecare
Partners,
FRN
1M
USD
LIBOR
+
3.75%,
4.25%,
11/15/28
9,070,000
8,959
Eyecare
Partners,
FRN
1M
USD
LIBOR
+
3.75%,
4.756%,
2/18/27
10,004,345
9,861
Filtration
Group,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
10/21/28
47,984,418
47,385
Filtration
Group,
FRN
3M
EURIBOR
+
3.50%,
3.50%,
3/31/25
(EUR)
51,205,240
55,626
Filtration
Group,
FRN
3M
USD
LIBOR
+
3.00%,
3.209%,
3/31/25 (3)
31,196,924
30,706
Four
Seasons
Hotels,
FRN
3M
USD
LIBOR
+
2.00%,
2.457%,
11/30/23
26,372,433
26,261
HB
Fuller,
FRN
3M
USD
LIBOR
+
2.00%,
2.449%,
10/20/24
8,586,011
8,544
Heartland
Dental,
FRN
1M
USD
LIBOR
+
4.00%,
4.447%,
4/30/25
16,450,688
16,269
Heartland
Dental,
FRN
3M
USD
LIBOR
+
3.50%,
3.957%,
4/30/25
170,016,223
167,799
Howden
Group
Holdings,
FRN
1M
USD
LIBOR
+
3.25%,
4.00%,
11/12/27 (3)
164,974,812
162,947
HUB
International,
FRN
1M
USD
LIBOR
+
3.00%,
3.267%,
4/25/25 (3)
748,661,029
739,378
HUB
International,
FRN
1M
USD
LIBOR
+
3.25%,
4.00%,
4/25/25
487,829,868
484,283
IRB
Holding,
FRN
1M
USD
LIBOR
+
2.75%,
3.756%,
2/5/25
63,279,276
62,725
IRB
Holding,
FRN
SOFR
+3.00%,
3.75%,
12/15/27
67,604,768
67,154
Life
Time,
FRN
1M
USD
LIBOR
+
4.75%,
5.75%,
12/16/24
19,802,638
19,679
Loire
Finco
Luxembourg,
FRN
1M
USD
LIBOR
+
3.25%,
3.707%,
4/21/27
105,500,146
104,050
T.
ROWE
PRICE
Capital
Appreciation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Mileage
Plus
Holdings,
FRN
1M
USD
LIBOR
+
5.25%,
6.25%,
6/21/27
222,075,066
230,125
Mozart
Borrower,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
10/23/28
393,631,432
389,498
Pacific
Dental
Services,
FRN
1M
USD
LIBOR
+
3.25%,
4.00%,
5/5/28
14,406,138
14,220
Pathway
Vet
Alliance,
FRN
1M
USD
LIBOR
+
3.75%,
4.207%,
3/31/27
12,636,083
12,486
PetVet
Care
Centers,
FRN
1M
USD
LIBOR
+
3.50%,
4.25%,
2/14/25
74,828,185
74,361
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
2.75%,
3.207%,
2/14/25 (3)
11,554,170
11,395
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
3.25%,
3.707%,
2/14/25
49,014,578
48,524
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
6.25%,
6.707%,
2/13/26 (3)
3,982,000
3,950
Polaris
Newco,
FRN
1M
USD
LIBOR
+
4.00%,
4.50%,
6/2/28
16,423,838
16,288
Project
Boost
Purchaser,
FRN
1M
USD
LIBOR
+
3.50%,
4.00%,
5/30/26
17,054,985
16,842
RealPage,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
4/24/28 (3)
186,817,996
184,464
RealPage,
FRN
3M
USD
LIBOR
+
6.50%,
7.25%,
4/23/29
6,300,000
6,308
Ryan
Specialty
Group,
FRN
1M
USD
LIBOR
+
3.00%,
3.75%,
9/1/27
37,033,802
36,725
SeaWorld
Parks
&
Entertainment,
FRN
1M
USD
LIBOR
+
3.00%,
3.50%,
8/25/28
48,809,175
48,162
SkyMiles
IP,
FRN
3M
USD
LIBOR
+
3.75%,
4.75%,
10/20/27
90,160,000
92,963
Sophia,
FRN
1M
USD
LIBOR
+
3.25%,
4.256%,
10/7/27
31,815,125
31,464
Sophia,
FRN
SOFR
+
4.25%,
10/7/27 (3)
14,105,667
13,965
Storable,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
4/17/28 (3)
9,500,000
9,352
Sunshine
Luxembourg
VII,
FRN
1M
USD
LIBOR
+
3.00%,
4.756%,
10/1/26
119,532,996
118,637
TK
Elevator
U.S.
Newco,
FRN
1M
USD
LIBOR
+
3.50%,
4.019%,
7/30/27
144,549,500
143,014
UKG,
FRN
1M
USD
LIBOR
+
3.25%,
3.75%,
5/4/26
658,584,215
652,598
UKG,
FRN
1M
USD
LIBOR
+
5.25%,
5.75%,
5/3/27
32,910,000
32,607
UKG,
FRN
3M
USD
LIBOR
+
3.50%,
4.756%,
5/4/26
13,713,375
13,647
T.
ROWE
PRICE
Capital
Appreciation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
USI,
FRN
1M
USD
LIBOR
+
3.25%,
4.256%,
12/2/26
148,033,212
146,676
USI,
FRN
3M
USD
LIBOR
+
3.00%,
4.006%,
5/16/24
283,997,105
281,862
Welbilt,
FRN
3M
USD
LIBOR
+
2.50%,
2.957%,
10/23/25
17,400,000
17,226
Woof
Holdings,
FRN
1M
USD
LIBOR
+
3.75%,
4.678%,
12/21/27
18,552,600
18,390
Total
Bank
Loans
(Cost
$6,509,946)
6,496,532
BOND
MUTUAL
FUNDS
1.4%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
3.65% (5)(6)
78,060,224
751,720
Total
Bond
Mutual
Funds
(Cost
$758,661)
751,720
COMMON
STOCKS
66.1%
COMMUNICATION
SERVICES
4.1%
Interactive
Media
&
Services
4.1%
Alphabet,
Class
A (7)(8)
270,137
751,346
Alphabet,
Class
C (7)(8)
375,669
1,049,240
Meta
Platforms,
Class
A (7)(8)
1,621,485
360,553
Total
Communication
Services
2,161,139
CONSUMER
DISCRETIONARY
9.8%
Hotels,
Restaurants
&
Leisure
3.6%
McDonald's (8)
607,696
150,271
Starbucks (8)
1,632,600
148,518
Yum!
Brands (8)
13,363,428
1,583,967
1,882,756
Internet
&
Direct
Marketing
Retail
6.0%
Amazon.com (7)(8)
962,923
3,139,081
3,139,081
Multiline
Retail
0.2%
Dollar
General (8)
365,100
81,282
81,282
Specialty
Retail
0.0%
Ross
Stores (8)
188,400
17,043
17,043
Total
Consumer
Discretionary
5,120,162
T.
ROWE
PRICE
Capital
Appreciation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
1.6%
Beverages
1.4%
Keurig
Dr
Pepper
19,681,645
745,934
745,934
Food
&
Staples
Retailing
0.2%
Walmart (8)
653,865
97,374
97,374
Total
Consumer
Staples
843,308
FINANCIALS
5.7%
Banks
2.1%
PNC
Financial
Services
Group (8)
5,970,859
1,101,325
1,101,325
Capital
Markets
1.6%
CME
Group (8)
333,300
79,279
Intercontinental
Exchange (8)
5,605,510
740,600
819,879
Insurance
2.0%
Marsh
&
McLennan
6,065,135
1,033,620
1,033,620
Total
Financials
2,954,824
HEALTH
CARE
15.3%
Health
Care
Equipment
&
Supplies
3.5%
Abbott
Laboratories (8)
615,300
72,827
Baxter
International (8)
614,700
47,664
Becton
Dickinson
&
Company (8)
4,423,688
1,176,701
Hologic (7)
3,973,575
305,250
Medtronic (8)
1,383,800
153,532
Teleflex
239,520
84,989
1,840,963
Health
Care
Providers
&
Services
3.2%
Humana
1,614,174
702,440
UnitedHealth
Group (8)
1,907,953
972,999
1,675,439
Life
Sciences
Tools
&
Services
8.6%
Avantor (7)
5,284,477
178,721
Danaher
4,605,873
1,351,041
PerkinElmer (5)
7,029,489
1,226,364
Thermo
Fisher
Scientific
2,969,063
1,753,677
4,509,803
Total
Health
Care
8,026,205
T.
ROWE
PRICE
Capital
Appreciation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
8.3%
Commercial
Services
&
Supplies
1.8%
Aurora
Innovation (7)
10,670,876
59,650
Aurora
Innovation,
Acquisition
Date:
3/1/19,
Cost $25,766 (7)(9)
6,053,238
32,146
Republic
Services (8)
230,400
30,528
Waste
Connections
5,746,653
802,807
925,131
Industrial
Conglomerates
4.8%
General
Electric (8)
21,639,158
1,979,983
Roper
Technologies
1,132,156
534,638
2,514,621
Machinery
1.3%
Ingersoll
Rand
12,605,999
634,712
Otis
Worldwide (8)
264,191
20,330
655,042
Professional
Services
0.4%
TransUnion
1,798,016
185,807
185,807
Total
Industrials
&
Business
Services
4,280,601
INFORMATION
TECHNOLOGY
15.1%
Electronic
Equipment,
Instruments
&
Components
2.5%
TE
Connectivity
7,785,577
1,019,755
Teledyne
Technologies (7)
643,079
303,938
1,323,693
IT
Services
1.2%
Mastercard,
Class
A
243,200
86,915
Visa,
Class
A
2,458,000
545,111
632,026
Semiconductors
&
Semiconductor
Equipment
0.8%
NVIDIA
1,553,600
423,915
NXP
Semiconductors
49,201
9,106
433,021
Software
8.2%
Microsoft (8)
11,622,127
3,583,218
Salesforce (7)
3,314,053
703,640
4,286,858
Technology
Hardware,
Storage
&
Peripherals
2.4%
Apple
7,045,996
1,230,301
1,230,301
Total
Information
Technology
7,905,899
T.
ROWE
PRICE
Capital
Appreciation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
0.5%
Chemicals
0.5%
Linde
785,776
251,000
Total
Materials
251,000
UTILITIES
3.1%
Electric
Utilities
0.5%
American
Electric
Power (8)
606,300
60,490
Constellation
Energy
928,600
52,234
Exelon (8)
2,785,800
132,688
245,412
Multi-Utilities
2.6%
Ameren (8)
6,406,844
600,706
CMS
Energy (5)
4,545,065
317,882
Public
Service
Enterprise
Group (8)
6,489,279
454,249
1,372,837
Total
Utilities
1,618,249
Total
Miscellaneous
Common
Stocks
2.6% (10)
1,378,898
Total
Common
Stocks
(Cost
$23,233,833)
34,540,285
CONVERTIBLE
BONDS
0.2%
Shopify,
0.125%,
11/1/25
26,495,000
25,273
Snap,
Zero
Coupon,
5/1/27 (1)
39,760,000
34,081
Spotify
USA,
Zero
Coupon,
3/15/26
44,593,000
37,940
Total
Convertible
Bonds
(Cost
$98,220)
97,294
CONVERTIBLE
PREFERRED
STOCKS
0.4%
INFORMATION
TECHNOLOGY
0.4%
Software
0.4%
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $183,922 (7)
(9)(11)
2,141,932
196,462
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $16,282 (7)
(9)(11)
177,514
16,282
Total
Information
Technology
212,744
Total
Convertible
Preferred
Stocks
(Cost
$200,204)
212,744
CORPORATE
BONDS
6.9%
Acrisure,
7.00%,
11/15/25 (1)
76,025,000
75,550
Alliant
Holdings
Intermediate,
4.25%,
10/15/27 (1)
14,533,000
13,952
T.
ROWE
PRICE
Capital
Appreciation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
15,550,000
14,948
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
25,425,000
25,044
Altice
France
Holding,
10.50%,
5/15/27 (1)
56,255,000
58,646
AmWINS
Group,
4.875%,
6/30/29 (1)
20,805,000
19,869
Arches
Buyer,
4.25%,
6/1/28 (1)
300,000
279
Avantor
Funding,
3.875%,
11/1/29 (1)
7,605,000
7,168
Avantor
Funding,
4.625%,
7/15/28 (1)
67,552,000
66,707
Black
Knight
InfoServ,
3.625%,
9/1/28 (1)
12,875,000
12,183
Booz
Allen
Hamilton,
3.875%,
9/1/28 (1)
9,245,000
8,921
Catalent
Pharma
Solutions,
3.125%,
2/15/29 (1)
23,381,000
21,160
Catalent
Pharma
Solutions,
3.50%,
4/1/30 (1)
12,380,000
11,328
Catalent
Pharma
Solutions,
5.00%,
7/15/27 (1)
5,507,000
5,562
CCO
Holdings,
4.00%,
3/1/23 (1)
43,430,000
43,376
CCO
Holdings,
5.00%,
2/1/28 (1)
252,238,000
249,715
CCO
Holdings,
5.125%,
5/1/27 (1)
274,340,000
274,340
CCO
Holdings,
5.50%,
5/1/26 (1)
12,750,000
12,941
Cedar
Fair,
5.25%,
7/15/29
71,965,000
70,166
Cedar
Fair,
5.375%,
4/15/27
83,177,000
82,553
Cedar
Fair,
5.50%,
5/1/25 (1)
43,587,000
44,568
Cedar
Fair,
6.50%,
10/1/28
57,835,000
58,847
Clarios
Global,
6.25%,
5/15/26 (1)
21,486,000
22,131
Clarios
Global,
6.75%,
5/15/25 (1)
15,558,000
16,102
Clarios
Global,
8.50%,
5/15/27 (1)
76,610,000
79,196
Clarivate
Science
Holdings,
3.875%,
7/1/28 (1)
24,580,000
23,290
Clarivate
Science
Holdings,
4.875%,
7/1/29 (1)
7,515,000
7,064
CoreLogic,
4.50%,
5/1/28 (1)
12,875,000
12,038
Delta
Air
Lines,
4.50%,
10/20/25 (1)
67,265,000
67,743
Delta
Air
Lines,
4.75%,
10/20/28 (1)
37,425,000
37,708
Gartner,
3.625%,
6/15/29 (1)
9,580,000
9,029
Gartner,
3.75%,
10/1/30 (1)
11,663,000
10,949
Gartner,
4.50%,
7/1/28 (1)
6,360,000
6,328
General
Electric,
Series D,
FRN,
3M
USD
LIBOR
+
3.33%,
4.156% (12)
140,675,000
136,279
Hadrian
Merger
Sub,
8.50%,
5/1/26 (1)
63,146,000
63,462
Hilton
Domestic
Operating,
3.625%,
2/15/32 (1)
7,995,000
7,225
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
4,155,000
3,906
Hilton
Domestic
Operating,
5.375%,
5/1/25 (1)
3,675,000
3,758
Hilton
Worldwide
Finance,
4.875%,
4/1/27
1,915,000
1,934
Hologic,
3.25%,
2/15/29 (1)
8,628,000
8,024
Howmet
Aerospace,
3.00%,
1/15/29
19,275,000
17,516
HUB
International,
5.625%,
12/1/29 (1)
16,885,000
16,167
HUB
International,
7.00%,
5/1/26 (1)
257,977,000
260,234
IQVIA,
5.00%,
5/15/27 (1)
14,625,000
14,808
IRB
Holding,
6.75%,
2/15/26 (1)
2,721,000
2,762
KFC
Holding,
4.75%,
6/1/27 (1)
181,815,000
183,633
Korn
Ferry,
4.625%,
12/15/27 (1)
11,955,000
11,641
T.
ROWE
PRICE
Capital
Appreciation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Lamar
Media,
3.625%,
1/15/31
4,650,000
4,261
Lamar
Media,
3.75%,
2/15/28
26,928,000
25,514
Lennox
International,
3.00%,
11/15/23
6,420,000
6,432
Life
Time,
5.75%,
1/15/26 (1)
52,089,000
51,894
Live
Nation
Entertainment,
4.875%,
11/1/24 (1)
3,645,000
3,654
Marriott
International,
Series R,
3.125%,
6/15/26
11,184,000
11,068
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
39,450,000
41,127
Mirant,
EC,
0.00%,
7/15/49 (1)(7)(11)
16,000,000
—
MSCI,
3.25%,
8/15/33 (1)
1,520,000
1,366
MSCI,
3.625%,
9/1/30 (1)
23,375,000
21,973
MSCI,
3.625%,
11/1/31 (1)
3,330,000
3,130
MSCI,
3.875%,
2/15/31 (1)
310,000
294
MSCI,
4.00%,
11/15/29 (1)
9,684,000
9,393
NiSource,
VR,
5.65% (5)(12)(13)
44,495,000
44,495
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (1)
43,423,000
41,252
Ryan
Specialty
Group,
4.375%,
2/1/30 (1)
2,890,000
2,749
SBA
Communications,
3.125%,
2/1/29
9,895,000
9,004
SBA
Communications,
3.875%,
2/15/27
27,470,000
26,749
Sensata
Technologies,
3.75%,
2/15/31 (1)
9,585,000
8,878
Sensata
Technologies,
4.00%,
4/15/29 (1)
19,660,000
18,628
Sensata
Technologies,
4.875%,
10/15/23 (1)
20,175,000
20,755
Sensata
Technologies,
5.00%,
10/1/25 (1)
23,800,000
24,157
Sensata
Technologies,
5.625%,
11/1/24 (1)
6,670,000
6,903
Sirius
XM
Radio,
5.00%,
8/1/27 (1)
74,165,000
74,165
Six
Flags
Entertainment,
4.875%,
7/31/24 (1)
186,526,000
186,526
Six
Flags
Entertainment,
5.50%,
4/15/27 (1)
115,949,000
115,949
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (1)
59,402,000
62,001
State
Street,
Series F,
FRN,
3M
USD
LIBOR
+
3.597%,
4.423% (12)
11,154,000
11,126
Surgery
Center
Holdings,
10.00%,
4/15/27 (1)
43,213,000
45,428
T-Mobile
USA,
2.625%,
2/15/29
1,605,000
1,464
T-Mobile
USA,
2.875%,
2/15/31
6,693,000
6,032
T-Mobile
USA,
3.375%,
4/15/29 (1)
7,505,000
7,101
T-Mobile
USA,
3.50%,
4/15/31
23,375,000
21,977
T-Mobile
USA,
4.75%,
2/1/28
2,640,000
2,686
Teleflex,
4.25%,
6/1/28 (1)
5,425,000
5,289
Teleflex,
4.625%,
11/15/27
31,460,000
31,853
Tenet
Healthcare,
4.625%,
9/1/24 (1)
15,925,000
15,985
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (1)
19,150,000
18,958
TransDigm,
5.50%,
11/15/27
12,875,000
12,779
TransDigm,
6.25%,
3/15/26 (1)
12,875,000
13,213
TransDigm,
6.375%,
6/15/26
5,780,000
5,809
TransDigm
U.K.
Holdings,
6.875%,
5/15/26
3,025,000
3,070
Twilio,
3.625%,
3/15/29
1,215,000
1,145
Twitter,
5.00%,
3/1/30 (1)
15,890,000
15,771
U.S.
Airways
PTT,
Series 2010-1,
Class
A,
6.25%,
4/22/23
5,215,903
5,216
U.S.
Airways
PTT,
Series 2012-2,
Class
A,
4.625%,
6/3/25
907,315
873
T.
ROWE
PRICE
Capital
Appreciation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
5,587,887
5,302
United
Airlines
PTT,
Series 2012-1,
Class
A,
4.15%,
4/11/24
8,535,580
8,585
USI,
6.875%,
5/1/25 (1)
100,951,000
101,203
Welbilt,
9.50%,
2/15/24
27,746,000
27,989
Yum!
Brands,
3.625%,
3/15/31
18,651,000
16,972
Yum!
Brands,
3.875%,
11/1/23
42,025,000
42,445
Yum!
Brands,
4.625%,
1/31/32
13,968,000
13,479
Yum!
Brands,
4.75%,
1/15/30 (1)
11,060,000
10,839
Yum!
Brands,
5.35%,
11/1/43
64,619,000
63,003
Yum!
Brands,
5.375%,
4/1/32
28,804,000
28,804
Yum!
Brands,
6.875%,
11/15/37
27,015,000
30,122
Yum!
Brands,
7.75%,
4/1/25 (1)
16,363,000
16,994���
Total
Corporate
Bonds
(Cost
$3,613,064)
3,614,579
PREFERRED
STOCKS
0.5%
FINANCIALS
0.0%
Financial
Services
0.0%
Charles
Schwab,
Series
D,
5.95% (12)
95,800
2,424
Total
Financials
2,424
UTILITIES
0.5%
Electric
Utilities
0.4%
CMS
Energy,
5.875%,
10/15/78 (5)
2,996,920
77,351
CMS
Energy,
5.875%,
3/1/79 (5)
3,743,473
96,207
SCE
Trust
IV,
Series
J,
VR,
5.375% (5)(12)(13)
1,941,440
45,119
218,677
Gas
&
Gas
Transmission
0.1%
NiSource,
Series
B,
VR,
6.50% (5)(12)(13)
1,146,178
30,775
30,775
Total
Utilities
249,452
Total
Preferred
Stocks
(Cost
$248,095)
251,876
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
6.4%
U
S
Treasury
Obligations
6.4%
U.S.
Treasury
Notes,
1.50%,
1/31/27
1,570,494,100
1,500,803
U.S.
Treasury
Notes,
1.875%,
2/28/27
1,864,611,000
1,814,791
3,315,594
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$3,363,833)
3,315,594
T.
ROWE
PRICE
Capital
Appreciation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
6.0%
Money
Market
Funds
6.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(14)
3,117,063,905
3,117,064
Total
Short-Term
Investments
(Cost
$3,117,064)
3,117,064
Total
Investments
in
Securities
100.5%
(Cost
$41,234,039)
$
52,488,229
Other
Assets
Less
Liabilities
(0.5)%
(
251,915
)
Net
Assets
100.0%
$
52,236,314
‡
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
$2,903,652
and
represents
5.6%
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
March
31,
2022.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2022,
was
$26,741
and
was
valued
at
$26,627
(0.1%
of
net
assets).
(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
March
31,
2022.
(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
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
$244,890
and
represents
0.5%
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)
Level
3
in
fair
value
hierarchy.
(12)
Perpetual
security
with
no
stated
maturity
date.
(13)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
T.
ROWE
PRICE
Capital
Appreciation
Fund
12
.
.
.
.
.
.
.
.
.
.
(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
PTT
Pass-Through
Trust
SOFR
Secured
overnight
financing
rate
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
13
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.6)%
OTC
Options
Written
(0.6)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Abbott
Laboratories,
Call,
1/20/23
@
$135.00
2,051
24,276
(
861
)
Goldman
Sachs
Abbott
Laboratories,
Call,
1/20/23
@
$145.00
2,051
24,276
(
509
)
Goldman
Sachs
Abbott
Laboratories,
Call,
1/20/23
@
$150.00
2,051
24,276
(
368
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$1,960.00
128
35,601
(
11,005
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$1,980.00
128
35,601
(
10,771
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$2,000.00
128
35,601
(
10,536
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
9/16/22
@
$2,100.00
128
35,601
(
9,386
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,200.00
119
33,098
(
1,689
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,300.00
119
33,098
(
1,382
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,400.00
119
33,098
(
1,116
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$3,500.00
119
33,098
(
907
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,450.00
32
8,900
(
1,422
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,500.00
32
8,900
(
1,304
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,550.00
32
8,900
(
1,188
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
A,
Call,
9/16/22
@
$2,600.00
32
8,900
(
1,082
)
Goldman
Sachs
Alphabet,
Class
C,
Call,
6/17/22
@
$1,980.00
128
35,750
(
10,597
)
Goldman
Sachs
Alphabet,
Class
C,
Call,
6/17/22
@
$2,000.00
128
35,750
(
10,345
)
Goldman
Sachs
Alphabet,
Class
C,
Call,
6/17/22
@
$2,100.00
128
35,750
(
9,115
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
C,
Call,
6/17/22
@
$2,550.00
48
13,406
(
1,501
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
C,
Call,
6/17/22
@
$2,600.00
48
13,406
(
1,320
)
Susquehanna
Financial
Group
LLLP
Alphabet,
Class
C,
Call,
6/17/22
@
$2,650.00
48
13,406
(
1,148
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
14
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
Amazon.com,
Call,
1/20/23
@
$4,500.00
63
20,538
(
363
)
Citibank
Amazon.com,
Call,
1/20/23
@
$4,600.00
63
20,538
(
310
)
Citibank
Amazon.com,
Call,
1/20/23
@
$4,700.00
63
20,538
(
265
)
Citibank
Amazon.com,
Call,
1/20/23
@
$4,800.00
63
20,538
(
228
)
Citibank
Amazon.com,
Call,
1/20/23
@
$4,900.00
63
20,538
(
198
)
Citibank
Amazon.com,
Call,
1/20/23
@
$5,000.00
63
20,538
(
172
)
Citibank
Amazon.com,
Call,
1/20/23
@
$5,100.00
63
20,538
(
150
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$3,600.00
93
30,317
(
2,224
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$3,700.00
93
30,317
(
1,915
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$3,800.00
93
30,317
(
1,640
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$4,000.00
61
19,886
(
784
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$4,100.00
61
19,886
(
667
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$4,200.00
61
19,886
(
568
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$4,300.00
61
19,886
(
483
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$4,400.00
61
19,886
(
411
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$4,500.00
61
19,886
(
351
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$3,800.00
160
52,159
(
2,821
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$3,900.00
160
52,159
(
2,406
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$4,000.00
160
52,159
(
2,055
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$4,100.00
160
52,159
(
1,750
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$4,200.00
160
52,159
(
1,489
)
Credit
Suisse
Ameren,
Call,
6/17/22
@
$90.00
2,946
27,622
(
1,355
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
15
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Credit
Suisse
Ameren,
Call,
6/17/22
@
$95.00
2,946
27,622
(
722
)
Credit
Suisse
Ameren,
Call,
6/17/22
@
$100.00
2,946
27,622
(
199
)
JPMorgan
Chase
American
Electric
Power,
Call,
1/20/23
@
$90.00
2,021
20,163
(
2,607
)
JPMorgan
Chase
American
Electric
Power,
Call,
1/20/23
@
$95.00
2,021
20,163
(
1,859
)
JPMorgan
Chase
American
Electric
Power,
Call,
1/20/23
@
$100.00
2,021
20,163
(
1,324
)
Citibank
Baxter
International,
Call,
1/20/23
@
$87.50
2,049
15,888
(
548
)
Citibank
Baxter
International,
Call,
1/20/23
@
$92.50
2,049
15,888
(
369
)
Citibank
Baxter
International,
Call,
1/20/23
@
$97.50
2,049
15,888
(
220
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/20/23
@
$260.00
961
25,563
(
2,547
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/20/23
@
$280.00
961
25,563
(
1,619
)
Goldman
Sachs
Becton
Dickinson
&
Company,
Call,
1/20/23
@
$290.00
961
25,563
(
1,235
)
JPMorgan
Chase
CME
Group,
Call,
1/20/23
@
$230.00
474
11,275
(
1,237
)
JPMorgan
Chase
CME
Group,
Call,
1/20/23
@
$240.00
474
11,274
(
995
)
JPMorgan
Chase
CME
Group,
Call,
1/20/23
@
$250.00
474
11,274
(
768
)
Citibank
Dollar
General,
Call,
1/20/23
@
$220.00
1,217
27,094
(
2,750
)
Citibank
Dollar
General,
Call,
1/20/23
@
$230.00
1,217
27,094
(
2,160
)
Citibank
Dollar
General,
Call,
1/20/23
@
$240.00
1,217
27,094
(
1,655
)
JPMorgan
Chase
Exelon,
Call,
1/20/23
@
$55.00
9,286
44,229
(
12,072
)
JPMorgan
Chase
Exelon,
Call,
1/20/23
@
$60.00
9,286
44,229
(
7,615
)
JPMorgan
Chase
Exelon,
Call,
1/20/23
@
$65.00
9,286
44,229
(
5,339
)
Wells
Fargo
Bank
General
Electric,
Call,
1/20/23
@
$110.00
9,609
87,922
(
4,132
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
16
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Wells
Fargo
Bank
General
Electric,
Call,
1/20/23
@
$115.00
9,609
87,922
(
3,075
)
JPMorgan
Chase
Intercontinental
Exchange,
Call,
1/20/23
@
$130.00
833
11,006
(
1,066
)
JPMorgan
Chase
Intercontinental
Exchange,
Call,
1/20/23
@
$135.00
833
11,006
(
833
)
JPMorgan
Chase
Intercontinental
Exchange,
Call,
1/20/23
@
$140.00
833
11,006
(
641
)
Goldman
Sachs
McDonald's,
Call,
1/20/23
@
$260.00
2,497
61,746
(
3,152
)
Goldman
Sachs
McDonald's,
Call,
1/20/23
@
$270.00
2,497
61,746
(
2,222
)
Goldman
Sachs
McDonald's,
Call,
1/20/23
@
$280.00
1,025
25,346
(
651
)
Credit
Suisse
Medtronic,
Call,
1/20/23
@
$105.00
3,330
36,946
(
4,187
)
Credit
Suisse
Medtronic,
Call,
1/20/23
@
$110.00
3,330
36,946
(
3,188
)
Credit
Suisse
Medtronic,
Call,
1/20/23
@
$115.00
3,330
36,946
(
2,389
)
JPMorgan
Chase
Medtronic,
Call,
1/20/23
@
$105.00
1,283
14,235
(
1,613
)
JPMorgan
Chase
Medtronic,
Call,
1/20/23
@
$110.00
1,283
14,235
(
1,228
)
JPMorgan
Chase
Medtronic,
Call,
1/20/23
@
$115.00
1,282
14,224
(
920
)
JPMorgan
Chase
Meta
Platforms,
Class
A,
Call,
9/16/22
@
$345.00
638
14,187
(
89
)
JPMorgan
Chase
Meta
Platforms,
Class
A,
Call,
9/16/22
@
$360.00
638
14,187
(
70
)
Citibank
Microsoft,
Call,
1/20/23
@
$330.00
2,142
66,040
(
4,884
)
Citibank
Microsoft,
Call,
1/20/23
@
$340.00
4,452
137,260
(
8,303
)
Citibank
Microsoft,
Call,
1/20/23
@
$350.00
4,452
137,260
(
6,923
)
Citibank
Microsoft,
Call,
1/20/23
@
$360.00
2,310
71,220
(
2,743
)
Citibank
Microsoft,
Call,
1/20/23
@
$365.00
1,603
49,422
(
1,735
)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$350.00
2,320
71,528
(
3,608
)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$355.00
2,320
71,528
(
3,231
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
17
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$360.00
2,321
71,559
(
2,756
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$300.00
6,571
202,590
(
24,970
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$320.00
2,277
70,202
(
6,262
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$330.00
2,277
70,202
(
5,192
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$340.00
2,277
70,202
(
4,247
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$350.00
2,277
70,202
(
3,541
)
JPMorgan
Chase
Otis
Worldwide,
Call,
1/20/23
@
$85.00
881
6,779
(
293
)
JPMorgan
Chase
Otis
Worldwide,
Call,
1/20/23
@
$90.00
880
6,772
(
154
)
JPMorgan
Chase
Otis
Worldwide,
Call,
1/20/23
@
$95.00
880
6,772
(
114
)
Citibank
PNC
Financial
Services
Group,
Call,
1/20/23
@
$220.00
3,221
59,411
(
1,788
)
Citibank
PNC
Financial
Services
Group,
Call,
1/20/23
@
$230.00
3,221
59,411
(
1,208
)
Bank
of
America
Public
Service
Enterprise
Group,
Call,
7/15/22
@
$65.00
2,690
18,830
(
1,627
)
Bank
of
America
Public
Service
Enterprise
Group,
Call,
7/15/22
@
$70.00
2,690
18,830
(
699
)
Bank
of
America
Public
Service
Enterprise
Group,
Call,
7/15/22
@
$75.00
2,690
18,830
(
208
)
Citibank
Republic
Services,
Call,
7/15/22
@
$135.00
768
10,176
(
373
)
Citibank
Republic
Services,
Call,
7/15/22
@
$140.00
768
10,176
(
215
)
Citibank
Republic
Services,
Call,
7/15/22
@
$145.00
768
10,176
(
152
)
Credit
Suisse
Ross
Stores,
Call,
1/20/23
@
$95.00
628
5,681
(
543
)
Credit
Suisse
Ross
Stores,
Call,
1/20/23
@
$100.00
628
5,681
(
424
)
Credit
Suisse
Ross
Stores,
Call,
1/20/23
@
$105.00
628
5,681
(
361
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
18
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Starbucks,
Call,
1/20/23
@
$97.50
5,442
49,506
(
3,360
)
Goldman
Sachs
Starbucks,
Call,
1/20/23
@
$100.00
5,442
49,506
(
2,871
)
Goldman
Sachs
Starbucks,
Call,
1/20/23
@
$105.00
5,442
49,506
(
2,014
)
Citibank
UnitedHealth
Group,
Call,
1/20/23
@
$540.00
1,794
91,489
(
6,889
)
Citibank
UnitedHealth
Group,
Call,
1/20/23
@
$560.00
1,014
51,711
(
2,976
)
Citibank
UnitedHealth
Group,
Call,
1/20/23
@
$580.00
1,014
51,711
(
2,401
)
Wells
Fargo
Bank
Walmart,
Call,
1/20/23
@
$145.00
2,180
32,464
(
2,948
)
Wells
Fargo
Bank
Walmart,
Call,
1/20/23
@
$155.00
2,179
32,450
(
1,934
)
Wells
Fargo
Bank
Walmart,
Call,
1/20/23
@
$160.00
2,179
32,450
(
1,493
)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/20/23
@
$135.00
2,042
24,204
(
847
)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/20/23
@
$145.00
2,042
24,204
(
424
)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/20/23
@
$150.00
2,042
24,204
(
332
)
Total
Options
Written
(Premiums
$(241,297))
$
(
302,496
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
19
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,
2022.
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
$
12,615
$
9,729
$
3,111
CMS
Energy,
5.875%,
10/15/78
80
(
2,909
)
1,100
CMS
Energy,
5.875%,
3/1/79
477
(
5,249
)
1,432
NiSource,
VR,
5.65%
—
(
1,491
)
635
NiSource,
Series
B,
VR,
6.50%
444
(
996
)
501
PerkinElmer
—
(
129,794
)
449
SCE
Trust
IV,
Series
J,
VR,
5.375%
1
(
3,536
)
652
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
3.65%
—
(
7,264
)
6,411
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—
—
1,450
Affiliates
not
held
at
period
end
7,563
(
7,815
)
—
Totals
$
21,180
#
$
(
149,325
)
$
15,741
+
T.
ROWE
PRICE
Capital
Appreciation
Fund
20
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
CMS
Energy
$
562,429
$
—
$
254,276
$
317,882
CMS
Energy,
5.875%,
10/15/78
81,578
—
1,318
77,351
CMS
Energy,
5.875%,
3/1/79
111,396
—
9,940
96,207
NiSource,
VR,
5.65%
45,986
—
—
44,495
NiSource,
Series
B,
VR,
6.50%
38,220
—
6,449
30,775
NiSource,
7.75%,
3/1/24
73,729
—
65,914
—
PerkinElmer
*
445,247
—
1,226,364
SCE
Trust
IV,
Series
J,
VR,
5.375%
49,999
—
1,344
45,119
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
3.65%
617,662
141,322
—
751,720
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
5,817,258
¤
¤
3,117,064
Total
$
5,706,977
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$15,106
of
dividend
income
and
$635
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
$5,356,468.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
21
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
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
T.
ROWE
PRICE
Capital
Appreciation
Fund
22
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.
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
23
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
March
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
9,999,961
$
—
$
9,999,961
Bond
Mutual
Funds
751,720
—
—
751,720
Common
Stocks
34,032,245
508,040
—
34,540,285
Convertible
Preferred
Stocks
—
—
212,744
212,744
Corporate
Bonds
—
3,614,579
—
3,614,579
Preferred
Stocks
251,876
—
—
251,876
Short-Term
Investments
3,117,064
—
—
3,117,064
Total
$
38,152,905
$
14,122,580
$
212,744
$
52,488,229
Liabilities
Options
Written
$
—
$
302,496
$
—
$
302,496
T.
ROWE
PRICE
Capital
Appreciation
Fund
24
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
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F72-054Q1
03/22
1
Includes
Asset-Backed
Securities,
Bank
Loans,
Convertible
Bonds
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).