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