T.
ROWE
PRICE
Balanced
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.0%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-1,
Class
C
1.59%,
10/20/25
1,460,000
1,423
AmeriCredit
Automobile
Receivables
Trust
Series 2021-2,
Class
D
1.29%,
6/18/27
2,100,000
1,893
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-2A,
Class
B
3.55%,
9/22/25 (1)
1,165,000
1,126
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
271,275
258
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.978%,
4/15/35 (1)
2,195,000
2,135
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,205,000
1,097
Carvana
Auto
Receivables
Trust
Series 2021-P4,
Class
C
2.33%,
2/10/28
1,715,000
1,485
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
5.932%,
7/15/36 (1)
1,380,000
1,340
CNH
Equipment
Trust
Series 2019-C,
Class
B
2.35%,
4/15/27
2,575,000
2,525
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
658,125
584
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,215,200
1,038
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,520,750
1,244
Dryden
Series 2020-77A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
6.035%,
5/20/34 (1)
1,935,000
1,883
Elara
HGV
Timeshare
Issuer
Series 2017-A,
Class
A
2.69%,
3/25/30 (1)
144,405
139
Exeter
Automobile
Receivables
Trust
Series 2021-2A,
Class
C
0.98%,
6/15/26
895,000
871
T.
ROWE
PRICE
Balanced
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
915,000
889
Ford
Credit
Auto
Owner
Trust
Series 2020-2,
Class
C
1.74%,
4/15/33 (1)
1,665,000
1,512
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
2,565,000
2,571
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27
1,275,000
1,153
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.91%,
9/16/27
1,355,000
1,297
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
1,895,675
1,800
JPMorgan
Chase
Bank
Series 2021-2,
Class
C
0.969%,
12/26/28 (1)
276,937
267
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.948%,
10/15/32 (1)
1,205,000
1,181
MVW
Series 2019-2A,
Class
A
2.22%,
10/20/38 (1)
805,411
754
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
732,038
698
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
807,459
747
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
883,637
822
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
389,801
349
Navient
Private
Education
Refi
Loan
Trust
Series 2021-A,
Class
A
0.84%,
5/15/69 (1)
406,129
355
Santander
Bank
Auto
Credit-Linked
Notes
Series 2022-C,
Class
B
6.451%,
12/15/32 (1)
1,995,166
1,995
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
1,610,475
1,323
T.
ROWE
PRICE
Balanced
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
533,278
514
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
1,032,168
925
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
1,978,623
1,703
Total
Asset-Backed
Securities
(Cost
$42,787)
39,896
BOND
MUTUAL
FUNDS
4.9%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
10.53% (2)
(3)
1,359
15
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.33% (2)(3)
26,993,471
202,721
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
10.19% (2)(3)
23,156
110
Total
Bond
Mutual
Funds
(Cost
$230,801)
202,846
COMMON
STOCKS
61.0%
COMMUNICATION
SERVICES
4.5%
Diversified
Telecommunication
Services
0.6%
AT&T
82,018
1,579
KT
(KRW)
126,973
2,871
Nippon
Telegraph
&
Telephone
(JPY)
484,500
14,478
Verizon
Communications
144,946
5,637
24,565
Entertainment
0.6%
Activision
Blizzard
48,177
4,123
Netflix (4)
27,222
9,405
Sea,
ADR (4)
30,627
2,651
Walt
Disney (4)
100,172
10,030
26,209
Interactive
Media
&
Services
2.6%
Alphabet,
Class
A (4)
145,404
15,083
Alphabet,
Class
C (4)
563,785
58,634
Meta
Platforms,
Class
A (4)
113,013
23,952
NAVER
(KRW)
13,693
2,146
Tencent
Holdings
(HKD)
83,700
4,090
Z
Holdings
(JPY) (5)
801,800
2,273
106,178
T.
ROWE
PRICE
Balanced
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Media
0.3%
Comcast,
Class
A
24,967
946
CyberAgent
(JPY)
343,400
2,910
Stroeer
(EUR)
19,577
1,034
WPP
(GBP)
501,208
5,955
10,845
Wireless
Telecommunication
Services
0.4%
T-Mobile
U.S. (4)
95,433
13,822
Vodafone
Group,
ADR
336,855
3,719
17,541
Total
Communication
Services
185,338
CONSUMER
DISCRETIONARY
6.3%
Automobile
Components
0.4%
Aptiv (4)
2,035
228
Autoliv,
SDR
(SEK)
39,540
3,694
Denso
(JPY)
85,700
4,838
Magna
International
101,276
5,425
Stanley
Electric
(JPY)
106,300
2,363
16,548
Automobiles
0.9%
General
Motors
59,900
2,197
Honda
Motor
(JPY)
65,300
1,727
Suzuki
Motor
(JPY)
92,500
3,369
Tesla (4)
98,451
20,425
Toyota
Motor
(JPY)
570,700
8,124
35,842
Broadline
Retail
1.4%
Alibaba
Group
Holding,
ADR (4)
8,823
902
Amazon.com (4)
527,613
54,497
Next
(GBP)
51,498
4,186
59,585
Distributors
0.0%
Genuine
Parts
3,000
502
502
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (4)
6,461
497
Service
Corp
International
24,700
1,699
2,196
Hotels,
Restaurants
&
Leisure
1.2%
Amadeus
IT
Group
(EUR) (4)
59,407
3,985
Booking
Holdings (4)
4,174
11,071
T.
ROWE
PRICE
Balanced
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chipotle
Mexican
Grill (4)
4,289
7,327
Compass
Group
(GBP)
289,737
7,282
DoorDash,
Class
A (4)
20,365
1,294
Hilton
Worldwide
Holdings
14,830
2,089
Las
Vegas
Sands (4)
27,039
1,553
Marriott
International,
Class
A
4,206
698
McDonald's
42,280
11,822
Meituan,
Class
B
(HKD) (4)
5,190
94
MGM
Resorts
International
23,130
1,028
Starbucks
20,220
2,106
Wynn
Resorts (4)
8,335
933
51,282
Household
Durables
0.4%
NVR (4)
204
1,136
Panasonic
Holdings
(JPY)
432,200
3,867
Persimmon
(GBP)
163,565
2,540
Sony
Group
(JPY)
85,700
7,806
15,349
Specialty
Retail
1.2%
ASOS
(GBP) (4)(5)
104,433
1,061
AutoZone (4)
657
1,615
Best
Buy
21,800
1,706
Burlington
Stores (4)
6,111
1,235
Home
Depot
38,041
11,227
Kingfisher
(GBP)
1,664,459
5,380
Lowe's
7,583
1,516
O'Reilly
Automotive (4)
2,579
2,190
Ross
Stores
89,431
9,491
TJX
71,064
5,569
Ulta
Beauty (4)
8,744
4,771
Zalando
(EUR) (4)
76,843
3,221
48,982
Textiles,
Apparel
&
Luxury
Goods
0.7%
Dr.
Martens
(GBP)
464,576
815
Kering
(EUR)
8,184
5,339
Lululemon
Athletica (4)
9,399
3,423
Moncler
(EUR)
80,997
5,594
NIKE,
Class
B
74,492
9,136
Samsonite
International
(HKD) (4)
817,500
2,535
26,842
Total
Consumer
Discretionary
257,128
T.
ROWE
PRICE
Balanced
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
4.8%
Beverages
1.0%
Coca-Cola
118,291
7,338
Constellation
Brands,
Class
A
18,324
4,139
Diageo
(GBP)
162,346
7,245
Heineken
(EUR)
45,393
4,877
Keurig
Dr
Pepper
80,300
2,833
Kirin
Holdings
(JPY)
202,500
3,204
Monster
Beverage (4)
37,193
2,009
PepsiCo
50,138
9,140
40,785
Consumer
Staples
Distribution
&
Retail
0.9%
Costco
Wholesale
8,754
4,350
Dollar
General
52,083
10,961
Dollar
Tree (4)
6,179
887
Seven
&
i
Holdings
(JPY)
170,100
7,684
Sysco
13,400
1,035
Walmart
58,748
8,662
Welcia
Holdings
(JPY)
75,200
1,610
35,189
Food
Products
1.3%
Barry
Callebaut
(CHF)
1,768
3,746
Conagra
Brands
10,483
394
Darling
Ingredients (4)
6,767
395
General
Mills
12,500
1,068
Kraft
Heinz
155,433
6,011
Mondelez
International,
Class
A
185,885
12,960
Nestle
(CHF)
198,219
24,169
Wilmar
International
(SGD)
1,813,800
5,746
54,489
Household
Products
0.5%
Colgate-Palmolive
5,000
376
Kimberly-Clark
21,975
2,949
Procter
&
Gamble
105,522
15,690
19,015
Personal
Care
Products
0.6%
Estee
Lauder,
Class
A
6,829
1,683
L'Oreal
(EUR)
18,262
8,160
Unilever
(GBP)
246,880
12,793
22,636
Tobacco
0.5%
Altria
Group
35,688
1,593
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Philip
Morris
International
180,464
17,550
19,143
Total
Consumer
Staples
191,257
ENERGY
2.3%
Energy
Equipment
&
Services
0.2%
Halliburton
36,589
1,158
NOV
20,300
376
Schlumberger
23,621
1,160
Worley
(AUD)
445,214
4,312
7,006
Oil,
Gas
&
Consumable
Fuels
2.1%
Chesapeake
Energy
6,100
464
Chevron
94,284
15,383
ConocoPhillips
41,529
4,120
EOG
Resources
17,162
1,967
Equinor
(NOK)
326,951
9,295
Exxon
Mobil
223,613
24,521
Hess
11,047
1,462
Kinder
Morgan
301,315
5,276
Marathon
Petroleum
13,919
1,877
Pioneer
Natural
Resources
3,324
679
Range
Resources
21,300
564
Shell,
ADR
96,154
5,533
Southwestern
Energy (4)
113,900
569
Suncor
Energy
15,800
491
TotalEnergies
(EUR)
186,766
11,012
TotalEnergies,
ADR (5)
12,072
713
Valero
Energy
4,900
684
Woodside
Energy
Group
(GBP)
34,694
777
85,387
Total
Energy
92,393
FINANCIALS
10.7%
Banks
3.2%
ANZ
Group
Holdings
(AUD)
215,198
3,316
Bank
of
America
539,149
15,420
BNP
Paribas
(EUR)
83,543
4,989
Citigroup
38,605
1,810
DBS
Group
Holdings
(SGD)
149,700
3,722
DNB
Bank
(NOK)
449,048
8,036
East
West
Bancorp
4,384
243
Erste
Group
Bank
(EUR)
61,612
2,041
Fifth
Third
Bancorp
59,150
1,576
Huntington
Bancshares
110,245
1,235
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ING
Groep
(EUR)
716,454
8,508
Intesa
Sanpaolo
(EUR)
717,807
1,842
JPMorgan
Chase
165,187
21,526
Lloyds
Banking
Group
(GBP)
6,662,881
3,917
Mitsubishi
UFJ
Financial
Group
(JPY)
783,200
5,019
National
Bank
of
Canada
(CAD) (5)
101,970
7,294
PNC
Financial
Services
Group
45,600
5,796
Regions
Financial
13,700
254
Standard
Chartered
(GBP)
306,138
2,320
Sumitomo
Mitsui
Trust
Holdings
(JPY)
76,154
2,616
Svenska
Handelsbanken,
Class
A
(SEK) (5)
527,434
4,568
U.S.
Bancorp
212,969
7,678
United
Overseas
Bank
(SGD)
307,000
6,886
Wells
Fargo
347,343
12,984
Western
Alliance
Bancorp
4,100
146
133,742
Capital
Markets
1.1%
Ares
Management,
Class
A
14,000
1,168
BlackRock
400
268
Bridgepoint
Group
(GBP)
642,572
1,763
Brookfield
(CAD)
58,507
1,906
Cboe
Global
Markets
6,800
913
Charles
Schwab
110,816
5,804
CME
Group
4,511
864
Goldman
Sachs
Group
12,921
4,227
Intercontinental
Exchange
17,030
1,776
Julius
Baer
Group
(CHF)
71,306
4,871
Macquarie
Group
(AUD)
32,944
3,901
MarketAxess
Holdings
1,500
587
Moody's
4,500
1,377
Morgan
Stanley
70,288
6,171
MSCI
3,499
1,958
S&P
Global
16,516
5,694
State
Street
7,200
545
XP,
Class
A (4)
90,100
1,069
44,862
Consumer
Finance
0.2%
American
Express
45,658
7,531
Capital
One
Financial
3,200
308
Discover
Financial
Services
4,400
435
8,274
Financial
Services
3.0%
Adyen
(EUR) (4)
2,519
4,014
Affirm
Holdings (4)
33,014
372
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,137 (4)(6)(7)
298,203
605
Apollo
Global
Management
17,357
1,096
Berkshire
Hathaway,
Class
B (4)
80,475
24,848
Block,
Class
A (4)
16,799
1,153
Challenger
(AUD)
365,840
1,536
Corebridge
Financial
144,642
2,317
Element
Fleet
Management
(CAD) (5)
459,208
6,031
Equitable
Holdings
51,988
1,320
Fidelity
National
Information
Services
42,000
2,282
Fiserv (4)
129,536
14,642
FleetCor
Technologies (4)
14,854
3,132
Global
Payments
17,937
1,888
Housing
Development
Finance
(INR)
123,170
3,942
Mastercard,
Class
A
61,469
22,338
Mitsubishi
HC
Capital
(JPY)
396,300
2,046
Visa,
Class
A
124,081
27,975
121,537
Insurance
3.2%
AIA
Group
(HKD)
218,400
2,290
Allstate
32,390
3,589
American
International
Group
50,165
2,526
Assurant
2,250
270
AXA
(EUR)
394,535
12,040
Chubb
82,416
16,004
Definity
Financial
(CAD)
45,510
1,188
Direct
Line
Insurance
Group
(GBP)
47,392
81
Hartford
Financial
Services
Group
90,743
6,324
Manulife
Financial
(CAD)
153,129
2,810
Marsh
&
McLennan
37,122
6,183
MetLife
166,822
9,666
Munich
Re
(EUR)
32,549
11,380
PICC
Property
&
Casualty,
Class
H
(HKD)
3,466,000
3,536
Ping
An
Insurance
Group,
Class
H
(HKD)
274,500
1,776
Progressive
65,143
9,319
RenaissanceRe
Holdings
6,985
1,399
Sampo,
Class
A
(EUR)
138,998
6,559
Storebrand
(NOK)
543,459
4,174
Sun
Life
Financial
(CAD)
135,543
6,332
Tokio
Marine
Holdings
(JPY)
302,400
5,820
Travelers
53,660
9,198
Zurich
Insurance
Group
(CHF)
15,821
7,581
130,045
Total
Financials
438,460
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
9.0%
Biotechnology
0.7%
AbbVie
61,924
9,869
Amgen
28,279
6,836
Biogen (4)
4,137
1,150
Genmab
(DKK) (4)
5,826
2,202
Gilead
Sciences
8,527
708
Moderna (4)
5,292
813
Regeneron
Pharmaceuticals (4)
4,936
4,056
Vertex
Pharmaceuticals (4)
7,247
2,283
27,917
Health
Care
Equipment
&
Supplies
1.6%
Abbott
Laboratories
17,880
1,811
Alcon
(CHF)
44,135
3,133
Align
Technology (4)
2,594
867
Becton
Dickinson
&
Company
45,195
11,188
Boston
Scientific (4)
8,600
430
DENTSPLY
SIRONA
13,600
534
Dexcom (4)
14,218
1,652
Elekta,
Class
B
(SEK)
387,932
2,965
EssilorLuxottica
(EUR)
26,760
4,825
GE
HealthCare
Technologies (4)
65,085
5,339
Intuitive
Surgical (4)
44,885
11,467
Koninklijke
Philips
(EUR)
207,779
3,816
Medtronic
7,342
592
Siemens
Healthineers
(EUR)
113,047
6,517
STERIS
6,662
1,274
Stryker
23,902
6,823
Teleflex
6,491
1,644
Zimmer
Biomet
Holdings
12,529
1,619
66,496
Health
Care
Providers
&
Services
2.3%
AmerisourceBergen
65,566
10,498
Cigna
Group
4,971
1,270
CVS
Health
7,430
552
Elevance
Health
53,433
24,569
Fresenius
(EUR)
129,238
3,490
HCA
Healthcare
26,678
7,034
Humana
23,966
11,634
McKesson
5,044
1,796
Molina
Healthcare (4)
3,741
1,001
UnitedHealth
Group
73,194
34,591
96,435
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Technology
0.0%
Veeva
Systems,
Class
A (4)
7,790
1,432
1,432
Life
Sciences
Tools
&
Services
0.9%
Agilent
Technologies
16,215
2,243
Charles
River
Laboratories
International (4)
2,800
565
Danaher
57,035
14,375
Evotec
(EUR) (4)
83,281
1,759
Illumina (4)
2,990
695
IQVIA
Holdings (4)
2,100
418
Mettler-Toledo
International (4)
619
947
Thermo
Fisher
Scientific
30,081
17,338
West
Pharmaceutical
Services
1,162
403
38,743
Pharmaceuticals
3.5%
Astellas
Pharma
(JPY)
539,500
7,665
AstraZeneca,
ADR
289,920
20,123
Bayer
(EUR)
116,842
7,464
Bristol-Myers
Squibb
17,829
1,236
Eli
Lilly
55,237
18,970
GSK,
ADR
100,872
3,589
Ipsen
(EUR)
4,488
494
Johnson
&
Johnson
126,846
19,661
Merck
110,813
11,789
Novartis
(CHF)
125,344
11,509
Novo
Nordisk,
ADR
12,700
2,021
Otsuka
Holdings
(JPY)
102,400
3,251
Pfizer
59,485
2,427
Roche
Holding
(CHF)
43,502
12,430
Sanofi
(EUR)
134,302
14,569
Viatris
135,038
1,299
Zoetis
38,733
6,447
144,944
Total
Health
Care
375,967
INDUSTRIALS
&
BUSINESS
SERVICES
5.3%
Aerospace
&
Defense
0.6%
Boeing (4)
7,468
1,586
General
Dynamics
5,769
1,317
Huntington
Ingalls
Industries
2,000
414
L3Harris
Technologies
46,048
9,037
Northrop
Grumman
7,693
3,552
Raytheon
Technologies
19,220
1,882
Safran
(EUR)
33,068
4,895
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
TransDigm
Group
4,229
3,117
25,800
Air
Freight
&
Logistics
0.0%
FedEx
6,164
1,408
1,408
Building
Products
0.1%
Carrier
Global
90,266
4,129
Johnson
Controls
International
8,900
536
Trane
Technologies
2,923
538
5,203
Commercial
Services
&
Supplies
0.1%
Cintas
4,003
1,852
Copart (4)
8,400
632
Republic
Services
2,000
270
Waste
Connections
12,548
1,745
4,499
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings (4)
3,200
150
150
Electrical
Equipment
1.1%
ABB
(CHF)
224,591
7,726
AMETEK
39,045
5,674
Eaton
50,082
8,581
Emerson
Electric
3,100
270
Hubbell
9,801
2,385
Legrand
(EUR)
63,428
5,796
Mitsubishi
Electric
(JPY)
524,100
6,263
Prysmian
(EUR)
152,378
6,399
Rockwell
Automation
4,468
1,311
44,405
Ground
Transportation
0.7%
Canadian
Pacific
Railway
13,399
1,031
Central
Japan
Railway
(JPY)
23,100
2,756
CSX
340,199
10,186
JB
Hunt
Transport
Services
6,553
1,150
Norfolk
Southern
17,283
3,664
Old
Dominion
Freight
Line
13,196
4,498
Saia (4)
3,692
1,004
Union
Pacific
29,964
6,030
30,319
Industrial
Conglomerates
1.6%
DCC
(GBP)
59,388
3,462
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
General
Electric
181,947
17,394
Honeywell
International
45,358
8,669
Melrose
Industries
(GBP)
2,496,174
5,141
Roper
Technologies
17,232
7,594
Siemens
(EUR)
138,999
22,518
64,778
Machinery
0.4%
Cummins
12,253
2,927
Dover
7,900
1,200
Ingersoll
Rand
26,069
1,517
KION
Group
(EUR)
71,070
2,756
Otis
Worldwide
14,440
1,219
PACCAR
11,790
863
SMC
(JPY)
3,900
2,067
Stanley
Black
&
Decker
20,959
1,689
THK
(JPY)
84,400
1,956
16,194
Passenger
Airlines
0.0%
Southwest
Airlines
23,579
768
United
Airlines
Holdings (4)
2,310
102
870
Professional
Services
0.3%
Broadridge
Financial
Solutions
1,929
283
CoStar
Group (4)
12,573
866
Recruit
Holdings
(JPY)
138,100
3,799
TechnoPro
Holdings
(JPY)
158,500
4,396
Teleperformance
(EUR)
17,704
4,278
TransUnion
7,348
456
14,078
Trading
Companies
&
Distributors
0.4%
Ashtead
Group
(GBP)
83,041
5,099
Bunzl
(GBP)
83,930
3,170
Mitsubishi
(JPY)
119,500
4,295
Sumitomo
(JPY)
262,700
4,654
United
Rentals
503
199
17,417
Total
Industrials
&
Business
Services
225,121
INFORMATION
TECHNOLOGY
13.3%
Communications
Equipment
0.2%
Arista
Networks (4)
10,786
1,811
Cisco
Systems
19,387
1,013
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
LM
Ericsson,
Class
B
(SEK) (5)
900,073
5,276
8,100
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol,
Class
A
493
40
Hamamatsu
Photonics
(JPY)
76,900
4,148
Largan
Precision
(TWD)
19,000
1,362
Murata
Manufacturing
(JPY)
82,600
5,034
Omron
(JPY)
44,500
2,605
TE
Connectivity
28,888
3,789
Teledyne
Technologies (4)
3,489
1,561
Trimble (4)
17,700
928
19,467
IT
Services
0.5%
Accenture,
Class
A
30,611
8,749
Cognizant
Technology
Solutions,
Class
A
6,306
384
MongoDB (4)
11,202
2,611
NTT
Data
(JPY) (5)
441,600
5,806
Shopify,
Class
A (4)
60,258
2,889
Snowflake,
Class
A (4)
7,726
1,192
21,631
Semiconductors
&
Semiconductor
Equipment
4.5%
Advanced
Micro
Devices (4)
131,135
12,853
Applied
Materials
30,500
3,746
ASML
Holding
(EUR)
19,649
13,390
ASML
Holding
16,097
10,957
Broadcom
35,054
22,489
Enphase
Energy (4)
1,800
379
Entegris
15,680
1,286
First
Solar (4)
1,200
261
KLA
8,410
3,357
Lam
Research
17,452
9,252
Marvell
Technology
104,322
4,517
Micron
Technology
72,000
4,344
Monolithic
Power
Systems
12,992
6,503
NVIDIA
153,129
42,535
NXP
Semiconductors
51,077
9,525
ON
Semiconductor (4)
27,783
2,287
Qorvo (4)
3,100
315
QUALCOMM
16,901
2,156
Renesas
Electronics
(JPY) (4)
208,900
3,025
Skyworks
Solutions
3,800
448
SolarEdge
Technologies (4)
1,800
547
Taiwan
Semiconductor
Manufacturing
(TWD)
854,969
14,983
Taiwan
Semiconductor
Manufacturing,
ADR
22,172
2,062
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Teradyne
6,500
699
Texas
Instruments
52,892
9,838
Tokyo
Electron
(JPY)
38,700
4,728
186,482
Software
4.7%
Adobe (4)
8,207
3,163
Atlassian,
Class
A (4)
15,094
2,584
BILL
Holdings (4)
18,936
1,536
Cadence
Design
Systems (4)
9,599
2,017
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $668 (4)(6)(7)
392
216
Confluent,
Class
A (4)
31,186
751
Crowdstrike
Holdings,
Class
A (4)
6,445
885
Datadog,
Class
A (4)
12,197
886
Descartes
Systems
Group (4)
8,000
645
DocuSign (4)
7,300
426
Fortinet (4)
34,225
2,275
Gen
Digital
54,900
942
Gusto,
Acquisition
Date:
10/4/21,
Cost $216 (4)(6)(7)
7,517
141
Intuit
26,567
11,844
Microsoft
426,127
122,852
Paycom
Software (4)
2,054
624
Salesforce (4)
39,498
7,891
SAP
(EUR)
66,410
8,386
ServiceNow (4)
31,670
14,718
Synopsys (4)
24,822
9,587
Zoom
Video
Communications,
Class
A (4)
2,732
202
192,571
Technology
Hardware,
Storage
&
Peripherals
2.9%
Apple
653,149
107,704
Pure
Storage,
Class
A (4)
45,200
1,153
Samsung
Electronics
(KRW)
179,609
8,882
Western
Digital (4)
21,200
799
118,538
Total
Information
Technology
546,789
MATERIALS
2.3%
Chemicals
1.4%
Air
Liquide
(EUR)
38,968
6,523
Air
Products
&
Chemicals
5,203
1,494
Akzo
Nobel
(EUR)
58,482
4,574
Asahi
Kasei
(JPY)
417,200
2,922
BASF
(EUR)
73,938
3,882
CF
Industries
Holdings
13,366
969
Covestro
(EUR)
77,234
3,198
Eastman
Chemical
6,300
531
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FMC
4,500
550
Johnson
Matthey
(GBP)
150,431
3,688
Linde
25,942
9,221
Nutrien
81,416
6,013
RPM
International
8,672
756
Sherwin-Williams
37,654
8,463
Tosoh
(JPY)
39,200
533
Umicore
(EUR)
111,012
3,766
57,083
Construction
Materials
0.0%
Vulcan
Materials
4,721
810
810
Containers
&
Packaging
0.1%
Amcor,
CDI
(AUD)
158,743
1,788
Avery
Dennison
5,739
1,027
Ball
16,955
934
Packaging
Corp.
of
America
3,648
507
Sealed
Air
9,280
426
Westrock
14,313
436
5,118
Metals
&
Mining
0.7%
Antofagasta
(GBP)
252,910
4,954
BHP
Group
(AUD)
71,130
2,249
BHP
Group
(GBP)
183,343
5,824
Freeport-McMoRan
13,600
556
IGO
(AUD)
995,391
8,536
Reliance
Steel
&
Aluminum
3,900
1,001
Rio
Tinto
(AUD)
23,401
1,880
South32
(AUD)
1,146,688
3,361
Steel
Dynamics
3,300
373
28,734
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
308,160
4,009
West
Fraser
Timber
7,200
513
4,522
Total
Materials
96,267
REAL
ESTATE
0.9%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Welltower,
REIT
14,935
1,071
1,071
Industrial
Real
Estate
Investment
Trusts
0.2%
Prologis,
REIT
62,311
7,775
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Rexford
Industrial
Realty,
REIT
13,353
796
8,571
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT
3,461
435
Great
Portland
Estates
(GBP)
358,643
2,244
2,679
Real
Estate
Management
&
Development
0.1%
Mitsui
Fudosan
(JPY)
302,100
5,675
5,675
Residential
Real
Estate
Investment
Trusts
0.1%
American
Homes
4
Rent,
Class
A,
REIT
7,200
226
AvalonBay
Communities,
REIT
3,067
516
Camden
Property
Trust,
REIT
1,800
189
Equity
LifeStyle
Properties,
REIT
25,225
1,693
Essex
Property
Trust,
REIT
3,058
640
Sun
Communities,
REIT
890
125
3,389
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
1,792,263
3,318
Simon
Property
Group,
REIT
6,185
692
4,010
Specialized
Real
Estate
Investment
Trusts
0.3%
American
Tower,
REIT
6,163
1,259
Equinix,
REIT
2,670
1,925
Extra
Space
Storage,
REIT
4,600
750
Life
Storage,
REIT
13,200
1,730
Public
Storage,
REIT
6,946
2,099
SBA
Communications,
REIT
10,554
2,755
Weyerhaeuser,
REIT
96,373
2,904
13,422
Total
Real
Estate
38,817
UTILITIES
1.6%
Electric
Utilities
0.8%
American
Electric
Power
32,636
2,970
Entergy
10,200
1,099
Evergy
53,200
3,252
Exelon
2,029
85
FirstEnergy
62,444
2,501
NextEra
Energy
34,669
2,672
PG&E (4)
171,521
2,773
Southern
273,382
19,022
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Xcel
Energy
4,700
317
34,691
Gas
Utilities
0.0%
Beijing
Enterprises
Holdings
(HKD)
428,500
1,543
1,543
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY) (5)
161,400
2,594
2,594
Multi-Utilities
0.7%
Ameren
44,869
3,876
CMS
Energy
15,905
976
Dominion
Energy
47,806
2,673
DTE
Energy
20,755
2,274
Engie
(EUR)
572,675
9,062
National
Grid
(GBP)
415,149
5,616
Sempra
Energy
30,693
4,640
WEC
Energy
Group
8,539
809
29,926
Total
Utilities
68,754
Total
Common
Stocks
(Cost
$1,442,226)
2,516,291
CONVERTIBLE
PREFERRED
STOCKS
0.0%
INFORMATION
TECHNOLOGY
0.0%
Software
0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $43 (4)(6)(7)
25
14
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (4)(6)(7)
2
1
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $229 (4)(6)(7)
3,879
233
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (4)(6)
(7)
8,505
510
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (4)(6)(7)
10,431
196
Total
Information
Technology
954
Total
Convertible
Preferred
Stocks
(Cost
$1,217)
954
CORPORATE
BONDS
7.9%
Abbott
Laboratories,
3.40%,
11/30/23
1,281,000
1,270
AbbVie,
2.95%,
11/21/26
920,000
876
AbbVie,
3.20%,
5/14/26
420,000
406
AbbVie,
4.50%,
5/14/35
1,900,000
1,836
AbbVie,
4.70%,
5/14/45
915,000
857
ABN
AMRO
Bank,
4.75%,
7/28/25 (1)
940,000
912
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
AerCap
Ireland
Capital,
2.45%,
10/29/26
935,000
836
AerCap
Ireland
Capital,
6.50%,
7/15/25
365,000
367
AHS
Hospital,
5.024%,
7/1/45
1,600,000
1,578
AIA
Group,
3.20%,
3/11/25 (1)
1,020,000
988
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000
1,112
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
655,000
630
Allstate,
5.55%,
5/9/35
1,000,000
1,049
Ally
Financial,
2.20%,
11/2/28 (5)
700,000
554
Altria
Group,
2.35%,
5/6/25
415,000
394
Amazon.com,
2.80%,
8/22/24
1,055,000
1,032
Amazon.com,
3.875%,
8/22/37
1,645,000
1,530
America
Movil
SAB
de
CV,
2.875%,
5/7/30
2,525,000
2,229
America
Movil
SAB
de
CV,
6.375%,
3/1/35
300,000
330
American
Airlines
PTT,
Series 2014-1,
Class
A,
3.70%,
10/1/26
742,693
649
American
Airlines
PTT,
Series 2016-1,
Class
B,
5.25%,
1/15/24
1,189,837
1,172
American
Honda
Finance,
0.75%,
8/9/24 (5)
2,335,000
2,212
Amgen,
2.77%,
9/1/53
447,000
285
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
2,120,000
2,290
APA
Infrastructure,
4.25%,
7/15/27 (1)(5)
620,000
598
Appalachian
Power,
4.45%,
6/1/45
2,450,000
2,085
Apple,
1.65%,
5/11/30 (5)
2,345,000
1,992
AT&T,
2.25%,
2/1/32
1,400,000
1,141
AT&T,
3.50%,
6/1/41
680,000
534
Atmos
Energy,
4.15%,
1/15/43
1,500,000
1,285
Ausgrid
Finance,
3.85%,
5/1/23 (1)
1,705,000
1,703
AutoZone,
3.125%,
4/21/26
650,000
622
Baidu,
3.875%,
9/29/23
2,000,000
1,987
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
1,750,000
1,739
Banco
Santander,
3.49%,
5/28/30
200,000
175
Banco
Santander,
3.848%,
4/12/23
2,000,000
1,996
Banco
Santander
Chile,
2.70%,
1/10/25 (1)
1,322,000
1,265
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,110,000
1,105
Bank
of
America,
4.20%,
8/26/24
600,000
590
Bank
of
America,
6.11%,
1/29/37
900,000
930
Bank
of
America,
6.75%,
6/1/28
700,000
755
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
2,240,000
1,799
Bank
of
America,
VR,
2.676%,
6/19/41 (8)
3,450,000
2,437
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (8)
2,325,000
1,936
Bank
of
Montreal,
2.65%,
3/8/27
2,035,000
1,875
Banner
Health,
1.897%,
1/1/31
670,000
553
Barclays,
VR,
2.852%,
5/7/26 (8)
1,880,000
1,758
BAT
Capital,
4.39%,
8/15/37
1,385,000
1,130
Baylor
Scott
&
White
Holdings,
3.967%,
11/15/46
1,850,000
1,556
Becton
Dickinson
&
Company,
2.823%,
5/20/30
1,380,000
1,235
Becton
Dickinson
&
Company,
3.70%,
6/6/27
1,956,000
1,887
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
1,350,000
1,326
BNP
Paribas,
VR,
2.219%,
6/9/26 (1)(8)
1,315,000
1,212
BNP
Paribas,
VR,
2.871%,
4/19/32 (1)(8)
3,100,000
2,581
Boardwalk
Pipelines,
4.45%,
7/15/27
385,000
374
Boardwalk
Pipelines,
4.95%,
12/15/24
780,000
773
Booking
Holdings,
3.65%,
3/15/25
1,515,000
1,485
Boston
Properties,
3.125%,
9/1/23
625,000
612
Boston
Properties,
3.65%,
2/1/26
1,165,000
1,067
BPCE,
4.00%,
9/12/23 (1)
1,350,000
1,340
BPCE,
4.50%,
3/15/25 (1)
1,000,000
965
BPCE,
5.70%,
10/22/23 (1)
1,700,000
1,673
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,110,000
993
Brixmor
Operating
Partnership,
3.90%,
3/15/27
565,000
525
Brixmor
Operating
Partnership,
4.125%,
6/15/26
1,220,000
1,156
Burlington
Northern
Santa
Fe,
4.375%,
9/1/42
1,400,000
1,291
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37
650,000
733
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000
508
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000
395
Canadian
Natural
Resources,
2.95%,
7/15/30
1,700,000
1,472
Canadian
Pacific
Railway,
1.75%,
12/2/26
930,000
834
Capital
One
Financial,
3.65%,
5/11/27
1,215,000
1,105
Cardinal
Health,
3.41%,
6/15/27
1,570,000
1,490
Cardinal
Health,
3.75%,
9/15/25
1,005,000
980
Carvana,
10.25%,
5/1/30 (1)
1,225,000
698
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
505,000
460
Charter
Communications
Operating,
3.70%,
4/1/51
1,425,000
912
Charter
Communications
Operating,
4.908%,
7/23/25
2,465,000
2,439
Cigna
Group,
3.00%,
7/15/23
810,000
804
Cigna
Group,
3.75%,
7/15/23
1,252,000
1,247
Citigroup,
VR,
2.976%,
11/5/30 (8)
2,750,000
2,403
Citigroup,
VR,
4.075%,
4/23/29 (8)
2,000,000
1,894
CMS
Energy,
4.70%,
3/31/43
840,000
759
CMS
Energy,
4.875%,
3/1/44
1,200,000
1,097
CNO
Global
Funding,
2.65%,
1/6/29 (1)
3,255,000
2,845
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000
2,134
Comcast,
4.15%,
10/15/28
2,455,000
2,424
CommonSpirit
Health,
2.76%,
10/1/24
960,000
930
CommonSpirit
Health,
2.782%,
10/1/30 (5)
755,000
646
Corebridge
Financial,
4.40%,
4/5/52 (1)
4,505,000
3,522
Cox
Communications,
2.95%,
10/1/50 (1)
2,775,000
1,781
Credit
Agricole,
3.75%,
4/24/23 (1)
2,125,000
2,122
Credit
Suisse
Group,
VR,
2.593%,
9/11/25 (1)(8)
2,095,000
1,943
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000
2,487
Crown
Castle,
2.25%,
1/15/31
1,440,000
1,195
Crown
Castle,
2.90%,
3/15/27
735,000
682
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
485,000
464
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CVS
Health,
1.875%,
2/28/31
1,745,000
1,410
CVS
Health,
2.70%,
8/21/40
660,000
472
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27 (1)
2,155,000
2,035
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(8)
2,940,000
2,807
Delta
Air
Lines,
3.80%,
4/19/23 (5)
168,000
168
Discover
Bank,
2.70%,
2/6/30 (5)
2,000,000
1,624
Discover
Financial
Services,
3.75%,
3/4/25
590,000
554
Duke
Energy,
2.65%,
9/1/26
640,000
599
Duke
Energy,
3.75%,
9/1/46
500,000
390
Eaton
Vance,
3.625%,
6/15/23
750,000
744
Elevance
Health,
4.65%,
1/15/43
915,000
857
Enbridge,
4.00%,
10/1/23
690,000
682
Enbridge,
4.25%,
12/1/26
590,000
578
Enbridge
Energy
Partners,
5.50%,
9/15/40
245,000
235
Energy
Transfer,
3.75%,
5/15/30
765,000
705
Energy
Transfer,
5.25%,
4/15/29
1,225,000
1,217
Eni,
Series X-R,
4.00%,
9/12/23 (1)
780,000
770
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
780,000
721
Equitable
Holdings,
3.90%,
4/20/23
478,000
477
ERAC
USA
Finance,
3.85%,
11/15/24 (1)
435,000
426
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000
450
Essex
Portfolio,
2.65%,
3/15/32 (5)
1,430,000
1,155
Federal
Realty
Investment
Trust,
2.75%,
6/1/23
1,500,000
1,494
Fidelity
National
Financial,
4.50%,
8/15/28
2,065,000
1,963
First
American
Financial,
4.60%,
11/15/24
415,000
409
FirstEnergy
Transmission,
4.35%,
1/15/25 (1)
1,310,000
1,288
Fiserv,
3.20%,
7/1/26
1,100,000
1,044
GATX,
4.35%,
2/15/24
2,105,000
2,082
General
Motors,
4.00%,
4/1/25
1,120,000
1,090
General
Motors
Financial,
2.40%,
4/10/28
3,205,000
2,800
George
Washington
University,
Series 2014,
4.30%,
9/15/44
975,000
868
Goldman
Sachs
Group,
6.75%,
10/1/37
700,000
758
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (8)
1,300,000
1,076
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (8)
1,710,000
1,219
Hasbro,
3.00%,
11/19/24
1,550,000
1,496
Hasbro,
3.55%,
11/19/26
1,760,000
1,655
HCA,
4.125%,
6/15/29
1,895,000
1,770
HCA,
4.375%,
3/15/42 (1)
775,000
650
Healthcare
Realty
Holdings,
3.625%,
1/15/28
1,075,000
972
Healthpeak
OP,
2.125%,
12/1/28 (5)
655,000
559
Healthpeak
OP,
2.875%,
1/15/31
360,000
308
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (1)
1,800,000
1,714
HSBC
Bank
USA,
5.875%,
11/1/34
950,000
954
Humana,
2.15%,
2/3/32
1,145,000
927
Humana,
3.70%,
3/23/29
1,120,000
1,052
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000
2,062
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Iberdrola
International,
6.75%,
9/15/33
1,000,000
1,083
Illinois
Tool
Works,
3.90%,
9/1/42
1,200,000
1,069
Interpublic
Group,
4.20%,
4/15/24
293,000
290
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
3,430,000
3,206
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000
1,926
John
Deere
Capital,
2.125%,
3/7/25
1,955,000
1,867
JPMorgan
Chase,
3.375%,
5/1/23
1,080,000
1,078
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (8)
3,820,000
3,299
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (8)
1,875,000
1,868
Kansas
City
Southern,
3.50%,
5/1/50
1,695,000
1,278
Kilroy
Realty,
3.45%,
12/15/24
1,350,000
1,242
Kilroy
Realty,
4.375%,
10/1/25
480,000
440
L3Harris
Technologies,
3.832%,
4/27/25
570,000
555
Liberty
Mutual
Group,
4.25%,
6/15/23 (1)
410,000
407
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,700,000
1,482
M&T
Bank,
3.55%,
7/26/23
2,740,000
2,709
Manufacturers
&
Traders
Trust,
3.40%,
8/17/27
250,000
215
Marsh
&
McLennan,
3.50%,
6/3/24
3,060,000
2,998
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47
1,500,000
1,296
McDonald's,
1.45%,
9/1/25
940,000
873
MedStar
Health,
Series 20A,
3.626%,
8/15/49
905,000
662
Micron
Technology,
4.185%,
2/15/27
880,000
848
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000
2,536
Mississippi
Power,
3.95%,
3/30/28
1,435,000
1,381
Mitsubishi
UFJ
Financial
Group,
2.193%,
2/25/25 (5)
2,200,000
2,071
Moody's,
2.00%,
8/19/31
2,195,000
1,793
Morgan
Stanley,
4.30%,
1/27/45
1,150,000
998
Morgan
Stanley,
6.25%,
8/9/26
755,000
786
Morgan
Stanley,
VR,
3.971%,
7/22/38 (8)
1,445,000
1,272
NatWest
Markets,
2.375%,
5/21/23 (1)
3,370,000
3,353
New
York
Life
Global
Funding,
1.10%,
5/5/23 (1)
600,000
598
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
1,895,000
1,565
NiSource,
3.49%,
5/15/27
1,730,000
1,640
NiSource,
3.95%,
3/30/48
1,775,000
1,424
Nordea
Bank,
1.00%,
6/9/23 (1)
820,000
813
Nucor,
2.70%,
6/1/30
455,000
399
Nucor,
3.95%,
5/1/28
2,140,000
2,049
Nutrien,
4.00%,
12/15/26
830,000
801
Omnicom
Group,
3.60%,
4/15/26
830,000
805
O'Reilly
Automotive,
3.60%,
9/1/27
1,825,000
1,763
PACCAR
Financial,
0.90%,
11/8/24
2,875,000
2,712
Pacific
Gas
&
Electric,
2.10%,
8/1/27
1,340,000
1,166
Packaging
Corp.
of
America,
3.65%,
9/15/24
785,000
773
PayPal
Holdings,
2.40%,
10/1/24
2,720,000
2,628
Perrigo
Finance
Unlimited,
4.40%,
6/15/30
1,510,000
1,352
Pioneer
Natural
Resources,
1.125%,
1/15/26
755,000
682
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PNC
Bank,
3.50%,
6/8/23
1,330,000
1,324
PPL
Capital
Funding,
3.10%,
5/15/26
2,200,000
2,087
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (1)
2,650,000
2,628
Principal
Financial
Group,
3.40%,
5/15/25
2,460,000
2,390
Protective
Life
Global
Funding,
1.082%,
6/9/23 (1)
780,000
772
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
1,310,000
1,304
Public
Storage,
1.95%,
11/9/28
1,210,000
1,034
QUALCOMM,
3.25%,
5/20/27
1,120,000
1,079
Realty
Income,
3.10%,
12/15/29
2,130,000
1,896
Realty
Income,
3.95%,
8/15/27
1,490,000
1,435
RELX
Capital,
3.00%,
5/22/30
945,000
841
Republic
Services,
3.375%,
11/15/27
1,045,000
997
Rogers
Communications,
3.625%,
12/15/25
610,000
587
Rogers
Communications,
4.50%,
3/15/42 (1)
2,935,000
2,515
Roper
Technologies,
2.95%,
9/15/29
380,000
340
Roper
Technologies,
3.80%,
12/15/26
1,085,000
1,053
Ross
Stores,
1.875%,
4/15/31
450,000
363
Royal
Bank
of
Canada,
1.60%,
4/17/23
2,075,000
2,070
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
1,335,000
1,287
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
560,000
537
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (8)
1,365,000
1,184
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28 (8)
1,605,000
1,404
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
1,135,000
1,074
Sempra
Energy,
3.30%,
4/1/25
835,000
803
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
1,138,000
1,127
Simon
Property
Group,
2.65%,
2/1/32
1,810,000
1,455
Simon
Property
Group,
3.80%,
7/15/50
1,865,000
1,381
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
422,000
419
Spectra
Energy
Partners,
3.375%,
10/15/26
480,000
454
Spectra
Energy
Partners,
4.75%,
3/15/24
1,145,000
1,134
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(8)
2,005,000
1,868
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(8)
1,000,000
888
State
Street,
3.10%,
5/15/23
265,000
264
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
2,045,000
2,033
Tampa
Electric,
6.15%,
5/15/37
1,000,000
1,040
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000
1,663
Texas
Instruments,
1.375%,
3/12/25
650,000
614
Thomson
Reuters,
3.35%,
5/15/26
405,000
388
Time
Warner
Cable,
6.55%,
5/1/37
450,000
443
Time
Warner
Cable,
6.75%,
6/15/39
530,000
520
TJX,
1.60%,
5/15/31 (5)
375,000
305
Toronto-Dominion
Bank,
3.50%,
7/19/23
1,235,000
1,227
TotalEnergies
Capital
International,
2.986%,
6/29/41
2,630,000
2,032
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
1,645,000
1,439
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000
1,171
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Transurban
Finance,
3.375%,
3/22/27 (1)
395,000
369
Transurban
Finance,
4.125%,
2/2/26 (1)
335,000
325
Travelers,
6.25%,
6/15/37
750,000
842
Trinity
Health,
4.125%,
12/1/45
725,000
638
United
Airlines
PTT,
Series 2019-1,
Class
AA,
4.15%,
8/25/31
948,855
851
UnitedHealth
Group,
3.75%,
7/15/25
645,000
638
Verizon
Communications,
2.10%,
3/22/28
460,000
409
Verizon
Communications,
2.65%,
11/20/40
2,470,000
1,755
Verizon
Communications,
4.00%,
3/22/50
2,000,000
1,657
Verizon
Communications,
4.272%,
1/15/36
870,000
805
Vistra
Operations,
3.55%,
7/15/24 (1)
1,370,000
1,321
VMware,
1.40%,
8/15/26
3,125,000
2,766
Vodafone
Group,
4.25%,
9/17/50
775,000
631
Vodafone
Group,
4.875%,
6/19/49
2,045,000
1,843
Volkswagen
Group
of
America
Finance,
3.35%,
5/13/25 (1)
1,395,000
1,347
Vulcan
Materials,
4.50%,
6/15/47
590,000
512
Walt
Disney,
3.70%,
10/15/25
525,000
517
Warnermedia
Holdings,
5.05%,
3/15/42 (1)
1,570,000
1,307
Waste
Connections,
3.20%,
6/1/32
2,315,000
2,052
Weibo,
3.50%,
7/5/24 (5)
1,390,000
1,353
Wells
Fargo,
VR,
2.393%,
6/2/28 (8)
3,915,000
3,518
Wells
Fargo,
VR,
3.068%,
4/30/41 (8)
3,995,000
2,974
Williams,
5.10%,
9/15/45
1,735,000
1,582
Willis
North
America,
4.50%,
9/15/28
1,370,000
1,321
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000
705
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000
1,116
Workday,
3.70%,
4/1/29
750,000
702
WP
Carey,
3.85%,
7/15/29
1,470,000
1,353
WPP
Finance
2010,
3.75%,
9/19/24
1,310,000
1,276
Total
Corporate
Bonds
(Cost
$362,019)
327,531
EQUITY
MUTUAL
FUNDS
3.3%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
9,768,046
134,115
Total
Equity
Mutual
Funds
(Cost
$117,190)
134,115
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.3%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000
475
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)
2,645,000
2,368
Mexico
Government
International
Bond,
3.50%,
2/12/34
2,315,000
1,968
Pertamina
Persero,
4.30%,
5/20/23 (1)
1,250,000
1,247
Perusahaan
Gas
Negara,
5.125%,
5/16/24 (1)
1,105,000
1,098
Republic
of
Colombia,
4.00%,
2/26/24
275,000
272
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Republic
of
Panama,
3.298%,
1/19/33
2,100,000
1,758
Republic
of
Poland,
3.25%,
4/6/26
1,030,000
1,003
State
Grid
Overseas
Investment,
3.75%,
5/2/23 (1)
1,175,000
1,174
United
Mexican
States,
2.659%,
5/24/31
3,439,000
2,879
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$15,749)
14,242
MUNICIPAL
SECURITIES
0.9%
California
0.2%
Bay
Area
Toll
Auth.,
Series S-10,
3.176%,
4/1/41
2,900,000
2,296
California,
Build
America,
GO,
7.625%,
3/1/40
2,200,000
2,844
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series B,
5.50%,
3/1/33 (9)
695,000
699
Los
Angeles
Airport,
Build
America,
Series C,
7.053%,
5/15/40
1,000,000
1,195
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45
365,000
334
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
750,000
825
8,193
Illinois
0.0%
Chicago
O'Hare
Int'l
Airport,
Build
America,
Series B,
6.395%,
1/1/40
755,000
895
Chicago
O'Hare
Int'l
Airport,
Senior
Lien,
Series D,
2.346%,
1/1/30
975,000
849
Illinois
Toll
Highway
Auth.,
Build
America,
Series A,
6.184%,
1/1/34
470,000
524
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38
500,000
550
2,818
Maryland
0.1%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36
1,800,000
1,760
1,760
Michigan
0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29
2,000,000
2,215
2,215
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Build
America,
Series F,
7.414%,
1/1/40
415,000
526
526
New
York
0.1%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39
240,000
304
Metropolitan
Transportation
Auth.,
Build
America,
Series A-1,
5.871%,
11/15/39
700,000
701
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Build
America,
5.508%,
8/1/37
950,000
987
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42
245,000
282
New
York
State
Dormitory
Auth.,
Build
America,
Series F,
Unrefunded
Portion,
5.628%,
3/15/39
1,300,000
1,370
Port
Auth.
of
New
York
&
New
Jersey,
3.139%,
2/15/51
800,000
617
Port
Auth.
of
New
York
&
New
Jersey,
Series 182,
5.31%,
8/1/46
1,400,000
1,383
5,644
Ohio
0.0%
JobsOhio
Beverage
System,
Liquid
Profits,
Series B,
3.985%,
1/1/29
1,225,000
1,213
1,213
Pennsylvania
0.0%
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
600,000
588
588
South
Carolina
0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41
2,000,000
2,071
2,071
Texas
0.1%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
1,820,000
1,357
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38
1,155,000
968
Houston
Airport
System
Revenue,
Series C,
2.385%,
7/1/31
685,000
576
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47
1,200,000
1,054
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49
1,900,000
1,559
5,514
Utah
0.0%
Utah
Transit
Auth.,
Build
America,
Series B,
5.937%,
6/15/39
900,000
984
984
Virginia
0.1%
Univ.
of
Virginia,
Series B,
2.584%,
11/1/51
3,675,000
2,513
Virginia
Commonwealth
Transportation
Board,
Build
America,
Series B,
5.35%,
5/15/35
690,000
722
Virginia
Public
Building
Auth.,
Build
America,
Series B-2,
5.90%,
8/1/30
695,000
747
3,982
Wisconsin
0.1%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51
2,910,000
2,092
2,092
Total
Municipal
Securities
(Cost
$40,540)
37,600
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
2.0%
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
294,669
262
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
1,099,934
916
Angel
Oak
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (1)
981,454
821
Barclays
Mortgage
Loan
Trust,
Series 2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (1)
1,050,050
907
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.101%,
11/15/34 (1)
605,000
310
BBCMS
Mortgage
Trust,
Series 2020-BID,
Class
A,
ARM,
1M
USD
LIBOR
+
2.14%,
6.824%,
10/15/37 (1)
2,590,000
2,501
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
TSFR
+
1.654%,
6.481%,
10/15/34 (1)
2,080,000
2,039
BIG
Commercial
Mortgage
Trust,
Series 2022-BIG,
Class
A,
ARM,
1M
TSFR
+
1.342%,
6.169%,
2/15/39 (1)
3,395,000
3,278
BWAY
Mortgage
Trust,
Series 2022-26BW,
Class
A,
3.402%,
2/10/44 (1)
2,025,000
1,587
BX
Commercial
Mortgage
Trust,
Series 2022-LP2,
Class
C,
ARM,
1M
TSFR
+
1.562%,
6.389%,
2/15/39 (1)
3,379,340
3,212
BX
Trust,
Series 2022-IND,
Class
C,
ARM,
1M
TSFR
+
2.29%,
7.117%,
4/15/37 (1)
1,241,670
1,195
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (1)
800,000
711
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
235,000
228
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
988,472
835
Cold
Storage
Trust,
Series 2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
5.984%,
11/15/37 (1)
2,118,345
2,054
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
A4,
3.708%,
7/10/48
3,700,000
3,551
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
2,160,000
2,045
Connecticut
Avenue
Securities
Trust,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
5.56%,
12/25/41 (1)
432,687
428
Connecticut
Avenue
Securities
Trust,
Series 2023-R02,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
6.868%,
1/25/43 (1)
1,046,397
1,045
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.899%,
4/25/66 (1)
393,323
336
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
203,420
188
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
575,288
462
Extended
Stay
America
Trust,
Series 2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
6.065%,
7/15/38 (1)
1,195,835
1,158
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
2,470,518
1,999
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fontainebleau
Miami
Beach
Trust,
Series 2019-FBLU,
Class
C,
3.75%,
12/10/36 (1)
2,635,000
2,474
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
99,555
91
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
818,036
788
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.747%,
6.574%,
12/15/36 (1)
1,130,000
1,097
GS
Mortgage
Securities
Trust,
Series 2015-GC32,
Class
A4,
3.764%,
7/10/48
950,000
912
GS
Mortgage
Securities
Trust,
Series 2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
1,250,000
1,177
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.929%,
10/25/50 (1)
307,269
263
GS
Mortgage-Backed
Securities
Trust,
Series 2021-PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (1)
2,477,892
2,138
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series 2015-C31,
Class
A3,
3.801%,
8/15/48
2,105,214
2,010
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2020-609M,
Class
A,
ARM,
1M
USD
LIBOR
+
1.37%,
6.055%,
10/15/33 (1)
2,510,000
2,286
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2022-OPO,
Class
B,
3.377%,
1/5/39 (1)
760,000
637
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
618,939
552
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
717,039
636
MHC
Commercial
Mortgage
Trust,
Series 2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
5.785%,
4/15/38 (1)
3,595,000
3,451
Mill
City
Mortgage
Loan
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.25%,
5/25/62 (1)
370,801
358
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C17,
Class
B,
ARM,
4.464%,
8/15/47
1,670,000
1,597
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
1,375,000
1,311
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
2,775,000
2,605
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2016-
C30,
Class
A5,
2.86%,
9/15/49
495,000
455
Morgan
Stanley
Capital
I
Trust,
Series 2014-150E,
Class
A,
3.912%,
9/9/32 (1)
2,140,000
1,807
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
A4,
ARM,
3.779%,
5/15/48
1,440,000
1,380
Morgan
Stanley
Capital
I
Trust,
Series 2019-MEAD,
Class
D,
ARM,
3.177%,
11/10/36 (1)
2,090,000
1,815
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
516,034
407
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
New
Residential
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (1)
1,806,969
1,491
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
178,486
165
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
5.945%,
10/25/59 (1)
76,637
74
Provident
Funding
Mortgage
Trust,
Series 2019-1,
Class
B1,
CMO,
ARM,
3.20%,
12/25/49 (1)
1,282,565
1,051
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
2,067,497
1,789
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
184,375
173
SFO
Commercial
Mortgage
Trust,
Series 2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
6.184%,
5/15/38 (1)
1,560,000
1,325
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
37,287
36
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
677,592
642
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
388,288
341
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
5.36%,
8/25/33 (1)
39,096
39
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
6.66%,
10/25/33 (1)
835,000
807
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA6,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.50%,
6.06%,
10/25/41 (1)
1,100,000
1,047
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
5.41%,
11/25/41 (1)
1,719,156
1,693
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
5.26%,
8/25/33 (1)
11,772
12
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA3,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.00%,
6.56%,
4/25/42 (1)
2,032,567
2,033
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-HQA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
6.66%,
3/25/42 (1)
1,664,866
1,665
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2023-DNA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
6.658%,
3/25/43 (1)
170,000
170
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
34,221
34
Towd
Point
Mortgage
Trust,
Series 2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (1)
337,419
321
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
161,606
157
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
304,938
290
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (1)
620,062
589
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
531,850
445
Verus
Securitization
Trust,
Series 2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (1)
2,873,535
2,434
Verus
Securitization
Trust,
Series 2023-INV1,
Class
A1,
CMO,
ARM,
5.999%,
2/25/68 (1)
1,267,232
1,266
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2021-RR1,
Class
A1,
CMO,
ARM,
2.50%,
12/25/50 (1)
538,473
438
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C19,
Class
B,
ARM,
4.723%,
3/15/47
610,000
590
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$91,628)
83,432
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR) (4)
41,825
5,368
Total
Consumer
Discretionary
5,368
Total
Preferred
Stocks
(Cost
$3,370)
5,368
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
8.3%
U.S.
Government
Agency
Obligations
6.1%
Federal
Home
Loan
Mortgage
2.206%,
6/25/25
682,116
663
2.50%,
5/1/30
785,228
743
2.952%,
2/25/27
848,517
826
3.00%,
1/1/29
-
8/1/43
3,287,470
3,046
3.50%,
3/1/42
-
3/1/46
5,322,692
5,064
4.00%,
9/1/40
-
6/1/42
1,673,017
1,642
4.50%,
6/1/39
-
5/1/42
979,821
985
5.00%,
12/1/35
-
8/1/40
441,595
452
5.50%,
1/1/38
-
12/1/39
144,905
151
6.00%,
2/1/28
-
8/1/38
15,267
15
6.50%,
8/1/32
6,967
7
7.00%,
6/1/32
12,116
12
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.726%,
3.943%,
7/1/35
22,131
22
12M
USD
LIBOR
+
1.75%,
4.127%,
2/1/35
13,619
13
12M
USD
LIBOR
+
1.828%,
4.202%,
2/1/37
20,713
20
12M
USD
LIBOR
+
1.93%,
4.187%,
12/1/36
36,794
36
12M
USD
LIBOR
+
2.03%,
4.275%,
11/1/36
21,277
21
1Y
CMT
+
2.25%,
3.928%,
10/1/36
5,589
6
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
641,199
118
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
4/1/37
1,346,587
1,184
2.00%,
3/1/42
-
5/1/52
31,550,104
26,196
2.50%,
11/1/36
-
5/1/52
34,401,944
29,798
3.00%,
11/1/34
-
6/1/52
5,281,620
4,771
3.50%,
6/1/33
288,629
281
4.00%,
12/1/49
-
2/1/50
1,822,080
1,760
4.50%,
9/1/37
-
5/1/50
210,428
209
5.00%,
10/1/51
-
9/1/52
2,388,345
2,382
Federal
National
Mortgage
Assn.
3.50%,
6/1/42
-
1/1/44
2,249,202
2,130
4.00%,
11/1/40
651,985
632
4.50%,
7/1/40
485,736
477
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.557%,
3.807%,
7/1/35
9,511
9
12M
USD
LIBOR
+
1.855%,
4.105%,
1/1/37
2,974
3
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
8,883,343
7,670
2.00%,
4/1/37
-
5/1/52
49,047,092
41,031
2.50%,
10/1/31
-
4/1/52
30,872,704
27,109
3.00%,
1/1/27
-
12/1/51
33,383,118
30,755
3.50%,
11/1/26
-
1/1/52
18,677,328
17,721
4.00%,
11/1/40
-
9/1/52
13,381,866
13,026
4.50%,
4/1/37
-
8/1/52
11,118,413
11,022
5.00%,
2/1/34
-
8/1/52
2,037,692
2,070
5.50%,
2/1/35
-
5/1/44
2,303,145
2,379
6.00%,
3/1/28
-
2/1/53
9,909,678
10,216
6.50%,
3/1/24
-
8/1/38
234,452
246
7.00%,
9/1/25
-
4/1/32
16,574
15
7.50%,
9/1/26
97
—
8.00%,
8/1/24
-
7/1/26
162
—
UMBS,
TBA (10)
2.00%,
4/1/38
1,855,000
1,674
5.50%,
4/1/53
2,835,000
2,864
6.50%,
4/1/53
2,310,000
2,382
253,854
U.S.
Government
Obligations
2.2%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
1,416,946
1,238
2.00%,
3/20/51
-
3/20/52
19,159,332
16,318
2.50%,
8/20/50
-
1/20/52
18,534,910
16,316
3.00%,
9/15/42
-
6/20/52
15,881,109
14,535
3.50%,
9/15/41
-
1/20/49
10,190,604
9,716
4.00%,
2/15/41
-
10/20/52
7,286,875
7,091
4.50%,
6/15/39
-
10/20/52
5,912,414
5,890
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
5.00%,
12/20/34
-
6/20/49
4,582,658
4,677
5.50%,
2/20/34
-
3/20/49
1,443,741
1,485
6.00%,
8/20/34
-
4/15/36
58,806
62
6.50%,
6/15/23
-
12/20/52
584,062
600
7.00%,
12/20/52
-
1/20/53
1,124,416
1,165
7.50%,
6/15/23
-
9/15/26
3,184
2
8.00%,
10/15/23
-
11/15/25
4,527
5
8.50%,
6/20/25
-
6/20/26
1,932
2
Government
National
Mortgage
Assn.,
ARM,
1Y
CMT
+
1.50%,
2.625%,
8/20/23
33
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
149,039
139
3.50%,
10/20/50
1,010,000
878
Government
National
Mortgage
Assn.,
TBA (10)
5.50%,
4/20/53
5,870,000
5,936
6.00%,
4/20/53
4,535,000
4,620
90,675
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$370,472)
344,529
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
8.3%
U.S.
Treasury
Obligations
8.3%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,715,000
1,141
U.S.
Treasury
Bonds,
1.375%,
8/15/50
2,415,000
1,450
U.S.
Treasury
Bonds,
1.75%,
8/15/41
4,815,000
3,483
U.S.
Treasury
Bonds,
1.875%,
2/15/41
4,545,000
3,395
U.S.
Treasury
Bonds,
1.875%,
2/15/51
8,550,000
5,838
U.S.
Treasury
Bonds,
2.00%,
2/15/50
24,845,000
17,601
U.S.
Treasury
Bonds,
2.00%,
8/15/51
6,795,000
4,778
U.S.
Treasury
Bonds,
2.25%,
2/15/52
4,225,000
3,150
U.S.
Treasury
Bonds,
2.375%,
5/15/51
3,665,000
2,813
U.S.
Treasury
Bonds,
2.50%,
2/15/46
2,975,000
2,360
U.S.
Treasury
Bonds,
2.75%,
8/15/47
16,080,000
13,362
U.S.
Treasury
Bonds,
2.875%,
8/15/45 (11)
4,185,000
3,561
U.S.
Treasury
Bonds,
3.00%,
11/15/44
2,990,000
2,606
U.S.
Treasury
Bonds,
3.00%,
5/15/45
10,640,000
9,255
U.S.
Treasury
Bonds,
3.00%,
11/15/45
11,185,000
9,721
U.S.
Treasury
Bonds,
3.00%,
2/15/47
1,150,000
1,000
U.S.
Treasury
Bonds,
3.00%,
2/15/48
2,000,000
1,744
U.S.
Treasury
Bonds,
3.00%,
8/15/48
3,905,000
3,408
U.S.
Treasury
Bonds,
3.00%,
8/15/52
1,565,000
1,375
U.S.
Treasury
Bonds,
3.375%,
8/15/42
1,755,000
1,647
U.S.
Treasury
Bonds,
3.625%,
2/15/53
3,475,000
3,451
U.S.
Treasury
Bonds,
4.00%,
11/15/52
3,985,000
4,229
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Notes,
0.375%,
11/30/25
29,325,000
26,750
U.S.
Treasury
Notes,
0.625%,
5/15/30
16,700,000
13,671
U.S.
Treasury
Notes,
0.75%,
3/31/26
5,970,000
5,462
U.S.
Treasury
Notes,
0.75%,
8/31/26
7,815,000
7,063
U.S.
Treasury
Notes,
0.75%,
1/31/28
1,185,000
1,035
U.S.
Treasury
Notes,
0.875%,
6/30/26
41,745,000
38,066
U.S.
Treasury
Notes,
0.875%,
11/15/30
7,500,000
6,207
U.S.
Treasury
Notes,
1.125%,
2/15/31
7,555,000
6,360
U.S.
Treasury
Notes,
1.25%,
8/15/31
9,060,000
7,599
U.S.
Treasury
Notes,
1.875%,
2/28/27
28,890,000
26,954
U.S.
Treasury
Notes,
1.875%,
2/15/32
7,175,000
6,296
U.S.
Treasury
Notes,
2.25%,
8/15/27
27,540,000
25,978
U.S.
Treasury
Notes,
2.75%,
7/31/27
6,145,000
5,917
U.S.
Treasury
Notes,
2.75%,
8/15/32
16,360,000
15,394
U.S.
Treasury
Notes,
2.875%,
5/15/32
2,930,000
2,788
U.S.
Treasury
Notes,
3.50%,
2/15/33
5,875,000
5,884
U.S.
Treasury
Notes,
4.00%,
2/29/28 (5)
4,630,000
4,714
U.S.
Treasury
Notes,
4.125%,
9/30/27
8,000,000
8,151
U.S.
Treasury
Notes,
4.125%,
10/31/27
21,610,000
22,029
U.S.
Treasury
Notes,
4.125%,
11/15/32
2,850,000
2,995
340,681
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$379,013)
340,681
SHORT-TERM
INVESTMENTS
1.6%
Money
Market
Funds
1.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83% (2)(12)
67,074,895
67,075
Total
Short-Term
Investments
(Cost
$67,075)
67,075
SECURITIES
LENDING
COLLATERAL
0.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (2)(12)
23,181,984
23,182
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
23,182
T.
ROWE
PRICE
Balanced
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (2)(12)
8,867,691
8,868
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
8,868
Total
Securities
Lending
Collateral
(Cost
$32,050)
32,050
Total
Investments
in
Securities
100.4%
(Cost
$3,196,137)
$
4,146,610
Other
Assets
Less
Liabilities
(0.4)%
(18,037)
Net
Assets
100.0%
$
4,128,573
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$183,779
and
represents
4.5%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
(5)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(6)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,916
and
represents
0.0%
of
net
assets.
(7)
Level
3
in
fair
value
hierarchy.
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(9)
Insured
by
Assured
Guaranty
Municipal
Corporation
(10)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$17,476
and
represents
0.4%
of
net
assets.
(11)
At
March
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(12)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
T.
ROWE
PRICE
Balanced
Fund
35
.
.
.
.
.
.
.
.
.
.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
PFA
Public
Finance
Authority/Agency
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Balanced
Fund
36
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
445
U.S.
Treasury
Notes
five
year
contracts
6/23
48,731
$
701
Long,
59
U.S.
Treasury
Notes
ten
year
contracts
6/23
6,780
189
Long,
88
U.S.
Treasury
Notes
two
year
contracts
6/23
18,168
198
Net
payments
(receipts)
of
variation
margin
to
date
(980)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
108
T.
ROWE
PRICE
Balanced
Fund
37
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
10.53%
$
—
$
—
$
—
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.33%
(3,984)
8,388
3,336
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
10.19%
—
2
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
(70)
3,435
—
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
—
—
794
Totals
$
(4,054)#
$
11,825
$
4,130+
T.
ROWE
PRICE
Balanced
Fund
38
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
10.53%
$
14
$
1
$
—
$
15
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.33%
214,481
3,336
23,484
202,721
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
10.19%
108
—
—
110
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
131,450
—
770
134,115
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
15,456
¤
¤
32,050
T.
Rowe
Price
Treasury
Reserve
Fund,
4.83%
81,872
¤
¤
67,075
Total
$
436,086^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$4,130
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$447,116.
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Notes
to
Portfolio
of
Investments
39
T.
Rowe
Price
Balanced
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Balanced
Fund
40
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Balanced
Fund
41
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Balanced
Fund
42
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
1,187,911
$
—
$
1,187,911
Bond
Mutual
Funds
202,846
—
—
202,846
Common
Stocks
1,779,592
735,737
962
2,516,291
Convertible
Preferred
Stocks
—
—
954
954
Equity
Mutual
Funds
134,115
—
—
134,115
Preferred
Stocks
—
5,368
—
5,368
Short-Term
Investments
67,075
—
—
67,075
Securities
Lending
Collateral
32,050
—
—
32,050
Total
Securities
2,215,678
1,929,016
1,916
4,146,610
Futures
Contracts*
1,088
—
—
1,088
Total
$
2,216,766
$
1,929,016
$
1,916
$
4,147,698
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Balanced
Fund
43
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F68-054Q1
03/23