T. Rowe Price Balanced Fund (RPBAX) NPORT-P T. Rowe Price Balanced Fund, Inc. (Mar 2024 report)

T.

ROWE

PRICE

Balanced

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

0.9%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-1,

Class

C

1.59%,

10/20/25 

165,976‌

166‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

1,948‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

B

3.55%,

9/22/25 (1)

1,165,000‌

1,157‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

6.57%,

12/26/31 (1)

250,000‌

250‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

201,157‌

193‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

6.634%,

4/15/35 (1)

862,301‌

862‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,150‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

A3

5.28%,

5/15/28 

735,000‌

736‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

B

5.47%,

2/15/29 

580,000‌

580‌

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

B

5.17%,

8/15/29 

105,000‌

105‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,548‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

A3

5.60%,

3/10/28 (1)

195,000‌

195‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

B

5.63%,

5/10/30 (1)

235,000‌

236‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.402%,

6.716%,

7/15/36 (1)

1,380,000‌

1,381‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

651,375‌

600‌

T.

ROWE

PRICE

Balanced

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,202,800‌

1,091‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,505,350‌

1,310‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30 (1)

87,071‌

86‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

795,712‌

808‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

404,171‌

410‌

Elmwood

Series 2022-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.50%,

6.823%,

1/17/37 (1)

1,385,000‌

1,382‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,561‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

2,565,000‌

2,550‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,197‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.91%,

9/16/27 

1,355,000‌

1,338‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

1,875,825‌

1,857‌

Hardee's

Funding

Series 2024-1A,

Class

A2

7.253%,

3/20/54 (1)

1,685,000‌

1,699‌

Invesco

U.S.

Series 2023-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.57%,

6.856%,

4/22/37 (1)

1,350,000‌

1,350‌

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28 (1)

84,283‌

83‌

KKR

Series 2022-43A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.75%,

7.095%,

1/15/36 (1)

1,075,000‌

1,090‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.604%,

10/15/32 (1)

1,205,000‌

1,205‌

T.

ROWE

PRICE

Balanced

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

7.096%,

10/18/33 (1)

1,210,000‌

1,213‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

569,341‌

541‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

510,624‌

491‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

306,730‌

277‌

Palmer

Square

Series 2020-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.65%,

6.957%,

11/15/36 (1)

1,405,000‌

1,413‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

A2

5.59%,

11/15/29 (1)

145,000‌

145‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32 (1)

1,013,459‌

1,016‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A3

5.39%,

11/20/26 (1)

180,000‌

180‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.24%,

1/22/29 (1)

175,000‌

175‌

SEB

Funding

Series 2024-1A,

Class

A2

7.386%,

4/30/54 (1)

400,000‌

400‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,559,774‌

1,379‌

Signal

Peak

Series 2018-5A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.876%,

4/25/37 (1)

2,220,000‌

2,214‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

351,862‌

341‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

803,485‌

732‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,614,771‌

1,424‌

Synchrony

Card

Funding

Series 2023-A1,

Class

A

5.54%,

7/15/29 

585,000‌

590‌

T.

ROWE

PRICE

Balanced

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Bank

Series 2023-1,

Class

B

6.789%,

8/25/32 (1)

213,126‌

214‌

Verdant

Receivables

Series 2023-1A,

Class

A2

6.24%,

1/13/31 (1)

416,864‌

418‌

Total

Asset-Backed

Securities

(Cost

$44,765)

43,287‌

BOND

MUTUAL

FUNDS

4.7%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

8.49% (2)(3)

1,439‌

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.21% (2)(3)

26,337,576‌

204,906‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

8.23% (2)(3)

2,306,724‌

10,680‌

Total

Bond

Mutual

Funds

(Cost

$233,227)

215,601‌

COMMON

STOCKS

61.6%

COMMUNICATION

SERVICES

4.5%

Diversified

Telecommunication

Services

0.4%

BT

Group

(GBP) (4)

2,454,091‌

3,397‌

KT

(KRW) 

126,340‌

3,538‌

Nippon

Telegraph

&

Telephone

(JPY) 

9,417,100‌

11,185‌

Verizon

Communications 

19,167‌

804‌

18,924‌

Entertainment

0.4%

Netflix (5)

26,556‌

16,128‌

Sea,

ADR (5)

25,508‌

1,370‌

Walt

Disney 

19,426‌

2,377‌

19,875‌

Interactive

Media

&

Services

3.0%

Alphabet,

Class

A (5)

128,514‌

19,397‌

Alphabet,

Class

C (5)

358,193‌

54,538‌

LY

(JPY) (4)

746,300‌

1,911‌

Meta

Platforms,

Class

A 

124,018‌

60,221‌

NAVER

(KRW) 

19,451‌

2,707‌

Tencent

Holdings

(HKD) 

36,100‌

1,406‌

140,180‌

Media

0.3%

Comcast,

Class

A 

141,239‌

6,123‌

CyberAgent

(JPY) 

375,200‌

2,789‌

WPP

(GBP) 

569,435‌

5,397‌

14,309‌

T.

ROWE

PRICE

Balanced

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wireless

Telecommunication

Services

0.4%

T-Mobile

U.S. 

110,856‌

18,094‌

18,094‌

Total

Communication

Services

211,382‌

CONSUMER

DISCRETIONARY

6.2%

Automobile

Components

0.5%

Aptiv (5)

11,474‌

914‌

Autoliv,

SDR

(SEK) 

46,486‌

5,597‌

Denso

(JPY) 

354,900‌

6,759‌

Dowlais

Group

(GBP) 

1,027,528‌

1,012‌

Magna

International (4)

86,900‌

4,734‌

Stanley

Electric

(JPY) 

96,500‌

1,795‌

20,811‌

Automobiles

0.8%

General

Motors 

13,287‌

603‌

Honda

Motor

(JPY) 

178,800‌

2,233‌

Rivian

Automotive,

Class

A (4)(5)

28,126‌

308‌

Suzuki

Motor

(JPY) (4)

342,800‌

3,937‌

Tesla (5)

93,514‌

16,439‌

Toyota

Motor

(JPY) 

523,300‌

13,108‌

36,628‌

Broadline

Retail

1.9%

Alibaba

Group

Holding,

ADR 

17,123‌

1,239‌

Amazon.com (5)

447,131‌

80,654‌

Next

(GBP) 

50,068‌

5,836‌

87,729‌

Diversified

Consumer

Services

0.0%

Service

Corp

International 

30,411‌

2,257‌

2,257‌

Hotels,

Restaurants

&

Leisure

1.3%

Airbnb,

Class

A (5)

6,586‌

1,087‌

Amadeus

IT

Group

(EUR) 

67,156‌

4,311‌

Booking

Holdings 

4,182‌

15,172‌

Chipotle

Mexican

Grill (5)

3,238‌

9,412‌

Compass

Group

(GBP) 

295,100‌

8,656‌

Domino's

Pizza 

1,600‌

795‌

DoorDash,

Class

A (5)

15,387‌

2,119‌

Hilton

Worldwide

Holdings 

18,706‌

3,990‌

Las

Vegas

Sands 

20,308‌

1,050‌

Marriott

International,

Class

A 

2,433‌

614‌

McDonald's 

23,189‌

6,538‌

Norwegian

Cruise

Line

Holdings (5)

114,835‌

2,404‌

Royal

Caribbean

Cruises (5)

9,772‌

1,358‌

T.

ROWE

PRICE

Balanced

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Starbucks 

9,184‌

839‌

Wingstop 

927‌

340‌

Wynn

Resorts 

6,371‌

651‌

59,336‌

Household

Durables

0.3%

NVR (5)

211‌

1,709‌

Panasonic

Holdings

(JPY) 

452,300‌

4,319‌

Persimmon

(GBP) 

169,611‌

2,812‌

Sony

Group

(JPY) 

78,100‌

6,699‌

15,539‌

Specialty

Retail

1.0%

AutoZone (5)

1,644‌

5,181‌

Bath

&

Body

Works 

5,133‌

257‌

Burlington

Stores (5)

2,639‌

613‌

Carvana (5)

36,562‌

3,214‌

Home

Depot 

34,409‌

13,199‌

Kingfisher

(GBP) 

1,887,834‌

5,942‌

Lowe's 

8,998‌

2,292‌

O'Reilly

Automotive (5)

1,322‌

1,492‌

Ross

Stores 

36,214‌

5,315‌

TJX 

41,183‌

4,177‌

Tractor

Supply 

11,055‌

2,893‌

Ulta

Beauty (5)

6,797‌

3,554‌

48,129‌

Textiles,

Apparel

&

Luxury

Goods

0.4%

Cie

Financiere

Richemont

(CHF) 

20,790‌

3,165‌

Kering

(EUR) 

9,483‌

3,756‌

Lululemon

Athletica (5)

5,069‌

1,980‌

Moncler

(EUR) 

70,962‌

5,295‌

NIKE,

Class

B 

35,278‌

3,316‌

Samsonite

International

(HKD) (5)

763,500‌

2,893‌

20,405‌

Total

Consumer

Discretionary

290,834‌

CONSUMER

STAPLES

3.9%

Beverages

0.8%

Coca-Cola 

205,096‌

12,548‌

Constellation

Brands,

Class

A 

5,139‌

1,397‌

Diageo

(GBP) 

172,893‌

6,397‌

Heineken

(EUR) 

64,562‌

6,224‌

Keurig

Dr

Pepper 

100,346‌

3,078‌

Kirin

Holdings

(JPY) 

154,300‌

2,138‌

Monster

Beverage (5)

15,044‌

892‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PepsiCo 

22,561‌

3,948‌

36,622‌

Consumer

Staples

Distribution

&

Retail

0.7%

Costco

Wholesale 

6,727‌

4,928‌

Dollar

General 

35,157‌

5,487‌

Dollar

Tree (5)

3,220‌

429‌

Seven

&

i

Holdings

(JPY) 

454,200‌

6,619‌

Sysco 

4,010‌

325‌

Target 

7,453‌

1,321‌

Walmart 

211,499‌

12,726‌

Welcia

Holdings

(JPY) (4)

66,900‌

1,133‌

32,968‌

Food

Products

0.8%

Barry

Callebaut

(CHF) 

1,834‌

2,664‌

Kraft

Heinz 

13,408‌

495‌

Mondelez

International,

Class

A 

149,935‌

10,496‌

Nestle

(CHF) 

192,402‌

20,443‌

Tyson

Foods,

Class

A 

4,365‌

256‌

Wilmar

International

(SGD) 

1,630,000‌

4,140‌

38,494‌

Household

Products

0.6%

Colgate-Palmolive 

127,919‌

11,519‌

Procter

&

Gamble 

104,656‌

16,981‌

28,500‌

Personal

Care

Products

0.9%

elf

Beauty (5)

2,435‌

478‌

Kenvue 

803,731‌

17,248‌

L'Oreal

(EUR) 

15,559‌

7,368‌

Unilever

(GBP) 

281,025‌

14,108‌

39,202‌

Tobacco

0.1%

Altria

Group 

6,029‌

263‌

Philip

Morris

International 

34,519‌

3,163‌

3,426‌

Total

Consumer

Staples

179,212‌

ENERGY

2.9%

Energy

Equipment

&

Services

0.6%

Halliburton 

349,280‌

13,768‌

Schlumberger 

229,627‌

12,586‌

26,354‌

Oil,

Gas

&

Consumable

Fuels

2.3%

Chesapeake

Energy 

2,953‌

262‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Chevron 

40,450‌

6,380‌

ConocoPhillips 

131,656‌

16,757‌

Diamondback

Energy 

22,959‌

4,550‌

EOG

Resources 

12,137‌

1,552‌

EQT 

215,800‌

8,000‌

Equinor

(NOK) 

345,598‌

9,267‌

Exxon

Mobil 

133,920‌

15,567‌

Hess 

3,616‌

552‌

Kinder

Morgan 

119,106‌

2,184‌

Marathon

Petroleum 

10,710‌

2,158‌

Phillips

66 

17,021‌

2,780‌

Pioneer

Natural

Resources 

8,940‌

2,347‌

Range

Resources 

245,018‌

8,436‌

Shell,

ADR 

117,506‌

7,878‌

Suncor

Energy 

9,653‌

356‌

TotalEnergies

(EUR) 

187,096‌

12,870‌

Valero

Energy 

3,548‌

606‌

Williams 

88,109‌

3,434‌

105,936‌

Total

Energy

132,290‌

FINANCIALS

10.4%

Banks

3.2%

ANZ

Group

Holdings

(AUD) 

189,790‌

3,638‌

Bank

of

America 

398,367‌

15,106‌

BNP

Paribas

(EUR) 

70,270‌

5,003‌

Citigroup 

164,820‌

10,423‌

DBS

Group

Holdings

(SGD) 

148,000‌

3,950‌

DNB

Bank

(NOK) 

462,140‌

9,186‌

East

West

Bancorp 

26,016‌

2,058‌

Fifth

Third

Bancorp 

35,709‌

1,329‌

HDFC

Bank

(INR) 

238,689‌

4,160‌

Huntington

Bancshares 

55,325‌

772‌

ING

Groep

(EUR) 

703,107‌

11,575‌

Intesa

Sanpaolo

(EUR) 

1,338,922‌

4,861‌

JPMorgan

Chase 

151,580‌

30,361‌

M&T

Bank 

500‌

73‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

636,300‌

6,545‌

National

Bank

of

Canada

(CAD) 

99,693‌

8,395‌

PNC

Financial

Services

Group 

20,005‌

3,233‌

Standard

Chartered

(GBP) 

369,292‌

3,131‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

115,108‌

2,515‌

Svenska

Handelsbanken,

Class

A

(SEK) 

558,697‌

5,648‌

Truist

Financial 

12,686‌

494‌

United

Overseas

Bank

(SGD) 

270,400‌

5,878‌

Wells

Fargo 

165,003‌

9,564‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Western

Alliance

Bancorp 

4,791‌

307‌

148,205‌

Capital

Markets

1.4%

Ares

Management,

Class

A 

4,955‌

659‌

Bank

of

New

York

Mellon 

16,867‌

972‌

BlackRock 

930‌

775‌

Blackstone 

3,300‌

434‌

Bridgepoint

Group

(GBP) 

642,572‌

2,103‌

Brookfield

(CAD) 

118,844‌

4,973‌

Cboe

Global

Markets 

2,266‌

416‌

Charles

Schwab 

170,581‌

12,340‌

CME

Group 

21,021‌

4,526‌

Goldman

Sachs

Group 

22,899‌

9,565‌

Intercontinental

Exchange 

13,107‌

1,801‌

Julius

Baer

Group

(CHF) 

81,465‌

4,725‌

KKR 

5,090‌

512‌

LPL

Financial

Holdings 

1,534‌

405‌

Macquarie

Group

(AUD) 

30,793‌

4,006‌

Moody's 

1,400‌

550‌

Morgan

Stanley 

47,198‌

4,444‌

MSCI 

2,652‌

1,486‌

S&P

Global 

12,646‌

5,380‌

Tradeweb

Markets,

Class

A 

4,575‌

477‌

XP,

Class

A 

82,556‌

2,118‌

62,667‌

Consumer

Finance

0.3%

American

Express 

53,375‌

12,153‌

Capital

One

Financial 

3,186‌

474‌

Discover

Financial

Services 

3,831‌

502‌

Synchrony

Financial 

6,600‌

285‌

13,414‌

Financial

Services

2.8%

Adyen

(EUR) (5)

2,198‌

3,713‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $411 (5)(6)(7)

411,083‌

414‌

Apollo

Global

Management 

6,144‌

691‌

Berkshire

Hathaway,

Class

B (5)

76,463‌

32,154‌

Challenger

(AUD) 

325,045‌

1,506‌

Corebridge

Financial 

130,519‌

3,750‌

Corpay (5)

14,921‌

4,604‌

Equitable

Holdings 

19,418‌

738‌

Fiserv (5)

138,931‌

22,204‌

Global

Payments 

15,208‌

2,033‌

Mastercard,

Class

A 

47,640‌

22,942‌

Mitsubishi

HC

Capital

(JPY) 

368,200‌

2,602‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Visa,

Class

A 

112,644‌

31,437‌

Voya

Financial 

16,400‌

1,212‌

130,000‌

Insurance

2.7%

AIA

Group

(HKD) 

691,000‌

4,648‌

Allstate 

37,476‌

6,484‌

American

International

Group 

34,918‌

2,730‌

AXA

(EUR) 

356,182‌

13,377‌

Chubb 

49,691‌

12,876‌

Definity

Financial

(CAD) 

64,510‌

2,054‌

Hartford

Financial

Services

Group 

36,653‌

3,777‌

Mandatum

(EUR) (5)

141,858‌

633‌

Marsh

&

McLennan 

26,985‌

5,558‌

MetLife 

138,482‌

10,263‌

Muenchener

Rueckversicherungs-Gesellschaft

(EUR) 

29,252‌

14,279‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

245,500‌

1,042‌

Progressive 

16,539‌

3,421‌

RenaissanceRe

Holdings 

5,398‌

1,269‌

Sampo,

Class

A

(EUR) 

142,811‌

6,092‌

Storebrand

(NOK) 

503,026‌

4,648‌

Sun

Life

Financial

(CAD) 

116,250‌

6,343‌

Tokio

Marine

Holdings

(JPY) 

276,000‌

8,575‌

Travelers 

33,444‌

7,697‌

Zurich

Insurance

Group

(CHF) 

14,911‌

8,055‌

123,821‌

Total

Financials

478,107‌

HEALTH

CARE

8.2%

Biotechnology

0.4%

AbbVie 

24,526‌

4,466‌

Amgen 

10,321‌

2,935‌

Argenx,

ADR (5)

7,600‌

2,992‌

Biogen (5)

3,554‌

766‌

Genmab

(DKK) (5)

9,413‌

2,822‌

Gilead

Sciences 

5,311‌

389‌

Moderna (5)

1,652‌

176‌

Regeneron

Pharmaceuticals (5)

1,624‌

1,563‌

Vertex

Pharmaceuticals (5)

5,365‌

2,243‌

18,352‌

Health

Care

Equipment

&

Supplies

1.4%

Abbott

Laboratories 

14,358‌

1,632‌

Alcon

(CHF) 

43,663‌

3,611‌

Align

Technology (5)

1,417‌

465‌

Baxter

International 

14,650‌

626‌

Becton

Dickinson

&

Company 

6,665‌

1,649‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Boston

Scientific (5)

18,906‌

1,295‌

Dexcom (5)

7,528‌

1,044‌

Edwards

Lifesciences (5)

17,164‌

1,640‌

Elekta,

Class

B

(SEK) 

341,076‌

2,571‌

EssilorLuxottica

(EUR) 

23,799‌

5,384‌

GE

HealthCare

Technologies 

57,355‌

5,214‌

Hologic (5)

41,385‌

3,226‌

Intuitive

Surgical (5)

32,950‌

13,150‌

Koninklijke

Philips

(EUR) (5)

204,985‌

4,103‌

Medtronic 

52,912‌

4,611‌

Siemens

Healthineers

(EUR) (5)

117,103‌

7,162‌

Stryker 

18,112‌

6,482‌

Teleflex 

4,874‌

1,102‌

Zimmer

Biomet

Holdings 

12,902‌

1,703‌

66,670‌

Health

Care

Providers

&

Services

2.1%

Cardinal

Health 

4,537‌

508‌

Cencora 

45,950‌

11,165‌

Centene (5)

2,700‌

212‌

Cigna

Group 

22,784‌

8,275‌

CVS

Health 

6,511‌

519‌

Elevance

Health 

46,488‌

24,106‌

Fresenius

(EUR) 

128,834‌

3,474‌

HCA

Healthcare 

17,468‌

5,826‌

Humana 

8,200‌

2,843‌

McKesson 

3,217‌

1,727‌

Molina

Healthcare (5)

1,480‌

608‌

Tenet

Healthcare (5)

55,080‌

5,790‌

UnitedHealth

Group 

66,367‌

32,832‌

97,885‌

Health

Care

Technology

0.0%

Veeva

Systems,

Class

A (5)

6,388‌

1,480‌

1,480‌

Life

Sciences

Tools

&

Services

0.8%

Agilent

Technologies 

11,738‌

1,708‌

Bio-Techne 

9,564‌

673‌

Charles

River

Laboratories

International (5)

600‌

163‌

Danaher 

44,851‌

11,200‌

Evotec

(EUR) (5)

100,331‌

1,564‌

ICON (5)

2,098‌

705‌

IQVIA

Holdings (5)

769‌

194‌

Mettler-Toledo

International (5)

600‌

799‌

Thermo

Fisher

Scientific 

32,297‌

18,771‌

35,777‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Pharmaceuticals

3.5%

Astellas

Pharma

(JPY) 

556,100‌

6,037‌

AstraZeneca,

ADR 

350,617‌

23,754‌

Bayer

(EUR) 

102,257‌

3,132‌

Bristol-Myers

Squibb 

38,000‌

2,061‌

Eli

Lilly 

42,822‌

33,314‌

GSK,

ADR (4)

67,092‌

2,876‌

Johnson

&

Johnson 

112,201‌

17,749‌

Merck 

108,692‌

14,342‌

Novartis

(CHF) 

113,265‌

10,971‌

Novo

Nordisk,

ADR 

7,462‌

958‌

Novo

Nordisk,

Class

B

(DKK) 

108,025‌

13,857‌

Otsuka

Holdings

(JPY) 

52,400‌

2,184‌

Pfizer 

41,760‌

1,159‌

Roche

Holding

(CHF) 

38,611‌

9,858‌

Sanofi

(EUR) 

116,978‌

11,380‌

Viatris 

90,782‌

1,084‌

Zoetis 

28,185‌

4,769‌

159,485‌

Total

Health

Care

379,649‌

INDUSTRIALS

&

BUSINESS

SERVICES

6.4%

Aerospace

&

Defense

0.9%

Boeing (5)

17,462‌

3,370‌

General

Dynamics 

24,442‌

6,905‌

Howmet

Aerospace 

16,012‌

1,096‌

Huntington

Ingalls

Industries 

1,691‌

493‌

L3Harris

Technologies 

33,111‌

7,056‌

Lockheed

Martin 

1,189‌

541‌

Melrose

Industries

(GBP) 

779,278‌

6,617‌

Northrop

Grumman 

1,611‌

771‌

RTX 

13,190‌

1,286‌

Safran

(EUR) 

34,383‌

7,787‌

TransDigm

Group 

3,025‌

3,725‌

39,647‌

Air

Freight

&

Logistics

0.0%

FedEx 

5,159‌

1,495‌

1,495‌

Building

Products

0.0%

Carrier

Global 

21,297‌

1,238‌

Johnson

Controls

International 

8,623‌

563‌

Trane

Technologies 

1,554‌

467‌

2,268‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Commercial

Services

&

Supplies

0.3%

Cintas 

2,513‌

1,727‌

Copart (5)

21,062‌

1,220‌

Element

Fleet

Management

(CAD) 

419,455‌

6,779‌

Republic

Services 

2,926‌

560‌

Veralto 

13,538‌

1,200‌

Waste

Connections 

8,182‌

1,407‌

12,893‌

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings (5)

2,305‌

107‌

Worley

(AUD) 

390,457‌

4,262‌

4,369‌

Electrical

Equipment

1.0%

ABB

(CHF) 

206,264‌

9,569‌

AMETEK 

34,634‌

6,334‌

Emerson

Electric 

2,700‌

306‌

Hubbell 

1,200‌

498‌

Legrand

(EUR) 

64,269‌

6,806‌

Mitsubishi

Electric

(JPY) 

479,500‌

7,957‌

Prysmian

(EUR) 

137,795‌

7,186‌

Rockwell

Automation 

25,170‌

7,333‌

45,989‌

Ground

Transportation

0.8%

Canadian

National

Railway (4)

8,278‌

1,090‌

Canadian

Pacific

Kansas

City (4)

4,482‌

395‌

Central

Japan

Railway

(JPY) 

101,000‌

2,486‌

CSX 

333,464‌

12,361‌

JB

Hunt

Transport

Services 

2,188‌

436‌

Norfolk

Southern 

22,618‌

5,764‌

Old

Dominion

Freight

Line 

22,000‌

4,825‌

Saia (5)

943‌

552‌

Uber

Technologies (5)

37,950‌

2,922‌

Union

Pacific 

31,166‌

7,665‌

38,496‌

Industrial

Conglomerates

1.4%

3M 

3,774‌

400‌

DCC

(GBP) 

52,286‌

3,804‌

General

Electric 

112,656‌

19,775‌

Honeywell

International 

33,622‌

6,901‌

Roper

Technologies 

10,616‌

5,954‌

Siemens

(EUR) 

136,159‌

25,998‌

62,832‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Machinery

1.1%

Caterpillar 

2,971‌

1,089‌

Cummins 

32,570‌

9,597‌

Deere 

9,983‌

4,100‌

Dover 

18,469‌

3,272‌

Esab 

2,205‌

244‌

IDEX 

22,007‌

5,370‌

Ingersoll

Rand 

14,132‌

1,342‌

KION

Group

(EUR) 

62,021‌

3,263‌

Nordson 

1,600‌

439‌

Otis

Worldwide 

2,794‌

277‌

Sandvik

(SEK) 

238,451‌

5,294‌

SMC

(JPY) (4)

4,000‌

2,241‌

Stanley

Black

&

Decker 

19,404‌

1,900‌

THK

(JPY) 

97,000‌

2,263‌

Westinghouse

Air

Brake

Technologies 

58,255‌

8,487‌

49,178‌

Passenger

Airlines

0.0%

Southwest

Airlines 

13,538‌

395‌

United

Airlines

Holdings (5)

6,800‌

326‌

721‌

Professional

Services

0.3%

Broadridge

Financial

Solutions 

4,176‌

855‌

Equifax 

1,035‌

277‌

Recruit

Holdings

(JPY) 

122,600‌

5,432‌

TechnoPro

Holdings

(JPY) 

139,400‌

2,853‌

Teleperformance

(EUR) 

19,086‌

1,854‌

TransUnion 

4,700‌

375‌

11,646‌

Trading

Companies

&

Distributors

0.5%

Ashtead

Group

(GBP) 

72,969‌

5,198‌

Bunzl

(GBP) 

107,997‌

4,155‌

Ferguson 

13,439‌

2,935‌

Mitsubishi

(JPY) 

237,100‌

5,462‌

SiteOne

Landscape

Supply (5)

900‌

157‌

Sumitomo

(JPY) 

248,800‌

6,002‌

23,909‌

Total

Industrials

&

Business

Services

293,443‌

INFORMATION

TECHNOLOGY

14.5%

Communications

Equipment

0.2%

Arista

Networks (5)

3,603‌

1,045‌

Cisco

Systems 

38,173‌

1,905‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

LM

Ericsson,

Class

B

(SEK) (4)

815,199‌

4,384‌

7,334‌

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol,

Class

A 

55,822‌

6,439‌

Hamamatsu

Photonics

(JPY) 

74,200‌

2,624‌

Keysight

Technologies (5)

26,357‌

4,122‌

Largan

Precision

(TWD) 

19,000‌

1,452‌

Murata

Manufacturing

(JPY) 

217,500‌

4,057‌

Omron

(JPY) (4)

45,600‌

1,630‌

TE

Connectivity 

64,424‌

9,357‌

Teledyne

Technologies (5)

2,353‌

1,010‌

Zebra

Technologies,

Class

A (5)

2,070‌

624‌

31,315‌

IT

Services

0.5%

Accenture,

Class

A 

14,021‌

4,860‌

International

Business

Machines 

7,600‌

1,451‌

MongoDB (5)

7,774‌

2,788‌

NTT

Data

Group

(JPY) (4)

512,100‌

8,212‌

Shopify,

Class

A (5)

47,097‌

3,635‌

Snowflake,

Class

A (5)

6,562‌

1,060‌

22,006‌

Semiconductors

&

Semiconductor

Equipment

6.0%

Advanced

Micro

Devices (5)

43,199‌

7,797‌

Analog

Devices 

29,128‌

5,761‌

Applied

Materials 

24,538‌

5,060‌

ASML

Holding

(EUR) 

19,310‌

18,720‌

ASML

Holding 

9,283‌

9,009‌

Broadcom 

16,194‌

21,464‌

Entegris 

13,633‌

1,916‌

First

Solar (5)

902‌

152‌

Intel 

144,860‌

6,398‌

KLA 

4,135‌

2,889‌

Lam

Research 

11,691‌

11,359‌

Lattice

Semiconductor (5)

4,139‌

324‌

Microchip

Technology 

7,500‌

673‌

Micron

Technology 

91,280‌

10,761‌

Monolithic

Power

Systems 

6,458‌

4,375‌

NVIDIA 

111,887‌

101,097‌

NXP

Semiconductors 

54,587‌

13,525‌

QUALCOMM 

67,805‌

11,479‌

Renesas

Electronics

(JPY) 

184,100‌

3,248‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

776,969‌

18,912‌

Taiwan

Semiconductor

Manufacturing,

ADR 

17,766‌

2,417‌

Texas

Instruments 

62,246‌

10,844‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tokyo

Electron

(JPY) 

33,300‌

8,704‌

276,884‌

Software

4.9%

Adobe (5)

18,515‌

9,343‌

Atlassian,

Class

A (5)

8,807‌

1,718‌

Autodesk (5)

9,587‌

2,497‌

BILL

Holdings (5)

15,226‌

1,046‌

Cadence

Design

Systems (5)

5,608‌

1,746‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (5)(6)(7)

392‌

418‌

Confluent,

Class

A (5)

27,731‌

846‌

Crowdstrike

Holdings,

Class

A (5)

4,854‌

1,556‌

Datadog,

Class

A (5)

9,610‌

1,188‌

Descartes

Systems

Group (5)

6,942‌

636‌

Dynatrace (5)

10,200‌

474‌

Fair

Isaac (5)

638‌

797‌

Fortinet (5)

39,250‌

2,681‌

Gen

Digital 

58,754‌

1,316‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (5)(6)(7)

7,517‌

116‌

Intuit 

14,074‌

9,148‌

Microsoft 

336,224‌

141,456‌

Oracle 

11,600‌

1,457‌

Palo

Alto

Networks (5)

2,109‌

599‌

Salesforce 

30,281‌

9,120‌

SAP

(EUR) 

58,289‌

11,350‌

ServiceNow (5)

19,751‌

15,058‌

Synopsys (5)

18,758‌

10,720‌

Tyler

Technologies (5)

600‌

255‌

Workday,

Class

A (5)

2,139‌

584‌

Zscaler (5)

1,850‌

356‌

226,481‌

Technology

Hardware,

Storage

&

Peripherals

2.2%

Apple 

505,096‌

86,614‌

Pure

Storage,

Class

A (5)

18,280‌

950‌

Samsung

Electronics

(KRW) 

183,138‌

11,209‌

Western

Digital (5)

13,479‌

920‌

99,693‌

Total

Information

Technology

663,713‌

MATERIALS

2.3%

Chemicals

1.2%

Air

Liquide

(EUR) 

36,982‌

7,694‌

Akzo

Nobel

(EUR) 

56,617‌

4,230‌

Asahi

Kasei

(JPY) 

364,500‌

2,677‌

BASF

(EUR) 

71,289‌

4,074‌

CF

Industries

Holdings 

9,830‌

818‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Covestro

(EUR) (5)

73,321‌

4,011‌

Johnson

Matthey

(GBP) 

139,170‌

3,145‌

Linde 

33,231‌

15,430‌

Mosaic 

79,800‌

2,590‌

Nutrien 

25,188‌

1,368‌

RPM

International 

3,212‌

382‌

Sherwin-Williams 

12,592‌

4,374‌

Umicore

(EUR) 

108,333‌

2,336‌

53,129‌

Construction

Materials

0.1%

Martin

Marietta

Materials 

3,746‌

2,300‌

Vulcan

Materials 

3,544‌

967‌

3,267‌

Containers

&

Packaging

0.1%

Amcor,

CDI

(AUD) 

143,128‌

1,346‌

Avery

Dennison 

2,740‌

612‌

Ball 

13,031‌

878‌

Packaging

Corp.

of

America 

1,852‌

351‌

Westrock 

11,132‌

551‌

3,738‌

Metals

&

Mining

0.8%

Agnico

Eagle

Mines (4)

6,849‌

409‌

Antofagasta

(GBP) 

221,770‌

5,696‌

BHP

Group

(AUD) 

120,793‌

3,493‌

BHP

Group

(GBP) 

165,138‌

4,731‌

Franco-Nevada 

23,659‌

2,819‌

Freeport-McMoRan 

163,444‌

7,685‌

IGO

(AUD) 

437,530‌

2,016‌

Pilbara

Minerals

(AUD) 

1,269,683‌

3,168‌

South32

(AUD) 

1,088,164‌

2,123‌

Southern

Copper (4)

16,969‌

1,808‌

Steel

Dynamics 

7,445‌

1,104‌

Wheaton

Precious

Metals 

61,519‌

2,899‌

37,951‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

302,563‌

4,208‌

West

Fraser

Timber (4)

8,798‌

760‌

4,968‌

Total

Materials

103,053‌

REAL

ESTATE

0.8%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Welltower,

REIT 

11,497‌

1,074‌

1,074‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Industrial

Real

Estate

Investment

Trusts

0.1%

Prologis,

REIT 

32,130‌

4,184‌

Rexford

Industrial

Realty,

REIT 

19,625‌

987‌

5,171‌

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

336,747‌

1,651‌

1,651‌

Real

Estate

Management

&

Development

0.2%

CBRE

Group,

Class

A (5)

3,750‌

365‌

CoStar

Group (5)

5,594‌

540‌

Mitsui

Fudosan

(JPY) 

810,600‌

8,822‌

9,727‌

Residential

Real

Estate

Investment

Trusts

0.1%

American

Homes

4

Rent,

Class

A,

REIT 

8,019‌

295‌

AvalonBay

Communities,

REIT 

2,708‌

503‌

Camden

Property

Trust,

REIT 

1,400‌

138‌

Equity

LifeStyle

Properties,

REIT 

47,764‌

3,076‌

Essex

Property

Trust,

REIT 

3,109‌

761‌

Sun

Communities,

REIT 

3,090‌

397‌

5,170‌

Retail

Real

Estate

Investment

Trusts

0.1%

Kimco

Realty,

REIT 

17,152‌

336‌

Regency

Centers,

REIT 

2,200‌

133‌

Scentre

Group

(AUD) 

2,277,585‌

5,030‌

Simon

Property

Group,

REIT 

2,938‌

460‌

5,959‌

Specialized

Real

Estate

Investment

Trusts

0.3%

American

Tower,

REIT 

7,552‌

1,492‌

CubeSmart,

REIT 

7,500‌

339‌

Equinix,

REIT 

1,809‌

1,493‌

Extra

Space

Storage,

REIT 

988‌

146‌

Public

Storage,

REIT 

22,096‌

6,409‌

Weyerhaeuser,

REIT 

152,458‌

5,475‌

15,354‌

Total

Real

Estate

44,106‌

UTILITIES

1.5%

Electric

Utilities

0.8%

Constellation

Energy 

87,380‌

16,152‌

FirstEnergy 

33,542‌

1,296‌

NextEra

Energy 

156,455‌

9,999‌

PG&E 

135,100‌

2,264‌

PPL 

5,700‌

157‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Southern 

29,448‌

2,113‌

Xcel

Energy 

64,600‌

3,472‌

35,453‌

Gas

Utilities

0.0%

Beijing

Enterprises

Holdings

(HKD) 

387,500‌

1,125‌

1,125‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) 

182,600‌

3,011‌

3,011‌

Multi-Utilities

0.6%

Ameren 

92,861‌

6,868‌

CenterPoint

Energy 

36,600‌

1,043‌

CMS

Energy 

5,238‌

316‌

Dominion

Energy 

48,498‌

2,386‌

Engie

(EUR) 

574,343‌

9,624‌

National

Grid

(GBP) 

468,630‌

6,314‌

NiSource 

7,800‌

216‌

26,767‌

Total

Utilities

66,356‌

Total

Common

Stocks

(Cost

$1,347,529)

2,842,145‌

CONVERTIBLE

PREFERRED

STOCKS

0.0%

INFORMATION

TECHNOLOGY

0.0%

Software

0.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $43 (5)(6)(7)

25‌

27‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $4 (5)(6)(7)

2‌

2‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229 (5)(6)(7)

3,879‌

285‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (5)(6)

(7)

8,505‌

625‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $112 (5)(6)(7)

1,526‌

112‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (5)(6)(7)

10,431‌

161‌

Total

Information

Technology

1,212‌

Total

Convertible

Preferred

Stocks

(Cost

$1,330)

1,212‌

CORPORATE

BONDS

7.8%

AbbVie,

2.95%,

11/21/26 

920,000‌

875‌

AbbVie,

3.20%,

5/14/26 (4)

420,000‌

405‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,822‌

AbbVie,

4.70%,

5/14/45 

915,000‌

856‌

AbbVie,

4.80%,

3/15/29 (4)

1,260,000‌

1,256‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

925‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

866‌

AerCap

Ireland

Capital,

5.75%,

6/6/28 

1,840,000‌

1,863‌

AerCap

Ireland

Capital,

6.15%,

9/30/30 

225,000‌

233‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

369‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,555‌

AIA

Group,

3.20%,

3/11/25 (1)

1,020,000‌

1,000‌

AIB

Group,

VR,

6.608%,

9/13/29 (1)(4)(8)

650,000‌

678‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,120‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 (4)

655,000‌

632‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,034‌

Ally

Financial,

2.20%,

11/2/28 

700,000‌

598‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

401‌

Amazon.com,

2.80%,

8/22/24 

1,055,000‌

1,043‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,479‌

Ameren,

5.70%,

12/1/26 

1,820,000‌

1,840‌

America

Movil,

2.875%,

5/7/30 

2,525,000‌

2,234‌

America

Movil,

6.375%,

3/1/35 (4)

300,000‌

327‌

American

Express,

VR,

6.489%,

10/30/31 (8)

2,785,000‌

2,978‌

American

Honda

Finance,

0.75%,

8/9/24 

2,335,000‌

2,297‌

American

Honda

Finance,

5.65%,

11/15/28 

1,655,000‌

1,702‌

Amgen,

2.77%,

9/1/53 

447,000‌

277‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,208‌

APA

Infrastructure,

4.25%,

7/15/27 (1)

620,000‌

606‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

2,021‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,139‌

AT&T,

3.50%,

6/1/41 

680,000‌

528‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,305‌

AutoZone,

3.125%,

4/21/26 

650,000‌

624‌

AutoZone,

5.05%,

7/15/26 

2,690,000‌

2,689‌

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

3,175,000‌

3,164‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

181‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,293‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,110,000‌

1,106‌

Bank

of

America,

4.20%,

8/26/24 

600,000‌

596‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

954‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

741‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,827‌

Bank

of

America,

VR,

2.676%,

6/19/41 (8)

3,450,000‌

2,454‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

1,962‌

Bank

of

Montreal,

2.65%,

3/8/27 

2,035,000‌

1,905‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34 (8)

1,885,000‌

2,045‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

551‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,823‌

Barclays,

VR,

5.674%,

3/12/28 (8)

750,000‌

753‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,164‌

BAT

Capital,

5.834%,

2/20/31 

810,000‌

813‌

Bayer

U.S.

Finance,

6.375%,

11/21/30 (1)

1,540,000‌

1,572‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,569‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,217‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,877‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

1,350,000‌

1,316‌

BlackRock

Funding,

4.70%,

3/14/29 

785,000‌

785‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,264‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,620‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

376‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

775‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,491‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,123‌

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

985‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,110,000‌

1,015‌

Bristol-Myers

Squibb,

5.10%,

2/22/31 

490,000‌

493‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

542‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,185‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,249‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

712‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

494‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

394‌

Canadian

National

Railway,

5.85%,

11/1/33 

1,155,000‌

1,231‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,490‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

853‌

Canadian

Pacific

Railway,

3.50%,

5/1/50 

1,695,000‌

1,261‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,160‌

Capital

One

Financial,

VR,

6.051%,

2/1/35 (8)

365,000‌

370‌

Cardinal

Health,

3.41%,

6/15/27 

1,570,000‌

1,487‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

981‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (1)(9)

269,995‌

264‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (1)(9)

406,741‌

398‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)(9)

482,955‌

485‌

CBRE

Services,

5.50%,

4/1/29 

555,000‌

558‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30 (1)(4)

505,000‌

463‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

881‌

Charter

Communications

Operating,

4.908%,

7/23/25 

2,465,000‌

2,436‌

Citigroup,

VR,

2.976%,

11/5/30 (8)

2,750,000‌

2,442‌

Citigroup,

VR,

4.075%,

4/23/29 (8)

2,000,000‌

1,906‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

736‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,110‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,820‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,179‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,396‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

944‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

654‌

Corebridge

Financial,

4.40%,

4/5/52 

4,505,000‌

3,653‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,711‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,504‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,185‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

686‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

474‌

Cummins,

4.90%,

2/20/29 (4)

320,000‌

321‌

CVS

Health,

1.875%,

2/28/31 

1,745,000‌

1,419‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

458‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)

2,155,000‌

2,066‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(8)

2,940,000‌

2,880‌

Danske

Bank,

VR,

5.705%,

3/1/30 (1)(8)

395,000‌

398‌

Discover

Bank,

2.70%,

2/6/30 

2,000,000‌

1,712‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

579‌

DTE

Energy,

5.10%,

3/1/29 

2,570,000‌

2,548‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

604‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

376‌

Duke

Energy,

4.85%,

1/5/27 

2,660,000‌

2,646‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

828‌

Enbridge,

4.25%,

12/1/26 

590,000‌

577‌

Enbridge,

6.20%,

11/15/30 

345,000‌

365‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

240‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

701‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,224‌

Enterprise

Products

Operating,

4.60%,

1/11/27 

2,830,000‌

2,808‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

780,000‌

739‌

ERAC

USA

Finance,

3.85%,

11/15/24 (1)

435,000‌

430‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

445‌

Essex

Portfolio,

2.65%,

3/15/32 

1,430,000‌

1,182‌

Exelon,

5.15%,

3/15/29 

590,000‌

589‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

1,992‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (8)

460,000‌

474‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

411‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)(4)

1,310,000‌

1,294‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,054‌

Fiserv,

5.45%,

3/15/34 

2,035,000‌

2,059‌

Ford

Motor

Credit,

7.122%,

11/7/33 

640,000‌

687‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,101‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,873‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

868‌

Georgia

Power,

5.004%,

2/23/27 (4)

685,000‌

685‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

765‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (8)

1,300,000‌

1,091‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (8)

1,710,000‌

1,230‌

Hasbro,

3.00%,

11/19/24 

1,550,000‌

1,520‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HCA,

4.125%,

6/15/29 

1,895,000‌

1,793‌

HCA,

4.375%,

3/15/42 

775,000‌

640‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

992‌

Healthpeak

OP,

2.125%,

12/1/28 (4)

655,000‌

575‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

308‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,693‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

986‌

HSBC

Holdings,

VR,

5.719%,

3/4/35 (4)(8)

1,145,000‌

1,158‌

HSBC

Holdings,

VR,

7.399%,

11/13/34 (8)

1,445,000‌

1,577‌

Humana,

2.15%,

2/3/32 

1,145,000‌

914‌

Humana,

3.70%,

3/23/29 (4)

1,120,000‌

1,051‌

Humana,

5.95%,

3/15/34 

830,000‌

861‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)

2,435,000‌

2,134‌

Hyundai

Capital

America,

5.35%,

3/19/29 (1)

240,000‌

240‌

Hyundai

Capital

America,

6.50%,

1/16/29 (1)

420,000‌

440‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,066‌

Illinois

Tool

Works,

3.90%,

9/1/42 (4)

1,200,000‌

1,035‌

Interpublic

Group,

4.20%,

4/15/24 

293,000‌

293‌

IQVIA,

6.25%,

2/1/29 

730,000‌

759‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,323‌

JDE

Peet's,

1.375%,

1/15/27 (1)

2,240,000‌

2,015‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,899‌

John

Deere

Capital,

4.50%,

1/8/27 

1,330,000‌

1,318‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,341‌

JPMorgan

Chase,

VR,

5.299%,

7/24/29 (8)

3,125,000‌

3,142‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,325‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

469‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

561‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,483‌

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (8)

1,015,000‌

1,013‌

Marsh

&

McLennan,

3.50%,

6/3/24 

3,060,000‌

3,047‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,278‌

McDonald's,

1.45%,

9/1/25 

940,000‌

892‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

684‌

Microchip

Technology,

5.05%,

3/15/29 

805,000‌

805‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

855‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,537‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,379‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,136‌

Mohawk

Industries,

5.85%,

9/18/28 

1,385,000‌

1,424‌

Mondelez

International,

4.75%,

2/20/29 

2,970,000‌

2,949‌

Moody's,

2.00%,

8/19/31 (4)

2,195,000‌

1,783‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

1,009‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

773‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (8)

1,445,000‌

1,105‌

Motorola

Solutions,

5.00%,

4/15/29 

800,000‌

796‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

National

Bank

of

Canada,

5.60%,

12/18/28 

2,560,000‌

2,597‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,563‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

680,000‌

683‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,649‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,389‌

Nucor,

2.70%,

6/1/30 

455,000‌

404‌

Nucor,

3.95%,

5/1/28 

1,996,000‌

1,925‌

Nutrien,

4.00%,

12/15/26 

830,000‌

803‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

805‌

O'Reilly

Automotive,

3.60%,

9/1/27 

1,825,000‌

1,741‌

O'Reilly

Automotive,

5.75%,

11/20/26 

390,000‌

395‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,799‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,205‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

785,000‌

776‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,680‌

Perrigo

Finance

Unlimited,

4.65%,

6/15/30 

1,510,000‌

1,385‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

702‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,104‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,403‌

Public

Storage

Operating,

1.95%,

11/9/28 

1,210,000‌

1,069‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

1,929‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,442‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

845‌

Republic

Services,

3.375%,

11/15/27 

1,045,000‌

992‌

Republic

Services,

5.00%,

12/15/33 

2,235,000‌

2,217‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

592‌

Rogers

Communications,

4.50%,

3/15/42 

2,935,000‌

2,532‌

Roper

Technologies,

2.95%,

9/15/29 

380,000‌

342‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,050‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

368‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,292‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

539‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (8)

1,365,000‌

1,236‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,473‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,109‌

Sempra,

3.30%,

4/1/25 

835,000‌

816‌

Simon

Property

Group,

2.65%,

2/1/32 

1,810,000‌

1,524‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,423‌

Skandinaviska

Enskilda

Banken,

5.125%,

3/5/27 (1)

2,800,000‌

2,799‌

Solventum,

5.40%,

3/1/29 (1)

1,660,000‌

1,659‌

Southern,

5.70%,

3/15/34 

1,540,000‌

1,583‌

Southern

California

Edison,

5.15%,

6/1/29 

2,775,000‌

2,775‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

459‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(8)

2,005,000‌

1,944‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

920‌

T-Mobile

USA,

5.75%,

1/15/34 

1,860,000‌

1,932‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,031‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,649‌

Texas

Instruments,

1.375%,

3/12/25 (4)

650,000‌

627‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

389‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

425‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

504‌

TJX,

1.60%,

5/15/31 

375,000‌

303‌

Toronto-Dominion

Bank,

4.994%,

4/5/29 

2,795,000‌

2,792‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

1,980‌

Toyota

Motor

Credit,

4.80%,

1/5/26 (4)

2,935,000‌

2,925‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,449‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,208‌

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

374‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

327‌

Travelers,

6.25%,

6/15/37 

750,000‌

824‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

618‌

UBS

Group,

VR,

2.593%,

9/11/25 (1)(8)

2,095,000‌

2,065‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

890,349‌

827‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

634‌

UnitedHealth

Group,

4.70%,

4/15/29 (4)

3,125,000‌

3,111‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

414‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,740‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,616‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,846‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

626‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,828‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)(4)

1,395,000‌

1,361‌

Volkswagen

Group

of

America

Finance,

6.45%,

11/16/30 (1)(4)

2,015,000‌

2,131‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

512‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

514‌

Warnermedia

Holdings,

5.05%,

3/15/42 

1,570,000‌

1,346‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

2,032‌

Weibo,

3.50%,

7/5/24 

1,390,000‌

1,382‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,583‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

2,988‌

Wells

Fargo,

VR,

6.303%,

10/23/29 (8)

905,000‌

942‌

Westpac

New

Zealand,

5.195%,

2/28/29 (1)

1,855,000‌

1,849‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,613‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,327‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

707‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,116‌

Workday,

3.70%,

4/1/29 (4)

750,000‌

706‌

WP

Carey,

3.85%,

7/15/29 

1,470,000‌

1,370‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

WPP

Finance

2010,

3.75%,

9/19/24 

1,310,000‌

1,294‌

Total

Corporate

Bonds

(Cost

$386,713)

358,758‌

EQUITY

MUTUAL

FUNDS

4.2%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

13,347,603‌

192,739‌

Total

Equity

Mutual

Funds

(Cost

$165,666)

192,739‌

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

2,355‌

Province

of

Alberta

Canada,

4.50%,

1/24/34 

2,760,000‌

2,730‌

Province

of

British

Columbia

Canada,

4.20%,

7/6/33 (4)

2,648,000‌

2,565‌

Province

of

Manitoba

Canada,

4.30%,

7/27/33 

2,595,000‌

2,528‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,622‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

1,001‌

United

Mexican

States,

2.659%,

5/24/31 

3,439,000‌

2,878‌

United

Mexican

States,

3.50%,

2/12/34 

2,315,000‌

1,931‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$19,930)

18,076‌

MUNICIPAL

SECURITIES

0.8%

California

0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,289‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,683‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (10)

695,000‌

695‌

Los

Angeles

Airport,

Series C,

Build

America,

7.053%,

5/15/40 

1,000,000‌

1,162‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

336‌

7,165‌

Georgia

0.1%

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39 

2,665,000‌

2,688‌

2,688‌

Illinois

0.0%

Chicago

O'Hare

Int'l

Airport,

Series B,

Build

America,

6.395%,

1/1/40 

755,000‌

832‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

854‌

Illinois

Toll

Highway

Auth.,

Series A,

Build

America,

6.184%,

1/1/34 

470,000‌

501‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

531‌

2,718‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Maryland

0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,708‌

1,708‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,136‌

2,136‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Series F,

Build

America,

7.414%,

1/1/40 

415,000‌

495‌

495‌

New

York

0.0%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

240,000‌

290‌

Metropolitan

Transportation

Auth.,

Series A-1,

Build

America,

5.871%,

11/15/39 

700,000‌

718‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

968‌

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

261‌

New

York

State

Dormitory

Auth.,

Series F,

Build

America,

5.628%,

3/15/39 

1,300,000‌

1,332‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

604‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,381‌

5,554‌

Ohio

0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,040,000‌

1,024‌

1,024‌

Pennsylvania

0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

600,000‌

592‌

592‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,071‌

2,071‌

Texas

0.0%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,384‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

970‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,023‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,576‌

4,953‌

Utah

0.0%

Utah

Transit

Auth.,

Series B,

Build

America,

5.937%,

6/15/39 

900,000‌

955‌

955‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Virginia

0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,400‌

Virginia

Public

Building

Auth.,

Series B-2,

Build

America,

5.90%,

8/1/30 

695,000‌

730‌

3,130‌

Wisconsin

0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,101‌

2,101‌

Total

Municipal

Securities

(Cost

$40,895)

37,290‌

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)

250,742‌

223‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

904,933‌

763‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

888,219‌

734‌

Angel

Oak

Mortgage

Trust,

Series 2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (1)

1,898,987‌

1,843‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

904,183‌

789‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.599%,

11/15/34 (1)

605,000‌

97‌

BBCMS

Mortgage

Trust,

Series 2020-BID,

Class

A,

ARM,

1M

TSFR

+

2.254%,

7.58%,

10/15/37 (1)

2,590,000‌

2,577‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

TSFR

+

1.654%,

6.979%,

10/15/34 (1)

2,080,000‌

2,076‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

6.667%,

2/15/39 (1)

3,254,374‌

3,215‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44 (1)

2,025,000‌

1,567‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (1)

800,000‌

524‌

Chase

Home

Lending

Mortgage

Trust,

Series 2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62 (1)

2,776,589‌

2,492‌

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

235,000‌

233‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

870,258‌

731‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.732%,

11/15/37 (1)

2,118,345‌

2,114‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,606‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

2,160,000‌

1,988‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.32%,

12/25/41 (1)

308,915‌

309‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.621%,

5/25/43 (1)

2,195,981‌

2,241‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

163,746‌

154‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

529,381‌

425‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.819%,

7/15/38 (1)

1,119,963‌

1,120‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K057,

Class

A1,

2.206%,

6/25/25 

420,410‌

413‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K068,

Class

A1,

2.952%,

2/25/27 

632,249‌

613‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K137,

Class

A2,

ARM,

2.347%,

11/25/31 

10,510,000‌

8,964‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

4,580,000‌

4,272‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

3,645,000‌

3,577‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K753,

Class

A2,

4.40%,

10/25/30 

6,100,000‌

5,996‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,308,926‌

1,850‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

79,823‌

71‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.947%,

7.272%,

12/15/36 (1)

867,441‌

866‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

926‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,163‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.925%,

10/25/50 (1)

278,463‌

235‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,023,395‌

1,958‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

TSFR

+

1.734%,

7.06%,

10/15/33 (1)

2,510,000‌

2,460‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

643‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

514,512‌

457‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

596,061‌

531‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.54%,

4/15/38 (1)

3,015,762‌

2,995‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-

C17,

Class

B,

ARM,

4.464%,

8/15/47 

1,670,000‌

1,625‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,299‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,630‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,874‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

476,071‌

378‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (1)

412,346‌

419‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,704,574‌

1,407‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

155,498‌

139‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.544%,

10/25/59 (1)

58,714‌

58‌

OBX

Trust,

Series 2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (1)

107,648‌

110‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.189%,

12/25/49 (1)

1,248,108‌

1,038‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

1,916,327‌

1,679‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

162,076‌

149‌

SFO

Commercial

Mortgage

Trust,

Series 2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.939%,

5/15/38 (1)

1,560,000‌

1,482‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

15,130‌

15‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

594,727‌

572‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

289,277‌

266‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.42%,

10/25/33 (1)

835,000‌

850‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.17%,

11/25/41 (1)

1,191,976‌

1,191‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.569%,

3/25/44 (1)

2,400,000‌

2,402‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56 (1)

1,453‌

1‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

110,586‌

107‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59 (1)

230,283‌

223‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (1)

436,493‌

423‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

416,624‌

363‌

Verus

Securitization

Trust,

Series 2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (1)

2,599,722‌

2,249‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (1)

1,063,838‌

1,060‌

Verus

Securitization

Trust,

Series 2024-INV1,

Class

A2,

CMO,

ARM,

6.318%,

3/25/69 (1)

1,510,000‌

1,510‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$99,390)

93,330‌

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

47,229‌

4,697‌

Total

Consumer

Discretionary

4,697‌

Total

Preferred

Stocks

(Cost

$4,035)

4,697‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

7.6%

U.S.

Government

Agency

Obligations

5.8%

Federal

Home

Loan

Mortgage 

2.50%,

5/1/30 

598,928‌

565‌

3.00%,

1/1/29

-

8/1/43 

2,958,056‌

2,654‌

3.50%,

3/1/42

-

3/1/46 

4,836,575‌

4,443‌

4.00%,

9/1/40

-

6/1/42 

1,494,413‌

1,417‌

4.50%,

6/1/39

-

5/1/42 

870,600‌

855‌

5.00%,

12/1/35

-

8/1/40 

396,788‌

397‌

5.50%,

1/1/38

-

12/1/39 

127,005‌

129‌

6.00%,

2/1/28

-

8/1/38 

13,879‌

14‌

6.50%,

8/1/32 

5,851‌

6‌

7.00%,

6/1/32 

11,130‌

12‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

6.34%,

10/1/36 

3,012‌

3‌

RFUCCT1Y

+

1.726%,

5.965%,

7/1/35 

16,291‌

17‌

RFUCCT1Y

+

1.75%,

6.125%,

2/1/35 

12,481‌

13‌

RFUCCT1Y

+

1.917%,

6.292%,

2/1/37 

12,749‌

13‌

RFUCCT1Y

+

1.93%,

6.187%,

12/1/36 

34,939‌

35‌

RFUCCT1Y

+

2.03%,

6.276%,

11/1/36 

20,201‌

20‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

565,904‌

112‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36 

779,880‌

680‌

2.00%,

8/1/36

-

5/1/52 

21,838,658‌

17,610‌

2.50%,

11/1/36

-

5/1/52 

29,841,352‌

24,890‌

3.00%,

11/1/34

-

9/1/52 

6,374,772‌

5,532‌

3.50%,

6/1/33 

236,328‌

227‌

4.00%,

12/1/49

-

2/1/50 

1,663,333‌

1,556‌

4.50%,

9/1/37

-

11/1/52 

2,998,462‌

2,857‌

5.00%,

10/1/51

-

5/1/53 

3,301,454‌

3,225‌

5.50%,

8/1/53

-

2/1/54 

3,065,687‌

3,058‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

2,031,363‌

1,859‌

4.00%,

11/1/40 

584,816‌

562‌

4.50%,

7/1/40 

418,392‌

403‌

Federal

National

Mortgage

Assn.,

ARM 

RFUCCT1Y

+

1.553%,

5.803%,

7/1/35 

8,611‌

9‌

RFUCCT1Y

+

1.855%,

6.105%,

1/1/37 

2,736‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

7,359,175‌

6,257‌

2.00%,

5/1/36

-

5/1/52 

70,422,256‌

57,266‌

2.50%,

10/1/31

-

5/1/52 

33,395,338‌

28,372‌

3.00%,

1/1/27

-

3/1/52 

28,654,881‌

25,544‌

3.50%,

11/1/26

-

1/1/52 

16,788,671‌

15,402‌

4.00%,

11/1/40

-

9/1/52 

12,678,266‌

11,941‌

4.50%,

4/1/37

-

7/1/53 

10,603,221‌

10,218‌

5.00%,

2/1/34

-

7/1/53 

3,721,077‌

3,673‌

5.50%,

2/1/35

-

2/1/54 

10,065,531‌

10,075‌

6.00%,

3/1/28

-

1/1/54 

11,529,083‌

11,730‌

6.50%,

1/1/28

-

11/1/53 

2,091,958‌

2,147‌

7.00%,

9/1/25

-

4/1/32 

14,109‌

13‌

7.50%,

9/1/26 

65‌

—‌

8.00%,

8/1/24

-

7/1/26 

86‌

—‌

UMBS,

TBA (11)

2.50%,

4/1/54 

2,240,000‌

1,851‌

3.50%,

4/1/54 

3,425,000‌

3,065‌

5.00%,

4/1/54 

5,680,000‌

5,542‌

6.00%,

4/1/54 

1,055,000‌

1,065‌

6.50%,

4/1/54 

1,595,000‌

1,629‌

268,966‌

U.S.

Government

Obligations

1.8%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

803,793‌

692‌

2.00%,

1/20/51

-

3/20/52 

18,451,435‌

15,122‌

2.50%,

8/20/50

-

1/20/52 

16,793,893‌

14,310‌

3.00%,

9/15/42

-

6/20/52 

14,467,986‌

12,798‌

3.50%,

9/15/41

-

1/20/49 

9,147,574‌

8,452‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

4.00%,

2/15/41

-

10/20/52 

8,898,618‌

8,398‌

4.50%,

6/15/39

-

4/20/53 

6,187,480‌

6,001‌

5.00%,

12/20/34

-

6/20/49 

4,045,720‌

4,051‌

5.50%,

2/20/34

-

3/20/49 

1,225,824‌

1,249‌

6.00%,

8/20/34

-

4/15/36 

50,433‌

52‌

6.50%,

5/15/24

-

3/15/26 

170‌

—‌

7.50%,

5/15/24

-

9/15/26 

1,421‌

—‌

8.00%,

11/15/24

-

11/15/25 

2,193‌

2‌

8.50%,

6/20/25

-

6/20/26 

1,124‌

2‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

135,101‌

122‌

3.50%,

10/20/50 

1,010,000‌

840‌

Government

National

Mortgage

Assn.,

TBA (11)

2.50%,

4/20/54 

3,440,000‌

2,930‌

5.50%,

4/20/54 

2,070,000‌

2,068‌

6.00%,

4/20/54 

1,610,000‌

1,624‌

6.50%,

4/20/54 

1,645,000‌

1,672‌

80,385‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$376,745)

349,351‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

8.4%

U.S.

Treasury

Obligations

8.4%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,071‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,275‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,248‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

5,149‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

24,845,000‌

15,551‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

4,209‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

2,779‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,487‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,149‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

12,025‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

4,185,000‌

3,256‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

3,200,000‌

2,561‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 (12)

10,640,000‌

8,482‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

8,875‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

904‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,564‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

3,046‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,215‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

1,755,000‌

1,516‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

1,320,000‌

1,159‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

10,055,000‌

8,834‌

T.

ROWE

PRICE

Balanced

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

1,500,000‌

1,387‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

4,035,000‌

3,725‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

3,746‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54 

3,175,000‌

3,122‌

U.S.

Treasury

Bonds,

4.50%,

2/15/44 

2,925,000‌

2,942‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

9,170,000‌

9,787‌

U.S.

Treasury

Notes,

0.375%,

11/30/25 

11,560,000‌

10,753‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

13,485‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 

5,970,000‌

5,532‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

9,175,000‌

8,386‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,037‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

41,745,000‌

38,490‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

5,770,000‌

4,670‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,195‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

24,230,000‌

22,541‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,058‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

25,711‌

U.S.

Treasury

Notes,

2.75%,

7/31/27 

6,145,000‌

5,836‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

14,675‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,661‌

U.S.

Treasury

Notes,

3.375%,

5/15/33 

280,000‌

262‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

29,365,000‌

28,622‌

U.S.

Treasury

Notes,

3.75%,

12/31/28 

3,770,000‌

3,690‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

4,225,000‌

4,176‌

U.S.

Treasury

Notes,

4.00%,

6/30/28 

8,590,000‌

8,495‌

U.S.

Treasury

Notes,

4.00%,

2/15/34 

9,665,000‌

9,505‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

7,937‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

21,610,000‌

21,438‌

U.S.

Treasury

Notes,

4.25%,

2/28/29 

15,860,000‌

15,882‌

U.S.

Treasury

Notes,

4.50%,

11/15/33 

6,450,000‌

6,593‌

388,694‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$436,530)

388,694‌

SHORT-TERM

INVESTMENTS

1.9%

Money

Market

Funds

1.9%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37% (2)(13)

90,012,734‌

90,013‌

Total

Short-Term

Investments

(Cost

$90,013)

90,013‌

T.

ROWE

PRICE

Balanced

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

1.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.5%

Money

Market

Funds

0.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (2)(13)

23,764,997‌

23,765‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

23,765‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.5%

Money

Market

Funds

0.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (2)(13)

21,152,789‌

21,153‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

21,153‌

Total

Securities

Lending

Collateral

(Cost

$44,918)

44,918‌

Total

Investments

in

Securities

101.4%

(Cost

$3,291,686)

$

4,680,111‌

Other

Assets

Less

Liabilities

(1.4)%

(

63,526‌

)

Net

Assets

100.0%

$

4,616,585‌

‡

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

$165,674

and

represents

3.6%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(5)

Non-income

producing

(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

$2,160

and

represents

0.0%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

T.

ROWE

PRICE

Balanced

Fund

36

.

.

.

.

.

.

.

.

.

.

(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

$21,446

and

represents

0.5%

of

net

assets.

(12)

At

March

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(13)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

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

T.

ROWE

PRICE

Balanced

Fund

37

.

.

.

.

.

.

.

.

.

.

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

38

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

25,000

579

531

48‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

48‌

Total

Centrally

Cleared

Swaps

48‌

Net

payments

(receipts)

of

variation

margin

to

date

(

48‌

)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

—‌

T.

ROWE

PRICE

Balanced

Fund

39

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

352

U.S.

Treasury

Notes

five

year

contracts

6/24

37,670

$

46‌

Long,

52

U.S.

Treasury

Notes

ten

year

contracts

6/24

5,761

20‌

Long,

60

U.S.

Treasury

Notes

two

year

contracts

6/24

12,269

(

14‌

)

Net

payments

(receipts)

of

variation

margin

to

date

(

109‌

)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(

57‌

)

T.

ROWE

PRICE

Balanced

Fund

40

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,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

8.49% 

$

—‌

$

—‌

$

—‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.21% 

—‌

(

1,554‌

)

3,330‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

8.23% 

—‌

46‌

33‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

5,722‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

—‌

—‌

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37%

—‌

—‌

1,086‌

Totals

$

—‌

#

$

4,214‌

$

4,449‌

+

T.

ROWE

PRICE

Balanced

Fund

41

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

8.49% 

$

15‌

$

—‌

$

—‌

$

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.21% 

203,169‌

3,291‌

—‌

204,906‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

8.23% 

111‌

10,523‌

—‌

10,680‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

179,767‌

7,250‌

—‌

192,739‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

47,322‌

¤

¤

44,918‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.37%

62,473‌

¤

¤

90,013‌

Total

$

543,271‌

^

#

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

$4,449

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

$533,824.

T.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

to

Portfolio

of

Investments

42

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

43

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

44

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.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

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

45

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,288,786‌

$

—‌

$

1,288,786‌

Bond

Mutual

Funds

215,601‌

—‌

—‌

215,601‌

Common

Stocks

2,053,107‌

788,090‌

948‌

2,842,145‌

Convertible

Preferred

Stocks

—‌

—‌

1,212‌

1,212‌

Equity

Mutual

Funds

192,739‌

—‌

—‌

192,739‌

Preferred

Stocks

—‌

4,697‌

—‌

4,697‌

Short-Term

Investments

90,013‌

—‌

—‌

90,013‌

Securities

Lending

Collateral

44,918‌

—‌

—‌

44,918‌

Total

Securities

2,596,378‌

2,081,573‌

2,160‌

4,680,111‌

Swaps*

—‌

48‌

—‌

48‌

Futures

Contracts*

66‌

—‌

—‌

66‌

Total

$

2,596,444‌

$

2,081,621‌

$

2,160‌

$

4,680,225‌

Liabilities

Futures

Contracts*

$

14‌

$

—‌

$

—‌

$

14‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Balanced

Fund

46

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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

03/24