T.
ROWE
PRICE
Capital
Appreciation
Fund
March
31,
2026
Unaudited
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
 0.1%
Domino's
Pizza
Master
Issuer
Series 2017-1A,
Class
A23
4.118%,
7/25/47 (1)
22,249,988‌
22,097‌
Domino's
Pizza
Master
Issuer
Series 2019-1A,
Class
A2
3.668%,
10/25/49 (1)
17,777,472‌
17,071‌
Total
Asset-Backed
Securities
(Cost
$39,862)
39,168‌
BANK
LOANS
 8.3%
(2)
AmWINS
Group,
FRN
1M
TSFR
+
2.00%,
5.668%,
1/30/32 
436,112,774‌
432,763‌
Applied
Systems,
FRN
3M
TSFR
+
2.25%,
5.95%,
2/24/31 
869,413,098‌
851,538‌
Applied
Systems,
FRN
3M
TSFR
+
4.50%,
8.20%,
2/23/32 (3)
127,875,360‌
125,903‌
Ascend
Learning,
FRN
1M
TSFR
+
3.00%,
6.668%,
12/11/28 
107,114,717‌
104,437‌
Bending
Spoons
U.S.,
FRN
1M
TSFR
+
5.88%,
9.544%,
3/7/31 
173,424,000‌
157,816‌
Bending
Spoons
U.S.,
Tranche
B,
FRN
1M
TSFR
+
5.88%,
9.544%,
3/7/31 
12,985,294‌
11,817‌
Broadstreet
Partners,
FRN
1M
TSFR
+
2.50%,
6.168%,
6/13/31 
435,352,363‌
424,090‌
CPI
Holdco
B,
FRN
1M
TSFR
+
2.00%,
5.668%,
5/17/31 
180,623,086‌
179,249‌
Ellucian
Holdings,
FRN
1M
TSFR
+
2.50%,
6.168%,
10/8/29 (3)
162,510,171‌
157,804‌
EP
Wealth
Advisors,
FRN
3M
TSFR
+
3.00%,
6.70%,
10/18/32 
20,761,000‌
20,761‌
Epicor
Software,
FRN
1M
TSFR
+
2.50%,
6.168%,
5/30/31 
115,749,565‌
113,406‌
Filtration
Group,
FRN
1M
EURIBOR
+
3.50%,
5.392%,
10/21/28
(EUR) 
65,339,526‌
75,554‌
Filtration
Group,
FRN
1M
TSFR
+
2.50%,
6.168%,
10/21/28 
335,012,396‌
334,872‌
Hilton
Domestic
Operating,
FRN
1M
TSFR
+
1.75%,
5.429%,
11/8/30 
212,355,459‌
212,621‌
HUB
International,
FRN
3M
TSFR
+
2.25%,
5.92%,
6/20/30 
796,221,063‌
793,936‌
Icon
Parent,
FRN
3M
TSFR
+
2.75%,
6.44%,
11/13/31 
131,716,921‌
126,146‌
Loire
Finco
Luxembourg,
FRN
1M
TSFR
+
4.00%,
7.668%,
1/21/30 
165,552,044‌
165,104‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Mariner
Wealth
Advisors,
FRN
3M
TSFR
+
2.25%,
5.95%,
12/31/30 
103,134,592‌
102,726‌
Quartz
AcquireCo,
FRN
3M
TSFR
+
2.25%,
5.95%,
6/28/30 
31,895,658‌
26,473‌
Ryan
Specialty,
FRN
1M
TSFR
+
2.00%,
5.668%,
9/15/31 
8,199,724‌
8,179‌
SBA
Senior
Finance
II,
FRN
1M
TSFR
+
1.75%,
5.42%,
1/25/31 
100,956,520‌
101,251‌
Storable,
FRN
1M
TSFR
+
3.25%,
6.918%,
4/16/31 (3)
74,150,877‌
70,851‌
TransDigm,
FRN
1M
TSFR
+
2.25%,
5.918%,
3/22/30 
283,346,742‌
283,270‌
TransDigm,
FRN
1M
TSFR
+
2.50%,
6.168%,
2/10/33 
30,516,000‌
30,522‌
UKG,
FRN
3M
TSFR
+
2.50%,
6.167%,
2/10/31 
45,189,656‌
43,117‌
USI,
FRN
3M
TSFR
+
2.25%,
5.95%,
11/21/29 
165,689,723‌
165,173‌
USI,
FRN
3M
TSFR
+
2.25%,
5.95%,
9/29/30 
166,094,842‌
165,472‌
Varsity
Brands,
FRN
1M
TSFR
+
3.00%,
8/26/31 (3)
24,274,000‌
24,123‌
Varsity
Brands,
FRN
3M
TSFR
+
2.75%,
6.45%,
8/26/31 
173,210,971‌
172,291‌
Wyndham
Hotels
&
Resorts,
FRN
1M
TSFR
+
1.75%,
5.418%,
5/24/30 
36,320,444‌
36,416‌
Total
Bank
Loans
(Cost
$5,575,145)
5,517,681‌
BOND
FUNDS
 1.5%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.41% (4)(5)
105,840,689‌
976,909‌
Total
Bond
Funds
(Cost
$1,019,210)
976,909‌
COMMON
STOCKS
 58.8%
COMMUNICATION
SERVICES
 6.7%
Entertainment
 0.7%
Netflix (6)(7)
5,102,000‌
490,557‌
490,557‌
Interactive
Media
&
Services
 6.0%
Alphabet,
Class
A (6)
5,184,496‌
1,490,854‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Meta
Platforms,
Class
A (6)
4,278,741‌
2,447,996‌
3,938,850‌
Total
Communication
Services
4,429,407‌
CONSUMER
DISCRETIONARY
 6.4%
Broadline
Retail
 4.8%
Amazon.com (7)
15,252,738‌
3,176,688‌
3,176,688‌
Hotels,
Restaurants
&
Leisure
 1.6%
Starbucks 
7,921,966‌
709,729‌
Yum!
Brands (6)
2,371,954‌
368,791‌
1,078,520‌
Total
Consumer
Discretionary
4,255,208‌
CONSUMER
STAPLES
 0.6%
Beverages
 0.6%
Keurig
Dr
Pepper 
15,938,059‌
419,649‌
Total
Consumer
Staples
419,649‌
ENERGY
 1.3%
Energy
Equipment
&
Services
 0.3%
SLB 
3,453,200‌
177,460‌
177,460‌
Oil,
Gas
&
Consumable
Fuels
 1.0%
Canadian
Natural
Resources 
6,867,295‌
334,643‌
Chevron 
765,100‌
158,299‌
ConocoPhillips 
1,054,900‌
139,247‌
632,189‌
Total
Energy
809,649‌
FINANCIALS
 4.6%
Banks
 0.7%
JPMorgan
Chase 
1,540,200‌
453,065‌
453,065‌
Capital
Markets
 0.4%
Ares
Coinvest
DBA
EP
Wealth,
Acquisition
Date:
11/24/25,
Cost $92,115 (7)(8)(9)
91,884,429‌
91,884‌
iCapital,
Acquisition
Date:
3/10/25
-
4/17/25,
Cost $98,804 (7)
(8)(9)
7,057,619‌
119,980‌
S&P
Global 
161,400‌
68,650‌
280,514‌
Financial
Services
 1.6%
Mastercard,
Class
A 
1,243,461‌
621,308‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Visa,
Class
A (6)
1,463,935‌
442,459‌
1,063,767‌
Insurance
 1.9%
Ethos
DBA
Broadstreet,
Acquisition
Date:
7/16/25,
Cost $578,073 (4)(7)(8)(9)
578,072,525‌
578,073‌
Hockey
Parent
Holdings,
Acquisition
Date:
9/14/23
-
5/2/25,
Cost $701,066 (7)(8)(9)
552,165‌
701,995‌
1,280,068‌
Total
Financials
3,077,414‌
HEALTH
CARE
 11.0%
Biotechnology
 2.8%
Apogee
Therapeutics (4)(7)
5,295,932‌
445,759‌
Arcellx (7)
1,379,542‌
158,399‌
Ascendis
Pharma,
ADR (7)
2,740,767‌
626,896‌
BioNTech,
ADR (7)
2,272,437‌
201,974‌
Cytokinetics (7)
5,105,689‌
336,516‌
Dyne
Therapeutics (7)
3,279,669‌
59,460‌
1,829,004‌
Health
Care
Equipment
&
Supplies
 1.6%
Abbott
Laboratories 
1,405,514‌
144,304‌
Becton
Dickinson
&
Company (6)
5,796,083‌
911,318‌
1,055,622‌
Health
Care
Providers
&
Services
 2.0%
Cencora 
2,526,420‌
793,650‌
UnitedHealth
Group 
1,918,332‌
519,081‌
1,312,731‌
Life
Sciences
Tools
&
Services
 3.8%
Danaher 
2,326,200‌
441,047‌
Revvity (4)
14,151,754‌
1,239,835‌
Waters (7)
2,745,603‌
817,641‌
2,498,523‌
Pharmaceuticals
 0.8%
Eli
Lilly 
604,262‌
555,782‌
555,782‌
Total
Health
Care
7,251,662‌
INDUSTRIALS
&
BUSINESS
SERVICES
 1.3%
Aerospace
&
Defense
 0.1%
General
Electric 
283,200‌
80,364‌
80,364‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Industrial
Conglomerates
 0.4%
Bending
Spoons,
Class
C,
Acquisition
Date:
10/28/25,
Cost $172,761
(EUR) (7)(8)(9)
1,941,616‌
171,279‌
Live
Oak
Acquisition
V
SPAC/TeamShares
PIPE,
Class
A (4)(7)
(10)
11,637,732‌
108,929‌
280,208‌
Machinery
 0.8%
Ingersoll
Rand 
6,310,973‌
505,635‌
505,635‌
Total
Industrials
&
Business
Services
866,207‌
INFORMATION
TECHNOLOGY
 17.9%
Semiconductors
&
Semiconductor
Equipment
 7.2%
Advanced
Micro
Devices (6)(7)
4,401,215‌
895,339‌
Broadcom (6)
3,754,141‌
1,161,944‌
Micron
Technology 
309,300‌
104,494‌
NVIDIA (6)
11,430,990‌
1,993,565‌
Taiwan
Semiconductor
Manufacturing
(TWD) 
10,437,000‌
603,619‌
4,758,961‌
Software
 7.1%
Aurora
Innovation (4)(7)
160,323,446‌
660,533‌
Microsoft (6)
7,595,426‌
2,811,599‌
PTC (4)(7)
7,722,996‌
1,100,450‌
Workday,
Class
A (7)
1,115,774‌
144,961‌
4,717,543‌
Technology
Hardware,
Storage
&
Peripherals
 3.6%
Apple (6)
9,342,412‌
2,371,011‌
2,371,011‌
Total
Information
Technology
11,847,515‌
UTILITIES
 5.8%
Electric
Utilities
 0.7%
PPL 
12,110,552‌
462,623‌
462,623‌
Multi-Utilities
 5.1%
Ameren 
4,274,004‌
469,799‌
CenterPoint
Energy (4)
35,692,638‌
1,540,494‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NiSource (4)
29,877,416‌
1,394,080‌
3,404,373‌
Total
Utilities
3,866,996‌
Total
Miscellaneous
Common
Stocks
 3.2% (11)
2,074,558‌
Total
Common
Stocks
(Cost
$29,924,262)
38,898,265‌
CONVERTIBLE
PREFERRED
STOCKS
 3.3%
CONSUMER
STAPLES
 1.0%
Beverages
 1.0%
Keurig
Dr
Pepper
PIPE,
Series
A,
Acquisition
Date:
12/24/25
-
2/23/26,
Cost $665,445 (7)(8)(9)
651,325‌
651,325‌
Total
Consumer
Staples
651,325‌
INFORMATION
TECHNOLOGY
 2.3%
Software
 2.3%
Anthropic,
Series
F-1,
Acquisition
Date:
8/29/25,
Cost $172,875 (7)(8)(9)
1,226,347‌
317,791‌
OpenAI,
Series
C,
Acquisition
Date:
3/12/26,
Cost $158,521 (7)
(8)(9)
230,513‌
158,521‌
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $183,922 (7)
(8)(9)
2,141,932‌
361,408‌
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $16,282 (7)
(8)(9)
177,514‌
30,217‌
Waymo,
Series
C-2,
Acquisition
Date:
1/12/24
-
9/27/24,
Cost $279,599 (7)(8)(9)
3,575,381‌
587,492‌
Waymo,
Series
D-2,
Acquisition
Date:
2/2/26,
Cost $98,779 (7)
(8)(9)
601,154‌
98,779‌
Total
Information
Technology
1,554,208‌
Total
Convertible
Preferred
Stocks
(Cost
$1,575,423)
2,205,533‌
CORPORATE
BONDS
 7.9%
AmWINS
Group,
6.375%,
2/15/29 (1)
38,945,000‌
39,257‌
Booz
Allen
Hamilton,
4.00%,
7/1/29 (1)
23,437,000‌
22,680‌
Booz
Allen
Hamilton,
5.95%,
8/4/33 
34,614,000‌
35,326‌
Broadstreet
Partners
Group,
5.875%,
4/15/29 (1)
130,807,000‌
127,462‌
CenterPoint
Energy,
VR,
5.95%,
4/1/56 (4)(12)
119,194,000‌
117,721‌
Crowdstrike
Holdings,
3.00%,
2/15/29 
5,722,000‌
5,444‌
Ellucian
Holdings,
6.50%,
12/1/29 (1)
54,910,000‌
53,585‌
Fair
Isaac,
6.00%,
5/15/33 (1)
46,755,000‌
45,874‌
Hilton
Domestic
Operating,
3.625%,
2/15/32 (1)
114,947,000‌
104,435‌
Hilton
Domestic
Operating,
3.75%,
5/1/29 (1)
93,694,000‌
89,862‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
138,883,000‌
130,262‌
Hilton
Domestic
Operating,
4.875%,
1/15/30 
85,067,000‌
83,816‌
Hilton
Domestic
Operating,
5.50%,
3/31/34 (1)
68,749,000‌
67,168‌
Hilton
Domestic
Operating,
5.75%,
9/15/33 (1)
81,115,000‌
80,848‌
Hilton
Domestic
Operating,
5.875%,
4/1/29 (1)
45,179,000‌
45,617‌
Hilton
Worldwide
Finance,
4.875%,
4/1/27 
38,607,000‌
38,519‌
Hologic,
3.25%,
2/15/29 (1)
26,768,000‌
26,768‌
HUB
International,
5.625%,
12/1/29 (1)
74,890,000‌
73,137‌
HUB
International,
7.25%,
6/15/30 (1)
587,665,000‌
603,364‌
HUB
International,
7.375%,
1/31/32 (1)
327,386,000‌
333,950‌
IQVIA,
5.00%,
5/15/27 (1)
42,949,000‌
42,833‌
IQVIA,
6.50%,
5/15/30 (1)
27,385,000‌
27,981‌
KFC
Holding,
4.75%,
6/1/27 (1)
138,786,000‌
138,291‌
Korn
Ferry,
4.625%,
12/15/27 (1)
32,922,000‌
32,629‌
Life
Time,
6.00%,
11/15/31 (1)
34,095,000‌
34,385‌
Mirant,
EC,
7.90%,
7/15/09 (1)(7)(8)
16,000,000‌
—‌
MSCI,
5.25%,
9/1/35 
90,885,000‌
89,036‌
NiSource,
VR,
5.75%,
7/15/56 (4)(12)
191,420,000‌
188,202‌
PTC,
4.00%,
2/15/28 (1)(4)
41,117,000‌
40,157‌
Ryan
Specialty,
4.375%,
2/1/30 (1)
24,807,000‌
24,102‌
Ryan
Specialty,
5.875%,
8/1/32 (1)
65,952,000‌
65,266‌
SBA
Communications,
3.125%,
2/1/29 
114,808,000‌
108,803‌
SBA
Communications,
3.875%,
2/15/27 
102,069,000‌
101,044‌
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
2,575,000‌
2,619‌
Service
Corp.
International,
3.375%,
8/15/30 
25,624,000‌
23,678‌
Service
Corp.
International,
4.625%,
12/15/27 
5,256,000‌
5,198‌
Service
Corp.
International,
5.75%,
10/15/32 
34,085,000‌
34,046‌
Surgery
Center
Holdings,
7.25%,
4/15/32 (1)
27,373,000‌
26,845‌
TransDigm,
4.625%,
1/15/29 
47,592,000‌
46,752‌
TransDigm,
6.125%,
7/31/34 (1)
41,518,000‌
40,901‌
TransDigm,
6.25%,
1/31/34 (1)
11,838,000‌
11,967‌
TransDigm,
6.375%,
3/1/29 (1)
184,964,000‌
188,724‌
TransDigm,
6.375%,
5/31/33 (1)
175,517,000‌
175,016‌
TransDigm,
6.625%,
3/1/32 (1)
239,679,000‌
244,880‌
TransDigm,
6.75%,
8/15/28 (1)
28,464,000‌
28,789‌
TransDigm,
6.75%,
1/31/34 (1)
132,484,000‌
134,258‌
TransDigm,
7.125%,
12/1/31 (1)
106,169,000‌
109,659‌
USI,
7.50%,
1/15/32 (1)
130,072,000‌
132,838‌
Vail
Resorts,
5.625%,
7/15/30 (1)
20,535,000‌
20,388‌
Vail
Resorts,
6.50%,
5/15/32 (1)
40,770,000‌
41,232‌
Yum!
Brands,
3.625%,
3/15/31 
58,624,000‌
54,140‌
Yum!
Brands,
4.625%,
1/31/32 
102,997,000‌
98,384‌
Yum!
Brands,
4.75%,
1/15/30 (1)
46,930,000‌
46,204‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Yum!
Brands,
5.35%,
11/1/43 
84,184,000‌
79,999‌
Yum!
Brands,
5.375%,
4/1/32 
121,510,000‌
120,485‌
Yum!
Brands,
6.875%,
11/15/37 
36,509,000‌
39,750‌
Total
Miscellaneous
Corporate
Bonds
 0.8% (11)
541,007‌
Total
Corporate
Bonds
(Cost
$5,221,645)
5,265,583‌
PREFERRED
STOCKS
 0.2%
FINANCIALS
 0.2%
Insurance
 0.2%
AH
Parent,
Series
A,
Acquisition
Date:
9/27/24,
Cost $140,396 (8)(9)
142,534‌
141,821‌
Total
Financials
141,821‌
Total
Preferred
Stocks
(Cost
$140,396)
141,821‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
 17.4%
U.S.
Treasury
Obligations
 17.4%
U.S.
Treasury
Notes,
3.50%,
11/30/30 
1,857,202,000‌
1,823,105‌
U.S.
Treasury
Notes,
3.50%,
2/28/31 
1,806,401,300‌
1,771,402‌
U.S.
Treasury
Notes,
3.625%,
9/30/30 
1,128,000,000‌
1,114,076‌
U.S.
Treasury
Notes,
3.625%,
10/31/30 
2,194,601,000‌
2,166,311‌
U.S.
Treasury
Notes,
3.625%,
12/31/30 
788,609,000‌
777,951‌
U.S.
Treasury
Notes,
3.75%,
1/31/31 
1,117,199,000‌
1,107,773‌
U.S.
Treasury
Notes,
3.75%,
2/28/33 
1,233,257,100‌
1,205,316‌
U.S.
Treasury
Notes,
3.875%,
12/31/32 
888,358,000‌
875,588‌
U.S.
Treasury
Notes,
4.00%,
1/31/33 
704,762,000‌
699,476‌
11,540,998‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$11,627,565)
11,540,998‌
SHORT-TERM
INVESTMENTS
 1.5%
Money
Market
Funds
 1.5%
T.
Rowe
Price
Government
Reserve
Fund,
3.71% (4)(13)
973,243,827‌
973,244‌
Total
Short-Term
Investments
(Cost
$973,244)
973,244‌
Total
Investments
in
Securities
 99.0%
(Cost
$56,096,752)
$
65,559,202‌
Other
Assets
Less
Liabilities
1.0%
629,185‌
Net
Assets
100.0%
$
66,188,387‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
9
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$3,493,401
and
represents
5.3%
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,
2026.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Affiliated
Companies
(5)
SEC
30-day
yield
(6)
At
March
31,
2026,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(7)
Non-income
producing
(8)
Level
3
in
fair
value
hierarchy.
(9)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$4,010,565
and
represents
6.1%
of
net
assets.
(10)
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
March
31,
2026,
was
$107,067
and
was
valued
at
$108,929
(0.2%
of
net
assets).
(11)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(12)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(13)
Seven-day
yield
1M
EURIBOR
One
month
EURIBOR
(Euro
interbank
offered
rate)
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
FRN
Floating
Rate
Note
OTC
Over-the-counter
PIPE
Private
Investment
in
Public
Equity
T.
ROWE
PRICE
Capital
Appreciation
Fund
10
.
.
.
.
.
.
.
.
.
.
SPAC
Special
Purpose
Acquisition
Company
TWD
Taiwan
Dollar
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
11
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
 (0.2)%
OTC
Options
Written (0.2)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
Apple,
Call,
1/15/27
@
$300.00
4,074
103,394
(4,563‌)
Barclays
Bank
KLA,
Call,
1/15/27
@
$1,840.00
224
32,982
(3,513‌)
Barclays
Bank
KLA,
Call,
1/15/27
@
$1,900.00
224
32,982
(3,161‌)
Barclays
Bank
Mastercard,
Class
A,
Call,
6/18/26
@
$670.00
1,381
69,003
(54‌)
Barclays
Bank
Mastercard,
Class
A,
Call,
1/15/27
@
$570.00
670
33,477
(1,648‌)
Barclays
Bank
Mastercard,
Class
A,
Call,
1/15/27
@
$580.00
1,097
54,813
(2,353‌)
Barclays
Bank
Mastercard,
Class
A,
Call,
1/15/27
@
$600.00
1,767
88,290
(2,880‌)
Barclays
Bank
S&P
Global,
Call,
1/15/27
@
$590.00
807
34,325
(714‌)
Barclays
Bank
S&P
Global,
Call,
1/15/27
@
$610.00
807
34,325
(573‌)
Citibank
General
Electric,
Call,
1/15/27
@
$330.00
1,416
40,182
(3,190‌)
Citibank
General
Electric,
Call,
1/15/27
@
$340.00
1,416
40,182
(2,715‌)
Citibank
Visa,
Class
A,
Call,
1/15/27
@
$345.00
860
25,993
(1,230‌)
Citibank
Visa,
Class
A,
Call,
1/15/27
@
$360.00
1,544
46,666
(1,640‌)
Citibank
Visa,
Class
A,
Call,
1/15/27
@
$365.00
860
25,993
(802‌)
Citibank
Visa,
Class
A,
Call,
1/15/27
@
$375.00
1,544
46,666
(1,123‌)
Goldman
Sachs
Broadcom,
Call,
1/15/27
@
$390.00
2,544
78,739
(7,002‌)
Goldman
Sachs
Broadcom,
Call,
1/15/27
@
$410.00
2,544
78,739
(5,838‌)
Goldman
Sachs
Cencora,
Call,
1/15/27
@
$390.00
996
31,288
(991‌)
Goldman
Sachs
Cencora,
Call,
1/15/27
@
$400.00
996
31,288
(827‌)
Goldman
Sachs
Ingersoll
Rand,
Call,
1/15/27
@
$95.00
4,134
33,122
(2,232‌)
Goldman
Sachs
Ingersoll
Rand,
Call,
1/15/27
@
$100.00
4,134
33,122
(1,664‌)
T.
ROWE
PRICE
Capital
Appreciation
Fund
12
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Visa,
Class
A,
Call,
6/18/26
@
$395.00
2,072
62,624
(45‌)
JPMorgan
Chase
Advanced
Micro
Devices,
Call,
1/15/27
@
$310.00
1,677
34,115
(2,318‌)
JPMorgan
Chase
Advanced
Micro
Devices,
Call,
1/15/27
@
$320.00
1,677
34,115
(2,088‌)
JPMorgan
Chase
Alphabet,
Class
A,
Call,
1/15/27
@
$360.00
1,345
38,677
(1,849‌)
JPMorgan
Chase
Alphabet,
Class
A,
Call,
1/15/27
@
$370.00
1,345
38,677
(1,577‌)
JPMorgan
Chase
Alphabet,
Class
A,
Call,
1/15/27
@
$380.00
1,345
38,677
(1,405‌)
JPMorgan
Chase
Alphabet,
Class
A,
Call,
1/15/27
@
$400.00
2,518
72,408
(1,914‌)
JPMorgan
Chase
Alphabet,
Class
A,
Call,
1/15/27
@
$415.00
2,518
72,408
(1,442‌)
JPMorgan
Chase
Netflix,
Call,
1/15/27
@
$96.00
17,007
163,522
(24,150‌)
JPMorgan
Chase
Netflix,
Call,
1/15/27
@
$98.00
17,006
163,513
(22,363‌)
JPMorgan
Chase
Netflix,
Call,
1/15/27
@
$100.00
17,007
163,522
(20,919‌)
Nomura
Securities
International
DoorDash,
Class
A,
Call,
1/15/27
@
$230.00
1,709
25,661
(1,662‌)
UBS
Investment
Bank
Alphabet,
Class
A,
Call,
1/15/27
@
$340.00
1,391
39,999
(2,643‌)
UBS
Investment
Bank
Alphabet,
Class
A,
Call,
1/15/27
@
$350.00
1,391
39,999
(2,323‌)
UBS
Investment
Bank
Alphabet,
Class
A,
Call,
1/15/27
@
$360.00
1,391
39,999
(1,913‌)
UBS
Investment
Bank
Starbucks,
Call,
1/15/27
@
$105.00
8,146
72,980
(4,928‌)
UBS
Investment
Bank
Starbucks,
Call,
1/15/27
@
$110.00
8,146
72,980
(3,706‌)
UBS
Investment
Bank
Starbucks,
Call,
1/15/27
@
$115.00
2,929
26,241
(1,031‌)
UBS
Investment
Bank
Yum!
Brands,
Call,
1/15/27
@
$165.00
2,799
43,519
(2,967‌)
UBS
Investment
Bank
Yum!
Brands,
Call,
1/15/27
@
$180.00
2,135
33,195
(1,132‌)
UBS
Investment
Bank
Yum!
Brands,
Call,
1/15/27
@
$185.00
2,135
33,195
(806‌)
Wells
Fargo
Bank
JPMorgan
Chase,
Call,
1/15/27
@
$330.00
2,590
76,187
(4,377‌)
T.
ROWE
PRICE
Capital
Appreciation
Fund
13
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Wells
Fargo
Bank
JPMorgan
Chase,
Call,
1/15/27
@
$350.00
1,151
33,858
(1,229‌)
Total
Options
Written
(Premiums
$(192,103))
$
(157,500‌)
T.
ROWE
PRICE
Capital
Appreciation
Fund
14
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,
2026.
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
Apogee
Therapeutics 
$
—‌
$
63,136‌
$
—‌
Aurora
Innovation 
—‌
42,863‌
—‌
CenterPoint
Energy 
—‌
172,038‌
8,209‌
CenterPoint
Energy,
VR,
5.95%,
4/1/56 
—‌
(1,919‌)
1,389‌
Ethos
DBA
Broadstreet 
—‌
—‌
—‌
Live
Oak
Acquisition
V
SPAC/TeamShares
PIPE,
Class
A 
—‌
1,047‌
—‌
NiSource 
8,745‌
147,874‌
9,632‌
NiSource,
VR,
5.75%,
7/15/56 
—‌
(4,527‌)
2,595‌
PTC 
(1,533‌)
(240,059‌)
—‌
PTC,
4.00%,
2/15/28 
—‌
(333‌)
410‌
Revvity 
(2,769‌)
(122,935‌)
1,006‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.41% 
—‌
(19,865‌)
15,969‌
T.
Rowe
Price
Government
Reserve
Fund,
3.71%
—‌
—‌
26,567‌
Totals
$
4,443‌#
$
37,320‌
$
65,777‌+
T.
ROWE
PRICE
Capital
Appreciation
Fund
15
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/25
Purchase
Cost
Sales
Cost
Value
3/31/26
Apogee
Therapeutics 
$
*
$
284,380‌
$
—‌
$
445,759‌
Aurora
Innovation 
603,781‌
13,889‌
—‌
660,533‌
CenterPoint
Energy 
1,368,456‌
—‌
—‌
1,540,494‌
CenterPoint
Energy,
VR,
5.95%,
4/1/56 
93,002‌
26,638‌
—‌
117,721‌
Ethos
DBA
Broadstreet 
*
—‌
—‌
578,073‌
Live
Oak
Acquisition
V
SPAC/
TeamShares
PIPE,
Class
A 
107,882‌
—‌
—‌
108,929‌
NiSource 
1,323,855‌
16,875‌
94,524‌
1,394,080‌
NiSource,
VR,
5.75%,
7/15/56 
182,497‌
10,232‌
—‌
188,202‌
PTC 
1,257,843‌
108,027‌
25,361‌
1,100,450‌
PTC,
4.00%,
2/15/28 
40,490‌
—‌
—‌
40,157‌
Revvity 
1,389,967‌
—‌
27,197‌
1,239,835‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.41% 
980,961‌
15,813‌
—‌
976,909‌
T.
Rowe
Price
Government
Reserve
Fund,
3.71%
1,840,158‌
 ¤
 ¤
973,244‌
Total
$
9,364,386‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$61,383
of
dividend
income
and
$4,394
of
interest
income.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$8,922,535.
T.
ROWE
PRICE
Capital
Appreciation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
16
T.
Rowe
Price
Capital
Appreciation
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act). The
Capital
Appreciation
Fund
(the
fund)
is an open-end
management
investment
company
established
by
the
corporation
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.
Eastern
time,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Capital
Appreciation
Fund
17
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
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 Valuation
Designee
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
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides 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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
T.
ROWE
PRICE
Capital
Appreciation
Fund
18
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
are
generally traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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
the
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
19
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2026
(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
$
—‌
$
17,097,847‌
$
—‌
$
17,097,847‌
Bond
Funds
976,909‌
—‌
—‌
976,909‌
Common
Stocks
36,522,506‌
712,548‌
1,663,211‌
38,898,265‌
Convertible
Preferred
Stocks
—‌
—‌
2,205,533‌
2,205,533‌
Corporate
Bonds
—‌
5,265,583‌
—‌
5,265,583‌
Preferred
Stocks
—‌
—‌
141,821‌
141,821‌
Short-Term
Investments
973,244‌
—‌
—‌
973,244‌
Total
$
38,472,659‌
$
23,075,978‌
$
4,010,565‌
$
65,559,202‌
Liabilities
Options
Written
$
—‌
$
157,500‌
$
—‌
$
157,500‌
1
Includes
Asset-Backed
Securities,
Bank
Loans
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Capital
Appreciation
Fund
20
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2026.
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,
2026,
totaled $91,645,000 for
the
period ended
March
31,
2026.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
($000s)
Beginning
Balance
12/31/25
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
3/31/26
Investment
in
Securities
Bank
Loans
$
204,021‌
$
(15,800‌)
$
—‌
$
(3,931‌)
$
(184,290‌)
$
—‌
Common
Stocks
1,644,903‌
18,308‌
—‌
—‌
—‌
1,663,211‌
Convertible
Preferred
Stocks
1,449,923‌
75,150‌
680,460‌
—‌
—‌
2,205,533‌
Corporate
Bonds
—‌
—‌
—‌
—‌
—‌
—‌
Preferred
Stocks
143,634‌
(1,813‌)
—‌
—‌
—‌
141,821‌
Total
$
3,442,48
1‌
$
75,845‌
$
680,460‌
$
(3,931‌)
$
(184,290‌)
$
4,010,56
5‌
T.
ROWE
PRICE
Capital
Appreciation
Fund
21
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions. 
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$1,663,211
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
EBITDA
multiple
17.1x
17.1x
Increase
Discount
to
public
company
multiples
12%
12%
Decrease
Convertible
Preferred
Stocks
$
2,205,533‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Corporate
Bonds
$
—‌
Recent
comparable
transaction
price(s)
Discount
for
uncertainty
100%
100%
Decrease
Preferred
Stocks
$
141,821‌
Discounted
cash
flow
Discount
rate
11%
11%
Decrease
T.
ROWE
PRICE
Capital
Appreciation
Fund
22
OTHER
MATTERS 
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
F72-054Q1
03/26