0000773485-25-000019.txt : 20250530 0000773485-25-000019.hdr.sgml : 20250530 20250530102703 ACCESSION NUMBER: 0000773485-25-000019 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250530 DATE AS OF CHANGE: 20250530 PERIOD START: 20251231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price All-Cap Opportunities Fund, Inc. CENTRAL INDEX KEY: 0000773485 ORGANIZATION NAME: EIN: 521416752 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04358 FILM NUMBER: 251007630 BUSINESS ADDRESS: STREET 1: 1307 POINT STREET CITY: BALTIMORE STATE: MD ZIP: 21231 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 1307 POINT STREET CITY: BALTIMORE STATE: MD ZIP: 21231 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price New America Growth Fund, Inc. DATE OF NAME CHANGE: 20171031 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price New America Growth Fund DATE OF NAME CHANGE: 20051028 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW AMERICA GROWTH FUND DATE OF NAME CHANGE: 19920703 0000773485 S000002104 T. Rowe Price All-Cap Opportunities Fund C000005476 T. Rowe Price All-Cap Opportunities Fund PRWAX C000012105 T. Rowe Price All-Cap Opportunities Fund-Advisor Class PAWAX C000166319 T. Rowe Price All-Cap Opportunities Fund-I Class PNAIX C000256316 T. Rowe Price All-Cap Opportunities Fund-Z Class PNZAX NPORT-P 1 primary_doc.xml NPORT-P false 0000773485 XXXXXXXX S000002104 C000166319 C000256316 C000012105 C000005476 T. Rowe Price All-Cap Opportunities Fund, Inc. 811-04358 0000773485 549300O0OLM5HLJ0GS03 1307 Point Street Baltimore 21231 410-345-2000 T. 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Rowe Price All-Cap Opportunities Fund, Inc. /s/ Alan Dupski Alan Dupski Treasurer & Vice President XXXX NPORT-EX 2 7018TRP033125.htm T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
March
31,
2025
(Unaudited)
1
Portfolio
of
Investments
Shares
$
Value
(Cost
and
value
in
$000s)
COMMON
STOCKS
 96.3%
COMMUNICATION
SERVICES
 10.6%
Diversified
Telecommunication
Services
 0.5%
Verizon
Communications 
1,501,028‌
68,087‌
68,087‌
Entertainment
 4.0%
Netflix (1)
514,957‌
480,213‌
Sea,
ADR (1)
857,552‌
111,902‌
592,115‌
Interactive
Media
&
Services
 5.9%
Alphabet,
Class
2,156,829‌
336,962‌
Meta
Platforms,
Class
723,970‌
417,267‌
Tencent
Holdings,
ADR 
1,752,400‌
111,873‌
866,102‌
Wireless
Telecommunication
Services
 0.2%
T-Mobile
U.S. 
121,278‌
32,346‌
32,346‌
Total
Communication
Services
1,558,650‌
CONSUMER
DISCRETIONARY
 13.5%
Automobiles
 1.2%
Ferrari 
187,900‌
80,399‌
Tesla (1)
370,873‌
96,115‌
176,514‌
Broadline
Retail
 4.8%
Alibaba
Group
Holding,
ADR 
662,000‌
87,536‌
Amazon.com (1)
2,737,475‌
520,832‌
MercadoLibre (1)
49,535‌
96,637‌
705,005‌
Hotels,
Restaurants
&
Leisure
 3.6%
Cava
Group (1)
183,500‌
15,856‌
Hilton
Worldwide
Holdings 
298,155‌
67,845‌
Marriott
International,
Class
569,406‌
135,633‌
McDonald's 
246,007‌
76,845‌
Planet
Fitness,
Class
A (1)
1,591,101‌
153,716‌
Starbucks 
867,100‌
85,054‌
534,949‌
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Leisure
Products
 0.0%
Rad
Power
Bikes,
Class
A,
Acquisition
Date:
9/16/21,
Cost $17,747 (1)(2)(3)
1,851,771‌
370‌
370‌
Specialty
Retail
 3.9%
Carvana (1)
752,767‌
157,389‌
Home
Depot 
854,187‌
313,051‌
Ross
Stores 
788,852‌
100,807‌
571,247‌
Total
Consumer
Discretionary
1,988,085‌
CONSUMER
STAPLES
 2.7%
Beverages
 0.9%
Coca-Cola 
1,929,484‌
138,190‌
138,190‌
Consumer
Staples
Distribution
&
Retail
 0.9%
Walmart 
1,439,500‌
126,374‌
126,374‌
Household
Products
 0.9%
Colgate-Palmolive 
1,430,000‌
133,991‌
133,991‌
Total
Consumer
Staples
398,555‌
ENERGY
 2.2%
Oil,
Gas
&
Consumable
Fuels
 2.2%
Exxon
Mobil 
2,189,700‌
260,421‌
Permian
Resources 
5,198,082‌
71,993‌
Total
Energy
332,414‌
FINANCIALS
 15.8%
Banks
 3.8%
Bank
of
America 
6,837,700‌
285,337‌
Citigroup 
1,486,739‌
105,544‌
JPMorgan
Chase 
368,156‌
90,309‌
Western
Alliance
Bancorp 
978,929‌
75,211‌
556,401‌
Capital
Markets
 2.2%
Charles
Schwab 
2,542,342‌
199,015‌
Evercore,
Class
364,036‌
72,705‌
Morgan
Stanley 
491,200‌
57,308‌
329,028‌
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Financial
Services
 5.3%
Berkshire
Hathaway,
Class
B (1)
209,100‌
111,362‌
Fiserv (1)
556,273‌
122,842‌
Mastercard,
Class
302,400‌
165,751‌
Visa,
Class
1,072,892‌
376,006‌
775,961‌
Insurance
 4.5%
Axis
Capital
Holdings 
564,300‌
56,565‌
Chubb 
1,010,610‌
305,194‌
Marsh
&
McLennan 
1,244,400‌
303,671‌
665,430‌
Total
Financials
2,326,820‌
HEALTH
CARE
 13.8%
Biotechnology
 3.1%
Alnylam
Pharmaceuticals (1)
185,700‌
50,143‌
Argenx,
ADR (1)
113,298‌
67,057‌
Avidity
Biosciences (1)
503,400‌
14,860‌
Gilead
Sciences 
770,000‌
86,278‌
Immunocore
Holdings,
ADR (1)
520,451‌
15,442‌
Insmed (1)
1,319,200‌
100,642‌
Natera (1)
523,427‌
74,018‌
Soleno
Therapeutics (1)
732,722‌
52,353‌
460,793‌
Health
Care
Equipment
&
Supplies
 2.8%
IDEXX
Laboratories (1)
400,768‌
168,302‌
Intuitive
Surgical (1)
209,160‌
103,591‌
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,145 (1)
(2)(3)
2,428,492‌
996‌
Stryker 
381,944‌
142,178‌
415,067‌
Health
Care
Providers
&
Services
 3.4%
Cencora 
758,588‌
210,956‌
Centene (1)
1,030,111‌
62,538‌
Elevance
Health 
518,705‌
225,616‌
499,110‌
Life
Sciences
Tools
&
Services
 2.8%
ICON (1)
522,243‌
91,388‌
Repligen (1)
582,255‌
74,086‌
Thermo
Fisher
Scientific 
512,800‌
255,169‌
420,643‌
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Pharmaceuticals
 1.7%
Eli
Lilly 
308,085‌
254,450‌
254,450‌
Total
Health
Care
2,050,063‌
INDUSTRIALS
&
BUSINESS
SERVICES
 8.6%
Aerospace
&
Defense
 2.2%
Airbus
(EUR) 
138,820‌
24,444‌
General
Electric 
1,220,798‌
244,343‌
Howmet
Aerospace 
393,155‌
51,004‌
319,791‌
Commercial
Services
&
Supplies
 0.8%
Waste
Connections 
582,502‌
113,699‌
113,699‌
Industrial
Conglomerates
 0.8%
Roper
Technologies 
204,591‌
120,623‌
120,623‌
Machinery
 1.8%
Deere 
268,500‌
126,020‌
Dover 
294,750‌
51,782‌
Middleby (1)
534,988‌
81,308‌
259,110‌
Professional
Services
 3.0%
Dayforce (1)
1,805,310‌
105,304‌
FTI
Consulting (1)
197,209‌
32,358‌
TransUnion 
1,198,898‌
99,496‌
Upwork (1)(4)
7,984,678‌
104,200‌
Verisk
Analytics 
319,800‌
95,179‌
436,537‌
Total
Industrials
&
Business
Services
1,249,760‌
INFORMATION
TECHNOLOGY
 23.2%
Electronic
Equipment,
Instruments
&
Components
 0.4%
Amphenol,
Class
980,097‌
64,285‌
64,285‌
Semiconductors
&
Semiconductor
Equipment
 6.1%
Broadcom 
1,574,465‌
263,613‌
NVIDIA 
4,906,342‌
531,749‌
Taiwan
Semiconductor
Manufacturing,
ADR 
631,600‌
104,846‌
900,208‌
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Software
 11.5%
ANSYS (1)
151,953‌
48,102‌
BILL
Holdings (1)
663,892‌
30,466‌
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $6,944 (1)(2)
(3)
4,074‌
7,711‌
CyberArk
Software (1)
152,248‌
51,460‌
Fair
Isaac (1)
103,643‌
191,134‌
Fortinet (1)
1,220,648‌
117,499‌
HubSpot (1)
155,059‌
88,584‌
Microsoft 
2,295,291‌
861,629‌
MicroStrategy,
Class
A (1)
105,400‌
30,384‌
Palo
Alto
Networks (1)
652,800‌
111,394‌
ServiceNow (1)
194,762‌
155,058‌
ServiceTitan,
Class
A (1)
64,262‌
6,112‌
1,699,533‌
Technology
Hardware,
Storage
&
Peripherals
 5.2%
Apple 
3,451,081‌
766,589‌
766,589‌
Total
Information
Technology
3,430,615‌
MATERIALS
 1.3%
Metals
&
Mining
 1.3%
ERO
Copper
(CAD) (1)
4,777,567‌
57,867‌
Southern
Copper 
588,142‌
54,968‌
Steel
Dynamics 
431,573‌
53,981‌
Warrior
Met
Coal 
437,012‌
20,854‌
Total
Materials
187,670‌
REAL
ESTATE
 2.4%
Real
Estate
Management
&
Development
 0.6%
CBRE
Group,
Class
A (1)
720,870‌
94,275‌
94,275‌
Specialized
Real
Estate
Investment
Trusts
 1.8%
American
Tower,
REIT 
840,100‌
182,806‌
Crown
Castle,
REIT 
863,424‌
89,994‌
272,800‌
Total
Real
Estate
367,075‌
UTILITIES
 2.2%
Electric
Utilities
 0.7%
NextEra
Energy 
1,519,500‌
107,717‌
107,717‌
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Multi-Utilities
 1.1%
CMS
Energy 
2,141,900‌
160,878‌
160,878‌
Water
Utilities
 0.4%
American
Water
Works 
362,400‌
53,461‌
53,461‌
Total
Utilities
322,056‌
Total
Common
Stocks
(Cost
$11,052,924)
14,211,763‌
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
40,263‌
Total
Communication
Services
40,263‌
HEALTH
CARE
 0.0%
Biotechnology
 0.0%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $5,689 (1)(2)(3)
702,380‌
3,455‌
Treeline
Biosciences,
Series
A,
Acquisition
Date:
9/26/22,
Cost $1,286 (1)(2)(3)
164,309‌
1,415‌
Treeline
Biosciences,
Series
A-1,
Acquisition
Date:
10/2/24,
Cost $5,145 (1)(2)(3)
597,483‌
5,145‌
Total
Health
Care
10,015‌
INDUSTRIALS
&
BUSINESS
SERVICES
 0.0%
Aerospace
&
Defense
 0.0%
ABL
Space
Systems,
Series
A-8,
Acquisition
Date:
3/24/21,
Cost $10,360 (1)(2)(3)
261,025‌
182‌
ABL
Space
Systems,
Series
A-9,
Acquisition
Date:
10/22/21,
Cost $4,648 (1)(2)(3)
76,450‌
54‌
Total
Industrials
&
Business
Services
236‌
INFORMATION
TECHNOLOGY
 0.2%
Software
 0.2%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $412 (1)(2)(3)
242‌
458‌
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $17 (1)(2)(3)
10‌
19‌
Databricks,
Series
J,
Acquisition
Date:
12/17/24,
Cost $15,628 (1)(2)(3)
168,950‌
15,628‌
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $14,266 (1)
(2)(3)
166,137‌
17,602‌
Total
Information
Technology
33,707‌
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
MATERIALS
 0.1%
Chemicals
 0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $8,661 (1)(2)(3)
182,704‌
10,829‌
Total
Materials
10,829‌
Total
Convertible
Preferred
Stocks
(Cost
$73,446)
95,050‌
SHORT-TERM
INVESTMENTS
 3.6%
Money
Market
Funds
 3.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.39% (4)(5)
536,150,829‌
536,151‌
Total
Short-Term
Investments
(Cost
$536,151)
536,151‌
Total
Investments
in
Securities
 100.5%
(Cost
$11,662,521)
$
14,842,964‌
Other
Assets
Less
Liabilities
(0.5)%
(
79,325‌
)
Net
Assets
100.0%
$
14,763,639‌
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
$104,127
and
represents
0.7%
of
net
assets.
(4)
Affiliated
Companies
(5)
Seven-day
yield
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
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
three
months
ended
March
31,
2025.
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
Upwork 
$
1,436‌
$
(
27,464‌
)
$
—‌
T.
Rowe
Price
Government
Reserve
Fund,
4.39%
—‌
—‌
3,944‌
Totals
$
1,436‌
#
$
(
27,464‌
)
$
3,944‌
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
3/31/25
Upwork 
$
140,524‌
$
—‌
$
8,860‌
$
104,200‌
T.
Rowe
Price
Government
Reserve
Fund,
4.39%
162,358‌
¤
¤
536,151‌
Total
$
640,351‌
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$3,944
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
$622,898.
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
All-Cap
Opportunities
Fund,
Inc. (the
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.
Eastern
time,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
10
Level
3
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
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
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
11
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
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 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
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
March
31,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
All-Cap
Opportunities
Fund
12
OTHER
MATTERS 
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F60-054Q1
03/25
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
14,120,375‌
$
82,311‌
$
9,077‌
$
14,211,763‌
Convertible
Preferred
Stocks
—‌
—‌
95,050‌
95,050‌
Short-Term
Investments
536,151‌
—‌
—‌
536,151‌
Total
$
14,656,526‌
$
82,311‌
$
104,127‌
$
14,842,964‌