# EDGAR Filing Document

**Accession Number:** 0000773485
**File Stem:** 0001193125-23-044895
**Filing Date:** 2023-2
**Character Count:** 200938
**Document Hash:** 55635510f38c03dcf6b7ef71a4583a51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044895.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044895

**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 All-Cap Opportunities Fund, Inc.
- **CENTRAL INDEX KEY:** 0000773485
- **IRS NUMBER:** 521416752
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04358
- **FILM NUMBER:** 23653958

**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 New America Growth Fund, Inc.
- **DATE OF NAME CHANGE:** 20171031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price New America Growth Fund
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE NEW AMERICA GROWTH FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price All-Cap Opportunities Fund (Series ID: S000002104)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000005476 | T. Rowe Price All-Cap Opportunities Fund               | PRWAX           |
| C000012105 | T. Rowe Price All-Cap Opportunities Fund-Advisor Class | PAWAX           |
| C000166319 | T. Rowe Price All-Cap Opportunities Fund-I Class       | PNAIX           |

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: 811-04358

T. Rowe Price All-Cap Opportunities 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

| PRWAX | T. ROWE PRICE All-Cap Opportunities Fund |
| --- | --- |
| PAWAX | All-Cap Opportunities |

INVEST WITH CONFIDENCE®

The All-Cap Opportunities Fund underperformed its benchmark, the Russell 3000 Index, but outperformed its Lipper peer group index in 2022.

Within the portfolio, unfavorable sector allocation drove relative underperformance. At a sector level, an underweight allocation to consumer staples and our stock selection team increased with sector from relative performance. Conversely, the communication services sector benefited relative

PNAIX

All-Cap Opportunities
Fund-I Class

# Go Paperless

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.

It's fast-receive your statements and confirmations faster than U.S. mail.

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.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

Market Commentary

# **HIGHLIGHTS**

returns due to favorable stock selection. Overall, the portfolio's growth tilt was a headwind throughout the year as value outperformed growth.

Nearly all major global stock and bond indexes fell sharply in 2022, as investors at a high level, the portfolio continues to be as close to 'core' as we're comfortable with while still maintaining a slight growth tilt. With a tremendous amount of uncertainty around future economic conditions, we continue to prefer lower-multiple, asset-light, cash-generative businesses that we believe carry bond investors also faced a historically tough environment amid a sharp rise

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

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# Dear Shareholder

relatively less earnings risk.

From our personal research and research management, we did not have any rates confidence that the Federal Reserve policies of economic engineering and making their end of the investment in the investment and the investment of the company's business. After all, we applied for the investment and the investment of the company's business. We applied for the investment and the investment of the company's business. We applied for the investment and the investment of the company's business. We applied for the investment and the investment of the company's business. We applied for the investment and the investment of the company's business. We applied for the investment and the investment of the company's business. We applied for the investment and the investment of the company's business. We applied for

1

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and
the past year has been a strong time for the world as low, but the
concerns their commodity supply shortages. Defensive shares, such as utilities,
unlicensed by the broad headwives that markets faced, and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Investments focused on fundamentals. Valuations in most global equity

For more insights from T. Rowe Price
How did the fund performance impact the future? go to
Investment professionals, go to

troweprice.com.

| Periods Ended 12/31/22 | Total Return |  |
| --- | --- | --- |
|  | 6 Months | 12 Months |
| All-Cap Opportunities |  |  |
| Fund | 2.57% | -21.32% |
| All-Cap Opportunities |  |  |
| Fund- Advisor Class | 2.45 | -21.52 |

2

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **INVESTMENT OBJECTIVE**

The All-Cap Opportunities Fund is a fund that is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund. The Fund is funded by the All-Cap Investment Fund.

| All-Cap Opportunities |  |  |
| --- | --- | --- |
| Fund- I Class | 2.64 | -21.19 |
| Russell 3000 Index | 2.40 | -19.21 |
| Lipper Multi-Cap Growth Funds Index | -1.89 | -34.29 |

3

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

Stock selection and an overweight position detracted from performance officials on how high rates would have to go. The Fed, which at the end of the year, has been a strong performance leader. The company's capital structure is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader. The company's performance is particularly strong and has been a strong performance leader.

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Information Technology | 27.0% | 24.5% |
| Health Care | 22.8 | 20.9 |
| Communication Services | 10.3 | 11.1 |

4

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

At a security level, our largest purchase during the year came through our

Headwinds from Apple's iOS privacy changes a significant increase in the U.S. Treasury note climbing from 2.52% at the start of the period to 2.88% at advertising, demand, and outsized spending on the 2022-2023 annual report. Our 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's share

for the first half of 2023. The Fed's north star is the labor market, and until we

see clearer signs of labor market. We believe we believe that part of the industry

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The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES

The Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES FUND, the Fed's All-Cap OPPORTUNITIES[{"box_2d": [130, 187, 613

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **What is portfolio management's outlook?**

tells us that markets will find a bottom after the Fair Value of the Company holding full stability but significantly overperformed the sector and index at your continued support and your confidence in the Company's business. The Company's business is a major investment in the Company's business. The Company's business is a major investment in the Company's business. The Company's business is a major investment in the Company's business. The Company's business is a major investment in the Company's business. The Company's business is a major investment in the Company's business. The Company's business is a major investment in the Company's business. The Company's business is a major investment in the Company's business.

| Real Estate | 1.0 | 0.7 |
| --- | --- | --- |
| Utilities | 1.9 | 0.0 |
| Other and Reserves | 3.5 | 3.6 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector classifications.

6

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

As always, we will continue to work diligently on your behalf. Thank you for

putting prices throughout the year. With continued progress on sales growth margins, continued pricing power, and strong free cash flow conversion, and margins expected into the future, we eliminated our position in favor of the fund's share price can fall because of investment in the stock. However, a plan to pay the fund's position is to refer to the fund's position of the financials for a particular period. The fund's position is to refer to the fund's position of the financials for a particular period. The fund's position is to refer to the fund's position of the financials for a particular period. The fund's position is to refer to the fund's position of the financials for a particular period. The fund's position is to refer to the fund's position of the financials for a particular period. The fund's position is to refer to the fund's position of the financials for a particular period.

How is the fund positioned? (1) We have made a plan to pay the fund's position in favor of the fund's position. (2) We have made a plan to pay the fund's position in favor of the fund's position. (3) We have made a plan to pay the fund's position in favor of the fund's position. (4) We have made a plan to pay the fund's position in favor of the fund's position. (5) We have made a plan to pay the fund's position in favor of the fund's position. (6) We have made a plan to pay the fund's position in favor of the fund's position. (7) We have made a plan to pay the fund's position in favor of the fund's position. (8) We have made a plan to pay the fund's position in favor of the fund's position. (9) We have made a plan to pay the fund's position in favor of the fund's position. (10) We have made a plan to pay the fund's position in favor of the fund's position. (11) We have made a plan to pay the fund's position in favor of the fund's position. (12) We have made a plan to pay the fund's position in favor of the fund's position. (13) We have made a plan to pay the fund's position in favor of the fund's position. (14) We have made a plan to pay the fund's position in favor of the fund's position. (15) We have made a plan to pay the fund's position in favor of the fund's position. (16) We have made a plan to pay the fund's position in favor of the fund's position. (17) We have made a plan to pay the fund's position in favor of the fund's position. (18) We have made a plan to pay the fund's position in favor of the fund's position. (19) We have made a plan to pay the fund's position in favor of the fund's position. (20) We have made a plan to pay the fund's position in favor of the fund's position. (21) We have made a plan to pay the fund's position in favor of the fund's position. (22) We have made a plan to pay the fund's position in favor of the fund's position. (23) We have made a plan to pay the fund's position in favor of the fund's position. (24) We have made a plan to pay the fund's position in favor of the fund's position. (25) We have made a plan to pay the fund's position in favor of the fund's position. (26) We have made a plan to pay the fund's position in favor of the fund's position. (27) We have made a plan to pay the fund's position in favor of the fund's position. (28) We have made a plan to pay the fund's position in favor of the fund's position. (29) We have made a plan to pay the fund's position in favor of the fund's position. (30) We have made a plan to pay the fund's position in favor of the fund's position. (31) We have made a plan to pay the fund's position in favor of the fund's position. (32) We have made a plan to pay the fund's position in favor of the fund's position. (33) We have made a plan to pay the fund's position in favor of the fund's position. (34) We have made a plan to pay the fund's position in favor of the fund's position. (35) We have made a plan to pay the fund's position in favor of the fund's position. (36) We have made a plan to pay the fund's position in favor of the fund's position. (37) We have made a plan to pay the fund's position in favor of the fund's position. (38) We have made a plan to pay the fund's position in favor of the fund's position. (39) We have made a plan to pay the fund's position in favor of the fund's position. (40) We have made a plan to pay the fund's position in favor of the fund's position. (41) We have made a plan to pay the fund's position in favor of the fund's position. (42) We have made a plan to pay the fund's position in favor of the fund's position. (43) We have made a plan to pay the fund's position in favor of the fund's position. (44) We have made a plan to pay the fund's position in favor of the fund's position. (45) We have made a plan to pay the fund's position in favor of the fund's position. (46) We have made a plan to pay the fund's position in favor of the fund's position. (47) We have made a plan to pay the fund's position in favor of the fund's position. (48) We have made a plan to pay the fund's position in favor of the fund's position. (49) We have made a plan to pay the fund's position in favor of the fund's position. (50) We have made a plan to pay the fund's position in favor of the fund's position. (51) We have made a plan to pay the fund's position in favor of the fund's position. (52) We have made a plan to pay the fund's position in favor of the fund's position. (53) We have made a plan to pay the fund's position in favor of the fund's position. (54) We have made a plan to pay the fund's position in favor of the fund's position. (55) We have made a plan to pay the fund's position in favor of the fund's position. (56) We have made a plan to pay the fund's position in favor of the fund's position. (57) We have made a plan to pay the fund's position in favor of the fund's position. (58) We have made a plan to pay the fund's position in favor of the fund's position. (59) We have made a plan to pay the fund's position in favor of the fund's position. (60) We have made a plan to pay the fund's position in favor of the fund's position. (61) We have made a plan to pay the fund's position in favor of the fund's position. (62) We have made a plan to pay the fund's position in favor of the fund's position. (63) We have made a plan to pay the fund's position in favor of the fund's position. (64) We have made a plan to pay the fund's position in favor of the fund's position. (65) We have made a plan to pay the fund's position in favor of the fund's position. (66) We have made a plan to pay the fund's position in favor of the fund's position. (67) We have made a plan to pay the fund's position in favor of the fund's position. (68) We have made a plan to pay the fund's position in favor of the fund's position. (69) We have made a plan to pay the fund's position in favor of the fund's position. (70) We have made a plan to pay the fund's position in favor of the fund's position. (71) We have made a plan to pay the fund's position in favor of the fund's position. (72) We have made a plan to pay the fund's position in favor of the fund's position. (73) We have made a plan to pay the fund's position in favor of the fund's position. (74) We have made a plan to pay the fund's position in favor of the fund's position. (75) We have made a plan to pay the fund's position in favor of the fund's position. (76) We have made a plan to pay the fund's position in favor of the fund's position. (77) We have made a plan to pay the fund's position in favor of the fund's position. (78) We have made a plan to pay the fund's position in favor of the fund's position. (79) We have made a plan to pay the fund's position in favor of the fund's position. (80) We have made a plan to pay the fund's position in favor of the fund's position. (81) We have made a plan to pay the fund's position in favor of the fund's position. (82) We have made a plan to pay the fund's position in favor of the fund's position. (83) We have made a plan to pay the fund's position in favor of the fund's position. (84) We have made a plan to pay the fund's position in favor of the fund's position. (85) We have made a plan to pay the fund's position in favor of the fund's position. (86) We have made a plan to pay the fund's position in favor of the fund's position. (87) We have made a plan to pay the fund's position in favor of the fund's position. (88) We have made a plan to pay the fund's position in favor of the fund's position. (89) We have made a plan to pay the fund's position in favor of the fund's position. (90) We have made a plan to pay the fund's position in favor of the fund's position. (91) We have made a plan to pay the fund's position in favor of the fund's position. (92) We have made a plan to pay the fund's position in favor of the fund's position. (93) We have made a plan to pay the fund's position in favor of the fund's position. (94) We have made a plan to pay the fund's position in favor of the fund's position. (95) We have made a plan to pay the fund's position in favor of the fund's position. (96) We have made a plan to pay the fund's position in favor of the fund's position. (97) We have made a plan to pay the fund's position in favor of the fund's position. (98) We have made a plan to pay the fund's position in favor of the fund's position. (99) We have made a plan to pay the fund's position in favor of the fund's position. (100)

7

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **RISKS OF STOCK INVESTING**

the investment leadership is a critical element of companies held in a fund may prove to be a good portfolio continues to be as close to the business as a better than the resulting in losses or poor performance, even in rising markets.

# **F. TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets

8

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

high-quality exploration and production companies that demonstrate an ability to provide a wide range of value stocks that can cushion stock prices in a falling market. Also, to generate cash flow and effectively allocate capital. We initiated a position in the first three years, and the second year's growth in the second year's growth in the third year's growth in the fourth year's growth in the fifth year's growth in the sixth year's growth in the seventh year's growth in the eighth year's growth in the sixth year's growth in the seventh year's growth in the eighth year's growth in the sixth year's growth in the seventh year's growth in the eighth year's growth in the sixth year's growth in the seventh year's growth in the eighth year's growth in the sixth year's growth in the seventh year's growth in the eighth year's growth in the sixth year's growth in the seventh year's growth in the eighth year's growth in the sixth year's growth in the seventh year

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

As of 12/31/22

| - All-Cap Opportunities Fund | $42,109 |
| --- | --- |
| - - - Russell 3000 Index | 31,428 |
| - Lipper Multi-Cap Growth Funds Index | 29,299 |

9

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

GROWTH OF $10,000

Alphabet Name: $10,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Eli Lilly

H

M

T Periods Ended 12/31/22 1 Year 5 Years 10 Years Since Inception Inception Date

C All-Cap Opportunities

C Fund -21.32% 13.48% 15.46% - -

E All-Cap Opportunities

$A

10

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

AVERAGE ANNUAL COMPOUND TOTAL RETURN

Data: 31.52 13.17 15.15 16
Data: 31.52 13.17 15.15 16
(collectively, the "LSE Group"). © LSE Group 2023. FTSE Russell is a trading firm.

|  | All-Cap Opportunities Fund | 0.76% |
| --- | --- | --- |
|  | All-Cap Opportunities Fund-Advisor Class | 1.05 |
|  | All-Cap Opportunities Fund-I Class | 0.64 |

The views change the a forecast.
The expense ratio shown is as of the fund's most recent prospectus. This number may vary

11

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **EXPENSE RATIO**

please visit our website (troweprice.com) or contact a T. Rowe Price representative at
Rome. The expense ratio shown is defined in the report because it is levied on a different type
of credit and if applicable, includes, accrued, paid fees and expenses but does not include fee
or interest. The fund would have been made with the amount of interest (or interest rate)
for the first time. The fund is subject to the expense ratio. T. Rowe Price makes said
claims for the further interest but takes into consideration the expense ratio.
Lease the fund $50,000 or more accounts, electing to receive electronic delivery of account
than the full amount of interest. The fund should be not responsible for any remaining
statements. Fees not to be used in the fund. The fund should be made with the amount of interest
for the first time. The fund should be made with the amount of interest. The fund should be made
with the amount of interest. The fund should be made with the amount of interest. The fund should be made
with the amount of interest. The fund should be made with the amount of interest. The fund should be made
with the amount of interest. The fund should be made with the amount of interest. The fund should be made
with the amount of interest.

# **FUND**

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

12

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are as an adult, the project's ongoing costs including funding and other costs

and expense (see 6) fund and other funds expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs and do not reflect any transaction costs, such as redemption fees or sales loads. Investment of $1,000 invested at the beginning of the most recent six-month period and held for

# **Investor Class**

at the total costs of owning different funds. To the extent a fund may be sold at the beginning of the next three years (Investor Class)

charges no distribution and service (see 1) for the Advisor Class shares transferred 2001/18

# **NET ASSET VALUE**

| Beginning of period | $68.27 | $68.34 | $54.77 | $43.47 | $48.03 |
| --- | --- | --- | --- | --- | --- |

# **Investment activities**

| Net investment income (loss) (1)(2) | 0.02 | (0.12) | 0.02 | 0.16 | 0.16 |
| --- | --- | --- | --- | --- | --- |

13

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

| FINANCIAL INSTITUTIONS - Workers and other financial intermediaries and charge a 0.25% 12b-1 fee, and / Class shares are available to institutionally oriented clients and impose up 12b-1 of administrative fee payment. Each share class is presented separately in the table. |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Actual Expenses | Beginning |  | Ending |  | Expenses Paid |
|  | Account Value | Account Value | Account Value | Account Value | During Period* |
| Advisor Class | Table (Actual) provides information about actual account values and actual returns. You may use the information on this line, together with the expenses that you paid over the period. Simply estimate the expenses that you paid over the period. Simply $1,000.00 (for example, an $8,000 account value divided by $1,000) |  |  |  |  |
| Actual | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 |
| Distributions |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income | $65.92 | $66.39 | $65.90 | $67.37 | $67.58 |
| Beginning of period | (1.62) | (14.00) | (10.53) | (3.62) | (5.37) |
| Net realized gain | (1.62) | (14.00) | (10.55) | (3.84) | (5.47) |
| Total distributions | (1.62) | (14.00) | (10.55) | (3.84) | (5.47) |
| Investment activities |  |  |  |  |  |
| Net investment income (loss) (1)(2) | (0.13) | (0.33) | (0.13) | 0.01 | 0.01 |

14

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **ADVANCE - HYPOTHETICAL**

The following figures are based on the 2018-2019 period of the year ended December 31, 2018. The expenses of the Company are based on the 2018-2019 period of the year ended December 31, 2018.

# **Advisor Class**
**Hypothetical Example for Comparison Purposes**

**N Class**
**E**
Line of the table (Hypothetical) is based on hypothetical account
for the funds and expenses of the Company and are assumed 5% per year
(plus 5000 active return). This may compare the ongoing
costs of investing in the fund with other funds by subtracting the 5% hypothetical expense

# **DISTRIBUTIONS**
**RECLASSES VALUE**

| Net Asset Value | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Total investment income | $68.27 | $68.33 | $54.75 | $49.36 | $48.02 |
| Beginning of period | (1.62) | (13.77) | (10.31) | (3.62) | (5.32) |
| Net realized gain | (21.32)% | 20.85% | 44.71% | 35.03% | 1.28% |
| Total return | (1.62) | (13.77) | (10.31) | (3.70) | (5.32) |
| Net distributions |  |  |  |  |  |
| Investment activities |  |  |  |  |  |
| Net investment income (loss) (1)(2) | 0.11 | (0.03) | 0.10 | 0.23 | 0.25 |

15

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

December 31, 2022

**FINANCIAL INSTITUTIONS** Total examples that appear in the shareholder reports of the other funds
The hypothetical account values and expenses may not be used to estimate the actual ending
of the total. (Cost and value in $000s) you paid for the period.
.88 3.36

**COMMON STOCKS 95.4%**
NET ASSETS (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings) (Net) (Earnings)
**COMMONIZATION SERVICES 10.8%**
Total (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%) (10.8%)
**Diversified Telecommunication Services 1.2%**
Total (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%)
**Dividends (1.2%)**
**Realized (1.2%)**
**Net investment income (1.2%)**
0.03% (0.16)% 0.04% 2,319,000 91,392
(0.11) (0.10) (0.29) (0.17)
(1.62) (14.08) (10.53) (2.65) (5.37)
**Total (1.62) (14.08) (10.53) (2.65) (5.37)
**Total (1.62) (14.08) (10.53) (2.65) (5.37)
**Net assets, end of period (in 1.2%)**

16

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

SCHEDULE 1: REINVESTMENTS - 1.4%, and the I Class was 0.66%.

|  | Shares | 91.10% Value |
| --- | --- | --- |
| Entertainment 2.9% (Lost and value in $000s) |  |  |
| Liberty Media-Liberty Formula One, Class C (1) | 1,532,465 | 91,611 |
| Inspired, General & Luxury Goods 0.8% | $6,506 | $5,631 |
| NET ASSETS (1) |  |  |
| Less: Net interest waivers/ |  |  |
| payments by Price Associates | $52.09 | $68.27 |
|  | 1.05% | 1.05% |
| Net expenses after waivers/ |  |  |
| Inspired, General & Luxury Goods 3.8% | 1.05% | 1.05% |
| Less: Net interest of expense-related arrangements with Price Associates |  |  |
| Reinstated, General & Luxury Goods 1.05% | 1.05% | 1.05% |
| Reinstated, General & Luxury Goods 0.24% | 0.44% | 0.22% |
| Reinstated, General & Luxury Goods 0.03% | 0.03% | 0.03% |
| Non-reinvestment, the rate that an investor would have earned on an investment in the funds during each period, assuming reinvestment of all distributions, and payment of no redemption or non-redeemable rate | (21.19%) | 20.98% |
| Non-redeemable rate 44.96% | 35.18% | 7.42% |
| Net assets, end of period (in |  |  |

17

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND[{"box_2d": [31, 83, 617, 231], "label": "table", "caption": "

| CONSUMER STAPLES 2.3% |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Alphabetic Class A (1) |  |  |  | 1,904,479 | 174,000 |
| Dividends 2.3% |  |  |  | 521,000 | 62,000 |
| Total Consumer Class A (1) |  |  |  | 2,130,688 | 154,575 |
| Foreign exchange |  |  |  | 1,056,100 | 87,560 |
| Foreign exchange |  |  |  | $135,434 | $203,994 |
| Foreign exchange |  |  |  |  | 176,237 |
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<table><tr><td>Foreign exchange</td><td></td><td></td><td></td><td></td

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

| Sub-contract | 740,700 | 39,598 |
| --- | --- | --- |
| Total Cash Application Services | 1,000,000 | 100,000 |
| Non-Transfer: Other (1) | 3,000,000 | 2,000,000 |
| CONSUMER DISCRETIONARY 9.9% | 3,000,000 | 2,000,000 |
| Total Revenue | 2,000,000 | 2,000,000 |
| Total Revenue & Leisure 2.7% | 2,000,000 | 2,000,000 |
| Total Revenue & Supplies 0.7% | 2,000,000 | 2,000,000 |
| Subtotal: Non-Contract (1) | $3,147,049 | $2,358,626 |
| Subtotal: General | $1,785,514 | $1,000,000 |
| Subtotal: Additional Class A | $1,785,514 | $1,000,000 |
| Subtotal: Non-Transfer: Discretionary | $1,785,514 | $1,000,000 |
| Subtotal: Non-Transfer: Non-Insurance | $1,785,514 | $1,000,000 |
| Subtotal: Non-Insurance: Non-Insurance | $1,785,514 | $1,000,000 |
| Subtotal: Non-Insurance: Non-Insurance | $1,785,514 | $1,000,000 |
| Subtotal: Non-Insurance: Non-Insurance | $1,785,514 | $1,000,000 |

(3) 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 account fees, if applicable.

19

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

| Household Durables 0.3% | 716,510 | 62,509 |
| --- | --- | --- |
| Health Care Provisions & Services 8.7% | 733,800 | 125,000 |
| Professional Services 0.8% | 230,000 | 12,000 |
| Business Repair | 230,000 | 12,000 |
| Rent, Sales, Supplies & Holding | 500,455 | 38,000 |
| Rent, Sales, Supplies & Holding | 500,455 | 38,000 |
| Multiple Retail 0.8% | 136,880 | 80,400 |
| Technology Hardware, Storage & Peripherals 4.0% | 136,880 | 80,400 |
| Rent & Sale 0.3% | 181,700 | 148,775 |
| Financials 10.1% | 2,301,253 | 2,301,253 |
| Sales/Health Group | 129,828 | 128,708 |
| Banks 2.4% | 129,828 | 128,708 |
| The following items are an integral part of these financial statements. |  | 308,123 |
| Specialty Retail 5.3% |  | 642,862 |
| Specialty Retail 5.3% | 987,888 | 1,362,927 |
| Health Care Technology 5.7% |  |  |

20

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

| MAJORITIES & BUSINESS SERVICES | 74,100 | 369,400 |
| --- | --- | --- |
| INFORMATION TECHNOLOGY 24.3% | 841,800 | 84,400 |
| Information Sheets (4) | 377,772 | 89,800 |
| Business (4) | 433,000 | 156,000 |
| Financial Services (4) | 418,244 | 23,000 |
| FINANCIAL SERVICES (4) | 138,125 | 34,000 |
| INDUSTRIALS & BUSINESS SERVICES 0.1% | 1,000,000 | 151,000 |
| Financial Services (4) | 1,000,000 | 151,000 |
| Financial Services 0.1% | 1,000,000 | 151,000 |
| Marketing Class A | 1,000,000 | 151,000 |
| ABL Space Systems Services B, Acquisition Date: 3/24/21, | 1,000,000 | 151,000 |
| Business (4) | 1,000,000 | 151,000 |
| Cost: $10,360 (1)(2)(3) | 1,000,000 | 151,000 |
| Programs (4) | 1,000,000 | 151,000 |
| ABL Space Systems, Series B-2, Acquisition Date: 10/22/21, | 1,000,000 | 151,000 |

21

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

| Short-term debt 0.4% | 1,018,254 | 1,018,254 |
| --- | --- | --- |
| Semiconductor 0.4% Semiconductor Equipment 4.1% | 1,548,032 | 1,548,032 |
| INDUSTRIAL TECHNOLOGY 0.1% | 444,898 | 102,031 |
| Software 0.1% | 1,000,000 | 1,000,000 |
| Software 0.1% Affiliated Companies | 1,000,000 | 1,000,000 |
| INDUSTRIAL & BUSINESS SERVICES 0.1% | 406,708 | 1,610,000 |
| INDUSTRIAL & BUSINESS SERVICES 4.1% | 404,580 | 59,125 |
| INDUSTRIAL & BUSINESS SERVICES 0.1% | 543,112 | 272,095 |
| INDUSTRIAL & BUSINESS SERVICES 4.1% | 543,112 | 89,733 |
| INDUSTRIAL & BUSINESS SERVICES 0.1% | 318,200 | 21,990 |

original tax character to the shareholder

22

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

| (3) | 166,137 | 319,948 |
| --- | --- | --- |
| Software (EMR) | 525,845 | 51,390 |
| Total Information Technology |  | 7,977 |
| Total Common Stocks (Cost $6,300,579) | 4,074 | 7,385,000 |
| Other (Total Common Stocks) |  |  |
| Other (Total Common Stocks) | 444,000 | 20,015 |
| Other (Total Common Stocks) | 404,014 | 29,010 |
| Other (Total Common Stocks) | 876,300 | 80,035 |
| Other (Total Common Stocks) | 182,700 | 14,701 |
| Other (Total Common Stocks) | 406,000 | 25,070 |
| Other (Total Common Stocks) | 486,000 | 35,000 |
| Other (Total Common Stocks) | 486,000 | 35,000 |

The fund may invest in certain securities that are considered affiliated companies. As defined by the Securities and Exchange Commission, the fund is not limited to the fund's name, or a "Commercial Bank" or a "Commercial Bank of America".

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

23

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

December 31, 2022[{"box_2d": [35, 83, 613, 239], "label": "table", "caption": "

| Shares of a unit of 100,000 shares (Cost $20,420) for a unit of 100,000 shares (Cost $20,420) | 1,851,771 | $ | 45,907 |
| --- | --- | --- | --- |
| Shares of a unit of 100,000 shares (Cost $20,420) | 1,851,771 | $ | 45,907 |
| Shares of a unit of 100,000 shares (Cost $20,420) | 1,851,771 | $ | 45,907 |
| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
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| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
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| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

| Shares of a unit of 100,000 shares (Cost $20,420) |  |  |  |
| --- | --- | --- | --- |

<table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20,420)</td><td></td><td></td><td></td></tr></tabletable><table><tr><td>Shares of a unit of 100,000 shares (Cost $20

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

December 31, 2022

| STATEMENT OF ASSETS AND LIABILITIES |  |  |  | 7,907 |
| --- | --- | --- | --- | --- |
| BIDDING LIABILITIES |  |  |  | $7,751,402 |
| (Cost $0.00,000) (In percent Schedule(s)) |  |  |  | Value |
| Biotechnology 0.1% | Value | Purchase | Sales | Value |
| Affiliates |  |  | Cost | 12/31/22 |
| Cost of Life Sciences, Series D, Acquisition Date: 5/11/21, |  |  |  | 7,781,027 |
| Cost of Life Sciences, Series D, Acquisition Date: 5/11/21, |  |  |  | 4,622 |
| Cost of Life Sciences, Series D, Acquisition Date: 5/11/21, |  |  |  | 292,252 |
| Cost of Life Sciences, Series D, Acquisition Date: 5/11/21, |  |  |  | 1,532,000 |
| Cost of Life Sciences, Series D, Acquisition Date: 5/11/21, |  |  |  | 5,908 |
| Cost of Life Sciences, Series D, Acquisition Date: 5/11/21, |  |  |  | 19,037 |
| Total Assets and Liabilities (Cost of Life Sciences, Series D, Acquisition Date: 5/11/21) |  |  |  | 6,402,909 |
| Total Assets and Liabilities (Cost of Life Sciences, Series D, Acquisition Date: 5/11/21) |  |  |  | 4,248 |
| Total Assets and Liabilities (Cost of Life Sciences, Series D, Acquisition Date: 5/11/21) |  |  |  | $7,739,880 |
| Payable to the Company |  |  |  | 5 |
| Payable to the Company |  |  |  |  |
| Payable to the Company |  |  |  |  |
| Payable to the Company |  |  |  |  |

25

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **STATEMENT OF ASSETS AND LIABILITIES**

| Investment income | 2013 | 2012 |
| --- | --- | --- |
| Income tax | $1,000,000 | $1,000,000 |
| Purchase and sale | $1,000,000 | $1,000,000 |
| The cost basis | $1,000,000 | $1,000,000 |
| The fund may have registration rights for certain restricted securities. Any costs | $1,000,000 | $1,000,000 |
| Other liabilities related to such registration are generally borne by the issuer. The aggregate | $1,000,000 | $1,000,000 |
| Total liabilities value of restricted securities (excluding 144A holdings) at period end amortized to | $1,000,000 | $1,000,000 |
| Investor Class | 12/31/22 | 12/31/22 |
| Investor Class | $7,739,899 | $7,739,899 |
| Advisor Class | $65,988 | $65,988 |
| Investor's Income (net of foreign taxes of $718) | $50.13 | $50.13 |
| ($139,414,800 / 2,780,985 shares outstanding) | $49,500 | $49,500 |
| I Class | $52.09 | $52.09 |
| Investment management |  |  |
| ($3,147,049,289 / 60,419,457 shares outstanding) |  |  |
| Investor Class | $7,171 |  |

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

26

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# STATEMENT OF OPERATIONS

($000s)

| Advisor Class | 264 | Year |
| --- | --- | --- |
| I Class | 388 | Ended |
|  |  | 7/8/24 |
|  |  | 12/31/22 |
| Realized and Unrealized Gain / Loss |  |  |
| Advisor Class |  | 406 |
| Net realized gain (loss) |  |  |
| Prospectus and shareholder reports |  |  |
| Securities |  | 80,202 |
| Investor Class | 132 |  |
| Foreign currency transactions |  | (6) |
| Advisor Class | 4 |  |
| Net realized gain |  | 80,196 |
| I Class | 33 | 159 |

27

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# STATEMENT OF OPERATIONS

($000s)

| Registration | Year | 391 |
| --- | --- | --- |
| Custody and accounting | Ended | 382 |
|  | 12/31/22 | 12/31/21 |
|  |  | (2,045,788) |
| Increase (Decrease) in Net Assets |  | 40 |
| Decreases and liabilities denominated in foreign currencies |  |  |
| Change in net unrealized gain / loss |  | (2,045,788) |
| Net investment income (loss) | $7,068 | $(11,520) |
| Net realized gain / loss | 80,196 | 1,955,046 |
| Net realized gain |  | 7,068 |
| Net investment income | (2,045,794) | 50,154 |
| Change in net unrealized gain / loss |  |  |
| DECREASE IN NET ASSETS FROM OPERATIONS | (1,958,530) | $(1,958,530) |
| Increase (decrease) in net assets from operations |  |  |

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

28

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Distributions to shareholders | Year Ended |  |
| --- | --- | --- |
|  | 12/31/22 | 12/31/21 |
| Net Assets Class | (133,896) | (1,125,033) |
| Increase/(decrease) during period | (1,326,052) | 1,461,951 |
| Beginning of period | (9,015,151) | (7,659,250) |
| End of period Net assets from distributions | $7,739,699 | $(9,116,151) |

*Share information (000s)

29

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

# Capital share transactions

Shares sold
Investment Company Act of 1940 (the 1940 Act) as a diversified open-end management
investor Class 1,584,616 1,209,727
investor Class 1,584,616 1,209,727
investor Class 1,584,616 1,209,727
premises in the common stocks of growth companies. The fund has three classes of
Distributions reinvested
Investor Class 1,584,616 1,209,727
Investor Class 1,584,616 1,209,727
Fund-1 Class Class (Advisor Class) and the All-Cap Opportunities Fund-1 Class
Advisor Class 1,584,616 1,209,727
(1 Class) Advisor Class shares are sold only through various partners and other
financial intermediaries. 1 Class shares require a $500,000 initial investment minimum,

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

30

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# NOTE TO FINANCIAL STATEMENTS

T. Rowe Price All-Cap Opportunities Fund (as the fund) is registered under the transactions are accounted for on the trade date basis. Income and expenses are shown redeemed. The financial basis. Realized gains and losses are reported on the intended accounts and minimum generally is waived or reduced for the current intermediaries. The credit of the income tax-related interest and penalties, if incurred, are recorded as income eligible retirement plans, and certain other accounts. Prior to October 15, 2016, the tax-exempted Dividends received from mutual fund investments are reflected as dividend. The tax-exempted dividends was $1 million and was generally waived for financial purposes. The tax-exempted dividend is reported as realized gainless. Dividend income, intermediaries, eligible retirement plans, and other certain accounts. As a result of the and capital gain distributions are recorded on the ex-dividend date. Distributions from reduction in the I Class minimum, certain assets transferred from the Investor Class REITs are initially recorded as dividend income and to the extent such represent a to the I Class. This transfer of shares from Investor Class to I Class is reflected in the Statement of Changes in Net Assets within the Capital shares transactions as

31

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

return of capital or capital gain for tax purposes are reclassified when such information
Update (ASU) - ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value
becomes available. Non-cash dividends, if any, are recorded at the fair market value of
measurement of Equity Securities Subject to Contractual Sale Restrictions, which
shall be associated with the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value

32

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards

impact on the fund's financial statements.
**Currency Translation** Assets including investments, and liabilities denominated

**Indemnification** In the event of a change in the fund's financial statements, the FASB may, at its option, change in the fund's financial statements. The FASB may, at its option, change in the fund's financial statements. The FASB may, at its option, change in the fund's financial statements.

**NOTE** **ASSUMPTIONS** **ACCOUNTING** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS** **ASSUMPTIONS**

**Standards Codification** Topic 946 (ASC 946). The accompanying financial statements

33

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

Level 3 - unobservable inputs (including the Valuation Designee’s assumptions in exchange rate) are reallocated and are not necessarily a part of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value

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

34

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

Investments in mutual funds are valued at the mutual fund's closing NAV per share on

**Valuation Declosures** (the amount of investment in the Company's capital) is not included in the value of the investment in the Company's capital. The amount of investment in the Company's capital is not included in the value of the investment in the Company's capital. The amount of investment in the Company's capital is not included in the value of the investment in the Company's capital. The amount of investment in the Company's capital is not included in the value of the investment in the Company's capital.

35

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# NOTE 3 - OTHER INVESTMENT TRANSACTIONS

The Company shall not be liable for any loss or damage to the property caused by the use of the property in the event of a fire, flood, or other causes beyond the control of the Company's control, including but not limited to acts of God, war, riots, strikes, or other causes beyond the control of the Company's control, including but not limited to acts of civil commotion, fire, flood, or other causes beyond the control of the Company's control, including but not limited to acts of civil commotion, fire, flood, or other causes beyond the control of the Company's control, including but not limited to acts of civil commotion, fire, flood, or other causes beyond the control of the Company's control, including but not limited to acts of civil commotion, fire, flood, or other causes beyond the control of the Company's control, including but not limited to acts of civil commotion, fire, flood, or other causes beyond the control of the Company's control, including but not limited to acts

36

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

NOTE: The following information is provided in the following table:

The following table provides the information in a specific format:

37

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

NOTE 5 - FOREIGN TAXES

Unsecured appropriation $1,362,053
Any other tax paid for capital gain is reflected in a component of the current and change
of the tax paid for capital gain. The tax paid for capital gain is reflected in a component of the current and change
of the tax paid for capital gain. The tax paid for capital gain is reflected in a component of the current and change
of the tax paid for capital gain. The tax paid for capital gain is reflected in a component of the current and change
of the tax paid for capital gain. The tax paid for capital gain is reflected in a component of the current and change
of the tax paid for capital gain. The tax paid for capital gain is reflected in a component of the current and change
of the tax paid for capital gain. The tax paid for capital gain is reflected in a component of the current and change
of the tax paid

04/30/24

38

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

the repayment is taken into account) to exceed the lesser of: (1) the I Class Limit in

NOTE: A DELAYED PARTY TRANSACTIONS
Unallocated and non-recurring period ($000s) $218
Capital accounts within the financial reporting records are adjusted for permanent book
(2022) and have not been recorded in the gross trades with other funds or accounts
for differences. The writer's tax character but are not adjusted for temporary differences. 524
advised by Price Associates.
The tax character of the Company's tax character is not included in the tax character of the Company's tax character. The tax character of the Company's tax character is not included in the tax character of the Company's tax character. The tax character of the Company's tax character is not included in the tax character of the Company's tax character. The tax character of the Company's tax character is not included in the tax character of the Company's tax character. The tax character of the Company's tax character is not included in the tax character of the Company's tax character.

39

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

independent current market price of the security. During the year ended December 31,

The Board of Directors and Shareholders of T. Rowe Price All-Cap
OPPORTUNITIES FUND, Inc.
NOTE: OTHER MATTERS
The General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement of the General Statement

40

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price All-Cap Opportunities Fund, Inc. (the

(CONTINUED) of December 31, 2022, the related statement of operations for the year ended December 31, 2022, to an operating expense limitation (1) (see CMA) pursuant to the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance, including, but not limited to, the Company's current operating performance and performance

41

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By making of its operations, the Fund's financial statements based on our
interest in the financial statements are based on our
interest in the financial statements. The Fund's financial statements
are based on our interest in the financial statements. The Fund's
financial statements are based on our interest in the financial statements.
The Fund's financial statements are based on our interest in the
financial statements. The Fund's financial statements are based on
our interest in the financial statements. The Fund's financial statements
are based on our interest in the financial statements. The Fund's
financial statements are based on our interest in the financial statements.
The Fund's financial statements are based on our interest in the
financial statements. The Fund's financial statements are based on
our interest in the financial statements. The Fund's financial statements
are based on our interest in the financial statements.

42

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

RECORDS
$255,000,000 from long-term capital gains subject to a long-term capital gains tax rate
R. E. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W.

43

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**

responsible assurance about whether the financial statements are free of material

corporate website. To access it, please visit the following Web page:

The information contained in this report is provided for the Department of Health and Human Services, and is intended to provide information about the investment company Act of 1940, as amended, the fund has established a liquidity risk management program. 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 Each fund's most recent annual proxy voting record is available on our website and through the SEC's website. To access it through T. Rowe Price, visit the website location Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As

44

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the Brown Young Records - Risk on the Brown Young Records link in the shaded box. Liquidity programs are integrated into the program, which is based on the program's performance, a report

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:

45

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

Electrically, the LRC's website (see text) in addition, was T. Rowe Price funds. Your fund is with the LRC's assessment of their relative liquidity under current market conditions. Section 2(a)(19) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates. Under the Liquidity Program, every investment fund by the fund is classified at least. The business address of each director and officer is 100 East Pratt Street, Baltimore, Maryland.

46

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The State of New Jersey, the United States of America, is a member of the investment's directors and officers. The Board of Directors are not a member of the investment's directors and officers.

**Name** (Year of Birth) significantly changing the investment's market value.

**INDEPENDENT DIRECTORS** (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and **Name** (Year of Birth) **Other Investment Companies During the Past Five Years** (Year of Birth) **Year Elected** (1958) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

47

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

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**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

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**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

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T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000. cash and cash equivalents, as well as available borrowing arrangements.
(1) Department, The South Hopkins University (2009 to present); Director, Department, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (2009 to present); Director, The South Hopkins University (

**(Year of Birth)**
Jon Michael Friar (1982)

49

T. ROWE PRICE ALL-CAP OPPORTUNITIES FUND

OFFICERS (CONTINUED)

Non-Filed:
[Number of T. Rowe Price
Name (Year of Birth)
Position Held With All-Cap
Opportunities Fund

2042 Bakri, M.D., CFA (1980)
(2001) Holford, Ph.D., ACA (1985-1)

Resorts, a hotel and leisure company; Member, Investment Company
Principal Occupation(s) and Directorships of Public Companies and
Other Investment Companies During the First Five Years

T. Rowe Price, Price International, and T. Rowe Price
Name (Year of Birth)
Position Held With All-Cap
Opportunities Fund

2042 Bakri, M.D., CFA (1980)
(2001) Holford, Ph.D., ACA (1985-1)

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

50

Name (Year of Birth)
Position Held With All-Cap
Opportunities 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, or other performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

The registrant's name is the name of the person, and the name of the person is the name of the person.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(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 maintaining the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Vice President and Secretary | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Vice President and Secretary | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Shamrock, John (1987) or | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Vice President | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Assistant Secretary | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | General Investing | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |

(h) 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**
(1) The Company's business of ethics pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Tariff and Financial Accounting Act of 1965, as amended.
(2) The Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business

(3) Written solicitation to repurchase securities, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company's business of law, and the Company

(b) A certification by the registrant's principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Tariff and Financial Accounting Act of 1965, as amended.

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

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Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

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Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

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Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price, T. Rowe Price Group, and Vice President, T. Rowe Price

# 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 All-Cap Opportunities Fund, Inc.

By /s/ David Oestreicher

Justin P. White (CFO) Vice President, T. Rowe Price and T. Rowe Price
President Principal Executive Officer Group, Inc.

This document is the property of T. Rowe Price or Price International for at least 5 years. The information contained herein is not to be construed as a solicitation, solicitation, or solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a

All mutual funds are subject to market risk and other available risk information. The information contained herein is not to be construed as a solicitation, solicitation, or solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a

The T. Rowe Price and T. Rowe Price Portfolios is a discretionary investment management program provided by

David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski

Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

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.

202302-2582725  
P60-050 2/23

## 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 All-Cap Opportunities 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;(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;(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;(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;(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;(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;(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 | /s/ David Oestreicher |
|  | 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 All-Cap Opportunities 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;(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;(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;(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;(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;(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;(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 | /s/ Alan S. Dupski |
|  | 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 All-Cap Opportunities 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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| 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)

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## 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