T.

ROWE

PRICE

Balanced

Fund

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.0%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-1,

Class

C

1.59%,

10/20/25 

1,460,000‌

1,416‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

1,892‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

B

3.55%,

9/22/25 (1)

1,165,000‌

1,106‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

313,681‌

294‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

3.648%,

4/15/35 (1)

2,195,000‌

2,136‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,062‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,441‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.14%,

3.652%,

7/15/36 (1)

1,380,000‌

1,339‌

CNH

Equipment

Trust

Series 2019-C,

Class

B

2.35%,

4/15/27 

2,575,000‌

2,508‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

661,500‌

575‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,221,400‌

1,033‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,528,450‌

1,202‌

Dryden

Series 2020-77A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.12%,

4.104%,

5/20/34 (1)

1,935,000‌

1,875‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

178,348‌

172‌

Exeter

Automobile

Receivables

Trust

Series 2021-2A,

Class

C

0.98%,

6/15/26 

895,000‌

862‌

T.

ROWE

PRICE

Balanced

Fund

1

T.

ROWE

PRICE

Balanced

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

915,000‌

878‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,461‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,129‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.91%,

9/16/27 

1,355,000‌

1,277‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

1,905,600‌

1,785‌

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28 (1)

406,955‌

390‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

3.618%,

10/15/32 (1)

1,205,000‌

1,182‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

939,758‌

886‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

847,507‌

813‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-FA,

Class

A2

2.60%,

8/15/68 (1)

901,378‌

835‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-GA,

Class

A

2.40%,

10/15/68 (1)

994,214‌

921‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

434,697‌

389‌

Navient

Private

Education

Refi

Loan

Trust

Series 2021-A,

Class

A

0.84%,

5/15/69 (1)

450,523‌

396‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,618,650‌

1,296‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

616,770‌

592‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

1,167,863‌

1,046‌

T.

ROWE

PRICE

Balanced

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

2,305,847‌

1,965‌

Synchrony

Credit

Card

Master

Note

Trust

Series 2017-2,

Class

A

2.62%,

10/15/25 

920,000‌

920‌

Total

Asset-Backed

Securities

(Cost

$40,480)

37,074‌

BOND

MUTUAL

FUNDS

5.3%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

1.24% (2)(3)

1,263‌

14‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.50% (2)(3)

29,009,676‌

207,999‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

1.24% (2)(3)

21,450‌

107‌

Total

Bond

Mutual

Funds

(Cost

$250,733)

208,120‌

COMMON

STOCKS

59.2%

COMMUNICATION

SERVICES

4.9%

Diversified

Telecommunication

Services

0.5%

KT

(KRW) 

108,008‌

2,715‌

Nippon

Telegraph

&

Telephone

(JPY) 

555,500‌

14,983‌

Verizon

Communications 

61,056‌

2,319‌

20,017‌

Entertainment

0.5%

Activision

Blizzard 

15,291‌

1,137‌

Netflix (4)

24,812‌

5,842‌

Sea,

ADR (4)

61,386‌

3,440‌

Spotify

Technology (4)

7,634‌

659‌

Walt

Disney (4)

91,945‌

8,673‌

19,751‌

Interactive

Media

&

Services

3.2%

Alphabet,

Class

A (4)

147,557‌

14,114‌

Alphabet,

Class

C (4)

837,590‌

80,534‌

Meta

Platforms,

Class

A (4)

160,416‌

21,765‌

NAVER

(KRW) 

15,564‌

2,073‌

Tencent

Holdings

(HKD) 

86,900‌

2,935‌

Z

Holdings

(JPY) 

816,200‌

2,164‌

123,585‌

Media

0.3%

Charter

Communications,

Class

A (4)

1,403‌

426‌

Comcast,

Class

A 

33,880‌

994‌

CyberAgent

(JPY) 

382,000‌

3,216‌

T.

ROWE

PRICE

Balanced

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stroeer

(EUR) 

36,479‌

1,374‌

WPP

(GBP) 

586,027‌

4,838‌

10,848‌

Wireless

Telecommunication

Services

0.4%

SoftBank

Group

(JPY) 

57,300‌

1,942‌

T-Mobile

U.S. (4)

61,897‌

8,305‌

Vodafone

Group,

ADR 

439,008‌

4,974‌

15,221‌

Total

Communication

Services

189,422‌

CONSUMER

DISCRETIONARY

7.0%

Auto

Components

0.4%

Aptiv (4)

2,035‌

159‌

Autoliv,

SDR

(SEK) 

45,710‌

3,085‌

Denso

(JPY) 

59,700‌

2,730‌

Magna

International 

114,539‌

5,431‌

Stanley

Electric

(JPY) 

115,700‌

1,816‌

Sumitomo

Rubber

Industries

(JPY) (5)

136,600‌

1,088‌

14,309‌

Automobiles

1.5%

Honda

Motor

(JPY) 

75,400‌

1,637‌

Rivian

Automotive,

Class

A (4)

10,000‌

329‌

Suzuki

Motor

(JPY) 

94,400‌

2,939‌

Tesla (4)

166,177‌

44,078‌

Toyota

Motor

(JPY) 

747,400‌

9,769‌

58,752‌

Diversified

Consumer

Services

0.0%

Bright

Horizons

Family

Solutions (4)

10,400‌

600‌

600‌

Hotels,

Restaurants

&

Leisure

1.1%

Booking

Holdings (4)

2,631‌

4,323‌

Chipotle

Mexican

Grill (4)

5,033‌

7,563‌

Compass

Group

(GBP) 

331,408‌

6,599‌

Hilton

Worldwide

Holdings 

12,111‌

1,461‌

Las

Vegas

Sands (4)

22,246‌

835‌

Marriott

International,

Class

A 

15,660‌

2,195‌

McDonald's 

47,851‌

11,041‌

MGM

Resorts

International 

25,595‌

761‌

Starbucks 

24,360‌

2,053‌

Wynn

Resorts (4)

6,875‌

433‌

Yum!

Brands 

36,779‌

3,911‌

41,175‌

T.

ROWE

PRICE

Balanced

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Household

Durables

0.3%

NVR (4)

216‌

861‌

Panasonic

Holdings

(JPY) 

480,000‌

3,371‌

Persimmon

(GBP) 

190,557‌

2,606‌

Sony

Group

(JPY) 

77,800‌

5,011‌

11,849‌

Internet

&

Direct

Marketing

Retail

2.0%

Alibaba

Group

Holding,

ADR (4)

10,841‌

867‌

Amazon.com (4)

661,592‌

74,760‌

ASOS

(GBP) (4)

121,240‌

762‌

DoorDash,

Class

A (4)

20,365‌

1,007‌

Zalando

(EUR) (4)(5)

89,526‌

1,749‌

79,145‌

Multiline

Retail

0.4%

Dollar

General 

50,744‌

12,172‌

Dollar

Tree (4)

6,550‌

891‌

Next

(GBP) 

59,424‌

3,154‌

16,217‌

Specialty

Retail

0.8%

AutoZone (4)

699‌

1,497‌

Burlington

Stores (4)

5,441‌

609‌

Carvana (4)

45,056‌

915‌

Home

Depot 

22,607‌

6,238‌

Kingfisher

(GBP) 

1,828,916‌

4,452‌

Lowe's 

11,049‌

2,075‌

O'Reilly

Automotive (4)

3,102‌

2,182‌

Ross

Stores 

91,265‌

7,691‌

TJX 

79,633‌

4,947‌

Ulta

Beauty (4)

1,995‌

800‌

31,406‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Dr.

Martens

(GBP) 

546,849‌

1,340‌

Kering

(EUR) 

8,854‌

3,927‌

Lululemon

Athletica (4)

11,591‌

3,240‌

Moncler

(EUR) 

92,784‌

3,788‌

NIKE,

Class

B 

71,746‌

5,963‌

Samsonite

International

(HKD) (4)

921,300‌

2,210‌

20,468‌

Total

Consumer

Discretionary

273,921‌

CONSUMER

STAPLES

4.3%

Beverages

1.0%

Coca-Cola 

121,357‌

6,798‌

T.

ROWE

PRICE

Balanced

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Constellation

Brands,

Class

A 

11,941‌

2,743‌

Diageo

(GBP) 

168,467‌

7,091‌

Keurig

Dr

Pepper 

280,013‌

10,030‌

Kirin

Holdings

(JPY) 

179,800‌

2,770‌

Monster

Beverage (4)

57,994‌

5,043‌

PepsiCo 

25,045‌

4,089‌

38,564‌

Food

&

Staples

Retailing

0.7%

Costco

Wholesale 

9,170‌

4,331‌

Seven

&

i

Holdings

(JPY) 

174,800‌

7,022‌

Walmart 

107,790‌

13,980‌

Welcia

Holdings

(JPY) 

70,000‌

1,477‌

26,810‌

Food

Products

1.1%

Barry

Callebaut

(CHF) 

1,917‌

3,614‌

Conagra

Brands 

22,283‌

727‌

Darling

Ingredients (4)

8,467‌

560‌

Mondelez

International,

Class

A 

158,486‌

8,690‌

Nestle

(CHF) 

227,932‌

24,653‌

Wilmar

International

(SGD) 

2,090,100‌

5,560‌

43,804‌

Household

Products

0.4%

Colgate-Palmolive 

5,000‌

351‌

Kimberly-Clark 

6,475‌

729‌

Procter

&

Gamble 

100,761‌

12,721‌

13,801‌

Personal

Products

0.6%

Estee

Lauder,

Class

A 

7,191‌

1,553‌

Haleon,

ADR (4)

149,907‌

913‌

L'Oreal

(EUR) 

20,862‌

6,670‌

Pola

Orbis

Holdings

(JPY) 

53,200‌

601‌

Unilever

(GBP) 

285,197‌

12,531‌

22,268‌

Tobacco

0.5%

Altria

Group 

30,888‌

1,247‌

Philip

Morris

International 

204,310‌

16,960‌

18,207‌

Total

Consumer

Staples

163,454‌

ENERGY

2.0%

Energy

Equipment

&

Services

0.1%

Halliburton 

71,664‌

1,765‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Worley

(AUD) 

495,076‌

4,036‌

5,801‌

Oil,

Gas

&

Consumable

Fuels

1.9%

Chevron 

32,835‌

4,717‌

ConocoPhillips 

44,717‌

4,576‌

EOG

Resources 

17,863‌

1,996‌

Equinor

(NOK) 

355,889‌

11,737‌

Exxon

Mobil 

221,013‌

19,297‌

Hess 

11,846‌

1,291‌

Marathon

Petroleum 

16,993‌

1,688‌

Pioneer

Natural

Resources 

4,497‌

974‌

Shell,

ADR 

101,724‌

5,062‌

TC

Energy 

95,872‌

3,863‌

TotalEnergies

(EUR) (5)

339,545‌

15,929‌

TotalEnergies,

ADR 

45,572‌

2,120‌

Williams 

54,650‌

1,565‌

Woodside

Energy

Group

(GBP) 

40,666‌

828‌

75,643‌

Total

Energy

81,444‌

FINANCIALS

7.9%

Banks

2.9%

Australia

&

New

Zealand

Banking

Group

(AUD) 

243,365‌

3,563‌

Bank

of

America 

671,137‌

20,268‌

BNP

Paribas

(EUR) 

95,515‌

4,034‌

Citigroup 

16,300‌

679‌

Citizens

Financial

Group 

8,500‌

292‌

Close

Brothers

Group

(GBP) 

83,733‌

862‌

DBS

Group

Holdings

(SGD) 

152,300‌

3,523‌

DNB

Bank

(NOK) 

441,225‌

7,001‌

Erste

Group

Bank

(EUR) 

69,891‌

1,532‌

Fifth

Third

Bancorp 

53,181‌

1,700‌

First

Republic

Bank 

9,314‌

1,216‌

Huntington

Bancshares 

175,651‌

2,315‌

ING

Groep

(EUR) 

831,254‌

7,123‌

Intesa

Sanpaolo

(EUR) 

1,192,833‌

1,972‌

JPMorgan

Chase 

60,025‌

6,273‌

Lloyds

Banking

Group

(GBP) 

7,648,194‌

3,457‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

724,500‌

3,282‌

National

Bank

of

Canada

(CAD) (5)

116,737‌

7,317‌

Signature

Bank 

6,212‌

938‌

Standard

Chartered

(GBP) 

347,337‌

2,172‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

83,854‌

2,385‌

SVB

Financial

Group (4)

2,400‌

806‌

Svenska

Handelsbanken,

Class

A

(SEK) 

600,734‌

4,931‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Bancorp 

7,200‌

290‌

United

Overseas

Bank

(SGD) 

310,200‌

5,619‌

Wells

Fargo 

507,772‌

20,423‌

113,973‌

Capital

Markets

1.1%

Ares

Management,

Class

A 

4,700‌

291‌

Bank

of

New

York

Mellon 

16,802‌

647‌

Blue

Owl

Capital 

25,900‌

239‌

Bridgepoint

Group

(GBP) 

485,036‌

1,006‌

Charles

Schwab 

108,439‌

7,794‌

CME

Group 

6,911‌

1,224‌

Goldman

Sachs

Group 

31,566‌

9,250‌

Intercontinental

Exchange 

18,200‌

1,644‌

Invesco 

19,190‌

263‌

Julius

Baer

Group

(CHF) 

90,695‌

3,958‌

Macquarie

Group

(AUD) 

35,607‌

3,474‌

Morgan

Stanley 

13,131‌

1,037‌

MSCI 

4,587‌

1,935‌

S&P

Global 

18,241‌

5,570‌

State

Street 

16,047‌

976‌

XP,

Class

A (4)

106,240‌

2,020‌

41,328‌

Consumer

Finance

0.0%

American

Express 

13,633‌

1,839‌

1,839‌

Diversified

Financial

Services

0.6%

Apollo

Global

Management 

11,534‌

536‌

Berkshire

Hathaway,

Class

B (4)

27,280‌

7,284‌

Challenger

(AUD) 

402,052‌

1,506‌

Corebridge

Financial (4)

89,974‌

1,772‌

Element

Fleet

Management

(CAD) 

535,071‌

6,314‌

Equitable

Holdings 

54,194‌

1,428‌

Housing

Development

Finance

(INR) 

139,538‌

3,894‌

Mitsubishi

HC

Capital

(JPY) 

451,000‌

1,939‌

Voya

Financial 

12,989‌

786‌

25,459‌

Insurance

3.3%

AIA

Group

(HKD) 

240,800‌

2,005‌

Allstate 

9,700‌

1,208‌

American

International

Group 

125,911‌

5,978‌

Assurant 

8,850‌

1,286‌

AXA

(EUR) 

451,802‌

9,864‌

Chubb 

107,175‌

19,493‌

Definity

Financial

(CAD) 

44,753‌

1,258‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Direct

Line

Insurance

Group

(GBP) 

810,258‌

1,672‌

Hartford

Financial

Services

Group 

76,430‌

4,734‌

Manulife

Financial

(CAD) 

230,334‌

3,615‌

Marsh

&

McLennan 

23,091‌

3,447‌

MetLife 

115,150‌

6,999‌

Munich

Re

(EUR) 

47,016‌

11,318‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

3,862,000‌

3,994‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

299,000‌

1,492‌

Progressive 

73,963‌

8,595‌

RenaissanceRe

Holdings 

13,192‌

1,852‌

Sampo,

Class

A

(EUR) 

166,519‌

7,109‌

Storebrand

(NOK) 

603,274‌

4,176‌

Sun

Life

Financial

(CAD) 

172,218‌

6,848‌

Tokio

Marine

Holdings

(JPY) 

391,200‌

6,953‌

Travelers 

58,287‌

8,929‌

Zurich

Insurance

Group

(CHF) 

18,101‌

7,216‌

130,041‌

Total

Financials

312,640‌

HEALTH

CARE

10.0%

Biotechnology

0.7%

AbbVie 

112,444‌

15,091‌

Amgen 

4,274‌

963‌

Biogen (4)

5,735‌

1,531‌

Genmab

(DKK) (4)

6,552‌

2,108‌

Moderna (4)

12,592‌

1,489‌

Regeneron

Pharmaceuticals (4)

4,984‌

3,433‌

Vertex

Pharmaceuticals (4)

6,336‌

1,835‌

26,450‌

Health

Care

Equipment

&

Supplies

2.0%

Abbott

Laboratories 

76,857‌

7,437‌

Alcon

(CHF) 

37,201‌

2,161‌

Align

Technology (4)

3,194‌

662‌

Becton

Dickinson

&

Company 

115,336‌

25,700‌

Cooper 

1,716‌

453‌

Dexcom (4)

16,457‌

1,326‌

Elekta,

Class

B

(SEK) 

427,742‌

2,173‌

EssilorLuxottica

(EUR) 

35,288‌

4,796‌

Intuitive

Surgical (4)

52,966‌

9,928‌

Koninklijke

Philips

(EUR) 

239,538‌

3,688‌

Medtronic 

17,342‌

1,400‌

Siemens

Healthineers

(EUR) 

126,533‌

5,428‌

STERIS 

4,471‌

743‌

Stryker 

46,709‌

9,460‌

Teleflex 

4,891‌

985‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zimmer

Biomet

Holdings 

13,729‌

1,435‌

77,775‌

Health

Care

Providers

&

Services

2.5%

Centene (4)

147,718‌

11,494‌

Cigna 

14,363‌

3,985‌

CVS

Health 

16,296‌

1,554‌

Elevance

Health 

54,291‌

24,661‌

Fresenius

(EUR) 

146,154‌

3,115‌

HCA

Healthcare 

21,841‌

4,014‌

Humana 

14,587‌

7,078‌

McKesson 

1,280‌

435‌

Molina

Healthcare (4)

4,100‌

1,352‌

UnitedHealth

Group 

78,555‌

39,674‌

97,362‌

Health

Care

Technology

0.0%

Veeva

Systems,

Class

A (4)

11,290‌

1,862‌

1,862‌

Life

Sciences

Tools

&

Services

1.1%

Agilent

Technologies 

9,915‌

1,205‌

Charles

River

Laboratories

International (4)

1,700‌

335‌

Danaher 

79,977‌

20,657‌

Evotec

(EUR) (4)

80,485‌

1,399‌

Illumina (4)

1,600‌

305‌

PerkinElmer 

19,229‌

2,314‌

Thermo

Fisher

Scientific 

32,183‌

16,323‌

West

Pharmaceutical

Services 

1,446‌

356‌

42,894‌

Pharmaceuticals

3.7%

Astellas

Pharma

(JPY) 

618,500‌

8,194‌

AstraZeneca,

ADR 

396,573‌

21,748‌

Bayer

(EUR) 

125,950‌

5,803‌

Bristol-Myers

Squibb 

8,148‌

579‌

Elanco

Animal

Health (4)

106,800‌

1,325‌

Eli

Lilly 

61,346‌

19,836‌

GSK,

ADR 

113,425‌

3,338‌

Ipsen

(EUR) 

16,577‌

1,534‌

Johnson

&

Johnson 

132,915‌

21,713‌

Merck 

24,468‌

2,107‌

Novartis

(CHF) 

148,561‌

11,326‌

Otsuka

Holdings

(JPY) 

117,600‌

3,724‌

Pfizer 

64,573‌

2,826‌

Roche

Holding

(CHF) 

48,748‌

15,869‌

Sanofi

(EUR) 

152,166‌

11,587‌

Sanofi,

ADR 

85,903‌

3,266‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Viatris 

127,580‌

1,087‌

Zoetis 

44,957‌

6,667‌

142,529‌

Total

Health

Care

388,872‌

INDUSTRIALS

&

BUSINESS

SERVICES

4.8%

Aerospace

&

Defense

0.6%

Boeing (4)

16,247‌

1,967‌

L3Harris

Technologies 

53,038‌

11,023‌

Northrop

Grumman 

13,834‌

6,506‌

Raytheon

Technologies 

2,300‌

188‌

Safran

(EUR) 

36,531‌

3,324‌

Textron 

15,061‌

878‌

TransDigm

Group 

695‌

365‌

24,251‌

Air

Freight

&

Logistics

0.1%

FedEx 

6,411‌

952‌

United

Parcel

Service,

Class

B 

7,418‌

1,198‌

2,150‌

Airlines

0.0%

Southwest

Airlines (4)

34,971‌

1,078‌

United

Airlines

Holdings (4)

13,610‌

443‌

1,521‌

Building

Products

0.1%

Trane

Technologies 

14,662‌

2,123‌

2,123‌

Commercial

Services

&

Supplies

0.2%

Cintas 

2,208‌

857‌

Republic

Services 

32,333‌

4,399‌

Waste

Connections 

14,755‌

1,994‌

7,250‌

Construction

&

Engineering

0.0%

WillScot

Mobile

Mini

Holdings (4)

17,755‌

716‌

716‌

Electrical

Equipment

0.9%

ABB

(CHF) 

261,221‌

6,745‌

AMETEK 

1,922‌

218‌

Eaton 

51,822‌

6,911‌

Generac

Holdings (4)

5,200‌

926‌

Hubbell 

26,489‌

5,907‌

Legrand

(EUR) 

70,908‌

4,585‌

Mitsubishi

Electric

(JPY) 

599,800‌

5,427‌

Prysmian

(EUR) 

156,697‌

4,488‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rockwell

Automation 

4,792‌

1,031‌

36,238‌

Industrial

Conglomerates

1.3%

DCC

(GBP) 

50,158‌

2,605‌

General

Electric 

227,073‌

14,058‌

Honeywell

International 

50,297‌

8,398‌

Melrose

Industries

(GBP) 

2,880,264‌

3,221‌

Roper

Technologies 

14,705‌

5,288‌

Siemens

(EUR) 

164,868‌

16,115‌

49,685‌

Machinery

0.4%

Cummins 

11,027‌

2,244‌

Fortive 

12,320‌

718‌

Ingersoll

Rand 

70,949‌

3,069‌

KION

Group

(EUR) 

83,382‌

1,597‌

Otis

Worldwide 

13,946‌

890‌

PACCAR 

20,427‌

1,710‌

SMC

(JPY) 

4,400‌

1,791‌

Stanley

Black

&

Decker 

12,305‌

925‌

THK

(JPY) 

92,600‌

1,599‌

14,543‌

Professional

Services

0.4%

CoStar

Group (4)

12,973‌

904‌

Recruit

Holdings

(JPY) 

143,900‌

4,145‌

TechnoPro

Holdings

(JPY) 

181,800‌

3,873‌

Teleperformance

(EUR) 

16,612‌

4,214‌

TransUnion 

18,447‌

1,097‌

14,233‌

Road

&

Rail

0.4%

Canadian

Pacific

Railway 

19,732‌

1,317‌

Central

Japan

Railway

(JPY) 

26,700‌

3,134‌

CSX 

243,261‌

6,480‌

JB

Hunt

Transport

Services 

4,700‌

735‌

Norfolk

Southern 

7,635‌

1,601‌

Old

Dominion

Freight

Line 

7,648‌

1,903‌

Saia (4)

3,496‌

664‌

Union

Pacific 

2,709‌

528‌

16,362‌

Trading

Companies

&

Distributors

0.4%

Ashtead

Group

(GBP) 

112,334‌

5,045‌

Bunzl

(GBP) 

97,188‌

2,969‌

Mitsubishi

(JPY) 

137,400‌

3,758‌

Sumitomo

(JPY) 

300,100‌

3,708‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

United

Rentals (4)

4,945‌

1,336‌

16,816‌

Total

Industrials

&

Business

Services

185,888‌

INFORMATION

TECHNOLOGY

12.6%

Communications

Equipment

0.3%

Arista

Networks (4)

9,390‌

1,060‌

Cisco

Systems 

34,974‌

1,399‌

LM

Ericsson,

Class

B

(SEK) (5)

878,457‌

5,135‌

Motorola

Solutions 

19,847‌

4,445‌

12,039‌

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol,

Class

A 

493‌

33‌

Corning 

6,507‌

189‌

Hamamatsu

Photonics

(JPY) 

81,000‌

3,472‌

Largan

Precision

(TWD) 

22,000‌

1,153‌

Murata

Manufacturing

(JPY) 

92,200‌

4,244‌

Omron

(JPY) 

41,000‌

1,878‌

TE

Connectivity 

10,098‌

1,114‌

Teledyne

Technologies (4)

5,422‌

1,830‌

13,913‌

IT

Services

2.1%

Accenture,

Class

A 

20,118‌

5,176‌

Adyen

(EUR) (4)

1,676‌

2,090‌

Affirm

Holdings (4)

24,172‌

454‌

Amadeus

IT

Group

(EUR) (4)

54,044‌

2,506‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $1,137 (4)(6)(7)

298,203‌

588‌

Block (4)

28,696‌

1,578‌

Cognizant

Technology

Solutions,

Class

A 

8,306‌

477‌

Fiserv (4)

118,894‌

11,125‌

FleetCor

Technologies (4)

15,536‌

2,737‌

Global

Payments 

23,265‌

2,514‌

Mastercard,

Class

A 

58,804‌

16,720‌

MongoDB (4)

12,345‌

2,451‌

NTT

Data

(JPY) 

561,600‌

7,254‌

PayPal

Holdings (4)

17,194‌

1,480‌

Shopify,

Class

A (4)

61,110‌

1,646‌

Snowflake,

Class

A (4)

7,726‌

1,313‌

Visa,

Class

A 

127,293‌

22,614‌

82,723‌

Semiconductors

&

Semiconductor

Equipment

2.8%

Advanced

Micro

Devices (4)

115,295‌

7,305‌

Analog

Devices 

3,535‌

492‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASML

Holding

(EUR) 

20,711‌

8,580‌

ASML

Holding 

11,770‌

4,889‌

Broadcom 

36,710‌

16,300‌

KLA 

32,964‌

9,976‌

Lam

Research 

1,400‌

512‌

Marvell

Technology 

67,139‌

2,881‌

Monolithic

Power

Systems 

8,208‌

2,983‌

NVIDIA 

149,520‌

18,150‌

NXP

Semiconductors 

42,717‌

6,301‌

ON

Semiconductor (4)

24,659‌

1,537‌

QUALCOMM 

56,862‌

6,424‌

Renesas

Electronics

(JPY) (4)

238,900‌

2,003‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

978,969‌

12,977‌

Taiwan

Semiconductor

Manufacturing,

ADR 

22,172‌

1,520‌

Texas

Instruments 

23,247‌

3,598‌

Tokyo

Electron

(JPY) 

13,900‌

3,425‌

109,853‌

Software

4.4%

Adobe (4)

7,713‌

2,123‌

Atlassian,

Class

A (4)

15,351‌

3,233‌

Bill.com

Holdings (4)

20,969‌

2,776‌

Black

Knight (4)

8,543‌

553‌

Cadence

Design

Systems (4)

6,700‌

1,095‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (4)(6)(7)

392‌

374‌

Confluent,

Class

A (4)

25,360‌

603‌

Crowdstrike

Holdings,

Class

A (4)

6,445‌

1,062‌

Datadog,

Class

A (4)

12,197‌

1,083‌

Descartes

Systems

Group (4)

8,000‌

508‌

Fortinet (4)

48,546‌

2,385‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (4)(6)(7)

7,517‌

142‌

HashiCorp,

Class

A (4)

5,659‌

182‌

Intuit 

28,602‌

11,078‌

Microsoft 

453,896‌

105,712‌

NortonLifeLock 

26,100‌

526‌

Paycom

Software (4)

1,670‌

551‌

Salesforce (4)

48,396‌

6,961‌

SAP

(EUR) 

77,257‌

6,296‌

ServiceNow (4)

32,825‌

12,395‌

Synopsys (4)

30,499‌

9,318‌

Workday,

Class

A (4)

3,588‌

546‌

Zoom

Video

Communications,

Class

A (4)

6,132‌

451‌

169,953‌

Technology

Hardware,

Storage

&

Peripherals

2.6%

Apple 

673,976‌

93,143‌

Pure

Storage,

Class

A (4)

19,200‌

526‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Samsung

Electronics

(KRW) 

204,001‌

7,491‌

101,160‌

Total

Information

Technology

489,641‌

MATERIALS

2.1%

Chemicals

1.2%

Air

Liquide

(EUR) 

43,556‌

4,978‌

Air

Products

&

Chemicals 

6,420‌

1,494‌

Akzo

Nobel

(EUR) 

67,314‌

3,815‌

Asahi

Kasei

(JPY) (5)

473,100‌

3,135‌

BASF

(EUR) 

77,850‌

2,988‌

CF

Industries

Holdings 

8,366‌

805‌

Corteva 

10,300‌

589‌

Covestro

(EUR) 

89,632‌

2,563‌

FMC 

5,600‌

592‌

Johnson

Matthey

(GBP) 

163,378‌

3,298‌

Linde 

25,669‌

6,920‌

Nutrien 

84,217‌

7,022‌

PPG

Industries 

2,200‌

244‌

RPM

International 

11,910‌

992‌

Sherwin-Williams 

22,176‌

4,541‌

Tosoh

(JPY) (5)

39,200‌

437‌

Umicore

(EUR) 

85,936‌

2,523‌

46,936‌

Construction

Materials

0.0%

Vulcan

Materials 

5,005‌

789‌

789‌

Containers

&

Packaging

0.2%

Amcor,

CDI

(AUD) 

245,293‌

2,633‌

Avery

Dennison 

6,790‌

1,105‌

Ball 

11,779‌

569‌

International

Paper 

12,765‌

404‌

Packaging

Corp.

of

America 

6,448‌

724‌

Sealed

Air 

21,787‌

970‌

Westrock 

8,213‌

254‌

6,659‌

Metals

&

Mining

0.6%

Antofagasta

(GBP) 

280,967‌

3,443‌

BHP

Group

(AUD) 

78,349‌

1,947‌

BHP

Group

(GBP) 

209,631‌

5,220‌

IGO

(AUD) 

1,137,578‌

10,007‌

Rio

Tinto

(AUD) 

27,007‌

1,634‌

South32

(AUD) 

1,276,922‌

3,031‌

25,282‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

316,637‌

4,022‌

West

Fraser

Timber 

3,100‌

225‌

4,247‌

Total

Materials

83,913‌

REAL

ESTATE

1.0%

Equity

Real

Estate

Investment

Trusts

0.8%

Alexandria

Real

Estate

Equities,

REIT 

3,461‌

485‌

American

Homes

4

Rent,

Class

A,

REIT 

7,200‌

236‌

American

Tower,

REIT 

6,348‌

1,363‌

AvalonBay

Communities,

REIT 

12,768‌

2,352‌

Camden

Property

Trust,

REIT 

1,800‌

215‌

Equinix,

REIT 

3,233‌

1,839‌

Equity

LifeStyle

Properties,

REIT 

5,956‌

374‌

Equity

Residential,

REIT 

21,150‌

1,422‌

Essex

Property

Trust,

REIT 

3,290‌

797‌

Extra

Space

Storage,

REIT 

4,600‌

794‌

Great

Portland

Estates

(GBP) 

411,253‌

2,005‌

Prologis,

REIT 

81,015‌

8,231‌

Public

Storage,

REIT 

3,886‌

1,138‌

Rexford

Industrial

Realty,

REIT 

11,653‌

606‌

SBA

Communications,

REIT 

12,738‌

3,626‌

Scentre

Group

(AUD) 

1,683,720‌

2,751‌

Simon

Property

Group,

REIT 

10,235‌

919‌

Sun

Communities,

REIT 

890‌

120‌

Welltower,

REIT 

15,810‌

1,017‌

Weyerhaeuser,

REIT 

59,800‌

1,708‌

31,998‌

Real

Estate

Management

&

Development

0.2%

Mitsui

Fudosan

(JPY) 

320,700‌

6,109‌

Opendoor

Technologies,

Class

A (4)

119,460‌

372‌

6,481‌

Total

Real

Estate

38,479‌

UTILITIES

2.6%

Electric

Utilities

1.2%

American

Electric

Power 

79,863‌

6,904‌

Duke

Energy 

13,194‌

1,227‌

Exelon 

105,503‌

3,952‌

FirstEnergy 

24,400‌

903‌

NextEra

Energy 

57,140‌

4,480‌

PG&E (4)

142,155‌

1,777‌

Southern 

327,228‌

22,252‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Xcel

Energy 

57,394‌

3,673‌

45,168‌

Gas

Utilities

0.0%

Beijing

Enterprises

Holdings

(HKD) 

479,000‌

1,342‌

1,342‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) (5)

188,000‌

2,659‌

2,659‌

Multi-Utilities

1.3%

Ameren 

62,455‌

5,031‌

CMS

Energy 

8,959‌

522‌

Dominion

Energy 

217,302‌

15,017‌

DTE

Energy 

22,955‌

2,641‌

Engie

(EUR) 

636,234‌

7,323‌

National

Grid

(GBP) 

473,262‌

4,872‌

NiSource 

57,972‌

1,460‌

Sempra

Energy 

70,928‌

10,635‌

WEC

Energy

Group 

20,576‌

1,840‌

49,341‌

Total

Utilities

98,510‌

Total

Common

Stocks

(Cost

$1,597,982)

2,306,184‌

CONVERTIBLE

PREFERRED

STOCKS

0.0%

INFORMATION

TECHNOLOGY

0.0%

Software

0.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $43 (4)(6)(7)

25‌

24‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $3 (4)(6)(7)

2‌

2‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229 (4)(6)(7)

3,879‌

215‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (4)(6)

(7)

8,505‌

470‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (4)(6)(7)

10,431‌

196‌

Total

Information

Technology

907‌

Total

Convertible

Preferred

Stocks

(Cost

$1,217)

907‌

CORPORATE

BONDS

8.6%

Abbott

Laboratories,

3.40%,

11/30/23 

1,281,000‌

1,266‌

AbbVie,

2.95%,

11/21/26 

920,000‌

842‌

AbbVie,

3.20%,

5/14/26 

420,000‌

393‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,691‌

AbbVie,

4.70%,

5/14/45 

915,000‌

776‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

901‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

795‌

AerCap

Ireland

Capital,

4.125%,

7/3/23 

1,945,000‌

1,923‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

365‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,524‌

AIA

Group,

3.20%,

3/11/25 (1)

1,020,000‌

981‌

Air

Lease,

2.20%,

1/15/27 

545,000‌

461‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,046‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

655,000‌

622‌

Alfa

SAB

de

CV,

5.25%,

3/25/24 (1)

395,000‌

394‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,004‌

Ally

Financial,

2.20%,

11/2/28 

700,000‌

541‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

386‌

Amazon.com,

2.80%,

8/22/24 

1,055,000‌

1,022‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,428‌

America

Movil

SAB

de

CV,

2.875%,

5/7/30 

2,525,000‌

2,124‌

America

Movil

SAB

de

CV,

6.375%,

3/1/35 

300,000‌

314‌

American

Airlines

PTT,

Series 2014-1,

Class

A,

3.70%,

10/1/26 

774,377‌

656‌

American

Airlines

PTT,

Series 2016-1,

Class

B,

5.25%,

1/15/24 

1,252,392‌

1,187‌

American

Honda

Finance,

0.75%,

8/9/24 

2,335,000‌

2,170‌

American

Tower,

1.45%,

9/15/26 

2,975,000‌

2,537‌

Amgen,

2.77%,

9/1/53 

447,000‌

261‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

1,983‌

APA

Infrastructure,

4.25%,

7/15/27 (1)

620,000‌

575‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

1,951‌

Apple,

1.65%,

5/11/30 

2,345,000‌

1,883‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,059‌

AT&T,

3.50%,

6/1/41 

680,000‌

490‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,214‌

Ausgrid

Finance,

3.85%,

5/1/23 (1)

1,705,000‌

1,692‌

AutoZone,

3.125%,

4/21/26 

650,000‌

612‌

Baidu,

3.875%,

9/29/23 

2,000,000‌

1,969‌

Baltimore

Gas

&

Electric,

3.35%,

7/1/23 

1,750,000‌

1,728‌

Banco

Santander,

3.125%,

2/23/23 

1,000,000‌

993‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

161‌

Banco

Santander,

3.848%,

4/12/23 

2,000,000‌

1,987‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,236‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,110,000‌

1,081‌

Bank

of

America,

4.20%,

8/26/24 

600,000‌

589‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

869‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

730‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,670‌

Bank

of

America,

VR,

2.676%,

6/19/41 (8)

3,450,000‌

2,222‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

1,809‌

Bank

of

Montreal,

2.65%,

3/8/27 

2,035,000‌

1,812‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Banner

Health,

1.897%,

1/1/31 

670,000‌

526‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,706‌

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

992‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,543‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,148‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,820‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

1,350,000‌

1,228‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,180‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,343‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

356‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

772‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,470‌

Boral

Finance,

3.00%,

11/1/22 (1)

220,000‌

220‌

Boston

Properties,

3.125%,

9/1/23 

625,000‌

613‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,097‌

BPCE,

4.00%,

9/12/23 (1)

1,350,000‌

1,335‌

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

948‌

BPCE,

5.70%,

10/22/23 (1)

1,700,000‌

1,691‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,110,000‌

959‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

516‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,142‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,198‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

687‌

Camden

Property

Trust,

2.95%,

12/15/22 

565,000‌

564‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

474‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

362‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,396‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

813‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,115‌

Cardinal

Health,

3.41%,

6/15/27 

1,570,000‌

1,450‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

970‌

Carvana,

10.25%,

5/1/30 (1)

1,225,000‌

805‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30 (1)

505,000‌

415‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

859‌

Charter

Communications

Operating,

4.908%,

7/23/25 

2,465,000‌

2,406‌

Chevron,

1.995%,

5/11/27 

1,155,000‌

1,024‌

Cigna,

3.00%,

7/15/23 

810,000‌

800‌

Cigna,

3.75%,

7/15/23 

1,252,000‌

1,242‌

Citigroup,

VR,

2.976%,

11/5/30 (8)

2,750,000‌

2,271‌

Citigroup,

VR,

4.075%,

4/23/29 (8)

2,000,000‌

1,812‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

681‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,042‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,706‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,046‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,320‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

914‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

601‌

Corebridge

Financial,

4.40%,

4/5/52 (1)

4,505,000‌

3,419‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,611‌

Credit

Agricole,

3.75%,

4/24/23 (1)

2,125,000‌

2,113‌

Credit

Suisse

Group,

VR,

2.593%,

9/11/25 (1)(8)

2,095,000‌

1,904‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23 (1)(8)

1,385,000‌

1,375‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,408‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,101‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

649‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

463‌

CVS

Health,

1.875%,

2/28/31 

1,745,000‌

1,324‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

433‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)

2,155,000‌

1,970‌

Danone,

2.947%,

11/2/26 (1)

1,925,000‌

1,780‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(8)

2,940,000‌

2,733‌

Delta

Air

Lines,

3.80%,

4/19/23 

168,000‌

166‌

Discover

Bank,

2.70%,

2/6/30 

2,000,000‌

1,565‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

564‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

581‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

354‌

Eaton

Vance,

3.625%,

6/15/23 

750,000‌

745‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

791‌

Enbridge,

4.00%,

10/1/23 

690,000‌

683‌

Enbridge,

4.25%,

12/1/26 

590,000‌

562‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

224‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

651‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,153‌

Eni,

Series X-R,

4.00%,

9/12/23 (1)

780,000‌

770‌

EOG

Resources,

2.625%,

3/15/23 

500,000‌

496‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

780,000‌

703‌

Equitable

Holdings,

3.90%,

4/20/23 

478,000‌

475‌

ERAC

USA

Finance,

3.85%,

11/15/24 (1)

435,000‌

421‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

394‌

Essex

Portfolio,

2.65%,

3/15/32 

1,430,000‌

1,108‌

Federal

Realty

Investment

Trust,

2.75%,

6/1/23 

1,500,000‌

1,487‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

1,951‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

409‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)

1,310,000‌

1,266‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,013‌

GATX,

4.35%,

2/15/24 

2,105,000‌

2,072‌

GE

Capital

International

Funding,

4.418%,

11/15/35 

1,189,000‌

1,063‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,075‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,563‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

822‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

698‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (8)

1,300,000‌

1,009‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (8)

1,710,000‌

1,101‌

Hasbro,

3.00%,

11/19/24 

1,550,000‌

1,486‌

Hasbro,

3.55%,

11/19/26 

1,760,000‌

1,624‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,677‌

HCA,

4.375%,

3/15/42 (1)

775,000‌

577‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

949‌

Healthpeak

Properties,

2.125%,

12/1/28 

655,000‌

540‌

Healthpeak

Properties,

2.875%,

1/15/31 

360,000‌

293‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,657‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

883‌

Humana,

2.15%,

2/3/32 

1,145,000‌

865‌

Humana,

3.70%,

3/23/29 

1,120,000‌

1,004‌

Hyatt

Hotels,

3.375%,

7/15/23 

275,000‌

272‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)

2,435,000‌

1,939‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,058‌

Illinois

Tool

Works,

3.90%,

9/1/42 

1,200,000‌

984‌

Interpublic

Group,

4.20%,

4/15/24 

293,000‌

289‌

Intesa

Sanpaolo,

3.375%,

1/12/23 (1)

660,000‌

656‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,154‌

JDE

Peet's,

1.375%,

1/15/27 (1)

2,240,000‌

1,834‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,841‌

JPMorgan

Chase,

3.375%,

5/1/23 

1,080,000‌

1,073‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,037‌

JPMorgan

Chase,

VR,

3.559%,

4/23/24 (8)

1,875,000‌

1,856‌

Kansas

City

Southern,

3.50%,

5/1/50 

1,695,000‌

1,194‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,291‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

462‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

552‌

Liberty

Mutual

Group,

4.25%,

6/15/23 (1)

410,000‌

406‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,400‌

M&T

Bank,

3.55%,

7/26/23 

2,740,000‌

2,720‌

Manufacturers

&

Traders

Trust,

3.40%,

8/17/27 

250,000‌

225‌

Marsh

&

McLennan,

3.50%,

6/3/24 

3,060,000‌

2,989‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,241‌

McDonald's,

1.45%,

9/1/25 

940,000‌

853‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

691‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

821‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,437‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,319‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,039‌

Moody's,

2.00%,

8/19/31 

2,195,000‌

1,676‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

914‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

772‌

Morgan

Stanley,

VR,

3.971%,

7/22/38 (8)

1,445,000‌

1,155‌

NatWest

Markets,

2.375%,

5/21/23 (1)

3,370,000‌

3,307‌

New

York

Life

Global

Funding,

1.10%,

5/5/23 (1)

600,000‌

589‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,429‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,593‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,318‌

Nordea

Bank,

1.00%,

6/9/23 (1)

820,000‌

803‌

NSTAR

Electric,

2.375%,

10/15/22 

565,000‌

565‌

Nucor,

2.70%,

6/1/30 

455,000‌

373‌

Nucor,

3.95%,

5/1/28 

2,140,000‌

1,982‌

Nutrien,

4.00%,

12/15/26 

830,000‌

799‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

787‌

O'Reilly

Automotive,

3.60%,

9/1/27 

1,825,000‌

1,692‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,658‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,086‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

785,000‌

769‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,599‌

Perrigo

Finance

Unlimited,

4.40%,

6/15/30 

1,510,000‌

1,246‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

658‌

PNC

Bank,

3.50%,

6/8/23 

1,330,000‌

1,320‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,030‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23 (1)

2,650,000‌

2,620‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,363‌

Protective

Life

Global

Funding,

1.082%,

6/9/23 (1)

780,000‌

761‌

Providence

Health

&

Services

Obligated

Group,

4.379%,

10/1/23 

1,310,000‌

1,307‌

Public

Storage,

1.95%,

11/9/28 

1,210,000‌

1,007‌

QUALCOMM,

3.25%,

5/20/27 

1,120,000‌

1,041‌

QVC,

4.45%,

2/15/25 

140,000‌

120‌

QVC,

4.85%,

4/1/24 

1,645,000‌

1,548‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

1,830‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,400‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

796‌

RELX

Capital,

3.50%,

3/16/23 

840,000‌

835‌

Republic

Services,

3.375%,

11/15/27 

1,045,000‌

957‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

574‌

Rogers

Communications,

4.50%,

3/15/42 (1)

2,935,000‌

2,400‌

Roper

Technologies,

2.95%,

9/15/29 

380,000‌

320‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,035‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

336‌

Royal

Bank

of

Canada,

1.60%,

4/17/23 

2,075,000‌

2,041‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,220‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

512‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (8)

1,365,000‌

1,135‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,332‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,064‌

Sempra

Energy,

3.30%,

4/1/25 

835,000‌

794‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

1,138,000‌

1,115‌

Simon

Property

Group,

2.65%,

2/1/32 

1,810,000‌

1,409‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,305‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23 (1)

422,000‌

417‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

443‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

1,145,000‌

1,139‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(8)

2,005,000‌

1,816‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

846‌

State

Street,

3.10%,

5/15/23 

265,000‌

263‌

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23 

2,045,000‌

2,026‌

Synchrony

Financial,

4.25%,

8/15/24 

1,575,000‌

1,533‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,021‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,590‌

Tencent

Holdings,

2.985%,

1/19/23 (1)

960,000‌

957‌

Texas

Instruments,

1.375%,

3/12/25 

650,000‌

602‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

380‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

406‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

469‌

TJX,

1.60%,

5/15/31 

375,000‌

283‌

Toronto-Dominion

Bank,

3.50%,

7/19/23 

1,235,000‌

1,222‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

1,872‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,344‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,096‌

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

362‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

318‌

Travelers,

6.25%,

6/15/37 

750,000‌

806‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

609‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

978,107‌

886‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

628‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

388‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,619‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,509‌

Verizon

Communications,

4.272%,

1/15/36 

870,000‌

741‌

Vistra

Operations,

3.55%,

7/15/24 (1)

1,370,000‌

1,305‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,670‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

552‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,602‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)

1,395,000‌

1,323‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

479‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

510‌

Warnermedia

Holdings,

5.05%,

3/15/42 (1)

1,570,000‌

1,173‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

1,938‌

Weibo,

3.50%,

7/5/24 (5)

1,390,000‌

1,330‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,350‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

2,754‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,468‌

Willis

North

America,

3.60%,

5/15/24 

820,000‌

796‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,270‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

683‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,055‌

Workday,

3.70%,

4/1/29 

750,000‌

673‌

WP

Carey,

3.85%,

7/15/29 

1,470,000‌

1,296‌

WPP

Finance

2010,

3.75%,

9/19/24 

1,310,000‌

1,268‌

Total

Corporate

Bonds

(Cost

$383,587)

335,292‌

EQUITY

MUTUAL

FUNDS

3.0%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

9,601,840‌

115,990‌

Total

Equity

Mutual

Funds

(Cost

$114,983)

115,990‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.4%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35 (1)

510,000‌

481‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,219‌

Kingdom

of

Morocco,

4.25%,

12/11/22 (1)

1,400,000‌

1,396‌

Mexico

Government

International

Bond,

3.50%,

2/12/34 

2,315,000‌

1,765‌

Pertamina

Persero,

4.30%,

5/20/23 (1)

1,250,000‌

1,240‌

Perusahaan

Gas

Negara,

5.125%,

5/16/24 (1)

1,105,000‌

1,089‌

Republic

of

Colombia,

4.00%,

2/26/24 

275,000‌

268‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,624‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

972‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23 (1)

1,175,000‌

1,171‌

United

Mexican

States,

2.659%,

5/24/31 

3,439,000‌

2,645‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$17,140)

14,870‌

MUNICIPAL

SECURITIES

1.0%

California

0.3%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,217‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,729‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (9)

695,000‌

705‌

Los

Angeles

Airport,

Build

America,

Series C,

7.053%,

5/15/40 

1,000,000‌

1,185‌

Univ.

of

California

Regents,

Series AJ,

4.601%,

5/15/31 

1,625,000‌

1,563‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

320‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

750,000‌

783‌

9,502‌

Illinois

0.0%

Chicago

O'Hare

Int'l

Airport,

Build

America,

Series B,

6.395%,

1/1/40 

755,000‌

851‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

817‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Illinois

Toll

Highway

Auth.,

Build

America,

Series A,

6.184%,

1/1/34 

470,000‌

502‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

538‌

2,708‌

Maryland

0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,656‌

1,656‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,150‌

2,150‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Build

America,

Series F,

7.414%,

1/1/40 

415,000‌

508‌

508‌

New

York

0.1%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

240,000‌

292‌

Metropolitan

Transportation

Auth.,

Build

America,

Series A-1,

5.871%,

11/15/39 

700,000‌

700‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

970‌

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

270‌

New

York

State

Dormitory

Auth.,

Build

America,

Series F,

Unrefunded

Portion,

5.628%,

3/15/39 

1,300,000‌

1,340‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

566‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,387‌

5,525‌

Ohio

0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,225,000‌

1,189‌

1,189‌

Pennsylvania

0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

805,000‌

783‌

783‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,068‌

2,068‌

Texas

0.1%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,243‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

933‌

Houston

Airport

System

Revenue,

Series C,

2.385%,

7/1/31 

685,000‌

550‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,000‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,439‌

5,165‌

Utah

0.0%

Utah

Transit

Auth.,

Build

America,

Series B,

5.937%,

6/15/39 

900,000‌

954‌

954‌

Virginia

0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,319‌

Virginia

Commonwealth

Transportation

Board,

Build

America,

Series B,

5.35%,

5/15/35 

690,000‌

706‌

Virginia

Public

Building

Auth.,

Build

America,

Series B-2,

5.90%,

8/1/30 

755,000‌

796‌

3,821‌

Wisconsin

0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,071‌

2,071‌

Total

Municipal

Securities

(Cost

$42,457)

38,100‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

2.3%

Angel

Oak

Mortgage

Trust,

Series 2020-3,

Class

A1,

CMO,

ARM,

1.691%,

4/25/65 (1)

327,073‌

300‌

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

322,605‌

279‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

1,177,565‌

1,005‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

1,058,039‌

898‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

1,100,308‌

961‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

4.978%,

11/15/34 (1)

605,000‌

543‌

BBCMS

Mortgage

Trust,

Series 2020-BID,

Class

A,

ARM,

1M

USD

LIBOR

+

2.14%,

4.958%,

10/15/37 (1)

2,590,000‌

2,551‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

USD

LIBOR

+

1.54%,

4.358%,

10/15/34 (1)

2,080,000‌

2,002‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

4.187%,

2/15/39 (1)

3,395,000‌

3,266‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44 (1)

2,025,000‌

1,635‌

BX

Commercial

Mortgage

Trust,

Series 2022-LP2,

Class

C,

ARM,

1M

TSFR

+

1.562%,

4.484%,

2/15/39 (1)

3,399,123‌

3,200‌

BX

Trust,

Series 2022-IND,

Class

C,

ARM,

1M

TSFR

+

2.29%,

5.212%,

4/15/37 (1)

1,330,000‌

1,258‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (1)

800,000‌

750‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

235,000‌

228‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

1,044,194‌

865‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

4.118%,

11/15/37 (1)

2,118,345‌

2,052‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,547‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

2,160,000‌

2,037‌

Connecticut

Avenue

Securities,

Series 2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

4.184%,

11/25/29 

1,621,678‌

1,602‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

3.281%,

12/25/41 (1)

505,502‌

496‌

Deephaven

Residential

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.899%,

4/25/66 (1)

431,839‌

365‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

228,204‌

216‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

618,931‌

515‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

4.198%,

7/15/38 (1)

1,217,507‌

1,172‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,543,096‌

2,020‌

Fontainebleau

Miami

Beach

Trust,

Series 2019-FBLU,

Class

C,

3.75%,

12/10/36 (1)

2,635,000‌

2,452‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

110,850‌

101‌

Galton

Funding

Mortgage

Trust,

Series 2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (1)

933,158‌

909‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

USD

LIBOR

+

1.633%,

4.451%,

12/15/36 (1)

1,130,000‌

1,077‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

910‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,169‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.94%,

10/25/50 (1)

316,842‌

263‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-PJ5,

Class

A8,

CMO,

ARM,

2.50%,

10/25/51 (1)

2,556,558‌

2,187‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,105,214‌

2,008‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

USD

LIBOR

+

1.37%,

4.188%,

10/15/33 (1)

2,510,000‌

2,409‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

646‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

646,474‌

585‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

748,938‌

681‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

USD

LIBOR

+

1.101%,

3.919%,

4/15/38 (1)

3,595,000‌

3,433‌

MHC

Trust,

Series 2021-MHC2,

Class

D,

ARM,

1M

USD

LIBOR

+

1.50%,

4.318%,

5/15/38 (1)

1,480,000‌

1,398‌

Mill

City

Mortgage

Loan

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62 (1)

450,377‌

436‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-

C17,

Class

B,

ARM,

4.464%,

8/15/47 

1,670,000‌

1,603‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,298‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,609‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2016-

C30,

Class

A5,

2.86%,

9/15/49 

495,000‌

450‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,990‌

Morgan

Stanley

Capital

I

Trust,

Series 2015-MS1,

Class

A4,

ARM,

3.779%,

5/15/48 

1,440,000‌

1,375‌

Morgan

Stanley

Capital

I

Trust,

Series 2019-MEAD,

Class

D,

ARM,

3.283%,

11/10/36 (1)

2,090,000‌

1,807‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

533,697‌

419‌

New

Orleans

Hotel

Trust,

Series 2019-HNLA,

Class

C,

ARM,

1M

USD

LIBOR

+

1.589%,

4.407%,

4/15/32 (1)

564,682‌

529‌

New

Residential

Mortgage

Loan

Trust,

Series 2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59 (1)

614,388‌

557‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,856,476‌

1,485‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

186,027‌

172‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

4.184%,

10/25/59 (1)

93,805‌

91‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.204%,

12/25/49 (1)

1,299,276‌

1,032‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

2,125,934‌

1,837‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

198,0

81‌

187‌

SFO

Commercial

Mortgage

Trust,

Series 2021-555,

Class

B,

ARM,

1M

USD

LIBOR

+

1.50%,

4.318%,

5/15/38 (1)

1,560,000‌

1,458‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

52,680‌

51‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

677,592‌

648‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

431,549‌

397‌

Starwood

Mortgage

Residential

Trust,

Series 2021-2,

Class

A2,

CMO,

ARM,

1.172%,

5/25/65 (1)

369,556‌

345‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.80%,

3.081%,

8/25/33 (1)

254,891‌

253‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

4.381%,

10/25/33 (1)

835,000‌

795‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

3.781%,

10/25/41 (1)

1,100,000‌

998‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

3.131%,

11/25/41 (1)

1,975,000‌

1,924‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-HQA1,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.70%,

2.981%,

8/25/33 (1)

338,281‌

337‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

4.281%,

4/25/42 (1)

2,258,392‌

2,236‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

4.381%,

3/25/42 (1)

1,864,354‌

1,853‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56 (1)

52,930‌

52‌

Towd

Point

Mortgage

Trust,

Series 2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57 (1)

390,233‌

375‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

191,176‌

185‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (1)

351,600‌

342‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (1)

732,006‌

704‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

570,830‌

492‌

Verus

Securitization

Trust,

Series 2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (1)

2,999,104‌

2,538‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series 2021-RR1,

Class

A1,

CMO,

ARM,

2.50%,

12/25/50 (1)

1,261,133‌

1,014‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C19,

Class

B,

ARM,

4.723%,

3/15/47 

610,000‌

588‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$97,791)

89,453‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr

Ing

hc

F

Porsche

(EUR) (4)

44,765‌

3,620‌

Total

Consumer

Discretionary

3,620‌

Total

Preferred

Stocks

(Cost

$3,607)

3,620‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

8.7%

U.S.

Government

Agency

Obligations

6.3%

Federal

Home

Loan

Mortgage 

2.206%,

6/25/25 

811,884‌

786‌

2.50%,

5/1/30 

889,308‌

826‌

2.777%,

4/25/23 

114,028‌

114‌

2.952%,

2/25/27 

945,312‌

912‌

3.00%,

1/1/29

-

8/1/43 

3,487,579‌

3,144‌

3.50%,

3/1/42

-

3/1/46 

5,616,336‌

5,170‌

4.00%,

9/1/40

-

6/1/42 

1,762,425‌

1,680‌

4.50%,

6/1/39

-

5/1/42 

1,037,771‌

1,015‌

5.00%,

12/1/35

-

8/1/40 

465,163‌

468‌

5.50%,

1/1/38

-

12/1/39 

155,117‌

161‌

6.00%,

2/1/28

-

8/1/38 

17,770‌

19‌

6.50%,

8/1/32 

7,566‌

8‌

7.00%,

6/1/32 

12,586‌

13‌

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.726%,

3.946%,

7/1/35 

25,133‌

26‌

12M

USD

LIBOR

+

1.75%,

2.127%,

2/1/35 

14,064‌

14‌

12M

USD

LIBOR

+

1.829%,

2.203%,

2/1/37 

21,429‌

22‌

12M

USD

LIBOR

+

1.929%,

2.186%,

12/1/36 

38,994‌

40‌

12M

USD

LIBOR

+

2.03%,

2.275%,

11/1/36 

21,886‌

22‌

1Y

CMT

+

2.25%,

3.099%,

10/1/36 

5,761‌

6‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

681,221‌

108‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

4/1/37 

1,402,054‌

1,204‌

2.00%,

3/1/42

-

5/1/52 

32,336,812‌

26,323‌

2.50%,

11/1/36

-

5/1/52 

34,593,479‌

29,198‌

3.00%,

11/1/34

-

1/1/50 

2,779,169‌

2,454‌

3.50%,

6/1/33 

317,545‌

301‌

4.00%,

12/1/49

-

8/1/52 

2,831,659‌

2,647‌

4.50%,

9/1/37

-

5/1/50 

232,425‌

224‌

5.00%,

10/1/51

-

9/1/52 

8,287,519‌

8,085‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

2,379,803‌

2,192‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

4.00%,

11/1/40 

699,054‌

658‌

4.50%,

7/1/40 

518,156‌

500‌

Federal

National

Mortgage

Assn.,

ARM 

12M

USD

LIBOR

+

1.568%,

3.288%,

7/1/35 

15,042‌

15‌

12M

USD

LIBOR

+

1.855%,

2.105%,

1/1/37 

3,058‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

6,872,083‌

5,755‌

2.00%,

4/1/42

-

4/1/52 

50,761,388‌

41,316‌

2.50%,

10/1/31

-

4/1/52 

32,022,189‌

27,461‌

3.00%,

1/1/27

-

10/1/51 

34,253,221‌

30,728‌

3.50%,

11/1/26

-

1/1/52 

19,828,990‌

18,220‌

4.00%,

11/1/40

-

11/1/49 

13,299,565‌

12,621‌

4.50%,

4/1/37

-

8/1/52 

11,706,812‌

11,303‌

5.00%,

2/1/34

-

8/1/52 

2,175,621‌

2,173‌

5.50%,

2/1/35

-

5/1/44 

2,511,053‌

2,588‌

6.00%,

3/1/28

-

1/1/41 

1,667,685‌

1,751‌

6.50%,

3/1/24

-

8/1/38 

248,749‌

259‌

7.00%,

9/1/25

-

4/1/32 

18,114‌

17‌

7.50%,

9/1/26 

113‌

—‌

8.00%,

8/1/24

-

7/1/26 

207‌

—‌

UMBS,

TBA,

3.00%,

10/1/52 (10)

3,625,000‌

3,154‌

245,704‌

U.S.

Government

Obligations

2.4%

Government

National

Mortgage

Assn. 

2.00%,

3/20/51

-

5/20/52 

21,787,148‌

18,235‌

2.50%,

8/20/50

-

1/20/52 

19,300,351‌

16,647‌

3.00%,

9/15/42

-

6/20/52 

16,637,288‌

14,795‌

3.50%,

9/15/41

-

1/20/49 

12,650,170‌

11,671‌

4.00%,

2/15/41

-

10/20/50 

5,752,204‌

5,467‌

4.50%,

6/15/39

-

8/20/47 

3,191,849‌

3,126‌

5.00%,

12/20/34

-

6/20/49 

4,913,191‌

4,898‌

5.50%,

2/20/34

-

3/20/49 

1,565,804‌

1,599‌

6.00%,

8/20/34

-

4/15/36 

62,745‌

67‌

6.50%,

6/15/23

-

3/15/26 

6,685‌

6‌

7.50%,

3/15/23

-

9/15/26 

4,425‌

3‌

8.00%,

10/15/23

-

11/15/25 

5,620‌

5‌

8.50%,

6/20/25

-

6/20/26 

2,290‌

2‌

Government

National

Mortgage

Assn.,

ARM,

1Y

CMT

+

1.50%,

1.625%,

8/20/23 

97‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

160,470‌

150‌

3.50%,

10/20/50 

1,010,000‌

863‌

Government

National

Mortgage

Assn.,

TBA (10)

4.00%,

10/20/52 

890,000‌

831‌

4.50%,

10/20/52 

4,670,000‌

4,470‌

5.00%,

10/20/52 

1,620,000‌

1,585‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

5.50%,

10/20/52 

8,230,000‌

8,224‌

92,644‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$374,545)

338,348‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

7.8%

U.S.

Treasury

Obligations

7.8%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,070‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,398‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,291‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

4,545,000‌

3,218‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

5,656‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

24,845,000‌

17,054‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

4,638‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

3,067‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,741‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,257‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

12,841‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 (11)

4,185,000‌

3,413‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

2,990,000‌

2,496‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

8,878‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

9,329‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

961‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,683‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

3,300‌

U.S.

Treasury

Notes,

0.375%,

4/30/25 

5,750,000‌

5,207‌

U.S.

Treasury

Notes,

0.375%,

11/30/25 

36,535,000‌

32,385‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

13,151‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 

5,970,000‌

5,300‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

7,815,000‌

6,855‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

997‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

41,745,000‌

36,957‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

7,500,000‌

5,975‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,120‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 

11,940,000‌

9,649‌

U.S.

Treasury

Notes,

1.625%,

11/15/22 

315,000‌

314‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

36,390,000‌

33,138‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,081‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

25,302‌

U.S.

Treasury

Notes,

2.50%,

4/30/24 

10,040,000‌

9,758‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

14,964‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,710‌

302,154‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$352,386)

302,154‌

SHORT-TERM

INVESTMENTS

3.4%

Money

Market

Funds

3.4%

T.

Rowe

Price

Treasury

Reserve

Fund,

3.06% (2)(12)

132,064,458‌

132,064‌

Total

Short-Term

Investments

(Cost

$132,064)

132,064‌

SECURITIES

LENDING

COLLATERAL

0.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (2)(12)

24,114,199‌

24,114‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

24,114‌

Total

Securities

Lending

Collateral

(Cost

$24,114)

24,114‌

Total

Investments

in

Securities

101.4%

(Cost

$3,433,086)

$

3,946,290‌

Other

Assets

Less

Liabilities

(1.4)%

(52,788‌)

Net

Assets

100.0%

$

3,893,502‌

‡

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

$188,616

and

represents

4.8%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2022.

(6)

Level

3

in

fair

value

hierarchy.

T.

ROWE

PRICE

Balanced

Fund

34

.

.

.

.

.

.

.

.

.

.

(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

$2,011

and

represents

0.1%

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)

Insured

by

Assured

Guaranty

Municipal

Corporation

(10)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$18,264

and

represents

0.5%

of

net

assets.

(11)

At

September

30,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(12)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

KRW

South

Korean

Won

T.

ROWE

PRICE

Balanced

Fund

35

.

.

.

.

.

.

.

.

.

.

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Balanced

Fund

36

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

330

U.S.

Treasury

Notes

five

year

contracts

12/22

35,477

$

(1,220‌)

Long,

63

U.S.

Treasury

Notes

ten

year

contracts

12/22

7,060

(333‌)

Long,

228

U.S.

Treasury

Notes

two

year

contracts

12/22

46,829

(739‌)

Net

payments

(receipts)

of

variation

margin

to

date

2,146‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(146‌)

T.

ROWE

PRICE

Balanced

Fund

37

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2022.

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,

1.24% 

$

—‌

$

(2‌)

$

—‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.50% 

(4,736‌)

(45,729‌)

10,334‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

1.24% 

(1,476‌)

398‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

(29,116‌)

—‌

T.

Rowe

Price

Treasury

Reserve

Fund,

3.06%

—‌

—‌

1,136‌

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

—‌

—‌

—‌++

Totals

$

(6,212‌)#

$

(74,449‌)

$

11,470‌+

T.

ROWE

PRICE

Balanced

Fund

38

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

09/30/22

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

1.24% 

$

16‌

$

—‌

$

—‌

$

14‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.50% 

267,626‌

12,838‌

26,736‌

207,999‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

1.24% 

62,060‌

—‌

62,351‌

107‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

96,146‌

48,960‌

—‌

115,990‌

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

16,951‌

 ¤

 ¤

24,114‌

T.

Rowe

Price

Treasury

Reserve

Fund,

3.06%

306,936‌

 ¤

 ¤

132,064‌

Total

$

480,288‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$11,470

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

$521,894.

T.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

to

Portfolio

of

Investments

39

T.

Rowe

Price

Balanced

Fund,

Inc.

 (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s 

most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

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 fund’s

own

assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Balanced

Fund

40

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

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

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

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

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.

T.

ROWE

PRICE

Balanced

Fund

41

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Balanced

Fund

42

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,155,291‌

$

—‌

$

1,155,291‌

Bond

Mutual

Funds

208,120‌

—‌

—‌

208,120‌

Common

Stocks

1,637,417‌

667,663‌

1,104‌

2,306,184‌

Convertible

Preferred

Stocks

—‌

—‌

907‌

907‌

Equity

Mutual

Funds

115,990‌

—‌

—‌

115,990‌

Preferred

Stocks

—‌

3,620‌

—‌

3,620‌

Short-Term

Investments

132,064‌

—‌

—‌

132,064‌

Securities

Lending

Collateral

24,114‌

—‌

—‌

24,114‌

Total

$

2,117,705‌

$

1,826,574‌

$

2,011‌

$

3,946,290‌

Liabilities

Futures

Contracts*

$

2,292‌

$

—‌

$

—‌

$

2,292‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Balanced

Fund

43

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F68-054Q3

09/22