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        <name>SIRIUS XM RADIO INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>ALLIANT HOLDINGS INTERMEDI</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>IRB HOLDING CORP</name>
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        <name>SCE TRUST IV</name>
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        <name>DELTA 2 LUX SARL</name>
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        <name>FILTRATION GROUP CORP</name>
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        <name>HUB INTERNATIONAL LTD</name>
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        <name>PHOTO HOLDINGS MERGER SU</name>
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        <name>WAYMO LLC SER A-2 CVT PFD UNITS PP</name>
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        <name>AZALEA TOPCO INC</name>
        <lei>549300HC42NZULO53062</lei>
        <title>Azalea Topco Inc</title>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>T ROWE PRICE INSTITUTIONAL FLOATING RATE FUND</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>SUSQUEHANNA FINANCIAL GROUP, LLLP</name>
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        <name>PETVET CARE CENTERS LLC</name>
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        <title>PetVet Care Centers LLC</title>
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        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper Inc</title>
        <cusip>49271V100</cusip>
        <identifiers>
          <isin value="US49271V1008"/>
          <ticker value="KDP"/>
        </identifiers>
        <balance>22330413.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823099023.18000000</valUSD>
        <pctVal>1.527146386174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOWDEN GROUP HOLDINGS LT</name>
        <lei>N/A</lei>
        <title>Howden Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL3706720"/>
        </identifiers>
        <balance>147063046.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>146296848.40000000</valUSD>
        <pctVal>0.271433566376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED AIRLINES 2012-1 A</name>
        <lei>N/A</lei>
        <title>United Airlines 2012-1 Class A Pass Through Trust</title>
        <cusip>210795PZ7</cusip>
        <identifiers>
          <isin value="US210795PZ71"/>
          <other otherDesc="SEDOL" value="B7RL5S7"/>
        </identifiers>
        <balance>8535580.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8861366.25000000</valUSD>
        <pctVal>0.016441039369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUSQUEHANNA FINANCIAL GROUP, LLLP</name>
        <lei>549300E8QX0ZMRDC2M81</lei>
        <title>PEPSICO INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PEP 1 C145"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00Q8YRFR7"/>
        </identifiers>
        <balance>-2681.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7667660.00000000</valUSD>
        <pctVal>-0.01422628253</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SUSQUEHANNA FINANCIAL GROUP, LLLP</counterpartyName>
              <counterpartyLei>549300E8QX0ZMRDC2M81</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PepsiCo Inc</issuerName>
                <issueTitle>PepsiCo Inc</issueTitle>
                <identifiers>
                  <cusip value="713448108"/>
                  <isin value="US7134481081"/>
                  <ticker value="PEP"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>145.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5300028.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FleetCor Technologies Inc</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>FleetCor Technologies Inc</title>
        <cusip>339041105</cusip>
        <identifiers>
          <isin value="US3390411052"/>
          <ticker value="FLT"/>
        </identifiers>
        <balance>1385338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>310094057.92000000</valUSD>
        <pctVal>0.575336632155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE SECURITIES (USA) LLC</name>
        <lei>1V8Y6QCX6YMJ2OELII46</lei>
        <title>COCA-COLA CO/THE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="KO 1 C55"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00Q8VDR56"/>
        </identifiers>
        <balance>-9025.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3858187.50000000</valUSD>
        <pctVal>-0.00715833324</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CREDIT SUISSE SECURITIES (USA) LLC</counterpartyName>
              <counterpartyLei>1V8Y6QCX6YMJ2OELII46</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Coca-Cola Co/The</issuerName>
                <issueTitle>Coca-Cola Co/The</issueTitle>
                <identifiers>
                  <cusip value="191216100"/>
                  <isin value="US1912161007"/>
                  <ticker value="KO"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>55.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-2223980.90000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT HOLDINGS INTERMEDI</name>
        <lei>5493006Q26653NF8SI73</lei>
        <title>Alliant Holdings Intermediate LLC</title>
        <cusip>01881UAJ4</cusip>
        <identifiers>
          <isin value="US01881UAJ43"/>
          <other otherDesc="INTERNAL" value="BL3759174"/>
        </identifiers>
        <balance>152825270.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152525733.21000000</valUSD>
        <pctVal>0.282990400559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dominos Pizza Master Issuer LL</name>
        <lei>N/A</lei>
        <title>Domino's Pizza Master Issuer LLC</title>
        <cusip>25755TAJ9</cusip>
        <identifiers>
          <isin value="US25755TAJ97"/>
        </identifiers>
        <balance>34294350.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35052460.90000000</valUSD>
        <pctVal>0.065034992731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.11600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMWINS GROUP INC</name>
        <lei>549300SJE7MUB8NMRG61</lei>
        <title>AmWINS Group Inc</title>
        <cusip>031921AB5</cusip>
        <identifiers>
          <isin value="US031921AB57"/>
          <other otherDesc="SEDOL" value="BNW02Z7"/>
        </identifiers>
        <balance>14105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14281312.50000000</valUSD>
        <pctVal>0.026496999947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UKG INC</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL3771526"/>
        </identifiers>
        <balance>29400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29455272.00000000</valUSD>
        <pctVal>0.054650182932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE SECURITIES (USA) LLC</name>
        <lei>1V8Y6QCX6YMJ2OELII46</lei>
        <title>BANK OF AMERICA CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="BAC 1 C35"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00Q8L7GP7"/>
        </identifiers>
        <balance>-25653.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-24434482.50000000</valUSD>
        <pctVal>-0.04533480249</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CREDIT SUISSE SECURITIES (USA) LLC</counterpartyName>
              <counterpartyLei>1V8Y6QCX6YMJ2OELII46</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Bank of America Corp</issuerName>
                <issueTitle>Bank of America Corp</issueTitle>
                <identifiers>
                  <cusip value="060505104"/>
                  <isin value="US0605051046"/>
                  <ticker value="BAC"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>35.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-20417222.70000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-02-23</ncom:dateSigned>
      <ncom:nameOfApplicant>T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.</ncom:nameOfApplicant>
      <ncom:signature>Alan S. Dupski</ncom:signature>
      <ncom:signerName>Alan S. Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
