# EDGAR Filing Document

**Accession Number:** 0000793347
**File Stem:** 0001193125-23-044695
**Filing Date:** 2023-2
**Character Count:** 206181
**Document Hash:** f76fab8027516000abb46dff66035237
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044695.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044695

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Capital Appreciation Fund, Inc.
- **CENTRAL INDEX KEY:** 0000793347
- **IRS NUMBER:** 521465786
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04519
- **FILM NUMBER:** 23652704

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Capital Appreciation Fund
- **DATE OF NAME CHANGE:** 20051018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE CAPITAL APPRECIATION FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE CAPITAL ADVANTAGE FUND
- **DATE OF NAME CHANGE:** 19860629

## Series and Classes Contracts Data

### T. Rowe Price Capital Appreciation Fund (Series ID: S000002070)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000005427 | T. Rowe Price Capital Appreciation Fund               | PRWCX           |
| C000005428 | T. Rowe Price Capital Appreciation Fund-Advisor Class | PACLX           |
| C000166317 | T. Rowe Price Capital Appreciation Fund-I Class       | TRAIX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-04519

T. Rowe Price Capital Appreciation Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# ANNUAL REPORT

December 31, 2022

| PRWCX | T. ROWE PRICE Capital Appreciation Fund |
| --- | --- |
| PACLX | Capital Appreciation |

INVEST WITH CONFIDENCE®

T. ROWE PRICE CAPITAL APPRECIATION FUND

# HIGHLIGHTS

•

•

•

•

Markets turned sharply lower after a run of above-average returns in recent years. Concerns over inflation, aggressive monetary policy, and rising fears of a global recession drove the market decline.

Your fund declined by 11.9% versus the S&P 500 Index's 18.1% loss in 2022.

The fund continued to deliver strong long-term risk-adjusted returns, generating

97% of the S&P 500's return while taking just 70% of the index's risk over the last five years.

Go Paperless
TRAIX

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

# Fund-Advisor Class

# Capital Appreciation

# Fund-I Class

It's convenient-access your important account documents whenever you need them.

It's secure-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

It can save you money-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

Log in to your account at troweprice.com for more information.

*Certain mutual fund accounts that are assessed an annual account service fee

T. ROWE PRICE CAPITAL APPRECIATION FUND

Management's Discussion of Fund Performance

## Fellow Shareholders

After three consecutive years of above-average stock market returns in which the

can also save money by switching to e-delivery.

S&P 500 is a market for the 2021 year ended December 31, 2022. The market for the 2021 year ended December 31, 2022 is a significant increase in the market for the 2021 year ended December 31, 2022. The market for the 2021 year ended December 31, 2022 is a significant increase in the market for the 2021 year ended December 31, 2022.

We see pockets of value in cyclical and 'growth at a reasonable price' stocks, as well as in the utilities sector, in high-quality high yield debt and loans, and in select large-cap names that offer improved valuations after a period of weakness.

# ---T. ROWE PRICE CAPITAL APPRECIATION FUND---

invert-and inverted yield curves have historically preceded recessions. We essentially went from a period in late 2021 when no one was calling for a recession to a period in which it seems every economic soothsayer, market strategist, and high-profile CEO was engaging in a public market duel to see who could be the most bearish on the economy. While the risk of a recession is clearly elevated today, it is not a certainty. And even if there is a

4

---

T. ROWE PRICE CAPITAL APPRECIATION FUND^{}[] ---

slowdown in their revenue growth sometime in 2022 from a combination

Highway to an expected inflationary weight loss for years capitalized in the first three years of the year. The average of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share of the year's annual earnings per share

| Preliminary Population |  |  |
| --- | --- | --- |
|  | Total Return |  |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Capital Appreciation Fund | 2.77% | -11.94% |
| Capital Appreciation Fund- Advisor Class | 2.62 | -12.18 |

5

T. ROWE PRICE CAPITAL APPRECIATION FUND

competitive edge. We have found that this strategy is far superior to trying to speculate on Fed policy, GDP levels, growth versus value, or short-term stock market movements-areas where we don't have an edge or a structural market

The following table provides the information in English:

investment professionals, go to
troweprice.com.

6

Capital Appreciation

Fund- I Class

2.81

-11.84

S&P 500 Index

T. ROWE PRICE CAPITAL APPRECIATION FUND

Lipper Mixed-Asset Target

Allocation Growth Funds

Index

1.22

-15.88

Morningstar Allocation

While technically we outperformed the S&P 500 on a Sharpe ratio basis in

2008, we do not believe the Sharpe ratio is a great measure of risk-adjusted

returns when returns are negative. There are academic papers that debate how to interpret Sharpe ratios in periods with negative returns, as well as how the ratio might be modified during such periods to provide more insight. But the

7

The report is based on the amount of $100,000.00 per share, which is a result of the annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annualized annual

![img-0.jpeg](img-0.jpeg)

8

T. ROWE PRICE CAPITAL APPRECIATION FUND

resilient and, in a higher inflation environment, its franchisees pass through

# **SECTOR DIVERSIFICATION**

To customers, which then during the 2018-2019 period, the company is a major business center in the United States. The company is a major business center in the United States. The company is a major business center in the United States.

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Information Technology | 20.1% | 17.1% |
| Health Care | 15.2 | 14.6 |
| Industrials and Business Services | 11.1 | 10.5 |
| Financials | 7.6 | 6.8 |

9

# T. ROWE PRICE CAPITAL APPRECIATION FUND

Your fund has employed a covered call overwriting strategy consistently since 2008. This involves buying an equity security and writing a call option that becomes exercisable at a higher price in return for an upfront premium. In 2022, our covered call program had a positive impact on your

Periods Ending 2010-2011, the following is a key factor for the 2010-2011 period. The period is a period of 2010-2011. The period is a period of 2010-2011. The period is a period of 2010-2011. The period is a period of 2010-2011. The period is a period of 2010-2011. The period is a period of 2010-2011. The period is a period of 2010-2011. The period is a period of

10

# T. ROWE PRICE CAPITAL APPRECIATION FUND

![img-1.jpeg](img-1.jpeg)

- Growth at a reasonable price (GARP) stocks-While GARP outperformed last year, we believe that over the long term, GARP stocks still offer the best risk-adjusted

11

T. ROWE PRICE CAPITAL APPRECIATION FUND

**IN CLOSING**
The fund is designed to provide a comprehensive and comprehensive analysis of the financial situation and the impact of the financial situation on the financial system. The fund is designed to provide a comprehensive analysis of the financial situation and the impact of the financial situation on the financial system.

| Real Estate | 0.0 | 0.0 |
| --- | --- | --- |
| Other and Reserves | 32.4 | 37.8 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector classifications.

12

T. ROWE PRICE CAPITAL APPRECIATION FUND

# **RISKS OF INVESTING**

As with all stock and bond mutual funds, the fund's share price can fall because

For more information on the impact of the棚户区改造项目 on the project, please contact the following person: ________________________
However, let us remember that we do not manage your funds to treat these
provisions. The棚户区改造项目 is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区改造, which is a part of the棚户区

13

T. ROWE PRICE CAPITAL APPRECIATION FUND

Note: Portions of the mutual fund information contained in this report
was supplied by Lipper, a Refinitiv Company, subject to the following:
Copyright 2023 © Refinitiv. All rights reserved. Any copying, republication
or redistribution of Lipper content is expressly prohibited without the prior
written consent of Lipper. Lipper shall not be liable for any errors or delays in

the first and most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of the most of

# PORTFOLIO HIGHLIGHTS

# TWENTY-FIVE LARGEST HOLDINGS

Percent of

Net Assets

12/31/22

T. ROWE PRICE CAPITAL APPRECIATION FUND

# PORTFOLIO HIGHLIGHTS

# MAJOR PORTFOLIO CHANGES

Listed in descending order of size.

Six Months Ended 12/31/2022

Largest Purchases

Largest Sales

('Dow Jones'); T. Rowe Price is not sponsored, endorsed, sold or promoted

16

T. ROWE PRICE CAPITAL APPRECIATION FUND

# GROWTH OF $10,000

This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records).

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| Capital Appreciation Fund | $27,971 |
| --- | --- |
| S&P 500 Index | 32,654 |
| Lipper Mixed-Asset Target Allocation Growth Funds Index | 20,622 |

Bendix
The Bendix is a 2018-2019 period of the Bendix, and the Bendix is a 2018-2019 period of the Bendix. The Bendix is a 2018-2019 period of the Bendix, and the Bendix is a 2018-2019 period of the Bendix. The Bendix is a 2018-2019 period of the Bendix, and the Bendix is a 2018-2019 period of the Bendix.

17

# T. ROWE PRICE CAPITAL APPRECIATION FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

| Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- |
| Capital Appreciation |  |  |  |  |  |

18

T. ROWE PRICE CAPITAL APPRECIATION FUND

EXPENSE RATIO Exchange 5AP Global
Interest Rate Services Limited -1.94%, the administration of the index - (collectively 0.6 -

| A | Capital Appreciation Fund | 0.70% |
| --- | --- | --- |
| B | Capital Appreciation Fund-Advisor Class | 0.99 |
| The view change to a forecast | Capital Appreciation Fund-I Class | 0.59 |

19

T. ROWE PRICE CAPITAL APPRECIATION FUND

FUND EXPENSE EXAMPLE (CONTINUED)

FUND

Note: T. Rowe Price charges an annual account service fee of $20, generally for accounts that $10,000. The fee is waived for any investor whose T. Rowe Price initial fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account statements, transaction confirmations, prospectuses, and shareholder reports; or accounts of an investor who is a T. Rowe Price Personal Services or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $250,000). This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

20

# T. ROWE PRICE CAPITAL APPRECIATION FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

Investor Class

|  | Year Ended 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| --- | --- | --- | --- | --- | --- |

NET ASSET VALUE

The following table provides the information in English:

| Investment activities that the fund has three share classes: The original share class (Investor Class) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net investment income (1)(2) | 0.49 | 0.35 | 0.40 | 0.49 | 0.72 (3) |
| Net realized and unrealized gain/loss | T. ROWE PRICE CAPITAL APPRECIATION FUND |  |  |  |  |
| Total from investment activities | (4.42) | 6.26 | 5.61 | 6.52 | (0.49) |
|  | (4.42) | 6.26 | 5.61 | 6.52 | 0.23 |

Distributions

**FINANCIAL HIGHLIGHTS** For a share outstanding throughout each period

Investor Class

| Year Ended | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| --- | --- | --- | --- | --- | --- |

Ratios/Supplemental Data

22

T. ROWE PRICE CAPITAL APPRECIATION FUND

**FINANCIAL HIGHLIGHTS** For a share outstanding throughout each period

changes no distribution and service (12b-1) fee, the Advisor Class shares are offered only through unattended brokers and other financial intermediaries and charge a 0.25% (12b-1) fee, and I Class shares are available to institutionally oriented clients and impose no 12b-1 of administrative fee payment. Each share class is presented separately in the table.

|  | 7/1/22 | 12/31/22 | 7/1/22 | 12/31/22 |
| --- | --- | --- | --- | --- |
| Table 1: Total for Class | (11.04)% | 18.53% | 18.16% | 24.61% |
| Net investment income | (0.01) | (0.02) | (0.01) | (0.02) |
| Net interest paid | (0.02) | (0.02) | (0.02) | (0.02) |
| Notes to owners, but above the fund's actual returns. You may use the information on this line, whether you are a member, or a member fee. | (2.02) | (3.06) | (2.32) | (1.34) |
| Total distribution of reserves, see | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
| Net assets available to estimate the expenses that you paid over the period. Simply |  |  |  |  |
| Expenses by Price Associates (1) | 0.73% | 0.70% | 0.70% | 0.70% |
| Net interest paid | $36.49 | $33.70 | $30.88 | $26.27 |
| Net expenses after waivers/ |  |  |  |  |
| End of period | $29.73 | $36.96 | $34.11 | $31.22 |
| Expenses by Price Associates | 0.73% | 0.73% | 0.73% | 0.73% |
| Investment income | 1.45% | 0.95% | 1.26% | 1.61% |
| Net investment income (1)(2) | 0.40 | 0.24 | 0.31 | 0.40 |
| Portfolio turnover rate | 83.9% | 47.8% | 87.3% | 44.8% |

23

# T. ROWE PRICE CAPITAL APPRECIATION FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# Advisor Class

| Year | Ended |  |  |  |
| --- | --- | --- | --- | --- |
| 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |

divided out on a net basis by $1,000.00. An example, an $8,500.00 amount value divided by $1,000

= **Advisor Class** apply the result by the number on the first line under the heading "Expenses Paid During Period" to estimate the expenses paid on your account during this period. 4.95

# **Hypothetical (assumes 5% of the total)  
Hypothetical (assumes 5% of the total)  
Hypothetical (assumes 5% of the total)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and

Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and of period (in)  
Net results and

| Distributions | (12.18)% | 18.22% | 17.80% | 24.20% | 0.38% |
| --- | --- | --- | --- | --- | --- |
| Total returns | (0.40) | (0.23) | (0.30) | (0.39) | (0.57) |
| Net investment income | (2.40) | (3.00) | (2.50) | (1.34) | (1.31) |
| Net share amounts calculated using average shares outstanding in period. | (2.40) | (3.00) | (2.50) | (1.73) | (1.88) |
| Net assets at net assets | (2.40) | (3.00) | (2.50) | (1.73) | (1.88) |
| Net assets at net assets at expense-related arrangements with Price Associates | (2.74) | (0.29) | (0.29) | (1.73) | (1.88) |
| Net assets at net assets at expense-related arrangements with Price Associates | (2.74) | (0.29) | (0.29) | (1.73) | (1.88) |
| Net assets at net assets at expense-related arrangements with Price Associates | (0.99)% | (0.99)% | (1.00)% | (0.99)% | (1.00)% |
| Net assets at net assets at expense-related arrangements with Price Associates | (0.99)% | (0.99)% | (1.00)% | (0.99)% | (1.00)% |

24

# T. ROWE PRICE CAPITAL APPRECIATION FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# I Class

|  | Year Ended |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| NET ASSET VALUE |  |  |  |  |  |
| Beginning of period | $36.99 | $34.14 | $31.24 | $26.55 | $28.29 |

25

T. ROWE PRICE CAPITAL APPRECIATION FUND
The investment in the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds for commercial and 2023, the 2022 and 2023 funds

| FINANCIAL HIGHLIGHTS |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2023 | 2024 | 2025 | 2026 |
| Net investment income | 65.9% | 47.8% | 87.3% | 44.8% | 65.2% |
| Net investment income | (4.95) | 5.91 | 5.22 | 6.02 | (0.50) |
| Net investment income | 4.95 | 5.91 | 5.22 | 6.02 | (0.50) |
| Net investment income | (4.95) | 5.91 | 5.22 | 6.02 | (0.50) |
| Net investment income | Ends | Ends | Ends | Ends | Ends |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| Net investment income | (0.54) | (0.40) | (0.44) | (0.51) | (0.70) |

Ratios/Supplemental Data

Total return(2)(4) ... (11.84)% ... 18.67% ... 18.31% ... 24.70% ... 0.76%

26

T. ROWE PRICE CAPITAL APPRECIATION FUND

December 31, 2022

PORTFOLIO OF INVESTMENTS Shares/Par $ Value

(Cost and value in $000s)

# ASSET-BACKED SECURITIES 0.2%

Domino's Pizza Master Issuer

| Net assets acquired, calculated using investor shares outstanding (in € million) | (2.30) | (3.90) | (2.80) | (1.34) | (1.31) |
| --- | --- | --- | --- | --- | --- |
| Revenues and costs of expense-related arrangements with Price Associates (in € million) | (2.30) | (3.90) | (2.80) | (1.34) | (1.31) |
| Costs to be sold, sold with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated with price associated | (2.30) | (3.90) | (2.80) | (1.34) | (1.31) |
| Net assets acquired, calculated using investor shares outstanding (in € million) | (2.30) | (3.90) | (2.80) | (1.34) | (1.31) |
| Net assets acquired, calculated using investor shares outstanding (in € million) | (2.30) | (3.90) | (2.80) | (1.34) | (1.31) |

27

T. ROWE PRICE CAPITAL APPRECIATION FUND

Shares/Par

$ Value

(Cost and value in $000s)

Charter Communications Operating, FRN

| Series 2018-19, Class A2 | 33,940,991 | 33,940,991 |
| --- | --- | --- |
| 1.7% 6.14%, 4/30/25 |  |  |
| Domestic Price Master Issuer |  |  |
| Series 2018-19, Class A2 | 5,985,000 | 4,192 |
| 3.6% 10.938%, 6/4/29 |  |  |
| 3.6% 10.938%, 6/4/29 | 18,064,188 | 15,604 |
| 5.6% 10.938%, 6/4/29 |  |  |
| Total Asset Backed Securities (Cost $90,426) | 9,928,363 | 83,230 |
| millions | $18,698 | $12,654 |
| 5.6% 10.938%, 6/4/29 |  |  |
| 5.6% 10.938%, 6/4/29 |  |  |
| Bycare Partners, FRN |  |  |
| Bank Loans 72.9% (2) | 4,841,602 | 4,060 |
| Filtration Group, FRN |  |  |

The 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24, 2024-25, 2025-26, 2026-27, 2027-28, 2028-29, 2029-30, 2030-31, 2031-32, 2032-33, 2033-34, 2034-35, 2035-36, 2036-37, 2037-38, 2038-39, 2039-40, 2040-41, 2041-42, 2042-43, 2043-44, 2044-45, 2045-46, 2046-47, 2047-48, 2048-49, 2049-50, 2050-51, 2051-52, 2052-53, 2053-54, 2054-55, 2055-56, 2056-57, 2057-58, 2058-59, 2059-60, 2060-61, 2061-62, 2062-63, 2063-64, 2064-65, 2065-66, 2066-67, 2067-68, 2068-69, 2069-70, 2070-71, 2071-72, 2072-73, 2073-74, 2074-75, 2075-76, 2076-77, 2077-78, 2078-79, 2079-80, 2080-81, 2081-82, 2082-83, 2083-84, 2084-85, 2085-86, 2086-87, 2087-88, 2088-89, 2089-90, 2090-91, 2091-92, 2092-93, 2093-94, 2094-95, 2095-96, 2096-97, 2097-98, 2098-99, 2099-100

(2) See Note 7 for details of expense-related arrangements with Price Associates.

(3) Reflects a special dividend which amounted to $0.30 per share and 1.04% of average net assets.

(4) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or

T. ROWE PRICE CAPITAL APPRECIATION FUND

|  | Shares/Par | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| PetVet Care Centers, FRN |  |  |
| 3M USD LIBOR + 3.25%, 7.634%, 2/14/25 | 48,633,636 | 45,366 |
| PetVet Care Centers, FRN |  |  |

29

T. ROWE PRICE CAPITAL APPRECIATION FUND

| AM USD LIBOR + 6.25%, 10.634%, 2/13/26 | 3,887,000 | 3,000 |
| --- | --- | --- |
| AM USD LIBOR + 6.25%, 8.134%, 2/15/27 | 29,235,563 | 23,919 |
| AM USD LIBOR + 5.00%, 7.984%, 3/12/28 (EUR) | 150,609,540 | 152,916 |
| AM USD LIBOR + 5.00%, 7.984%, 12/23/27 | 56,965,295 | 51,525 |
| AM USD LIBOR + 3.00%, 7.984%, 3/12/28 (3) | 74,400,000 | 73,000 |
| AM USD LIBOR + 3.00%, 7.984%, 12/23/27 (3) | 135,650,910 | 123,100 |
| AM USD LIBOR + 3.00%, 7.984%, 12/23/27 (3) | 26,755,525 | 26,340 |
| AM USD LIBOR + 3.00%, 7.984%, 12/23/27 (3) | 16,873,615 | 15,848 |
| AM USD LIBOR + 3.75%, 6.134%, 4/9/26 (3) | 155,082,549 | 155,034 |

The accompanying notes are an integral part of these financial statements.

30

# T. ROWE PRICE CAPITAL APPRECIATION FUND

(Cost and value in $000s)

Shares/Par $ Value

| Alkaloids (CMC, 0.0%); Fish, FRN | 7,397,840 | 652,270 |
| --- | --- | --- |
| Alkaloids (CMC, 0.0%); Fish, FRN | 154,987,622 | 151,774 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 21,072,372 | 628,202 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 7,089,018 | 330,071 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 75,025,227 | 75,067 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 163,901,324 | 187,997 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 194,093,133 | 189,442 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 44,504,623 | 44,504 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 235,698,421 | 227,049 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 588,754,729 | 515,582 |
| Alkaloids (CMC, 0.0%); Fish, FRN | 6,365,090 | 477,937 |

31

T. ROWE PRICE CAPITAL APPRECIATION FUND

|  | Shares/Par | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| Professional Services 2.6% |  |  |
| Equifax | 3,106,947 | 603,866 |

32

| AMERICAN EXPRESS 670%, 11.33%, 9/19/25 (3) | 41,230,514 | 40,767 |
| --- | --- | --- |
| AMERICAN EXPRESS 670%, 11.33%, 9/19/25/25 | 76,000,000 | 75,000 |
| AMERICAN EXPRESS 670%, 11.33%, 9/19/25/25 | 76,000,000 | 75,000 |
| AMERICAN EXPRESS 670%, 11.33%, 12/11/28 | 179,194,699 | 178,000 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 167,027,611 | 166,000 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 192,224,641 | 173,072 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 62,249,708 | 56,920 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 1,693,159 | 887,678 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 40,064,952 | 34,978 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 638,878,885 | 636,000 |
| AMERICAN EXPRESS 670%, 12.33%, 12/11/28 | 1,324,093 | 2,050,000 |
| TOTAL AMERICAN EXPRESS 670% | Shares/Par | $ Value |

(Cost and value in $000s)

| Public Service Enterprise Group | 2,857,600 | 175,085 |
| --- | --- | --- |
|  |  | 843,065 |
| Total Utilities |  | 1,209,558 |
| Total Miscellaneous Common Stocks 3.3% (10) |  | 1,500,950 |

33

T. ROWE PRICE CAPITAL APPRECIATION FUND

| Total Bank Loans (Cost $6,048,321) | 25 Shares/Par | 25 Value |
| --- | --- | --- |
| MSCI, 3.625%, 9/1/30 (1) | 45,782,000 | 37,999 |

34

# T. ROWE PRICE CAPITAL APPRECIATION FUND

|  | Shares/Par | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| MSCI, 3.625%, 9/1/30 (1) | 45,782,000 | 37,999 |

[{"box_2d": [42, 81, 612, 192], "label": "table", "caption": "

| INTERNATIONAL PREFERRED STOCKS 0.2% | 78,250,000 | 2,432,000 |
| --- | --- | --- |
| INTERNATIONAL PREFERRED STOCKS 4.875%, 7/1/25 (1) | 1,913,100 | 1,000 |
| INTERNATIONAL PROOF 1.0% | 1,913,100 | 642,500 |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |
| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
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| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

| INTERNATIONAL PROOF 0.2% | 15,000,000 | 1,000 |
| --- | --- | --- |

<table

T. ROWE PRICE CAPITAL APPRECIATION FUND

| Central Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |
| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

| Bank of India (S&P) Ltd. 1.4% LIBOR + 3.33% | 149,375,000 | 129,430 |
| --- | --- | --- |

37

T. ROWE PRICE CAPITAL APPRECIATION FUND

Wilson, D. (2) On the basis of the 2018-2019 involve multiple underlying tracts, 600 in those insureds. The aggregate of those in the aggregate of those in the underlying tracts, 600 in those insureds. The aggregate of those in the underlying tracts, 600 in those insureds. The aggregate of those in the underlying tracts, 600 in those insureds. The aggregate of those in the underlying tracts, 600 in those insureds. The aggregate of those in the underlying tracts, 600 in those insureds.

38

# T. ROWE PRICE CAPITAL APPRECIATION FUND

(Amounts in 000s, except for contracts)

OPTIONS WRITTEN (0.2)%

| OTC Optional VOUCHER 2/15/29 | 21,703,000 | 21,703,000 |
| --- | --- | --- |
| Pre-Contractor 2/15/29 | 21,703,000 | 21,703,000 |
| Pre-Contractor 2/15/29 | 21,703,000 | 21,703,000 |
| Pre-Contractor 2/15/29 | 21,703,000 | 21,703,000 |
| Pre-Contractor 2/15/29 | 21,703,000 |  |
| Pre-Contractor 2/15/29 | 21,703,000 |  |
| Pre-Contractor 2/15/29 | 21,703,000 |  |
| Pre-Contractor 2/15/29 | 21,703,000 |  |
| Pre-Contractor 2/15/29 | 21,703,000 |  |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |
| Pre-Contractor 2/15/29 | 21,703,000 |  |
| Pre-Contractor 2/15/29 | 21,703,000 |  |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |
| Pre-Contractor 2/15/29 | 21,703,000 |  |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |
| Pre-Contractor 2/15/29 | 21,703,000 |  |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |
| Pre-Contractor 2/15/29 | 21,703,000 |  |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
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| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

| Pre-Contractor 2/15/29 | 21,703,000 |  |
| --- | --- | --- |

40

T. ROWE PRICE CAPITAL APPRECIATION FUND

(Amounts in 000s, except for contracts)

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The following table provides the information in English:[{"box_2d": [

| Total Corporate Bonds (Cost $3,307,363) | Notional | 3,725,740 |
| --- | --- | --- |
| (Cost $41,042,606) | Amount | $ Value |
| upon which of the other | in the rate and | 45,648,916 |
| if the rate is | and | 45,648,916 |
| Seven | 1,000 | 10,000 |
| LM TSFR | One month | (4,100) |
| Shares | and | 10,000 |

42

T. ROWE PRICE CAPITAL APPRECIATION FUND

AFFILIATED COMPANIES

($000s)

T. ROWE PRICE CAPITAL APPRECIATION FUND

| IM EURIBOR | Three months of RORIC (2022 interbank offered rate) | 1,400 | $0.000 | (1,400) |
| --- | --- | --- | --- | --- |
| IM EURIBOR | Three months of RORIC (2022 interbank offered rate) | 1,400 | $0.000 | (1,400) |
| IM EURIBOR | Three months of RORIC (2022 interbank offered rate) | 1,400 | $0.000 | (1,400) |
| IM EURIBOR | Three months of RORIC (2022 interbank offered rate) |  |  |  |
| AMOUNT | AMOUNT | 1,400 | $0.000 | (1,400) |
| AMOUNT | AMOUNT | 1,400 | $0.000 | (1,400) |
| AMOUNT | AMOUNT | 1,400 | $0.000 | (1,400) |
| AMOUNT | AMOUNT | 1,400 | $0.000 |  |
| AMOUNT | AMOUNT | 1,400 | $0.000 |  |
| AMOUNT | AMOUNT | 1,400 | $0.000 |  |
| AMOUNT | AMOUNT | 1,400 | $0.000 |  |
| AMOUNT | AMOUNT | 1,400 | $0.0000 |  |

Supplementary Investment Schedule

44

T. ROWE PRICE CAPITAL APPRECIATION FUND

December 31, 2022

STATEMENT OF ASSETS AND LIABILITIES

($000s, except shares and per share amounts)

Assets

Investments in securities, at value (cost $41,041,506)

$45,648,915

[{"box_2d": [37, 79, 619, 220], "label": "table", "caption": "

| Capital LUB, FIN Floating | $580.00 | Value | Gain (Loss) | Gain Loss | Income |
| --- | --- | --- | --- | --- | --- |
| Affiliate |  |  |  |  |  |
| Altawarana Financial |  |  | (3,001) | Cost | 12,316.62 |
| Altawarana, 5.875%, 10/1/2016 |  |  | (3,001) | Cost | 12,316.62 |
| Altawarana, 5.875%, 10/1/2016 |  |  | (3,001) | Cost | 12,316.62 |
| EMS Energy, 5.875%, 3/1/2016 |  |  | (600) | Cost | 5,079 |
| EMS Energy, 5.875%, 10/1/2016 |  |  | (29,849) | Cost | 49,731 |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |
| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

| Elite Energy, 5.875%, 10/1/2016 |  |  | (1,991) | Cost | 49,731 |
| --- | --- | --- | --- | --- | --- |

<table><tr><td>Elite Energy, 5.875%, 10/1/2016</td><td></td><td></td><td>(1,991)</td><td>Cost</td><td

| Company | Series B, VR 6 | 3,221 | 250,873 | (6) |
| --- | --- | --- | --- | --- |
| T. Rowe Price | Product/Share | 715,441 | 568,998 | 39,054 |
| Product/Share | Share | 1,848 | 10,758 | 2,621 |
| Product/Share | Share | (1,668,946) | (2,720,235) | 2,621 |
| Product/Share | Share | 4,652 | 4,946 | 29,636 |
| Product/Share | Share | 4,652 | 4,946 | 29,636 |
| Product/Share | Share | 4,652 | 4,946 | 29,636 |
| Product/Share | Share | 4,652 | 4,946 | 29,636 |
| Product/Share | Share | 4,652 | 4,946 | 29,636 |
| Product/Share | Share | 4,652 | (45,767) | (69,235) |
| Product/Share | Share | 4,652 | 100,758 | 69,235 |
| Product/Share | Share | 4,652 | (59,413) | 49,454,621 |
| Product/Share | Share | 174,200 |  | 94,878 |
| Product/Share | Share | 847,955 | 4,296 | 576,044 |
| Product/Share | Share | 2,310 | 38,398 | 69,230 |
| NET ASSET VALUE PER SHARE |  |  |  |  |
| Investment management fees payable |  |  |  |  |
| Due to affiliates |  |  |  |  |
| Investor Class |  |  |  |  |
| Freight or shipping |  |  |  |  |
| (925,104,068,719 / 877,956,400 shares outstanding) |  |  |  |  |
| Other liabilities |  |  |  |  |
| T. ROWE PRICE CAPITAL APPRECIATION FUND |  |  |  |  |
| Advisor Class |  |  |  |  |
| 914 |  |  |  |  |
| 29 |  |  |  |  |
| 29.73 |  |  |  |  |
| 28,739 |  |  |  |  |

# **STATEMENT OF OPERATIONS**

($000s)

|  | Year Ended 12/31/22 |
| --- | --- |
| Investment Income (Loss) |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $637,725 |
| Dividend (net of foreign taxes of $2,735) | 426,154 |

47

T. ROWE PRICE CAPITAL APPRECIATION FUND

# **STATEMENT OF OPERATIONS**

($000s)

| JPMorgan Chase | $200.00 | 1,946 | 30,735 | (24) |
| --- | --- | --- | --- | --- |
| Reserve Fund, 4.30% | Starbucks, Call, 1/20/23 @ | 0 | 0 | 2,714,515 |
| Goldman Sachs | $97.50 | 5,442 | 53,985 | $4,182,539 |
|  | Starbucks, Call, 1/20/23 @ |  |  |  |
| Goldman Sachs | $100.00 | 5,442 | 53,985 | (1,218) |
| * The following distributions from underlying Price funds represented $0 of the net realized value (in millions): |  |  |  |  |
| * Investment income comprised $11,000 of dividend income and $2,266 of interest income |  |  |  |  |
| Goldman Sachs Income | $105.00 | 5,442 | 53,985 | 1,002,955 |
| * Investment income was held but not considered an affiliated company |  |  |  |  |
| * Purchase of the stock in the market and share of the investment funds. |  |  |  |  |
| * The total cost of investments in affiliated companies was $4,526,982. |  |  |  |  |
| Shareholder servicing |  |  |  |  |
| Common written |  | $40,887 |  | 284,018 |
| Foreign currency transactions |  | 1,078 |  | 3,150,369 |
| Allowance |  | 1,797 |  | 130,060 |
| I Class |  |  |  | (709) |
|  |  |  |  | 43,762 |

The accompanying notes are an integral part of these financial statements.

48

# T. ROWE PRICE CAPITAL APPRECIATION FUND

# **STATEMENT OF CHANGES IN NET ASSETS**

($000s)

| Year |  |
| --- | --- |
| Ended |  |
| 12/31/22 | 12/31/21 |

| Interest (Decrease) in Net Assets |  | 3,279,720 |
| --- | --- | --- |
| Rule 12b-1 fees |  |  |
| Operations |  |  |
| Finance Class |  | 1,710 |
| Net investment income | $741,407 | $483,934 |
| Net interest and liabilities gain / loss | 3,279,720 | 3,835,909 |
| Net realized gain | 248 | (11,110,566) |
| Changes in net unrealized gain / loss | (10,458,404) | 4,098,482 |
| Change in net unrealized gain / loss | (6,437,277) | 8,418,225 |
| Change in net unrealized gain / loss | 260 | 1,114 |
| Change in net unrealized gain / loss |  | (10,458,404) |
| Net realized and unrealized gain / loss |  | (7,178,654) |
| Repatriation |  | 792 |
| Net earnings |  |  |

49

# T. ROWE PRICE CAPITAL APPRECIATION FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

|  | Year Ended 12/31/22 | 12/31/21 |
| --- | --- | --- |
| Net Assets |  |  |
| Increase (decrease) during period | (8,452,673) | 8,984,732 |
| Beginning of period | 53,908,694 | 44,923,962 |

The accompanying notes are an integral part of these financial statements.

50

# T. ROWE PRICE CAPITAL APPRECIATION FUND

| NOTES TO FINANCIAL STATEMENTS | 2016 | 2015 |
| --- | --- | --- |
| DECREASE IN NET ASSETS FROM OPERATIONS | $(45,450,021) | $(63,000,000) |
| Less: Cash | (55,813) | (66,507) |
| Less: Assets | (1,680,332) | (1,086,208) |
| Notes to Financial Statements | (4,014,634) | (4,521,456) |
| Total Notes to Financial Statements | 117,469 | 322,684 |
| Capital Appropriations | 2,604 | 741,221 |
| T. Rowe Price Capital Appreciation Fund, Inc. (the fund) is registered under the Investment Management Act of 1940 (the 1940 Act) as a divested 4,500,000 open-end 4,500,000 investment company. The fund seeks long-term capital appreciation by investing primarily in common stocks. It may also hold fixed-income and other securities to help preserve principal value. The fund has three classes of shares: the Capital Appreciation Fund (Investor Class), the Capital Appreciation Fund-Advisor Class (Advisor Class), and the Capital Appreciation Fund-I Class (I Class). Advisor Class shares are sold | 18,281 | 81,171 |

51

T. ROWE PRICE CAPITAL APPRECIATION FUND

Investment Transactions, Investment Income, and Distributions Investment

The accompanying notes are an integral part of these financial statements.

transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Premiums and discounts on debt securities are amortized for financial purposes. In various markets and other financial intermediaries, the Class shares are available at a financial statement minimum, although the minimum is generally in excess of 0.01%. The financial intermediaries, eligible retirement plans and certain liabilities as recorded as in the last three years, are recorded as accounts. Prior to November 15, 2021, the initial investment minimum was $1,000,000. The Company's capital gain distributions are reflected as in the last three years, which are generally waived for financial intermediaries, eligible retirement plans and certain liabilities as recorded as in the last three years. The Company's results of the reduction in the 15,000,000 minimum, (5,000,000) assets transferred from the Investor Class to the I Class. This transfer of shares from

52

T. ROWE PRICE CAPITAL APPRECIATION FUND

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered

income and capital gain distributions are recorded on the ex-dividend date. Non-cash data on the fully structured data are not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data is not available for any other data. The data

# T. ROWE PRICE CAPITAL APPRECIATION FUND

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

54

T. ROWE PRICE CAPITAL APPRECIATION FUND

NOTE 11. SIGNIFICANT IN ACCOUNTING POLICIES
Basis of Preparation The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements

55

T. ROWE PRICE CAPITAL APPRECIATION FUND

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

The Commission is responsible for the use of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties of the Government's authority to perform the duties

the value ultimately realized upon sale or maturity.

56

# T. ROWE PRICE CAPITAL APPRECIATION FUND

its prospectus and Statement of Additional Information. The fund may use derivatives for a variety of purposes and may use them to establish both long and short positions within the fund's portfolio. Potential uses include to hedge against declines in principal value, increase yield, invest in an asset with greater efficiency and at a lower cost than is possible through direct investment, to enhance return, or to adjust credit exposure.

57

NOTE 2. VALUATION

Additional information to the extent of the amount of gains and losses on derivative instruments recognized in fund earnings during the year ended December 31, 2022, and the related location on the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

($000s) INDENT INDEX: Location of Gains (Loss) on Statement of Operations

Options

58

T. ROWE PRICE CAPITAL APPRECIATION FUND

whereas FX letters do not. Collateral requirements are determined daily based on the

the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first time of the year, the first

59

# T. ROWE PRICE CAPITAL APPRECIATION FUND

potential for losses to exceed any premium received by the fund. During the year ended December 31, 2022, the volume of the fund's activity in options, based on underlying notional amounts, was generally between 6% and 13% of net assets.

outlined in the applicable MWA. Cash posted by the fund is reflected as cash deposits
of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

60

# T. ROWE PRICE CAPITAL APPRECIATION FUND

or bridge facilities. Certain bank loans may be revolvers which are a form of senior bank debt, where the borrower can draw down the credit of the revolver when it needs cash and repays the credit when the borrower has excess cash. Certain loans may be "covenant-like" loans, which means the loans contain fewer maintenance covenants than other loans (in some cases, none) and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are

61

T. ROWE PRICE CAPITAL APPRECIATION FUND

NOTE

This report, as nearly as fixed, assumes any other OTC and bilatirrii derivatives, may be
obtained from the end of the year. The company's operations and operations are not
obtained from the end of the year. The company's operations and operations are not
obtained from the end of the year. The company's operations and operations are not
obtained from the end of the year. The company's operations and operations are not
obtained from the end of the year. The company's operations and operations are not
obtained from the end of the year. The company's operations and operations are not
obtained from the end of the year.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

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T. ROWE PRICE CAPITAL APPRECIATION FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)
and gross unrealized appreciation and depreciation were as follows:

NOTE 6 - FEDERAL INCOME TAXES
The federal income tax is the primary and most important tax on the business of the firm. As a result, the taxes of a firm are not included in the federal income tax. The tax rate is based on the annual income of the firm and is based on the annual income of the firm's annual income. The tax rate is based on the annual income of the firm's annual income.

63

T. ROWE PRICE CAPITAL APPRECIATION FUND

### NOTE 7 - RELATED PARTY TRANSACTIONS

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). Price Associates has entered into a sub-advisory agreement(s) with one or more of its wholly owned

applied options are recorded as realized gains or losses premiums on restricted options
of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

|  | I Class |
| --- | --- |
| Expense limitation/I Class Limit | 0.05% |
| Expense limitation date | 04/30/24 |
| (Waived)/repaid during the period ($000s) | $- |

65

T. ROWE PRICE CAPITAL APPRECIATION FUND

fees paid by each underlying Price Fund related to the fund's investment therein. Annual

![img-2.jpeg](img-2.jpeg)

Funding for the purposes, (beachable, failure of counterparties to meet the terms of 2023-2024) is not to be used in the fund's investment, except as otherwise indicated in the following section. The fund is not to be used in the fund's investment, except as otherwise indicated in the following section. The fund is not to be used in the fund's investment, except as otherwise indicated in the following section.

66

T. ROWE PRICE CAPITAL APPRECIATION FUND

# **NOTE 8 - OTHER MATTERS**

Unpredictable events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats may

Institutional Class 0.55% $3.944
NOTE: The following table provides the information in a specific format:

67

T. ROWE PRICE CAPITAL APPRECIATION FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of T. Rowe Price Capital Appreciation Fund, Inc.

68

T. ROWE PRICE CAPITAL APPRECIATION FUND

Opinion on the Financial Statements

REPORT OF INVESTMENT IN ACCORDANCE WITH THE APPLICATIONS OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. OF THE TARIFF, INC. (CONTINUED):

69

T. ROWE PRICE CAPITAL APPRECIATION FUND

TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

We are providing this information as required by the Internal Revenue Code. The
referred to the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, and the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of the Census, the Bureau of

70

T. ROWE PRICE CAPITAL APPRECIATION FUND

# HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS

The fund files a complete schedule of portfolio holdings with the Securities and
Exchange Commission (SEC) for the first and third quarters of each fiscal year as an
exhibit to its reports on Form N-PORT. The fund's reports on Form N-PORT are available

Balance of $100,000.00

The amount of $100,000.00 is $100,000.00, and the amount of $100,000.00 is $100,000.00. The amount of $100,000.00 is $100,000.00.

71

T. ROWE PRICE CAPITAL APPRECIATION FUND

### LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 (Liquidity Rule) under the Investment Company Act of 1940, as amended, the fund has established a liquidity risk management program (Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk, which generally represents the risk that the fund would not be able to meet redemption requests without significant dilution of remaining investors' interests in the fund. The

72

T. ROWE PRICE CAPITAL APPRECIATION FUND

LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)

For shareholders subject to interest expense deduction limitation under Section 10.4 of the Securities and Exchange Act of 1933, the amount of the fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income. The fund is not included in the fund's investment income.

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T. ROWE PRICE CAPITAL APPRECIATION FUND

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

Your fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the fund, including performance, investment programs,

A description of the policy and the policy of the Board of Directors of the LRC is to be included in the LRC compliance with the Act of 1965. The Act of 1965 is to be included in the LRC compliance with the Act of 1965. The Act of 1965 is to be included in the LRC compliance with the Act of 1965. The Act of 1965 is to be included in the LRC compliance with the Act of 1965. The Act of 1965 is to be included in the LRC compliance with the Act of 1965.

74

# T. ROWE PRICE CAPITAL APPRECIATION FUND

# INDEPENDENT DIRECTORS (CONTINUED)

Name
(Year of Birth)
Year Elected
[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and

75

https://www.troweprice.com/corporate/value/utility/policies.html
INDEPENDENT TO DIRECTORS
Paul F. Moseley, Director, Board Member, Vicoa Technologies, (2013 to present), Board
Susanne, (2014 to present), and the company's management (based on exemptions of the investment's
Name)
(Year of Birth)
Year Elected
[Number of T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the Past Five Years and Chief
T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the Past Five Years and Chief
T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the Past Five Years and Chief
T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the Past Five Years and Chief
T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the Past Five Years and Chief

INTERESTED DIRECTORS (CONTINUED)
Name
(Year of Birth)
Year Elected
[Number of T. Rowe Price
Portfolios Overseen]
Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the Past Five Years
Eric L. Veiel, CFA
Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price

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T. ROWE PRICE CAPITAL APPRECIATION FUND

OFFICERS (CONTINUED)

effectiveness of implementation, including any material changes to the Lickley Program (2020 to present). The information about the implementation of the Lickley Program (2020 to present) is given by the Lickley Program (2020 to present). The information about the implementation of the Lickley Program (2020 to present) is given by the Lickley Program (2020 to present). The information about the implementation of the Lickley Program (2020 to present) is given by the Lickley Program (2020 to present). The information about the implementation of the Lickley Program (2020 to present) is given by the Lickley Program (2020 to present).

# **INTERESTED DIRECTORS** (2020 to present)

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T. ROWE PRICE CAPITAL APPRECIATION FUND

# **OFFICERS (CONTINUED)**

Chin T. Investment purposes and derivatives. The President, Free Investment, and Chief Financial Officer (1969) has been appointed by both normal and reasonable positions in the United States and the United Kingdom. The President has been appointed by both equal and complete positions in the United States and the United Kingdom. The President has been appointed by both equal and complete positions in the United States and the United Kingdom. The President has been appointed by both equal and complete positions in the United States and the United Kingdom.

78

# You have many investment goals.

![img-0.jpeg](img-0.jpeg)

Name (Year of Birth)
Position Held With Capital Appreciation Fund Principal Occupation(s)

Name (Year of Birth)
Position Held With Capital Appreciation Fund Principal Occupation(s)

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, and the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

the person who is a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the board of directors, or a member of the

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the Financial Statements and Accounts Act, 1965, and the Financial Statements and Accounts Act, 1965, of the Company's Board of Directors, Price Investment Management, and the Company's Financial Statements and Accounts Act, 1965, of the Company's Board of Directors, Price Investment Management, and the Company's Financial Statements and Accounts Act, 1965, of the Company's Board of Directors, Price Investment Management, and the Company's Financial Statements and Accounts Act, 1965, of the Company's Board of Directors, Price Investment Management, and the Company's Financial Statements and Accounts Act, 1965, of the Company's Board of Directors, Price Investment Management, and

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

# **Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

# **Item 13. Exhibits**

Farris (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984) (1984)
Vice President, Philip Morris Incorporated, a company of the U.S. (U.S.) and its affiliates, subsidiaries, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates
Vice President, Philip Morris Incorporated, a company of the U.S. (U.S.) and its affiliates, subsidiaries, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates
Vice President, Philip Morris Incorporated, a company of the U.S. (U.S.) and its affiliates, subsidiaries, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates
Vice President, Philip Morris Incorporated, a company of the U.S. (U.S.) and its affiliates, subsidiaries, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates

Unless otherwise noted, officers have been employed of T. Rowe Price or Price International for at least

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Capital Appreciation Fund, Inc.

Vice President, David Oestreicher and T. Rowe Price Group, Inc.; formerly student, David Oestreicher Columbia Business School (to 2019)

Visit troweprice.com/broadrange

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years. February 16, 2023

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment

objectives. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

All mutual funds are subject to market risk, including possible loss of principal. Investing internationally

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

5 years.

involves special risks including economic and political uncertainty and currency fluctuation.

$^{1}$ The T. Rowe Price $^{1}$ ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Capital
Appreciation Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Capital
Appreciation Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Capital Appreciation Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer