UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04358
T. Rowe Price All-Cap Opportunities Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRWAX
All-Cap
Opportunities
Fund
–
.
PAWAX
All-Cap
Opportunities
Fund–
.
Advisor Class
PNAIX
All-Cap
Opportunities
Fund–
.
I Class
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
HIGHLIGHTS
The
All-Cap
Opportunities
Fund
produced
significant
absolute
returns
and
outperformed
its
benchmark,
the
Russell
3000
Index,
but
underperformed
its
Lipper
peer
group
index
in
2023.
Within
the
portfolio,
favorable
stock
selection
drove
relative
outperformance.
Throughout
the
year,
we
took
a
relatively
cautious
approach,
neutralizing
factor
bets
where
possible
and
focusing
on
stock
selection
within
ideas
that
should
be
able
to
outperform
regardless
of
the
economic
backdrop.
As
a
result,
we
generated
returns
through
stock
selection,
a
byproduct
of
our
four-pillars
framework.
Stock
selection
in
industrials
and
business
services
added
value
during
the
period.
Stock
choices
in
health
care
also
boosted
relative
returns.
Conversely,
an
overweight
allocation
to
financials
pulled
down
relative
performance.
At
a
high
level,
we
continue
to
place
emphasis
on
anchoring
to
durable,
growth-
at-a-reasonable-price
names,
but
we’ve
also
begun
to
slowly
lean
in
to
some
cyclical
exposure
as
the
U.S.
economic
outlook
continues
to
improve.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Market
Commentary
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
to
provide
long-term
capital
growth
by
investing
primarily
in
the
common
stocks
of
growth
companies.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
All-Cap
Opportunities
Fund
returned
29.03%
for
the
12-month
period
ended
December
31,
2023.
The
fund
outperformed
its
benchmark,
the
Russell
3000
Index,
but
underperformed
its
peer
group,
the
Lipper
Multi-Cap
Growth
Funds
Index.
(Returns
for
the
Advisor
and
I
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results.
)
What
factors
influenced
the
fund’s
performance?
Within
the
portfolio,
stock
selection
in
industrials
and
business
services
added
value.
Shares
of
General
Electric
(GE)
moved
higher
throughout
the
year
as
a
successful
spinoff
of
the
health
care
business
improved
its
balance
sheet,
and
the
company
set
promising
long-term
profitability
targets
for
its
aerospace
and
renewables
businesses.
We
like
GE
for
its
leverage
to
a
strong
multiyear
recovery
in
aviation,
underappreciated
self-help
potential
in
its
renewables
business,
and
the
potential
for
its
improved
balance
sheet
to
enhance
shareholder
value.
(Please
refer
to
the
fund’s
portfolio
of
investments
for
a
complete
list
of
our
holdings
and
the
amount
each
represents
in
the
portfolio.)
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
All-Cap
Opportunities
Fund
–
.
9.40%
29.03%
All-Cap
Opportunities
Fund–
.
Advisor Class
9.26
28.72
All-Cap
Opportunities
Fund–
.
I Class
9.45
29.19
Russell
3000
Index
8.43
25.96
Lipper
Multi-Cap
Growth
Funds
Index
9.14
35.17
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
In
the
health
care
sector,
stock
selection
boosted
relative
returns,
though
our
overweight
allocation
dampened
those
gains
as
the
sector
lagged
the
benchmark
at
large.
Shares
of
Eli
Lilly
moved
higher,
thanks
to
positive
developments
for
several
late-stage
developmental
drugs
for
both
obesity
and
Alzheimer’s,
which
are
expected
to
be
major
growth
catalysts.
We
believe
Eli
Lilly
has
a
number
of
underappreciated
late-stage
development
programs
with
high
probabilities
of
success
and
massive
commercial
opportunities.
On
an
absolute
basis,
the
portfolio’s
position
in
NVIDIA
generated
significant
positive
returns.
Shares
advanced
throughout
the
period
on
improved
visibility
around
robust
future
demand
for
advanced
graphics
processing
units
(GPUs)
that
are
critical
for
the
buildout
of
artificial
intelligence
(AI)
infrastructure.
In
our
view,
AI
applications
like
deep
learning
and
inference
will
require
a
tremendous
number
of
high-end
GPUs
to
supply
the
necessary
horsepower,
and
as
the
clear
leader
in
that
space,
NVIDIA
looks
well
positioned
to
benefit
from
increasing
demand.
NVIDIA’s
state-of-the-art
GPUs,
combined
with
its
embedded
software
intellectual
property,
have
created
an
expanding
moat
behind
which
NVIDIA
should
be
able
to
continue
to
innovate
and
grow
earnings.
Conversely,
stock
selection
in
consumer
discretionary
detracted.
Our
average
underweight
position
in
Tesla
detracted
as
shares
were
higher
through
positive
investor
sentiment
around
rivals
adopting
Tesla
charging
technology
and
the
implications
for
advancements
in
artificial
intelligence
to
improve
full
self-
driving
capabilities.
We
do
not
currently
own
the
company
due
to
concerns
over
pricing
and
demand
for
electric
vehicles.
In
financials,
an
average
overweight
detracted,
as
did
stock
selection
in
the
sector.
Shares
of
the
global
property
and
casualty
(P&C)
insurance
company
Chubb
declined
as,
despite
strong
fundamentals
throughout,
a
broad
rotation
out
of
the
sector
pressured
insurance
stocks.
In
our
view,
Chubb
remains
an
attractively
valued,
best-in-class
P&C
insurance
powerhouse
that
we
think
can
generate
durable,
double-digit
earnings
growth,
supported
by
a
rising
P&C
pricing
cycle,
market
share
gains,
and
share
repurchases.
How
is
the
fund
positioned?
We
continue
to
seek
investment
opportunities
in
companies
that
fit
our
criteria,
the
pillars
of
which
are
high-quality
companies,
companies
trading
at
a
low
valuation,
companies
for
which
we
believe
published
numbers
are
materially
low,
and
companies
whose
fundamentals
are
on
the
cusp
of
accelerating.
At
a
high
level,
we
continue
to
place
emphasis
on
anchoring
to
durable,
growth
at
a
reasonable
price-
oriented
names,
but
we’ve
also
begun
to
slowly
lean
in
to
some
cyclical
exposure
as
the
U.S.
economic
outlook
continues
to
improve.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
With
the
risk
of
a
recession
largely
off
the
table,
decisions
around
positioning
become
slightly
less
complex,
allowing
us
to
focus
more
on
areas
of
the
market
that
can
outperform
in
an
environment
where
the
economy
continues
to
grow
at
a
steady
clip
or
even
heats
up
to
a
degree.
At
a
security
level,
our
largest
purchase
during
the
year
came
as
we
added
to
our
top
holding,
Microsoft.
We
appreciate
the
company’s
strength
in
layering
artificial
intelligence
capabilities
into
its
already
attractive
suite
of
products,
which
creates
new
growth
opportunities.
In
addition
to
the
potential
to
lead
artificial
intelligence
integration,
we
appreciate
how
Microsoft’s
broad-based
success
in
cloud
computing,
most
notably
with
Office
365
and
Azure
in
its
Intelligent
Cloud
segment,
has
made
it
a
singularly
advantaged
and
valuable
enterprise
technology
business
that
can
deliver
durable
revenue
and
free
cash
flow
growth.
Our
largest
purchasing
activity
on
an
absolute
basis
came
in
the
industrials
and
business
services
sector.
We
initiated
a
position
in
Uber
Technologies,
which
we
believe
has
the
potential
to
benefit
from
accelerating
bookings,
margin
expansion,
and
meaningful
free
cash
flow
generation
as
the
company
uses
its
leading
position
in
ride
share
to
expand
further
into
food
delivery.
We
also
initiated
a
position
in
Boeing,
which
we
believe
is
set
up
for
a
strong
earnings
recovery
story
as
the
company
ramps
up
production
into
an
upcycle
in
commercial
aerospace
demand.
Elsewhere
in
the
sector,
we
initiated
a
position
in
the
large
railroad
CSX,
which
we
like
for
its
margin
expansion
potential
thanks
to
efficiency
gains.
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
6/30/23
12/31/23
Information
Technology
27.0%
24.8%
Health
Care
17.6
15.8
Financials
13.2
12.4
Industrials
and
Business
Services
7.8
12.0
Communication
Services
10.9
11.5
Consumer
Discretionary
9.8
10.8
Energy
3.6
4.9
Materials
2.3
2.9
Consumer
Staples
4.8
2.4
Real
Estate
0.6
1.2
Utilities
0.0
0.0
Other
and
Reserves
2.4
1.3
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Our
most
significant
sales
came
in
the
materials
sector.
We
eliminated
our
position
in
Sherwin
Williams
after
the
company
issued
low
guidance
for
2023,
impacted
by
a
potential
macroeconomic
downturn
and
its
effect
on
consumer
spending
as
well
as
raw
material
costs.
We
also
made
significant
purchases
in
the
information
technology
sector,
particularly
in
the
semiconductor
industry,
where
we
initiated
positions
in
Analog
Devices,
Taiwan
Semiconductor,
and
Advanced
Micro
Devices.
We
believe
Analog
Devices
is
one
of
the
best
companies
in
its
space,
and
we
appreciate
its
differentiated
high-value
product
portfolio
in
attractive
verticals
as
well
as
its
industrial
exposures.
We’re
attracted
to
Taiwan
Semiconductor’s
leading-edge
technology
and
exposure
to
several
attractive
growth
markets.
We
believe
Advanced
Micro
Devices
is
set
to
accelerate,
with
a
new
GPU
launch
(Mi300),
giving
the
company
the
potential
to
gain
market
share
in
the
artificial
intelligence
accelerator
space.
What
is
portfolio
management’s
outlook?
We
enter
the
first
half
of
2024
with
optimism
for
prospective
equity
market
returns. The
Federal
Reserve’s
tightening
campaign
is
probably
done,
industrial
activity
is
bottoming,
and
the
labor
market
remains
robust. Animal
spirits
could
be
on
the
cusp
of
emerging
from
hibernation.
Since
World
War
II,
the
market
has
gone
up
in
100%
of
presidential
election
years
in
which
an
incumbent
was
listed
on
the
ballot,
by
roughly
14%
on
average.
The
government
apparatus
is
politically
incentivized
to
do
what
it
can
to
maintain
a
robust
economy
into
a
presidential
election.
The
biggest
risk,
in
our
view,
is
that
the
Fed
is
leaning
too
dovish
too
quickly,
which
could
cause
the
economy
to
heat
up
as
2024
goes
on. The
market
may
be
underestimating
the
potential
for
long-term
rates
to
rise
and
for
inflationary
pressure
to
reemerge. This
is
not
an
issue
for
the
start
of
2024,
but
it
could
become
an
issue
as
we
progress
through
the
year.
Against
this
backdrop,
we
are
trying
to
find
idiosyncratic
ideas
that
fit
our
framework. It
is
no
longer
about
“growth
versus
value,”
it
is
about
finding
high-
quality
companies
at
reasonable
prices
where
fundamentals
are
supportive
and
earnings
risk
is
low.
Our
bottom-up
framework
is
generating
a
larger
number
of
attractive
ideas
now
than
it
has
since
2021.
Specifically:
(1)
The
portfolio
remains
anchored
in
durable
growth
companies
with
reasonable
valuations
and
low
cyclicality
(Visa,
Microsoft,
Cencora,
T-Mobile
U.S.,
Netflix).
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
(2)
We
are
leaning
in
slowly
to
cyclical
companies
that
will
benefit
from
improving
industrial
activity
and
business
confidence
(Analog
Devices,
Amphenol,
CSX).
(3)
We
remain
positive
on
energy
and
materials
on
the
view
that
supply
will
tighten
in
2024. We
maintain
a
moderate
overweight
position
in
these
sectors
(Schlumberger,
Seadrill,
Ero
Copper).
(4)
We
continue
to
be
underweight
profitless
tech
on
the
view
that
many
of
these
companies
remain
too
speculative
and
too
expensive.
We
continue
to
rely
on
our
fundamental
research
and
bottom-up
stock
selection
process
to
construct
your
portfolio. You
should
expect
the
portfolio
to
maintain
large
positions
in
many
durable
growth
companies—those
with
the
ability
to
increase
revenues
and
earnings
regardless
of
the
global
economic
environment. We
believe
that,
over
the
longer
term,
strong
risk-adjusted
returns
most
often
arise
from
owning
companies
that
are
at
the
forefront
of
innovation
and
riding
powerful,
durable
trends.
As
always,
we
will
continue
to
work
diligently
on
your
behalf.
Thank
you
for
your
continued
support
and
your
confidence
in
T.
Rowe
Price.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Risks
of
Stock
Investing
The
fund’s
share
price
can
fall
because
of
weakness
in
the
stock
markets,
a
particular
industry,
or
specific
holdings.
Stock
markets
can
decline
for
many
reasons,
including
adverse
political
or
economic
developments,
changes
in
investor
psychology,
or
heavy
institutional
selling.
The
prospects
for
an
industry
or
company
may
deteriorate
because
of
a
variety
of
factors,
including
disappointing
earnings
or
changes
in
the
competitive
environment.
In
addition,
the
investment
manager’s
assessment
of
companies
held
in
a
fund
may
prove
incorrect,
resulting
in
losses
or
poor
performance
even
in
rising
markets.
Risks
of
Growth
Investing
Growth
stocks
can
be
volatile
for
several
reasons.
Since
these
companies
usually
invest
a
high
portion
of
earnings
in
their
businesses,
they
may
lack
the
dividends
of
value
stocks
that
can
cushion
stock
prices
in
a
falling
market.
Also,
earnings
disappointments
often
lead
to
sharply
falling
prices
because
investors
buy
growth
stocks
in
anticipation
of
superior
earnings
growth.
BENCHMARK
INFORMATION
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
London
Stock
Exchange
Group
plc
and
its
group
undertakings
(collectively,
the
“LSE
Group”).
©
LSE
Group
2024.
FTSE
Russell
is
a
trading
name
of
certain
of
the
LSE
Group
companies. “Russell
®
” is/are
a
trademark(s)
of
the
relevant
LSE
Group
companies
and
is/are
used
by
any
other
LSE
Group
company
under
license.
All
rights
in
the
FTSE
Russell
indexes
or
data
vest
in
the
relevant
LSE
Group
company
which
owns
the
index
or
the
data.
Neither
LSE
Group
nor
its
licensors
accept
any
liability
for
any
errors
or
omissions
in
the
indexes
or
data
and
no
party
may
rely
on
any
indexes
or
data
contained
in
this
communication.
No
further
distribution
of
data
from
the
LSE
Group
is
permitted
without
the
relevant
LSE
Group
company’s
express
written
consent.
The
LSE
Group
does
not
promote,
sponsor
or
endorse
the
content
of
this
communication.
The
LSE
Group
is
not
responsible
for
the
formatting
or
configuration
of
this
material
or
for
any
inaccuracy
in
T.
Rowe
Price’s
presentation
thereof.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/23
Microsoft
7.6%
Apple
5.5
Visa
3.3
Amazon.com
3.3
Alphabet
3.3
NVIDIA
3.0
Meta
Platforms
3.0
Eli
Lilly
2.0
Uber
Technologies
1.9
Home
Depot
1.8
T-Mobile
U.S.
1.8
UnitedHealth
Group
1.6
Roper
Technologies
1.5
Elevance
Health
1.4
Coca-Cola
1.4
Exxon
Mobil
1.4
Cencora
1.4
Marriott
International
1.3
Boeing
1.3
Netflix
1.3
Fiserv
1.3
Chubb
1.2
Linde
1.2
Global
Payments
1.2
General
Electric
1.2
Total
55.2%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
ALL-CAP
OPPORTUNITIES
FUND
Note:
Performance
for
the Advisor
and
I
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
All-Cap
Opportunities
Fund
–
.
29.03%
19.11%
14.71%
–
–
All-Cap
Opportunities
Fund–
.
Advisor Class
28.72
18.79
14.40
–
–
All-Cap
Opportunities
Fund–
.
I Class
29.19
19.26
–
16.17%
12/17/15
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor
and
3
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
the
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
All-Cap
Opportunities
Fund
0.81%
All-Cap
Opportunities
Fund–Advisor
Class
1.06
All-Cap
Opportunities
Fund–I
Class
0.66
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
ALL-CAP
OPPORTUNITIES
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,094.00
$4.22
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.17
4.08
Advisor
Class
Actual
1,000.00
1,092.60
5.54
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,019.91
5.35
I
Class
Actual
1,000.00
1,094.50
3.48
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.88
3.36
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.80%,
the
2
Advisor Class
was
1.05%,
and
the
3
I Class
was
0.66%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
52.11
$
68.27
$
68.34
$
54.77
$
43.47
Investment
activities
Net
investment
income
(loss)
(1)(2)
0.16
0.02
(0.12)
0.02
0.16
Net
realized
and
unrealized
gain/
loss
14.93
(14.56)
14.05
24.10
14.98
Total
from
investment
activities
15.09
(14.54)
13.93
24.12
15.14
Distributions
Net
investment
income
(0.13)
—
—
(0.02)
(0.22)
Net
realized
gain
(3.13)
(1.62)
(14.00)
(10.53)
(3.62)
Total
distributions
(3.26)
(1.62)
(14.00)
(10.55)
(3.84)
NET
ASSET
VALUE
End
of
period
$
63.94
$
52.11
$
68.27
$
68.34
$
54.77
Ratios/Supplemental
Data
Total
return
(2)(3)
29.03%
(21.32)%
20.85%
44.71%
35.03%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.79%
0.81%
0.76%
0.77%
0.78%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.79%
0.81%
0.76%
0.77%
0.78%
Net
investment
income
(loss)
0.26%
0.03%
(0.16)%
0.04%
0.30%
Portfolio
turnover
rate
95.6%
103.4%
75.4%
85.8%
84.2%
Net
assets,
end
of
period
(in
millions)
$6,457
$4,453
$6,506
$5,631
$4,185
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
50.13
$
65.92
$
66.39
$
53.40
$
42.47
Investment
activities
Net
investment
income
(loss)
(1)(2)
0.01
(0.13)
(0.33)
(0.13)
0.01
Net
realized
and
unrealized
gain/
loss
14.35
(14.04)
13.63
23.43
14.62
Total
from
investment
activities
14.36
(14.17)
13.30
23.30
14.63
Distributions
Net
investment
income
—
—
—
—
(0.08)
Net
realized
gain
(3.13)
(1.62)
(13.77)
(10.31)
(3.62)
Total
distributions
(3.13)
(1.62)
(13.77)
(10.31)
(3.70)
NET
ASSET
VALUE
End
of
period
$
61.36
$
50.13
$
65.92
$
66.39
$
53.40
Ratios/Supplemental
Data
Total
return
(2)(3)
28.72%
(21.52)%
20.50%
44.30%
34.65%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.04%
1.06%
1.05%
1.05%
1.05%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.04%
1.06%
1.05%
1.05%
1.05%
Net
investment
income
(loss)
0.01%
(0.24)%
(0.44)%
(0.22)%
0.03%
Portfolio
turnover
rate
95.6%
103.4%
75.4%
85.8%
84.2%
Net
assets,
end
of
period
(in
thousands)
$179,409
$139,415
$251,412
$237,897
$315,434
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
52.09
$
68.27
$
68.33
$
54.75
$
43.46
Investment
activities
Net
investment
income
(loss)
(1)(2)
0.24
0.11
(0.03)
0.10
0.23
Net
realized
and
unrealized
gain/
loss
14.92
(14.56)
14.05
24.11
14.97
Total
from
investment
activities
15.16
(14.45)
14.02
24.21
15.20
Distributions
Net
investment
income
(0.21)
(0.11)
—
(0.10)
(0.29)
Net
realized
gain
(3.13)
(1.62)
(14.08)
(10.53)
(3.62)
Total
distributions
(3.34)
(1.73)
(14.08)
(10.63)
(3.91)
NET
ASSET
VALUE
End
of
period
$
63.91
$
52.09
$
68.27
$
68.33
$
54.75
Ratios/Supplemental
Data
Total
return
(2)(3)
29.19%
(21.19)%
20.98%
44.90%
35.18%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.66%
0.66%
0.64%
0.65%
0.65%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.66%
0.66%
0.64%
0.65%
0.65%
Net
investment
income
(loss)
0.40%
0.20%
(0.04)%
0.16%
0.43%
Portfolio
turnover
rate
95.6%
103.4%
75.4%
85.8%
84.2%
Net
assets,
end
of
period
(in
thousands)
$4,754,788
$3,147,049
$2,358,626
$1,785,514
$1,119,729
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
December
31,
2023
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.6%
COMMUNICATION
SERVICES
11.2%
Entertainment
2.7%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
1,359,345
85,816
Netflix (1)
297,657
144,923
Sea,
ADR (1)
1,859,552
75,312
306,051
Interactive
Media
&
Services
6.7%
Alphabet,
Class
C (1)
2,639,574
371,995
Meta
Platforms,
Class
A (1)
975,300
345,217
Pinterest,
Class
A (1)
1,244,245
46,087
763,299
Wireless
Telecommunication
Services
1.8%
T-Mobile
U.S.
1,296,385
207,849
207,849
Total
Communication
Services
1,277,199
CONSUMER
DISCRETIONARY
10.8%
Broadline
Retail
3.3%
Amazon.com (1)
2,467,375
374,893
374,893
Hotels,
Restaurants
&
Leisure
3.9%
Cava
Group (1)
854,260
36,716
Chipotle
Mexican
Grill (1)
35,800
81,873
Marriott
International,
Class
A
668,409
150,733
McDonald's
311,000
92,215
Planet
Fitness,
Class
A (1)
1,075,900
78,541
440,078
Leisure
Products
0.0%
Rad
Power
Bikes,
Class
A,
Acquisition
Date:
9/16/21,
Cost $17,747 (1)(2)(3)
1,851,771
574
574
Specialty
Retail
2.5%
AutoZone (1)
30,400
78,603
Home
Depot
599,900
207,895
286,498
Textiles,
Apparel
&
Luxury
Goods
1.1%
Lululemon
Athletica (1)
136,649
69,867
On
Holding,
Class
A (1)
2,048,500
55,248
125,115
Total
Consumer
Discretionary
1,227,158
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
2.4%
Beverages
2.4%
Celsius
Holdings (1)
269,141
14,674
Coca-Cola
2,682,038
158,052
PepsiCo
599,799
101,870
Total
Consumer
Staples
274,596
ENERGY
4.9%
Energy
Equipment
&
Services
2.1%
Schlumberger
2,067,325
107,583
Seadrill (1)
2,028,231
95,895
TechnipFMC
1,596,729
32,158
235,636
Oil,
Gas
&
Consumable
Fuels
2.8%
Diamondback
Energy
585,900
90,862
Exxon
Mobil
1,552,700
155,239
Southwestern
Energy (1)
11,221,725
73,502
319,603
Total
Energy
555,239
FINANCIALS
12.4%
Banks
1.3%
East
West
Bancorp
805,003
57,920
JPMorgan
Chase
528,156
89,839
147,759
Capital
Markets
1.2%
Charles
Schwab
1,924,858
132,430
132,430
Financial
Services
7.8%
Apollo
Global
Management
681,000
63,462
Fiserv (1)
1,076,773
143,039
FleetCor
Technologies (1)
225,700
63,785
Global
Payments
1,066,700
135,471
Mastercard,
Class
A
245,600
104,751
Visa,
Class
A
1,462,992
380,890
891,398
Insurance
2.1%
Chubb
626,326
141,550
Marsh
&
McLennan
500,700
94,867
236,417
Total
Financials
1,408,004
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
15.3%
Biotechnology
1.2%
Argenx,
ADR (1)
132,498
50,406
Insmed (1)
401,800
12,452
Karuna
Therapeutics (1)
209,217
66,219
Prothena (1)
226,200
8,220
137,297
Health
Care
Equipment
&
Supplies
2.1%
Dexcom (1)
243,982
30,276
Intuitive
Surgical (1)
310,676
104,810
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,144 (1)(2)
(3)
2,428,492
971
Stryker
329,353
98,628
234,685
Health
Care
Providers
&
Services
5.9%
Cencora
755,400
155,144
Elevance
Health
336,800
158,821
HCA
Healthcare
224,542
60,779
Molina
Healthcare (1)
339,209
122,560
UnitedHealth
Group
336,494
177,154
674,458
Health
Care
Technology
0.9%
Veeva
Systems,
Class
A (1)
528,796
101,804
101,804
Life
Sciences
Tools
&
Services
1.6%
Thermo
Fisher
Scientific
237,200
125,903
West
Pharmaceutical
Services
159,400
56,128
182,031
Pharmaceuticals
3.6%
AstraZeneca,
ADR
1,022,622
68,874
Eli
Lilly
390,209
227,461
Zoetis
599,855
118,393
414,728
Total
Health
Care
1,745,003
INDUSTRIALS
&
BUSINESS
SERVICES
11.9%
Aerospace
&
Defense
1.5%
Boeing (1)
574,300
149,697
Howmet
Aerospace
419,800
22,720
172,417
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
0.8%
Waste
Connections
625,000
93,294
93,294
Electrical
Equipment
0.1%
Hubbell
51,616
16,978
16,978
Ground
Transportation
3.3%
CSX
3,404,700
118,041
Saia (1)
87,195
38,210
Uber
Technologies (1)
3,521,500
216,819
373,070
Industrial
Conglomerates
2.7%
General
Electric
1,042,898
133,105
Roper
Technologies
312,991
170,633
303,738
Machinery
0.5%
IDEX
173,236
37,611
Toro
189,972
18,236
55,847
Professional
Services
2.6%
Booz
Allen
Hamilton
Holding
604,756
77,354
Ceridian
HCM
Holding (1)
1,417,068
95,114
FTI
Consulting (1)
616,141
122,704
295,172
Trading
Companies
&
Distributors
0.4%
SiteOne
Landscape
Supply (1)
276,768
44,975
44,975
Total
Industrials
&
Business
Services
1,355,491
INFORMATION
TECHNOLOGY
24.7%
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol,
Class
A
520,600
51,607
51,607
IT
Services
0.6%
Shopify,
Class
A (1)
822,500
64,073
64,073
Semiconductors
&
Semiconductor
Equipment
6.0%
Advanced
Micro
Devices (1)
761,600
112,267
Analog
Devices
574,900
114,152
NVIDIA
701,080
347,189
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Taiwan
Semiconductor
Manufacturing,
ADR
1,111,700
115,617
689,225
Software
12.1%
Adobe (1)
162,200
96,768
BILL
Holdings (1)
745,662
60,839
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $6,944 (1)(2)(3)
4,074
4,346
Confluent,
Class
A (1)
1,530,300
35,809
Fair
Isaac (1)
68,000
79,153
Intuit
75,082
46,928
Microsoft
2,305,582
866,991
Salesforce (1)
458,659
120,691
Synopsys (1)
136,726
70,402
1,381,927
Technology
Hardware,
Storage
&
Peripherals
5.5%
Apple
3,269,853
629,545
629,545
Total
Information
Technology
2,816,377
MATERIALS
2.8%
Chemicals
2.1%
FMC
735,700
46,386
Linde
330,900
135,904
Nutrien
1,052,544
59,290
241,580
Metals
&
Mining
0.7%
ERO
Copper
(CAD) (1)
3,926,753
62,085
Warrior
Met
Coal
334,100
20,370
82,455
Total
Materials
324,035
REAL
ESTATE
1.2%
Real
Estate
Management
&
Development
0.7%
Jones
Lang
LaSalle (1)
408,535
77,160
77,160
Residential
Real
Estate
Investment
Trusts
0.5%
AvalonBay
Communities,
REIT
282,661
52,920
52,920
Total
Real
Estate
130,080
Total
Common
Stocks
(Cost
$8,425,844)
11,113,182
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.6%
COMMUNICATION
SERVICES
0.3%
Interactive
Media
&
Services
0.3%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $7,334 (1)(2)
(3)
148,803
35,528
Total
Communication
Services
35,528
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $5,690 (1)(2)(3)
702,380
2,557
Treeline
Biosciences,
Series
A,
Acquisition
Date:
9/26/22,
Cost $1,286 (1)(2)(3)
164,309
1,286
Total
Health
Care
3,843
INDUSTRIALS
&
BUSINESS
SERVICES
0.1%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $10,360 (1)(2)(3)
230,036
8,067
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $4,648 (1)(2)(3)
68,354
2,363
Total
Industrials
&
Business
Services
10,430
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $412 (1)(2)(3)
242
258
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $17 (1)(2)(3)
10
11
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $14,266 (1)(2)
(3)
166,137
9,478
Total
Information
Technology
9,747
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $8,661 (1)(2)(3)
182,704
8,721
Total
Materials
8,721
Total
Convertible
Preferred
Stocks
(Cost
$52,674)
68,269
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PREFERRED
STOCKS
0.5%
HEALTH
CARE
0.5%
Life
Sciences
Tools
&
Services
0.5%
Sartorius
(EUR)
166,055
60,979
Total
Health
Care
60,979
Total
Preferred
Stocks
(Cost
$62,961)
60,979
SHORT-TERM
INVESTMENTS
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (4)(5)
163,783,461
163,783
Total
Short-Term
Investments
(Cost
$163,783)
163,783
Total
Investments
in
Securities
100.1%
of
Net
Assets
(Cost
$8,705,262)
$
11,406,213
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
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
$74,160
and
represents
0.7%
of
net
assets.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
EUR
Euro
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
year
ended
December
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
—
$
—
$
7,914++
Totals
$
—#
$
—
$
7,914+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
12/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
292,257
¤
¤
$
163,783
Total
$
163,783^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
3
.
+
Investment
income
comprised
$7,914
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$163,783.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$8,705,262)
$
11,406,213
Receivable
for
investment
securities
sold
38,429
Receivable
for
shares
sold
28,598
Dividends
receivable
4,160
Other
assets
944
Total
assets
11,478,344
Liabilities
Payable
for
investment
securities
purchased
55,038
Payable
for
shares
redeemed
24,892
Investment
management
fees
payable
6,033
Due
to
affiliates
178
Payable
to
directors
9
Other
liabilities
831
Total
liabilities
86,981
NET
ASSETS
$
11,391,363
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
2,845,748
Paid-in
capital
applicable
to
178,315,104
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
8,545,615
NET
ASSETS
$
11,391,363
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$6,457,166;
Shares
outstanding:
100,994,745)
$
63.94
Advisor
Class
(Net
assets:
$179,409;
Shares
outstanding:
2,924,103)
$
61.36
I
Class
(Net
assets:
$4,754,788;
Shares
outstanding:
74,396,256)
$
63.91
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Year
Ended
12/31/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$970)
$
99,164
Securities
lending
1,172
Other
23
Total
income
100,359
Expenses
Investment
management
60,379
Shareholder
servicing
Investor
Class
$
7,801
Advisor
Class
230
I
Class
470
8,501
Rule
12b-1
fees
Advisor
Class
387
Prospectus
and
shareholder
reports
Investor
Class
178
Advisor
Class
2
I
Class
49
229
Registration
566
Custody
and
accounting
330
Proxy
and
annual
meeting
142
Directors
32
Legal
and
audit
29
Miscellaneous
79
Total
expenses
70,674
Net
investment
income
29,685
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
765,418
Foreign
currency
transactions
18
Net
realized
gain
765,436
Change
in
net
unrealized
gain
/
loss
Securities
1,615,805
Other
assets
and
liabilities
denominated
in
foreign
currencies
17
Change
in
net
unrealized
gain
/
loss
1,615,822
Net
realized
and
unrealized
gain
/
loss
2,381,258
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
2,410,943
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
29,685
$
7,068
Net
realized
gain
765,436
80,196
Change
in
net
unrealized
gain
/
loss
1,615,822
(2,045,794)
Increase
(decrease)
in
net
assets
from
operations
2,410,943
(1,958,530)
Distributions
to
shareholders
Net
earnings
Investor
Class
(312,642)
(133,896)
Advisor
Class
(8,657)
(4,446)
I
Class
(236,565)
(100,516)
Decrease
in
net
assets
from
distributions
(557,864)
(238,858)
Capital
share
transactions
*
Shares
sold
Investor
Class
2,155,510
1,584,818
Advisor
Class
37,869
31,152
I
Class
1,351,868
1,992,500
Distributions
reinvested
Investor
Class
300,568
130,089
Advisor
Class
8,016
4,392
I
Class
225,892
95,392
Shares
redeemed
Investor
Class
(1,521,182)
(2,352,611)
Advisor
Class
(37,206)
(97,341)
I
Class
(722,950)
(567,255)
Increase
in
net
assets
from
capital
share
transactions
1,798,385
821,136
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Net
Assets
Increase
(decrease)
during
period
3,651,464
(1,376,252)
Beginning
of
period
7,739,899
9,116,151
End
of
period
$
11,391,363
$
7,739,899
*Share
information
(000s)
Shares
sold
Investor
Class
36,146
27,953
Advisor
Class
663
575
I
Class
22,692
34,038
Distributions
reinvested
Investor
Class
4,757
2,476
Advisor
Class
132
87
I
Class
3,577
1,816
Shares
redeemed
Investor
Class
(25,373)
(40,271)
Advisor
Class
(652)
(1,695)
I
Class
(12,292)
(9,982)
Increase
in
shares
outstanding
29,650
14,997
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
All-Cap
Opportunities
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks
to
provide
long-term
capital
growth
by
investing
primarily
in
the
common
stocks
of
growth
companies.
The
fund
has three classes
of
shares:
the
All-Cap
Opportunities
Fund
(Investor
Class),
the
All-Cap
Opportunities
Fund–Advisor
Class
(Advisor
Class)
and
the
All-Cap
Opportunities
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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)
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
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
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
the fund’s 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,
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
11,045,206
$
62,085
$
5,891
$
11,113,182
Convertible
Preferred
Stocks
—
—
68,269
68,269
Preferred
Stocks
—
60,979
—
60,979
Short-Term
Investments
163,783
—
—
163,783
Total
$
11,208,989
$
123,064
$
74,160
$
11,406,213
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2023,
there
were
no
securities
on
loan.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $10,306,258,000 and
$8,908,495,000,
respectively,
for
the
year ended
December
31,
2023.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/
tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
deemed
distributions
on
shareholder
redemptions.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
($000s)
December
31,
2023
December
31,
2022
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
281,621
$
6,390
Long-term
capital
gain
276,243
232,468
Total
distributions
$
557,864
$
238,858
($000s)
Cost
of
investments
$
8,730,310
Unrealized
appreciation
$
2,834,925
Unrealized
depreciation
(159,018)
Net
unrealized
appreciation
(depreciation)
$
2,675,907
($000s)
Undistributed
ordinary
income
$
67,476
Undistributed
long-term
capital
gain
102,365
Net
unrealized
appreciation
(depreciation)
2,675,907
Total
distributable
earnings
(loss)
$
2,845,748
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
NOTE
5
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.35%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2023,
the
effective
annual
group
fee
rate
was
0.29%.
Effective
November
1,
2023,
the Investor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
November
1,
2023,
the
Investor Class
was
not
subject
to
a
contractual
expense
limitation.
Effective
June
1,
2023,
the Advisor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
June
1,
2023,
the
Advisor Class
was
not
subject
to
a
contractual
expense
limitation.
During
the
limitation
period,
Price
Associates
is required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
year
ended
December
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$112,000
for
Price
Associates;
$2,029,000
for
T.
Rowe
Price
Services,
Inc.;
and
$382,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.99%
1.24%
0.05%
Expense
limitation
date
04/30/26
04/30/26
04/30/26
(Waived)/repaid
during
the
period
($000s)
$—
$—
$—
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
December
31,
2023,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
387,288
shares
of
the
I
Class,
representing
1%
of
the
I
Class's
net
assets.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has
voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
investment
research
embedded
in
the
cost
of
the
fund’s
securities
trades.
This
agreement
may
be
rescinded
at
any
time.
For
the
year ended
December
31,
2023,
this
reimbursement
amounted
to
$344,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
7
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the 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.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
All-Cap
Opportunities
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
All-Cap
Opportunities
Fund,
Inc.
(the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included:
$254,384,000 from
short-term
capital
gains
$295,654,000 from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%
For
taxable
non-corporate
shareholders,
$84,735,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$70,061,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
For
individuals
and
certain
trusts
and
estates
which
are
entitled
to
claim
a
deduction
of
up
to
20%
of
their
combined
qualified
real
estate
investment
trust
(REIT)
dividends,
$1,178,000 of
the
fund's
income
qualifies
as
qualified
real
estate
investment
trust
(REIT)
dividends.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With
All-Cap
Opportunities
Fund
Principal
Occupation(s)
Jason R.
Adams
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ziad
Bakri,
M.D.,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Shaun
M.
Currie
(1986)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Name
(Year
of
Birth)
Position
Held
With
All-Cap
Opportunities
Fund
Principal
Occupation(s)
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Chris
Graff
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Partner-Investment
Team,
Sequoia
Capital
Global
Equities
(to
2020)
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Nabil
Hanano,
CFA
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Kate
Hobbs
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Portfolio
Manager,
Millennium
Partners
(to
2020);
Senior
Analyst,
Citadel
LLC,
Aptigon
Capital
(to
2018)
Jeffrey
Holford,
Ph.D.,
ACA
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Dante
Pearson
(1990)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Dominic
Rizzo
(1993)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Name
(Year
of
Birth)
Position
Held
With
All-Cap
Opportunities
Fund
Principal
Occupation(s)
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Daniel
Shear
(1992)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
student,
The
University
of
Chicago
Booth
School
of
Business
(to
2020);
summer
intern,
T.
Rowe
Price
(2019)
Anthony
B. Wang (1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ari
Weisband (1992)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Justin
P.
White (1981)
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
202402-3282381
F60-050
2/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | | 2023 | | | 2022 | |
| | Audit Fees | | | $24,714 | | | | $21,734 | |
| | Audit-Related Fees | | | - | | | | - | |
| | Tax Fees | | | - | | | | - | |
| | All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,524,000 and $2,037,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price All-Cap Opportunities Fund, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 16, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 16, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | February 16, 2024 | | |
