T.

ROWE

PRICE

Balanced

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.0%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-1,

Class

C

1.59%,

10/20/25 

1,460,000‌

1,423‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

1,893‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

B

3.55%,

9/22/25 (1)

1,165,000‌

1,126‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

271,275‌

258‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

5.978%,

4/15/35 (1)

2,195,000‌

2,135‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,097‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,485‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.14%,

5.932%,

7/15/36 (1)

1,380,000‌

1,340‌

CNH

Equipment

Trust

Series 2019-C,

Class

B

2.35%,

4/15/27 

2,575,000‌

2,525‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

658,125‌

584‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,215,200‌

1,038‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,520,750‌

1,244‌

Dryden

Series 2020-77A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.12%,

6.035%,

5/20/34 (1)

1,935,000‌

1,883‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

144,405‌

139‌

Exeter

Automobile

Receivables

Trust

Series 2021-2A,

Class

C

0.98%,

6/15/26 

895,000‌

871‌

T.

ROWE

PRICE

Balanced

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

915,000‌

889‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,512‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

2,565,000‌

2,571‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,153‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.91%,

9/16/27 

1,355,000‌

1,297‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

1,895,675‌

1,800‌

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28 (1)

276,937‌

267‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

5.948%,

10/15/32 (1)

1,205,000‌

1,181‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

805,411‌

754‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

732,038‌

698‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-FA,

Class

A2

2.60%,

8/15/68 (1)

807,459‌

747‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-GA,

Class

A

2.40%,

10/15/68 (1)

883,637‌

822‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

389,801‌

349‌

Navient

Private

Education

Refi

Loan

Trust

Series 2021-A,

Class

A

0.84%,

5/15/69 (1)

406,129‌

355‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32 (1)

1,995,166‌

1,995‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,610,475‌

1,323‌

T.

ROWE

PRICE

Balanced

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

533,278‌

514‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

1,032,168‌

925‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,978,623‌

1,703‌

Total

Asset-Backed

Securities

(Cost

$42,787)

39,896‌

BOND

MUTUAL

FUNDS

4.9%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

10.53% (2)

(3)

1,359‌

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.33% (2)(3)

26,993,471‌

202,721‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

10.19% (2)(3)

23,156‌

110‌

Total

Bond

Mutual

Funds

(Cost

$230,801)

202,846‌

COMMON

STOCKS

61.0%

COMMUNICATION

SERVICES

4.5%

Diversified

Telecommunication

Services

0.6%

AT&T 

82,018‌

1,579‌

KT

(KRW) 

126,973‌

2,871‌

Nippon

Telegraph

&

Telephone

(JPY) 

484,500‌

14,478‌

Verizon

Communications 

144,946‌

5,637‌

24,565‌

Entertainment

0.6%

Activision

Blizzard 

48,177‌

4,123‌

Netflix (4)

27,222‌

9,405‌

Sea,

ADR (4)

30,627‌

2,651‌

Walt

Disney (4)

100,172‌

10,030‌

26,209‌

Interactive

Media

&

Services

2.6%

Alphabet,

Class

A (4)

145,404‌

15,083‌

Alphabet,

Class

C (4)

563,785‌

58,634‌

Meta

Platforms,

Class

A (4)

113,013‌

23,952‌

NAVER

(KRW) 

13,693‌

2,146‌

Tencent

Holdings

(HKD) 

83,700‌

4,090‌

Z

Holdings

(JPY) (5)

801,800‌

2,273‌

106,178‌

T.

ROWE

PRICE

Balanced

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Media

0.3%

Comcast,

Class

A 

24,967‌

946‌

CyberAgent

(JPY) 

343,400‌

2,910‌

Stroeer

(EUR) 

19,577‌

1,034‌

WPP

(GBP) 

501,208‌

5,955‌

10,845‌

Wireless

Telecommunication

Services

0.4%

T-Mobile

U.S. (4)

95,433‌

13,822‌

Vodafone

Group,

ADR 

336,855‌

3,719‌

17,541‌

Total

Communication

Services

185,338‌

CONSUMER

DISCRETIONARY

6.3%

Automobile

Components

0.4%

Aptiv (4)

2,035‌

228‌

Autoliv,

SDR

(SEK) 

39,540‌

3,694‌

Denso

(JPY) 

85,700‌

4,838‌

Magna

International 

101,276‌

5,425‌

Stanley

Electric

(JPY) 

106,300‌

2,363‌

16,548‌

Automobiles

0.9%

General

Motors 

59,900‌

2,197‌

Honda

Motor

(JPY) 

65,300‌

1,727‌

Suzuki

Motor

(JPY) 

92,500‌

3,369‌

Tesla (4)

98,451‌

20,425‌

Toyota

Motor

(JPY) 

570,700‌

8,124‌

35,842‌

Broadline

Retail

1.4%

Alibaba

Group

Holding,

ADR (4)

8,823‌

902‌

Amazon.com (4)

527,613‌

54,497‌

Next

(GBP) 

51,498‌

4,186‌

59,585‌

Distributors

0.0%

Genuine

Parts 

3,000‌

502‌

502‌

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions (4)

6,461‌

497‌

Service

Corp

International 

24,700‌

1,699‌

2,196‌

Hotels,

Restaurants

&

Leisure

1.2%

Amadeus

IT

Group

(EUR) (4)

59,407‌

3,985‌

Booking

Holdings (4)

4,174‌

11,071‌

T.

ROWE

PRICE

Balanced

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Chipotle

Mexican

Grill (4)

4,289‌

7,327‌

Compass

Group

(GBP) 

289,737‌

7,282‌

DoorDash,

Class

A (4)

20,365‌

1,294‌

Hilton

Worldwide

Holdings 

14,830‌

2,089‌

Las

Vegas

Sands (4)

27,039‌

1,553‌

Marriott

International,

Class

A 

4,206‌

698‌

McDonald's 

42,280‌

11,822‌

Meituan,

Class

B

(HKD) (4)

5,190‌

94‌

MGM

Resorts

International 

23,130‌

1,028‌

Starbucks 

20,220‌

2,106‌

Wynn

Resorts (4)

8,335‌

933‌

51,282‌

Household

Durables

0.4%

NVR (4)

204‌

1,136‌

Panasonic

Holdings

(JPY) 

432,200‌

3,867‌

Persimmon

(GBP) 

163,565‌

2,540‌

Sony

Group

(JPY) 

85,700‌

7,806‌

15,349‌

Specialty

Retail

1.2%

ASOS

(GBP) (4)(5)

104,433‌

1,061‌

AutoZone (4)

657‌

1,615‌

Best

Buy 

21,800‌

1,706‌

Burlington

Stores (4)

6,111‌

1,235‌

Home

Depot 

38,041‌

11,227‌

Kingfisher

(GBP) 

1,664,459‌

5,380‌

Lowe's 

7,583‌

1,516‌

O'Reilly

Automotive (4)

2,579‌

2,190‌

Ross

Stores 

89,431‌

9,491‌

TJX 

71,064‌

5,569‌

Ulta

Beauty (4)

8,744‌

4,771‌

Zalando

(EUR) (4)

76,843‌

3,221‌

48,982‌

Textiles,

Apparel

&

Luxury

Goods

0.7%

Dr.

Martens

(GBP) 

464,576‌

815‌

Kering

(EUR) 

8,184‌

5,339‌

Lululemon

Athletica (4)

9,399‌

3,423‌

Moncler

(EUR) 

80,997‌

5,594‌

NIKE,

Class

B 

74,492‌

9,136‌

Samsonite

International

(HKD) (4)

817,500‌

2,535‌

26,842‌

Total

Consumer

Discretionary

257,128‌

T.

ROWE

PRICE

Balanced

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

STAPLES

4.8%

Beverages

1.0%

Coca-Cola 

118,291‌

7,338‌

Constellation

Brands,

Class

A 

18,324‌

4,139‌

Diageo

(GBP) 

162,346‌

7,245‌

Heineken

(EUR) 

45,393‌

4,877‌

Keurig

Dr

Pepper 

80,300‌

2,833‌

Kirin

Holdings

(JPY) 

202,500‌

3,204‌

Monster

Beverage (4)

37,193‌

2,009‌

PepsiCo 

50,138‌

9,140‌

40,785‌

Consumer

Staples

Distribution

&

Retail

0.9%

Costco

Wholesale 

8,754‌

4,350‌

Dollar

General 

52,083‌

10,961‌

Dollar

Tree (4)

6,179‌

887‌

Seven

&

i

Holdings

(JPY) 

170,100‌

7,684‌

Sysco 

13,400‌

1,035‌

Walmart 

58,748‌

8,662‌

Welcia

Holdings

(JPY) 

75,200‌

1,610‌

35,189‌

Food

Products

1.3%

Barry

Callebaut

(CHF) 

1,768‌

3,746‌

Conagra

Brands 

10,483‌

394‌

Darling

Ingredients (4)

6,767‌

395‌

General

Mills 

12,500‌

1,068‌

Kraft

Heinz 

155,433‌

6,011‌

Mondelez

International,

Class

A 

185,885‌

12,960‌

Nestle

(CHF) 

198,219‌

24,169‌

Wilmar

International

(SGD) 

1,813,800‌

5,746‌

54,489‌

Household

Products

0.5%

Colgate-Palmolive 

5,000‌

376‌

Kimberly-Clark 

21,975‌

2,949‌

Procter

&

Gamble 

105,522‌

15,690‌

19,015‌

Personal

Care

Products

0.6%

Estee

Lauder,

Class

A 

6,829‌

1,683‌

L'Oreal

(EUR) 

18,262‌

8,160‌

Unilever

(GBP) 

246,880‌

12,793‌

22,636‌

Tobacco

0.5%

Altria

Group 

35,688‌

1,593‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Philip

Morris

International 

180,464‌

17,550‌

19,143‌

Total

Consumer

Staples

191,257‌

ENERGY

2.3%

Energy

Equipment

&

Services

0.2%

Halliburton 

36,589‌

1,158‌

NOV 

20,300‌

376‌

Schlumberger 

23,621‌

1,160‌

Worley

(AUD) 

445,214‌

4,312‌

7,006‌

Oil,

Gas

&

Consumable

Fuels

2.1%

Chesapeake

Energy 

6,100‌

464‌

Chevron 

94,284‌

15,383‌

ConocoPhillips 

41,529‌

4,120‌

EOG

Resources 

17,162‌

1,967‌

Equinor

(NOK) 

326,951‌

9,295‌

Exxon

Mobil 

223,613‌

24,521‌

Hess 

11,047‌

1,462‌

Kinder

Morgan 

301,315‌

5,276‌

Marathon

Petroleum 

13,919‌

1,877‌

Pioneer

Natural

Resources 

3,324‌

679‌

Range

Resources 

21,300‌

564‌

Shell,

ADR 

96,154‌

5,533‌

Southwestern

Energy (4)

113,900‌

569‌

Suncor

Energy 

15,800‌

491‌

TotalEnergies

(EUR) 

186,766‌

11,012‌

TotalEnergies,

ADR (5)

12,072‌

713‌

Valero

Energy 

4,900‌

684‌

Woodside

Energy

Group

(GBP) 

34,694‌

777‌

85,387‌

Total

Energy

92,393‌

FINANCIALS

10.7%

Banks

3.2%

ANZ

Group

Holdings

(AUD) 

215,198‌

3,316‌

Bank

of

America 

539,149‌

15,420‌

BNP

Paribas

(EUR) 

83,543‌

4,989‌

Citigroup 

38,605‌

1,810‌

DBS

Group

Holdings

(SGD) 

149,700‌

3,722‌

DNB

Bank

(NOK) 

449,048‌

8,036‌

East

West

Bancorp 

4,384‌

243‌

Erste

Group

Bank

(EUR) 

61,612‌

2,041‌

Fifth

Third

Bancorp 

59,150‌

1,576‌

Huntington

Bancshares 

110,245‌

1,235‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ING

Groep

(EUR) 

716,454‌

8,508‌

Intesa

Sanpaolo

(EUR) 

717,807‌

1,842‌

JPMorgan

Chase 

165,187‌

21,526‌

Lloyds

Banking

Group

(GBP) 

6,662,881‌

3,917‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

783,200‌

5,019‌

National

Bank

of

Canada

(CAD) (5)

101,970‌

7,294‌

PNC

Financial

Services

Group 

45,600‌

5,796‌

Regions

Financial 

13,700‌

254‌

Standard

Chartered

(GBP) 

306,138‌

2,320‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

76,154‌

2,616‌

Svenska

Handelsbanken,

Class

A

(SEK) (5)

527,434‌

4,568‌

U.S.

Bancorp 

212,969‌

7,678‌

United

Overseas

Bank

(SGD) 

307,000‌

6,886‌

Wells

Fargo 

347,343‌

12,984‌

Western

Alliance

Bancorp 

4,100‌

146‌

133,742‌

Capital

Markets

1.1%

Ares

Management,

Class

A 

14,000‌

1,168‌

BlackRock 

400‌

268‌

Bridgepoint

Group

(GBP) 

642,572‌

1,763‌

Brookfield

(CAD) 

58,507‌

1,906‌

Cboe

Global

Markets 

6,800‌

913‌

Charles

Schwab 

110,816‌

5,804‌

CME

Group 

4,511‌

864‌

Goldman

Sachs

Group 

12,921‌

4,227‌

Intercontinental

Exchange 

17,030‌

1,776‌

Julius

Baer

Group

(CHF) 

71,306‌

4,871‌

Macquarie

Group

(AUD) 

32,944‌

3,901‌

MarketAxess

Holdings 

1,500‌

587‌

Moody's 

4,500‌

1,377‌

Morgan

Stanley 

70,288‌

6,171‌

MSCI 

3,499‌

1,958‌

S&P

Global 

16,516‌

5,694‌

State

Street 

7,200‌

545‌

XP,

Class

A (4)

90,100‌

1,069‌

44,862‌

Consumer

Finance

0.2%

American

Express 

45,658‌

7,531‌

Capital

One

Financial 

3,200‌

308‌

Discover

Financial

Services 

4,400‌

435‌

8,274‌

Financial

Services

3.0%

Adyen

(EUR) (4)

2,519‌

4,014‌

Affirm

Holdings (4)

33,014‌

372‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $1,137 (4)(6)(7)

298,203‌

605‌

Apollo

Global

Management 

17,357‌

1,096‌

Berkshire

Hathaway,

Class

B (4)

80,475‌

24,848‌

Block,

Class

A (4)

16,799‌

1,153‌

Challenger

(AUD) 

365,840‌

1,536‌

Corebridge

Financial 

144,642‌

2,317‌

Element

Fleet

Management

(CAD) (5)

459,208‌

6,031‌

Equitable

Holdings 

51,988‌

1,320‌

Fidelity

National

Information

Services 

42,000‌

2,282‌

Fiserv (4)

129,536‌

14,642‌

FleetCor

Technologies (4)

14,854‌

3,132‌

Global

Payments 

17,937‌

1,888‌

Housing

Development

Finance

(INR) 

123,170‌

3,942‌

Mastercard,

Class

A 

61,469‌

22,338‌

Mitsubishi

HC

Capital

(JPY) 

396,300‌

2,046‌

Visa,

Class

A 

124,081‌

27,975‌

121,537‌

Insurance

3.2%

AIA

Group

(HKD) 

218,400‌

2,290‌

Allstate 

32,390‌

3,589‌

American

International

Group 

50,165‌

2,526‌

Assurant 

2,250‌

270‌

AXA

(EUR) 

394,535‌

12,040‌

Chubb 

82,416‌

16,004‌

Definity

Financial

(CAD) 

45,510‌

1,188‌

Direct

Line

Insurance

Group

(GBP) 

47,392‌

81‌

Hartford

Financial

Services

Group 

90,743‌

6,324‌

Manulife

Financial

(CAD) 

153,129‌

2,810‌

Marsh

&

McLennan 

37,122‌

6,183‌

MetLife 

166,822‌

9,666‌

Munich

Re

(EUR) 

32,549‌

11,380‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

3,466,000‌

3,536‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

274,500‌

1,776‌

Progressive 

65,143‌

9,319‌

RenaissanceRe

Holdings 

6,985‌

1,399‌

Sampo,

Class

A

(EUR) 

138,998‌

6,559‌

Storebrand

(NOK) 

543,459‌

4,174‌

Sun

Life

Financial

(CAD) 

135,543‌

6,332‌

Tokio

Marine

Holdings

(JPY) 

302,400‌

5,820‌

Travelers 

53,660‌

9,198‌

Zurich

Insurance

Group

(CHF) 

15,821‌

7,581‌

130,045‌

Total

Financials

438,460‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

9.0%

Biotechnology

0.7%

AbbVie 

61,924‌

9,869‌

Amgen 

28,279‌

6,836‌

Biogen (4)

4,137‌

1,150‌

Genmab

(DKK) (4)

5,826‌

2,202‌

Gilead

Sciences 

8,527‌

708‌

Moderna (4)

5,292‌

813‌

Regeneron

Pharmaceuticals (4)

4,936‌

4,056‌

Vertex

Pharmaceuticals (4)

7,247‌

2,283‌

27,917‌

Health

Care

Equipment

&

Supplies

1.6%

Abbott

Laboratories 

17,880‌

1,811‌

Alcon

(CHF) 

44,135‌

3,133‌

Align

Technology (4)

2,594‌

867‌

Becton

Dickinson

&

Company 

45,195‌

11,188‌

Boston

Scientific (4)

8,600‌

430‌

DENTSPLY

SIRONA 

13,600‌

534‌

Dexcom (4)

14,218‌

1,652‌

Elekta,

Class

B

(SEK) 

387,932‌

2,965‌

EssilorLuxottica

(EUR) 

26,760‌

4,825‌

GE

HealthCare

Technologies (4)

65,085‌

5,339‌

Intuitive

Surgical (4)

44,885‌

11,467‌

Koninklijke

Philips

(EUR) 

207,779‌

3,816‌

Medtronic 

7,342‌

592‌

Siemens

Healthineers

(EUR) 

113,047‌

6,517‌

STERIS 

6,662‌

1,274‌

Stryker 

23,902‌

6,823‌

Teleflex 

6,491‌

1,644‌

Zimmer

Biomet

Holdings 

12,529‌

1,619‌

66,496‌

Health

Care

Providers

&

Services

2.3%

AmerisourceBergen 

65,566‌

10,498‌

Cigna

Group 

4,971‌

1,270‌

CVS

Health 

7,430‌

552‌

Elevance

Health 

53,433‌

24,569‌

Fresenius

(EUR) 

129,238‌

3,490‌

HCA

Healthcare 

26,678‌

7,034‌

Humana 

23,966‌

11,634‌

McKesson 

5,044‌

1,796‌

Molina

Healthcare (4)

3,741‌

1,001‌

UnitedHealth

Group 

73,194‌

34,591‌

96,435‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Technology

0.0%

Veeva

Systems,

Class

A (4)

7,790‌

1,432‌

1,432‌

Life

Sciences

Tools

&

Services

0.9%

Agilent

Technologies 

16,215‌

2,243‌

Charles

River

Laboratories

International (4)

2,800‌

565‌

Danaher 

57,035‌

14,375‌

Evotec

(EUR) (4)

83,281‌

1,759‌

Illumina (4)

2,990‌

695‌

IQVIA

Holdings (4)

2,100‌

418‌

Mettler-Toledo

International (4)

619‌

947‌

Thermo

Fisher

Scientific 

30,081‌

17,338‌

West

Pharmaceutical

Services 

1,162‌

403‌

38,743‌

Pharmaceuticals

3.5%

Astellas

Pharma

(JPY) 

539,500‌

7,665‌

AstraZeneca,

ADR 

289,920‌

20,123‌

Bayer

(EUR) 

116,842‌

7,464‌

Bristol-Myers

Squibb 

17,829‌

1,236‌

Eli

Lilly 

55,237‌

18,970‌

GSK,

ADR 

100,872‌

3,589‌

Ipsen

(EUR) 

4,488‌

494‌

Johnson

&

Johnson 

126,846‌

19,661‌

Merck 

110,813‌

11,789‌

Novartis

(CHF) 

125,344‌

11,509‌

Novo

Nordisk,

ADR 

12,700‌

2,021‌

Otsuka

Holdings

(JPY) 

102,400‌

3,251‌

Pfizer 

59,485‌

2,427‌

Roche

Holding

(CHF) 

43,502‌

12,430‌

Sanofi

(EUR) 

134,302‌

14,569‌

Viatris 

135,038‌

1,299‌

Zoetis 

38,733‌

6,447‌

144,944‌

Total

Health

Care

375,967‌

INDUSTRIALS

&

BUSINESS

SERVICES

5.3%

Aerospace

&

Defense

0.6%

Boeing (4)

7,468‌

1,586‌

General

Dynamics 

5,769‌

1,317‌

Huntington

Ingalls

Industries 

2,000‌

414‌

L3Harris

Technologies 

46,048‌

9,037‌

Northrop

Grumman 

7,693‌

3,552‌

Raytheon

Technologies 

19,220‌

1,882‌

Safran

(EUR) 

33,068‌

4,895‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

TransDigm

Group 

4,229‌

3,117‌

25,800‌

Air

Freight

&

Logistics

0.0%

FedEx 

6,164‌

1,408‌

1,408‌

Building

Products

0.1%

Carrier

Global 

90,266‌

4,129‌

Johnson

Controls

International 

8,900‌

536‌

Trane

Technologies 

2,923‌

538‌

5,203‌

Commercial

Services

&

Supplies

0.1%

Cintas 

4,003‌

1,852‌

Copart (4)

8,400‌

632‌

Republic

Services 

2,000‌

270‌

Waste

Connections 

12,548‌

1,745‌

4,499‌

Construction

&

Engineering

0.0%

WillScot

Mobile

Mini

Holdings (4)

3,200‌

150‌

150‌

Electrical

Equipment

1.1%

ABB

(CHF) 

224,591‌

7,726‌

AMETEK 

39,045‌

5,674‌

Eaton 

50,082‌

8,581‌

Emerson

Electric 

3,100‌

270‌

Hubbell 

9,801‌

2,385‌

Legrand

(EUR) 

63,428‌

5,796‌

Mitsubishi

Electric

(JPY) 

524,100‌

6,263‌

Prysmian

(EUR) 

152,378‌

6,399‌

Rockwell

Automation 

4,468‌

1,311‌

44,405‌

Ground

Transportation

0.7%

Canadian

Pacific

Railway 

13,399‌

1,031‌

Central

Japan

Railway

(JPY) 

23,100‌

2,756‌

CSX 

340,199‌

10,186‌

JB

Hunt

Transport

Services 

6,553‌

1,150‌

Norfolk

Southern 

17,283‌

3,664‌

Old

Dominion

Freight

Line 

13,196‌

4,498‌

Saia (4)

3,692‌

1,004‌

Union

Pacific 

29,964‌

6,030‌

30,319‌

Industrial

Conglomerates

1.6%

DCC

(GBP) 

59,388‌

3,462‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

General

Electric 

181,947‌

17,394‌

Honeywell

International 

45,358‌

8,669‌

Melrose

Industries

(GBP) 

2,496,174‌

5,141‌

Roper

Technologies 

17,232‌

7,594‌

Siemens

(EUR) 

138,999‌

22,518‌

64,778‌

Machinery

0.4%

Cummins 

12,253‌

2,927‌

Dover 

7,900‌

1,200‌

Ingersoll

Rand 

26,069‌

1,517‌

KION

Group

(EUR) 

71,070‌

2,756‌

Otis

Worldwide 

14,440‌

1,219‌

PACCAR 

11,790‌

863‌

SMC

(JPY) 

3,900‌

2,067‌

Stanley

Black

&

Decker 

20,959‌

1,689‌

THK

(JPY) 

84,400‌

1,956‌

16,194‌

Passenger

Airlines

0.0%

Southwest

Airlines 

23,579‌

768‌

United

Airlines

Holdings (4)

2,310‌

102‌

870‌

Professional

Services

0.3%

Broadridge

Financial

Solutions 

1,929‌

283‌

CoStar

Group (4)

12,573‌

866‌

Recruit

Holdings

(JPY) 

138,100‌

3,799‌

TechnoPro

Holdings

(JPY) 

158,500‌

4,396‌

Teleperformance

(EUR) 

17,704‌

4,278‌

TransUnion 

7,348‌

456‌

14,078‌

Trading

Companies

&

Distributors

0.4%

Ashtead

Group

(GBP) 

83,041‌

5,099‌

Bunzl

(GBP) 

83,930‌

3,170‌

Mitsubishi

(JPY) 

119,500‌

4,295‌

Sumitomo

(JPY) 

262,700‌

4,654‌

United

Rentals 

503‌

199‌

17,417‌

Total

Industrials

&

Business

Services

225,121‌

INFORMATION

TECHNOLOGY

13.3%

Communications

Equipment

0.2%

Arista

Networks (4)

10,786‌

1,811‌

Cisco

Systems 

19,387‌

1,013‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

LM

Ericsson,

Class

B

(SEK) (5)

900,073‌

5,276‌

8,100‌

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol,

Class

A 

493‌

40‌

Hamamatsu

Photonics

(JPY) 

76,900‌

4,148‌

Largan

Precision

(TWD) 

19,000‌

1,362‌

Murata

Manufacturing

(JPY) 

82,600‌

5,034‌

Omron

(JPY) 

44,500‌

2,605‌

TE

Connectivity 

28,888‌

3,789‌

Teledyne

Technologies (4)

3,489‌

1,561‌

Trimble (4)

17,700‌

928‌

19,467‌

IT

Services

0.5%

Accenture,

Class

A 

30,611‌

8,749‌

Cognizant

Technology

Solutions,

Class

A 

6,306‌

384‌

MongoDB (4)

11,202‌

2,611‌

NTT

Data

(JPY) (5)

441,600‌

5,806‌

Shopify,

Class

A (4)

60,258‌

2,889‌

Snowflake,

Class

A (4)

7,726‌

1,192‌

21,631‌

Semiconductors

&

Semiconductor

Equipment

4.5%

Advanced

Micro

Devices (4)

131,135‌

12,853‌

Applied

Materials 

30,500‌

3,746‌

ASML

Holding

(EUR) 

19,649‌

13,390‌

ASML

Holding 

16,097‌

10,957‌

Broadcom 

35,054‌

22,489‌

Enphase

Energy (4)

1,800‌

379‌

Entegris 

15,680‌

1,286‌

First

Solar (4)

1,200‌

261‌

KLA 

8,410‌

3,357‌

Lam

Research 

17,452‌

9,252‌

Marvell

Technology 

104,322‌

4,517‌

Micron

Technology 

72,000‌

4,344‌

Monolithic

Power

Systems 

12,992‌

6,503‌

NVIDIA 

153,129‌

42,535‌

NXP

Semiconductors 

51,077‌

9,525‌

ON

Semiconductor (4)

27,783‌

2,287‌

Qorvo (4)

3,100‌

315‌

QUALCOMM 

16,901‌

2,156‌

Renesas

Electronics

(JPY) (4)

208,900‌

3,025‌

Skyworks

Solutions 

3,800‌

448‌

SolarEdge

Technologies (4)

1,800‌

547‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

854,969‌

14,983‌

Taiwan

Semiconductor

Manufacturing,

ADR 

22,172‌

2,062‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Teradyne 

6,500‌

699‌

Texas

Instruments 

52,892‌

9,838‌

Tokyo

Electron

(JPY) 

38,700‌

4,728‌

186,482‌

Software

4.7%

Adobe (4)

8,207‌

3,163‌

Atlassian,

Class

A (4)

15,094‌

2,584‌

BILL

Holdings (4)

18,936‌

1,536‌

Cadence

Design

Systems (4)

9,599‌

2,017‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (4)(6)(7)

392‌

216‌

Confluent,

Class

A (4)

31,186‌

751‌

Crowdstrike

Holdings,

Class

A (4)

6,445‌

885‌

Datadog,

Class

A (4)

12,197‌

886‌

Descartes

Systems

Group (4)

8,000‌

645‌

DocuSign (4)

7,300‌

426‌

Fortinet (4)

34,225‌

2,275‌

Gen

Digital 

54,900‌

942‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (4)(6)(7)

7,517‌

141‌

Intuit 

26,567‌

11,844‌

Microsoft 

426,127‌

122,852‌

Paycom

Software (4)

2,054‌

624‌

Salesforce (4)

39,498‌

7,891‌

SAP

(EUR) 

66,410‌

8,386‌

ServiceNow (4)

31,670‌

14,718‌

Synopsys (4)

24,822‌

9,587‌

Zoom

Video

Communications,

Class

A (4)

2,732‌

202‌

192,571‌

Technology

Hardware,

Storage

&

Peripherals

2.9%

Apple 

653,149‌

107,704‌

Pure

Storage,

Class

A (4)

45,200‌

1,153‌

Samsung

Electronics

(KRW) 

179,609‌

8,882‌

Western

Digital (4)

21,200‌

799‌

118,538‌

Total

Information

Technology

546,789‌

MATERIALS

2.3%

Chemicals

1.4%

Air

Liquide

(EUR) 

38,968‌

6,523‌

Air

Products

&

Chemicals 

5,203‌

1,494‌

Akzo

Nobel

(EUR) 

58,482‌

4,574‌

Asahi

Kasei

(JPY) 

417,200‌

2,922‌

BASF

(EUR) 

73,938‌

3,882‌

CF

Industries

Holdings 

13,366‌

969‌

Covestro

(EUR) 

77,234‌

3,198‌

Eastman

Chemical 

6,300‌

531‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FMC 

4,500‌

550‌

Johnson

Matthey

(GBP) 

150,431‌

3,688‌

Linde 

25,942‌

9,221‌

Nutrien 

81,416‌

6,013‌

RPM

International 

8,672‌

756‌

Sherwin-Williams 

37,654‌

8,463‌

Tosoh

(JPY) 

39,200‌

533‌

Umicore

(EUR) 

111,012‌

3,766‌

57,083‌

Construction

Materials

0.0%

Vulcan

Materials 

4,721‌

810‌

810‌

Containers

&

Packaging

0.1%

Amcor,

CDI

(AUD) 

158,743‌

1,788‌

Avery

Dennison 

5,739‌

1,027‌

Ball 

16,955‌

934‌

Packaging

Corp.

of

America 

3,648‌

507‌

Sealed

Air 

9,280‌

426‌

Westrock 

14,313‌

436‌

5,118‌

Metals

&

Mining

0.7%

Antofagasta

(GBP) 

252,910‌

4,954‌

BHP

Group

(AUD) 

71,130‌

2,249‌

BHP

Group

(GBP) 

183,343‌

5,824‌

Freeport-McMoRan 

13,600‌

556‌

IGO

(AUD) 

995,391‌

8,536‌

Reliance

Steel

&

Aluminum 

3,900‌

1,001‌

Rio

Tinto

(AUD) 

23,401‌

1,880‌

South32

(AUD) 

1,146,688‌

3,361‌

Steel

Dynamics 

3,300‌

373‌

28,734‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

308,160‌

4,009‌

West

Fraser

Timber 

7,200‌

513‌

4,522‌

Total

Materials

96,267‌

REAL

ESTATE

0.9%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Welltower,

REIT 

14,935‌

1,071‌

1,071‌

Industrial

Real

Estate

Investment

Trusts

0.2%

Prologis,

REIT 

62,311‌

7,775‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rexford

Industrial

Realty,

REIT 

13,353‌

796‌

8,571‌

Office

Real

Estate

Investment

Trusts

0.1%

Alexandria

Real

Estate

Equities,

REIT 

3,461‌

435‌

Great

Portland

Estates

(GBP) 

358,643‌

2,244‌

2,679‌

Real

Estate

Management

&

Development

0.1%

Mitsui

Fudosan

(JPY) 

302,100‌

5,675‌

5,675‌

Residential

Real

Estate

Investment

Trusts

0.1%

American

Homes

4

Rent,

Class

A,

REIT 

7,200‌

226‌

AvalonBay

Communities,

REIT 

3,067‌

516‌

Camden

Property

Trust,

REIT 

1,800‌

189‌

Equity

LifeStyle

Properties,

REIT 

25,225‌

1,693‌

Essex

Property

Trust,

REIT 

3,058‌

640‌

Sun

Communities,

REIT 

890‌

125‌

3,389‌

Retail

Real

Estate

Investment

Trusts

0.1%

Scentre

Group

(AUD) 

1,792,263‌

3,318‌

Simon

Property

Group,

REIT 

6,185‌

692‌

4,010‌

Specialized

Real

Estate

Investment

Trusts

0.3%

American

Tower,

REIT 

6,163‌

1,259‌

Equinix,

REIT 

2,670‌

1,925‌

Extra

Space

Storage,

REIT 

4,600‌

750‌

Life

Storage,

REIT 

13,200‌

1,730‌

Public

Storage,

REIT 

6,946‌

2,099‌

SBA

Communications,

REIT 

10,554‌

2,755‌

Weyerhaeuser,

REIT 

96,373‌

2,904‌

13,422‌

Total

Real

Estate

38,817‌

UTILITIES

1.6%

Electric

Utilities

0.8%

American

Electric

Power 

32,636‌

2,970‌

Entergy 

10,200‌

1,099‌

Evergy 

53,200‌

3,252‌

Exelon 

2,029‌

85‌

FirstEnergy 

62,444‌

2,501‌

NextEra

Energy 

34,669‌

2,672‌

PG&E (4)

171,521‌

2,773‌

Southern 

273,382‌

19,022‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Xcel

Energy 

4,700‌

317‌

34,691‌

Gas

Utilities

0.0%

Beijing

Enterprises

Holdings

(HKD) 

428,500‌

1,543‌

1,543‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) (5)

161,400‌

2,594‌

2,594‌

Multi-Utilities

0.7%

Ameren 

44,869‌

3,876‌

CMS

Energy 

15,905‌

976‌

Dominion

Energy 

47,806‌

2,673‌

DTE

Energy 

20,755‌

2,274‌

Engie

(EUR) 

572,675‌

9,062‌

National

Grid

(GBP) 

415,149‌

5,616‌

Sempra

Energy 

30,693‌

4,640‌

WEC

Energy

Group 

8,539‌

809‌

29,926‌

Total

Utilities

68,754‌

Total

Common

Stocks

(Cost

$1,442,226)

2,516,291‌

CONVERTIBLE

PREFERRED

STOCKS

0.0%

INFORMATION

TECHNOLOGY

0.0%

Software

0.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $43 (4)(6)(7)

25‌

14‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $3 (4)(6)(7)

2‌

1‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229 (4)(6)(7)

3,879‌

233‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (4)(6)

(7)

8,505‌

510‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (4)(6)(7)

10,431‌

196‌

Total

Information

Technology

954‌

Total

Convertible

Preferred

Stocks

(Cost

$1,217)

954‌

CORPORATE

BONDS

7.9%

Abbott

Laboratories,

3.40%,

11/30/23 

1,281,000‌

1,270‌

AbbVie,

2.95%,

11/21/26 

920,000‌

876‌

AbbVie,

3.20%,

5/14/26 

420,000‌

406‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,836‌

AbbVie,

4.70%,

5/14/45 

915,000‌

857‌

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

912‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

836‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

367‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,578‌

AIA

Group,

3.20%,

3/11/25 (1)

1,020,000‌

988‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,112‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

655,000‌

630‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,049‌

Ally

Financial,

2.20%,

11/2/28 (5)

700,000‌

554‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

394‌

Amazon.com,

2.80%,

8/22/24 

1,055,000‌

1,032‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,530‌

America

Movil

SAB

de

CV,

2.875%,

5/7/30 

2,525,000‌

2,229‌

America

Movil

SAB

de

CV,

6.375%,

3/1/35 

300,000‌

330‌

American

Airlines

PTT,

Series 2014-1,

Class

A,

3.70%,

10/1/26 

742,693‌

649‌

American

Airlines

PTT,

Series 2016-1,

Class

B,

5.25%,

1/15/24 

1,189,837‌

1,172‌

American

Honda

Finance,

0.75%,

8/9/24 (5)

2,335,000‌

2,212‌

Amgen,

2.77%,

9/1/53 

447,000‌

285‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,290‌

APA

Infrastructure,

4.25%,

7/15/27 (1)(5)

620,000‌

598‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

2,085‌

Apple,

1.65%,

5/11/30 (5)

2,345,000‌

1,992‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,141‌

AT&T,

3.50%,

6/1/41 

680,000‌

534‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,285‌

Ausgrid

Finance,

3.85%,

5/1/23 (1)

1,705,000‌

1,703‌

AutoZone,

3.125%,

4/21/26 

650,000‌

622‌

Baidu,

3.875%,

9/29/23 

2,000,000‌

1,987‌

Baltimore

Gas

&

Electric,

3.35%,

7/1/23 

1,750,000‌

1,739‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

175‌

Banco

Santander,

3.848%,

4/12/23 

2,000,000‌

1,996‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,265‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,110,000‌

1,105‌

Bank

of

America,

4.20%,

8/26/24 

600,000‌

590‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

930‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

755‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,799‌

Bank

of

America,

VR,

2.676%,

6/19/41 (8)

3,450,000‌

2,437‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

1,936‌

Bank

of

Montreal,

2.65%,

3/8/27 

2,035,000‌

1,875‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

553‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,758‌

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,130‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,556‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,235‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,887‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

1,350,000‌

1,326‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,212‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,581‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

374‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

773‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,485‌

Boston

Properties,

3.125%,

9/1/23 

625,000‌

612‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,067‌

BPCE,

4.00%,

9/12/23 (1)

1,350,000‌

1,340‌

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

965‌

BPCE,

5.70%,

10/22/23 (1)

1,700,000‌

1,673‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,110,000‌

993‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

525‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,156‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,291‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

733‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

508‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

395‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,472‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

834‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,105‌

Cardinal

Health,

3.41%,

6/15/27 

1,570,000‌

1,490‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

980‌

Carvana,

10.25%,

5/1/30 (1)

1,225,000‌

698‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30 (1)

505,000‌

460‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

912‌

Charter

Communications

Operating,

4.908%,

7/23/25 

2,465,000‌

2,439‌

Cigna

Group,

3.00%,

7/15/23 

810,000‌

804‌

Cigna

Group,

3.75%,

7/15/23 

1,252,000‌

1,247‌

Citigroup,

VR,

2.976%,

11/5/30 (8)

2,750,000‌

2,403‌

Citigroup,

VR,

4.075%,

4/23/29 (8)

2,000,000‌

1,894‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

759‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,097‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,845‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,134‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,424‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

930‌

CommonSpirit

Health,

2.782%,

10/1/30 (5)

755,000‌

646‌

Corebridge

Financial,

4.40%,

4/5/52 (1)

4,505,000‌

3,522‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,781‌

Credit

Agricole,

3.75%,

4/24/23 (1)

2,125,000‌

2,122‌

Credit

Suisse

Group,

VR,

2.593%,

9/11/25 (1)(8)

2,095,000‌

1,943‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,487‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,195‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

682‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

464‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CVS

Health,

1.875%,

2/28/31 

1,745,000‌

1,410‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

472‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)

2,155,000‌

2,035‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(8)

2,940,000‌

2,807‌

Delta

Air

Lines,

3.80%,

4/19/23 (5)

168,000‌

168‌

Discover

Bank,

2.70%,

2/6/30 (5)

2,000,000‌

1,624‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

554‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

599‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

390‌

Eaton

Vance,

3.625%,

6/15/23 

750,000‌

744‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

857‌

Enbridge,

4.00%,

10/1/23 

690,000‌

682‌

Enbridge,

4.25%,

12/1/26 

590,000‌

578‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

235‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

705‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,217‌

Eni,

Series X-R,

4.00%,

9/12/23 (1)

780,000‌

770‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

780,000‌

721‌

Equitable

Holdings,

3.90%,

4/20/23 

478,000‌

477‌

ERAC

USA

Finance,

3.85%,

11/15/24 (1)

435,000‌

426‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

450‌

Essex

Portfolio,

2.65%,

3/15/32 (5)

1,430,000‌

1,155‌

Federal

Realty

Investment

Trust,

2.75%,

6/1/23 

1,500,000‌

1,494‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

1,963‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

409‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)

1,310,000‌

1,288‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,044‌

GATX,

4.35%,

2/15/24 

2,105,000‌

2,082‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,090‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,800‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

868‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

758‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (8)

1,300,000‌

1,076‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (8)

1,710,000‌

1,219‌

Hasbro,

3.00%,

11/19/24 

1,550,000‌

1,496‌

Hasbro,

3.55%,

11/19/26 

1,760,000‌

1,655‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,770‌

HCA,

4.375%,

3/15/42 (1)

775,000‌

650‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

972‌

Healthpeak

OP,

2.125%,

12/1/28 (5)

655,000‌

559‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

308‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,714‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

954‌

Humana,

2.15%,

2/3/32 

1,145,000‌

927‌

Humana,

3.70%,

3/23/29 

1,120,000‌

1,052‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)

2,435,000‌

2,062‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,083‌

Illinois

Tool

Works,

3.90%,

9/1/42 

1,200,000‌

1,069‌

Interpublic

Group,

4.20%,

4/15/24 

293,000‌

290‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,206‌

JDE

Peet's,

1.375%,

1/15/27 (1)

2,240,000‌

1,926‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,867‌

JPMorgan

Chase,

3.375%,

5/1/23 

1,080,000‌

1,078‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,299‌

JPMorgan

Chase,

VR,

3.559%,

4/23/24 (8)

1,875,000‌

1,868‌

Kansas

City

Southern,

3.50%,

5/1/50 

1,695,000‌

1,278‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,242‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

440‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

555‌

Liberty

Mutual

Group,

4.25%,

6/15/23 (1)

410,000‌

407‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,482‌

M&T

Bank,

3.55%,

7/26/23 

2,740,000‌

2,709‌

Manufacturers

&

Traders

Trust,

3.40%,

8/17/27 

250,000‌

215‌

Marsh

&

McLennan,

3.50%,

6/3/24 

3,060,000‌

2,998‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,296‌

McDonald's,

1.45%,

9/1/25 

940,000‌

873‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

662‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

848‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,536‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,381‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 (5)

2,200,000‌

2,071‌

Moody's,

2.00%,

8/19/31 

2,195,000‌

1,793‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

998‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

786‌

Morgan

Stanley,

VR,

3.971%,

7/22/38 (8)

1,445,000‌

1,272‌

NatWest

Markets,

2.375%,

5/21/23 (1)

3,370,000‌

3,353‌

New

York

Life

Global

Funding,

1.10%,

5/5/23 (1)

600,000‌

598‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,565‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,640‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,424‌

Nordea

Bank,

1.00%,

6/9/23 (1)

820,000‌

813‌

Nucor,

2.70%,

6/1/30 

455,000‌

399‌

Nucor,

3.95%,

5/1/28 

2,140,000‌

2,049‌

Nutrien,

4.00%,

12/15/26 

830,000‌

801‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

805‌

O'Reilly

Automotive,

3.60%,

9/1/27 

1,825,000‌

1,763‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,712‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,166‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

785,000‌

773‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,628‌

Perrigo

Finance

Unlimited,

4.40%,

6/15/30 

1,510,000‌

1,352‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

682‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PNC

Bank,

3.50%,

6/8/23 

1,330,000‌

1,324‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,087‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23 (1)

2,650,000‌

2,628‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,390‌

Protective

Life

Global

Funding,

1.082%,

6/9/23 (1)

780,000‌

772‌

Providence

Health

&

Services

Obligated

Group,

4.379%,

10/1/23 

1,310,000‌

1,304‌

Public

Storage,

1.95%,

11/9/28 

1,210,000‌

1,034‌

QUALCOMM,

3.25%,

5/20/27 

1,120,000‌

1,079‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

1,896‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,435‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

841‌

Republic

Services,

3.375%,

11/15/27 

1,045,000‌

997‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

587‌

Rogers

Communications,

4.50%,

3/15/42 (1)

2,935,000‌

2,515‌

Roper

Technologies,

2.95%,

9/15/29 

380,000‌

340‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,053‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

363‌

Royal

Bank

of

Canada,

1.60%,

4/17/23 

2,075,000‌

2,070‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,287‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

537‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (8)

1,365,000‌

1,184‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,404‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,074‌

Sempra

Energy,

3.30%,

4/1/25 

835,000‌

803‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

1,138,000‌

1,127‌

Simon

Property

Group,

2.65%,

2/1/32 

1,810,000‌

1,455‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,381‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23 (1)

422,000‌

419‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

454‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

1,145,000‌

1,134‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(8)

2,005,000‌

1,868‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

888‌

State

Street,

3.10%,

5/15/23 

265,000‌

264‌

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23 

2,045,000‌

2,033‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,040‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,663‌

Texas

Instruments,

1.375%,

3/12/25 

650,000‌

614‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

388‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

443‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

520‌

TJX,

1.60%,

5/15/31 (5)

375,000‌

305‌

Toronto-Dominion

Bank,

3.50%,

7/19/23 

1,235,000‌

1,227‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

2,032‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,439‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,171‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

369‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

325‌

Travelers,

6.25%,

6/15/37 

750,000‌

842‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

638‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

948,855‌

851‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

638‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

409‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,755‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,657‌

Verizon

Communications,

4.272%,

1/15/36 

870,000‌

805‌

Vistra

Operations,

3.55%,

7/15/24 (1)

1,370,000‌

1,321‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,766‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

631‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,843‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)

1,395,000‌

1,347‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

512‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

517‌

Warnermedia

Holdings,

5.05%,

3/15/42 (1)

1,570,000‌

1,307‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

2,052‌

Weibo,

3.50%,

7/5/24 (5)

1,390,000‌

1,353‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,518‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

2,974‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,582‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,321‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

705‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,116‌

Workday,

3.70%,

4/1/29 

750,000‌

702‌

WP

Carey,

3.85%,

7/15/29 

1,470,000‌

1,353‌

WPP

Finance

2010,

3.75%,

9/19/24 

1,310,000‌

1,276‌

Total

Corporate

Bonds

(Cost

$362,019)

327,531‌

EQUITY

MUTUAL

FUNDS

3.3%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

9,768,046‌

134,115‌

Total

Equity

Mutual

Funds

(Cost

$117,190)

134,115‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.3%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35 (1)

510,000‌

475‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,368‌

Mexico

Government

International

Bond,

3.50%,

2/12/34 

2,315,000‌

1,968‌

Pertamina

Persero,

4.30%,

5/20/23 (1)

1,250,000‌

1,247‌

Perusahaan

Gas

Negara,

5.125%,

5/16/24 (1)

1,105,000‌

1,098‌

Republic

of

Colombia,

4.00%,

2/26/24 

275,000‌

272‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,758‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

1,003‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23 (1)

1,175,000‌

1,174‌

United

Mexican

States,

2.659%,

5/24/31 

3,439,000‌

2,879‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$15,749)

14,242‌

MUNICIPAL

SECURITIES

0.9%

California

0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,296‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,844‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (9)

695,000‌

699‌

Los

Angeles

Airport,

Build

America,

Series C,

7.053%,

5/15/40 

1,000,000‌

1,195‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

334‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

750,000‌

825‌

8,193‌

Illinois

0.0%

Chicago

O'Hare

Int'l

Airport,

Build

America,

Series B,

6.395%,

1/1/40 

755,000‌

895‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

849‌

Illinois

Toll

Highway

Auth.,

Build

America,

Series A,

6.184%,

1/1/34 

470,000‌

524‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

550‌

2,818‌

Maryland

0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,760‌

1,760‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,215‌

2,215‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Build

America,

Series F,

7.414%,

1/1/40 

415,000‌

526‌

526‌

New

York

0.1%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

240,000‌

304‌

Metropolitan

Transportation

Auth.,

Build

America,

Series A-1,

5.871%,

11/15/39 

700,000‌

701‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

987‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

282‌

New

York

State

Dormitory

Auth.,

Build

America,

Series F,

Unrefunded

Portion,

5.628%,

3/15/39 

1,300,000‌

1,370‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

617‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,383‌

5,644‌

Ohio

0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,225,000‌

1,213‌

1,213‌

Pennsylvania

0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

600,000‌

588‌

588‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,071‌

2,071‌

Texas

0.1%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,357‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

968‌

Houston

Airport

System

Revenue,

Series C,

2.385%,

7/1/31 

685,000‌

576‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,054‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,559‌

5,514‌

Utah

0.0%

Utah

Transit

Auth.,

Build

America,

Series B,

5.937%,

6/15/39 

900,000‌

984‌

984‌

Virginia

0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,513‌

Virginia

Commonwealth

Transportation

Board,

Build

America,

Series B,

5.35%,

5/15/35 

690,000‌

722‌

Virginia

Public

Building

Auth.,

Build

America,

Series B-2,

5.90%,

8/1/30 

695,000‌

747‌

3,982‌

Wisconsin

0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,092‌

2,092‌

Total

Municipal

Securities

(Cost

$40,540)

37,600‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

2.0%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

294,669‌

262‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

1,099,934‌

916‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

981,454‌

821‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

1,050,050‌

907‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.101%,

11/15/34 (1)

605,000‌

310‌

BBCMS

Mortgage

Trust,

Series 2020-BID,

Class

A,

ARM,

1M

USD

LIBOR

+

2.14%,

6.824%,

10/15/37 (1)

2,590,000‌

2,501‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

TSFR

+

1.654%,

6.481%,

10/15/34 (1)

2,080,000‌

2,039‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

6.169%,

2/15/39 (1)

3,395,000‌

3,278‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44 (1)

2,025,000‌

1,587‌

BX

Commercial

Mortgage

Trust,

Series 2022-LP2,

Class

C,

ARM,

1M

TSFR

+

1.562%,

6.389%,

2/15/39 (1)

3,379,340‌

3,212‌

BX

Trust,

Series 2022-IND,

Class

C,

ARM,

1M

TSFR

+

2.29%,

7.117%,

4/15/37 (1)

1,241,670‌

1,195‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (1)

800,000‌

711‌

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

235,000‌

228‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

988,472‌

835‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

5.984%,

11/15/37 (1)

2,118,345‌

2,054‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,551‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

2,160,000‌

2,045‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

5.56%,

12/25/41 (1)

432,687‌

428‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R02,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

6.868%,

1/25/43 (1)

1,046,397‌

1,045‌

Deephaven

Residential

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.899%,

4/25/66 (1)

393,323‌

336‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

203,420‌

188‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

575,288‌

462‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

6.065%,

7/15/38 (1)

1,195,835‌

1,158‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,470,518‌

1,999‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fontainebleau

Miami

Beach

Trust,

Series 2019-FBLU,

Class

C,

3.75%,

12/10/36 (1)

2,635,000‌

2,474‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

99,555‌

91‌

Galton

Funding

Mortgage

Trust,

Series 2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (1)

818,036‌

788‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

6.574%,

12/15/36 (1)

1,130,000‌

1,097‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

912‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,177‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.929%,

10/25/50 (1)

307,269‌

263‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-PJ5,

Class

A8,

CMO,

ARM,

2.50%,

10/25/51 (1)

2,477,892‌

2,138‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,105,214‌

2,010‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

USD

LIBOR

+

1.37%,

6.055%,

10/15/33 (1)

2,510,000‌

2,286‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

637‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

618,939‌

552‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

717,039‌

636‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

USD

LIBOR

+

1.101%,

5.785%,

4/15/38 (1)

3,595,000‌

3,451‌

Mill

City

Mortgage

Loan

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62 (1)

370,801‌

358‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-

C17,

Class

B,

ARM,

4.464%,

8/15/47 

1,670,000‌

1,597‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,311‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,605‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2016-

C30,

Class

A5,

2.86%,

9/15/49 

495,000‌

455‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,807‌

Morgan

Stanley

Capital

I

Trust,

Series 2015-MS1,

Class

A4,

ARM,

3.779%,

5/15/48 

1,440,000‌

1,380‌

Morgan

Stanley

Capital

I

Trust,

Series 2019-MEAD,

Class

D,

ARM,

3.177%,

11/10/36 (1)

2,090,000‌

1,815‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

516,034‌

407‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,806,969‌

1,491‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

178,486‌

165‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

5.945%,

10/25/59 (1)

76,637‌

74‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.20%,

12/25/49 (1)

1,282,565‌

1,051‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

2,067,497‌

1,789‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

184,375‌

173‌

SFO

Commercial

Mortgage

Trust,

Series 2021-555,

Class

B,

ARM,

1M

USD

LIBOR

+

1.50%,

6.184%,

5/15/38 (1)

1,560,000‌

1,325‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

37,287‌

36‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

677,592‌

642‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

388,288‌

341‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.80%,

5.36%,

8/25/33 (1)

39,096‌

39‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

6.66%,

10/25/33 (1)

835,000‌

807‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

6.06%,

10/25/41 (1)

1,100,000‌

1,047‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.41%,

11/25/41 (1)

1,719,156‌

1,693‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-HQA1,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.70%,

5.26%,

8/25/33 (1)

11,772‌

12‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

6.56%,

4/25/42 (1)

2,032,567‌

2,033‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

6.66%,

3/25/42 (1)

1,664,866‌

1,665‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2023-DNA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

6.658%,

3/25/43 (1)

170,000‌

170‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56 (1)

34,221‌

34‌

Towd

Point

Mortgage

Trust,

Series 2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57 (1)

337,419‌

321‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

161,606‌

157‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (1)

304,938‌

290‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (1)

620,062‌

589‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

531,850‌

445‌

Verus

Securitization

Trust,

Series 2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (1)

2,873,535‌

2,434‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

ARM,

5.999%,

2/25/68 (1)

1,267,232‌

1,266‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series 2021-RR1,

Class

A1,

CMO,

ARM,

2.50%,

12/25/50 (1)

538,473‌

438‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C19,

Class

B,

ARM,

4.723%,

3/15/47 

610,000‌

590‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$91,628)

83,432‌

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) (4)

41,825‌

5,368‌

Total

Consumer

Discretionary

5,368‌

Total

Preferred

Stocks

(Cost

$3,370)

5,368‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

8.3%

U.S.

Government

Agency

Obligations

6.1%

Federal

Home

Loan

Mortgage 

2.206%,

6/25/25 

682,116‌

663‌

2.50%,

5/1/30 

785,228‌

743‌

2.952%,

2/25/27 

848,517‌

826‌

3.00%,

1/1/29

-

8/1/43 

3,287,470‌

3,046‌

3.50%,

3/1/42

-

3/1/46 

5,322,692‌

5,064‌

4.00%,

9/1/40

-

6/1/42 

1,673,017‌

1,642‌

4.50%,

6/1/39

-

5/1/42 

979,821‌

985‌

5.00%,

12/1/35

-

8/1/40 

441,595‌

452‌

5.50%,

1/1/38

-

12/1/39 

144,905‌

151‌

6.00%,

2/1/28

-

8/1/38 

15,267‌

15‌

6.50%,

8/1/32 

6,967‌

7‌

7.00%,

6/1/32 

12,116‌

12‌

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.726%,

3.943%,

7/1/35 

22,131‌

22‌

12M

USD

LIBOR

+

1.75%,

4.127%,

2/1/35 

13,619‌

13‌

12M

USD

LIBOR

+

1.828%,

4.202%,

2/1/37 

20,713‌

20‌

12M

USD

LIBOR

+

1.93%,

4.187%,

12/1/36 

36,794‌

36‌

12M

USD

LIBOR

+

2.03%,

4.275%,

11/1/36 

21,277‌

21‌

1Y

CMT

+

2.25%,

3.928%,

10/1/36 

5,589‌

6‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

641,199‌

118‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

4/1/37 

1,346,587‌

1,184‌

2.00%,

3/1/42

-

5/1/52 

31,550,104‌

26,196‌

2.50%,

11/1/36

-

5/1/52 

34,401,944‌

29,798‌

3.00%,

11/1/34

-

6/1/52 

5,281,620‌

4,771‌

3.50%,

6/1/33 

288,629‌

281‌

4.00%,

12/1/49

-

2/1/50 

1,822,080‌

1,760‌

4.50%,

9/1/37

-

5/1/50 

210,428‌

209‌

5.00%,

10/1/51

-

9/1/52 

2,388,345‌

2,382‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

2,249,202‌

2,130‌

4.00%,

11/1/40 

651,985‌

632‌

4.50%,

7/1/40 

485,736‌

477‌

Federal

National

Mortgage

Assn.,

ARM 

12M

USD

LIBOR

+

1.557%,

3.807%,

7/1/35 

9,511‌

9‌

12M

USD

LIBOR

+

1.855%,

4.105%,

1/1/37 

2,974‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

8,883,343‌

7,670‌

2.00%,

4/1/37

-

5/1/52 

49,047,092‌

41,031‌

2.50%,

10/1/31

-

4/1/52 

30,872,704‌

27,109‌

3.00%,

1/1/27

-

12/1/51 

33,383,118‌

30,755‌

3.50%,

11/1/26

-

1/1/52 

18,677,328‌

17,721‌

4.00%,

11/1/40

-

9/1/52 

13,381,866‌

13,026‌

4.50%,

4/1/37

-

8/1/52 

11,118,413‌

11,022‌

5.00%,

2/1/34

-

8/1/52 

2,037,692‌

2,070‌

5.50%,

2/1/35

-

5/1/44 

2,303,145‌

2,379‌

6.00%,

3/1/28

-

2/1/53 

9,909,678‌

10,216‌

6.50%,

3/1/24

-

8/1/38 

234,452‌

246‌

7.00%,

9/1/25

-

4/1/32 

16,574‌

15‌

7.50%,

9/1/26 

97‌

—‌

8.00%,

8/1/24

-

7/1/26 

162‌

—‌

UMBS,

TBA (10)

2.00%,

4/1/38 

1,855,000‌

1,674‌

5.50%,

4/1/53 

2,835,000‌

2,864‌

6.50%,

4/1/53 

2,310,000‌

2,382‌

253,854‌

U.S.

Government

Obligations

2.2%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

1,416,946‌

1,238‌

2.00%,

3/20/51

-

3/20/52 

19,159,332‌

16,318‌

2.50%,

8/20/50

-

1/20/52 

18,534,910‌

16,316‌

3.00%,

9/15/42

-

6/20/52 

15,881,109‌

14,535‌

3.50%,

9/15/41

-

1/20/49 

10,190,604‌

9,716‌

4.00%,

2/15/41

-

10/20/52 

7,286,875‌

7,091‌

4.50%,

6/15/39

-

10/20/52 

5,912,414‌

5,890‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

5.00%,

12/20/34

-

6/20/49 

4,582,658‌

4,677‌

5.50%,

2/20/34

-

3/20/49 

1,443,741‌

1,485‌

6.00%,

8/20/34

-

4/15/36 

58,806‌

62‌

6.50%,

6/15/23

-

12/20/52 

584,062‌

600‌

7.00%,

12/20/52

-

1/20/53 

1,124,416‌

1,165‌

7.50%,

6/15/23

-

9/15/26 

3,184‌

2‌

8.00%,

10/15/23

-

11/15/25 

4,527‌

5‌

8.50%,

6/20/25

-

6/20/26 

1,932‌

2‌

Government

National

Mortgage

Assn.,

ARM,

1Y

CMT

+

1.50%,

2.625%,

8/20/23 

33‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

149,039‌

139‌

3.50%,

10/20/50 

1,010,000‌

878‌

Government

National

Mortgage

Assn.,

TBA (10)

5.50%,

4/20/53 

5,870,000‌

5,936‌

6.00%,

4/20/53 

4,535,000‌

4,620‌

90,675‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$370,472)

344,529‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

8.3%

U.S.

Treasury

Obligations

8.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,141‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,450‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,483‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

4,545,000‌

3,395‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

5,838‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

24,845,000‌

17,601‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

4,778‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

3,150‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,813‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,360‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

13,362‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 (11)

4,185,000‌

3,561‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

2,990,000‌

2,606‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

9,255‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

9,721‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

1,000‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,744‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

3,408‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,375‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

1,755,000‌

1,647‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

3,475,000‌

3,451‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

4,229‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

0.375%,

11/30/25 

29,325,000‌

26,750‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

13,671‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 

5,970,000‌

5,462‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

7,815,000‌

7,063‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,035‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

41,745,000‌

38,066‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

7,500,000‌

6,207‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,360‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 

9,060,000‌

7,599‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

28,890,000‌

26,954‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,296‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

25,978‌

U.S.

Treasury

Notes,

2.75%,

7/31/27 

6,145,000‌

5,917‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

15,394‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,788‌

U.S.

Treasury

Notes,

3.50%,

2/15/33 

5,875,000‌

5,884‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 (5)

4,630,000‌

4,714‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

8,151‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

21,610,000‌

22,029‌

U.S.

Treasury

Notes,

4.125%,

11/15/32 

2,850,000‌

2,995‌

340,681‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$379,013)

340,681‌

SHORT-TERM

INVESTMENTS

1.6%

Money

Market

Funds

1.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.83% (2)(12)

67,074,895‌

67,075‌

Total

Short-Term

Investments

(Cost

$67,075)

67,075‌

SECURITIES

LENDING

COLLATERAL

0.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (2)(12)

23,181,984‌

23,182‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

23,182‌

T.

ROWE

PRICE

Balanced

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (2)(12)

8,867,691‌

8,868‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

8,868‌

Total

Securities

Lending

Collateral

(Cost

$32,050)

32,050‌

Total

Investments

in

Securities

100.4%

(Cost

$3,196,137)

$

4,146,610‌

Other

Assets

Less

Liabilities

(0.4)%

(18,037‌)

Net

Assets

100.0%

$

4,128,573‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$183,779

and

represents

4.5%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2023.

(6)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,916

and

represents

0.0%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

(8)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(9)

Insured

by

Assured

Guaranty

Municipal

Corporation

(10)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$17,476

and

represents

0.4%

of

net

assets.

(11)

At

March

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(12)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

T.

ROWE

PRICE

Balanced

Fund

35

.

.

.

.

.

.

.

.

.

.

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Balanced

Fund

36

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

445

U.S.

Treasury

Notes

five

year

contracts

6/23

48,731

$

701‌

Long,

59

U.S.

Treasury

Notes

ten

year

contracts

6/23

6,780

189‌

Long,

88

U.S.

Treasury

Notes

two

year

contracts

6/23

18,168

198‌

Net

payments

(receipts)

of

variation

margin

to

date

(980‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

108‌

T.

ROWE

PRICE

Balanced

Fund

37

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

10.53% 

$

—‌

$

—‌

$

—‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.33% 

(3,984‌)

8,388‌

3,336‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

10.19% 

—‌

2‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

(70‌)

3,435‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.83%

—‌

—‌

794‌

Totals

$

(4,054‌)#

$

11,825‌

$

4,130‌+

T.

ROWE

PRICE

Balanced

Fund

38

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

10.53% 

$

14‌

$

1‌

$

—‌

$

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.33% 

214,481‌

3,336‌

23,484‌

202,721‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

10.19% 

108‌

—‌

—‌

110‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

131,450‌

—‌

770‌

134,115‌

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

15,456‌

 ¤

 ¤

32,050‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.83%

81,872‌

 ¤

 ¤

67,075‌

Total

$

436,086‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$4,130

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$447,116.

T.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

to

Portfolio

of

Investments

39

T.

Rowe

Price

Balanced

Fund,

Inc.

 (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s 

most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Balanced

Fund

40

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

T.

ROWE

PRICE

Balanced

Fund

41

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Balanced

Fund

42

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,187,911‌

$

—‌

$

1,187,911‌

Bond

Mutual

Funds

202,846‌

—‌

—‌

202,846‌

Common

Stocks

1,779,592‌

735,737‌

962‌

2,516,291‌

Convertible

Preferred

Stocks

—‌

—‌

954‌

954‌

Equity

Mutual

Funds

134,115‌

—‌

—‌

134,115‌

Preferred

Stocks

—‌

5,368‌

—‌

5,368‌

Short-Term

Investments

67,075‌

—‌

—‌

67,075‌

Securities

Lending

Collateral

32,050‌

—‌

—‌

32,050‌

Total

Securities

2,215,678‌

1,929,016‌

1,916‌

4,146,610‌

Futures

Contracts*

1,088‌

—‌

—‌

1,088‌

Total

$

2,216,766‌

$

1,929,016‌

$

1,916‌

$

4,147,698‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Balanced

Fund

43

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F68-054Q1

03/23