T.

ROWE

PRICE

All-Cap

Opportunities

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.4%

COMMUNICATION

SERVICES

20.0%

Entertainment

8.5%

CTS

Eventim

(EUR) (1)

762,405‌

57,363‌

Liberty

Media-Liberty

Formula

One,

Class

C (1)

2,054,600‌

105,627‌

Live

Nation

Entertainment (1)

1,995,781‌

181,876‌

Netflix (1)

312,754‌

190,886‌

Sea,

ADR (1)

426,077‌

135,804‌

Walt

Disney (1)

424,900‌

71,880‌

743,436‌

Interactive

Media

&

Services

8.7%

Alphabet,

Class

C (1)

145,160‌

386,896‌

Facebook,

Class

A (1)

772,441‌

262,159‌

Pinterest,

Class

A (1)

1,088,152‌

55,441‌

Snap,

Class

A (1)

768,484‌

56,768‌

761,264‌

Media

0.9%

Charter

Communications,

Class

A (1)

113,399‌

82,505‌

82,505‌

Wireless

Telecommunication

Services

1.9%

T-Mobile

U.S. (1)

1,299,234‌

165,990‌

165,990‌

Total

Communication

Services

1,753,195‌

CONSUMER

DISCRETIONARY

16.0%

Diversified

Consumer

Services

0.5%

Bright

Horizons

Family

Solutions (1)

288,995‌

40,292‌

40,292‌

Hotels,

Restaurants

&

Leisure

5.1%

Cedar

Fair (1)

2,262,300‌

104,926‌

Marriott

International,

Class

A (1)

537,200‌

79,554‌

Planet

Fitness,

Class

A (1)

1,163,174‌

91,367‌

Starbucks 

628,600‌

69,341‌

Vail

Resorts 

313,200‌

104,624‌

449,812‌

Internet

&

Direct

Marketing

Retail

6.7%

Amazon.com (1)

178,553‌

586,554‌

586,554‌

Specialty

Retail

2.7%

Burlington

Stores (1)

181,104‌

51,356‌

Carvana (1)

128,876‌

38,861‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Ross

Stores 

1,344,342‌

146,332‌

236,549‌

Textiles,

Apparel

&

Luxury

Goods

1.0%

Lululemon

Athletica (1)

211,700‌

85,675‌

85,675‌

Total

Consumer

Discretionary

1,398,882‌

CONSUMER

STAPLES

0.6%

Food

Products

0.5%

Barry

Callebaut

(CHF) 

17,793‌

40,356‌

40,356‌

Personal

Products

0.1%

Olaplex

Holdings (1)

458,647‌

11,237‌

11,237‌

Total

Consumer

Staples

51,593‌

FINANCIALS

7.1%

Banks

2.4%

East

West

Bancorp 

934,295‌

72,445‌

Wells

Fargo 

2,270,300‌

105,365‌

Western

Alliance

Bancorp 

271,505‌

29,545‌

207,355‌

Capital

Markets

4.7%

Charles

Schwab 

2,492,462‌

181,551‌

CME

Group 

353,600‌

68,379‌

London

Stock

Exchange

Group

(GBP) 

1,015,416‌

101,753‌

Robinhood

Markets,

Class

A (1)(2)

632,000‌

26,595‌

XP,

Class

A (1)

934,578‌

37,542‌

415,820‌

Total

Financials

623,175‌

HEALTH

CARE

13.6%

Biotechnology

2.4%

AbbVie 

1,120,519‌

120,870‌

Argenx,

ADR (1)

170,187‌

51,397‌

Kodiak

Sciences (1)

100,607‌

9,656‌

Ultragenyx

Pharmaceutical (1)

364,069‌

32,835‌

214,758‌

Health

Care

Equipment

&

Supplies

3.1%

Cooper 

110,973‌

45,866‌

DENTSPLY

SIRONA 

1,346,000‌

78,135‌

Intuitive

Surgical (1)

94,558‌

94,005‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,145 (1)(3)

(4)

2,428,492‌

3,084‌

Teleflex 

139,938‌

52,694‌

273,784‌

Health

Care

Providers

&

Services

5.7%

agilon

health (1)

477,741‌

12,521‌

HCA

Healthcare 

288,022‌

69,909‌

Humana 

201,901‌

78,570‌

Molina

Healthcare (1)

382,100‌

103,667‌

UnitedHealth

Group 

603,953‌

235,989‌

500,656‌

Life

Sciences

Tools

&

Services

0.9%

Thermo

Fisher

Scientific 

132,900‌

75,930‌

75,930‌

Pharmaceuticals

1.5%

AstraZeneca,

ADR 

1,248,922‌

75,010‌

Zoetis 

274,100‌

53,214‌

128,224‌

Total

Health

Care

1,193,352‌

INDUSTRIALS

&

BUSINESS

SERVICES

7.9%

Aerospace

&

Defense

1.4%

Airbus

(EUR) (1)

963,802‌

127,777‌

127,777‌

Airlines

0.6%

United

Airlines

Holdings (1)

1,109,700‌

52,788‌

52,788‌

Industrial

Conglomerates

2.8%

General

Electric 

1,557,357‌

160,455‌

Roper

Technologies 

184,900‌

82,489‌

242,944‌

Machinery

1.2%

Middleby (1)

643,500‌

109,723‌

109,723‌

Professional

Services

1.9%

Clarivate (1)

2,571,512‌

56,316‌

CoStar

Group (1)

481,310‌

41,422‌

Legalzoom.com (1)

374,774‌

9,894‌

TransUnion 

569,700‌

63,983‌

171,615‌

Total

Industrials

&

Business

Services

704,847‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

27.2%

IT

Services

9.0%

Euronet

Worldwide (1)

1,598,169‌

203,415‌

Fidelity

National

Information

Services 

735,572‌

89,504‌

Global

Payments 

459,170‌

72,356‌

Shopify,

Class

A (1)

21,200‌

28,743‌

Square,

Class

A (1)

137,600‌

33,002‌

Thoughtworks

Holding (1)

254,390‌

7,304‌

VeriSign (1)

611,800‌

125,425‌

Visa,

Class

A 

1,056,092‌

235,244‌

794,993‌

Semiconductors

&

Semiconductor

Equipment

3.1%

Advanced

Micro

Devices (1)

365,000‌

37,558‌

Analog

Devices 

338,790‌

56,741‌

Taiwan

Semiconductor

Manufacturing,

ADR 

599,451‌

66,929‌

Texas

Instruments 

598,212‌

114,982‌

276,210‌

Software

13.3%

Canva,

Acquisition

Date:

8/16/21,

Cost $2,480 (1)(3)(4)

1,455‌

2,480‌

Ceridian

HCM

Holding (1)

555,205‌

62,527‌

Intuit 

119,703‌

64,581‌

Microsoft 

1,813,424‌

511,240‌

salesforce.com (1)

558,200‌

151,395‌

ServiceNow (1)

125,383‌

78,022‌

Synopsys (1)

195,526‌

58,542‌

UiPath,

Class

A (1)

828,011‌

43,562‌

Workiva (1)

505,952‌

71,319‌

Zoom

Video

Communications,

Class

A (1)

469,000‌

122,644‌

1,166,312‌

Technology

Hardware,

Storage

&

Peripherals

1.8%

Apple 

1,113,732‌

157,593‌

157,593‌

Total

Information

Technology

2,395,108‌

MATERIALS

0.5%

Chemicals

0.5%

Sherwin-Williams 

145,400‌

40,673‌

Total

Materials

40,673‌

UTILITIES

2.5%

Electric

Utilities

1.7%

NextEra

Energy 

1,851,064‌

145,345‌

145,345‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Multi-Utilities

0.8%

Sempra

Energy 

550,099‌

69,587‌

69,587‌

Total

Utilities

214,932‌

Total

Common

Stocks

(Cost

$5,623,325)

8,375,757‌

CONVERTIBLE

PREFERRED

STOCKS

3.3%

COMMUNICATION

SERVICES

0.2%

Interactive

Media

&

Services

0.2%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $7,875 (1)(3)

(4)

159,769‌

20,061‌

Total

Communication

Services

20,061‌

CONSUMER

DISCRETIONARY

2.6%

Automobiles

2.4%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $13,652 (1)(3)(4)

1,270,636‌

90,253‌

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $17,598 (1)(3)(4)

1,136,096‌

80,697‌

Rivian

Automotive,

Series

F,

Acquisition

Date:

1/19/21,

Cost $18,238 (1)(3)(4)

494,929‌

35,155‌

206,105‌

Leisure

Products

0.2%

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $17,747 (1)(3)(4)

1,851,771‌

17,747‌

17,747‌

Total

Consumer

Discretionary

223,852‌

HEALTH

CARE

0.1%

Biotechnology

0.1%

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $5,689 (1)(3)(4)

702,380‌

5,689‌

Total

Health

Care

5,689‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.1%

Aerospace

&

Defense

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $10,360 (1)(3)(4)

230,036‌

10,360‌

Total

Industrials

&

Business

Services

10,360‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

0.2%

Software

0.2%

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $14,265 (1)(3)

(4)

166,137‌

15,238‌

Total

Information

Technology

15,238‌

MATERIALS

0.1%

Chemicals

0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $8,661 (1)(3)(4)

182,704‌

8,661‌

Total

Materials

8,661‌

Total

Convertible

Preferred

Stocks

(Cost

$114,085)

283,861‌

SHORT-TERM

INVESTMENTS

1.8%

Money

Market

Funds

1.8%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (5)(6)

159,607,244‌

159,607‌

Total

Short-Term

Investments

(Cost

$159,607)

159,607‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Short-Term

Funds

0.2%

T.

Rowe

Price

Short-Term

Fund,

0.07% (5)(6)

2,043,901‌

20,439‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

20,439‌

Total

Securities

Lending

Collateral

(Cost

$20,439)

20,439‌

Total

Investments

in

Securities

100.7%

(Cost

$5,917,456)

$

8,839,664‌

Other

Assets

Less

Liabilities

(0.7)%

(

59,551‌

)

Net

Assets

100.0%

$

8,780,113‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2021.

(3)

Level

3

in

fair

value

hierarchy.

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

7

.

.

.

.

.

.

.

.

.

.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$289,425

and

represents

3.3%

of

net

assets.

(5)

Seven-day

yield

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

8

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2021.

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,

0.05%

$

—‌

$

—‌

$

30‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

—‌

—‌

++

Totals

$

—‌

#

$

—‌

$

30‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

64,461‌

¤

¤

$

159,607‌

T.

Rowe

Price

Short-Term

Fund,

0.07%

—‌

¤

¤

20,439‌

Total

$

180,046‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$30

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

$180,046.

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

Unaudited

Notes

to

Portfolio

of

Investments

9

T.

Rowe

Price

All-Cap

Opportunities

Fund,

Inc. (the

fund),

formerly

the

T.

Rowe

Price

New

America

Growth

Fund, is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

10

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

11

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

12

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

September

30,

2021.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/

loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/

loss

on

Level

3

instruments

held

at

September

30,

2021,

totaled $152,179,000 for

the

period ended

September

30,

2021.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

8,042,944‌

$

327,249‌

$

5,564‌

$

8,375,757‌

Convertible

Preferred

Stocks

—‌

—‌

283,861‌

283,861‌

Short-Term

Investments

159,607‌

—‌

—‌

159,607‌

Securities

Lending

Collateral

20,439‌

—‌

—‌

20,439‌

Total

$

8,222,990‌

$

327,249‌

$

289,425‌

$

8,839,664‌

($000s)

Beginning

Balance

12/31/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

9/30/21

Investment

in

Securities

Common

Stocks

$

5,957‌

$

(996‌)

$

2,480‌

$

(1,877‌)

$

5,564‌

Convertible

Preferred

Stocks

85,875‌

144,519‌

60,695‌

(7,228‌)

283,861‌

Total

$

91,832‌

$

143,523‌

$

63,175‌

$

(9,105‌)

$

289,425‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

13

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

5,564‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

4.8x

–

5.8x

5.3x

Increase

Sales

growth

rate

11%

11%

Increase

Enterprise

value

to

gross

profit

multiple

9.5x

–

15.4x

12.5x

Increase

Gross

profit

growth

rate

13%

13%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

283,861‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Capital

conversion

reference

point

$55

Billion

$55

Billion

Increase

Market

comparable

Enterprise

value

to

sales

multiple

3.1x

–

4.3x

3.7x

Increase

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

14

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

F60-054Q3

09/21 

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Sales

growth

rate

32%

–

38%

35%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease