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: 811-06275

T. Rowe Price Balanced 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: June 30, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

June 30, 2024

Balanced Fund

Investor Class (RPBAX)

This semi-annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Balanced Fund - Investor Class	$28	0.55%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$4,625,553
Number of Portfolio Holdings	1,582

Portfolio Turnover Rate 21.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks	61.3%
Corporate Bonds	8.2
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	7.9
U.S. Government & Agency Mortgage-Backed Securities	7.5
Bond Mutual Funds	5.3
Equity Mutual Funds	4.2
Non-U.S. Government Mortgage-Backed Securities	2.1
Asset-Backed Securities	1.0
Short-Term and Other	2.5

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes	5.3%
T. Rowe Price Institutional High Yield Fund - Institutional Class	4.6
T. Rowe Price Real Assets Fund - I Class	4.2
Federal National Mortgage Assn.	4.0
Microsoft	3.1
NVIDIA	2.8
U.S. Treasury Bonds	2.6
Apple	2.2
Amazon.com	1.8
Alphabet	1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

202407-3695801

F68-053 8/24

Balanced Fund 

Investor Class (RPBAX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Semi-Annual Shareholder Report

June 30, 2024

Balanced Fund

I Class (RBAIX)

This semi-annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Balanced Fund - I Class	$22	0.42%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$4,625,553
Number of Portfolio Holdings	1,582

Portfolio Turnover Rate 21.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks	61.3%
Corporate Bonds	8.2
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	7.9
U.S. Government & Agency Mortgage-Backed Securities	7.5
Bond Mutual Funds	5.3
Equity Mutual Funds	4.2
Non-U.S. Government Mortgage-Backed Securities	2.1
Asset-Backed Securities	1.0
Short-Term and Other	2.5

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes	5.3%
T. Rowe Price Institutional High Yield Fund - Institutional Class	4.6
T. Rowe Price Real Assets Fund - I Class	4.2
Federal National Mortgage Assn.	4.0
Microsoft	3.1
NVIDIA	2.8
U.S. Treasury Bonds	2.6
Apple	2.2
Amazon.com	1.8
Alphabet	1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

202407-3695801

F424-053 8/24

Balanced Fund 

I Class (RBAIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

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 persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2024

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPBAX

Balanced

Fund

–

.

RBAIX

Balanced

Fund–

.

I Class

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/24

..

Year

..

..

Ended

.

12/31/23

12/31/22

12/31/21

12/31/20

12/31/19

NET

ASSET

VALUE

Beginning

of

period

$

25.22‌

$

22.22‌

$

28.20‌

$

27.24‌

$

24.94‌

$

21.39‌

Investment

activities

Net

investment

income

(1)(2)

0.28‌

0.51‌

0.43‌

0.37‌

0.40‌

0.48‌

Net

realized

and

unrealized

gain/

loss

1.76‌

3.45‌

(5.29‌)

3.22‌

3.15‌

3.92‌

Total

from

investment

activities

2.04‌

3.96‌

(4.86‌)

3.59‌

3.55‌

4.40‌

Distributions

Net

investment

income

(0.29‌)

(0.52‌)

(0.44‌)

(0.38‌)

(0.41‌)

(0.50‌)

Net

realized

gain

—‌

(0.44‌)

(0.68‌)

(2.25‌)

(0.84‌)

(0.35‌)

Total

distributions

(0.29‌)

(0.96‌)

(1.12‌)

(2.63‌)

(1.25‌)

(0.85‌)

NET

ASSET

VALUE

End

of

period

$

26.97‌

$

25.22‌

$

22.22‌

$

28.20‌

$

27.24‌

$

24.94‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/24

..

Year

..

..

Ended

.

12/31/23

12/31/22

12/31/21

12/31/20

12/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

8.10‌%

17.99‌%

(17.26‌)%

13.36‌%

14.57‌%

20.74‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.60‌%

(4)

0.60‌%

0.61‌%

0.57‌%

0.58‌%

0.58‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.55‌%

(4)

0.55‌%

0.57‌%

0.53‌%

0.55‌%

0.55‌%

Net

investment

income

2.16‌%

(4)

2.15‌%

1.74‌%

1.27‌%

1.63‌%

2.03‌%

Portfolio

turnover

rate

21.4‌%

40.9‌%

97.7‌%

91.9‌%

75.7‌%

53.3‌%

Net

assets,

end

of

period

(in

millions)

$2,588

$2,490

$2,318

$4,224

$4,087

$3,893

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/24

..

Year

..

..

Ended

.

12/31/23

12/31/22

12/31/21

12/31/20

12/31/19

NET

ASSET

VALUE

Beginning

of

period

$

25.20‌

$

22.21‌

$

28.20‌

$

27.23‌

$

24.94‌

$

21.39‌

Investment

activities

Net

investment

income

(1)(2)

0.30‌

0.54‌

0.49‌

0.41‌

0.43‌

0.50‌

Net

realized

and

unrealized

gain/

loss

1.76‌

3.44‌

(5.31‌)

3.22‌

3.14‌

3.94‌

Total

from

investment

activities

2.06‌

3.98‌

(4.82‌)

3.63‌

3.57‌

4.44‌

Distributions

Net

investment

income

(0.31‌)

(0.55‌)

(0.49‌)

(0.41‌)

(0.44‌)

(0.54‌)

Net

realized

gain

—‌

(0.44‌)

(0.68‌)

(2.25‌)

(0.84‌)

(0.35‌)

Total

distributions

(0.31‌)

(0.99‌)

(1.17‌)

(2.66‌)

(1.28‌)

(0.89‌)

NET

ASSET

VALUE

End

of

period

$

26.95‌

$

25.20‌

$

22.21‌

$

28.20‌

$

27.23‌

$

24.94‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/24

..

Year

..

..

Ended

.

12/31/23

12/31/22

12/31/21

12/31/20

12/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

8.17‌%

18.10‌%

(17.12‌)%

13.51‌%

14.67‌%

20.94‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.47‌%

(4)

0.47‌%

0.47‌%

0.45‌%

0.46‌%

0.46‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.42‌%

(4)

0.42‌%

0.43‌%

0.41‌%

0.43‌%

0.43‌%

Net

investment

income

2.30‌%

(4)

2.28‌%

2.02‌%

1.39‌%

1.74‌%

2.11‌%

Portfolio

turnover

rate

21.4‌%

40.9‌%

97.7‌%

91.9‌%

75.7‌%

53.3‌%

Net

assets,

end

of

period

(in

millions)

$2,038

$1,889

$1,669

$1,173

$871

$734

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Balanced

Fund

June

30,

2024

(Unaudited)

6

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

 1.0%

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

1,962‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

B

3.55%,

9/22/25 (1)

582,500‌

581‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

6.435%,

12/26/31 (1)

224,287‌

225‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

184,261‌

177‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,163‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

A3

5.28%,

5/15/28 

735,000‌

734‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

B

5.47%,

2/15/29 

580,000‌

581‌

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

B

5.17%,

8/15/29 

105,000‌

104‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,565‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

A3

5.60%,

3/10/28 (1)

195,000‌

195‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

B

5.63%,

5/10/30 (1)

235,000‌

235‌

CyrusOne

Data

Centers

Issuer

I

Series 2024-2A,

Class

A2

4.50%,

5/20/49 (1)

3,170,000‌

2,937‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

649,688‌

608‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,199,700‌

1,092‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,501,500‌

1,312‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

464,460‌

469‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

373,435‌

377‌

Elmwood

Series 2022-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.50%,

6.823%,

1/17/37 (1)

1,385,000‌

1,388‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,574‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

2,565,000‌

2,544‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,210‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.91%,

9/16/27 

1,355,000‌

1,352‌

Hardee's

Funding

Series 2024-1A,

Class

A2

7.253%,

3/20/54 (1)

1,680,788‌

1,687‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2024-1,

Class

B1

6.153%,

5/20/32 (1)

250,000‌

250‌

Invesco

U.S.

Series 2023-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.57%,

6.856%,

4/22/37 (1)

1,350,000‌

1,356‌

Jamestown

XV

Series 2020-15A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.37%,

6.698%,

7/15/35 (1)

1,160,000‌

1,158‌

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28 (1)

48,352‌

48‌

KKR

Series 2022-43A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.75%,

7.079%,

1/15/36 (1)

1,075,000‌

1,086‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.619%,

10/15/32 (1)

1,205,000‌

1,206‌

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

7.057%,

10/18/33 (1)

1,210,000‌

1,212‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

515,448‌

492‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

461,718‌

446‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

286,917‌

260‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series 2024-1,

Class

A

5.59%,

4/25/29 (1)

165,000‌

165‌

Palmer

Square

Series 2020-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.65%,

6.972%,

11/15/36 (1)

1,405,000‌

1,417‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

A2

5.59%,

11/15/29 (1)

145,000‌

145‌

Progress

Residential

Trust

Series 2024-SFR4,

Class

A

3.10%,

7/9/29 (1)

2,505,000‌

2,258‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32 (1)

798,384‌

799‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A3

5.39%,

11/20/26 (1)

180,000‌

180‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.24%,

1/22/29 (1)

175,000‌

175‌

SCF

Equipment

Leasing

Series 2024-1A,

Class

C

5.82%,

9/20/32 (1)

390,000‌

390‌

SEB

Funding

Series 2024-1A,

Class

A2

7.386%,

4/30/54 (1)

400,000‌

406‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,555,686‌

1,360‌

Signal

Peak

Series 2018-5A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.876%,

4/25/37 (1)

2,220,000‌

2,225‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

315,473‌

306‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

757,802‌

694‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,540,008‌

1,358‌

Synchrony

Card

Funding

Series 2023-A1,

Class

A

5.54%,

7/15/29 

585,000‌

589‌

U.S.

Bank

Series 2023-1,

Class

B

6.789%,

8/25/32 (1)

184,699‌

185‌

Verdant

Receivables

Series 2023-1A,

Class

A2

6.24%,

1/13/31 (1)

385,863‌

388‌

Verdant

Receivables

Series 2024-1A,

Class

A2

5.68%,

12/12/31 (1)

170,000‌

171‌

Total

Asset-Backed

Securities

(Cost

$46,050)

44,797‌

BOND

MUTUAL

FUNDS

 5.3%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

6.97% (2)(3)

2,125,949‌

22,195‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.09% (2)(3)

27,167,594‌

210,549‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

6.89% (2)(3)

2,306,888‌

10,842‌

Total

Bond

Mutual

Funds

(Cost

$261,638)

243,586‌

COMMON

STOCKS

 61.3%

COMMUNICATION

SERVICES

 4.7%

Diversified

Telecommunication

Services

 0.4%

BT

Group

(GBP) (4)

2,685,551‌

4,761‌

KT

(KRW) 

126,340‌

3,424‌

Nippon

Telegraph

&

Telephone

(JPY) 

8,809,200‌

8,330‌

Verizon

Communications 

15,267‌

630‌

17,145‌

Entertainment

 0.5%

Netflix (5)

26,398‌

17,815‌

Sea,

ADR (5)

22,636‌

1,617‌

Walt

Disney 

14,500‌

1,440‌

20,872‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Interactive

Media

&

Services

 3.1%

Alphabet,

Class

A 

117,628‌

21,426‌

Alphabet,

Class

C 

332,984‌

61,076‌

LY

(JPY) 

746,300‌

1,802‌

Meta

Platforms,

Class

A 

110,408‌

55,670‌

NAVER

(KRW) 

23,694‌

2,851‌

Tencent

Holdings

(HKD) 

36,100‌

1,713‌

144,538‌

Media

 0.3%

Comcast,

Class

A 

170,201‌

6,665‌

CyberAgent

(JPY) 

375,200‌

2,352‌

WPP

(GBP) 

569,435‌

5,214‌

14,231‌

Wireless

Telecommunication

Services

 0.4%

T-Mobile

U.S. 

104,994‌

18,498‌

18,498‌

Total

Communication

Services

215,284‌

CONSUMER

DISCRETIONARY

 5.9%

Automobile

Components

 0.4%

Aptiv

 (5)

3,174‌

224‌

Autoliv

,

SDR

(SEK) 

46,486‌

4,960‌

Denso

(JPY) 

354,900‌

5,540‌

Dowlais

Group

(GBP) 

1,184,819‌

1,094‌

Magna

International (4)

86,900‌

3,641‌

Stanley

Electric

(JPY) 

96,500‌

1,729‌

17,188‌

Automobiles

 0.7%

General

Motors 

7,287‌

339‌

Honda

Motor

(JPY) 

178,800‌

1,922‌

Rivian

Automotive,

Class

A (4)(5)

21,426‌

287‌

Suzuki

Motor

(JPY) 

342,800‌

3,957‌

Tesla (5)

87,851‌

17,384‌

Toyota

Motor

(JPY) 

523,300‌

10,737‌

34,626‌

Broadline

Retail

 1.9%

Alibaba

Group

Holding,

ADR 

17,123‌

1,233‌

Amazon.com (5)

420,151‌

81,194‌

Next

(GBP) 

50,068‌

5,714‌

88,141‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Diversified

Consumer

Services

 0.0%

Service

Corp

International 

13,187‌

938‌

938‌

Hotels,

Restaurants

&

Leisure

 1.3%

Airbnb,

Class

A (5)

7,886‌

1,196‌

Amadeus

IT

Group

(EUR) (4)

73,726‌

4,906‌

Booking

Holdings 

2,889‌

11,445‌

Chipotle

Mexican

Grill (5)

150,123‌

9,405‌

Compass

Group

(GBP) 

297,469‌

8,104‌

Domino's

Pizza 

1,858‌

959‌

DoorDash

,

Class

A (5)

16,480‌

1,793‌

Hilton

Worldwide

Holdings 

17,239‌

3,761‌

Las

Vegas

Sands 

20,308‌

899‌

Marriott

International,

Class

A 

5,133‌

1,241‌

McDonald's 

38,863‌

9,904‌

Norwegian

Cruise

Line

Holdings (5)

114,835‌

2,158‌

Royal

Caribbean

Cruises (5)

7,366‌

1,174‌

Starbucks 

4,684‌

365‌

Wingstop

1,627‌

688‌

Wynn

Resorts 

6,371‌

570‌

Yum!

Brands 

4,200‌

556‌

59,124‌

Household

Durables

 0.3%

NVR (5)

201‌

1,525‌

Panasonic

Holdings

(JPY) 

452,300‌

3,718‌

Persimmon

(GBP) 

169,611‌

2,878‌

Sony

Group

(JPY) 

88,400‌

7,534‌

15,655‌

Specialty

Retail

 0.9%

AutoZone (5)

2,091‌

6,198‌

Bath

&

Body

Works 

5,133‌

200‌

Burlington

Stores (5)

2,639‌

633‌

Carvana

 (5)

48,610‌

6,257‌

Home

Depot 

25,362‌

8,731‌

Kingfisher

(GBP) 

1,713,853‌

5,374‌

Lowe's 

7,703‌

1,698‌

O'Reilly

Automotive (5)

1,163‌

1,228‌

Ross

Stores 

31,669‌

4,602‌

TJX 

38,444‌

4,233‌

Tractor

Supply 

6,252‌

1,688‌

Ulta

Beauty (5)

800‌

309‌

41,151‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Textiles,

Apparel

&

Luxury

Goods

 0.4%

Cie

Financiere

Richemont

,

Class

A

(CHF) 

29,053‌

4,541‌

Kering

(EUR) 

9,483‌

3,449‌

Lululemon

Athletica

 (5)

3,638‌

1,087‌

Moncler

(EUR) 

73,707‌

4,521‌

NIKE,

Class

B 

20,491‌

1,544‌

Samsonite

International

(HKD) 

763,500‌

2,276‌

17,418‌

Total

Consumer

Discretionary

274,241‌

CONSUMER

STAPLES

 4.0%

Beverages

 0.8%

Coca-Cola 

231,086‌

14,708‌

Constellation

Brands,

Class

A 

4,539‌

1,168‌

Diageo

(GBP) 

172,893‌

5,428‌

Heineken

(EUR) 

66,525‌

6,436‌

Keurig

Dr

Pepper 

115,146‌

3,846‌

Kirin

Holdings

(JPY) (4)

154,300‌

1,993‌

Monster

Beverage (5)

9,744‌

487‌

PepsiCo 

21,469‌

3,541‌

37,607‌

Consumer

Staples

Distribution

&

Retail

 0.8%

Costco

Wholesale 

6,491‌

5,517‌

Dollar

General 

32,691‌

4,323‌

Dollar

Tree (5)

39,600‌

4,228‌

Seven

&

i

Holdings

(JPY) 

454,200‌

5,551‌

Sysco 

4,500‌

321‌

Target 

8,153‌

1,207‌

Walmart 

209,036‌

14,154‌

Welcia

Holdings

(JPY) 

66,900‌

834‌

36,135‌

Food

Products

 0.7%

Barry

Callebaut

(CHF) 

1,155‌

1,883‌

Kraft

Heinz 

9,208‌

297‌

Mondelez

International,

Class

A 

83,642‌

5,473‌

Nestle

(CHF) 

193,212‌

19,722‌

Tyson

Foods,

Class

A 

4,365‌

249‌

Wilmar

International

(SGD) 

1,692,300‌

3,859‌

31,483‌

Household

Products

 0.7%

Colgate-Palmolive 

134,486‌

13,051‌

Kimberly-Clark 

2,500‌

345‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Procter

&

Gamble 

108,257‌

17,854‌

31,250‌

Personal

Care

Products

 0.9%

Kenvue

964,787‌

17,540‌

L'Oreal

(EUR) 

15,559‌

6,848‌

Puig

Brands,

Class

B

(EUR) (5)

78,799‌

2,203‌

Unilever

(GBP) 

281,025‌

15,425‌

42,016‌

Tobacco

 0.1%

Altria

Group 

6,029‌

275‌

Philip

Morris

International 

31,866‌

3,229‌

3,504‌

Total

Consumer

Staples

181,995‌

ENERGY

 2.7%

Energy

Equipment

&

Services

 0.5%

Halliburton 

289,149‌

9,768‌

Schlumberger 

256,044‌

12,080‌

21,848‌

Oil,

Gas

&

Consumable

Fuels

 2.2%

Chesapeake

Energy 

2,953‌

243‌

Chevron 

54,731‌

8,561‌

ConocoPhillips 

134,277‌

15,359‌

Devon

Energy 

10,100‌

479‌

Diamondback

Energy 

25,909‌

5,187‌

EOG

Resources 

11,739‌

1,478‌

EQT 

211,868‌

7,835‌

Equinor

(NOK) 

345,752‌

9,904‌

Exxon

Mobil 

135,388‌

15,586‌

Hess 

8,416‌

1,241‌

Kinder

Morgan 

123,106‌

2,446‌

Marathon

Petroleum 

10,375‌

1,800‌

Phillips

66 

3,333‌

470‌

Range

Resources 

239,468‌

8,029‌

Shell,

ADR 

117,506‌

8,481‌

Suncor

Energy 

8,153‌

311‌

Targa

Resources 

6,900‌

888‌

TotalEnergies

(EUR) 

188,510‌

12,621‌

Valero

Energy 

3,548‌

556‌

Williams 

54,278‌

2,307‌

103,782‌

Total

Energy

125,630‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FINANCIALS

 10.1%

Banks

 3.2%

ANZ

Group

Holdings

(AUD) 

189,790‌

3,566‌

Bank

of

America 

470,996‌

18,731‌

BNP

Paribas

(EUR) 

64,902‌

4,151‌

Citigroup 

138,954‌

8,818‌

DBS

Group

Holdings

(SGD) 

162,800‌

4,288‌

DNB

Bank

(NOK) 

470,293‌

9,227‌

East

West

Bancorp 

24,016‌

1,759‌

Fifth

Third

Bancorp 

28,209‌

1,029‌

HDFC

Bank

(INR) 

238,689‌

4,824‌

Huntington

Bancshares 

128,825‌

1,698‌

ING

Groep

(EUR) 

660,350‌

11,347‌

Intesa

Sanpaolo

(EUR) 

1,338,922‌

4,976‌

JPMorgan

Chase 

143,617‌

29,048‌

KeyCorp 

117,200‌

1,665‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

656,900‌

7,089‌

National

Bank

of

Canada

(CAD) 

94,593‌

7,503‌

PNC

Financial

Services

Group 

11,505‌

1,789‌

Popular 

2,200‌

194‌

Standard

Chartered

(GBP) 

505,302‌

4,563‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

115,108‌

2,645‌

Svenska

Handelsbanken

,

Class

A

(SEK) 

524,802‌

5,015‌

Truist

Financial 

8,886‌

345‌

United

Overseas

Bank

(SGD) 

278,900‌

6,433‌

Wells

Fargo 

122,000‌

7,246‌

Western

Alliance

Bancorp 

4,791‌

301‌

148,250‌

Capital

Markets

 1.5%

Ares

Management,

Class

A 

6,867‌

915‌

Bank

of

New

York

Mellon 

17,867‌

1,070‌

BlackRock 

1,268‌

998‌

Blackstone 

4,900‌

607‌

Bridgepoint

Group

(GBP) 

691,482‌

1,910‌

Brookfield

(CAD) 

118,844‌

4,943‌

Cboe

Global

Markets 

6,366‌

1,083‌

Charles

Schwab 

225,838‌

16,642‌

CME

Group 

17,910‌

3,521‌

CVC

Capital

Partners

(EUR) (5)

142,327‌

2,612‌

FactSet

Research

Systems 

300‌

122‌

Goldman

Sachs

Group 

23,428‌

10,597‌

Intercontinental

Exchange 

10,807‌

1,479‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Julius

Baer

Group

(CHF) 

81,465‌

4,556‌

KKR 

12,090‌

1,272‌

LPL

Financial

Holdings 

1,234‌

345‌

Macquarie

Group

(AUD) 

32,088‌

4,366‌

Moody's 

2,800‌

1,179‌

Morgan

Stanley 

46,600‌

4,529‌

MSCI 

1,469‌

708‌

S&P

Global 

10,004‌

4,462‌

Tradeweb

Markets,

Class

A 

7,775‌

824‌

68,740‌

Consumer

Finance

 0.3%

Ally

Financial 

16,900‌

670‌

American

Express 

49,071‌

11,362‌

Discover

Financial

Services 

5,531‌

724‌

12,756‌

Financial

Services

 2.5%

Adyen

(EUR) (5)

2,410‌

2,862‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $411 (5)(6)(7)

411,083‌

414‌

Apollo

Global

Management 

4,844‌

572‌

Berkshire

Hathaway,

Class

B (5)

75,280‌

30,624‌

Challenger

(AUD) 

325,045‌

1,515‌

Corebridge

Financial 

127,239‌

3,705‌

Corpay

 (5)

13,979‌

3,724‌

Equitable

Holdings 

14,118‌

577‌

Fiserv (5)

112,861‌

16,821‌

Global

Payments 

10,808‌

1,045‌

Mastercard

,

Class

A 

45,965‌

20,278‌

Mitsubishi

HC

Capital

(JPY) 

368,200‌

2,436‌

Visa,

Class

A 

112,850‌

29,620‌

Voya

Financial 

16,200‌

1,153‌

115,346‌

Insurance

 2.6%

AIA

Group

(HKD) 

691,000‌

4,675‌

Allstate 

48,076‌

7,676‌

American

International

Group 

26,505‌

1,968‌

AXA

(EUR) 

358,924‌

11,762‌

Axis

Capital

Holdings 

3,944‌

279‌

Chubb 

46,821‌

11,943‌

Definity

Financial

(CAD) 

69,486‌

2,285‌

Hartford

Financial

Services

Group 

20,054‌

2,016‌

Mandatum

(EUR) 

141,858‌

634‌

Marsh

&

McLennan 

22,282‌

4,695‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MetLife 

128,401‌

9,012‌

Muenchener

Rueckversicherungs-Gesellschaft

(EUR) 

29,480‌

14,739‌

Progressive 

16,539‌

3,435‌

RenaissanceRe

Holdings 

5,080‌

1,135‌

Sampo

,

Class

A

(EUR) 

147,195‌

6,348‌

Storebrand

(NOK) 

503,026‌

5,136‌

Sun

Life

Financial

(CAD) 

116,250‌

5,700‌

Tokio

Marine

Holdings

(JPY) 

276,000‌

10,372‌

Travelers 

31,544‌

6,414‌

Zurich

Insurance

Group

(CHF) 

14,911‌

7,943‌

118,167‌

Total

Financials

463,259‌

HEALTH

CARE

 8.2%

Biotechnology

 0.4%

AbbVie 

22,830‌

3,916‌

Amgen 

9,781‌

3,056‌

Argenx

,

ADR (5)

7,600‌

3,268‌

Biogen (5)

3,554‌

824‌

Genmab

(DKK) (5)

9,413‌

2,359‌

Gilead

Sciences 

8,111‌

556‌

Moderna

 (5)

1,263‌

150‌

Regeneron

Pharmaceuticals (5)

1,570‌

1,650‌

Vertex

Pharmaceuticals (5)

5,186‌

2,431‌

18,210‌

Health

Care

Equipment

&

Supplies

 1.2%

Abbott

Laboratories 

13,058‌

1,357‌

Alcon

(CHF) 

43,663‌

3,881‌

Becton

Dickinson

&

Company 

7,785‌

1,819‌

Boston

Scientific (5)

18,318‌

1,411‌

Dexcom

 (5)

11,628‌

1,318‌

Edwards

Lifesciences (5)

17,794‌

1,644‌

Elekta

,

Class

B

(SEK) 

341,076‌

2,127‌

EssilorLuxottica

(EUR) 

22,036‌

4,735‌

GE

HealthCare

Technologies 

32,755‌

2,552‌

Hologic

 (5)

40,767‌

3,027‌

IDEXX

Laboratories (5)

800‌

390‌

Intuitive

Surgical (5)

29,157‌

12,970‌

Koninklijke

Philips

(EUR) (5)

211,988‌

5,331‌

Medtronic 

10,172‌

801‌

Siemens

Healthineers

(EUR) 

120,553‌

6,943‌

Stryker 

17,759‌

6,043‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zimmer

Biomet

Holdings 

13,963‌

1,515‌

57,864‌

Health

Care

Providers

&

Services

 2.1%

Cardinal

Health 

4,537‌

446‌

Cencora

47,907‌

10,794‌

Cigna

Group 

21,552‌

7,124‌

Elevance

Health 

45,455‌

24,630‌

Fresenius

(EUR) (5)

128,834‌

3,849‌

HCA

Healthcare 

11,668‌

3,749‌

Humana 

8,886‌

3,320‌

McKesson 

2,629‌

1,535‌

Molina

Healthcare (5)

2,480‌

737‌

Tenet

Healthcare (5)

52,925‌

7,041‌

UnitedHealth

Group 

66,523‌

33,878‌

97,103‌

Life

Sciences

Tools

&

Services

 0.8%

Charles

River

Laboratories

International (5)

800‌

165‌

Danaher 

54,388‌

13,589‌

Evotec

(EUR) (4)(5)

100,331‌

962‌

ICON (5)

2,095‌

657‌

IQVIA

Holdings (5)

769‌

162‌

Mettler

-Toledo

International (5)

400‌

559‌

Repligen

 (5)

4,500‌

567‌

Revvity

44,800‌

4,698‌

Thermo

Fisher

Scientific 

30,009‌

16,595‌

37,954‌

Pharmaceuticals

 3.7%

Astellas

Pharma

(JPY) 

556,100‌

5,486‌

AstraZeneca,

ADR 

362,775‌

28,293‌

Bayer

(EUR) 

93,584‌

2,638‌

Bristol-Myers

Squibb 

49,200‌

2,043‌

Chugai

Pharmaceutical

(JPY) 

93,100‌

3,315‌

Elanco

Animal

Health (5)

42,200‌

609‌

Eli

Lilly 

42,077‌

38,096‌

GSK,

ADR (4)

48,292‌

1,859‌

Johnson

&

Johnson 

133,157‌

19,462‌

Merck 

89,027‌

11,021‌

Novartis

(CHF) 

114,036‌

12,142‌

Novo

Nordisk,

ADR 

9,515‌

1,358‌

Novo

Nordisk,

Class

B

(DKK) 

108,316‌

15,498‌

Otsuka

Holdings

(JPY) (4)

52,400‌

2,214‌

Pfizer 

23,406‌

655‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Roche

Holding

(CHF) 

38,622‌

10,701‌

Sanofi

(EUR) 

117,777‌

11,359‌

Sanofi,

ADR 

5,500‌

267‌

Shionogi

(JPY) 

48,300‌

1,881‌

Viatris

72,782‌

774‌

Zoetis 

19,342‌

3,353‌

173,024‌

Total

Health

Care

384,155‌

INDUSTRIALS

&

BUSINESS

SERVICES

 6.5%

Aerospace

&

Defense

 1.1%

Boeing (5)

24,962‌

4,543‌

General

Dynamics 

22,555‌

6,544‌

General

Electric 

90,464‌

14,381‌

Howmet

Aerospace 

10,812‌

839‌

Huntington

Ingalls

Industries 

591‌

146‌

L3Harris

Technologies 

32,930‌

7,396‌

Lockheed

Martin 

789‌

369‌

Melrose

Industries

(GBP) 

779,278‌

5,427‌

Northrop

Grumman 

2,111‌

920‌

RTX 

9,889‌

993‌

Safran

(EUR) 

35,132‌

7,404‌

TransDigm

Group 

2,838‌

3,626‌

52,588‌

Air

Freight

&

Logistics

 0.1%

FedEx 

19,457‌

5,834‌

5,834‌

Building

Products

 0.1%

Carrier

Global 

17,397‌

1,097‌

Johnson

Controls

International 

9,223‌

613‌

Trane

Technologies 

2,654‌

873‌

2,583‌

Commercial

Services

&

Supplies

 0.4%

Cintas 

3,220‌

2,255‌

Copart

 (5)

15,962‌

864‌

Element

Fleet

Management

(CAD) (4)

414,535‌

7,542‌

Republic

Services 

21,726‌

4,222‌

Veralto

5,934‌

567‌

Waste

Connections 

5,982‌

1,049‌

Waste

Management 

2,300‌

491‌

16,990‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Construction

&

Engineering

 0.1%

Worley

(AUD) 

405,136‌

4,034‌

4,034‌

Electrical

Equipment

 1.2%

ABB

(CHF) 

198,062‌

10,983‌

AMETEK 

44,022‌

7,339‌

Emerson

Electric 

4,300‌

474‌

GE

Vernova

 (5)

26,713‌

4,581‌

Hubbell 

2,300‌

841‌

Legrand

(EUR) 

64,269‌

6,379‌

Mitsubishi

Electric

(JPY) 

440,200‌

7,054‌

Prysmian

(EUR) 

137,795‌

8,507‌

Rockwell

Automation 

31,270‌

8,608‌

Vertiv

Holdings,

Class

A 

3,200‌

277‌

55,043‌

Ground

Transportation

 0.8%

Canadian

National

Railway 

5,478‌

647‌

Central

Japan

Railway

(JPY) 

135,100‌

2,929‌

CSX 

342,191‌

11,446‌

JB

Hunt

Transport

Services 

2,188‌

350‌

Norfolk

Southern 

24,777‌

5,319‌

Old

Dominion

Freight

Line 

41,932‌

7,405‌

Saia (5)

1,543‌

732‌

Uber

Technologies (5)

41,010‌

2,981‌

Union

Pacific 

30,417‌

6,882‌

38,691‌

Industrial

Conglomerates

 0.9%

DCC

(GBP) 

52,286‌

3,649‌

Honeywell

International 

34,030‌

7,267‌

Roper

Technologies 

10,272‌

5,790‌

Siemens

(EUR) 

136,154‌

25,342‌

42,048‌

Machinery

 1.0%

Caterpillar 

2,571‌

857‌

Cummins 

31,800‌

8,806‌

Deere 

14,549‌

5,436‌

Dover 

23,869‌

4,307‌

Esab

3,105‌

293‌

IDEX 

19,316‌

3,886‌

Ingersoll

Rand 

10,032‌

911‌

KION

Group

(EUR) 

65,358‌

2,730‌

Sandvik

(SEK) 

238,451‌

4,792‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMC

(JPY) 

4,000‌

1,906‌

Stanley

Black

&

Decker 

22,290‌

1,781‌

THK

(JPY) 

97,000‌

1,740‌

Westinghouse

Air

Brake

Technologies 

56,931‌

8,998‌

Xylem 

500‌

68‌

46,511‌

Passenger

Airlines

 0.0%

Southwest

Airlines 

13,538‌

387‌

United

Airlines

Holdings (5)

6,300‌

307‌

694‌

Professional

Services

 0.3%

Broadridge

Financial

Solutions 

2,176‌

429‌

Equifax 

2,435‌

590‌

Recruit

Holdings

(JPY) 

109,100‌

5,870‌

TechnoPro

Holdings

(JPY) (4)

160,600‌

2,631‌

Teleperformance

(EUR) 

19,086‌

2,016‌

Verisk

Analytics 

3,300‌

890‌

12,426‌

Trading

Companies

&

Distributors

 0.5%

Ashtead

Group

(GBP) 

45,742‌

3,050‌

Bunzl

(GBP) 

115,900‌

4,403‌

Ferguson 

14,439‌

2,796‌

Mitsubishi

(JPY) 

191,700‌

3,768‌

SiteOne

Landscape

Supply (5)

1,800‌

219‌

Sumitomo

(JPY) 

264,700‌

6,650‌

20,886‌

Total

Industrials

&

Business

Services

298,328‌

INFORMATION

TECHNOLOGY

 15.0%

Communications

Equipment

 0.2%

Arista

Networks (5)

2,603‌

912‌

Cisco

Systems 

42,598‌

2,024‌

LM

Ericsson,

Class

B

(SEK) (4)

732,322‌

4,546‌

7,482‌

Electronic

Equipment,

Instruments

&

Components

 0.8%

Amphenol,

Class

A 

102,974‌

6,937‌

Hamamatsu

Photonics

(JPY) 

75,500‌

2,028‌

Keysight

Technologies (5)

54,457‌

7,447‌

Largan

Precision

(TWD) 

19,000‌

1,604‌

Murata

Manufacturing

(JPY) 

158,500‌

3,282‌

Omron

(JPY) 

45,600‌

1,579‌

TE

Connectivity 

73,649‌

11,079‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Teledyne

Technologies (5)

2,353‌

913‌

Zebra

Technologies,

Class

A (5)

3,170‌

979‌

35,848‌

IT

Services

 0.4%

Accenture,

Class

A 

13,926‌

4,225‌

Gartner (5)

500‌

224‌

International

Business

Machines 

7,195‌

1,244‌

MongoDB (5)

7,129‌

1,782‌

Nomura

Research

Institute

(JPY) 

118,800‌

3,358‌

NTT

Data

Group

(JPY) 

311,900‌

4,608‌

Shopify,

Class

A (5)

57,199‌

3,778‌

Snowflake,

Class

A (5)

5,986‌

809‌

20,028‌

Semiconductors

&

Semiconductor

Equipment

 6.5%

Advanced

Micro

Devices (5)

35,088‌

5,692‌

Analog

Devices 

26,805‌

6,119‌

Applied

Materials 

16,806‌

3,966‌

ASML

Holding

(EUR) 

19,466‌

19,839‌

ASML

Holding 

7,883‌

8,062‌

Broadcom 

17,801‌

28,580‌

Entegris

8,433‌

1,142‌

First

Solar (5)

902‌

203‌

Intel 

151,160‌

4,681‌

KLA 

4,066‌

3,352‌

Lam

Research 

8,312‌

8,851‌

Lattice

Semiconductor (5)

4,139‌

240‌

Microchip

Technology 

6,766‌

619‌

Micron

Technology 

59,580‌

7,837‌

Monolithic

Power

Systems 

6,093‌

5,007‌

NVIDIA 

1,046,088‌

129,234‌

NXP

Semiconductors 

42,387‌

11,406‌

QUALCOMM 

32,927‌

6,558‌

Renesas

Electronics

(JPY) 

184,100‌

3,491‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

768,969‌

22,783‌

Taiwan

Semiconductor

Manufacturing,

ADR 

16,793‌

2,919‌

Teradyne 

5,600‌

830‌

Texas

Instruments 

66,783‌

12,991‌

Tokyo

Electron

(JPY) 

32,000‌

7,005‌

301,407‌

Software

 4.6%

Adobe (5)

7,998‌

4,443‌

Atlassian

,

Class

A (5)

7,921‌

1,401‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Autodesk (5)

5,462‌

1,352‌

BILL

Holdings (5)

12,595‌

663‌

Cadence

Design

Systems (5)

5,313‌

1,635‌

Canva

,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (5)(6)

(7)

392‌

418‌

Confluent,

Class

A (5)

23,755‌

702‌

Crowdstrike

Holdings,

Class

A (5)

7,516‌

2,880‌

Datadog

,

Class

A (5)

8,376‌

1,086‌

Descartes

Systems

Group (5)

3,942‌

382‌

Dynatrace

 (5)

10,200‌

456‌

Fair

Isaac (5)

599‌

892‌

Fortinet (5)

41,207‌

2,484‌

Gen

Digital 

55,738‌

1,392‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (5)(6)(7)

7,517‌

140‌

Intuit 

12,962‌

8,519‌

Microsoft 

317,639‌

141,969‌

Oracle 

19,500‌

2,753‌

Palo

Alto

Networks (5)

2,109‌

715‌

Salesforce 

21,431‌

5,510‌

SAP

(EUR) 

55,230‌

11,094‌

ServiceNow

 (5)

17,178‌

13,513‌

Synopsys (5)

16,438‌

9,782‌

Workday,

Class

A (5)

1,339‌

299‌

214,480‌

Technology

Hardware,

Storage

&

Peripherals

 2.5%

Apple 

490,910‌

103,395‌

Pure

Storage,

Class

A (5)

7,080‌

455‌

Samsung

Electronics

(KRW) 

183,584‌

10,805‌

Western

Digital (5)

9,779‌

741‌

115,396‌

Total

Information

Technology

694,641‌

MATERIALS

 2.2%

Chemicals

 1.0%

Air

Liquide

(EUR) 

41,845‌

7,222‌

Akzo

Nobel

(EUR) 

56,617‌

3,451‌

Asahi

Kasei

(JPY) 

339,800‌

2,182‌

BASF

(EUR) 

71,289‌

3,446‌

CF

Industries

Holdings 

9,830‌

729‌

Covestro

(EUR) (5)

66,282‌

3,885‌

Johnson

Matthey

(GBP) 

139,170‌

2,760‌

Linde 

30,483‌

13,376‌

Mosaic 

111,300‌

3,217‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Nutrien

 (4)

19,688‌

1,002‌

RPM

International 

1,312‌

141‌

Sherwin-Williams 

11,839‌

3,533‌

Umicore

(EUR) 

108,333‌

1,630‌

46,574‌

Construction

Materials

 0.1%

Martin

Marietta

Materials 

6,146‌

3,330‌

Vulcan

Materials 

3,544‌

881‌

4,211‌

Containers

&

Packaging

 0.2%

Amcor,

CDI

(AUD) 

143,128‌

1,417‌

Ball 

13,031‌

782‌

International

Paper 

152,483‌

6,580‌

Packaging

Corp.

of

America 

3,752‌

685‌

9,464‌

Metals

&

Mining

 0.8%

Agnico

Eagle

Mines (4)

6,849‌

448‌

Antofagasta

(GBP) 

229,599‌

6,102‌

BHP

Group

(AUD) 

120,793‌

3,452‌

BHP

Group

(GBP) 

170,705‌

4,865‌

Franco-Nevada 

24,693‌

2,927‌

Freeport-McMoRan 

123,039‌

5,980‌

IGO

(AUD) 

437,530‌

1,638‌

Pilbara

Minerals

(AUD) 

1,269,683‌

2,583‌

South32

(AUD) 

1,088,164‌

2,640‌

Southern

Copper 

17,145‌

1,847‌

Steel

Dynamics 

7,445‌

964‌

Wheaton

Precious

Metals (4)

53,419‌

2,800‌

36,246‌

Paper

&

Forest

Products

 0.1%

Stora

Enso,

Class

R

(EUR) 

239,471‌

3,270‌

West

Fraser

Timber (4)

8,798‌

676‌

3,946‌

Total

Materials

100,441‌

REAL

ESTATE

 0.8%

Health

Care

Real

Estate

Investment

Trusts

 0.0%

Welltower

,

REIT 

10,831‌

1,129‌

1,129‌

Industrial

Real

Estate

Investment

Trusts

 0.1%

Prologis,

REIT 

31,830‌

3,575‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rexford

Industrial

Realty,

REIT 

22,425‌

1,000‌

4,575‌

Office

Real

Estate

Investment

Trusts

 0.0%

Great

Portland

Estates

(GBP) 

429,585‌

1,820‌

1,820‌

Real

Estate

Management

&

Development

 0.2%

CBRE

Group,

Class

A (5)

3,750‌

334‌

CoStar

Group (5)

4,294‌

319‌

Mitsui

Fudosan

(JPY) 

752,100‌

6,922‌

7,575‌

Residential

Real

Estate

Investment

Trusts

 0.1%

American

Homes

4

Rent,

Class

A,

REIT 

8,019‌

298‌

AvalonBay

Communities,

REIT 

2,708‌

560‌

Camden

Property

Trust,

REIT 

1,400‌

153‌

Equity

LifeStyle

Properties,

REIT 

47,764‌

3,111‌

Essex

Property

Trust,

REIT 

3,109‌

846‌

Sun

Communities,

REIT 

3,890‌

468‌

5,436‌

Retail

Real

Estate

Investment

Trusts

 0.1%

Kimco

Realty,

REIT 

17,152‌

334‌

Regency

Centers,

REIT 

4,400‌

274‌

Scentre

Group

(AUD) 

2,124,311‌

4,403‌

Simon

Property

Group,

REIT 

2,038‌

309‌

5,320‌

Specialized

Real

Estate

Investment

Trusts

 0.3%

American

Tower,

REIT 

8,664‌

1,684‌

CubeSmart

,

REIT 

6,407‌

289‌

Equinix

,

REIT 

2,109‌

1,596‌

Extra

Space

Storage,

REIT 

988‌

153‌

Public

Storage,

REIT 

24,696‌

7,104‌

Weyerhaeuser,

REIT 

147,402‌

4,185‌

15,011‌

Total

Real

Estate

40,866‌

UTILITIES

 1.2%

Electric

Utilities

 0.5%

Constellation

Energy 

39,912‌

7,993‌

Exelon 

7,300‌

253‌

FirstEnergy 

17,742‌

679‌

NextEra

Energy 

76,684‌

5,430‌

PG&E 

116,872‌

2,040‌

PPL 

5,700‌

158‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Southern 

18,263‌

1,417‌

Xcel

Energy 

109,200‌

5,832‌

23,802‌

Gas

Utilities

 0.1%

Atmos

Energy 

25,400‌

2,963‌

Beijing

Enterprises

Holdings

(HKD) 

195,500‌

656‌

3,619‌

Independent

Power

&

Renewable

Electricity

Producers

 0.1%

Electric

Power

Development

(JPY) 

182,600‌

2,855‌

Vistra

5,719‌

492‌

3,347‌

Multi-Utilities

 0.5%

Ameren 

79,014‌

5,618‌

CenterPoint

Energy 

32,563‌

1,009‌

Dominion

Energy 

21,527‌

1,055‌

Engie

(EUR) 

605,713‌

8,674‌

National

Grid

(GBP) 

605,314‌

6,759‌

NiSource 

27,900‌

804‌

23,919‌

Total

Utilities

54,687‌

Total

Common

Stocks

(Cost

$1,347,524)

2,833,527‌

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 (5)(6)(7)

25‌

27‌

Canva

,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $4 (5)(6)(7)

2‌

2‌

Databricks

,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229 (5)

(6)(7)

3,879‌

285‌

Databricks

,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (5)

(6)(7)

8,505‌

625‌

Databricks

,

Series

I,

Acquisition

Date:

9/14/23,

Cost $112 (5)

(6)(7)

1,526‌

112‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (5)(6)(7)

10,431‌

194‌

Total

Information

Technology

1,245‌

Total

Convertible

Preferred

Stocks

(Cost

$1,330)

1,245‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CORPORATE

BONDS

 8.2%

AbbVie,

2.95%,

11/21/26 

920,000‌

877‌

AbbVie,

3.20%,

5/14/26 

420,000‌

406‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,792‌

AbbVie,

4.70%,

5/14/45 

915,000‌

818‌

AbbVie,

4.80%,

3/15/29 

1,260,000‌

1,255‌

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

927‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

872‌

AerCap

Ireland

Capital,

5.75%,

6/6/28 

1,840,000‌

1,854‌

AerCap

Ireland

Capital,

6.15%,

9/30/30 

225,000‌

232‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

368‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,520‌

AIA

Group,

3.20%,

3/11/25 (1)

1,020,000‌

1,005‌

AIB

Group,

VR,

6.608%,

9/13/29 (1)(8)

650,000‌

669‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,129‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

655,000‌

632‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,015‌

Ally

Financial,

2.20%,

11/2/28 

700,000‌

606‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

404‌

Amazon.com,

2.80%,

8/22/24 

1,055,000‌

1,050‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,443‌

Ameren,

5.70%,

12/1/26 

1,820,000‌

1,833‌

America

Movil

,

2.875%,

5/7/30 

2,525,000‌

2,226‌

America

Movil

,

6.375%,

3/1/35 

300,000‌

321‌

American

Express,

VR,

6.489%,

10/30/31 (8)

2,785,000‌

2,959‌

American

Honda

Finance,

0.75%,

8/9/24 

2,335,000‌

2,323‌

American

Honda

Finance,

5.65%,

11/15/28 

1,655,000‌

1,696‌

Amgen,

2.77%,

9/1/53 

447,000‌

267‌

Amphenol,

5.05%,

4/5/29 

895,000‌

894‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,130‌

APA

Infrastructure,

4.25%,

7/15/27 (1)

620,000‌

599‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

1,969‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,133‌

AT&T,

3.50%,

6/1/41 

680,000‌

520‌

Atlassian

,

5.25%,

5/15/29 

575,000‌

572‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,266‌

AutoZone,

3.125%,

4/21/26 

650,000‌

625‌

AutoZone,

5.05%,

7/15/26 

2,690,000‌

2,678‌

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

3,175,000‌

3,139‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

178‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,299‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

5.375%,

4/17/25 (1)

1,110,000‌

1,106‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bank

of

America,

4.20%,

8/26/24 

600,000‌

598‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

934‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

734‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,837‌

Bank

of

America,

VR,

2.676%,

6/19/41 (8)

3,450,000‌

2,396‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

1,967‌

Bank

of

Montreal,

2.65%,

3/8/27 

2,035,000‌

1,907‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34 (8)

1,885,000‌

2,030‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

556‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,830‌

Barclays,

VR,

5.674%,

3/12/28 (8)

750,000‌

748‌

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,168‌

BAT

Capital,

5.834%,

2/20/31 

810,000‌

819‌

Bayer

U.S.

Finance,

6.375%,

11/21/30 (1)

1,540,000‌

1,583‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,513‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,211‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,877‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

1,350,000‌

1,270‌

BlackRock

Funding,

4.70%,

3/14/29 

785,000‌

781‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,272‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,596‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

374‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

777‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,496‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,124‌

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

987‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,110,000‌

1,027‌

Bristol-Myers

Squibb,

5.10%,

2/22/31 

490,000‌

490‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

542‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,187‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,217‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

699‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

491‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

379‌

Canadian

National

Railway,

5.85%,

11/1/33 

1,155,000‌

1,212‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,485‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

857‌

Canadian

Pacific

Railway,

3.50%,

5/1/50 

1,695,000‌

1,208‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,161‌

Capital

One

Financial,

VR,

6.051%,

2/1/35 (8)

365,000‌

365‌

Cardinal

Health,

3.41%,

6/15/27 (4)

1,570,000‌

1,489‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

985‌

Carvana

,

12.00%,

12/1/28,

(12.00%

PIK) (1)(9)

269,995‌

291‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Carvana

,

13.00%,

6/1/30,

(13.00%

PIK) (1)(9)

406,741‌

446‌

Carvana

,

14.00%,

6/1/31,

(14.00%

PIK) (1)(9)

482,955‌

543‌

Caterpillar

Financial

Services,

5.00%,

5/14/27 

3,320,000‌

3,327‌

CBRE

Services,

5.50%,

4/1/29 

555,000‌

557‌

Celulosa

Arauco

y

Constitucion

,

4.20%,

1/29/30 (1)(4)

505,000‌

468‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

867‌

Charter

Communications

Operating,

4.908%,

7/23/25 

569,000‌

564‌

Citigroup,

VR,

2.976%,

11/5/30 (8)

2,750,000‌

2,440‌

Citigroup,

VR,

4.075%,

4/23/29 (8)

2,000,000‌

1,916‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

730‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,096‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,831‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,188‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,375‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

952‌

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

651‌

Corebridge

Financial,

4.40%,

4/5/52 

4,505,000‌

3,541‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,634‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,493‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,186‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

690‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

475‌

Cummins,

4.90%,

2/20/29 

320,000‌

319‌

CVS

Health,

1.875%,

2/28/31 

1,745,000‌

1,388‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

432‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)

2,155,000‌

2,062‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(8)

2,940,000‌

2,901‌

Danske

Bank,

VR,

5.705%,

3/1/30 (1)(8)

395,000‌

395‌

Discover

Bank,

2.70%,

2/6/30 

2,000,000‌

1,704‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

581‌

DTE

Energy,

5.10%,

3/1/29 

2,570,000‌

2,546‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

605‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

363‌

Duke

Energy,

4.85%,

1/5/27 

2,660,000‌

2,638‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

792‌

Enbridge,

4.25%,

12/1/26 

590,000‌

576‌

Enbridge,

5.625%,

4/5/34 

770,000‌

766‌

Enbridge,

6.20%,

11/15/30 

345,000‌

360‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

236‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

699‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,220‌

Eni,

5.50%,

5/15/34 (1)

735,000‌

732‌

Enterprise

Products

Operating,

4.60%,

1/11/27 

2,830,000‌

2,798‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

780,000‌

746‌

ERAC

USA

Finance,

3.85%,

11/15/24 (1)

435,000‌

432‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

436‌

Essex

Portfolio,

2.65%,

3/15/32 

1,430,000‌

1,185‌

Exelon,

5.15%,

3/15/29 

590,000‌

589‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

1,990‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (8)

460,000‌

471‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

413‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)

1,310,000‌

1,297‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,055‌

Fiserv,

5.45%,

3/15/34 

2,035,000‌

2,011‌

Ford

Motor

Credit,

7.122%,

11/7/33 

640,000‌

676‌

Foundry

JV

Holdco,

6.15%,

1/25/32 (1)

705,000‌

716‌

GATX,

6.05%,

3/15/34 

1,675,000‌

1,709‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,105‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,873‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

867‌

Georgia

Power,

5.004%,

2/23/27 

685,000‌

684‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

755‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (8)

1,300,000‌

1,093‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (8)

1,710,000‌

1,198‌

Hasbro,

3.00%,

11/19/24 

1,550,000‌

1,535‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,791‌

HCA,

4.375%,

3/15/42 

775,000‌

629‌

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve,

5.45%,

6/15/34 (1)

1,020,000‌

1,004‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

991‌

Healthpeak

OP,

2.125%,

12/1/28 

655,000‌

578‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

309‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,700‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

993‌

HSBC

Holdings,

VR,

5.719%,

3/4/35 (4)(8)

1,145,000‌

1,152‌

HSBC

Holdings,

VR,

7.399%,

11/13/34 (8)

1,445,000‌

1,557‌

Humana,

2.15%,

2/3/32 

1,145,000‌

912‌

Humana,

3.70%,

3/23/29 

1,120,000‌

1,046‌

Humana,

5.95%,

3/15/34 

830,000‌

850‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)(4)

2,435,000‌

2,146‌

Hyundai

Capital

America,

5.35%,

3/19/29 (1)

240,000‌

239‌

Hyundai

Capital

America,

6.50%,

1/16/29 (1)

420,000‌

439‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,043‌

Icon

Investments

Six,

5.849%,

5/8/29 

290,000‌

294‌

Illinois

Tool

Works,

3.90%,

9/1/42 (4)

1,200,000‌

996‌

Ingersoll

Rand,

5.176%,

6/15/29 

3,515,000‌

3,509‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Intercontinental

Exchange,

5.25%,

6/15/31 

1,500,000‌

1,508‌

IQVIA,

6.25%,

2/1/29 

730,000‌

751‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,354‌

JDE

Peet's

,

1.375%,

1/15/27 (1)

2,240,000‌

2,025‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,913‌

John

Deere

Capital,

4.50%,

1/8/27 

1,330,000‌

1,315‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,340‌

JPMorgan

Chase,

VR,

5.299%,

7/24/29 (8)

3,125,000‌

3,137‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,333‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

470‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

561‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,470‌

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (8)

1,015,000‌

1,013‌

MassMutual

Global

Funding

II,

5.10%,

4/9/27 (1)

2,340,000‌

2,342‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,246‌

McDonald's,

1.45%,

9/1/25 

940,000‌

899‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

676‌

Microchip

Technology,

5.05%,

3/15/29 

805,000‌

796‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

856‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,540‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,380‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,151‌

Mohawk

Industries,

5.85%,

9/18/28 

1,385,000‌

1,411‌

Mondelez

International,

4.75%,

2/20/29 

2,970,000‌

2,934‌

Moody's,

2.00%,

8/19/31 (4)

2,195,000‌

1,785‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

980‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

768‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (8)

1,445,000‌

1,077‌

Morgan

Stanley,

VR,

5.656%,

4/18/30 (8)

3,540,000‌

3,606‌

Motorola

Solutions,

5.00%,

4/15/29 

800,000‌

794‌

National

Bank

of

Canada,

5.60%,

12/18/28 

2,560,000‌

2,583‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,563‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

680,000‌

682‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,652‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,347‌

Nucor,

2.70%,

6/1/30 

455,000‌

400‌

Nucor,

3.95%,

5/1/28 

1,996,000‌

1,907‌

Nutrien

,

4.00%,

12/15/26 

830,000‌

801‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

803‌

O'Reilly

Automotive,

3.60%,

9/1/27 

1,825,000‌

1,737‌

O'Reilly

Automotive,

5.75%,

11/20/26 

390,000‌

393‌

Owens

Corning,

5.70%,

6/15/34 

995,000‌

1,001‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,829‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PACCAR

Financial,

5.00%,

5/13/27 

2,885,000‌

2,891‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,209‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

785,000‌

781‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,697‌

Perrigo

Finance

Unlimited,

5.15%,

6/15/30 

1,510,000‌

1,389‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

707‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,113‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,413‌

Public

Storage

Operating,

1.95%,

11/9/28 

1,210,000‌

1,066‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

1,917‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,436‌

RELX

Capital,

3.00%,

5/22/30 (4)

945,000‌

848‌

Republic

Services,

3.375%,

11/15/27 

1,045,000‌

990‌

Republic

Services,

5.00%,

12/15/33 

2,235,000‌

2,185‌

RGA

Global

Funding,

5.448%,

5/24/29 (1)

1,630,000‌

1,637‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

592‌

Rogers

Communications,

4.50%,

3/15/42 

2,935,000‌

2,467‌

Roper

Technologies,

2.95%,

9/15/29 

380,000‌

342‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,049‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

368‌

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

1,257‌

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (8)

725,000‌

728‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,481‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,115‌

Sempra,

3.30%,

4/1/25 

835,000‌

820‌

Simon

Property

Group,

2.65%,

2/1/32 

1,810,000‌

1,512‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,382‌

Skandinaviska

Enskilda

Banken

,

5.125%,

3/5/27 (1)

2,800,000‌

2,796‌

Solventum

,

5.40%,

3/1/29 (1)

1,660,000‌

1,652‌

Southern,

5.70%,

3/15/34 

1,540,000‌

1,561‌

Southern

California

Edison,

5.15%,

6/1/29 

2,775,000‌

2,775‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

461‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(8)

2,005,000‌

1,972‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

925‌

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(8)

640,000‌

636‌

T-Mobile

USA,

5.75%,

1/15/34 

1,860,000‌

1,910‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,031‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,594‌

Texas

Instruments,

1.375%,

3/12/25 (4)

650,000‌

632‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

390‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

426‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

511‌

TJX,

1.60%,

5/15/31 

375,000‌

302‌

Toronto-Dominion

Bank,

4.994%,

4/5/29 

2,795,000‌

2,771‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

1,900‌

Toyota

Motor

Credit,

4.80%,

1/5/26 

2,935,000‌

2,920‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,415‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,203‌

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

374‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

326‌

Travelers,

6.25%,

6/15/37 

750,000‌

806‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

606‌

UBS

Group,

VR,

2.593%,

9/11/25 (1)(8)

2,095,000‌

2,080‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

890,349‌

828‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

635‌

UnitedHealth

Group,

4.70%,

4/15/29 

3,125,000‌

3,096‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

413‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,700‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,576‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,873‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

612‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,793‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)(4)

1,395,000‌

1,368‌

Volkswagen

Group

of

America

Finance,

6.45%,

11/16/30 (1)

2,015,000‌

2,115‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

488‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

516‌

Warnermedia

Holdings,

5.05%,

3/15/42 

1,570,000‌

1,271‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

2,009‌

Weibo,

3.50%,

7/5/24 

1,390,000‌

1,392‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,611‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

2,929‌

Wells

Fargo,

VR,

6.303%,

10/23/29 (8)

905,000‌

938‌

Westpac

New

Zealand,

5.195%,

2/28/29 (1)

1,855,000‌

1,852‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,575‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,326‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

710‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,117‌

Workday,

3.70%,

4/1/29 

750,000‌

702‌

WP

Carey,

3.85%,

7/15/29 

1,470,000‌

1,368‌

WPP

Finance

2010,

3.75%,

9/19/24 

1,310,000‌

1,302‌

Total

Corporate

Bonds

(Cost

$409,199)

379,609‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

EQUITY

MUTUAL

FUNDS

 4.2%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

13,700,128‌

195,364‌

Total

Equity

Mutual

Funds

(Cost

$170,665)

195,364‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

 0.4%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35 (1)

510,000‌

469‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,348‌

Province

of

Alberta

Canada,

4.50%,

1/24/34 

2,760,000‌

2,689‌

Province

of

British

Columbia

Canada,

4.20%,

7/6/33 

2,648,000‌

2,525‌

Province

of

Manitoba

Canada,

4.30%,

7/27/33 

2,595,000‌

2,506‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,635‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

1,000‌

United

Mexican

States,

2.659%,

5/24/31 

3,439,000‌

2,830‌

United

Mexican

States,

3.50%,

2/12/34 

2,315,000‌

1,887‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$19,934)

17,889‌

MUNICIPAL

SECURITIES

 0.8%

California

 0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,294‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,609‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (10)

695,000‌

695‌

Los

Angeles

Airport,

Series C,

Build

America,

7.053%,

5/15/40 

1,000,000‌

1,156‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

326‌

7,080‌

Georgia

 0.1%

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39 

2,665,000‌

2,620‌

2,620‌

Illinois

 0.0%

Chicago

O'Hare

Int'l

Airport,

Series B,

Build

America,

6.395%,

1/1/40 

755,000‌

812‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

857‌

Illinois

Toll

Highway

Auth.,

Series A,

Build

America,

6.184%,

1/1/34 

470,000‌

492‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

513‌

2,674‌

T.

ROWE

PRICE

Balanced

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Maryland

 0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,739‌

1,739‌

Michigan

 0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,122‌

2,122‌

New

Jersey

 0.0%

New

Jersey

Turnpike

Auth.,

Series F,

Build

America,

7.414%,

1/1/40 

415,000‌

487‌

487‌

New

York

 0.0%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

240,000‌

284‌

Metropolitan

Transportation

Auth.,

Series A-1,

Build

America,

5.871%,

11/15/39 

700,000‌

721‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

946‌

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

255‌

New

York

State

Dormitory

Auth.,

Series F,

Build

America,

5.628%,

3/15/39 

1,300,000‌

1,318‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

591‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,394‌

5,509‌

Ohio

 0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,040,000‌

1,015‌

1,015‌

Pennsylvania

 0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

405,000‌

398‌

398‌

South

Carolina

 0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,000‌

2,000‌

Texas

 0.0%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,381‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

965‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,034‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,559‌

4,939‌

T.

ROWE

PRICE

Balanced

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Utah

 0.0%

Utah

Transit

Auth.,

Series B,

Build

America,

5.937%,

6/15/39 

900,000‌

942‌

942‌

Virginia

 0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,332‌

Virginia

Public

Building

Auth.,

Series B-2,

Build

America,

5.90%,

8/1/30 

695,000‌

712‌

3,044‌

Wisconsin

 0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,077‌

2,077‌

Total

Municipal

Securities

(Cost

$40,686)

36,646‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

 2.1%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

241,312‌

215‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

844,878‌

713‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

862,723‌

716‌

Angel

Oak

Mortgage

Trust,

Series 2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (1)

1,850,283‌

1,810‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

865,101‌

754‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.603%,

11/15/34 (1)

605,000‌

12‌

BBCMS

Mortgage

Trust,

Series 2024-5C27,

Class

A3,

6.014%,

7/15/57 

285,000‌

293‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

6.671%,

2/15/39 (1)

3,254,374‌

3,210‌

BMO

Mortgage

Trust,

Series 2024-5C4,

Class

A3,

ARM,

6.526%,

5/15/57 

455,000‌

476‌

BMO

Mortgage

Trust,

Series 2024-C9,

Class

A5,

5.759%,

7/15/57 

3,295,000‌

3,394‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44 (1)

2,025,000‌

1,607‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (1)

800,000‌

526‌

Chase

Home

Lending

Mortgage

Trust,

Series 2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62 (1)

2,721,608‌

2,445‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

825,989‌

689‌

T.

ROWE

PRICE

Balanced

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cold

Storage

Trust,

Series 2020-ICE5,

Class

A,

ARM,

1M

TSFR

+

1.014%,

6.341%,

11/15/37 (1)

678,263‌

676‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.741%,

11/15/37 (1)

2,118,345‌

2,110‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,624‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

2,160,000‌

1,989‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.635%,

5/25/43 (1)

2,087,024‌

2,145‌

Connecticut

Avenue

Securities

Trust,

Series 2024-R04,

Class

1A1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.324%,

5/25/44 (1)

651,709‌

653‌

Cross

Mortgage

Trust,

Series 2024-H4,

Class

A1,

CMO,

STEP,

6.147%,

7/25/69 (1)

390,000‌

390‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

148,169‌

140‌

Ellington

Financial

Mortgage

Trust,

Series 2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (1)

630,877‌

565‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

512,482‌

418‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.823%,

7/15/38 (1)

1,112,048‌

1,108‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K057,

Class

A1,

2.206%,

6/25/25 

353,963‌

350‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K068,

Class

A1,

2.952%,

2/25/27 

577,756‌

561‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K137,

Class

A2,

ARM,

2.347%,

11/25/31 

10,510,000‌

8,928‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

4,580,000‌

4,240‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

3,645,000‌

3,548‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K753,

Class

A2,

4.40%,

10/25/30 

6,100,000‌

5,966‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,266,761‌

1,800‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

74,953‌

66‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

929‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,160‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.921%,

10/25/50 (1)

272,978‌

227‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,023,395‌

1,975‌

T.

ROWE

PRICE

Balanced

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

TSFR

+

1.734%,

7.063%,

10/15/33 (1)

2,510,000‌

2,398‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

634‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

508,354‌

450‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

588,926‌

522‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.544%,

4/15/38 (1)

3,015,762‌

2,982‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-C17,

Class

B,

ARM,

4.464%,

8/15/47 

1,529,930‌

1,521‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,299‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,645‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,862‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-

2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

460,495‌

361‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (1)

394,238‌

401‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2024-

NQM2,

Class

A1,

CMO,

STEP,

6.386%,

5/25/69 (1)

949,077‌

955‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,678,734‌

1,371‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

145,327‌

129‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.56%,

10/25/59 (1)

51,143‌

51‌

OBX

Trust,

Series 2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (1)

100,630‌

102‌

OBX

Trust,

Series 2024-NQM7,

Class

A1,

CMO,

STEP,

6.243%,

3/25/64 (1)

1,938,104‌

1,946‌

OBX

Trust,

Series 2024-NQM9,

Class

A1,

CMO,

STEP,

6.03%,

1/25/64 (1)

2,735,000‌

2,735‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.189%,

12/25/49 (1)

1,239,254‌

1,024‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

1,866,533‌

1,624‌

SDR

Commercial

Mortgage

Trust,

Series 2024-DSNY,

Class

A,

ARM,

1M

TSFR

+

1.392%,

6.72%,

5/15/39 (1)

1,060,000‌

1,055‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

155,189‌

142‌

T.

ROWE

PRICE

Balanced

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SFO

Commercial

Mortgage

Trust,

Series 2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.943%,

5/15/38 (1)

1,560,000‌

1,435‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

12,139‌

12‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

516,665‌

502‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

261,044‌

242‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-

DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.185%,

11/25/41 (1)

1,050,495‌

1,050‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-DNA2,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.585%,

5/25/44 (1)

971,259‌

975‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.585%,

3/25/44 (1)

2,349,141‌

2,356‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

96,335‌

94‌

Towd

Point

Mortgage

Trust,

Series 2024-1,

Class

A1,

CMO,

ARM,

4.374%,

3/25/64 (1)

2,396,638‌

2,389‌

TX

Trust,

Series 2024-HOU,

Class

A,

ARM,

1M

TSFR

+

1.591%,

6.91%,

6/15/39 (1)

170,000‌

168‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59 (1)

204,591‌

199‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (1)

384,830‌

374‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

388,784‌

342‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (1)

1,006,840‌

1,001‌

Verus

Securitization

Trust,

Series 2024-INV1,

Class

A2,

CMO,

STEP,

6.318%,

3/25/69 (1)

1,467,699‌

1,466‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$105,183)

99,242‌

PREFERRED

STOCKS

 0.1%

CONSUMER

DISCRETIONARY

 0.1%

Automobiles

 0.1%

Dr.

Ing

.

h.c

.

F.

Porsche

(EUR) 

47,229‌

3,514‌

Total

Consumer

Discretionary

3,514‌

Total

Preferred

Stocks

(Cost

$4,035)

3,514‌

T.

ROWE

PRICE

Balanced

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 7.5%

U.S.

Government

Agency

Obligations

 5.8%

Federal

Home

Loan

Mortgage 

2.50%,

5/1/30 

560,436‌

529‌

3.00%,

1/1/29

-

8/1/43 

2,876,565‌

2,551‌

3.50%,

3/1/42

-

3/1/46 

4,708,520‌

4,290‌

4.00%,

9/1/40

-

6/1/42 

1,450,840‌

1,369‌

4.50%,

6/1/39

-

5/1/42 

852,616‌

830‌

5.00%,

12/1/35

-

8/1/40 

388,453‌

385‌

5.50%,

1/1/38

-

12/1/39 

123,604‌

124‌

6.00%,

2/1/28

-

8/1/38 

13,667‌

14‌

6.50%,

8/1/32 

5,601‌

6‌

7.00%,

6/1/32 

10,872‌

11‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

6.34%,

10/1/36 

2,967‌

3‌

RFUCCT1Y

+

1.726%,

6.012%,

7/1/35 

14,370‌

15‌

RFUCCT1Y

+

1.75%,

6.125%,

2/1/35 

12,261‌

12‌

RFUCCT1Y

+

1.917%,

6.291%,

2/1/37 

12,488‌

13‌

RFUCCT1Y

+

1.944%,

6.204%,

12/1/36 

31,042‌

31‌

RFUCCT1Y

+

2.031%,

6.276%,

11/1/36 

19,916‌

20‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36 

760,102‌

654‌

2.00%,

8/1/36

-

5/1/52 

21,388,418‌

17,069‌

2.50%,

3/1/42

-

5/1/52 

26,745,822‌

22,045‌

3.00%,

11/1/34

-

9/1/52 

6,239,178‌

5,353‌

3.50%,

6/1/33 

225,790‌

217‌

4.00%,

12/1/49

-

2/1/50 

1,641,792‌

1,520‌

4.50%,

9/1/37

-

11/1/52 

2,952,196‌

2,787‌

5.00%,

10/1/51

-

5/1/53 

3,241,503‌

3,141‌

5.50%,

8/1/53

-

2/1/54 

3,009,790‌

2,975‌

6.50%,

1/1/54 

320,550‌

327‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

1,978,214‌

1,811‌

4.00%,

11/1/40 

565,276‌

537‌

4.50%,

7/1/40 

409,608‌

390‌

Federal

National

Mortgage

Assn.,

ARM 

RFUCCT1Y

+

1.553%,

5.803%,

7/1/35 

8,479‌

8‌

RFUCCT1Y

+

1.855%,

6.105%,

1/1/37 

2,698‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

7,181,643‌

6,033‌

2.00%,

5/1/36

-

5/1/52 

69,078,426‌

55,580‌

2.50%,

10/1/31

-

5/1/52 

35,420,622‌

29,620‌

T.

ROWE

PRICE

Balanced

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

3.00%,

1/1/27

-

3/1/52 

27,863,217‌

24,627‌

3.50%,

11/1/26

-

1/1/52 

16,328,305‌

14,858‌

4.00%,

11/1/40

-

9/1/52 

12,365,259‌

11,531‌

4.50%,

4/1/37

-

7/1/53 

10,379,393‌

9,907‌

5.00%,

2/1/34

-

7/1/53 

4,545,936‌

4,427‌

5.50%,

2/1/35

-

2/1/54 

9,819,614‌

9,729‌

6.00%,

3/1/28

-

6/1/54 

13,299,696‌

13,420‌

6.50%,

1/1/28

-

1/1/54 

2,590,624‌

2,649‌

7.00%,

9/1/25

-

4/1/32 

13,500‌

13‌

7.50%,

9/1/26 

56‌

—‌

8.00%,

8/1/24

-

7/1/26 

69‌

—‌

UMBS,

TBA (11)

3.50%,

7/1/54 

3,425,000‌

3,031‌

5.00%,

7/1/54 

5,680,000‌

5,489‌

5.50%,

7/1/54 

655,000‌

646‌

6.00%,

7/1/54 

3,515,000‌

3,525‌

6.50%,

7/1/54 

3,110,000‌

3,165‌

267,290‌

U.S.

Government

Obligations

 1.7%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

781,435‌

664‌

2.00%,

1/1/51

-

3/20/52 

18,053,781‌

14,618‌

2.50%,

8/20/50

-

1/20/52 

18,555,996‌

15,599‌

3.00%,

9/15/42

-

6/20/52 

14,133,009‌

12,369‌

3.50%,

9/15/41

-

1/20/49 

8,922,556‌

8,140‌

4.00%,

2/15/41

-

10/20/52 

8,695,425‌

8,106‌

4.50%,

6/15/39

-

4/1/53 

6,045,967‌

5,809‌

5.00%,

12/20/34

-

6/20/49 

3,919,229‌

3,888‌

5.50%,

2/20/34

-

3/20/49 

1,180,622‌

1,195‌

6.00%,

8/20/34

-

4/15/36 

48,339‌

50‌

6.50%,

3/15/26 

143‌

—‌

7.50%,

9/15/25

-

9/15/26 

1,096‌

—‌

8.00%,

11/15/24

-

11/15/25 

1,794‌

2‌

8.50%,

6/20/25

-

6/20/26 

920‌

1‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

131,347‌

117‌

3.50%,

10/20/50 

1,010,000‌

828‌

Government

National

Mortgage

Assn.,

TBA (11)

2.50%,

7/20/54 

1,305,000‌

1,097‌

5.00%,

7/20/54 

650,000‌

633‌

5.50%,

7/20/54 

3,370,000‌

3,343‌

6.00%,

7/20/54 

1,310,000‌

1,315‌

T.

ROWE

PRICE

Balanced

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

6.50%,

7/20/54 

2,150,000‌

2,181‌

79,955‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$376,945)

347,245‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

 7.9%

U.S.

Treasury

Obligations

 7.9%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,054‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,235‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,179‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

4,991‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

24,845,000‌

15,086‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

4,081‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

2,691‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,413‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,096‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

11,713‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

4,185,000‌

3,177‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

3,200,000‌

2,498‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

8,268‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

8,658‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

881‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,522‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

2,963‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,177‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

1,755,000‌

1,482‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

1,320,000‌

1,123‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

15,630,000‌

13,303‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

1,500,000‌

1,356‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

4,035,000‌

3,641‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

3,630‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54 

4,025,000‌

3,833‌

U.S.

Treasury

Bonds,

4.50%,

2/15/44 

2,925,000‌

2,870‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

9,170,000‌

9,481‌

U.S.

Treasury

Notes,

0.375%,

11/30/25 

11,560,000‌

10,843‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

13,496‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 (12)

3,200,000‌

2,984‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

5,640,000‌

5,187‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,040‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

19,210,000‌

17,820‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

5,770,000‌

4,666‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,177‌

T.

ROWE

PRICE

Balanced

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

1.875%,

2/28/27 

24,230,000‌

22,602‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,023‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

25,733‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

14,558‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,640‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 (12)

29,365,000‌

28,530‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

4,225,000‌

4,160‌

U.S.

Treasury

Notes,

4.00%,

6/30/28 

8,590,000‌

8,458‌

U.S.

Treasury

Notes,

4.00%,

2/15/34 

16,380,000‌

15,904‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

7,910‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

19,030,000‌

18,816‌

U.S.

Treasury

Notes,

4.25%,

2/28/29 

11,945,000‌

11,893‌

U.S.

Treasury

Notes,

4.50%,

5/31/29 

11,100,000‌

11,176‌

U.S.

Treasury

Notes,

4.50%,

11/15/33 

6,450,000‌

6,510‌

365,528‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$414,639)

365,528‌

SHORT-TERM

INVESTMENTS

 1.5%

Money

Market

Funds

 1.5%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37% (2)(13)

70,406,180‌

70,406‌

Total

Short-Term

Investments

(Cost

$70,406)

70,406‌

SECURITIES

LENDING

COLLATERAL

 0.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.5%

Money

Market

Funds 0.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.38% (2)(13)

24,419,484‌

24,419‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

24,419‌

T.

ROWE

PRICE

Balanced

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.3%

Money

Market

Funds 0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.38% (2)(13)

11,665,533‌

11,666‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

11,666‌

Total

Securities

Lending

Collateral

(Cost

$36,085)

36,085‌

Total

Investments

in

Securities

101.1%

of

Net

Assets

(Cost

$3,304,319)

$

4,674,683‌

‡

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

$176,712

and

represents

3.8%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

See

Note

4.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2024.

(5)

Non-income

producing

(6)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(7)

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

$2,217

and

represents

0.0%

of

net

assets.

(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)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(10)

Insured

by

Assured

Guaranty

Municipal

Corporation

(11)

See

Note

4.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$24,425

and

represents

0.5%

of

net

assets.

T.

ROWE

PRICE

Balanced

Fund

44

.

.

.

.

.

.

.

.

.

.

(12)

At

June

30,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(13)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

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

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RFUCCT1Y

Twelve

month

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

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

T.

ROWE

PRICE

Balanced

Fund

45

.

.

.

.

.

.

.

.

.

.

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

46

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

25,000

535

531

4‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

27,500

572

592

(20‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(16‌)

Total

Centrally

Cleared

Swaps

(16‌)

Net

payments

(receipts)

of

variation

margin

to

date

11‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(5‌)

T.

ROWE

PRICE

Balanced

Fund

47

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

547

U.S.

Treasury

Notes

five

year

contracts

9/24

58,298

$

282‌

Long,

31

U.S.

Treasury

Notes

ten

year

contracts

9/24

3,410

30‌

Long,

87

U.S.

Treasury

Notes

two

year

contracts

9/24

17,767

48‌

Net

payments

(receipts)

of

variation

margin

to

date

(394‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(34‌)

T.

ROWE

PRICE

Balanced

Fund

48

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

six

months

ended

June

30,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

6.97% 

$

—‌

$

179‌

$

1‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.09% 

—‌

(2,320‌)

6,838‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

6.89% 

—‌

207‌

34‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

3,348‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.38%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37%

—‌

—‌

2,050‌

Totals

$

—‌#

$

1,414‌

$

8,923‌+

T.

ROWE

PRICE

Balanced

Fund

49

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

06/30/24

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

6.97% 

$

15‌

$

22,001‌

$

—‌

$

22,195‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.09% 

203,169‌

9,700‌

—‌

210,549‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

6.89% 

111‌

10,524‌

—‌

10,842‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

179,767‌

12,249‌

—‌

195,364‌

T.

Rowe

Price

Government

Reserve

Fund,

5.38%

47,322‌

 ¤

 ¤

36,085‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37%

62,473‌

 ¤

 ¤

70,406‌

Total

$

545,441‌^

#

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

as

described

in

Note

4.

+

Investment

income

comprised

$8,923

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

$538,794.

T.

ROWE

PRICE

Balanced

Fund

June

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

50

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$3,304,319)

$

4,674,683‌

Receivable

for

investment

securities

sold

18,647‌

Interest

and

dividends

receivable

12,097‌

Receivable

for

shares

sold

2,916‌

Foreign

currency

(cost

$1,539)

1,535‌

Cash

21‌

Other

assets

5,630‌

Total

assets

4,715,529‌

Liabilities

Payable

for

investment

securities

purchased

49,686‌

Obligation

to

return

securities

lending

collateral

36,085‌

Payable

for

shares

redeemed

2,248‌

Investment

management

fees

payable

1,456‌

Due

to

affiliates

210‌

Variation

margin

payable

on

futures

contracts

34‌

Variation

margin

payable

on

centrally

cleared

swaps

5‌

Payable

to

directors

4‌

Other

liabilities

248‌

Total

liabilities

89,976‌

NET

ASSETS

$

4,625,553‌

T.

ROWE

PRICE

Balanced

Fund

June

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

51

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

1,500,592‌

Paid-in

capital

applicable

to

171,574,478

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

3,124,961‌

NET

ASSETS

$

4,625,553‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$2,588,145;

Shares

outstanding:

95,970,770)

$

26.97‌

I

Class

(Net

assets:

$2,037,408;

Shares

outstanding:

75,603,708)

$

26.95‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Operations

52

($000s)

6

Months

Ended

6/30/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$2,001)

$

36,617‌

    Interest

24,265‌

Securities

lending

104‌

Other

4‌

Total

income

60,990‌

Expenses

Investment

management

9,767‌

Shareholder

servicing

Investor

Class

$

1,909‌

I

Class

192‌

2,101‌

Prospectus

and

shareholder

reports

Investor

Class

19‌

I

Class

4‌

23‌

Custody

and

accounting

217‌

Legal

and

audit

43‌

Registration

42‌

Directors

7‌

Miscellaneous

29‌

Waived

/

paid

by

Price

Associates

(

1,121‌

)

Total

expenses

11,108‌

Net

investment

income

49,882‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Operations

53

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

161,848‌

Futures

(

274‌

)

Swaps

77‌

Foreign

currency

transactions

(

58‌

)

Net

realized

gain

161,593‌

Change

in

net

unrealized

gain

/

loss

Securities

143,288‌

Futures

(

1,439‌

)

Swaps

(

16‌

)

Other

assets

and

liabilities

denominated

in

foreign

currencies

(

281‌

)

Change

in

net

unrealized

gain

/

loss

141,552‌

Net

realized

and

unrealized

gain

/

loss

303,145‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

353,027‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

54

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/24

Year

Ended

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

49,882‌

$

91,856‌

Net

realized

gain

161,593‌

138,160‌

Change

in

net

unrealized

gain

/

loss

141,552‌

459,323‌

Increase

in

net

assets

from

operations

353,027‌

689,339‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(27,735‌)

(94,011‌)

I

Class

(23,158‌)

(72,647‌)

Decrease

in

net

assets

from

distributions

(50,893‌)

(166,658‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

164,147‌

250,084‌

I

Class

155,902‌

180,759‌

Distributions

reinvested

Investor

Class

26,684‌

90,614‌

I

Class

22,209‌

69,982‌

Shares

redeemed

Investor

Class

(262,594‌)

(469,857‌)

I

Class

(162,046‌)

(251,684‌)

Decrease

in

net

assets

from

capital

share

transactions

(55,698‌)

(130,102‌)

Net

Assets

Increase

during

period

246,436‌

392,579‌

Beginning

of

period

4,379,117‌

3,986,538‌

End

of

period

$

4,625,553‌

$

4,379,117‌

*Share

information

(000s)

Shares

sold

Investor

Class

6,299‌

10,489‌

I

Class

5,964‌

7,582‌

Distributions

reinvested

Investor

Class

996‌

3,702‌

I

Class

830‌

2,862‌

Shares

redeemed

Investor

Class

(10,052‌)

(19,757‌)

I

Class

(6,179‌)

(10,600‌)

Decrease

in

shares

outstanding

(2,142‌)

(5,722‌)

T.

ROWE

PRICE

Balanced

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

55

T.

Rowe

Price

Balanced

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. The

fund

seeks

to

provide

capital

growth,

current

income,

and

preservation

of

capital

through

a

portfolio

of

stocks

and

fixed-

income

securities.

The

fund

has two classes

of

shares:

the

Balanced

Fund

(Investor

Class)

and

the

Balanced

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

T.

ROWE

PRICE

Balanced

Fund

56

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

T.

ROWE

PRICE

Balanced

Fund

57

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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)

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

T.

ROWE

PRICE

Balanced

Fund

58

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

the

fund’s 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

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

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.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

T.

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PRICE

Balanced

Fund

59

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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.

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PRICE

Balanced

Fund

60

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

June

30,

2024,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,290,956‌

$

—‌

$

1,290,956‌

Bond

Mutual

Funds

243,586‌

—‌

—‌

243,586‌

Common

Stocks

2,053,145‌

779,410‌

972‌

2,833,527‌

Convertible

Preferred

Stocks

—‌

—‌

1,245‌

1,245‌

Equity

Mutual

Funds

195,364‌

—‌

—‌

195,364‌

Preferred

Stocks

—‌

3,514‌

—‌

3,514‌

Short-Term

Investments

70,406‌

—‌

—‌

70,406‌

Securities

Lending

Collateral

36,085‌

—‌

—‌

36,085‌

Total

Securities

2,598,586‌

2,073,880‌

2,217‌

4,674,683‌

Swaps*

—‌

4‌

—‌

4‌

Futures

Contracts*

360‌

—‌

—‌

360‌

Total

$

2,598,946‌

$

2,073,884‌

$

2,217‌

$

4,675,047‌

Liabilities

Swaps*

$

—‌

$

20‌

$

—‌

$

20‌

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

and

centrally

cleared

swaps;

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

61

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

June

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

T.

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62

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

360‌

Credit

derivatives

Centrally

Cleared

Swaps

4‌

*

Total

$

364‌

*

Liabilities

Credit

derivatives

Centrally

Cleared

Swaps

$

20‌

Total

$

20‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

(274‌)

$

—‌

$

(274‌)

Credit

derivatives

—‌

77‌

77‌

Total

$

(274‌)

$

77‌

$

(197‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

(1,439‌)

$

—‌

$

(1,439‌)

Credit

derivatives

—‌

(16‌)

(16‌)

Total

$

(1,439‌)

$

(16‌)

$

(1,455‌)

T.

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63

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2024,

securities

valued

at $1,849,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

T.

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Balanced

Fund

64

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

2%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

T.

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Balanced

Fund

65

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

June

30,

2024,

the

notional

amount

of

protection

sold

by

the

fund

totaled $52,500,000

(1.1%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2024,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

2%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

T.

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Balanced

Fund

66

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

 The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

T.

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Balanced

Fund

67

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

counterparty. As

of

June

30,

2024,

no

collateral

had

been

posted

by

the

fund

to

counterparties

for

MSFTA

Transactions. Collateral

pledged

by

counterparties

to

the

fund

for

MSFTA

Transactions

consisted

of $105,000

cash

and

securities

valued

at

$15,000

as

of

June

30,

2024. 

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

T.

ROWE

PRICE

Balanced

Fund

68

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2024,

the

value

of

loaned

securities

was

$33,060,000;

the

value

of

cash

collateral

and

related

investments

was

$36,085,000.

Other

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

short-term and

U.S.

government

securities

aggregated $574,629,000 and

$640,724,000,

respectively,

for

the

six

months ended

June

30,

2024.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$377,716,000 and

$361,700,000,

respectively,

for

the

six

months ended

June

30,

2024.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

At

June

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$3,349,363,000.

Net

unrealized

gain

aggregated

$1,326,786,000

at

period-end,

of

which

$1,552,547,000

related

to

appreciated

investments

and

$225,761,000

related

to

depreciated

investments.

NOTE

6

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

T.

ROWE

PRICE

Balanced

Fund

69

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.15%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

June

30,

2024,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

T.

ROWE

PRICE

Balanced

Fund

70

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

June

30,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$61,000

for

Price

Associates;

$946,000

for

T.

Rowe

Price

Services,

Inc.;

and

$430,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

0.79%

0.05%

Repayment

date

04/30/26

04/30/26

(Waived)/repaid

during

the

period

($000s)

$—

$—

T.

ROWE

PRICE

Balanced

Fund

71

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’s

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund’s

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

six

months

ended

June

30,

2024,

are

as

follows:

T.

ROWE

PRICE

Balanced

Fund

72

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$630,000

and

$491,000 for

the

Investor

Class

and

I

Class,

respectively,

for

the

six

months ended

June

30,

2024. 

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

INTERFUND

LENDING

PROGRAM

Price

Associates

has

developed

and

manages

an

interfund

lending

program

that

provides

temporary

liquidity

to

the

T.

Rowe

Price-sponsored

mutual

funds.

The

program

permits

the

borrowing

and

lending

of

cash

between

the

fund

and

other

T.

Rowe

Price-sponsored

mutual

funds

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Pursuant

to

program

guidelines,

the

fund

may

lend

up

to

15%

of

its

net

assets,

and

no

more

than

5%

of

its

net

assets

may

be

lent

to

any

one

borrower.

Loans

totaling

10%

or

more

of

a

borrowing

fund’s

total

assets

require

collateralization

at

102%

of

the

value

of

the

loan;

loans

of

less

than

10%

are

unsecured.

During

the

six

months ended

June

30,

2024,

the

fund

earned $2,000

in

interest

income

related

to

loans

made

to

other

funds

on

one day

in

the

average

amount

of

$11,400,000

and

at

an

average

annual

rate

of

6.93%.

At

June

30,

2024,

there

were

no

loans

outstanding.

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class

0.17%

$

3‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

509‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class

0.25%

15‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

0.64%

594‌

Total

Management

Fee

Waived

$

1,121‌

T.

ROWE

PRICE

Balanced

Fund

73

NOTE

9

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Balanced

Fund

74

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

11–12,

2024

(March

Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors

present

in

person

at

the

March

Meeting,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

March

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

March

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

March

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

T.

ROWE

PRICE

Balanced

Fund

75

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

March

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2023.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2023,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

March

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

the

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

March

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

during

2023

the

Adviser

paid

the

costs

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

However,

effective

January

1,

2024,

the

Adviser

will

begin

using

brokerage

commissions

in

connection

with

certain

T.

Rowe

Price

funds’

securities

transactions

to

pay

for

research

when

permissible.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Balanced

Fund

76

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds,

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group)

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Balanced

Fund

77

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

peer

groups

constructed

by

Broadridge

consisted

of

mixed-asset

target

allocation

growth

funds

and

the

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

second

quintile

(Expense

Group)

and

first

quintile

(Expense

Universe).

At

the

request

of

the

Adviser,

Broadridge

also

constructed

peer

groups

consisting

of

balanced

funds

and

the

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

second

quintile

(Expense

Group)

and

first

quintile

(Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

second

quintile

(Expense

Group)

and

first

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Balanced

Fund

78

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Balanced

Fund

79

APPROVAL

OF

NEW

SUBADVISORY

AGREEMENT

Prior

to

the

March

Meeting,

at

a

meeting

held

on

February

5,

2024

(February

Meeting),

the

fund’s

Board

considered

the

initial

approval

of

an

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

The

Subadvisory

Contract

authorizes

the

Subadviser

to

have

investment

discretion

with

respect

to

all

or

a

portion

of

the

fund’s

portfolio.

The

Board

noted

that

the

Subadvisory

Contract

will

be

substantially

similar

to

other

subadvisory

agreements

that

are

in

place

for

other

T.

Rowe

Price

funds

that

delegate

investment

management

responsibilities

to

affiliated

investment

advisers

and

that

the

Adviser

will

retain

oversight

responsibilities

with

respect

to

the

fund.

The

Board

also

noted

that

the

new

subadvisory

arrangement

will

not

change

the

total

advisory

fees

paid

by

the

fund.

However,

under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

At

the

February

Meeting,

the

Board

reviewed

materials

relevant

to

its

consideration

of

the

proposed

Subadvisory

Contract.

The

factors

considered

by

the

Board

at

the

February

Meeting

in

connection

with

approval

of

the

proposed

Subadvisory

Contract

were

substantially

similar

to

the

factors

considered

at

the

March

Meeting

in

connection

with

the

approval

to

continue

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

Following

discussion

at

the

February

Meeting,

the

Board,

including

all

of

the

fund’s

independent

directors

present

in

person

at

the

February

Meeting,

approved

the

Subadvisory

Contract

between

the

Adviser

and

Subadviser

on

behalf

of

the

fund.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

Subadvisory

Contract,

effective

April

1,

2024.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F68-051

8/24

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Listing standards relating to recovery of erroneously awarded compensation: Not applicable.
(3)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(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 Investment Company Act of 1940, is attached.

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 Balanced Fund
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 20, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 20, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 20, 2024