T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

BANK

LOANS

16.7%

(1)

1011778

BC

ULC,

FRN

1M

TSFR

+

2.25%,

7.58%,

9/20/30 (2)

290,273‌

290‌

Alliant

Holdings

Intermediate,

FRN

1M

TSFR

+

3.50%,

8.827%,

11/6/30 

464,483‌

466‌

Applied

Systems,

FRN

1M

TSFR

+

3.50%,

8.809%,

2/24/31 (2)

1,759,897‌

1,770‌

Applied

Systems,

FRN

1M

TSFR

+

5.25%,

10.559%,

2/23/32 (2)

358,000‌

370‌

AssuredPartners,

FRN

1M

TSFR

+

3.50%,

8.827%,

2/12/27 (2)

193,782‌

194‌

AssuredPartners,

FRN

1M

TSFR

+

3.50%,

8.942%,

2/12/27 (2)

193,780‌

194‌

AssuredPartners,

FRN

1M

TSFR

+

3.50%,

8.942%,

2/12/27 (2)

191,777‌

192‌

Avantor

Funding,

FRN

1M

TSFR

+

2.25%,

7.68%,

11/8/27 (2)

262,445‌

263‌

Azalea

Topco,

FRN

1M

TSFR

+

3.50%,

8.942%,

7/24/26 (2)

249,455‌

248‌

BroadStreet

Partners,

FRN

1M

TSFR

+

3.00%,

8.445%,

1/27/27 (2)

291,986‌

293‌

BroadStreet

Partners,

FRN

1M

TSFR

+

3.75%,

9.08%,

1/27/29 (2)

242,393‌

243‌

Delta

2,

FRN

1M

TSFR

+

2.25%,

7.559%,

1/15/30 (2)

809,000‌

809‌

Ellucian

Holdings,

FRN

1M

TSFR

+

3.50%,

8.93%,

10/9/29 (2)

479,973‌

482‌

Epicor

Software,

FRN

1M

TSFR

+

3.25%,

8.692%,

7/30/27 (2)

340,751‌

342‌

Epicor

Software,

FRN

1M

TSFR

+

3.75%,

9.077%,

7/30/27 (2)

338,153‌

339‌

Filtration

Group,

FRN

1M

TSFR

+

3.50%,

8.945%,

10/21/28 (2)

581,807‌

583‌

Filtration

Group,

FRN

1M

TSFR

+

4.25%,

9.695%,

10/21/28 (2)

742,269‌

744‌

Four

Seasons

Hotels,

FRN

1M

TSFR

+

2.00%,

7.43%,

11/30/29 (2)

796,028‌

796‌

Hilton

Domestic

Operating,

FRN

1M

TSFR

+

1.75%,

7.179%,

6/21/28 (2)

1,126,000‌

1,128‌

HUB

International,

FRN

1M

TSFR

+

3.25%,

8.574%,

6/20/30 (2)

880,870‌

881‌

ICON

Luxembourg,

FRN

1M

TSFR

+

2.00%,

7.302%,

7/3/28 (2)

522,568‌

523‌

IRB

Holding,

FRN

1M

TSFR

+

2.75%,

8.177%,

12/15/27 (2)

637,277‌

637‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Loire

Finco

Luxembourg,

FRN

1M

TSFR

+

3.50%,

8.93%,

4/21/27 (2)

602,782‌

588‌

Mileage

Plus

Holdings,

FRN

3M

TSFR

+

5.25%,

6/21/27 (2)

139,000‌

143‌

Ryan

Specialty,

FRN

1M

TSFR

+

2.75%,

8.08%,

9/1/27 (2)

440,370‌

440‌

SBA

Senior

Finance

II,

FRN

1M

TSFR

+

2.00%,

7.33%,

1/25/31 (2)

1,040,691‌

1,042‌

Severin

Acquisition,

FRN

3M

TSFR

+

3.00%,

8.313%,

8/1/27 (2)

1,183,000‌

1,184‌

SkyMiles

IP,

FRN

3M

TSFR

+

3.75%,

9.068%,

10/20/27 (2)

314,688‌

324‌

Trans

Union,

FRN

1M

TSFR

+

1.75%,

7.177%,

11/16/26 (2)

381,552‌

381‌

Trans

Union,

FRN

1M

TSFR

+

2.00%,

7.327%,

12/1/28 (2)

333,084‌

333‌

TransDigm,

FRN

1M

TSFR

+

2.75%,

8.059%,

8/24/28 (2)

432,462‌

434‌

TransDigm,

FRN

1M

TSFR

+

2.75%,

8.059%,

3/15/30 (2)

425,466‌

426‌

Truist

Insurance

Holdings,

FRN

1M

USD

LIBOR

+

4.75%,

3/8/32 (2)

213,000‌

214‌

UKG,

FRN

1M

TSFR

+

3.50%,

8.814%,

2/10/31 (2)

905,904‌

910‌

USI,

FRN

1M

TSFR

+

3.00%,

8.309%,

11/22/29 (2)

578,836‌

579‌

USI,

FRN

1M

TSFR

+

3.25%,

8.552%,

9/27/30 

277,947‌

278‌

Total

Bank

Loans

(Cost

$19,062)

19,063‌

COMMON

STOCKS

40.3%

COMMUNICATION

SERVICES

3.2%

Interactive

Media

&

Services

2.9%

Alphabet,

Class

A (3)

13,732‌

2,072‌

Meta

Platforms,

Class

A 

2,510‌

1,219‌

3,291‌

Wireless

Telecommunication

Services

0.3%

T-Mobile

U.S. 

1,866‌

305‌

305‌

Total

Communication

Services

3,596‌

CONSUMER

DISCRETIONARY

4.1%

Broadline

Retail

1.4%

Amazon.com (3)

8,774‌

1,583‌

1,583‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Diversified

Consumer

Services

0.1%

Service

Corp

International 

2,236‌

166‌

166‌

Hotels,

Restaurants

&

Leisure

1.7%

Domino's

Pizza 

328‌

163‌

Hilton

Worldwide

Holdings 

1,355‌

289‌

McDonald's 

2,043‌

576‌

Starbucks 

3,480‌

318‌

Yum!

Brands 

4,770‌

661‌

2,007‌

Household

Durables

0.2%

Lennar,

Class

A 

1,228‌

211‌

211‌

Specialty

Retail

0.7%

Home

Depot 

930‌

357‌

O'Reilly

Automotive (3)

198‌

224‌

Tractor

Supply 

520‌

136‌

Ulta

Beauty (3)

272‌

142‌

859‌

Total

Consumer

Discretionary

4,826‌

CONSUMER

STAPLES

0.9%

Food

Products

0.3%

Mondelez

International,

Class

A 

4,558‌

319‌

319‌

Household

Products

0.6%

Procter

&

Gamble 

3,963‌

643‌

643‌

Total

Consumer

Staples

962‌

ENERGY

1.8%

Oil,

Gas

&

Consumable

Fuels

1.8%

Canadian

Natural

Resources 

10,815‌

825‌

Cheniere

Energy 

936‌

151‌

EOG

Resources 

2,687‌

344‌

Exxon

Mobil (4)

6,013‌

699‌

Total

Energy

2,019‌

FINANCIALS

4.8%

Banks

1.6%

Bank

of

America 

15,769‌

598‌

JPMorgan

Chase 

4,662‌

934‌

PNC

Financial

Services

Group 

1,902‌

307‌

1,839‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Capital

Markets

1.0%

Goldman

Sachs

Group 

729‌

305‌

Intercontinental

Exchange 

1,712‌

235‌

Morgan

Stanley 

4,200‌

395‌

Raymond

James

Financial 

1,894‌

243‌

1,178‌

Financial

Services

1.7%

Fiserv (3)

2,021‌

323‌

Mastercard,

Class

A 

1,627‌

784‌

Visa,

Class

A 

2,856‌

797‌

1,904‌

Insurance

0.5%

Aflac 

1,811‌

155‌

Marsh

&

McLennan 

2,199‌

453‌

608‌

Total

Financials

5,529‌

HEALTH

CARE

7.4%

Biotechnology

0.9%

AbbVie (4)

4,140‌

754‌

Biogen (3)

1,124‌

242‌

996‌

Health

Care

Equipment

&

Supplies

1.5%

Abbott

Laboratories 

3,187‌

362‌

Becton

Dickinson

&

Company 

2,705‌

670‌

GE

HealthCare

Technologies 

3,709‌

337‌

Stryker 

923‌

330‌

1,699‌

Health

Care

Providers

&

Services

2.1%

Elevance

Health (4)

747‌

387‌

HCA

Healthcare 

1,227‌

409‌

Humana 

443‌

154‌

McKesson (4)

467‌

251‌

UnitedHealth

Group 

2,358‌

1,166‌

2,367‌

Life

Sciences

Tools

&

Services

1.9%

Agilent

Technologies 

2,235‌

325‌

Bruker 

2,630‌

247‌

Danaher 

1,728‌

432‌

IQVIA

Holdings (3)

934‌

236‌

Mettler-Toledo

International (3)

142‌

189‌

Revvity 

3,880‌

407‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Thermo

Fisher

Scientific 

498‌

290‌

2,126‌

Pharmaceuticals

1.0%

Eli

Lilly 

557‌

433‌

Johnson

&

Johnson (4)

2,384‌

377‌

Zoetis 

1,736‌

294‌

1,104‌

Total

Health

Care

8,292‌

INDUSTRIALS

&

BUSINESS

SERVICES

4.2%

Aerospace

&

Defense

0.6%

General

Dynamics 

1,028‌

290‌

Lockheed

Martin 

928‌

422‌

712‌

Building

Products

0.2%

A.O.

Smith 

2,682‌

240‌

240‌

Commercial

Services

&

Supplies

1.4%

Republic

Services 

2,479‌

475‌

Veralto 

4,286‌

380‌

Waste

Connections 

2,113‌

363‌

Waste

Management 

2,017‌

430‌

1,648‌

Electrical

Equipment

0.3%

AMETEK 

1,786‌

327‌

327‌

Ground

Transportation

0.3%

CSX 

8,816‌

327‌

327‌

Industrial

Conglomerates

0.1%

Roper

Technologies 

322‌

181‌

181‌

Machinery

1.3%

Dover 

1,483‌

263‌

Fortive 

3,683‌

317‌

Illinois

Tool

Works 

1,063‌

285‌

Ingersoll

Rand 

3,050‌

290‌

Parker-Hannifin 

354‌

197‌

Snap-on 

623‌

184‌

1,536‌

Total

Industrials

&

Business

Services

4,971‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

10.3%

Electronic

Equipment,

Instruments

&

Components

0.4%

TE

Connectivity 

1,604‌

233‌

Teledyne

Technologies (3)

428‌

184‌

417‌

IT

Services

0.4%

Accenture,

Class

A 

563‌

195‌

VeriSign (3)

1,198‌

227‌

422‌

Semiconductors

&

Semiconductor

Equipment

2.7%

Analog

Devices 

1,518‌

300‌

Applied

Materials 

2,200‌

454‌

KLA 

555‌

388‌

Microchip

Technology 

2,934‌

263‌

NVIDIA 

1,474‌

1,332‌

NXP

Semiconductors 

1,306‌

323‌

3,060‌

Software

4.8%

Adobe (3)

612‌

309‌

Autodesk (3)

1,167‌

304‌

Cadence

Design

Systems (3)

830‌

258‌

Microsoft 

9,002‌

3,787‌

PTC (3)

1,319‌

249‌

Salesforce 

2,024‌

610‌

5,517‌

Technology

Hardware,

Storage

&

Peripherals

2.0%

Apple 

13,095‌

2,246‌

2,246‌

Total

Information

Technology

11,662‌

MATERIALS

0.5%

Chemicals

0.4%

Linde 

966‌

449‌

449‌

Containers

&

Packaging

0.1%

Berry

Global

Group 

1,375‌

83‌

83‌

Total

Materials

532‌

REAL

ESTATE

0.6%

Industrial

Real

Estate

Investment

Trusts

0.2%

Prologis,

REIT 

1,453‌

189‌

189‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Specialized

Real

Estate

Investment

Trusts

0.4%

American

Tower,

REIT 

1,853‌

366‌

SBA

Communications,

REIT 

693‌

150‌

516‌

Total

Real

Estate

705‌

UTILITIES

2.5%

Electric

Utilities

0.6%

Entergy 

2,277‌

241‌

Evergy 

3,420‌

183‌

Exelon 

7,437‌

279‌

703‌

Multi-Utilities

1.9%

Ameren 

5,257‌

389‌

CenterPoint

Energy 

11,912‌

339‌

CMS

Energy 

3,306‌

200‌

DTE

Energy 

2,988‌

335‌

NiSource 

9,415‌

260‌

Public

Service

Enterprise

Group 

4,809‌

321‌

WEC

Energy

Group 

4,760‌

391‌

2,235‌

Total

Utilities

2,938‌

Total

Common

Stocks

(Cost

$42,622)

46,032‌

CORPORATE

BONDS

16.9%

Alliant

Holdings

Intermediate,

4.25%,

10/15/27 (5)

116,000‌

109‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29 (5)

124,000‌

115‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (5)

378,000‌

371‌

Alliant

Holdings

Intermediate,

6.75%,

4/15/28 (5)

105,000‌

106‌

American

Tower,

3.80%,

8/15/29 

299,000‌

279‌

American

Tower,

5.90%,

11/15/33 

275,000‌

284‌

Avantor

Funding,

3.875%,

11/1/29 (5)

634,000‌

570‌

Avantor

Funding,

4.625%,

7/15/28 (5)

148,000‌

140‌

Biogen,

3.15%,

5/1/50 

460,000‌

307‌

Biogen,

3.25%,

2/15/51 

436,000‌

300‌

Biogen,

5.20%,

9/15/45 

289,000‌

274‌

Booz

Allen

Hamilton,

3.875%,

9/1/28 (5)

299,000‌

280‌

Booz

Allen

Hamilton,

4.00%,

7/1/29 (5)

156,000‌

145‌

Booz

Allen

Hamilton,

5.95%,

8/4/33 

275,000‌

285‌

BroadStreet

Partners,

5.875%,

4/15/29 (5)

310,000‌

286‌

CCO

Holdings,

5.00%,

2/1/28 (5)

296,000‌

275‌

CCO

Holdings,

5.125%,

5/1/27 (5)

294,000‌

280‌

Charles

River

Laboratories

International,

3.75%,

3/15/29 (5)

187,000‌

170‌

Charles

River

Laboratories

International,

4.00%,

3/15/31 (5)

259,000‌

230‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Exelon,

4.45%,

4/15/46 

338,000‌

287‌

Fortive,

4.30%,

6/15/46 

465,000‌

389‌

Gartner,

3.625%,

6/15/29 (5)

469,000‌

423‌

Gartner,

3.75%,

10/1/30 (5)

643,000‌

573‌

Gartner,

4.50%,

7/1/28 (5)

295,000‌

280‌

GFL

Environmental,

6.75%,

1/15/31 (5)

175,000‌

179‌

Hilton

Domestic

Operating,

3.625%,

2/15/32 (5)

998,000‌

857‌

Hilton

Domestic

Operating,

4.00%,

5/1/31 (5)

161,000‌

144‌

Hilton

Domestic

Operating,

4.875%,

1/15/30 

148,000‌

141‌

Howmet

Aerospace,

3.00%,

1/15/29 

166,000‌

150‌

Howmet

Aerospace,

5.90%,

2/1/27 

130,000‌

131‌

Howmet

Aerospace,

5.95%,

2/1/37 

417,000‌

429‌

Howmet

Aerospace,

6.75%,

1/15/28 

125,000‌

131‌

HUB

International,

5.625%,

12/1/29 (5)

467,000‌

437‌

HUB

International,

7.25%,

6/15/30 (5)

635,000‌

651‌

IQVIA,

5.00%,

5/15/27 (5)

290,000‌

283‌

IQVIA,

5.70%,

5/15/28 

131,000‌

133‌

IQVIA,

6.50%,

5/15/30 (5)

137,000‌

140‌

Lockheed

Martin,

4.70%,

5/15/46 

340,000‌

317‌

Marriott

International,

Series GG,

3.50%,

10/15/32 

375,000‌

328‌

MSCI,

3.25%,

8/15/33 (5)

347,000‌

286‌

MSCI,

3.625%,

9/1/30 (5)

259,000‌

230‌

MSCI,

3.625%,

11/1/31 (5)

193,000‌

167‌

MSCI,

3.875%,

2/15/31 (5)

260,000‌

232‌

MSCI,

4.00%,

11/15/29 (5)

310,000‌

286‌

Northrop

Grumman,

5.25%,

5/1/50 

499,000‌

489‌

PRA

Health

Sciences,

2.875%,

7/15/26 (5)

156,000‌

145‌

PTC,

4.00%,

2/15/28 (5)

605,000‌

564‌

RTX,

5.15%,

2/27/33 

142,000‌

142‌

SBA

Communications,

3.125%,

2/1/29 

1,128,000‌

988‌

Service

Corp.

International,

3.375%,

8/15/30 

102,000‌

88‌

Service

Corp.

International,

4.00%,

5/15/31 

242,000‌

214‌

TransDigm,

4.625%,

1/15/29 

156,000‌

145‌

TransDigm,

7.125%,

12/1/31 (5)

280,000‌

289‌

UKG,

6.875%,

2/1/31 (5)

137,000‌

139‌

VICI

Properties,

4.125%,

8/15/30 (5)

634,000‌

576‌

VICI

Properties,

4.625%,

12/1/29 (5)

624,000‌

588‌

Workday,

3.80%,

4/1/32 

160,000‌

145‌

Yum!

Brands,

3.625%,

3/15/31 

520,000‌

460‌

Yum!

Brands,

4.625%,

1/31/32 

542,000‌

500‌

Yum!

Brands,

4.75%,

1/15/30 (5)

461,000‌

436‌

Yum!

Brands,

5.35%,

11/1/43 

313,000‌

298‌

Yum!

Brands,

5.375%,

4/1/32 

478,000‌

463‌

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

‡

Yum!

Brands,

6.875%,

11/15/37 

263,000‌

285‌

Total

Corporate

Bonds

(Cost

$19,373)

19,364‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

18.2%

U.S.

Treasury

Obligations

18.2%

U.S.

Treasury

Notes,

4.00%,

2/15/34 

7,877,000‌

7,747‌

U.S.

Treasury

Notes,

4.50%,

11/15/33 

12,765,000‌

13,048‌

20,795‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$20,873)

20,795‌

SHORT-TERM

INVESTMENTS

8.3%

Money

Market

Funds

8.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (6)(7)

9,420,947‌

9,421‌

Total

Short-Term

Investments

(Cost

$9,421)

9,421‌

Total

Investments

in

Securities

100.4%

(Cost

$111,351)

$

114,675‌

Other

Assets

Less

Liabilities

(0.4)%

(500‌)

Net

Assets

100.0%

$

114,175‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

March

31,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Non-income

producing

(4)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

March

31,

2024.

(5)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$10,982

and

represents

9.6%

of

net

assets.

(6)

Seven-day

yield

(7)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

FRN

Floating

Rate

Note

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

10

.

.

.

.

.

.

.

.

.

.

OTC

Over-the-counter

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

11

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

JPMorgan

Chase

AbbVie,

Call,

1/17/25

@

$175.00

15

273

(27‌)

JPMorgan

Chase

Elevance

Health,

Call,

1/17/25

@

$550.00

2

104

(7‌)

Wells

Fargo

Exxon

Mobil,

Call,

1/17/25

@

$115.00

19

221

(18‌)

Wells

Fargo

Exxon

Mobil,

Call,

1/17/25

@

$120.00

15

174

(12‌)

Goldman

Sachs

Johnson

&

Johnson,

Call,

1/17/25

@

$180.00

19

301

(4‌)

Barclays

Bank

McKesson,

Call,

1/17/25

@

$580.00

4

215

(13‌)

Total

Options

Written

(Premiums

$(50))

$

(81‌)

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

12

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,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌#

$

—‌

$

109‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

9,836‌

 ¤

 ¤

$

9,421‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$109

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

$9,421.

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

Unaudited

Notes

to

Portfolio

of

Investments

13

T.

Rowe

Price

Capital

Appreciation

and

Income

Fund (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.

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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

14

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 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

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

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

15

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,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

59,222‌

$

—‌

$

59,222‌

Common

Stocks

46,032‌

—‌

—‌

46,032‌

Short-Term

Investments

9,421‌

—‌

—‌

9,421‌

Total

$

55,453‌

$

59,222‌

$

—‌

$

114,675‌

Liabilities

Options

Written

$

—‌

$

81‌

$

—‌

$

81‌

1

Includes

Bank

Loans,

Corporate

Bonds

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

T.

ROWE

PRICE

Capital

Appreciation

and

Income

Fund

16

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F1577-054Q1

03/24