T.
ROWE
PRICE
Capital
Appreciation
Fund
September
30,
2022
(Unaudited)
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)
38,844,625
35,718
Domino's
Pizza
Master
Issuer
Series 2018-1A,
Class
A2I
4.116%,
7/25/48 (1)
34,029,188
32,029
Domino's
Pizza
Master
Issuer
Series 2019-1A,
Class
A2
3.668%,
10/25/49 (1)
18,110,625
15,616
Total
Asset-Backed
Securities
(Cost
$90,657)
83,363
BANK
LOANS
13.9%
(2)
Acrisure,
FRN
1M
USD
LIBOR
+
3.75%,
6.865%,
2/15/27
25,299,450
23,117
ADMI,
FRN
1M
USD
LIBOR
+
3.38%,
6.49%,
12/23/27 (3)
57,110,245
50,222
ADMI,
FRN
1M
USD
LIBOR
+
3.75%,
6.865%,
12/23/27
132,772,681
117,836
ADMI,
FRN
3M
USD
LIBOR
+
3.00%,
4/30/25 (3)
4,815,351
4,370
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.25%,
6.365%,
5/9/25 (3)
154,169,911
147,498
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.25%,
6.365%,
5/9/25 (3)
66,714,598
63,851
Alliant
Holdings
Intermediate,
FRN
1M
USD
LIBOR
+
3.50%,
6.493%,
11/5/27
180,673,243
170,962
Applied
Systems,
FRN
1M
USD
LIBOR
+
3.00%,
6.674%,
9/19/24 (3)
150,939,641
146,997
Applied
Systems,
FRN
1M
USD
LIBOR
+
5.50%,
9.174%,
9/19/25 (3)
16,707,253
16,398
Arches
Buyer,
FRN
1M
USD
LIBOR
+
3.25%,
6.365%,
12/6/27
28,622,929
25,671
Ascend
Learning,
FRN
1M
USD
LIBOR
+
3.50%,
6.615%,
12/11/28
195,180,088
179,761
Ascend
Learning,
FRN
1M
USD
LIBOR
+
5.75%,
8.865%,
12/10/29
27,870,000
24,125
AthenaHealth
Group,
FRN
1M
TSFR
+
3.50%,
6.576%,
2/15/29 (4)
192,637,321
172,218
Azalea
Topco,
FRN
1M
TSFR
+
3.75%,
6.784%,
7/25/26 (3)(5)
26,155,262
23,736
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.50%,
6.613%,
7/24/26
132,969,224
120,670
Azalea
Topco,
FRN
1M
USD
LIBOR
+
3.75%,
6.865%,
7/24/26 (3)
34,915,569
31,730
T.
ROWE
PRICE
Capital
Appreciation
Fund
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Camelot
U.S.
Acquisition,
FRN
1M
USD
LIBOR
+
3.00%,
6.115%,
10/30/26
68,445,848
66,050
Charter
Communications
Operating,
FRN
1M
USD
LIBOR
+
1.75%,
4/30/25 (3)
10,134,707
9,930
CoreLogic,
FRN
1M
USD
LIBOR
+
3.50%,
6.625%,
6/2/28
50,198,589
37,523
CoreLogic,
FRN
1M
USD
LIBOR
+
6.50%,
9.625%,
6/4/29
5,985,000
4,010
Delta
2,
FRN
3M
USD
LIBOR
+
2.50%,
5.615%,
2/1/24
222,654,902
219,594
Eagle
Broadband
Investments,
FRN
1M
USD
LIBOR
+
3.00%,
6.688%,
11/12/27
11,740,225
11,183
Entegris,
FRN
1M
TSFR
+
3.00%,
5.597%,
3/2/29
47,379,261
46,958
Eyecare
Partners,
FRN
1M
TSFR
+
3.75%,
7.424%,
2/18/27
9,953,690
9,008
Eyecare
Partners,
FRN
1M
TSFR
+
3.75%,
7.424%,
11/15/28 (5)
9,024,650
8,415
Filtration
Group,
FRN
1M
USD
LIBOR
+
3.50%,
6.615%,
10/21/28
47,623,632
45,103
Filtration
Group,
FRN
3M
EURIBOR
+
3.50%,
4.185%,
3/31/25
(EUR)
50,817,715
47,355
Filtration
Group,
FRN
3M
USD
LIBOR
+
3.00%,
6.115%,
3/31/25 (3)
61,297,495
58,750
Heartland
Dental,
FRN
1M
USD
LIBOR
+
4.00%,
7.084%,
4/30/25
20,448,520
18,894
Heartland
Dental,
FRN
3M
USD
LIBOR
+
3.50%,
6.615%,
4/30/25
169,133,753
155,392
Hilton
Worldwide
Finance,
FRN
1M
USD
LIBOR
+
1.75%,
6/21/26 (3)
6,406,229
6,187
Howden
Group
Holdings,
FRN
1M
USD
LIBOR
+
3.25%,
6.375%,
11/12/27
164,223,124
156,217
HUB
International,
FRN
1M
USD
LIBOR
+
3.00%,
5.766%,
4/25/25 (3)
769,576,674
738,955
HUB
International,
FRN
1M
USD
LIBOR
+
3.25%,
5.982%,
4/25/25
518,288,806
498,532
IRB
Holding,
FRN
1M
TSFR
+
3.00%,
5.595%,
12/15/27
67,263,330
62,891
IRB
Holding,
FRN
1M
USD
LIBOR
+
4.75%,
7.802%,
2/5/25 (3)
64,248,297
61,990
Life
Time,
FRN
1M
USD
LIBOR
+
4.75%,
7.82%,
12/16/24
19,802,638
19,530
Loire
Finco
Luxembourg,
FRN
1M
USD
LIBOR
+
3.25%,
6.365%,
4/21/27
104,973,304
98,150
Medline
Borrower,
FRN
1M
USD
LIBOR
+
3.25%,
6.365%,
10/23/28
391,663,275
359,472
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Mileage
Plus
Holdings,
FRN
1M
USD
LIBOR
+
5.25%,
8.777%,
6/21/27
210,971,313
211,461
Pacific
Dental
Services,
FRN
1M
USD
LIBOR
+
3.50%,
6.493%,
5/5/28
14,369,850
13,804
PetVet
Care
Centers,
FRN
1M
USD
LIBOR
+
3.50%,
6.615%,
2/14/25
74,444,451
68,582
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
2.75%,
5.865%,
2/14/25
11,494,001
10,546
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
3.25%,
6.365%,
2/14/25
48,760,617
44,799
PetVet
Care
Centers,
FRN
3M
USD
LIBOR
+
6.25%,
9.365%,
2/13/26
3,982,000
3,796
Polaris
Newco,
FRN
1M
USD
LIBOR
+
4.00%,
7.674%,
6/2/28
13,397,672
12,334
Project
Boost
Purchaser,
FRN
1M
USD
LIBOR
+
3.50%,
6.615%,
5/30/26
16,969,066
16,036
RealPage,
FRN
1M
USD
LIBOR
+
3.00%,
5.524%,
4/24/28
186,348,604
174,288
RealPage,
FRN
1M
USD
LIBOR
+
6.50%,
9.584%,
4/23/29
6,300,000
6,068
Ryan
Specialty
Group,
FRN
1M
USD
LIBOR
+
3.00%,
6.134%,
9/1/27 (5)
36,845,814
35,556
SeaWorld
Parks
&
Entertainment,
FRN
1M
USD
LIBOR
+
3.00%,
6.125%,
8/25/28
48,563,902
46,520
SkyMiles
IP,
FRN
3M
USD
LIBOR
+
3.75%,
6.46%,
10/20/27
50,656,020
50,695
Sophia,
FRN
1M
TSFR
+
4.00%,
7.034%,
10/7/27
14,070,403
13,560
Sophia,
FRN
1M
USD
LIBOR
+
3.50%,
7.174%,
10/7/27
31,655,250
30,389
Storable,
FRN
1M
TSFR
+
3.50%,
6.078%,
4/17/28
9,452,500
8,862
Sunshine
Luxembourg
VII,
FRN
1M
USD
LIBOR
+
3.75%,
7.424%,
10/1/26
118,929,294
110,373
TK
Elevator
U.S.
Newco,
FRN
6M
USD
LIBOR
+
3.50%,
6.871%,
7/30/27
127,208,584
121,697
UKG,
FRN
1M
USD
LIBOR
+
3.25%,
5.535%,
5/4/26
644,045,726
611,309
UKG,
FRN
1M
USD
LIBOR
+
5.25%,
7.535%,
5/3/27
32,910,000
30,935
USI,
FRN
1M
USD
LIBOR
+
3.25%,
6.924%,
12/2/26 (3)
174,601,045
167,762
USI,
FRN
3M
USD
LIBOR
+
2.75%,
6.424%,
5/16/24 (3)
326,120,017
316,881
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Woof
Holdings,
FRN
1M
USD
LIBOR
+
3.75%,
7.315%,
12/21/27 (5)
18,458,900
17,398
Total
Bank
Loans
(Cost
$6,507,059)
6,182,902
BOND
MUTUAL
FUNDS
1.6%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
6.34% (6)(7)
80,115,838
727,452
Total
Bond
Mutual
Funds
(Cost
$777,707)
727,452
COMMON
STOCKS
63.1%
COMMUNICATION
SERVICES
3.5%
Interactive
Media
&
Services
3.5%
Alphabet,
Class
A (8)(9)
7,470,740
714,576
Alphabet,
Class
C (8)
6,316,480
607,330
Meta
Platforms,
Class
A (8)
1,866,185
253,204
Total
Communication
Services
1,575,110
CONSUMER
DISCRETIONARY
6.1%
Hotels,
Restaurants
&
Leisure
3.5%
Starbucks (9)
3,892,400
327,974
Yum!
Brands (9)
11,441,577
1,216,697
1,544,671
Internet
&
Direct
Marketing
Retail
2.6%
Amazon.com (8)(9)
10,093,800
1,140,599
1,140,599
Total
Consumer
Discretionary
2,685,270
CONSUMER
STAPLES
0.7%
Beverages
0.7%
Keurig
Dr
Pepper (9)
8,299,245
297,279
Total
Consumer
Staples
297,279
ENERGY
0.8%
Oil,
Gas
&
Consumable
Fuels
0.8%
EOG
Resources
1,448,800
161,875
Pioneer
Natural
Resources
888,700
192,430
Total
Energy
354,305
FINANCIALS
5.7%
Banks
2.6%
PNC
Financial
Services
Group (9)
7,818,759
1,168,279
1,168,279
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Capital
Markets
2.2%
Intercontinental
Exchange
7,366,541
665,567
MSCI
693,331
292,440
958,007
Insurance
0.9%
Marsh
&
McLennan
2,778,518
414,805
414,805
Total
Financials
2,541,091
HEALTH
CARE
13.4%
Health
Care
Equipment
&
Supplies
3.1%
Becton
Dickinson
&
Company
4,096,988
912,932
Embecta
9,393
271
Hologic (8)
532,520
34,358
Teleflex
2,065,692
416,154
1,363,715
Health
Care
Providers
&
Services
2.0%
UnitedHealth
Group (9)
1,776,453
897,180
897,180
Life
Sciences
Tools
&
Services
7.7%
Avantor (8)
15,535,032
304,486
Danaher
3,976,289
1,027,036
PerkinElmer (6)
8,666,307
1,042,817
Thermo
Fisher
Scientific (9)
2,039,612
1,034,471
3,408,810
Pharmaceuticals
0.6%
Catalent (8)
3,755,898
271,777
271,777
Total
Health
Care
5,941,482
INDUSTRIALS
&
BUSINESS
SERVICES
11.5%
Commercial
Services
&
Supplies
1.8%
Aurora
Innovation (8)
34,667,381
76,615
Waste
Connections
5,199,301
702,582
779,197
Industrial
Conglomerates
3.6%
General
Electric (9)
14,511,952
898,435
Roper
Technologies
1,995,532
717,673
1,616,108
Machinery
4.4%
Fortive (6)
18,895,054
1,101,582
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ingersoll
Rand
19,669,285
850,893
1,952,475
Professional
Services
1.7%
Equifax
1,056,936
181,190
TransUnion
9,410,385
559,824
741,014
Total
Industrials
&
Business
Services
5,088,794
INFORMATION
TECHNOLOGY
18.9%
Electronic
Equipment,
Instruments
&
Components
3.4%
TE
Connectivity
9,919,477
1,094,713
Teledyne
Technologies (8)
1,297,368
437,823
1,532,536
IT
Services
1.3%
Mastercard,
Class
A
1,034,100
294,036
Visa,
Class
A
1,499,900
266,457
560,493
Semiconductors
&
Semiconductor
Equipment
4.3%
NVIDIA
1,465,100
177,848
NXP
Semiconductors
5,792,582
854,464
Texas
Instruments
5,742,135
888,768
1,921,080
Software
6.8%
Microsoft (9)
11,201,227
2,608,766
Salesforce (8)
2,713,553
390,317
2,999,083
Technology
Hardware,
Storage
&
Peripherals
3.1%
Apple (9)
10,032,396
1,386,477
1,386,477
Total
Information
Technology
8,399,669
MATERIALS
0.1%
Chemicals
0.1%
Linde
249,100
67,155
Total
Materials
67,155
UTILITIES
1.2%
Multi-Utilities
1.2%
Ameren
6,162,044
496,353
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Public
Service
Enterprise
Group
807,000
45,377
Total
Utilities
541,730
Total
Miscellaneous
Common
Stocks
1.2% (10)
526,360
Total
Common
Stocks
(Cost
$24,497,322)
28,018,245
CONVERTIBLE
BONDS
0.2%
Shopify,
0.125%,
11/1/25
19,577,000
16,272
Snap,
Zero
Coupon,
5/1/27
26,949,000
18,784
Spotify
USA,
Zero
Coupon,
3/15/26
44,593,000
35,343
Total
Convertible
Bonds
(Cost
$80,552)
70,399
CONVERTIBLE
PREFERRED
STOCKS
0.5%
INFORMATION
TECHNOLOGY
0.5%
Software
0.5%
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $183,922 (5)
(8)(11)
2,141,932
196,462
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $16,282 (5)
(8)(11)
177,514
16,282
Total
Information
Technology
212,744
Total
Convertible
Preferred
Stocks
(Cost
$200,204)
212,744
CORPORATE
BONDS
7.1%
Acrisure,
7.00%,
11/15/25 (1)
76,025,000
68,993
Alliant
Holdings
Intermediate,
4.25%,
10/15/27 (1)
14,533,000
12,499
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
22,668,000
18,531
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
60,812,000
52,907
Altice
France
Holding,
10.50%,
5/15/27 (1)
56,255,000
44,019
AmWINS
Group,
4.875%,
6/30/29 (1)
20,805,000
17,372
Arches
Buyer,
4.25%,
6/1/28 (1)
300,000
234
Avantor
Funding,
3.875%,
11/1/29 (1)
12,760,000
10,367
Avantor
Funding,
4.625%,
7/15/28 (1)
67,552,000
60,121
Black
Knight
InfoServ,
3.625%,
9/1/28 (1)
10,180,000
8,678
Booz
Allen
Hamilton,
3.875%,
9/1/28 (1)
9,245,000
7,927
Catalent
Pharma
Solutions,
3.125%,
2/15/29 (1)
23,381,000
18,033
Catalent
Pharma
Solutions,
3.50%,
4/1/30 (1)
12,380,000
9,594
Catalent
Pharma
Solutions,
5.00%,
7/15/27 (1)
6,148,000
5,472
CCO
Holdings,
5.00%,
2/1/28 (1)
252,238,000
220,078
CCO
Holdings,
5.125%,
5/1/27 (1)
274,340,000
247,592
CCO
Holdings,
5.50%,
5/1/26 (1)
12,750,000
12,081
Cedar
Fair,
5.25%,
7/15/29
71,965,000
61,710
Cedar
Fair,
5.375%,
4/15/27
84,152,000
77,420
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cedar
Fair,
5.50%,
5/1/25 (1)
59,601,000
57,515
Cedar
Fair,
6.50%,
10/1/28
58,664,000
54,411
Charles
River
Laboratories
International,
3.75%,
3/15/29 (1)
2,425,000
1,988
Clarios
Global,
6.25%,
5/15/26 (1)
21,486,000
20,519
Clarios
Global,
6.75%,
5/15/25 (1)
15,558,000
15,208
Clarios
Global,
8.50%,
5/15/27 (1)
76,610,000
72,684
Clarivate
Science
Holdings,
3.875%,
7/1/28 (1)
10,532,000
8,636
Clarivate
Science
Holdings,
4.875%,
7/1/29 (1)
7,515,000
5,881
CoreLogic,
4.50%,
5/1/28 (1)
12,875,000
8,755
Delta
Air
Lines,
4.75%,
10/20/28 (1)
37,425,000
34,771
Gartner,
3.625%,
6/15/29 (1)
9,580,000
7,963
Gartner,
3.75%,
10/1/30 (1)
11,663,000
9,535
Gartner,
4.50%,
7/1/28 (1)
6,360,000
5,660
General
Electric,
Series D,
FRN,
3M
USD
LIBOR
+
3.33%,
6.623% (12)
140,675,000
130,828
Hadrian
Merger
Sub,
8.50%,
5/1/26 (1)
65,911,000
60,309
Hilton
Domestic
Operating,
3.625%,
2/15/32 (1)
15,984,000
12,308
Hilton
Domestic
Operating,
3.75%,
5/1/29 (1)
16,014,000
13,252
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
20,169,000
16,236
Hilton
Domestic
Operating,
4.875%,
1/15/30
758,000
659
Hilton
Domestic
Operating,
5.375%,
5/1/25 (1)
8,874,000
8,697
Hilton
Domestic
Operating,
5.75%,
5/1/28 (1)
2,016,000
1,890
Hilton
Worldwide
Finance,
4.875%,
4/1/27
3,401,000
3,120
Hologic,
3.25%,
2/15/29 (1)
8,628,000
7,032
Howmet
Aerospace,
3.00%,
1/15/29
19,275,000
15,709
HUB
International,
5.625%,
12/1/29 (1)
16,885,000
14,141
HUB
International,
7.00%,
5/1/26 (1)
294,594,000
276,918
IQVIA,
5.00%,
5/15/27 (1)
14,625,000
13,601
KFC
Holding,
4.75%,
6/1/27 (1)
135,551,000
125,385
Korn
Ferry,
4.625%,
12/15/27 (1)
11,955,000
10,550
Lamar
Media,
3.625%,
1/15/31
4,650,000
3,685
Lamar
Media,
3.75%,
2/15/28
26,928,000
23,293
Lennox
International,
3.00%,
11/15/23
6,420,000
6,296
Life
Time,
5.75%,
1/15/26 (1)
52,089,000
47,401
Live
Nation
Entertainment,
4.875%,
11/1/24 (1)
3,645,000
3,499
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
37,477,500
36,541
Mirant,
EC,
7.90%,
7/15/09 (1)(5)(8)
16,000,000
—
MSCI,
3.25%,
8/15/33 (1)
1,520,000
1,163
MSCI,
3.625%,
9/1/30 (1)
23,375,000
19,284
MSCI,
3.625%,
11/1/31 (1)
3,330,000
2,681
MSCI,
3.875%,
2/15/31 (1)
3,513,000
2,942
MSCI,
4.00%,
11/15/29 (1)
17,371,000
14,809
NiSource,
VR,
5.65% (12)(13)
44,495,000
41,047
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (1)
18,736,000
11,921
Ryan
Specialty
Group,
4.375%,
2/1/30 (1)
2,890,000
2,449
SBA
Communications,
3.125%,
2/1/29
22,706,000
17,852
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SBA
Communications,
3.875%,
2/15/27
30,673,000
27,299
Sensata
Technologies,
3.75%,
2/15/31 (1)
12,485,000
9,707
Sensata
Technologies,
4.00%,
4/15/29 (1)
19,660,000
16,269
Sensata
Technologies,
5.00%,
10/1/25 (1)
23,800,000
22,669
Sensata
Technologies,
5.625%,
11/1/24 (1)
6,670,000
6,595
Sirius
XM
Radio,
5.00%,
8/1/27 (1)
74,165,000
67,861
Six
Flags
Entertainment,
4.875%,
7/31/24 (1)
186,526,000
177,200
Six
Flags
Entertainment,
5.50%,
4/15/27 (1)
115,949,000
101,455
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (1)
29,908,000
29,908
State
Street,
Series F,
FRN,
3M
USD
LIBOR
+
3.597%,
6.89% (12)
11,154,000
11,042
Surgery
Center
Holdings,
10.00%,
4/15/27 (1)
49,641,000
48,648
Teleflex,
4.25%,
6/1/28 (1)
5,425,000
4,720
Teleflex,
4.625%,
11/15/27
31,460,000
28,078
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (1)
11,750,000
9,988
TransDigm,
5.50%,
11/15/27
12,875,000
11,169
TransDigm,
6.25%,
3/15/26 (1)
12,875,000
12,489
TransDigm,
6.375%,
6/15/26
5,780,000
5,433
TransDigm
U.K.
Holdings,
6.875%,
5/15/26
3,025,000
2,859
Twilio,
3.625%,
3/15/29
1,215,000
981
Twitter,
5.00%,
3/1/30 (1)
15,890,000
15,155
U.S.
Airways
PTT,
Series 2010-1,
Class
A,
6.25%,
4/22/23
4,693,229
4,611
U.S.
Airways
PTT,
Series 2012-2,
Class
A,
4.625%,
6/3/25
863,443
777
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
5,222,135
4,589
United
Airlines
PTT,
Series 2012-1,
Class
A,
4.15%,
4/11/24
8,174,438
7,742
USI,
6.875%,
5/1/25 (1)
110,519,000
106,098
Vail
Resorts,
6.25%,
5/15/25 (1)
6,444,000
6,363
Yum!
Brands,
3.625%,
3/15/31
19,413,000
15,385
Yum!
Brands,
4.625%,
1/31/32
45,057,000
37,848
Yum!
Brands,
4.75%,
1/15/30 (1)
17,503,000
15,227
Yum!
Brands,
5.35%,
11/1/43
70,711,000
56,215
Yum!
Brands,
5.375%,
4/1/32
45,537,000
39,902
Yum!
Brands,
6.875%,
11/15/37
27,015,000
27,218
Total
Corporate
Bonds
(Cost
$3,436,577)
3,134,152
PREFERRED
STOCKS
0.4%
FINANCIALS
0.0%
Financial
Services
0.0%
Charles
Schwab,
Series
D,
5.95% (12)
95,800
2,354
Total
Financials
2,354
UTILITIES
0.4%
Electric
Utilities
0.4%
CMS
Energy,
5.875%,
10/15/78 (6)
2,410,083
55,552
CMS
Energy,
5.875%,
3/1/79 (6)
3,148,716
73,019
T.
ROWE
PRICE
Capital
Appreciation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SCE
Trust
IV,
Series
J,
VR,
5.375% (6)(12)(13)
1,711,983
33,692
162,263
Gas
&
Gas
Transmission
0.0%
NiSource,
Series
B,
VR,
6.50% (12)(13)
645,665
15,935
15,935
Total
Utilities
178,198
Total
Preferred
Stocks
(Cost
$200,306)
180,552
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
9.4%
U
S
Treasury
Obligations
9.4%
U.S.
Treasury
Notes,
1.50%,
1/31/27
809,976,000
726,194
U.S.
Treasury
Notes,
1.875%,
2/28/27
590,233,500
537,482
U.S.
Treasury
Notes,
2.50%,
3/31/27
750,229,300
700,761
U.S.
Treasury
Notes,
2.75%,
8/15/32
2,427,012,800
2,219,958
4,184,395
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$4,320,509)
4,184,395
SHORT-TERM
INVESTMENTS
3.7%
Money
Market
Funds
3.7%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (6)(14)
1,636,064,068
1,636,064
Total
Short-Term
Investments
(Cost
$1,636,064)
1,636,064
Total
Investments
in
Securities
100.1%
(Cost
$41,746,957)
$
44,430,268
Other
Assets
Less
Liabilities
(0.1)%
(
44,125
)
Net
Assets
100.0%
$
44,386,143
‡
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
$2,500,337
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
September
30,
2022.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
T.
ROWE
PRICE
Capital
Appreciation
Fund
.
.
.
.
.
.
.
.
.
.
(4)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
September
30,
2022,
was
$27,978
and
was
valued
at
$27,858
(0.1%
of
net
assets).
(5)
Level
3
in
fair
value
hierarchy.
(6)
Affiliated
Companies
(7)
SEC
30-day
yield
(8)
Non-income
producing
(9)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
September
30,
2022.
(10)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(11)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$212,744
and
represents
0.5%
of
net
assets.
(12)
Perpetual
security
with
no
stated
maturity
date.
(13)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(14)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
USD
LIBOR
Six
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
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
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$160.00
2,380
22,765
(
23
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$165.00
2,380
22,765
(
19
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$170.00
2,380
22,765
(
15
)
Goldman
Sachs
Alphabet,
Class
A,
Call,
1/20/23
@
$175.00
2,380
22,765
(
14
)
Citibank
Amazon.com,
Call,
1/20/23
@
$225.00
1,260
14,238
(
6
)
Citibank
Amazon.com,
Call,
1/20/23
@
$230.00
1,260
14,238
(
5
)
Citibank
Amazon.com,
Call,
1/20/23
@
$235.00
1,260
14,238
(
4
)
Citibank
Amazon.com,
Call,
1/20/23
@
$240.00
1,260
14,238
(
4
)
Citibank
Amazon.com,
Call,
1/20/23
@
$245.00
1,260
14,238
(
3
)
Citibank
Amazon.com,
Call,
1/20/23
@
$250.00
1,260
14,238
(
3
)
Citibank
Amazon.com,
Call,
1/20/23
@
$255.00
1,260
14,238
(
3
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$180.00
1,860
21,018
(
52
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$185.00
1,860
21,018
(
42
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$190.00
1,860
21,018
(
32
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$200.00
1,220
13,786
(
16
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$205.00
1,220
13,786
(
9
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$210.00
1,220
13,786
(
7
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$215.00
1,220
13,786
(
7
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$220.00
1,220
13,786
(
5
)
Goldman
Sachs
Amazon.com,
Call,
1/20/23
@
$225.00
1,220
13,786
(
5
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$175.00
8,400
94,920
(
311
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$190.00
3,200
36,160
(
54
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$195.00
3,200
36,160
(
51
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$200.00
3,200
36,160
(
43
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$205.00
3,200
36,160
(
24
)
Wells
Fargo
Bank
Amazon.com,
Call,
1/20/23
@
$210.00
3,200
36,160
(
18
)
JPMorgan
Chase
Apple,
Call,
1/20/23
@
$170.00
5,100
70,482
(
1,010
)
JPMorgan
Chase
Apple,
Call,
1/20/23
@
$175.00
5,100
70,482
(
711
)
JPMorgan
Chase
Apple,
Call,
1/20/23
@
$180.00
5,100
70,482
(
518
)
Wells
Fargo
Bank
General
Electric,
Call,
1/20/23
@
$85.00
7,280
45,071
(
342
)
Wells
Fargo
Bank
General
Electric,
Call,
1/20/23
@
$90.00
7,280
45,071
(
189
)
Wells
Fargo
Bank
General
Electric,
Call,
1/20/23
@
$95.00
7,280
45,070
(
113
)
Wells
Fargo
Bank
General
Electric,
Call,
1/20/23
@
$110.00
9,609
59,489
(
58
)
Citibank
Keurig
Dr
Pepper,
Call,
1/20/23
@
$40.00
7,350
26,328
(
404
)
Citibank
Keurig
Dr
Pepper,
Call,
1/20/23
@
$42.00
7,350
26,328
(
184
)
Citibank
Microsoft,
Call,
1/20/23
@
$325.00
4,370
101,777
(
251
)
Citibank
Microsoft,
Call,
1/20/23
@
$330.00
2,142
49,887
(
106
)
Citibank
Microsoft,
Call,
1/20/23
@
$340.00
4,452
103,687
(
169
)
Citibank
Microsoft,
Call,
1/20/23
@
$350.00
4,452
103,687
(
147
)
Citibank
Microsoft,
Call,
1/20/23
@
$360.00
2,310
53,800
(
61
)
Citibank
Microsoft,
Call,
1/20/23
@
$365.00
1,603
37,334
(
33
)
Credit
Suisse
Microsoft,
Call,
1/20/23
@
$320.00
4,546
105,876
(
336
)
Credit
Suisse
Microsoft,
Call,
1/20/23
@
$330.00
1,372
31,954
(
68
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Credit
Suisse
Microsoft,
Call,
1/20/23
@
$335.00
1,372
31,954
(
93
)
Credit
Suisse
Microsoft,
Call,
1/20/23
@
$340.00
1,372
31,954
(
52
)
Credit
Suisse
Microsoft,
Call,
1/20/23
@
$345.00
1,372
31,954
(
53
)
Credit
Suisse
Microsoft,
Call,
1/20/23
@
$350.00
1,372
31,954
(
45
)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$350.00
2,320
54,033
(
77
)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$355.00
2,320
54,033
(
81
)
JPMorgan
Chase
Microsoft,
Call,
1/20/23
@
$360.00
2,321
54,056
(
61
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$320.00
2,277
53,031
(
168
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$330.00
2,277
53,031
(
113
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$340.00
2,277
53,031
(
87
)
Susquehanna
Financial
Group
LLLP
Microsoft,
Call,
1/20/23
@
$350.00
2,277
53,031
(
75
)
Citibank
PNC
Financial
Services
Group,
Call,
1/20/23
@
$220.00
3,221
48,128
(
97
)
Citibank
PNC
Financial
Services
Group,
Call,
1/20/23
@
$230.00
3,221
48,128
(
24
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/20/23
@
$190.00
1,946
29,077
(
161
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/20/23
@
$195.00
1,946
29,077
(
107
)
JPMorgan
Chase
PNC
Financial
Services
Group,
Call,
1/20/23
@
$200.00
1,946
29,077
(
88
)
Goldman
Sachs
Starbucks,
Call,
1/20/23
@
$97.50
5,442
45,854
(
1,107
)
Goldman
Sachs
Starbucks,
Call,
1/20/23
@
$100.00
5,442
45,854
(
844
)
Goldman
Sachs
Starbucks,
Call,
1/20/23
@
$105.00
5,442
45,854
(
482
)
Citibank
Thermo
Fisher
Scientific,
Call,
1/20/23
@
$640.00
961
48,741
(
332
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
UnitedHealth
Group,
Call,
1/20/23
@
$540.00
1,794
90,604
(
3,436
)
Citibank
UnitedHealth
Group,
Call,
1/20/23
@
$560.00
1,014
51,211
(
1,407
)
Citibank
UnitedHealth
Group,
Call,
1/20/23
@
$580.00
1,014
51,211
(
829
)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/20/23
@
$145.00
2,042
21,715
(
128
)
Wells
Fargo
Bank
Yum!
Brands,
Call,
1/20/23
@
$150.00
2,042
21,715
(
112
)
Total
Options
Written
(Premiums
$(181,004))
$
(
15,534
)
T.
ROWE
PRICE
Capital
Appreciation
Fund
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,
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,
5.875%,
10/15/78
$
(
54
)
$
(
10,037
)
$
3,065
CMS
Energy,
5.875%,
3/1/79
262
(
13,568
)
4,029
Fortive
—
(
90,780
)
3,182
NiSource,
VR,
5.65%
—
(
4,939
)
1,895
NiSource,
Series
B,
VR,
6.50%
850
(
3,324
)
1,223
PerkinElmer
(
9,744
)
(
512,173
)
1,475
SCE
Trust
IV,
Series
J,
VR,
5.375%
(
1,060
)
(
9,226
)
1,877
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
6.34%
—
(
50,579
)
25,229
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
20,959
Affiliates
not
held
at
period
end
61,468
(
45,767
)
6,195
Totals
$
51,722
#
$
(
740,393
)
$
69,129
+
T.
ROWE
PRICE
Capital
Appreciation
Fund
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
09/30/22
CMS
Energy
$
562,429
$
—
$
524,477
$
—
CMS
Energy,
5.875%,
10/15/78
81,578
—
15,989
55,552
CMS
Energy,
5.875%,
3/1/79
111,396
—
24,809
73,019
Fortive
—
1,192,362
—
1,101,582
NiSource,
7.75%,
3/1/24
73,729
—
65,914
—
NiSource,
VR,
5.65%
45,986
—
—
*
NiSource,
Series
B,
VR,
6.50%
38,220
—
18,961
*
PerkinElmer
*
713,007
68,928
1,042,817
SCE
Trust
IV,
Series
J,
VR,
5.375%
49,999
—
7,081
33,692
T.
Rowe
Price
Institutional
Floating
Rate
Fund
–
Institutional
Class,
6.34%
617,662
160,369
—
727,452
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
5,817,258
¤
¤
1,636,064
Total
$
4,670,178
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$67,234
of
dividend
income
and
$1,895
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
$4,907,208.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Capital
Appreciation
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Capital
Appreciation
Fund
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
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.
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.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
4,338,157
$
—
$
4,338,157
Bank
Loans
—
6,097,797
85,105
6,182,902
Bond
Mutual
Funds
727,452
—
—
727,452
Common
Stocks
27,718,993
299,252
—
28,018,245
Convertible
Preferred
Stocks
—
—
212,744
212,744
Corporate
Bonds
—
3,134,152
—
3,134,152
Preferred
Stocks
180,552
—
—
180,552
Short-Term
Investments
1,636,064
—
—
1,636,064
Total
$
30,263,061
$
13,869,358
$
297,849
$
44,430,268
Liabilities
Options
Written
$
—
$
15,534
$
—
$
15,534
1
Includes
Asset-Backed
Securities,
Convertible
Bonds
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Capital
Appreciation
Fund
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F72-054Q3
09/22