NPORT-EX 2 7018TRP093021.htm
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
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