T. Rowe Price Capital Appreciation Fund Advisor Class NPORTP T. Rowe Price Capital Appreciation Fund, Inc. (Mar 2024 report)

ROWE

PRICE

Capital

Appreciation

Fund

March

31,

2024

(Unaudited)

Portfolio

Investments

‡

Shares/Par

Value

(Cost

and

value

$000s)

‡

ASSET-BACKED

SECURITIES

0.1%

Domino's

Pizza

Master

Issuer

Series 2017-1A,

Class

A23

4.118%,

7/25/47 (1)

22,249,988‌

21,297‌

Domino's

Pizza

Master

Issuer

Series 2019-1A,

Class

3.668%,

10/25/49 (1)

17,777,472‌

16,350‌

Total

Asset-Backed

Securities

(Cost

$39,839)

37,647‌

BANK

LOANS

9.2%

(2)

1011778

ULC,

FRN

TSFR

2.25%,

7.58%,

9/20/30 (3)

84,552,013‌

84,467‌

ADMI,

FRN

TSFR

3.38%,

8.82%,

12/23/27

40,648,100‌

39,124‌

ADMI,

FRN

TSFR

3.75%,

9.195%,

12/23/27

124,146,739‌

119,749‌

ADMI,

FRN

TSFR

5.75%,

11.08%,

12/23/27

14,064,080‌

14,064‌

Alliant

Holdings

Intermediate,

FRN

TSFR

3.50%,

8.827%,

11/6/30

262,096,528‌

263,079‌

AmWINS

Group,

FRN

TSFR

2.25%,

2/19/28 (3)

6,574,000‌

6,573‌

Applied

Systems,

FRN

TSFR

3.50%,

8.809%,

2/24/31 (3)

446,313,299‌

448,786‌

Applied

Systems,

FRN

TSFR

5.25%,

10.559%,

2/23/32 (3)

68,596,360‌

70,911‌

AssuredPartners,

FRN

TSFR

3.50%,

8.827%,

2/12/27

9,568,542‌

9,574‌

AssuredPartners,

FRN

TSFR

3.50%,

8.827%,

2/14/31

65,442,189‌

65,504‌

AssuredPartners,

FRN

TSFR

3.50%,

8.942%,

2/12/27

9,549,512‌

9,557‌

AssuredPartners,

FRN

TSFR

3.75%,

9.077%,

2/12/27

96,852,914‌

96,894‌

AssuredPartners,

FRN,

Refinancing

TSFR

3.50%,

8.942%,

2/12/27

16,607,760‌

16,618‌

AthenaHealth

Group,

FRN

TSFR

3.25%,

8.58%,

2/15/29

169,089,677‌

167,267‌

Avantor

Funding,

FRN

TSFR

2.25%,

7.68%,

11/8/27

6,595,980‌

6,599‌

Azalea

Topco,

FRN

TSFR

3.50%,

8.942%,

7/24/26

166,193,439‌

165,120‌

Azalea

Topco,

FRN

TSFR

3.75%,

9.177%,

7/24/26

33,656,310‌

33,446‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Azalea

Topco,

FRN

TSFR

3.75%,

9.192%,

7/24/26

59,014,348‌

58,535‌

BroadStreet

Partners,

FRN

TSFR

3.00%,

8.445%,

1/27/27 (3)

46,016,686‌

46,121‌

BroadStreet

Partners,

FRN

TSFR

3.75%,

9.08%,

1/27/29

105,061,028‌

105,271‌

Charter

Communications

Operating,

FRN

TSFR

1.75%,

7.052%,

2/1/27

53,706,998‌

53,694‌

Ellucian

Holdings,

FRN

TSFR

3.50%,

8.93%,

10/9/29 (3)

140,660,515‌

141,188‌

Epicor

Software,

FRN

TSFR

3.25%,

8.692%,

7/30/27 (3)

37,830,106‌

37,939‌

Epicor

Software,

FRN

TSFR

3.75%,

9.077%,

7/30/27

6,430,159‌

6,458‌

Filtration

Group,

FRN

TSFR

3.50%,

8.945%,

10/21/28

99,272,279‌

99,421‌

Filtration

Group,

FRN

TSFR

4.25%,

9.695%,

10/21/28

152,692,355‌

153,074‌

Filtration

Group,

FRN

EURIBOR

4.25%,

8.08%,

10/21/28

(EUR)

73,588,711‌

79,245‌

Heartland

Dental,

FRN

TSFR

5.00%,

10.329%,

4/28/28

131,367,394‌

131,483‌

Hilton

Domestic

Operating,

FRN

TSFR

1.75%,

7.179%,

6/21/28 (3)

151,663,959‌

151,888‌

HUB

International,

FRN

TSFR

3.25%,

8.574%,

6/20/30

794,579,573‌

794,723‌

IRB

Holding,

FRN

TSFR

2.75%,

8.177%,

12/15/27

194,903,592‌

194,861‌

Loire

Finco

Luxembourg,

FRN

TSFR

3.50%,

8.93%,

4/21/27

143,011,108‌

139,436‌

Loire

Finco

Luxembourg,

FRN

TSFR

3.75%,

9.18%,

4/21/27

28,790,106‌

28,070‌

Medline

Borrower,

FRN

USD

LIBOR

2.75%,

10/23/28 (3)

13,147,236‌

13,175‌

Mileage

Plus

Holdings,

FRN

TSFR

5.25%,

10.733%,

6/21/27

195,066,738‌

200,630‌

Quartz

Acquireco,

FRN

TSFR

3.50%,

8.809%,

6/28/30

12,924,476‌

12,941‌

RealPage,

FRN

TSFR

3.00%,

8.445%,

4/24/28

66,189,888‌

64,351‌

RealPage,

FRN

TSFR

6.50%,

11.945%,

4/23/29

6,300,000‌

6,232‌

Ryan

Specialty,

FRN

TSFR

2.75%,

8.08%,

9/1/27

36,281,847‌

36,300‌

SBA

Senior

Finance

II,

FRN

TSFR

2.00%,

7.33%,

1/25/31 (3)

96,922,557‌

97,074‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Severin

Acquisition,

FRN

TSFR

3.00%,

8.313%,

8/1/27 (3)

17,072,082‌

17,090‌

SkyMiles

IP,

FRN

TSFR

3.75%,

9.068%,

10/20/27 (3)

98,580,967‌

101,580‌

Storable,

FRN

TSFR

3.50%,

8.783%,

4/17/28

44,494,789‌

44,513‌

Trans

Union,

FRN

TSFR

1.75%,

7.177%,

11/16/26

69,843,672‌

69,772‌

Trans

Union,

FRN

TSFR

2.00%,

12/1/28 (3)

6,713,212‌

6,707‌

TransDigm,

FRN

TSFR

2.75%,

8/24/28 (3)

8,502,300‌

8,529‌

TransDigm,

FRN

TSFR

2.75%,

8.059%,

3/15/30 (3)

57,454,088‌

57,550‌

Truist

Insurance

Holdings,

FRN

USD

LIBOR

3.25%,

3/22/31 (3)

66,558,122‌

66,447‌

Truist

Insurance

Holdings,

FRN

USD

LIBOR

4.75%,

3/8/32 (3)

166,201,812‌

167,033‌

UKG,

FRN

TSFR

3.50%,

8.814%,

2/10/31

324,052,221‌

325,591‌

USI,

FRN

TSFR

3.00%,

8.309%,

11/22/29

163,771,075‌

163,748‌

USI,

FRN

TSFR

3.25%,

8.552%,

9/27/30

251,602,589‌

251,680‌

Total

Bank

Loans

(Cost

$5,508,703)

5,549,682‌

BOND

MUTUAL

FUNDS

1.4%

Rowe

Price

Institutional

Floating

Rate

Fund

–

Institutional

Class,

8.57% (4)(5)

91,037,518‌

861,215‌

Total

Bond

Mutual

Funds

(Cost

$879,696)

861,215‌

COMMON

STOCKS

62.4%

COMMUNICATION

SERVICES

4.0%

Interactive

Media

Services

4.0%

Alphabet,

Class

A (6)(7)

11,146,722‌

1,682,375‌

Meta

Platforms,

Class

A (6)

1,534,749‌

745,243‌

Total

Communication

Services

2,427,618‌

CONSUMER

DISCRETIONARY

4.2%

Broadline

Retail

2.3%

Amazon.com (6)(7)

7,874,610‌

1,420,422‌

Hotels,

Restaurants

Leisure

1.9%

Hilton

Worldwide

Holdings

1,565,042‌

333,839‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

McDonald's (6)

664,200‌

187,272‌

Yum!

Brands (6)

4,625,728‌

641,357‌

1,162,468‌

Total

Consumer

Discretionary

2,582,890‌

ENERGY

2.9%

Oil,

Gas

Consumable

Fuels

2.9%

Canadian

Natural

Resources

16,141,990‌

1,231,957‌

Chesapeake

Energy

5,746,400‌

510,453‌

Total

Energy

1,742,410‌

FINANCIALS

6.8%

Banks

0.6%

PNC

Financial

Services

Group

2,109,193‌

340,846‌

Capital

Markets

2.8%

Goldman

Sachs

Group

794,700‌

331,938‌

Intercontinental

Exchange (6)

4,982,072‌

684,686‌

KKR

3,535,375‌

355,588‌

Morgan

Stanley

3,372,100‌

317,517‌

1,689,729‌

Financial

Services

2.1%

Mastercard,

Class

A (6)

1,444,791‌

695,768‌

Visa,

Class

A (6)

2,130,715‌

594,640‌

1,290,408‌

Insurance

1.3%

Arthur

Gallagher (6)

446,800‌

111,718‌

Hockey

Parent

Holdings,

Acquisition

Date:

9/14/23,

Cost $123,055 (7)(8)(9)

123,055‌

Marsh

McLennan (6)

2,615,111‌

538,660‌

773,433‌

Total

Financials

4,094,416‌

HEALTH

CARE

12.6%

Biotechnology

1.9%

AbbVie (6)

3,110,041‌

566,339‌

Argenx,

ADR (7)

457,100‌

179,969‌

Biogen (7)

1,780,695‌

383,971‌

1,130,279‌

Health

Care

Equipment

Supplies

3.2%

Becton

Dickinson

Company (6)

4,874,061‌

1,206,087‌

HealthCare

Technologies (6)

5,245,389‌

476,858‌

Teleflex

1,146,310‌

259,261‌

1,942,206‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Health

Care

Providers

Services

2.6%

Humana

428,500‌

148,570‌

UnitedHealth

Group (6)

2,927,967‌

1,448,465‌

1,597,035‌

Life

Sciences

Tools

Services

4.0%

Avantor (7)

6,596,855‌

168,681‌

Danaher (6)

3,175,796‌

793,060‌

Revvity (4)

10,900,673‌

1,144,571‌

Thermo

Fisher

Scientific (6)

538,317‌

312,875‌

2,419,187‌

Pharmaceuticals

0.9%

Eli

Lilly

713,200‌

554,841‌

Total

Health

Care

7,643,548‌

INDUSTRIALS

BUSINESS

SERVICES

9.9%

Aerospace

Defense

1.3%

Northrop

Grumman (6)

258,700‌

123,829‌

RTX

6,839,000‌

667,008‌

790,837‌

Commercial

Services

Supplies

3.6%

Republic

Services (6)

680,901‌

130,352‌

Veralto (6)

9,599,795‌

851,118‌

Waste

Connections

6,948,087‌

1,195,140‌

2,176,610‌

Electrical

Equipment

0.4%

AMETEK

1,462,381‌

267,470‌

Industrial

Conglomerates

1.5%

Roper

Technologies (6)

1,647,652‌

924,069‌

Machinery

3.0%

Fortive (6)

16,224,410‌

1,395,624‌

Ingersoll

Rand

4,437,299‌

421,321‌

1,816,945‌

Professional

Services

0.1%

Equifax (6)

177,165‌

47,395‌

Total

Industrials

Business

Services

6,023,326‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

INFORMATION

TECHNOLOGY

14.8%

Electronic

Equipment,

Instruments

Components

1.1%

Teledyne

Technologies (7)

1,520,364‌

652,723‌

Semiconductors

Semiconductor

Equipment

3.2%

KLA

333,187‌

232,754‌

Lam

Research

309,142‌

300,353‌

NVIDIA (6)

1,256,400‌

1,135,233‌

NXP

Semiconductors (6)

960,455‌

237,972‌

1,906,312‌

Software

9.0%

Aurora

Innovation (7)

81,666,281‌

230,299‌

Intuit

1,176,300‌

764,595‌

Microsoft (6)

7,165,562‌

3,014,695‌

PTC (7)

3,394,464‌

641,350‌

Salesforce (6)

2,521,530‌

759,435‌

5,410,374‌

Technology

Hardware,

Storage

Peripherals

1.5%

Apple (6)

5,247,838‌

899,899‌

Total

Information

Technology

8,869,308‌

MATERIALS

0.9%

Chemicals

0.9%

Linde (6)

1,117,422‌

518,841‌

Total

Materials

518,841‌

REAL

ESTATE

0.3%

Specialized

Real

Estate

Investment

Trusts

0.3%

SBA

Communications,

REIT

748,534‌

162,207‌

Total

Real

Estate

162,207‌

UTILITIES

5.1%

Electric

Utilities

1.1%

Exelon (6)

17,216,479‌

646,823‌

Multi-Utilities

3.5%

Ameren

8,147,546‌

602,592‌

CenterPoint

Energy

21,325,461‌

607,562‌

CMS

Energy (4)

1,951,055‌

117,727‌

DTE

Energy (6)

3,955,302‌

443,548‌

NiSource

7,660,842‌

211,899‌

WEC

Energy

Group

1,440,048‌

118,257‌

2,101,585‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Water

Utilities

0.5%

Essential

Utilities

8,434,742‌

312,507‌

Total

Utilities

3,060,915‌

Total

Miscellaneous

Common

Stocks

0.9% (10)

520,411‌

Total

Common

Stocks

(Cost

$25,448,181)

37,645,890‌

CONVERTIBLE

PREFERRED

STOCKS

0.3%

INFORMATION

TECHNOLOGY

0.3%

Software

0.3%

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $183,922 (7)

(8)(9)

2,141,932‌

132,157‌

Waymo,

Series

B-2,

Acquisition

Date:

6/11/21,

Cost $16,282 (7)

(8)(9)

177,514‌

10,988‌

Waymo,

Series

C-2,

Acquisition

Date:

1/12/24,

Cost $7,879 (7)(8)

(9)

100,753‌

6,136‌

Total

Information

Technology

149,281‌

Total

Convertible

Preferred

Stocks

(Cost

$208,083)

149,281‌

CORPORATE

BONDS

10.4%

Alliant

Holdings

Intermediate,

4.25%,

10/15/27 (1)

14,488,000‌

13,619‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29 (1)

22,598,000‌

20,960‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (1)

74,120,000‌

72,730‌

Alliant

Holdings

Intermediate,

6.75%,

4/15/28 (1)

161,771,000‌

162,378‌

Alliant

Holdings

Intermediate,

7.00%,

1/15/31 (1)

162,810,000‌

164,235‌

American

Tower,

1.50%,

1/31/28

5,761,000‌

5,015‌

AmWINS

Group,

4.875%,

6/30/29 (1)

20,741,000‌

19,237‌

AssuredPartners,

7.50%,

2/15/32 (1)

16,357,000‌

16,071‌

Avantor

Funding,

3.875%,

11/1/29 (1)

97,085,000‌

87,255‌

Avantor

Funding,

4.625%,

7/15/28 (1)

144,276,000‌

136,702‌

Ball,

6.00%,

6/15/29

54,727,000‌

55,206‌

Becton

Dickinson

Company,

3.70%,

6/6/27

20,186,000‌

19,372‌

Biogen,

3.15%,

5/1/50

65,059,000‌

43,471‌

Black

Knight

InfoServ,

3.625%,

9/1/28 (1)

10,366,000‌

9,796‌

Booz

Allen

Hamilton,

3.875%,

9/1/28 (1)

29,827,000‌

27,925‌

Booz

Allen

Hamilton,

4.00%,

7/1/29 (1)

21,063,000‌

19,615‌

Booz

Allen

Hamilton,

5.95%,

8/4/33

16,093,000‌

16,656‌

BroadStreet

Partners,

5.875%,

4/15/29 (1)

57,240,000‌

52,875‌

CCO

Holdings,

5.00%,

2/1/28 (1)

256,669,000‌

238,702‌

CCO

Holdings,

5.125%,

5/1/27 (1)

325,849,000‌

309,964‌

CCO

Holdings,

5.50%,

5/1/26 (1)

17,270,000‌

17,011‌

Cedar

Fair,

5.25%,

7/15/29

75,165,000‌

71,031‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Cedar

Fair,

5.375%,

4/15/27

94,748,000‌

93,090‌

Cedar

Fair,

5.50%,

5/1/25 (1)

59,417,000‌

59,194‌

Cedar

Fair,

6.50%,

10/1/28

64,078,000‌

64,158‌

Charles

River

Laboratories

International,

3.75%,

3/15/29 (1)

47,375,000‌

43,111‌

Charles

River

Laboratories

International,

4.00%,

3/15/31 (1)

39,757,000‌

35,384‌

Charles

River

Laboratories

International,

4.25%,

5/1/28 (1)

27,252,000‌

25,549‌

Clarios

Global,

6.25%,

5/15/26 (1)

21,420,000‌

21,340‌

Clarios

Global,

6.75%,

5/15/25 (1)

15,510,000‌

15,491‌

Clarios

Global,

8.50%,

5/15/27 (1)

76,373,000‌

76,468‌

Clarivate

Science

Holdings,

3.875%,

7/1/28 (1)

10,499,000‌

9,685‌

Clarivate

Science

Holdings,

4.875%,

7/1/29 (1)

7,492,000‌

6,930‌

Crowdstrike

Holdings,

3.00%,

2/15/29

5,731,000‌

5,072‌

Delta

Air

Lines,

4.75%,

10/20/28 (1)

64,067,302‌

62,583‌

Gartner,

3.625%,

6/15/29 (1)

40,131,000‌

36,218‌

Gartner,

3.75%,

10/1/30 (1)

12,904,000‌

11,501‌

Gartner,

4.50%,

7/1/28 (1)

22,728,000‌

21,592‌

HealthCare

Technologies,

5.65%,

11/15/27

14,651,000‌

14,916‌

GFL

Environmental,

4.00%,

8/1/28 (1)

26,383,000‌

24,239‌

GFL

Environmental,

4.375%,

8/15/29 (1)

20,415,000‌

18,705‌

GFL

Environmental,

4.75%,

6/15/29 (1)

57,628,000‌

54,026‌

GFL

Environmental,

6.75%,

1/15/31 (1)

16,247,000‌

16,633‌

Heartland

Dental,

8.50%,

5/1/26 (1)

70,828,000‌

70,120‌

Heartland

Dental,

10.50%,

4/30/28 (1)

47,725,000‌

50,589‌

Hilton

Domestic

Operating,

3.625%,

2/15/32 (1)

76,133,000‌

65,379‌

Hilton

Domestic

Operating,

3.75%,

5/1/29 (1)

65,849,000‌

60,252‌

Hilton

Domestic

Operating,

4.00%,

5/1/31 (1)

86,641,000‌

77,435‌

Hilton

Domestic

Operating,

4.875%,

1/15/30

49,352,000‌

47,193‌

Hilton

Domestic

Operating,

5.375%,

5/1/25 (1)

24,034,000‌

23,914‌

Hilton

Domestic

Operating,

5.75%,

5/1/28 (1)

57,785,000‌

57,641‌

Hilton

Domestic

Operating,

5.875%,

4/1/29 (1)

39,446,000‌

39,495‌

Hilton

Worldwide

Finance,

4.875%,

4/1/27

17,798,000‌

17,464‌

Hologic,

3.25%,

2/15/29 (1)

23,500,000‌

21,033‌

Howmet

Aerospace,

3.00%,

1/15/29

31,311,000‌

28,258‌

Howmet

Aerospace,

5.90%,

2/1/27

18,653,000‌

18,840‌

HUB

International,

5.625%,

12/1/29 (1)

34,550,000‌

32,347‌

HUB

International,

7.25%,

6/15/30 (1)

591,091,000‌

605,868‌

HUB

International,

7.375%,

1/31/32 (1)

326,304,000‌

327,528‌

Intercontinental

Exchange,

4.00%,

9/15/27

6,419,000‌

6,219‌

IQVIA,

5.00%,

5/15/27 (1)

37,783,000‌

36,838‌

IQVIA,

5.70%,

5/15/28

64,099,000‌

64,980‌

IQVIA,

6.50%,

5/15/30 (1)

24,366,000‌

24,853‌

KFC

Holding,

4.75%,

6/1/27 (1)

139,039,000‌

134,868‌

Korn

Ferry,

4.625%,

12/15/27 (1)

32,983,000‌

31,334‌

Lamar

Media,

3.625%,

1/15/31

4,636,000‌

4,062‌

Lamar

Media,

3.75%,

2/15/28

29,116,000‌

27,151‌

Lamar

Media,

4.875%,

1/15/29

5,200,000‌

4,992‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Life

Time,

5.75%,

1/15/26 (1)

51,928,000‌

51,539‌

Live

Nation

Entertainment,

4.875%,

11/1/24 (1)

3,634,000‌

3,602‌

Marriott

International,

Series R,

3.125%,

6/15/26

4,107,000‌

3,921‌

Medline

Borrower,

6.25%,

4/1/29 (1)

19,720,000‌

19,819‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (1)

63,942,531‌

64,183‌

Mirant,

EC,

7.90%,

7/15/09 (1)(7)(9)

16,000,000‌

—‌

MSCI,

3.25%,

8/15/33 (1)

29,815,000‌

24,523‌

MSCI,

3.625%,

9/1/30 (1)

67,207,000‌

59,646‌

MSCI,

3.625%,

11/1/31 (1)

43,855,000‌

37,989‌

MSCI,

3.875%,

2/15/31 (1)

44,538,000‌

39,639‌

MSCI,

4.00%,

11/15/29 (1)

65,516,000‌

60,521‌

Panther

Escrow

Issuer,

7.125%,

6/1/31 (1)

65,749,000‌

66,653‌

Pioneer

Natural

Resources,

1.125%,

1/15/26

4,515,000‌

4,198‌

Pioneer

Natural

Resources,

2.15%,

1/15/31

11,289,000‌

9,493‌

Pioneer

Natural

Resources,

5.10%,

3/29/26

9,274,000‌

9,237‌

PRA

Health

Sciences,

2.875%,

7/15/26 (1)

16,684,000‌

15,516‌

PTC,

4.00%,

2/15/28 (1)

20,858,000‌

19,450‌

Ryan

Specialty,

4.375%,

2/1/30 (1)

13,042,000‌

12,178‌

SBA

Communications,

3.125%,

2/1/29

77,391,000‌

67,814‌

SBA

Communications,

3.875%,

2/15/27

83,271,000‌

79,003‌

SBA

Tower

Trust,

6.599%,

1/15/28 (1)

2,575,000‌

2,639‌

Sensata

Technologies,

3.75%,

2/15/31 (1)

30,673,000‌

26,302‌

Sensata

Technologies,

4.00%,

4/15/29 (1)

39,128,000‌

35,704‌

Sensata

Technologies,

4.375%,

2/15/30 (1)

12,299,000‌

11,085‌

Sensata

Technologies,

5.00%,

10/1/25 (1)

23,727,000‌

23,430‌

Sensata

Technologies,

5.875%,

9/1/30 (1)

26,938,000‌

26,265‌

Service

Corp.

International,

3.375%,

8/15/30

25,671,000‌

22,141‌

Service

Corp.

International,

4.625%,

12/15/27

5,264,000‌

5,073‌

Six

Flags

Entertainment,

5.50%,

4/15/27 (1)

115,591,000‌

112,990‌

Six

Flags

Theme

Parks,

7.00%,

7/1/25 (1)

29,816,000‌

29,854‌

Surgery

Center

Holdings,

7.25%,

4/15/32 (1)

23,014,000‌

23,215‌

Surgery

Center

Holdings,

10.00%,

4/15/27 (1)

29,057,000‌

29,093‌

Teleflex,

4.25%,

6/1/28 (1)

5,408,000‌

5,063‌

Teleflex,

4.625%,

11/15/27

37,213,000‌

35,678‌

TransDigm,

5.50%,

11/15/27

59,257,000‌

57,850‌

TransDigm,

6.375%,

3/1/29 (1)

153,894,000‌

154,086‌

TransDigm,

6.625%,

3/1/32 (1)

121,148,000‌

122,208‌

TransDigm,

7.125%,

12/1/31 (1)

31,906,000‌

32,903‌

U.S.

Airways

PTT,

Series 2012-2,

Class

4.625%,

6/3/25

737,909‌

725‌

U.S.

Airways

PTT,

Series 2013-1,

Class

3.95%,

11/15/25

4,144,904‌

4,030‌

UKG,

6.875%,

2/1/31 (1)

31,708,000‌

32,184‌

United

Airlines

PTT,

Series 2012-1,

Class

4.15%,

4/11/24

7,069,122‌

7,064‌

USI,

7.50%,

1/15/32 (1)

130,308,000‌

130,471‌

Vail

Resorts,

6.25%,

5/15/25 (1)

16,059,000‌

16,062‌

VICI

Properties,

3.75%,

2/15/27 (1)

12,205,000‌

11,534‌

VICI

Properties,

4.125%,

8/15/30 (1)

14,977,000‌

13,610‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

VICI

Properties,

5.75%,

2/1/27 (1)

14,055,000‌

14,002‌

VICI

Properties,

5.75%,

4/1/34

36,111,000‌

35,660‌

Yum!

Brands,

3.625%,

3/15/31

58,731,000‌

51,977‌

Yum!

Brands,

4.625%,

1/31/32

99,944,000‌

92,198‌

Yum!

Brands,

4.75%,

1/15/30 (1)

47,016,000‌

44,430‌

Yum!

Brands,

5.35%,

11/1/43

73,562,000‌

69,976‌

Yum!

Brands,

5.375%,

4/1/32

121,732,000‌

117,928‌

Yum!

Brands,

6.875%,

11/15/37

36,575,000‌

39,684‌

Total

Corporate

Bonds

(Cost

$6,269,233)

6,260,402‌

PREFERRED

STOCKS

0.1%

FINANCIALS

0.0%

Financial

Services

0.0%

Charles

Schwab,

Series

5.95% (11)

40,332‌

1,019‌

Total

Financials

1,019‌

UTILITIES

0.1%

Electric

Utilities

0.1%

CMS

Energy,

5.875%,

10/15/78 (4)

1,494,106‌

36,172‌

CMS

Energy,

5.875%,

3/1/79 (4)

855,830‌

21,199‌

SCE

Trust

IV,

Series

VR,

5.375% (4)(11)(12)

738,617‌

17,365‌

Total

Utilities

74,736‌

Total

Preferred

Stocks

(Cost

$78,222)

75,755‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

11.2%

U.S.

Treasury

Obligations

11.2%

U.S.

Treasury

Notes,

3.375%,

5/15/33

1,789,134,500‌

1,676,195‌

U.S.

Treasury

Notes,

3.875%,

8/15/33

1,773,025,300‌

1,726,484‌

U.S.

Treasury

Notes,

4.00%,

2/15/34

1,102,122,200‌

1,083,868‌

U.S.

Treasury

Notes,

4.50%,

11/15/33

2,247,787,000‌

2,297,660‌

6,784,207‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$6,730,330)

6,784,207‌

ROWE

PRICE

Capital

Appreciation

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

SHORT-TERM

INVESTMENTS

5.5%

Money

Market

Funds

5.5%

Rowe

Price

Government

Reserve

Fund,

5.39% (4)(13)

3,342,927,137‌

3,342,927‌

Total

Short-Term

Investments

(Cost

$3,342,927)

3,342,927‌

Total

Investments

Securities

100.6%

(Cost

$48,505,214)

60,707,006‌

Other

Assets

Less

Liabilities

(0.6)%

(

352,653‌

)

Net

Assets

100.0%

60,354,353‌

‡

Shares/Par

and

Notional

Amount

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$4,977,253

and

represents

8.2%

net

assets.

(2)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

those

instances,

the

position

presented

reflects

the

aggregate

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

the

settled

positions.

(3)

All

portion

this

loan

unsettled

March

31,

2024.

The

interest

rate

for

unsettled

loans

will

determined

upon

settlement

after

period

end.

(4)

Affiliated

Companies

(5)

SEC

30-day

yield

(6)

All

portion

this

security

pledged

cover

collateral

for

written

call

options

March

31,

2024.

(7)

Non-income

producing

(8)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$272,336

and

represents

0.5%

net

assets.

(9)

Level

fair

value

hierarchy.

(10)

The

identity

certain

securities

has

been

concealed

protect

the

fund

while

completes

purchase

selling

program

for

the

securities.

(11)

Perpetual

security

with

stated

maturity

date.

(12)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(13)

Seven-day

yield

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

ROWE

PRICE

Capital

Appreciation

Fund

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

ADR

American

Depositary

Receipts

Escrow

CUSIP;

represents

beneficial

interest

residual

pool

assets;

the

amount

and

timing

future

distributions,

any,

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

the

original

security.

EUR

Euro

FRN

Floating

Rate

Note

OTC

Over-the-counter

PTT

Pass-Through

Trust

REIT

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

the

shareholder

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

ROWE

PRICE

Capital

Appreciation

Fund

(Amounts

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.3)%

OTC

Options

Written

(0.3)%

Counterparty

Description

Contracts

Notional

Amount

Value

Citibank

AbbVie,

Call,

1/17/25

$160.00

3,998

72,804

(

11,444‌

)

Citibank

AbbVie,

Call,

1/17/25

$165.00

3,997

72,785

(

10,182‌

)

Citibank

AbbVie,

Call,

1/17/25

$175.00

5,094

92,762

(

9,335‌

)

JPMorgan

Chase

AbbVie,

Call,

1/17/25

$165.00

3,908

71,165

(

9,956‌

)

JPMorgan

Chase

AbbVie,

Call,

1/17/25

$170.00

3,908

71,165

(

8,656‌

)

JPMorgan

Chase

Arthur

Gallagher,

Call,

11/15/24

$250.00

3,234

80,863

(

6,145‌

)

UBS

Investment

Bank

Danaher,

Call,

1/17/25

$300.00

2,316

57,835

(

1,864‌

)

JPMorgan

Chase

Exelon,

Call,

6/21/24

$47.00

643

2,416

(

16‌

)

Bank

America

Intercontinental

Exchange,

Call,

1/17/25

$140.00

3,355

46,108

(

3,623‌

)

Bank

America

Intercontinental

Exchange,

Call,

1/17/25

$145.00

3,355

46,108

(

2,801‌

)

Citibank

Intercontinental

Exchange,

Call,

1/17/25

$125.00

4,511

61,995

(

9,248‌

)

Citibank

Intercontinental

Exchange,

Call,

1/17/25

$130.00

4,511

61,995

(

7,669‌

)

Wells

Fargo

Bank

Linde,

Call,

1/17/25

$440.00

1,053

48,893

(

5,818‌

)

Wells

Fargo

Bank

Linde,

Call,

1/17/25

$450.00

1,053

48,893

(

5,102‌

)

Wells

Fargo

Bank

Linde,

Call,

1/17/25

$460.00

1,369

63,565

(

5,798‌

)

Wells

Fargo

Bank

Linde,

Call,

1/17/25

$480.00

1,369

63,565

(

4,264‌

)

Goldman

Sachs

Marsh

McLennan,

Call,

7/19/24

$210.00

1,432

29,496

(

945‌

)

Goldman

Sachs

Marsh

McLennan,

Call,

7/19/24

$220.00

1,432

29,496

(

405‌

)

Goldman

Sachs

Marsh

McLennan,

Call,

12/20/24

$210.00

5,944

122,434

(

7,727‌

)

JPMorgan

Chase

Mastercard,

Class

Call,

1/17/25

$480.00

868

41,800

(

3,928‌

)

JPMorgan

Chase

Mastercard,

Class

Call,

1/17/25

$490.00

868

41,800

(

3,511‌

)

ROWE

PRICE

Capital

Appreciation

Fund

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

JPMorgan

Chase

Mastercard,

Class

Call,

1/17/25

$500.00

869

41,848

(

3,033‌

)

UBS

Investment

Bank

McDonald's,

Call,

1/17/25

$320.00

2,214

62,424

(

1,201‌

)

UBS

Investment

Bank

McDonald's,

Call,

1/17/25

$325.00

2,214

62,424

(

919‌

)

UBS

Investment

Bank

McDonald's,

Call,

1/17/25

$330.00

2,214

62,424

(

780‌

)

Barclays

Bank

Northrop

Grumman,

Call,

1/17/25

$490.00

2,587

123,829

(

9,559‌

)

Wells

Fargo

Bank

NXP

Semiconductors,

Call,

6/21/24

$220.00

482

11,942

(

1,648‌

)

Wells

Fargo

Bank

Republic

Services,

Call,

7/19/24

$170.00

651

12,463

(

1,575‌

)

Wells

Fargo

Bank

Republic

Services,

Call,

7/19/24

$175.00

651

12,463

(

1,283‌

)

Citibank

Roper

Technologies,

Call,

12/20/24

$580.00

1,267

71,058

(

4,206‌

)

Citibank

Roper

Technologies,

Call,

12/20/24

$600.00

1,783

99,998

(

4,208‌

)

Citibank

Roper

Technologies,

Call,

12/20/24

$620.00

516

28,939

(

846‌

)

Citibank

Roper

Technologies,

Call,

12/20/24

$640.00

516

28,939

(

586‌

)

Goldman

Sachs

Salesforce,

Call,

6/21/24

$230.00

322

9,698

(

2,417‌

)

Goldman

Sachs

Salesforce,

Call,

6/21/24

$240.00

322

9,698

(

2,114‌

)

JPMorgan

Chase

Thermo

Fisher

Scientific,

Call,

1/17/25

$650.00

1,001

58,179

(

2,733‌

)

Citibank

UnitedHealth

Group,

Call,

1/17/25

$580.00

2,096

103,689

(

2,793‌

)

JPMorgan

Chase

UnitedHealth

Group,

Call,

1/17/25

$600.00

2,209

109,279

(

2,253‌

)

Goldman

Sachs

Visa,

Class

Call,

6/21/24

$250.00

161

4,493

(

534‌

)

Goldman

Sachs

Visa,

Class

Call,

6/21/24

$260.00

161

4,493

(

390‌

)

Goldman

Sachs

Visa,

Class

Call,

1/17/25

$305.00

1,395

38,932

(

1,712‌

)

Goldman

Sachs

Visa,

Class

Call,

1/17/25

$310.00

1,395

38,932

(

1,468‌

)

Goldman

Sachs

Visa,

Class

Call,

1/17/25

$315.00

1,396

38,960

(

1,246‌

)

ROWE

PRICE

Capital

Appreciation

Fund

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

JPMorgan

Chase

Yum!

Brands,

Call,

1/17/25

$145.00

3,276

45,422

(

2,473‌

)

JPMorgan

Chase

Yum!

Brands,

Call,

1/17/25

$150.00

3,276

45,422

(

1,769‌

)

Wells

Fargo

Bank

Yum!

Brands,

Call,

1/17/25

$140.00

2,885

40,001

(

3,130‌

)

Wells

Fargo

Bank

Yum!

Brands,

Call,

1/17/25

$145.00

8,096

112,251

(

6,113‌

)

Wells

Fargo

Bank

Yum!

Brands,

Call,

1/17/25

$150.00

8,096

112,251

(

4,372‌

)

Total

Options

Written

(Premiums

$(111,543))

(

183,798‌

)

ROWE

PRICE

Capital

Appreciation

Fund

The

accompanying

notes

are

integral

part

this

Portfolio

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

CMS

Energy

—‌

3,877‌

—‌

CMS

Energy,

5.875%,

10/15/78

(

37‌

)

(

769‌

)

549‌

CMS

Energy,

5.875%,

3/1/79

(

71‌

)

(

161‌

)

354‌

Revvity

—‌

(

44,390‌

)

699‌

SCE

Trust

IV,

Series

VR,

5.375%

(

534‌

)

1,878‌

253‌

Rowe

Price

Institutional

Floating

Rate

Fund

–

Institutional

Class,

8.57%

—‌

(

6‌

)

18,756‌

Rowe

Price

Government

Reserve

Fund,

5.39%

—‌

46,607‌

Totals

(

642‌

)

(

39,571‌

)

67,218‌

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

CMS

Energy

—‌

113,850‌

—‌

117,727‌

CMS

Energy,

5.875%,

10/15/78

40,812‌

—‌

3,871‌

36,172‌

CMS

Energy,

5.875%,

3/1/79

30,096‌

—‌

8,736‌

21,199‌

Revvity

1,090,876‌

98,085‌

—‌

1,144,571‌

SCE

Trust

IV,

Series

VR,

5.375%

21,835‌

—‌

6,348‌

17,365‌

Rowe

Price

Institutional

Floating

Rate

Fund

–

Institutional

Class,

8.57%

842,670‌

18,551‌

—‌

861,215‌

Rowe

Price

Government

Reserve

Fund,

5.39%

3,237,133‌

3,342,927‌

Total

5,541,176‌

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Investment

income

comprised

$67,218

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$5,594,833.

ROWE

PRICE

Capital

Appreciation

Fund

Unaudited

Notes

Portfolio

Investments

Rowe

Price

Capital

Appreciation

Fund (the

fund) is

registered

under

the

Investment

Company

Act

1940

(the

1940

Act)

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

Investments

was

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP).

For

additional

information

the

fund’s

significant

accounting

policies

and

investment

disclosures,

please

refer

the

fund’s most

recent

semiannual

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

ET,

each

day

the

NYSE

open

for

business,

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

ROWE

PRICE

Capital

Appreciation

Fund

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities.

Debt

securities

generally

are

traded

the over-the-counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Investments

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Listed

options,

and

OTC

options

with

listed

equivalent,

are

valued

the

mean

the

closing

bid

and

asked

prices

and

exchange-traded

options

futures

contracts

are

valued

closing

settlement

prices.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

ROWE

PRICE

Capital

Appreciation

Fund

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

March

31,

2024

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

12,371,536‌

—‌

12,371,536‌

Bond

Mutual

Funds

861,215‌

—‌

861,215‌

Common

Stocks

37,522,835‌

—‌

123,055‌

37,645,890‌

Convertible

Preferred

Stocks

—‌

149,281‌

Corporate

Bonds

—‌

6,260,402‌

—‌

6,260,402‌

Preferred

Stocks

75,755‌

—‌

75,755‌

Short-Term

Investments

3,342,927‌

—‌

3,342,927‌

Total

41,802,732‌

18,631,938‌

272,336‌

60,707,006‌

Liabilities

Options

Written

—‌

183,798‌

—‌

183,798‌

Includes

Asset-Backed

Securities,

Bank

Loans

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

ROWE

PRICE

Capital

Appreciation

Fund

OTHER

MATTERS

Unpredictable

events

such

environmental

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

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

COVID-19

and

the

governmental

and

public

responses

have

led

and

may

continue

lead

increased

market

volatility

and

the

potential

for

illiquidity

certain

classes

securities

and

sectors

the

market

either

specific

countries

worldwide.

February

2022,

Russian

forces

entered

Ukraine

and

commenced

armed

conflict,

leading

economic

sanctions imposed

Russia

that

target certain

its

citizens

and

issuers

and

sectors

the

Russian

economy,

creating

impacts

Russian-related

stocks

and

debt

and

greater

volatility

global

markets.

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

potential

broader

adverse

market

conditions.

The

extent

impact

these

events

the

and

global

markets

highly

uncertain.

These

are

recent

examples

global

events

which

may

have

negative

impact

the

values

certain

portfolio

holdings

the fund’s

overall

performance.

Management

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F72-054Q1

03/24

T. Rowe Price Capital Appreciation Fund Advisor Class (PACLX) NPORT-PT. Rowe Price Capital Appreciation Fund, Inc. (Mar 2024 report)