T.

ROWE

PRICE

Balanced

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.0%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-1,

Class

C

1.59%,

10/20/25 

926,461‌

914‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

1,897‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

B

3.55%,

9/22/25 (1)

1,165,000‌

1,136‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

235,947‌

222‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

6.628%,

4/15/35 (1)

2,195,000‌

2,167‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,111‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

A3

5.28%,

5/15/28 

735,000‌

729‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

B

5.47%,

2/15/29 

580,000‌

572‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,479‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.402%,

6.71%,

7/15/36 (1)

1,380,000‌

1,372‌

CNH

Equipment

Trust

Series 2019-C,

Class

B

2.35%,

4/15/27 

2,575,000‌

2,571‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

654,750‌

582‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,209,000‌

1,034‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,513,050‌

1,239‌

Dryden

Series 2020-77A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.382%,

6.761%,

5/20/34 (1)

1,935,000‌

1,920‌

T.

ROWE

PRICE

Balanced

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

112,667‌

108‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

945,000‌

945‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

480,000‌

480‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

915,000‌

889‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,512‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

2,565,000‌

2,484‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,161‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.91%,

9/16/27 

1,355,000‌

1,312‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

1,885,750‌

1,777‌

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28 (1)

166,024‌

161‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.598%,

10/15/32 (1)

1,205,000‌

1,196‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

676,938‌

635‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

616,868‌

584‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

346,802‌

307‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32 (1)

1,455,260‌

1,451‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,567,949‌

1,285‌

T.

ROWE

PRICE

Balanced

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

436,669‌

417‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

912,410‌

812‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,785,671‌

1,527‌

Synchrony

Card

Funding

Series 2023-A1,

Class

A

5.54%,

7/15/29 

585,000‌

584‌

Verdant

Receivables

Series 2023-1A,

Class

A2

6.24%,

1/13/31 (1)

425,000‌

423‌

Total

Asset-Backed

Securities

(Cost

$41,528)

38,995‌

BOND

MUTUAL

FUNDS

4.9%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.83% (2)(3)

1,359‌

14‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% (2)(3)

26,588,441‌

198,350‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.83% (2)(3)

23,156‌

109‌

Total

Bond

Mutual

Funds

(Cost

$225,847)

198,473‌

COMMON

STOCKS

60.2%

COMMUNICATION

SERVICES

4.7%

Diversified

Telecommunication

Services

0.4%

KT

(KRW) 

118,675‌

2,922‌

Nippon

Telegraph

&

Telephone

(JPY) 

9,930,000‌

11,754‌

Verizon

Communications 

31,073‌

1,007‌

15,683‌

Entertainment

0.4%

Activision

Blizzard 

15,661‌

1,466‌

Netflix (4)

31,399‌

11,856‌

Sea,

ADR (4)

28,003‌

1,231‌

Walt

Disney (4)

18,739‌

1,519‌

16,072‌

Interactive

Media

&

Services

3.1%

Alphabet,

Class

A (4)

146,463‌

19,166‌

Alphabet,

Class

C (4)

448,804‌

59,175‌

LY

(JPY) 

746,300‌

2,070‌

Meta

Platforms,

Class

A (4)

140,958‌

42,317‌

T.

ROWE

PRICE

Balanced

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NAVER

(KRW) 

15,895‌

2,377‌

Tencent

Holdings

(HKD) 

36,100‌

1,399‌

126,504‌

Media

0.3%

Charter

Communications,

Class

A (4)

2,500‌

1,100‌

Comcast,

Class

A 

55,190‌

2,447‌

CyberAgent

(JPY) (5)

375,200‌

2,020‌

WPP

(GBP) 

526,996‌

4,695‌

10,262‌

Wireless

Telecommunication

Services

0.5%

T-Mobile

U.S. (4)

117,601‌

16,470‌

Vodafone

Group,

ADR 

316,128‌

2,997‌

19,467‌

Total

Communication

Services

187,988‌

CONSUMER

DISCRETIONARY

6.2%

Automobile

Components

0.4%

Aptiv (4)

9,495‌

936‌

Autoliv,

SDR

(SEK) 

46,486‌

4,493‌

Denso

(JPY) 

313,200‌

5,025‌

Dowlais

Group

(GBP) 

886,427‌

1,156‌

Magna

International (5)

93,092‌

4,991‌

Stanley

Electric

(JPY) 

106,300‌

1,679‌

18,280‌

Automobiles

1.1%

General

Motors 

33,300‌

1,098‌

Honda

Motor

(JPY) 

178,800‌

2,012‌

Rivian

Automotive,

Class

A (4)(5)

31,723‌

770‌

Suzuki

Motor

(JPY) 

85,700‌

3,447‌

Tesla (4)

112,893‌

28,248‌

Toyota

Motor

(JPY) 

523,300‌

9,388‌

44,963‌

Broadline

Retail

1.7%

Alibaba

Group

Holding,

ADR (4)(5)

17,123‌

1,485‌

Amazon.com (4)

508,421‌

64,630‌

Next

(GBP) 

50,068‌

4,441‌

70,556‌

Diversified

Consumer

Services

0.0%

Service

Corp

International 

34,857‌

1,992‌

1,992‌

Hotels,

Restaurants

&

Leisure

1.2%

Airbnb,

Class

A (4)

3,100‌

425‌

Amadeus

IT

Group

(EUR) 

58,055‌

3,507‌

T.

ROWE

PRICE

Balanced

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Booking

Holdings (4)

4,294‌

13,243‌

Chipotle

Mexican

Grill (4)

3,711‌

6,798‌

Compass

Group

(GBP) 

301,799‌

7,346‌

DoorDash,

Class

A (4)

17,228‌

1,369‌

Hilton

Worldwide

Holdings 

19,233‌

2,888‌

Las

Vegas

Sands 

24,102‌

1,105‌

Marriott

International,

Class

A 

2,862‌

563‌

McDonald's 

30,464‌

8,025‌

Norwegian

Cruise

Line

Holdings (4)(5)

68,400‌

1,127‌

Royal

Caribbean

Cruises (4)

10,741‌

990‌

Starbucks 

17,889‌

1,633‌

Wynn

Resorts 

7,563‌

699‌

49,718‌

Household

Durables

0.4%

NVR (4)

243‌

1,449‌

Panasonic

Holdings

(JPY) 

396,300‌

4,473‌

Persimmon

(GBP) 

153,162‌

2,006‌

Sony

Group

(JPY) 

78,100‌

6,387‌

14,315‌

Specialty

Retail

0.9%

AutoZone (4)

2,148‌

5,456‌

Bath

&

Body

Works 

28,400‌

960‌

Burlington

Stores (4)

4,109‌

556‌

Carvana (4)

29,000‌

1,217‌

Home

Depot 

26,922‌

8,135‌

Kingfisher

(GBP) 

1,887,834‌

5,125‌

Lowe's 

6,723‌

1,397‌

O'Reilly

Automotive (4)

1,663‌

1,511‌

Ross

Stores 

41,807‌

4,722‌

TJX 

47,159‌

4,192‌

Ulta

Beauty (4)

7,789‌

3,111‌

Zalando

(EUR) (4)

73,088‌

1,624‌

38,006‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Dr.

Martens

(GBP) 

464,576‌

796‌

Kering

(EUR) 

7,919‌

3,598‌

Lululemon

Athletica (4)

8,275‌

3,191‌

Moncler

(EUR) 

74,201‌

4,300‌

NIKE,

Class

B 

42,022‌

4,018‌

Samsonite

International

(HKD) (4)

763,500‌

2,611‌

18,514‌

Total

Consumer

Discretionary

256,344‌

T.

ROWE

PRICE

Balanced

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

STAPLES

4.1%

Beverages

0.8%

Coca-Cola 

133,009‌

7,446‌

Constellation

Brands,

Class

A 

6,743‌

1,695‌

Diageo

(GBP) 

170,190‌

6,274‌

Heineken

(EUR) 

63,533‌

5,601‌

Keurig

Dr

Pepper 

45,387‌

1,433‌

Kirin

Holdings

(JPY) 

154,300‌

2,160‌

Monster

Beverage (4)

19,786‌

1,048‌

PepsiCo 

47,149‌

7,989‌

33,646‌

Consumer

Staples

Distribution

&

Retail

0.6%

Costco

Wholesale 

7,713‌

4,358‌

Dollar

General 

25,720‌

2,721‌

Dollar

Tree (4)

1,211‌

129‌

Seven

&

i

Holdings

(JPY) 

151,400‌

5,927‌

Sysco 

10,281‌

679‌

Target 

7,254‌

802‌

Walmart 

58,676‌

9,384‌

Welcia

Holdings

(JPY) 

66,900‌

1,155‌

25,155‌

Food

Products

1.1%

Barry

Callebaut

(CHF) 

1,700‌

2,704‌

Darling

Ingredients (4)

4,529‌

236‌

General

Mills 

24,761‌

1,585‌

Kraft

Heinz 

58,617‌

1,972‌

Mondelez

International,

Class

A 

191,503‌

13,290‌

Nestle

(CHF) 

190,452‌

21,558‌

Tyson

Foods,

Class

A 

5,400‌

273‌

Wilmar

International

(SGD) 

1,700,300‌

4,627‌

46,245‌

Household

Products

0.5%

Colgate-Palmolive 

69,964‌

4,975‌

Procter

&

Gamble 

102,212‌

14,909‌

19,884‌

Personal

Care

Products

0.7%

elf

Beauty (4)

3,200‌

351‌

Kenvue 

364,822‌

7,326‌

L'Oreal

(EUR) 

15,559‌

6,448‌

Unilever

(GBP) 

251,019‌

12,417‌

26,542‌

Tobacco

0.4%

Altria

Group 

16,429‌

691‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Philip

Morris

International 

154,229‌

14,278‌

14,969‌

Total

Consumer

Staples

166,441‌

ENERGY

3.0%

Energy

Equipment

&

Services

0.5%

Halliburton 

210,105‌

8,509‌

NOV 

51,722‌

1,081‌

Schlumberger 

176,071‌

10,265‌

19,855‌

Oil,

Gas

&

Consumable

Fuels

2.5%

Chesapeake

Energy (5)

2,500‌

216‌

Chevron 

98,761‌

16,653‌

ConocoPhillips 

86,746‌

10,392‌

Devon

Energy 

17,856‌

852‌

Diamondback

Energy 

3,800‌

589‌

EOG

Resources 

15,203‌

1,927‌

EQT 

186,817‌

7,581‌

Equinor

(NOK) 

331,327‌

10,858‌

Exxon

Mobil 

143,130‌

16,829‌

Hess 

9,323‌

1,426‌

Kinder

Morgan 

240,342‌

3,985‌

Marathon

Petroleum 

12,633‌

1,912‌

Pioneer

Natural

Resources 

3,132‌

719‌

Range

Resources 

173,628‌

5,627‌

Shell,

ADR (5)

95,632‌

6,157‌

Suncor

Energy (5)

13,397‌

461‌

TotalEnergies

(EUR) 

187,574‌

12,333‌

Valero

Energy 

4,405‌

624‌

Williams 

80,361‌

2,707‌

101,848‌

Total

Energy

121,703‌

FINANCIALS

10.3%

Banks

3.1%

ANZ

Group

Holdings

(AUD) 

189,790‌

3,113‌

Bank

of

America 

384,979‌

10,541‌

BNP

Paribas

(EUR) 

80,071‌

5,091‌

Citigroup 

31,243‌

1,285‌

DBS

Group

Holdings

(SGD) 

148,000‌

3,635‌

DNB

Bank

(NOK) 

418,530‌

8,409‌

East

West

Bancorp 

16,324‌

860‌

Erste

Group

Bank

(EUR) 

57,342‌

1,980‌

Fifth

Third

Bancorp 

45,447‌

1,151‌

HDFC

Bank

(INR) 

215,696‌

3,955‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Huntington

Bancshares 

75,536‌

786‌

ING

Groep

(EUR) 

682,160‌

8,991‌

Intesa

Sanpaolo

(EUR) 

1,007,457‌

2,580‌

JPMorgan

Chase 

158,596‌

23,000‌

Lloyds

Banking

Group

(GBP) 

6,953,630‌

3,737‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

661,500‌

5,606‌

National

Bank

of

Canada

(CAD) 

93,501‌

6,211‌

PNC

Financial

Services

Group 

37,864‌

4,648‌

Regions

Financial 

5,400‌

93‌

Standard

Chartered

(GBP) 

298,210‌

2,743‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

57,554‌

2,167‌

Svenska

Handelsbanken,

Class

A

(SEK) 

558,697‌

4,971‌

Truist

Financial 

8,000‌

229‌

U.S.

Bancorp 

67,245‌

2,223‌

United

Overseas

Bank

(SGD) 

281,200‌

5,857‌

Wells

Fargo 

294,184‌

12,020‌

Western

Alliance

Bancorp 

5,500‌

253‌

126,135‌

Capital

Markets

1.2%

Ares

Management,

Class

A 

6,400‌

658‌

Bank

of

New

York

Mellon 

25,001‌

1,066‌

BlackRock 

1,105‌

714‌

Bridgepoint

Group

(GBP) 

642,572‌

1,502‌

Brookfield

(CAD) 

105,300‌

3,293‌

Cboe

Global

Markets 

5,071‌

792‌

Charles

Schwab 

131,773‌

7,234‌

CME

Group 

17,667‌

3,537‌

Goldman

Sachs

Group 

23,849‌

7,717‌

Intercontinental

Exchange 

14,607‌

1,607‌

Julius

Baer

Group

(CHF) 

64,765‌

4,146‌

LPL

Financial

Holdings 

2,900‌

689‌

Macquarie

Group

(AUD) 

32,532‌

3,484‌

Moody's 

3,976‌

1,257‌

Morgan

Stanley 

59,809‌

4,885‌

MSCI 

2,035‌

1,044‌

S&P

Global 

12,407‌

4,534‌

Tradeweb

Markets,

Class

A 

4,200‌

337‌

XP,

Class

A 

82,556‌

1,903‌

50,399‌

Consumer

Finance

0.2%

American

Express 

50,020‌

7,462‌

Capital

One

Financial 

1,502‌

146‌

Discover

Financial

Services 

3,600‌

312‌

7,920‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Financial

Services

2.8%

Adyen

(EUR) (4)

2,371‌

1,758‌

Affirm

Holdings (4)(5)

18,400‌

391‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $411 (4)(6)(7)

411,083‌

403‌

Apollo

Global

Management 

10,757‌

966‌

Berkshire

Hathaway,

Class

B (4)

78,847‌

27,620‌

Challenger

(AUD) 

325,045‌

1,332‌

Corebridge

Financial (5)

208,130‌

4,111‌

Element

Fleet

Management

(CAD) 

419,455‌

6,019‌

Equitable

Holdings 

43,165‌

1,225‌

Fiserv (4)

123,383‌

13,937‌

FleetCor

Technologies (4)

17,735‌

4,529‌

Global

Payments 

20,433‌

2,358‌

Mastercard,

Class

A 

54,104‌

21,420‌

Mitsubishi

HC

Capital

(JPY) 

368,200‌

2,453‌

Visa,

Class

A 

115,698‌

26,612‌

115,134‌

Insurance

3.0%

AIA

Group

(HKD) 

664,600‌

5,375‌

Allstate 

38,754‌

4,317‌

American

International

Group 

48,716‌

2,952‌

AXA

(EUR) 

363,044‌

10,771‌

Chubb 

72,229‌

15,037‌

Definity

Financial

(CAD) 

64,510‌

1,781‌

Hartford

Financial

Services

Group 

71,132‌

5,044‌

Marsh

&

McLennan 

27,856‌

5,301‌

MetLife 

201,698‌

12,689‌

Munich

Re

(EUR) 

31,717‌

12,352‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

245,500‌

1,392‌

Progressive 

61,539‌

8,572‌

RenaissanceRe

Holdings 

7,466‌

1,478‌

Sampo,

Class

A

(EUR) 

141,858‌

6,133‌

Storebrand

(NOK) 

503,026‌

4,084‌

Sun

Life

Financial

(CAD) 

116,250‌

5,672‌

Tokio

Marine

Holdings

(JPY) 

283,800‌

6,571‌

Travelers 

35,643‌

5,821‌

Zurich

Insurance

Group

(CHF) 

14,911‌

6,823‌

122,165‌

Total

Financials

421,753‌

HEALTH

CARE

8.8%

Biotechnology

0.6%

AbbVie 

33,340‌

4,970‌

Amgen 

32,899‌

8,842‌

Biogen (4)

2,325‌

597‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Genmab

(DKK) (4)

6,035‌

2,137‌

Gilead

Sciences 

4,793‌

359‌

Moderna (4)

1,652‌

171‌

Regeneron

Pharmaceuticals (4)

5,052‌

4,158‌

Vertex

Pharmaceuticals (4)

6,647‌

2,311‌

23,545‌

Health

Care

Equipment

&

Supplies

1.5%

Abbott

Laboratories 

18,117‌

1,755‌

Alcon

(CHF) 

39,216‌

3,026‌

Align

Technology (4)

1,917‌

585‌

Baxter

International 

28,977‌

1,094‌

Becton

Dickinson

&

Company 

22,579‌

5,837‌

Boston

Scientific (4)

19,514‌

1,030‌

DENTSPLY

SIRONA 

12,280‌

420‌

Dexcom (4)

11,548‌

1,077‌

Edwards

Lifesciences (4)

15,400‌

1,067‌

Elekta,

Class

B

(SEK) 

341,076‌

2,316‌

EssilorLuxottica

(EUR) 

24,781‌

4,311‌

GE

HealthCare

Technologies 

70,126‌

4,771‌

Hologic (4)

10,700‌

743‌

Intuitive

Surgical (4)

37,161‌

10,862‌

Koninklijke

Philips

(EUR) (4)

213,351‌

4,257‌

Medtronic 

69,788‌

5,469‌

Siemens

Healthineers

(EUR) 

113,982‌

5,765‌

Stryker 

19,972‌

5,458‌

Teleflex 

7,729‌

1,518‌

Zimmer

Biomet

Holdings 

9,009‌

1,011‌

62,372‌

Health

Care

Providers

&

Services

2.2%

Cencora 

59,914‌

10,783‌

Cigna

Group 

7,864‌

2,250‌

CVS

Health 

5,000‌

349‌

Elevance

Health 

47,856‌

20,837‌

Fresenius

(EUR) 

134,206‌

4,168‌

HCA

Healthcare 

19,062‌

4,689‌

Humana 

19,672‌

9,571‌

McKesson 

4,630‌

2,013‌

Molina

Healthcare (4)

1,930‌

633‌

Tenet

Healthcare (4)

39,592‌

2,609‌

UnitedHealth

Group 

59,441‌

29,970‌

87,872‌

Health

Care

Technology

0.0%

Veeva

Systems,

Class

A (4)

6,897‌

1,403‌

1,403‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

0.8%

Agilent

Technologies 

9,250‌

1,034‌

Avantor (4)

23,435‌

494‌

Charles

River

Laboratories

International (4)

515‌

101‌

Danaher 

51,446‌

12,764‌

Evotec

(EUR) (4)

83,281‌

1,658‌

ICON (4)

1,700‌

419‌

IQVIA

Holdings (4)

1,769‌

348‌

Thermo

Fisher

Scientific 

30,996‌

15,689‌

West

Pharmaceutical

Services 

1,162‌

436‌

32,943‌

Pharmaceuticals

3.7%

Astellas

Pharma

(JPY) 

543,500‌

7,523‌

AstraZeneca,

ADR 

277,679‌

18,804‌

Bayer

(EUR) 

102,257‌

4,911‌

Bristol-Myers

Squibb 

12,448‌

722‌

Eli

Lilly 

51,829‌

27,839‌

GSK,

ADR 

103,792‌

3,762‌

Johnson

&

Johnson 

74,418‌

11,591‌

Merck 

103,916‌

10,698‌

Novartis

(CHF) 

115,538‌

11,800‌

Novo

Nordisk,

ADR 

15,212‌

1,383‌

Novo

Nordisk,

Class

B

(DKK) 

98,350‌

8,955‌

Otsuka

Holdings

(JPY) 

90,600‌

3,217‌

Pfizer 

215,310‌

7,142‌

Roche

Holding

(CHF) 

40,505‌

11,058‌

Sanofi

(EUR) 

123,477‌

13,258‌

Viatris 

135,354‌

1,335‌

Zoetis 

33,249‌

5,785‌

149,783‌

Total

Health

Care

357,918‌

INDUSTRIALS

&

BUSINESS

SERVICES

5.4%

Aerospace

&

Defense

0.8%

Boeing (4)

18,920‌

3,627‌

General

Dynamics 

22,469‌

4,965‌

Howmet

Aerospace 

13,300‌

615‌

Huntington

Ingalls

Industries 

2,081‌

426‌

L3Harris

Technologies 

32,272‌

5,619‌

Melrose

Industries

(GBP) 

779,278‌

4,442‌

Northrop

Grumman 

7,640‌

3,363‌

RTX 

17,517‌

1,261‌

Safran

(EUR) 

34,383‌

5,388‌

TransDigm

Group (4)

3,467‌

2,923‌

32,629‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Air

Freight

&

Logistics

0.0%

FedEx 

5,470‌

1,449‌

1,449‌

Building

Products

0.1%

Carrier

Global 

85,531‌

4,721‌

Johnson

Controls

International 

11,145‌

593‌

Trane

Technologies 

2,190‌

445‌

5,759‌

Commercial

Services

&

Supplies

0.1%

Cintas 

3,406‌

1,638‌

Copart (4)

24,278‌

1,046‌

Republic

Services 

3,940‌

562‌

Waste

Connections 

9,456‌

1,270‌

4,516‌

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings (4)

3,200‌

133‌

Worley

(AUD) 

406,944‌

4,518‌

4,651‌

Electrical

Equipment

0.8%

ABB

(CHF) 

206,264‌

7,362‌

AMETEK 

42,143‌

6,227‌

Emerson

Electric 

3,100‌

299‌

Hubbell 

3,531‌

1,107‌

Legrand

(EUR) 

61,939‌

5,691‌

Mitsubishi

Electric

(JPY) 

479,500‌

5,924‌

Prysmian

(EUR) 

129,523‌

5,199‌

Rockwell

Automation 

1,772‌

507‌

32,316‌

Ground

Transportation

0.8%

Canadian

National

Railway (5)

5,800‌

628‌

Canadian

Pacific

Kansas

City (5)

3,671‌

273‌

Central

Japan

Railway

(JPY) 

108,000‌

2,626‌

CSX 

325,383‌

10,006‌

JB

Hunt

Transport

Services 

4,870‌

918‌

Norfolk

Southern 

20,693‌

4,075‌

Old

Dominion

Freight

Line 

10,937‌

4,475‌

Saia (4)

2,454‌

978‌

Union

Pacific 

33,121‌

6,745‌

30,724‌

Industrial

Conglomerates

1.2%

3M 

5,503‌

515‌

DCC

(GBP) 

52,286‌

2,928‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

General

Electric 

160,012‌

17,689‌

Honeywell

International 

12,618‌

2,331‌

Roper

Technologies 

14,393‌

6,970‌

Siemens

(EUR) 

136,135‌

19,455‌

49,888‌

Machinery

0.9%

Caterpillar 

9,652‌

2,635‌

Cummins 

28,789‌

6,577‌

Deere 

5,800‌

2,189‌

Dover 

7,900‌

1,102‌

IDEX 

16,000‌

3,328‌

Ingersoll

Rand 

21,042‌

1,341‌

KION

Group

(EUR) 

67,096‌

2,566‌

Otis

Worldwide 

10,716‌

861‌

PACCAR 

8,910‌

758‌

Sandvik

(SEK) 

203,099‌

3,737‌

SMC

(JPY) 

4,000‌

1,793‌

Stanley

Black

&

Decker 

21,494‌

1,796‌

THK

(JPY) 

97,000‌

1,771‌

Veralto (4)

1,069‌

90‌

Westinghouse

Air

Brake

Technologies 

54,131‌

5,753‌

36,297‌

Passenger

Airlines

0.0%

Alaska

Air

Group (4)

2,800‌

104‌

Southwest

Airlines 

17,322‌

469‌

United

Airlines

Holdings (4)

8,100‌

342‌

915‌

Professional

Services

0.2%

Broadridge

Financial

Solutions 

4,827‌

864‌

Equifax 

1,500‌

275‌

Recruit

Holdings

(JPY) 

122,600‌

3,751‌

TechnoPro

Holdings

(JPY) 

139,400‌

3,029‌

Teleperformance

(EUR) 

17,744‌

2,228‌

10,147‌

Trading

Companies

&

Distributors

0.4%

Ashtead

Group

(GBP) 

79,911‌

4,846‌

Bunzl

(GBP) 

86,401‌

3,077‌

Mitsubishi

(JPY) 

89,400‌

4,260‌

Sumitomo

(JPY) (5)

240,400‌

4,798‌

United

Rentals 

383‌

170‌

17,151‌

Total

Industrials

&

Business

Services

226,442‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

13.1%

Communications

Equipment

0.2%

Arista

Networks (4)

5,327‌

980‌

Cisco

Systems 

27,995‌

1,505‌

LM

Ericsson,

Class

B

(SEK) (5)

815,199‌

3,971‌

6,456‌

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol,

Class

A 

493‌

41‌

Hamamatsu

Photonics

(JPY) 

68,300‌

2,872‌

Largan

Precision

(TWD) 

19,000‌

1,259‌

Murata

Manufacturing

(JPY) 

226,500‌

4,132‌

Omron

(JPY) 

45,600‌

2,029‌

TE

Connectivity 

35,235‌

4,353‌

Teledyne

Technologies (4)

3,106‌

1,269‌

Trimble (4)

4,101‌

221‌

Zebra

Technologies,

Class

A (4)

1,300‌

307‌

16,483‌

IT

Services

0.5%

Accenture,

Class

A 

18,398‌

5,650‌

MongoDB (4)

8,759‌

3,029‌

NTT

Data

Group

(JPY) (5)

512,100‌

6,853‌

Shopify,

Class

A (4)

53,260‌

2,906‌

Snowflake,

Class

A (4)

7,226‌

1,104‌

19,542‌

Semiconductors

&

Semiconductor

Equipment

4.6%

Advanced

Micro

Devices (4)

43,403‌

4,462‌

Analog

Devices 

19,500‌

3,414‌

Applied

Materials 

43,856‌

6,072‌

ASML

Holding

(EUR) 

19,412‌

11,429‌

ASML

Holding 

11,366‌

6,691‌

Broadcom 

19,578‌

16,261‌

Entegris 

6,380‌

599‌

First

Solar (4)

1,200‌

194‌

KLA 

3,379‌

1,550‌

Lam

Research 

14,569‌

9,131‌

Lattice

Semiconductor (4)

5,561‌

478‌

Marvell

Technology 

37,128‌

2,010‌

Micron

Technology 

91,991‌

6,258‌

Monolithic

Power

Systems 

7,831‌

3,618‌

NVIDIA 

131,352‌

57,137‌

NXP

Semiconductors 

74,558‌

14,905‌

ON

Semiconductor (4)

27,648‌

2,570‌

QUALCOMM 

59,411‌

6,598‌

Renesas

Electronics

(JPY) (4)

196,400‌

3,000‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Taiwan

Semiconductor

Manufacturing

(TWD) 

787,969‌

12,849‌

Taiwan

Semiconductor

Manufacturing,

ADR 

20,331‌

1,767‌

Texas

Instruments 

67,780‌

10,778‌

Tokyo

Electron

(JPY) 

36,300‌

4,958‌

186,729‌

Software

4.7%

Adobe (4)

12,168‌

6,205‌

Atlassian,

Class

A (4)

10,425‌

2,101‌

BILL

Holdings (4)

17,727‌

1,925‌

Cadence

Design

Systems (4)

7,558‌

1,771‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (4)(6)(7)

392‌

418‌

Confluent,

Class

A (4)

23,811‌

705‌

Crowdstrike

Holdings,

Class

A (4)

5,212‌

872‌

Datadog,

Class

A (4)

10,229‌

932‌

Descartes

Systems

Group (4)

8,725‌

640‌

DocuSign (4)

39,717‌

1,668‌

Fair

Isaac (4)

700‌

608‌

Fortinet (4)

26,391‌

1,549‌

Gen

Digital 

62,804‌

1,110‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (4)(6)(7)

7,517‌

116‌

Intuit 

20,489‌

10,469‌

Microsoft 

378,630‌

119,552‌

Palo

Alto

Networks (4)

3,324‌

779‌

Salesforce (4)

35,706‌

7,240‌

Samsara,

Class

A (4)

3,716‌

94‌

SAP

(EUR) 

61,015‌

7,898‌

ServiceNow (4)

23,333‌

13,042‌

Synopsys (4)

20,104‌

9,227‌

Zoom

Video

Communications,

Class

A (4)

2,732‌

191‌

Zscaler (4)

4,697‌

731‌

189,843‌

Technology

Hardware,

Storage

&

Peripherals

2.7%

Apple 

577,267‌

98,834‌

Pure

Storage,

Class

A (4)

30,930‌

1,102‌

Samsung

Electronics

(KRW) 

162,551‌

8,217‌

Western

Digital (4)

17,921‌

818‌

108,971‌

Total

Information

Technology

528,024‌

MATERIALS

2.3%

Chemicals

1.2%

Air

Liquide

(EUR) 

37,899‌

6,383‌

Akzo

Nobel

(EUR) 

53,693‌

3,871‌

Asahi

Kasei

(JPY) 

390,400‌

2,457‌

BASF

(EUR) 

71,289‌

3,227‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CF

Industries

Holdings 

11,379‌

976‌

Covestro

(EUR) (4)

76,393‌

4,108‌

FMC 

3,000‌

201‌

Johnson

Matthey

(GBP) 

139,170‌

2,755‌

Linde 

35,821‌

13,338‌

Nutrien 

55,612‌

3,435‌

RPM

International 

3,794‌

360‌

Sherwin-Williams 

14,716‌

3,753‌

Tosoh

(JPY) 

39,200‌

503‌

Umicore

(EUR) 

115,328‌

2,730‌

48,097‌

Construction

Materials

0.1%

Martin

Marietta

Materials 

3,442‌

1,413‌

Vulcan

Materials 

4,088‌

826‌

2,239‌

Containers

&

Packaging

0.1%

Amcor,

CDI

(AUD) 

143,128‌

1,305‌

Avery

Dennison 

3,287‌

601‌

Ball 

15,396‌

766‌

Packaging

Corp.

of

America 

2,448‌

376‌

Westrock 

12,096‌

433‌

3,481‌

Metals

&

Mining

0.8%

Antofagasta

(GBP) 

230,932‌

4,009‌

BHP

Group

(AUD) 

120,793‌

3,393‌

BHP

Group

(GBP) 

171,804‌

4,876‌

Franco-Nevada 

12,300‌

1,642‌

Freeport-McMoRan 

127,982‌

4,773‌

IGO

(AUD) 

914,404‌

7,338‌

Newmont 

7,419‌

274‌

South32

(AUD) 

1,088,164‌

2,350‌

Southern

Copper 

17,869‌

1,345‌

Steel

Dynamics 

2,704‌

290‌

Wheaton

Precious

Metals (5)

57,000‌

2,311‌

32,601‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

302,563‌

3,792‌

West

Fraser

Timber (5)

7,856‌

570‌

4,362‌

Total

Materials

90,780‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

REAL

ESTATE

0.9%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Welltower,

REIT 

13,789‌

1,130‌

1,130‌

Industrial

Real

Estate

Investment

Trusts

0.1%

Prologis,

REIT 

45,718‌

5,130‌

Rexford

Industrial

Realty,

REIT 

18,514‌

914‌

6,044‌

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

336,747‌

1,713‌

1,713‌

Real

Estate

Management

&

Development

0.2%

CBRE

Group,

Class

A (4)

4,200‌

310‌

CoStar

Group (4)

6,721‌

517‌

Mitsui

Fudosan

(JPY) 

277,600‌

6,114‌

6,941‌

Residential

Real

Estate

Investment

Trusts

0.1%

American

Homes

4

Rent,

Class

A,

REIT 

9,686‌

326‌

AvalonBay

Communities,

REIT 

4,217‌

724‌

Equity

LifeStyle

Properties,

REIT 

47,291‌

3,013‌

Essex

Property

Trust,

REIT 

3,036‌

644‌

Sun

Communities,

REIT 

1,090‌

129‌

4,836‌

Retail

Real

Estate

Investment

Trusts

0.1%

Scentre

Group

(AUD) 

1,992,670‌

3,131‌

Simon

Property

Group,

REIT 

5,624‌

608‌

3,739‌

Specialized

Real

Estate

Investment

Trusts

0.4%

American

Tower,

REIT 

8,371‌

1,376‌

Crown

Castle,

REIT 

2,000‌

184‌

Equinix,

REIT 

2,056‌

1,493‌

Extra

Space

Storage,

REIT 

18,628‌

2,265‌

Public

Storage,

REIT 

21,300‌

5,613‌

SBA

Communications,

REIT 

1,193‌

239‌

Weyerhaeuser,

REIT 

113,561‌

3,482‌

14,652‌

Total

Real

Estate

39,055‌

UTILITIES

1.4%

Electric

Utilities

0.8%

Constellation

Energy 

86,471‌

9,432‌

Evergy 

51,233‌

2,598‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FirstEnergy 

80,460‌

2,750‌

NextEra

Energy 

146,356‌

8,385‌

NRG

Energy 

36,300‌

1,398‌

PG&E (4)

113,844‌

1,836‌

Southern 

87,740‌

5,679‌

Xcel

Energy 

3,600‌

206‌

32,284‌

Gas

Utilities

0.0%

Beijing

Enterprises

Holdings

(HKD) 

387,500‌

1,333‌

1,333‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) 

151,000‌

2,438‌

2,438‌

Multi-Utilities

0.5%

Ameren 

20,857‌

1,561‌

CMS

Energy 

19,464‌

1,034‌

Dominion

Energy 

57,092‌

2,550‌

DTE

Energy 

4,643‌

461‌

Engie

(EUR) 

558,726‌

8,569‌

National

Grid

(GBP) 

468,630‌

5,604‌

19,779‌

Total

Utilities

55,834‌

Total

Common

Stocks

(Cost

$1,367,147)

2,452,282‌

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

27‌

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

285‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (4)(6)

(7)

8,505‌

625‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $112 (4)(6)(7)

1,526‌

112‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (4)(6)(7)

10,431‌

161‌

Total

Information

Technology

1,212‌

Total

Convertible

Preferred

Stocks

(Cost

$1,329)

1,212‌

CORPORATE

BONDS

7.1%

Abbott

Laboratories,

3.40%,

11/30/23 

1,281,000‌

1,276‌

AbbVie,

2.95%,

11/21/26 

920,000‌

853‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

AbbVie,

3.20%,

5/14/26 

420,000‌

396‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,716‌

AbbVie,

4.70%,

5/14/45 

915,000‌

779‌

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

910‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

837‌

AerCap

Ireland

Capital,

5.75%,

6/6/28 (5)

1,840,000‌

1,798‌

AerCap

Ireland

Capital,

6.15%,

9/30/30 

225,000‌

222‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

365‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,422‌

AIA

Group,

3.20%,

3/11/25 (1)(5)

1,020,000‌

985‌

AIB

Group,

VR,

6.608%,

9/13/29 (1)(8)

650,000‌

648‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,071‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

655,000‌

616‌

Allstate,

5.55%,

5/9/35 (5)

1,000,000‌

958‌

Ally

Financial,

2.20%,

11/2/28 

700,000‌

552‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

393‌

Amazon.com,

2.80%,

8/22/24 

1,055,000‌

1,030‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,403‌

America

Movil

SAB

de

CV,

2.875%,

5/7/30 

2,525,000‌

2,116‌

America

Movil

SAB

de

CV,

6.375%,

3/1/35 

300,000‌

311‌

American

Airlines

PTT,

Series 2014-1,

Class

A,

3.70%,

10/1/26 

711,671‌

644‌

American

Airlines

PTT,

Series 2016-1,

Class

B,

5.25%,

1/15/24 

1,102,010‌

1,091‌

American

Honda

Finance,

0.75%,

8/9/24 

2,335,000‌

2,236‌

Amgen,

2.77%,

9/1/53 

447,000‌

248‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,028‌

APA

Infrastructure,

4.25%,

7/15/27 (1)(5)

620,000‌

584‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

1,885‌

Apple,

1.65%,

5/11/30 

2,345,000‌

1,897‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,051‌

AT&T,

3.50%,

6/1/41 (5)

680,000‌

470‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,199‌

AutoZone,

3.125%,

4/21/26 

650,000‌

610‌

AutoZone,

5.05%,

7/15/26 

2,690,000‌

2,649‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

168‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,269‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,110,000‌

1,092‌

Bank

of

America,

4.20%,

8/26/24 

600,000‌

589‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

884‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

742‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,700‌

Bank

of

America,

VR,

2.676%,

6/19/41 (8)

3,450,000‌

2,211‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

1,832‌

Bank

of

Montreal,

2.65%,

3/8/27 

2,035,000‌

1,829‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

522‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,773‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,048‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,402‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,160‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,830‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

1,350,000‌

1,187‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,224‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,422‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

362‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

769‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,472‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,092‌

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

963‌

BPCE,

5.70%,

10/22/23 (1)

1,700,000‌

1,699‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,110,000‌

982‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

520‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,150‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,161‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

678‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

475‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

365‌

Canadian

Natural

Resources,

2.95%,

7/15/30 (5)

1,700,000‌

1,413‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 (5)

930,000‌

828‌

Canadian

Pacific

Railway,

3.50%,

5/1/50 

1,695,000‌

1,150‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,105‌

Cardinal

Health,

3.41%,

6/15/27 (5)

1,570,000‌

1,449‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

965‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (1)(9)

256,000‌

199‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (1)(9)

384,000‌

299‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)(9)

454,000‌

353‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30 (1)(5)

505,000‌

433‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

828‌

Charter

Communications

Operating,

4.908%,

7/23/25 

2,465,000‌

2,409‌

Citigroup,

VR,

2.976%,

11/5/30 (8)

2,750,000‌

2,304‌

Citigroup,

VR,

4.075%,

4/23/29 (5)(8)

2,000,000‌

1,842‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

685‌

CMS

Energy,

4.875%,

3/1/44 (5)

1,200,000‌

1,028‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,707‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,096‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,326‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

929‌

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

622‌

Corebridge

Financial,

4.40%,

4/5/52 

4,505,000‌

3,274‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,525‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,412‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,120‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

667‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

462‌

CVS

Health,

1.875%,

2/28/31 

1,745,000‌

1,327‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

417‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)

2,155,000‌

2,015‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(8)

2,940,000‌

2,810‌

Discover

Bank,

2.70%,

2/6/30 

2,000,000‌

1,564‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

565‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

588‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

347‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

768‌

Enbridge,

4.00%,

10/1/23 

690,000‌

690‌

Enbridge,

4.25%,

12/1/26 

590,000‌

563‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

217‌

Energy

Transfer,

3.75%,

5/15/30 (5)

765,000‌

669‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,171‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

780,000‌

715‌

ERAC

USA

Finance,

3.85%,

11/15/24 (1)

435,000‌

425‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

403‌

Essex

Portfolio,

2.65%,

3/15/32 (5)

1,430,000‌

1,104‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

1,915‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (8)

460,000‌

454‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

408‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)

1,310,000‌

1,279‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,029‌

GATX,

4.35%,

2/15/24 

2,105,000‌

2,097‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,082‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,714‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 (5)

975,000‌

802‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

707‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (8)

1,300,000‌

1,020‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (5)(8)

1,710,000‌

1,105‌

Hasbro,

3.00%,

11/19/24 (5)

1,550,000‌

1,498‌

Hasbro,

3.55%,

11/19/26 

1,760,000‌

1,636‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,713‌

HCA,

4.375%,

3/15/42 

775,000‌

589‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

958‌

Healthpeak

OP,

2.125%,

12/1/28 

655,000‌

551‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

293‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,650‌

HSBC

Bank

USA,

5.875%,

11/1/34 (5)

950,000‌

894‌

Humana,

2.15%,

2/3/32 

1,145,000‌

864‌

Humana,

3.70%,

3/23/29 (5)

1,120,000‌

1,020‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)

2,435,000‌

2,021‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,003‌

Illinois

Tool

Works,

3.90%,

9/1/42 

1,200,000‌

981‌

Interpublic

Group,

4.20%,

4/15/24 

293,000‌

290‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Intuit,

5.125%,

9/15/28 

2,800,000‌

2,774‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,215‌

JDE

Peet's,

1.375%,

1/15/27 (1)

2,240,000‌

1,922‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,863‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,148‌

JPMorgan

Chase,

VR,

5.299%,

7/24/29 (5)(8)

3,125,000‌

3,026‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,299‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

459‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

553‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,326‌

Marsh

&

McLennan,

3.50%,

6/3/24 

3,060,000‌

3,010‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,155‌

McDonald's,

1.45%,

9/1/25 

940,000‌

869‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

608‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

833‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,456‌

Mississippi

Power,

3.95%,

3/30/28 (5)

1,435,000‌

1,345‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,087‌

Mohawk

Industries,

5.85%,

9/18/28 (5)

1,385,000‌

1,376‌

Moody's,

2.00%,

8/19/31 

2,195,000‌

1,703‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

910‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

765‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (8)

1,445,000‌

991‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,471‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

680,000‌

678‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,610‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,279‌

Nucor,

2.70%,

6/1/30 

455,000‌

380‌

Nucor,

3.95%,

5/1/28 

2,140,000‌

2,010‌

Nutrien,

4.00%,

12/15/26 

830,000‌

786‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

788‌

O'Reilly

Automotive,

3.60%,

9/1/27 (5)

1,825,000‌

1,703‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,730‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,148‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

785,000‌

768‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,633‌

Perrigo

Finance

Unlimited,

4.65%,

6/15/30 

1,510,000‌

1,285‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

683‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,064‌

Principal

Financial

Group,

3.40%,

5/15/25 (5)

2,460,000‌

2,358‌

Public

Storage

Operating,

1.95%,

11/9/28 

1,210,000‌

1,026‌

QUALCOMM,

3.25%,

5/20/27 

1,120,000‌

1,046‌

Realty

Income,

3.10%,

12/15/29 (5)

2,130,000‌

1,847‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,399‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

809‌

Republic

Services,

3.375%,

11/15/27 (5)

1,045,000‌

965‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rogers

Communications,

3.625%,

12/15/25 (5)

610,000‌

578‌

Rogers

Communications,

4.50%,

3/15/42 

2,935,000‌

2,264‌

Roper

Technologies,

2.95%,

9/15/29 (5)

380,000‌

331‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,027‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

344‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,241‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

513‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (8)

1,365,000‌

1,178‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,395‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,081‌

Sempra,

3.30%,

4/1/25 

835,000‌

803‌

Simon

Property

Group,

2.65%,

2/1/32 (5)

1,810,000‌

1,416‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,269‌

Southern,

5.70%,

3/15/34 

500,000‌

489‌

Spectra

Energy

Partners,

3.375%,

10/15/26 (5)

480,000‌

448‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

1,145,000‌

1,138‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(8)

2,005,000‌

1,893‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

884‌

T-Mobile

USA,

5.75%,

1/15/34 

1,860,000‌

1,815‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

970‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,514‌

Texas

Instruments,

1.375%,

3/12/25 

650,000‌

613‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

382‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

406‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

484‌

TJX,

1.60%,

5/15/31 (5)

375,000‌

290‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

1,832‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,305‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,140‌

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

365‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

321‌

Travelers,

6.25%,

6/15/37 (5)

750,000‌

791‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

568‌

UBS

Group,

VR,

2.593%,

9/11/25 (1)(8)

2,095,000‌

2,017‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

919,602‌

830‌

UnitedHealth

Group,

3.75%,

7/15/25 (5)

645,000‌

626‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

394‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,571‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,456‌

Vistra

Operations,

3.55%,

7/15/24 (1)(5)

1,370,000‌

1,336‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,751‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

560‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,629‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)

1,395,000‌

1,336‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

473‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Walt

Disney,

3.70%,

10/15/25 

525,000‌

507‌

Warnermedia

Holdings,

5.05%,

3/15/42 (5)

1,570,000‌

1,209‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

1,909‌

Weibo,

3.50%,

7/5/24 (5)

1,390,000‌

1,360‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,435‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

2,687‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,460‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,284‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

691‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,076‌

Workday,

3.70%,

4/1/29 

750,000‌

678‌

WP

Carey,

3.85%,

7/15/29 

1,470,000‌

1,302‌

WPP

Finance

2010,

3.75%,

9/19/24 

1,310,000‌

1,272‌

Total

Corporate

Bonds

(Cost

$334,316)

290,278‌

EQUITY

MUTUAL

FUNDS

4.0%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

12,277,965‌

160,841‌

Total

Equity

Mutual

Funds

(Cost

$151,106)

160,841‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.4%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35 (1)

510,000‌

466‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,248‌

Province

of

British

Columbia

Canada,

4.20%,

7/6/33 

2,648,000‌

2,483‌

Province

of

Manitoba

Canada,

4.30%,

7/27/33 (5)

2,595,000‌

2,447‌

Republic

of

Colombia,

4.00%,

2/26/24 

275,000‌

275‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,644‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

980‌

United

Mexican

States,

2.659%,

5/24/31 (5)

3,439,000‌

2,722‌

United

Mexican

States,

3.50%,

2/12/34 (5)

2,315,000‌

1,816‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$17,459)

15,081‌

MUNICIPAL

SECURITIES

0.8%

California

0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,024‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,579‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (10)

695,000‌

677‌

Los

Angeles

Airport,

Build

America,

Series C,

7.053%,

5/15/40 

1,000,000‌

1,104‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

305‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

750,000‌

751‌

7,440‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Illinois

0.0%

Chicago

O'Hare

Int'l

Airport,

Build

America,

Series B,

6.395%,

1/1/40 

755,000‌

803‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

822‌

Illinois

Toll

Highway

Auth.,

Build

America,

Series A,

6.184%,

1/1/34 

470,000‌

484‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

505‌

2,614‌

Maryland

0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,640‌

1,640‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,099‌

2,099‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Build

America,

Series F,

7.414%,

1/1/40 

415,000‌

483‌

483‌

New

York

0.0%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

240,000‌

277‌

Metropolitan

Transportation

Auth.,

Build

America,

Series A-1,

5.871%,

11/15/39 

700,000‌

667‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

933‌

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

252‌

New

York

State

Dormitory

Auth.,

Build

America,

Series F,

5.628%,

3/15/39 

1,300,000‌

1,292‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

542‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,270‌

5,233‌

Ohio

0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,225,000‌

1,186‌

1,186‌

Pennsylvania

0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

600,000‌

583‌

583‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

1,932‌

1,932‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Texas

0.1%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,242‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

899‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

940‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,431‌

4,512‌

Utah

0.0%

Utah

Transit

Auth.,

Build

America,

Series B,

5.937%,

6/15/39 

900,000‌

921‌

921‌

Virginia

0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,236‌

Virginia

Commonwealth

Transportation

Board,

Build

America,

Series B,

5.35%,

5/15/35 

690,000‌

679‌

Virginia

Public

Building

Auth.,

Build

America,

Series B-2,

5.90%,

8/1/30 

695,000‌

718‌

3,633‌

Wisconsin

0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

1,885‌

1,885‌

Total

Municipal

Securities

(Cost

$39,829)

34,161‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

2.4%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

264,759‌

233‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

955,100‌

779‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

933,716‌

754‌

Angel

Oak

Mortgage

Trust,

Series 2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (1)

1,979,017‌

1,883‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

958,272‌

801‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.606%,

11/15/34 (1)

605,000‌

231‌

BBCMS

Mortgage

Trust,

Series 2020-BID,

Class

A,

ARM,

1M

TSFR

+

2.254%,

7.587%,

10/15/37 (1)

2,590,000‌

2,466‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

TSFR

+

1.654%,

6.986%,

10/15/34 (1)

2,080,000‌

2,054‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

6.674%,

2/15/39 (1)

3,395,000‌

3,337‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44 (1)

2,025,000‌

1,445‌

BX

Commercial

Mortgage

Trust,

Series 2022-LP2,

Class

C,

ARM,

1M

TSFR

+

1.562%,

6.894%,

2/15/39 (1)

2,948,653‌

2,841‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (1)

800,000‌

737‌

Chase

Home

Lending

Mortgage

Trust,

Series 2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62 (1)

2,930,970‌

2,582‌

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

235,000‌

229‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

921,294‌

745‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.747%,

11/15/37 (1)

2,118,345‌

2,094‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,542‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

2,160,000‌

1,951‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.315%,

12/25/41 (1)

359,789‌

358‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.615%,

5/25/43 (1)

2,390,991‌

2,421‌

Deephaven

Residential

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.899%,

4/25/66 (1)

367,240‌

313‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

190,824‌

173‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

549,733‌

428‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.826%,

7/15/38 (1)

1,164,347‌

1,150‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K057,

Class

A1,

2.206%,

6/25/25 

554,151‌

537‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K068,

Class

A1,

2.952%,

2/25/27 

742,019‌

710‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K137,

Class

A2,

ARM,

2.347%,

11/25/31 

10,510,000‌

8,498‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

4,580,000‌

4,071‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

3,645,000‌

3,418‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,385,827‌

1,800‌

Fontainebleau

Miami

Beach

Trust,

Series 2019-FBLU,

Class

C,

3.75%,

12/10/36 (1)

2,635,000‌

2,511‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

81,886‌

72‌

GCAT

Trust,

Series 2023-INV1,

Class

A1,

CMO,

ARM,

6.00%,

8/25/53 (1)

2,421,196‌

2,354‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

7.079%,

12/15/36 (1)

1,130,000‌

1,117‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

906‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,129‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.924%,

10/25/50 (1)

289,565‌

229‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,093,561‌

1,976‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

TSFR

+

1.484%,

6.817%,

10/15/33 (1)

2,510,000‌

2,346‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

564‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

555,584‌

472‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

643,642‌

551‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.547%,

4/15/38 (1)

3,316,355‌

3,262‌

Mill

City

Mortgage

Loan

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62 (1)

294,970‌

284‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-

C17,

Class

B,

ARM,

4.464%,

8/15/47 

1,670,000‌

1,607‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,285‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,544‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2016-

C30,

Class

A5,

2.86%,

9/15/49 

495,000‌

449‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,626‌

Morgan

Stanley

Capital

I

Trust,

Series 2015-MS1,

Class

A4,

ARM,

3.779%,

5/15/48 

1,440,000‌

1,371‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

492,332‌

360‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,745,190‌

1,338‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

165,760‌

144‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.534%,

10/25/59 (1)

65,446‌

64‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.195%,

12/25/49 (1)

1,265,519‌

993‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

1,995,011‌

1,702‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

179,528‌

162‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SFO

Commercial

Mortgage

Trust,

Series 2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.946%,

5/15/38 (1)

1,560,000‌

1,365‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

27,991‌

27‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

677,592‌

639‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

349,277‌

305‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.415%,

10/25/33 (1)

835,000‌

836‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

6.815%,

10/25/41 (1)

1,100,000‌

1,084‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.165%,

11/25/41 (1)

1,421,187‌

1,407‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56 (1)

16,674‌

17‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

132,177‌

127‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59 (1)

269,210‌

256‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (1)

488,778‌

468‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

470,341‌

391‌

Verus

Securitization

Trust,

Series 2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (1)

2,718,402‌

2,265‌

Verus

Securitization

Trust,

Series 2023-6,

Class

A2,

CMO,

STEP,

6.939%,

9/25/68 (1)

505,000‌

505‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (1)

1,152,904‌

1,140‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C19,

Class

B,

ARM,

4.723%,

3/15/47 

610,000‌

568‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$104,839)

95,399‌

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

44,057‌

4,134‌

Total

Consumer

Discretionary

4,134‌

Total

Preferred

Stocks

(Cost

$3,755)

4,134‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

8.2%

U.S.

Government

Agency

Obligations

6.2%

Federal

Home

Loan

Mortgage 

2.50%,

5/1/30 

683,920‌

624‌

3.00%,

1/1/29

-

8/1/43 

3,107,923‌

2,678‌

3.50%,

3/1/42

-

3/1/46 

5,042,890‌

4,461‌

4.00%,

9/1/40

-

6/1/42 

1,583,031‌

1,450‌

4.50%,

6/1/39

-

5/1/42 

923,210‌

873‌

5.00%,

12/1/35

-

8/1/40 

414,825‌

406‌

5.50%,

1/1/38

-

12/1/39 

134,353‌

134‌

6.00%,

2/1/28

-

8/1/38 

14,518‌

14‌

6.50%,

8/1/32 

6,368‌

7‌

7.00%,

6/1/32 

11,632‌

12‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

5.10%,

10/1/36 

5,420‌

6‌

RFUCCT1Y

+

1.726%,

5.94%,

7/1/35 

19,811‌

20‌

RFUCCT1Y

+

1.75%,

4.125%,

2/1/35 

12,905‌

13‌

RFUCCT1Y

+

1.915%,

4.29%,

2/1/37 

16,446‌

16‌

RFUCCT1Y

+

1.93%,

4.187%,

12/1/36 

35,786‌

35‌

RFUCCT1Y

+

2.03%,

4.275%,

11/1/36 

20,705‌

20‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

599,101‌

118‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36

-

4/1/37 

2,122,248‌

1,773‌

2.00%,

8/1/36

-

5/1/52 

25,980,208‌

19,996‌

2.50%,

11/1/36

-

5/1/52 

33,110,023‌

26,473‌

3.00%,

11/1/34

-

8/1/52 

5,152,263‌

4,303‌

3.50%,

6/1/33 

259,906‌

244‌

4.00%,

12/1/49

-

2/1/50 

1,731,593‌

1,562‌

4.50%,

9/1/37

-

5/1/50 

201,442‌

188‌

5.00%,

10/1/51

-

5/1/53 

2,569,081‌

2,426‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

2,125,887‌

1,871‌

4.00%,

11/1/40 

616,219‌

557‌

4.50%,

7/1/40 

449,699‌

418‌

Federal

National

Mortgage

Assn.,

ARM 

RFUCCT1Y

+

1.553%,

5.24%,

7/1/35 

8,876‌

9‌

RFUCCT1Y

+

1.855%,

4.105%,

1/1/37 

2,895‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

8,494,518‌

6,938‌

2.00%,

5/1/36

-

5/1/52 

65,840,335‌

51,175‌

2.50%,

10/1/31

-

4/1/52 

33,601,678‌

27,371‌

3.00%,

1/1/27

-

2/1/52 

33,512,469‌

28,655‌

3.50%,

11/1/26

-

1/1/52 

17,631,399‌

15,583‌

4.00%,

11/1/40

-

9/1/52 

12,722,298‌

11,577‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

4.50%,

4/1/37

-

7/1/53 

9,771,080‌

9,096‌

5.00%,

2/1/34

-

7/1/53 

2,331,804‌

2,252‌

5.50%,

2/1/35

-

3/1/53 

3,586,515‌

3,529‌

6.00%,

3/1/28

-

9/1/53 

6,383,822‌

6,383‌

6.50%,

3/1/24

-

8/1/38 

218,925‌

224‌

7.00%,

9/1/25

-

4/1/32 

15,359‌

14‌

7.50%,

9/1/26 

81‌

—‌

8.00%,

8/1/24

-

7/1/26 

123‌

—‌

UMBS,

TBA (11)

2.00%,

10/1/38

-

10/1/53 

6,910,000‌

5,682‌

3.50%,

10/1/53 

670,000‌

576‌

5.00%,

10/1/53 

5,680,000‌

5,359‌

5.50%,

10/1/53 

3,325,000‌

3,213‌

6.50%,

10/1/53 

2,890,000‌

2,903‌

251,240‌

U.S.

Government

Obligations

2.0%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

1,323,108‌

1,096‌

2.00%,

3/20/51

-

3/20/52 

18,862,645‌

14,935‌

2.50%,

8/20/50

-

1/20/52 

18,914,942‌

15,472‌

3.00%,

9/15/42

-

6/20/52 

15,090,291‌

12,848‌

3.50%,

9/15/41

-

1/20/49 

9,610,365‌

8,568‌

4.00%,

2/15/41

-

10/20/52 

7,566,479‌

6,905‌

4.50%,

6/15/39

-

10/20/52 

5,669,849‌

5,301‌

5.00%,

12/20/34

-

6/20/49 

4,290,171‌

4,151‌

5.50%,

2/20/34

-

3/20/49 

1,327,218‌

1,316‌

6.00%,

8/20/34

-

4/15/36 

53,739‌

56‌

6.50%,

5/15/24

-

3/15/26 

267‌

—‌

7.00%,

8/20/53

-

9/20/53 

1,050,034‌

1,072‌

7.50%,

5/15/24

-

9/15/26 

2,265‌

1‌

8.00%,

10/15/23

-

11/15/25 

3,587‌

4‌

8.50%,

6/20/25

-

6/20/26 

1,517‌

2‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

140,513‌

125‌

3.50%,

10/20/50 

1,010,000‌

795‌

Government

National

Mortgage

Assn.,

TBA (11)

5.50%,

10/20/52 

7,300,000‌

7,084‌

6.00%,

10/20/53 

1,610,000‌

1,595‌

6.50%,

10/20/53 

1,065,000‌

1,071‌

82,397‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$378,367)

333,637‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

8.5%

U.S.

Treasury

Obligations

8.5%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

983‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,179‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

2,997‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

4,545,000‌

2,932‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

4,793‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

24,845,000‌

14,499‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

3,923‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

2,594‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,325‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

1,996‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

11,226‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 (12)

4,185,000‌

3,030‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

2,990,000‌

2,230‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

7,897‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 (12)

11,185,000‌

8,270‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

844‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,463‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

2,855‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,141‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

1,755,000‌

1,423‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

1,320,000‌

1,093‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

7,555,000‌

6,258‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

1,500,000‌

1,306‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

1,855,000‌

1,613‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

3,533‌

U.S.

Treasury

Notes,

0.375%,

11/30/25 

14,900,000‌

13,496‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

12,924‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 

5,970,000‌

5,397‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

7,815,000‌

6,959‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,005‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

41,745,000‌

37,557‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

5,770,000‌

4,488‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

5,957‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

28,890,000‌

26,294‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

5,827‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

25,169‌

U.S.

Treasury

Notes,

2.75%,

7/31/27 

6,145,000‌

5,724‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

14,167‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,572‌

U.S.

Treasury

Notes,

3.375%,

5/15/33 

9,905,000‌

8,986‌

U.S.

Treasury

Notes,

3.50%,

2/15/33 

3,285,000‌

3,015‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

19,595,000‌

18,784‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

3.875%,

4/30/25 

12,570,000‌

12,311‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

4,225,000‌

4,116‌

U.S.

Treasury

Notes,

4.00%,

6/30/28 

8,345,000‌

8,122‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

7,833‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

21,610,000‌

21,151‌

U.S.

Treasury

Notes,

4.125%,

11/15/32 

2,850,000‌

2,749‌

347,006‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$409,466)

347,006‌

SHORT-TERM

INVESTMENTS

2.8%

Money

Market

Funds

2.5%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40% (2)(13)

101,834,098‌

101,834‌

101,834‌

U.S.

Treasury

Obligations

0.3%

U.S.

Treasury

Bills,

5.373%,

1/11/24 

13,940,000‌

13,732‌

13,732‌

Total

Short-Term

Investments

(Cost

$115,567)

115,566‌

SECURITIES

LENDING

COLLATERAL

1.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (2)(13)

11,556,798‌

11,557‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

11,557‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.9%

Money

Market

Funds

0.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (2)(13)

39,315,572‌

39,315‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

39,315‌

Total

Securities

Lending

Collateral

(Cost

$50,872)

50,872‌

Total

Investments

in

Securities

101.6%

(Cost

$3,241,427)

$

4,137,937‌

Other

Assets

Less

Liabilities

(1.6)%

(65,501‌)

Net

Assets

100.0%

$

4,072,436‌

T.

ROWE

PRICE

Balanced

Fund

34

‡

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

$150,115

and

represents

3.7%

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,

2023.

(6)

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

$2,149

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)

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)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$27,483

and

represents

0.7%

of

net

assets.

(12)

At

September

30,

2023,

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

T.

ROWE

PRICE

Balanced

Fund

35

.

.

.

.

.

.

.

.

.

.

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

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

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,

581

U.S.

Treasury

Notes

five

year

contracts

12/23

61,214

$

(547‌)

Long,

55

U.S.

Treasury

Notes

ten

year

contracts

12/23

5,943

(103‌)

Long,

105

U.S.

Treasury

Notes

two

year

contracts

12/23

21,285

(8‌)

Net

payments

(receipts)

of

variation

margin

to

date

755‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

97‌

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,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.83% 

$

—‌

$

—‌

$

—‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% 

(5,928‌)

8,970‌

10,114‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.83% 

—‌

1‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

(359‌)

(3,755‌)

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%

—‌

—‌

3,700‌

Totals

$

(6,287‌)#

$

5,216‌

$

13,814‌+

T.

ROWE

PRICE

Balanced

Fund

38

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.83% 

$

14‌

$

—‌

$

—‌

$

14‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% 

214,481‌

10,077‌

35,178‌

198,350‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.83% 

108‌

—‌

—‌

109‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

131,450‌

36,345‌

3,199‌

160,841‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

15,456‌

 ¤

 ¤

50,872‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%

81,872‌

 ¤

 ¤

101,834‌

Total

$

512,020‌^

#

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

$13,814

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

$529,659.

T.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

to

Portfolio

of

Investments

39

T.

Rowe

Price

Balanced

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Balanced

Fund

40

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

T.

ROWE

PRICE

Balanced

Fund

41

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Balanced

Fund

42

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,154,557‌

$

—‌

$

1,154,557‌

Bond

Mutual

Funds

198,473‌

—‌

—‌

198,473‌

Common

Stocks

1,765,430‌

685,915‌

937‌

2,452,282‌

Convertible

Preferred

Stocks

—‌

—‌

1,212‌

1,212‌

Equity

Mutual

Funds

160,841‌

—‌

—‌

160,841‌

Preferred

Stocks

—‌

4,134‌

—‌

4,134‌

Short-Term

Investments

101,834‌

13,732‌

—‌

115,566‌

Securities

Lending

Collateral

50,872‌

—‌

—‌

50,872‌

Total

$

2,277,450‌

$

1,858,338‌

$

2,149‌

$

4,137,937‌

Liabilities

Futures

Contracts*

$

658‌

$

—‌

$

—‌

$

658‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Balanced

Fund

43

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F68-054Q3

09/23