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

T.

ROWE

PRICE

Balanced

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

 1.1%

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

2,009‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

6.38%,

12/26/31 (1)

200,416‌

201‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

165,257‌

162‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,182‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

A3

5.28%,

5/15/28 

735,000‌

745‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

B

5.47%,

2/15/29 

580,000‌

595‌

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

B

5.17%,

8/15/29 

105,000‌

107‌

CarMax

Auto

Owner

Trust

Series 2024-3,

Class

A3

4.89%,

7/16/29 

400,000‌

406‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,616‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

A3

5.60%,

3/10/28 (1)

195,000‌

197‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

B

5.63%,

5/10/30 (1)

235,000‌

240‌

Carvana

Auto

Receivables

Trust

Series 2024-N3,

Class

B

4.67%,

12/10/30 (1)

3,420,000‌

3,419‌

CCG

Receivables

Trust

Series 2024-1,

Class

A2

4.99%,

3/15/32 (1)

2,715,000‌

2,731‌

CyrusOne

Data

Centers

Issuer

I

Series 2024-2A,

Class

A2

4.50%,

5/20/49 (1)

2,834,000‌

2,757‌

Drive

Auto

Receivables

Trust

Series 2024-2,

Class

B

4.52%,

7/16/29 

1,800,000‌

1,798‌

T.

ROWE

PRICE

Balanced

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

648,000‌

626‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,196,600‌

1,127‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,497,650‌

1,359‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

425,831‌

441‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

342,377‌

354‌

Elmwood

Series 2022-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.50%,

6.786%,

1/17/37 (1)

1,385,000‌

1,389‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

A3

4.98%,

8/21/28 (1)

155,000‌

158‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

A4

5.06%,

3/20/31 (1)

110,000‌

113‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,607‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

2,565,000‌

2,612‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,235‌

Hardee's

Funding

Series 2024-1A,

Class

A2

7.253%,

3/20/54 (1)

1,676,575‌

1,733‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2024-1,

Class

B1

6.153%,

5/20/32 (1)

215,131‌

219‌

Invesco

U.S.

Series 2023-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.57%,

6.852%,

4/22/37 (1)

1,350,000‌

1,358‌

Jamestown

XV

Series 2020-15A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.37%,

6.698%,

7/15/35 (1)

1,160,000‌

1,161‌

T.

ROWE

PRICE

Balanced

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28 (1)

16,817‌

17‌

KKR

Series 2022-43A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.75%,

7.051%,

1/15/36 (1)

1,075,000‌

1,081‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.591%,

10/15/32 (1)

1,205,000‌

1,205‌

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

7.009%,

10/18/33 (1)

1,210,000‌

1,213‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

465,657‌

453‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

420,731‌

412‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

267,842‌

248‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series 2024-1,

Class

A

5.59%,

4/25/29 (1)

165,000‌

168‌

Palmer

Square

Series 2020-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.65%,

6.768%,

11/15/36 (1)

1,405,000‌

1,410‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

A2

5.59%,

11/15/29 (1)

145,000‌

146‌

Progress

Residential

Trust

Series 2024-SFR4,

Class

A

3.10%,

7/17/41 (1)

2,505,000‌

2,349‌

Progress

Residential

Trust

Series 2024-SFR5,

Class

A

3.00%,

8/9/29 (1)

345,000‌

322‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32 (1)

601,272‌

605‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A3

5.39%,

11/20/26 (1)

180,000‌

181‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.24%,

1/22/29 (1)

175,000‌

177‌

T.

ROWE

PRICE

Balanced

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SCF

Equipment

Leasing

Series 2024-1A,

Class

C

5.82%,

9/20/32 (1)

390,000‌

405‌

SEB

Funding

Series 2024-1A,

Class

A2

7.386%,

4/30/54 (1)

400,000‌

412‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,555,686‌

1,416‌

Signal

Peak

Series 2018-5A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.835%,

4/25/37 (1)

2,220,000‌

2,231‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

281,260‌

277‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

714,278‌

666‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,469,356‌

1,322‌

Synchrony

Card

Funding

Series 2023-A1,

Class

A

5.54%,

7/15/29 

585,000‌

597‌

U.S.

Bank

Series 2023-1,

Class

B

6.789%,

8/25/32 (1)

158,186‌

160‌

Verdant

Receivables

Series 2023-1A,

Class

A2

6.24%,

1/13/31 (1)

349,219‌

356‌

Verdant

Receivables

Series 2024-1A,

Class

A2

5.68%,

12/12/31 (1)

170,000‌

174‌

Total

Asset-Backed

Securities

(Cost

$52,033)

51,660‌

BOND

MUTUAL

FUNDS

 5.3%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

2.93% (2)(3)

2,132,879‌

23,121‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.37% (2)(3)

27,312,014‌

217,130‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.81% (2)(3)

2,313,371‌

11,127‌

Total

Bond

Mutual

Funds

(Cost

$262,563)

251,378‌

T.

ROWE

PRICE

Balanced

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 61.2%

COMMUNICATION

SERVICES

 4.6%

Diversified

Telecommunication

Services

 0.4%

AT&T 

21,100‌

464‌

BT

Group

(GBP) (4)

2,851,016‌

5,651‌

KT

(KRW) 

126,340‌

3,867‌

Nippon

Telegraph

&

Telephone

(JPY) 

8,382,100‌

8,593‌

Verizon

Communications 

11,567‌

520‌

19,095‌

Entertainment

 0.5%

Electronic

Arts 

3,500‌

502‌

Netflix (5)

24,269‌

17,213‌

Sea,

ADR (5)

22,636‌

2,134‌

Spotify

Technology (5)

1,200‌

442‌

Walt

Disney 

14,600‌

1,405‌

21,696‌

Interactive

Media

&

Services

 2.9%

Alphabet,

Class

A 

111,448‌

18,484‌

Alphabet,

Class

C 

319,782‌

53,465‌

LY

(JPY) 

746,300‌

2,175‌

Meta

Platforms,

Class

A 

108,045‌

61,849‌

NAVER

(KRW) 

23,694‌

3,052‌

Tencent

Holdings

(HKD) 

36,100‌

2,007‌

141,032‌

Media

 0.4%

Comcast,

Class

A 

241,367‌

10,082‌

CyberAgent

(JPY) (4)

375,200‌

2,667‌

WPP

(GBP) 

597,769‌

6,123‌

18,872‌

Wireless

Telecommunication

Services

 0.4%

T-Mobile

U.S. 

95,099‌

19,625‌

19,625‌

Total

Communication

Services

220,320‌

CONSUMER

DISCRETIONARY

 6.2%

Automobile

Components

 0.3%

Autoliv

,

SDR

(SEK) 

46,486‌

4,350‌

Denso

(JPY) 

354,900‌

5,335‌

Dowlais

Group

(GBP) 

1,184,819‌

927‌

Magna

International (4)

90,533‌

3,715‌

T.

ROWE

PRICE

Balanced

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stanley

Electric

(JPY) 

96,500‌

1,809‌

16,136‌

Automobiles

 0.8%

Ford

Motor 

10,000‌

105‌

General

Motors 

6,987‌

313‌

Honda

Motor

(JPY) 

178,800‌

1,909‌

Suzuki

Motor

(JPY) 

342,800‌

3,860‌

Tesla (5)

93,134‌

24,367‌

Toyota

Motor

(JPY) 

523,300‌

9,406‌

39,960‌

Broadline

Retail

 1.9%

Alibaba

Group

Holding,

ADR 

17,123‌

1,817‌

Amazon.com (5)

417,851‌

77,858‌

Isetan

Mitsukoshi

Holdings

(JPY) 

204,700‌

3,213‌

Next

(GBP) 

50,068‌

6,559‌

89,447‌

Hotels,

Restaurants

&

Leisure

 1.3%

Airbnb,

Class

A (5)

6,186‌

784‌

Amadeus

IT

Group

(EUR) 

77,565‌

5,618‌

Booking

Holdings 

3,204‌

13,496‌

Chipotle

Mexican

Grill (5)

138,763‌

7,996‌

Compass

Group

(GBP) 

303,874‌

9,742‌

Domino's

Pizza 

1,358‌

584‌

DoorDash

,

Class

A (5)

15,553‌

2,220‌

Hilton

Worldwide

Holdings 

13,845‌

3,191‌

Las

Vegas

Sands 

18,590‌

936‌

Marriott

International,

Class

A 

4,783‌

1,189‌

McDonald's 

41,481‌

12,631‌

Norwegian

Cruise

Line

Holdings (5)

15,982‌

328‌

Royal

Caribbean

Cruises 

6,879‌

1,220‌

Starbucks 

34,100‌

3,324‌

Wingstop

1,427‌

594‌

Wynn

Resorts 

6,371‌

611‌

64,464‌

Household

Durables

 0.4%

NVR (5)

201‌

1,972‌

Panasonic

Holdings

(JPY) 

452,300‌

3,973‌

Persimmon

(GBP) 

156,503‌

3,444‌

Sony

Group

(JPY) 

456,000‌

8,859‌

18,248‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Specialty

Retail

 1.1%

AutoZone (5)

2,439‌

7,683‌

Bath

&

Body

Works 

5,133‌

164‌

Burlington

Stores (5)

2,639‌

695‌

Carvana

 (5)

53,082‌

9,242‌

Home

Depot 

34,709‌

14,064‌

Kingfisher

(GBP) 

1,682,897‌

7,263‌

Lowe's 

7,480‌

2,026‌

O'Reilly

Automotive (5)

1,103‌

1,270‌

Ross

Stores 

30,280‌

4,558‌

TJX 

37,711‌

4,433‌

Tractor

Supply 

6,252‌

1,819‌

Ulta

Beauty (5)

800‌

311‌

53,528‌

Textiles,

Apparel

&

Luxury

Goods

 0.4%

Cie

Financiere

Richemont

,

Class

A

(CHF) 

29,053‌

4,614‌

Kering

(EUR) 

9,483‌

2,730‌

Lululemon

Athletica

 (5)

6,638‌

1,801‌

Moncler

(EUR) 

73,707‌

4,686‌

NIKE,

Class

B 

10,391‌

919‌

Samsonite

International

(HKD) 

763,500‌

2,066‌

16,816‌

Total

Consumer

Discretionary

298,599‌

CONSUMER

STAPLES

 4.2%

Beverages

 0.9%

Coca-Cola 

226,077‌

16,246‌

Constellation

Brands,

Class

A 

3,239‌

834‌

Diageo

(GBP) 

160,275‌

5,598‌

Heineken

(EUR) 

69,175‌

6,141‌

Keurig

Dr

Pepper 

221,022‌

8,284‌

Kirin

Holdings

(JPY) 

136,300‌

2,077‌

Monster

Beverage (5)

9,144‌

477‌

PepsiCo 

21,298‌

3,622‌

43,279‌

Consumer

Staples

Distribution

&

Retail

 0.8%

Costco

Wholesale 

6,259‌

5,549‌

Dollar

General 

31,591‌

2,672‌

Dollar

Tree (5)

45,092‌

3,171‌

Seven

&

i

Holdings

(JPY) 

484,600‌

7,297‌

Sysco 

4,500‌

351‌

Target 

7,635‌

1,190‌

Walmart 

204,163‌

16,486‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Welcia

Holdings

(JPY) 

66,900‌

950‌

37,666‌

Food

Products

 0.7%

Barry

Callebaut

(CHF) 

1,056‌

1,955‌

Campbell

Soup 

2,800‌

137‌

General

Mills 

4,100‌

303‌

Mondelez

International,

Class

A 

99,928‌

7,362‌

Nestle

(CHF) 

198,467‌

19,944‌

Tyson

Foods,

Class

A 

4,365‌

260‌

Wilmar

International

(SGD) 

1,692,300‌

4,389‌

34,350‌

Household

Products

 0.6%

Clorox 

1,800‌

293‌

Colgate-Palmolive 

121,067‌

12,568‌

Kimberly-Clark 

4,600‌

655‌

Procter

&

Gamble 

97,953‌

16,965‌

30,481‌

Personal

Care

Products

 1.1%

Estee

Lauder,

Class

A 

3,100‌

309‌

Kenvue

978,820‌

22,640‌

L'Oreal

(EUR) 

16,348‌

7,333‌

Puig

Brands,

Class

B

(EUR) (5)

78,799‌

1,811‌

Unilever

(GBP) 

286,808‌

18,595‌

50,688‌

Tobacco

 0.1%

Altria

Group 

8,429‌

430‌

Philip

Morris

International 

32,276‌

3,919‌

4,349‌

Total

Consumer

Staples

200,813‌

ENERGY

 2.4%

Energy

Equipment

&

Services

 0.2%

Halliburton 

26,831‌

779‌

Schlumberger 

258,210‌

10,832‌

11,611‌

Oil,

Gas

&

Consumable

Fuels

 2.2%

Chesapeake

Energy 

27,553‌

2,266‌

Chevron 

75,097‌

11,060‌

ConocoPhillips 

122,159‌

12,861‌

Devon

Energy 

7,900‌

309‌

Diamondback

Energy 

27,351‌

4,715‌

EOG

Resources 

11,129‌

1,368‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

EQT 

206,342‌

7,560‌

Equinor

(NOK) 

362,531‌

9,172‌

Exxon

Mobil 

164,411‌

19,272‌

Hess 

1,916‌

260‌

Kinder

Morgan 

38,870‌

859‌

Marathon

Petroleum 

9,908‌

1,614‌

Phillips

66 

2,839‌

373‌

Range

Resources 

241,075‌

7,416‌

Shell,

ADR 

125,883‌

8,302‌

Suncor

Energy 

8,153‌

301‌

Targa

Resources 

3,225‌

477‌

TotalEnergies

(EUR) 

191,651‌

12,445‌

Valero

Energy 

3,548‌

479‌

Viper

Energy 

21,352‌

963‌

Williams 

87,374‌

3,989‌

106,061‌

Total

Energy

117,672‌

FINANCIALS

 10.5%

Banks

 3.2%

ANZ

Group

Holdings

(AUD) 

198,105‌

4,163‌

Bank

of

America 

460,374‌

18,268‌

BNP

Paribas

(EUR) 

67,176‌

4,610‌

Citigroup 

101,553‌

6,357‌

DBS

Group

Holdings

(SGD) 

169,300‌

5,014‌

DNB

Bank

(NOK) 

470,293‌

9,644‌

East

West

Bancorp 

18,435‌

1,525‌

Fifth

Third

Bancorp 

22,509‌

964‌

HDFC

Bank

(INR) 

238,689‌

4,916‌

Huntington

Bancshares 

187,279‌

2,753‌

ING

Groep

(EUR) 

555,569‌

10,080‌

Intesa

Sanpaolo

(EUR) 

1,118,675‌

4,789‌

JPMorgan

Chase 

139,483‌

29,411‌

KeyCorp 

237,119‌

3,972‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

686,500‌

7,049‌

National

Bank

of

Canada

(CAD) (4)

92,485‌

8,735‌

PNC

Financial

Services

Group 

3,000‌

555‌

Popular 

2,900‌

291‌

Standard

Chartered

(GBP) (4)

529,324‌

5,614‌

Sumitomo

Mitsui

Trust

Group

(JPY) 

115,108‌

2,755‌

Svenska

Handelsbanken

,

Class

A

(SEK) 

447,281‌

4,595‌

Truist

Financial 

5,386‌

230‌

U.S.

Bancorp 

15,800‌

723‌

UniCredit

(EUR) 

98,750‌

4,335‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

United

Overseas

Bank

(SGD) 

278,900‌

6,962‌

Wells

Fargo 

45,536‌

2,572‌

Western

Alliance

Bancorp 

4,063‌

351‌

151,233‌

Capital

Markets

 1.6%

Ares

Management,

Class

A 

5,467‌

852‌

Bank

of

New

York

Mellon 

16,793‌

1,207‌

BlackRock 

1,934‌

1,836‌

Blackstone 

3,600‌

551‌

Bridgepoint

Group

(GBP) 

691,482‌

3,193‌

Brookfield

(CAD) 

108,144‌

5,744‌

Cboe

Global

Markets 

4,563‌

935‌

Charles

Schwab 

268,824‌

17,423‌

CME

Group 

20,063‌

4,427‌

CVC

Capital

Partners

(EUR) (5)

161,826‌

3,617‌

FactSet

Research

Systems 

600‌

276‌

Goldman

Sachs

Group 

16,349‌

8,095‌

Intercontinental

Exchange 

10,072‌

1,618‌

Julius

Baer

Group

(CHF) 

85,707‌

5,168‌

KKR 

9,472‌

1,237‌

LPL

Financial

Holdings 

1,534‌

357‌

Macquarie

Group

(AUD) 

32,088‌

5,134‌

Moody's 

2,000‌

949‌

Morgan

Stanley 

42,161‌

4,395‌

MSCI 

1,469‌

856‌

S&P

Global 

10,307‌

5,325‌

TPG 

5,700‌

328‌

Tradeweb

Markets,

Class

A 

7,222‌

893‌

74,416‌

Consumer

Finance

 0.3%

American

Express 

44,540‌

12,079‌

Discover

Financial

Services 

6,931‌

973‌

13,052‌

Financial

Services

 2.7%

Adyen

(EUR) (5)

2,295‌

3,593‌

Apollo

Global

Management 

4,844‌

605‌

Berkshire

Hathaway,

Class

B (5)

74,832‌

34,442‌

Challenger

(AUD) 

325,045‌

1,451‌

Corebridge

Financial 

137,819‌

4,019‌

Corpay

 (5)

18,992‌

5,940‌

Edenred

(EUR) 

52,464‌

1,987‌

Equitable

Holdings 

14,118‌

594‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fiserv (5)

97,054‌

17,436‌

Global

Payments 

12,428‌

1,273‌

Mastercard

,

Class

A 

44,152‌

21,802‌

Mitsubishi

HC

Capital

(JPY) 

296,400‌

2,105‌

Visa,

Class

A 

110,832‌

30,473‌

Voya

Financial 

15,234‌

1,207‌

126,927‌

Insurance

 2.6%

AIA

Group

(HKD) 

691,000‌

6,034‌

Allstate 

42,267‌

8,016‌

American

International

Group 

24,847‌

1,819‌

AXA

(EUR) 

365,071‌

14,054‌

Axis

Capital

Holdings 

4,844‌

386‌

Chubb 

48,801‌

14,074‌

Definity

Financial

(CAD) 

69,486‌

2,801‌

Hartford

Financial

Services

Group 

16,580‌

1,950‌

Mandatum

(EUR) 

331,014‌

1,639‌

Marsh

&

McLennan 

21,109‌

4,709‌

MetLife 

50,848‌

4,194‌

Munich

Re

(EUR) 

29,313‌

16,153‌

Progressive 

17,779‌

4,512‌

RenaissanceRe

Holdings 

4,580‌

1,247‌

Sampo

,

Class

A

(EUR) 

153,240‌

7,147‌

Storebrand

(NOK) 

503,026‌

5,520‌

Sun

Life

Financial

(CAD) 

121,550‌

7,051‌

Tokio

Marine

Holdings

(JPY) 

289,700‌

10,682‌

Travelers 

28,431‌

6,656‌

Zurich

Insurance

Group

(CHF) 

11,176‌

6,752‌

125,396‌

Mortgage

Real

Estate

Investment

Trusts

 0.1%

Annaly

Capital

Management,

REIT 

141,600‌

2,842‌

2,842‌

Total

Financials

493,866‌

HEALTH

CARE

 8.2%

Biotechnology

 0.4%

AbbVie 

21,889‌

4,323‌

Amgen 

9,864‌

3,178‌

Argenx

,

ADR (5)

7,600‌

4,120‌

BeiGene

,

ADR (4)(5)

1,800‌

404‌

Biogen (5)

3,554‌

689‌

Genmab

(DKK) (5)

11,050‌

2,679‌

Gilead

Sciences 

12,311‌

1,032‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Regeneron

Pharmaceuticals (5)

2,107‌

2,215‌

Vertex

Pharmaceuticals (5)

2,819‌

1,311‌

19,951‌

Health

Care

Equipment

&

Supplies

 1.4%

Abbott

Laboratories 

12,293‌

1,402‌

Alcon

(CHF) 

43,663‌

4,370‌

Becton

Dickinson

&

Company 

31,794‌

7,666‌

Boston

Scientific (5)

17,374‌

1,456‌

Dexcom

 (5)

11,628‌

780‌

Edwards

Lifesciences (5)

5,794‌

382‌

Elekta

,

Class

B

(SEK) (4)

341,076‌

2,431‌

EssilorLuxottica

(EUR) 

21,206‌

5,024‌

GE

HealthCare

Technologies 

28,855‌

2,708‌

Hologic

 (5)

10,608‌

864‌

IDEXX

Laboratories (5)

800‌

404‌

Intuitive

Surgical (5)

28,261‌

13,884‌

Koninklijke

Philips

(EUR) (5)

234,858‌

7,700‌

Medtronic 

9,339‌

841‌

Siemens

Healthineers

(EUR) 

130,535‌

7,840‌

Stryker 

17,343‌

6,265‌

Zimmer

Biomet

Holdings 

13,210‌

1,426‌

65,443‌

Health

Care

Providers

&

Services

 1.9%

Cencora

47,532‌

10,698‌

Cigna

Group 

23,470‌

8,131‌

CVS

Health 

4,900‌

308‌

Elevance

Health 

35,302‌

18,357‌

Fresenius

(EUR) (5)

74,520‌

2,843‌

HCA

Healthcare 

5,292‌

2,151‌

Humana 

8,648‌

2,739‌

McKesson 

2,270‌

1,122‌

Molina

Healthcare (5)

2,280‌

786‌

Quest

Diagnostics 

3,600‌

559‌

Tenet

Healthcare (5)

51,287‌

8,524‌

UnitedHealth

Group 

60,317‌

35,266‌

91,484‌

Life

Sciences

Tools

&

Services

 0.9%

Danaher 

52,237‌

14,523‌

Evotec

(EUR) (4)(5)

59,146‌

424‌

ICON (5)

2,095‌

602‌

IQVIA

Holdings (5)

1,069‌

253‌

Mettler

-Toledo

International (5)

800‌

1,200‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Repligen

 (5)

4,500‌

670‌

Revvity

54,019‌

6,901‌

Thermo

Fisher

Scientific 

29,462‌

18,224‌

42,797‌

Pharmaceuticals

 3.6%

Astellas

Pharma

(JPY) 

376,500‌

4,351‌

AstraZeneca,

ADR 

372,448‌

29,017‌

Bayer

(EUR) 

93,584‌

3,166‌

Bristol-Myers

Squibb 

95,700‌

4,951‌

Chugai

Pharmaceutical

(JPY) 

93,100‌

4,513‌

Eli

Lilly 

41,144‌

36,451‌

Johnson

&

Johnson 

133,568‌

21,646‌

Merck 

71,088‌

8,073‌

Novartis

(CHF) 

116,054‌

13,363‌

Novo

Nordisk,

ADR 

10,415‌

1,240‌

Novo

Nordisk,

Class

B

(DKK) 

116,859‌

13,861‌

Pfizer 

56,470‌

1,634‌

Roche

Holding

(CHF) 

39,375‌

12,601‌

Sanofi

(EUR) 

124,116‌

14,291‌

Sanofi,

ADR 

5,700‌

328‌

Shionogi

(JPY) 

111,300‌

1,595‌

Viatris

7,382‌

86‌

Zoetis 

15,194‌

2,969‌

174,136‌

Total

Health

Care

393,811‌

INDUSTRIALS

&

BUSINESS

SERVICES

 6.5%

Aerospace

&

Defense

 1.2%

Boeing (5)

16,762‌

2,549‌

General

Dynamics 

17,774‌

5,371‌

General

Electric 

87,234‌

16,451‌

Howmet

Aerospace 

10,031‌

1,006‌

L3Harris

Technologies 

30,612‌

7,282‌

Lockheed

Martin 

689‌

403‌

Melrose

Industries

(GBP) 

944,128‌

5,770‌

Northrop

Grumman 

7,227‌

3,816‌

RTX 

11,889‌

1,440‌

Safran

(EUR) 

35,132‌

8,267‌

TransDigm

Group 

2,398‌

3,422‌

55,777‌

Air

Freight

&

Logistics

 0.1%

FedEx 

18,889‌

5,170‌

5,170‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Building

Products

 0.1%

Carrier

Global 

17,174‌

1,382‌

Johnson

Controls

International 

8,405‌

652‌

Owens

Corning 

8,500‌

1,501‌

Trane

Technologies 

2,490‌

968‌

4,503‌

Commercial

Services

&

Supplies

 0.4%

Cintas 

12,880‌

2,652‌

Copart

 (5)

14,792‌

775‌

Element

Fleet

Management

(CAD) 

417,107‌

8,870‌

Republic

Services 

24,441‌

4,909‌

Veralto

4,598‌

514‌

Waste

Connections 

4,282‌

765‌

Waste

Management 

4,600‌

955‌

19,440‌

Construction

&

Engineering

 0.1%

Worley

(AUD) 

405,136‌

4,129‌

4,129‌

Electrical

Equipment

 1.2%

ABB

(CHF) 

198,062‌

11,491‌

AMETEK 

56,873‌

9,765‌

Emerson

Electric 

4,900‌

536‌

GE

Vernova

 (5)

12,741‌

3,249‌

Hubbell 

2,330‌

998‌

Legrand

(EUR) 

64,269‌

7,404‌

Mitsubishi

Electric

(JPY) 

389,200‌

6,313‌

Prysmian

(EUR) 

137,795‌

10,026‌

Rockwell

Automation 

31,328‌

8,410‌

Sensata

Technologies

Holding 

3,400‌

122‌

Vertiv

Holdings,

Class

A 

4,000‌

398‌

58,712‌

Ground

Transportation

 0.9%

Canadian

National

Railway 

1,078‌

126‌

Central

Japan

Railway

(JPY) 

135,100‌

3,120‌

CSX 

252,052‌

8,703‌

JB

Hunt

Transport

Services 

180‌

31‌

Norfolk

Southern 

34,681‌

8,618‌

Old

Dominion

Freight

Line 

47,998‌

9,534‌

Saia (5)

2,709‌

1,185‌

Uber

Technologies (5)

41,344‌

3,107‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Union

Pacific 

30,651‌

7,555‌

41,979‌

Industrial

Conglomerates

 0.7%

DCC

(GBP) 

54,731‌

3,736‌

Honeywell

International 

10,567‌

2,184‌

Roper

Technologies 

10,342‌

5,755‌

Siemens

(EUR) 

114,404‌

23,145‌

34,820‌

Machinery

 1.0%

Caterpillar 

2,413‌

944‌

Cummins 

22,446‌

7,268‌

Deere 

20,167‌

8,416‌

Dover 

7,607‌

1,458‌

Esab

3,172‌

337‌

Fortive

7,600‌

600‌

IDEX 

2,364‌

507‌

Ingersoll

Rand 

8,332‌

818‌

KION

Group

(EUR) 

65,358‌

2,581‌

Parker-Hannifin 

5,300‌

3,348‌

Sandvik

(SEK) 

250,744‌

5,611‌

SMC

(JPY) 

4,800‌

2,147‌

Stanley

Black

&

Decker 

20,402‌

2,247‌

THK

(JPY) 

97,000‌

1,716‌

Westinghouse

Air

Brake

Technologies 

56,522‌

10,274‌

Xylem 

1,000‌

135‌

48,407‌

Passenger

Airlines

 0.0%

Delta

Air

Lines 

8,800‌

447‌

United

Airlines

Holdings (5)

6,300‌

359‌

806‌

Professional

Services

 0.3%

Booz

Allen

Hamilton

Holding 

1,500‌

244‌

Equifax 

2,135‌

627‌

Recruit

Holdings

(JPY) 

109,100‌

6,628‌

TechnoPro

Holdings

(JPY) 

160,600‌

3,126‌

Teleperformance

(EUR) 

19,086‌

1,975‌

Verisk

Analytics 

2,900‌

777‌

13,377‌

Trading

Companies

&

Distributors

 0.5%

Ashtead

Group

(GBP) 

28,985‌

2,246‌

Bunzl

(GBP) 

115,900‌

5,489‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ferguson

Enterprises 

20,439‌

4,059‌

Mitsubishi

(JPY) 

191,700‌

3,983‌

SiteOne

Landscape

Supply (5)

3,501‌

528‌

Sumitomo

(JPY) 

264,700‌

5,944‌

22,249‌

Total

Industrials

&

Business

Services

309,369‌

INFORMATION

TECHNOLOGY

 13.8%

Communications

Equipment

 0.2%

Arista

Networks (5)

2,303‌

884‌

Cisco

Systems 

41,300‌

2,198‌

LM

Ericsson,

Class

B

(SEK) (4)

686,465‌

5,187‌

8,269‌

Electronic

Equipment,

Instruments

&

Components

 0.8%

Amphenol,

Class

A 

65,874‌

4,292‌

Hamamatsu

Photonics

(JPY) 

151,000‌

1,970‌

Keysight

Technologies (5)

76,163‌

12,105‌

Largan

Precision

(TWD) 

19,000‌

1,523‌

Murata

Manufacturing

(JPY) 

146,100‌

2,891‌

Omron

(JPY) 

56,900‌

2,601‌

TE

Connectivity 

73,035‌

11,028‌

Teledyne

Technologies (5)

2,504‌

1,096‌

Zebra

Technologies,

Class

A (5)

2,962‌

1,097‌

38,603‌

IT

Services

 0.4%

Accenture,

Class

A 

12,960‌

4,581‌

Gartner (5)

600‌

304‌

International

Business

Machines 

6,848‌

1,514‌

MongoDB (5)

7,129‌

1,927‌

Nomura

Research

Institute

(JPY) 

132,100‌

4,903‌

Shopify,

Class

A (5)

53,299‌

4,271‌

Snowflake,

Class

A (5)

5,986‌

688‌

18,188‌

Semiconductors

&

Semiconductor

Equipment

 5.6%

Advanced

Micro

Devices (5)

89,682‌

14,715‌

Analog

Devices 

30,228‌

6,958‌

ASML

Holding

(EUR) 

19,751‌

16,430‌

ASML

Holding 

7,670‌

6,391‌

BE

Semiconductor

Industries

(EUR) 

18,637‌

2,377‌

Broadcom 

171,510‌

29,585‌

Entegris

7,314‌

823‌

KLA 

3,871‌

2,998‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Lam

Research 

4,008‌

3,271‌

Marvell

Technology 

16,500‌

1,190‌

Monolithic

Power

Systems 

5,653‌

5,226‌

NVIDIA 

987,380‌

119,907‌

NXP

Semiconductors 

29,079‌

6,979‌

ON

Semiconductor (5)

4,500‌

327‌

QUALCOMM 

34,859‌

5,928‌

Renesas

Electronics

(JPY) 

193,900‌

2,814‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

712,969‌

21,499‌

Taiwan

Semiconductor

Manufacturing,

ADR 

16,064‌

2,790‌

Texas

Instruments 

72,775‌

15,033‌

Tokyo

Electron

(JPY) 

27,100‌

4,833‌

270,074‌

Software

 4.3%

Adobe (5)

6,493‌

3,362‌

Atlassian

,

Class

A (5)

7,921‌

1,258‌

Autodesk (5)

4,962‌

1,367‌

BILL

Holdings (5)

12,595‌

664‌

Cadence

Design

Systems (5)

5,020‌

1,361‌

Canva

,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (5)(6)

(7)

392‌

435‌

Confluent,

Class

A (5)

19,455‌

396‌

Crowdstrike

Holdings,

Class

A (5)

8,016‌

2,248‌

Datadog

,

Class

A (5)

8,376‌

964‌

Descartes

Systems

Group (5)

4,203‌

433‌

Dynatrace

 (5)

10,200‌

545‌

Fair

Isaac (5)

461‌

896‌

Fortinet (5)

37,706‌

2,924‌

Gen

Digital 

45,140‌

1,238‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (5)(6)(7)

7,517‌

140‌

Intuit 

12,992‌

8,068‌

Microsoft 

312,262‌

134,366‌

Oracle 

22,336‌

3,806‌

Palo

Alto

Networks (5)

2,109‌

721‌

Salesforce 

20,879‌

5,715‌

SAP

(EUR) 

56,273‌

12,871‌

ServiceNow

 (5)

16,186‌

14,477‌

Synopsys (5)

14,129‌

7,155‌

Workday,

Class

A (5)

739‌

181‌

Zscaler

 (5)

1,800‌

308‌

205,899‌

Technology

Hardware,

Storage

&

Peripherals

 2.5%

Apple 

487,713‌

113,637‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Pure

Storage,

Class

A (5)

7,080‌

356‌

Samsung

Electronics

(KRW) 

140,240‌

6,555‌

Western

Digital (5)

13,079‌

893‌

121,441‌

Total

Information

Technology

662,474‌

MATERIALS

 2.3%

Chemicals

 1.2%

Air

Liquide

(EUR) 

41,845‌

8,081‌

Akzo

Nobel

(EUR) 

56,617‌

3,999‌

Asahi

Kasei

(JPY) 

339,800‌

2,576‌

BASF

(EUR) 

74,164‌

3,931‌

CF

Industries

Holdings 

9,023‌

774‌

Covestro

(EUR) (5)

60,652‌

3,780‌

Johnson

Matthey

(GBP) 

139,170‌

2,838‌

Linde 

29,988‌

14,300‌

Mosaic 

127,614‌

3,417‌

RPM

International 

1,312‌

159‌

Sherwin-Williams 

30,520‌

11,649‌

Umicore

(EUR) 

108,333‌

1,406‌

56,910‌

Construction

Materials

 0.1%

Martin

Marietta

Materials 

6,501‌

3,499‌

Vulcan

Materials 

3,238‌

811‌

4,310‌

Containers

&

Packaging

 0.2%

Ball 

11,942‌

811‌

International

Paper 

161,432‌

7,886‌

Packaging

Corp.

of

America 

3,752‌

808‌

9,505‌

Metals

&

Mining

 0.7%

Agnico

Eagle

Mines 

5,749‌

463‌

Antofagasta

(GBP) 

239,481‌

6,455‌

BHP

Group

(AUD) 

112,848‌

3,503‌

BHP

Group

(GBP) (4)

170,705‌

5,290‌

Franco-Nevada (4)

35,893‌

4,460‌

Freeport-McMoRan 

34,188‌

1,707‌

IGO

(AUD) 

437,530‌

1,757‌

Pilbara

Minerals

(AUD) (5)

1,269,683‌

2,856‌

South32

(AUD) 

950,812‌

2,439‌

Southern

Copper 

17,241‌

1,994‌

Steel

Dynamics 

6,833‌

862‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wheaton

Precious

Metals (4)

47,619‌

2,909‌

34,695‌

Paper

&

Forest

Products

 0.1%

Stora

Enso,

Class

R

(EUR) 

239,471‌

3,064‌

West

Fraser

Timber 

8,798‌

856‌

3,920‌

Total

Materials

109,340‌

REAL

ESTATE

 0.9%

Health

Care

Real

Estate

Investment

Trusts

 0.0%

Welltower

,

REIT 

10,831‌

1,387‌

1,387‌

Industrial

Real

Estate

Investment

Trusts

 0.1%

Prologis,

REIT 

15,616‌

1,972‌

Rexford

Industrial

Realty,

REIT 

20,870‌

1,050‌

3,022‌

Office

Real

Estate

Investment

Trusts

 0.0%

Great

Portland

Estates

(GBP) 

429,585‌

2,046‌

2,046‌

Real

Estate

Management

&

Development

 0.2%

CBRE

Group,

Class

A (5)

3,234‌

402‌

CoStar

Group (5)

4,294‌

324‌

Mitsui

Fudosan

(JPY) 

752,100‌

7,087‌

7,813‌

Residential

Real

Estate

Investment

Trusts

 0.1%

American

Homes

4

Rent,

Class

A,

REIT 

8,019‌

308‌

AvalonBay

Communities,

REIT 

2,008‌

452‌

Camden

Property

Trust,

REIT 

1,400‌

173‌

Equity

LifeStyle

Properties,

REIT 

28,853‌

2,058‌

Essex

Property

Trust,

REIT 

2,893‌

855‌

Sun

Communities,

REIT 

3,890‌

526‌

4,372‌

Retail

Real

Estate

Investment

Trusts

 0.1%

Kimco

Realty,

REIT 

14,221‌

330‌

Regency

Centers,

REIT 

4,400‌

318‌

Scentre

Group

(AUD) 

2,124,311‌

5,340‌

Simon

Property

Group,

REIT 

2,038‌

345‌

6,333‌

Specialized

Real

Estate

Investment

Trusts

 0.4%

American

Tower,

REIT 

10,016‌

2,329‌

Crown

Castle,

REIT 

900‌

107‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CubeSmart

,

REIT 

6,407‌

345‌

Equinix

,

REIT 

5,209‌

4,624‌

Public

Storage,

REIT 

25,525‌

9,288‌

SBA

Communications,

REIT 

600‌

144‌

Weyerhaeuser,

REIT 

6,384‌

216‌

17,053‌

Total

Real

Estate

42,026‌

UTILITIES

 1.6%

Electric

Utilities

 0.8%

Constellation

Energy 

29,156‌

7,581‌

Duke

Energy 

3,100‌

357‌

Entergy 

6,000‌

790‌

Evergy

6,900‌

428‌

Exelon 

174,100‌

7,060‌

FirstEnergy 

12,244‌

543‌

NextEra

Energy 

84,586‌

7,150‌

PG&E 

113,292‌

2,240‌

PPL 

5,700‌

188‌

Southern 

15,398‌

1,389‌

Xcel

Energy 

177,576‌

11,596‌

39,322‌

Gas

Utilities

 0.1%

Atmos

Energy 

40,787‌

5,658‌

5,658‌

Independent

Power

&

Renewable

Electricity

Producers

 0.1%

Electric

Power

Development

(JPY) 

198,200‌

3,314‌

Vistra

4,648‌

551‌

3,865‌

Multi-Utilities

 0.6%

Ameren 

102,066‌

8,927‌

CenterPoint

Energy 

10,363‌

305‌

CMS

Energy 

7,900‌

558‌

Dominion

Energy 

6,298‌

364‌

Engie

(EUR) 

550,056‌

9,512‌

National

Grid

(GBP) 

605,313‌

8,367‌

Sempra 

4,200‌

351‌

28,384‌

Total

Utilities

77,229‌

Total

Common

Stocks

(Cost

$1,347,967)

2,925,519‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

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

28‌

Canva

,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $3 (5)(6)(7)

2‌

2‌

Databricks

,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229 (5)

(6)(7)

3,879‌

339‌

Databricks

,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (5)

(6)(7)

8,505‌

743‌

Databricks

,

Series

I,

Acquisition

Date:

9/14/23,

Cost $112 (5)

(6)(7)

1,526‌

133‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (5)(6)(7)

10,431‌

194‌

Total

Information

Technology

1,439‌

Total

Convertible

Preferred

Stocks

(Cost

$1,329)

1,439‌

CORPORATE

BONDS

 8.6%

AbbVie,

2.95%,

11/21/26 

920,000‌

901‌

AbbVie,

3.20%,

5/14/26 

420,000‌

415‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,886‌

AbbVie,

4.70%,

5/14/45 

915,000‌

877‌

AbbVie,

4.80%,

3/15/29 (4)

1,260,000‌

1,293‌

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

937‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

898‌

AerCap

Ireland

Capital,

5.75%,

6/6/28 (4)

1,840,000‌

1,913‌

AerCap

Ireland

Capital,

6.15%,

9/30/30 

225,000‌

242‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

369‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,616‌

AIA

Group,

3.20%,

3/11/25 (1)

1,020,000‌

1,012‌

AIB

Group,

VR,

6.608%,

9/13/29 (1)(8)

650,000‌

694‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,181‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

655,000‌

649‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,062‌

Ally

Financial,

2.20%,

11/2/28 (4)

700,000‌

628‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

409‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,547‌

Ameren,

5.70%,

12/1/26 

1,820,000‌

1,870‌

America

Movil

,

2.875%,

5/7/30 (4)

2,525,000‌

2,333‌

America

Movil

,

6.375%,

3/1/35 

300,000‌

337‌

American

Express,

VR,

6.489%,

10/30/31 (8)

2,785,000‌

3,075‌

American

Honda

Finance,

5.65%,

11/15/28 

1,655,000‌

1,745‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Amgen,

2.77%,

9/1/53 (4)

447,000‌

293‌

Amphenol,

5.05%,

4/5/29 

895,000‌

925‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,277‌

APA

Infrastructure,

4.25%,

7/15/27 (1)

620,000‌

620‌

Appalachian

Power,

4.45%,

6/1/45 (4)

2,450,000‌

2,124‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,199‌

AT&T,

3.50%,

6/1/41 

680,000‌

559‌

Athene

Global

Funding,

4.86%,

8/27/26 (1)

2,935,000‌

2,954‌

Atlassian

,

5.25%,

5/15/29 

575,000‌

595‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,338‌

AutoZone,

3.125%,

4/21/26 

650,000‌

637‌

AutoZone,

5.05%,

7/15/26 

2,690,000‌

2,728‌

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

3,175,000‌

3,262‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

188‌

Banco

Santander,

5.439%,

7/15/31 

3,600,000‌

3,757‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,312‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

5.375%,

4/17/25 (1)

1,110,000‌

1,112‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

997‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

750‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,937‌

Bank

of

America,

VR,

2.676%,

6/19/41 (4)(8)

3,450,000‌

2,592‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (4)(8)

2,325,000‌

2,079‌

Bank

of

Montreal,

2.65%,

3/8/27 (4)

2,035,000‌

1,967‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34 (8)

1,885,000‌

2,125‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

583‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,857‌

Barclays,

VR,

5.674%,

3/12/28 (4)(8)

750,000‌

769‌

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,254‌

BAT

Capital,

5.834%,

2/20/31 

810,000‌

857‌

Bayer

U.S.

Finance,

6.375%,

11/21/30 (1)

1,540,000‌

1,643‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,605‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,269‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,929‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

1,350,000‌

1,356‌

BlackRock

Funding,

4.70%,

3/14/29 

785,000‌

806‌

BMW

U.S.

Capital,

4.65%,

8/13/29 (1)

835,000‌

840‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,290‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,751‌

Boardwalk

Pipelines,

4.45%,

7/15/27 (4)

385,000‌

386‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

779‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,507‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,148‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

996‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,110,000‌

1,056‌

Bristol-Myers

Squibb,

5.10%,

2/22/31 (4)

490,000‌

512‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

556‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,213‌

Broadcom,

5.05%,

7/12/29 

3,600,000‌

3,708‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 (4)

1,400,000‌

1,298‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

740‌

Cadence

Design

Systems,

4.30%,

9/10/29 

965,000‌

969‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

516‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

411‌

Canadian

National

Railway,

5.85%,

11/1/33 

1,155,000‌

1,275‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,555‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

886‌

Canadian

Pacific

Railway,

3.50%,

5/1/50 

1,695,000‌

1,310‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,193‌

Capital

One

Financial,

VR,

6.051%,

2/1/35 (8)

365,000‌

386‌

Cardinal

Health,

3.41%,

6/15/27 

1,570,000‌

1,537‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

996‌

Carvana

,

12.00%,

12/1/28,

(9.00%

Cash

or

12.00%

PIK) (1)(9)

286,193‌

299‌

Carvana

,

13.00%,

6/1/30,

(11.00%

Cash

or

13.00%

PIK) (1)(9)

433,180‌

472‌

Carvana

,

14.00%,

6/1/31,

(14.00%

PIK) (1)(9)

516,762‌

607‌

Caterpillar

Financial

Services,

5.00%,

5/14/27 

3,320,000‌

3,412‌

CBRE

Services,

5.50%,

4/1/29 

555,000‌

580‌

Celulosa

Arauco

y

Constitucion

,

4.20%,

1/29/30 (1)

505,000‌

485‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

908‌

Charter

Communications

Operating,

4.908%,

7/23/25 

569,000‌

568‌

Citigroup,

VR,

2.976%,

11/5/30 (8)

2,750,000‌

2,553‌

Citigroup,

VR,

4.075%,

4/23/29 (4)(8)

2,000,000‌

1,980‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

768‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,155‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,971‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,249‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,457‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

960‌

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

687‌

Corebridge

Financial,

4.40%,

4/5/52 

4,505,000‌

3,835‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,720‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,571‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,253‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

710‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

480‌

Cummins,

4.90%,

2/20/29 

320,000‌

331‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CVS

Health,

1.875%,

2/28/31 (4)

1,745,000‌

1,463‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

464‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)(4)

2,155,000‌

2,120‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(8)

2,940,000‌

2,924‌

Danske

Bank,

VR,

5.705%,

3/1/30 (1)(8)

395,000‌

411‌

Discover

Bank,

2.70%,

2/6/30 

2,000,000‌

1,789‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

587‌

DTE

Energy,

5.10%,

3/1/29 

2,570,000‌

2,645‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

622‌

Duke

Energy,

3.75%,

9/1/46 (4)

500,000‌

397‌

Duke

Energy,

4.85%,

1/5/27 

2,660,000‌

2,700‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

857‌

Enbridge,

4.25%,

12/1/26 

590,000‌

588‌

Enbridge,

5.625%,

4/5/34 

770,000‌

809‌

Enbridge,

6.20%,

11/15/30 

345,000‌

376‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

246‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

730‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,261‌

Eni,

5.50%,

5/15/34 (1)

735,000‌

761‌

Enterprise

Products

Operating,

4.60%,

1/11/27 

2,830,000‌

2,866‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

780,000‌

760‌

ERAC

USA

Finance,

3.85%,

11/15/24 (1)

435,000‌

434‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

463‌

Essex

Portfolio,

2.65%,

3/15/32 

1,430,000‌

1,247‌

Exelon,

5.15%,

3/15/29 

590,000‌

610‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

2,068‌

Fifth

Third

Bancorp,

VR,

4.895%,

9/6/30 (8)

595,000‌

602‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (8)

460,000‌

488‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

414‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)

1,310,000‌

1,306‌

FirstEnergy

Transmission,

5.00%,

1/15/35 (1)

270,000‌

273‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,080‌

Fiserv,

5.45%,

3/15/34 

2,035,000‌

2,131‌

Ford

Motor

Credit,

5.125%,

11/5/26 (4)

1,265,000‌

1,270‌

Ford

Motor

Credit,

7.122%,

11/7/33 

640,000‌

691‌

Foundry

JV

Holdco,

6.15%,

1/25/32 (1)

705,000‌

733‌

GATX,

6.05%,

3/15/34 

1,675,000‌

1,803‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,114‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,964‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

902‌

Georgia

Power,

5.004%,

2/23/27 

685,000‌

699‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

805‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (8)

1,300,000‌

1,146‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (8)

1,710,000‌

1,300‌

Hasbro,

3.00%,

11/19/24 

1,550,000‌

1,543‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,869‌

HCA,

4.375%,

3/15/42 

775,000‌

673‌

Health

Care

Service

A

Mutual

Legal

Reserve,

5.45%,

6/15/34 (1)

1,020,000‌

1,059‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

1,027‌

Healthpeak

OP,

2.125%,

12/1/28 

655,000‌

600‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

326‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,752‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

1,014‌

HSBC

Holdings,

VR,

5.719%,

3/4/35 (4)(8)

1,145,000‌

1,215‌

HSBC

Holdings,

VR,

7.399%,

11/13/34 (8)

1,445,000‌

1,655‌

Humana,

2.15%,

2/3/32 (4)

1,145,000‌

953‌

Humana,

3.70%,

3/23/29 

1,120,000‌

1,088‌

Humana,

5.95%,

3/15/34 

830,000‌

884‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)(4)

2,435,000‌

2,225‌

Hyundai

Capital

America,

5.35%,

3/19/29 (1)

240,000‌

247‌

Hyundai

Capital

America,

6.50%,

1/16/29 (1)

420,000‌

450‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,117‌

Icon

Investments

Six,

5.849%,

5/8/29 

290,000‌

305‌

Illinois

Tool

Works,

3.90%,

9/1/42 

1,200,000‌

1,055‌

Ingersoll

Rand,

5.176%,

6/15/29 

3,515,000‌

3,636‌

Intercontinental

Exchange,

5.25%,

6/15/31 

1,500,000‌

1,574‌

IQVIA,

6.25%,

2/1/29 

730,000‌

775‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,395‌

JDE

Peet's

,

1.375%,

1/15/27 (1)

2,240,000‌

2,081‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,933‌

John

Deere

Capital,

4.40%,

9/8/31 (4)

2,230,000‌

2,242‌

John

Deere

Capital,

4.50%,

1/8/27 

1,330,000‌

1,345‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,504‌

JPMorgan

Chase,

VR,

5.299%,

7/24/29 (8)

3,125,000‌

3,230‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,343‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

478‌

Kroger,

5.00%,

9/15/34 

630,000‌

635‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

567‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,541‌

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (4)(8)

1,015,000‌

1,038‌

MassMutual

Global

Funding

II,

5.10%,

4/9/27 (1)

2,340,000‌

2,397‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,313‌

McDonald's,

1.45%,

9/1/25 

940,000‌

915‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

706‌

Microchip

Technology,

5.05%,

3/15/29 

805,000‌

827‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Micron

Technology,

4.185%,

2/15/27 

880,000‌

878‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,618‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,417‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,176‌

Mohawk

Industries,

5.85%,

9/18/28 

1,385,000‌

1,456‌

Mondelez

International,

4.75%,

2/20/29 (4)

2,970,000‌

3,033‌

Moody's,

2.00%,

8/19/31 (4)

2,195,000‌

1,884‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

1,053‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

781‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (8)

1,445,000‌

1,164‌

Morgan

Stanley,

VR,

5.656%,

4/18/30 (8)

3,540,000‌

3,732‌

Motorola

Solutions,

5.00%,

4/15/29 

800,000‌

821‌

National

Bank

of

Canada,

5.60%,

12/18/28 

2,560,000‌

2,676‌

New

York

State

Electric

&

Gas,

5.30%,

8/15/34 (1)

1,075,000‌

1,101‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,639‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

680,000‌

687‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,699‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,450‌

Nucor,

2.70%,

6/1/30 

455,000‌

419‌

Nucor,

3.95%,

5/1/28 

1,996,000‌

1,986‌

Nutrien

,

4.00%,

12/15/26 

830,000‌

824‌

Occidental

Petroleum,

5.375%,

1/1/32 

1,285,000‌

1,304‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

820‌

O'Reilly

Automotive,

3.60%,

9/1/27 

1,825,000‌

1,796‌

O'Reilly

Automotive,

5.00%,

8/19/34 

2,165,000‌

2,182‌

O'Reilly

Automotive,

5.75%,

11/20/26 

390,000‌

402‌

Owens

Corning,

5.70%,

6/15/34 (4)

995,000‌

1,058‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,862‌

PACCAR

Financial,

5.00%,

5/13/27 

2,885,000‌

2,960‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,256‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,720‌

Perrigo

Finance

Unlimited,

4.90%,

6/15/30 

1,510,000‌

1,461‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

726‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,154‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,436‌

Public

Storage

Operating,

1.95%,

11/9/28 

1,210,000‌

1,115‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

2,012‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,483‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

883‌

Republic

Services,

3.375%,

11/15/27 

1,045,000‌

1,023‌

Republic

Services,

5.00%,

12/15/33 

2,235,000‌

2,300‌

RGA

Global

Funding,

5.448%,

5/24/29 (1)

1,630,000‌

1,692‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

603‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rogers

Communications,

4.50%,

3/15/42 

2,935,000‌

2,629‌

Roper

Technologies,

2.95%,

9/15/29 

380,000‌

358‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,076‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

382‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,328‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

557‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (8)

1,365,000‌

1,292‌

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (8)

725,000‌

760‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,529‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,127‌

Sempra,

3.30%,

4/1/25 

835,000‌

827‌

Simon

Property

Group,

2.65%,

2/1/32 

1,810,000‌

1,597‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,481‌

Skandinaviska

Enskilda

Banken

,

5.125%,

3/5/27 (1)

2,800,000‌

2,863‌

Solventum

,

5.40%,

3/1/29 (1)

1,660,000‌

1,704‌

South

Bow

USA

Infrastructure

Holdings,

5.026%,

10/1/29 (1)

420,000‌

419‌

Southern,

5.70%,

3/15/34 

1,540,000‌

1,654‌

Southern

California

Edison,

5.15%,

6/1/29 

2,775,000‌

2,880‌

Southern

Gas

Capital,

4.95%,

9/15/34 

1,525,000‌

1,538‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

473‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(8)

2,005,000‌

1,995‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

950‌

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(8)

640,000‌

657‌

T-Mobile

USA,

5.75%,

1/15/34 

1,860,000‌

1,992‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,093‌

Targa

Resources,

5.50%,

2/15/35 

745,000‌

769‌

Targa

Resources

Partners,

5.00%,

1/15/28 

1,168,000‌

1,167‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,711‌

Texas

Instruments,

1.375%,

3/12/25 

650,000‌

640‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

398‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

444‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

529‌

TJX,

1.60%,

5/15/31 

375,000‌

318‌

Toronto-Dominion

Bank,

4.994%,

4/5/29 (4)

2,795,000‌

2,878‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

2,031‌

Toyota

Motor

Credit,

4.80%,

1/5/26 (4)

2,935,000‌

2,959‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,443‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,253‌

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

385‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

332‌

Travelers,

6.25%,

6/15/37 

750,000‌

856‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

649‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Uber

Technologies,

4.30%,

1/15/30 

2,395,000‌

2,377‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

861,096‌

829‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

643‌

UnitedHealth

Group,

4.70%,

4/15/29 

3,125,000‌

3,201‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

429‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,829‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,680‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,962‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

646‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,864‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)

1,395,000‌

1,382‌

Volkswagen

Group

of

America

Finance,

6.45%,

11/16/30 (1)(4)

2,015,000‌

2,161‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

525‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

522‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

2,113‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,725‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

3,149‌

Wells

Fargo,

VR,

6.303%,

10/23/29 (8)

905,000‌

966‌

Westpac

New

Zealand,

5.195%,

2/28/29 (1)

1,855,000‌

1,913‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,648‌

Williams,

5.15%,

3/15/34 

245,000‌

246‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,372‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

726‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,150‌

Workday,

3.70%,

4/1/29 

750,000‌

731‌

WP

Carey,

3.85%,

7/15/29 (4)

1,470,000‌

1,426‌

Total

Corporate

Bonds

(Cost

$425,989)

411,300‌

EQUITY

MUTUAL

FUNDS

 4.5%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

13,700,128‌

213,585‌

Total

Equity

Mutual

Funds

(Cost

$170,665)

213,585‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

 0.4%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35 (1)

510,000‌

487‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,446‌

Province

of

Alberta

Canada,

4.50%,

1/24/34 

2,760,000‌

2,824‌

Province

of

British

Columbia

Canada,

4.20%,

7/6/33 

2,648,000‌

2,654‌

Province

of

Manitoba

Canada,

4.30%,

7/27/33 

2,595,000‌

2,614‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,758‌

Republic

of

Peru,

5.375%,

2/8/35 (4)

660,000‌

677‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

1,019‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

United

Mexican

States,

2.659%,

5/24/31 

3,439,000‌

2,961‌

United

Mexican

States,

3.50%,

2/12/34 

2,315,000‌

1,975‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$20,596)

19,415‌

MUNICIPAL

SECURITIES

 0.8%

California

 0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,387‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,753‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (10)

695,000‌

698‌

Los

Angeles

Airport,

Series C,

Build

America,

7.053%,

5/15/40 

1,000,000‌

1,199‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

344‌

7,381‌

Georgia

 0.1%

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39 

2,665,000‌

2,730‌

2,730‌

Illinois

 0.0%

Chicago

O'Hare

Int'l

Airport,

Series B,

Build

America,

6.395%,

1/1/40 

755,000‌

862‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

896‌

Illinois

Toll

Highway

Auth.,

Series A,

Build

America,

6.184%,

1/1/34 

470,000‌

514‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

535‌

2,807‌

Maryland

 0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,792‌

1,792‌

Michigan

 0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,178‌

2,178‌

New

Jersey

 0.0%

New

Jersey

Turnpike

Auth.,

Series F,

Build

America,

7.414%,

1/1/40 

415,000‌

505‌

505‌

New

York

 0.0%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

210,000‌

255‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

994‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

267‌

New

York

State

Dormitory

Auth.,

Series F,

Build

America,

5.628%,

3/15/39 

1,300,000‌

1,357‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

623‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,400‌

4,896‌

Ohio

 0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,040,000‌

1,049‌

1,049‌

Pennsylvania

 0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

405,000‌

404‌

404‌

South

Carolina

 0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,101‌

2,101‌

Texas

 0.0%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,438‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

1,003‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,088‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,633‌

5,162‌

Virginia

 0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,447‌

Virginia

Public

Building

Auth.,

Series B-2,

Build

America,

5.90%,

8/1/30 

695,000‌

731‌

3,178‌

Wisconsin

 0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,213‌

2,213‌

Total

Municipal

Securities

(Cost

$39,042)

36,396‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

 1.8%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

235,494‌

215‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

824,036‌

712‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

830,598‌

709‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Angel

Oak

Mortgage

Trust,

Series 2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (1)

1,802,657‌

1,787‌

BANK5,

Series 2024-5YR8,

Class

A3,

5.884%,

8/15/57 

1,860,000‌

1,963‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

828,685‌

755‌

Bayview

Financing

Trust,

Series 2024-2F,

Class

A,

CMO,

ARM,

8.10%,

9/25/29,

Acquisition

Date:

8/29/24,

Cost $1,785 (7)

1,785,000‌

1,785‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.371%,

11/15/34 (1)

605,000‌

12‌

BBCMS

Mortgage

Trust,

Series 2024-5C27,

Class

A3,

6.014%,

7/15/57 

285,000‌

302‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

6.438%,

2/15/39 (1)

3,254,374‌

3,228‌

BMO

Mortgage

Trust,

Series 2024-5C4,

Class

A3,

ARM,

6.526%,

5/15/57 

455,000‌

491‌

BMO

Mortgage

Trust,

Series 2024-5C5,

Class

A3,

5.857%,

2/15/57 

3,135,000‌

3,301‌

BMO

Mortgage

Trust,

Series 2024-C9,

Class

A5,

5.759%,

7/15/57 

3,295,000‌

3,567‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44 (1)

2,025,000‌

1,666‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (1)

800,000‌

544‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

805,034‌

703‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,668‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

1,340,000‌

1,301‌

Connecticut

Avenue

Securities

Trust,

Series 2024-R04,

Class

1A1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.28%,

5/25/44 (1)

641,835‌

642‌

Cross

Mortgage

Trust,

Series 2024-H4,

Class

A1,

CMO,

STEP,

6.147%,

7/25/69 (1)

380,126‌

386‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

133,858‌

129‌

Ellington

Financial

Mortgage

Trust,

Series 2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (1)

590,503‌

552‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

498,628‌

418‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.591%,

7/15/38 (1)

1,091,518‌

1,089‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K057,

Class

A1,

2.206%,

6/25/25 

147,640‌

146‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K068,

Class

A1,

2.952%,

2/25/27 

522,680‌

515‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K137,

Class

A2,

ARM,

2.347%,

11/25/31 

10,510,000‌

9,394‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

4,580,000‌

4,450‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

3,645,000‌

3,712‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K753,

Class

A2,

4.40%,

10/25/30 

6,100,000‌

6,193‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,224,542‌

1,872‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

74,508‌

69‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

940‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,218‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.918%,

10/25/50 (1)

264,993‌

233‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,023,395‌

1,996‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

TSFR

+

1.734%,

6.831%,

10/15/33 (1)

2,510,000‌

2,435‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

653‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

495,867‌

455‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

574,460‌

527‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.312%,

4/15/38 (1)

3,015,762‌

2,999‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,337‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,713‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,862‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-

2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

450,269‌

374‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,650,430‌

1,428‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

143,309‌

131‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.069%,

10/25/59 (1)

46,658‌

47‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.185%,

12/25/49 (1)

1,230,299‌

1,060‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

1,791,114‌

1,615‌

SDR

Commercial

Mortgage

Trust,

Series 2024-DSNY,

Class

A,

ARM,

1M

TSFR

+

1.392%,

6.488%,

5/15/39 (1)

1,060,000‌

1,055‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

148,930‌

142‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

9,005‌

9‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

398,398‌

392‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

249,467‌

236‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.13%,

11/25/41 (1)

909,099‌

908‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-DNA2,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.53%,

5/25/44 (1)

950,175‌

951‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

83,433‌

82‌

Towd

Point

Mortgage

Trust,

Series 2024-1,

Class

A1,

CMO,

ARM,

4.526%,

3/25/64 (1)

2,301,995‌

2,327‌

Towd

Point

Mortgage

Trust,

Series 2024-3,

Class

A1B,

CMO,

ARM,

5.134%,

7/25/65 (1)

96,439‌

97‌

TX

Trust,

Series 2024-HOU,

Class

A,

ARM,

1M

TSFR

+

1.591%,

6.688%,

6/15/39 (1)

170,000‌

169‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59 (1)

180,716‌

178‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (1)

332,736‌

328‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

377,003‌

341‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (1)

971,887‌

978‌

Verus

Securitization

Trust,

Series 2024-INV1,

Class

A2,

CMO,

STEP,

6.318%,

3/25/69 (1)

1,434,446‌

1,454‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$91,228)

87,946‌

T.

ROWE

PRICE

Balanced

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PREFERRED

STOCKS

 0.1%

CONSUMER

DISCRETIONARY

 0.1%

Automobiles

 0.1%

Dr.

Ing

.

h.c

.

F.

Porsche

(EUR) 

48,957‌

3,912‌

Total

Consumer

Discretionary

3,912‌

Total

Preferred

Stocks

(Cost

$4,177)

3,912‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 7.5%

U.S.

Government

Agency

Obligations

 5.7%

Federal

Home

Loan

Mortgage 

2.50%,

5/1/30 

528,710‌

511‌

3.00%,

1/1/29

-

8/1/43 

2,792,625‌

2,599‌

3.50%,

3/1/42

-

3/1/46 

4,584,284‌

4,376‌

4.00%,

9/1/40

-

6/1/42 

1,411,405‌

1,396‌

4.50%,

6/1/39

-

5/1/42 

825,756‌

836‌

5.00%,

12/1/35

-

8/1/40 

380,718‌

391‌

5.50%,

1/1/38

-

12/1/39 

119,991‌

124‌

6.00%,

2/1/28

-

8/1/38 

12,727‌

13‌

6.50%,

8/1/32 

5,294‌

6‌

7.00%,

6/1/32 

10,610‌

11‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

6.65%,

10/1/36 

2,928‌

3‌

RFUCCT1Y

+

1.726%,

7.597%,

7/1/35 

12,768‌

13‌

RFUCCT1Y

+

1.75%,

6.125%,

2/1/35 

12,060‌

12‌

RFUCCT1Y

+

1.916%,

6.291%,

2/1/37 

12,215‌

12‌

RFUCCT1Y

+

1.944%,

6.205%,

12/1/36 

30,712‌

31‌

RFUCCT1Y

+

2.031%,

6.276%,

11/1/36 

19,683‌

20‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36 

736,853‌

661‌

2.00%,

8/1/36

-

5/1/52 

20,931,571‌

17,614‌

2.50%,

3/1/42

-

5/1/52 

29,350,885‌

25,552‌

3.00%,

11/1/34

-

1/1/52 

3,102,182‌

2,835‌

3.50%,

6/1/33 

215,312‌

213‌

4.00%,

12/1/49

-

2/1/50 

1,591,113‌

1,547‌

4.50%,

9/1/37

-

11/1/52 

2,897,228‌

2,852‌

5.00%,

10/1/51

-

7/1/54 

3,739,616‌

3,744‌

5.50%,

8/1/53

-

9/1/54 

3,762,133‌

3,822‌

6.50%,

10/1/53

-

1/1/54 

1,200,404‌

1,243‌

7.00%,

6/1/54 

425,478‌

445‌

T.

ROWE

PRICE

Balanced

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

1,933,966‌

1,841‌

4.00%,

11/1/40 

546,112‌

543‌

4.50%,

7/1/40 

391,664‌

393‌

Federal

National

Mortgage

Assn.,

ARM 

RFUCCT1Y

+

1.553%,

6.911%,

7/1/35 

8,341‌

8‌

RFUCCT1Y

+

1.855%,

6.105%,

1/1/37 

2,661‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

6,998,936‌

6,135‌

2.00%,

5/1/36

-

5/1/52 

67,691,804‌

57,355‌

2.50%,

10/1/31

-

5/1/52 

31,511,884‌

27,837‌

3.00%,

1/1/27

-

3/1/52 

26,152,072‌

24,268‌

3.50%,

11/1/26

-

1/1/52 

15,886,266‌

15,106‌

4.00%,

11/1/40

-

9/1/52 

12,063,186‌

11,771‌

4.50%,

4/1/37

-

7/1/53 

10,117,548‌

10,060‌

5.00%,

2/1/34

-

7/1/53 

5,133,994‌

5,168‌

5.50%,

2/1/35

-

5/1/54 

10,752,707‌

10,942‌

6.00%,

3/1/28

-

8/1/54 

14,703,155‌

15,144‌

6.50%,

1/1/28

-

1/1/54 

2,522,491‌

2,615‌

7.00%,

9/1/25

-

3/1/54 

429,665‌

449‌

7.50%,

9/1/26 

47‌

—‌

8.00%,

7/1/26 

56‌

—‌

UMBS,

TBA (11)

5.00%,

10/1/54 

11,190,000‌

11,183‌

6.00%,

10/1/54 

510,000‌

521‌

6.50%,

10/1/54 

3,110,000‌

3,206‌

275,430‌

U.S.

Government

Obligations

 1.8%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

761,830‌

685‌

2.00%,

1/20/51

-

3/20/52 

17,647,021‌

14,969‌

2.50%,

8/20/50

-

1/20/52 

18,130,624‌

15,980‌

3.00%,

9/15/42

-

6/20/52 

13,793,186‌

12,622‌

3.50%,

9/15/41

-

1/20/49 

8,687,225‌

8,286‌

4.00%,

2/15/41

-

10/20/52 

8,479,545‌

8,263‌

4.50%,

6/15/39

-

4/20/53 

5,899,183‌

5,880‌

5.00%,

12/20/34

-

8/20/52 

5,142,102‌

5,224‌

5.50%,

2/20/34

-

3/20/49 

1,143,587‌

1,178‌

6.00%,

8/20/34

-

4/15/36 

46,185‌

49‌

6.50%,

3/15/26 

117‌

—‌

7.50%,

9/15/25

-

9/15/26 

863‌

—‌

8.00%,

8/15/25

-

11/15/25 

1,385‌

1‌

8.50%,

6/20/25

-

6/20/26 

685‌

—‌

T.

ROWE

PRICE

Balanced

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

130,352‌

121‌

3.50%,

10/20/50 

1,010,000‌

877‌

Government

National

Mortgage

Assn.,

TBA (11)

2.50%,

10/20/54 

1,305,000‌

1,150‌

4.50%,

10/20/54 

1,795,000‌

1,772‌

5.00%,

10/20/54 

650,000‌

651‌

5.50%,

10/20/54 

7,060,000‌

7,128‌

6.00%,

10/20/54 

850,000‌

864‌

85,700‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$375,174)

361,130‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

 7.9%

U.S.

Treasury

Obligations

 7.9%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,132‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,331‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,413‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

5,356‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

28,385,000‌

18,495‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

4,376‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

2,881‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,586‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,249‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

12,545‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

4,185,000‌

3,402‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

3,200,000‌

2,669‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

8,846‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

9,277‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

942‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,626‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

3,165‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,258‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

1,320,000‌

1,200‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

15,630,000‌

14,223‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

1,500,000‌

1,447‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

4,035,000‌

3,885‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

3,878‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54 

4,025,000‌

4,102‌

U.S.

Treasury

Bonds,

4.25%,

8/15/54 

2,355,000‌

2,405‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

9,170,000‌

10,130‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

14,179‌

T.

ROWE

PRICE

Balanced

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

0.75%,

3/31/26 

3,200,000‌

3,060‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

5,640,000‌

5,339‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,081‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

19,210,000‌

18,301‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

5,770,000‌

4,911‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,496‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

24,230,000‌

23,268‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,336‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

26,542‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

15,289‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,771‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 (12)

29,365,000‌

29,411‌

U.S.

Treasury

Notes,

3.625%,

8/31/29 

12,095,000‌

12,133‌

U.S.

Treasury

Notes,

3.875%,

8/15/34 

3,305,000‌

3,328‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

4,225,000‌

4,283‌

U.S.

Treasury

Notes,

4.00%,

6/30/28 

8,590,000‌

8,719‌

U.S.

Treasury

Notes,

4.00%,

2/15/34 

14,380,000‌

14,629‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

8,127‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

19,030,000‌

19,333‌

U.S.

Treasury

Notes,

4.25%,

2/28/29 

8,065,000‌

8,289‌

U.S.

Treasury

Notes,

4.25%,

6/30/29 

4,835,000‌

4,977‌

U.S.

Treasury

Notes,

4.50%,

5/31/29 

2,200,000‌

2,288‌

U.S.

Treasury

Notes,

4.50%,

11/15/33 

6,450,000‌

6,812‌

376,721‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$408,742)

376,721‌

SHORT-TERM

INVESTMENTS

 1.3%

Money

Market

Funds

 1.3%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94% (2)(13)

62,128,894‌

62,129‌

Total

Short-Term

Investments

(Cost

$62,129)

62,129‌

SECURITIES

LENDING

COLLATERAL

 1.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.7%

Money

Market

Funds 0.7%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (2)(13)

34,453,038‌

34,453‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

34,453‌

T.

ROWE

PRICE

Balanced

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.8%

Money

Market

Funds 0.8%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (2)(13)

39,507,715‌

39,508‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

39,508‌

Total

Securities

Lending

Collateral

(Cost

$73,961)

73,961‌

Total

Investments

in

Securities

 102.0%

(Cost

$3,335,595)

$

4,876,491‌

Other

Assets

Less

Liabilities

(2.0)%

(97,153‌)

Net

Assets

100.0%

$

4,779,338‌

‡

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

$170,470

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

September

30,

2024.

(5)

Non-income

producing

(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

$3,799

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

$26,475

and

represents

0.6%

of

net

assets.

T.

ROWE

PRICE

Balanced

Fund

39

.

.

.

.

.

.

.

.

.

.

(12)

At

September

30,

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

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

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

T.

ROWE

PRICE

Balanced

Fund

40

.

.

.

.

.

.

.

.

.

.

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

41

(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-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

27,500

631

592

39‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S43,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

25,000

567

574

(7‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

32‌

Total

Centrally

Cleared

Swaps

32‌

Net

payments

(receipts)

of

variation

margin

to

date

(34‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(2‌)

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$1.

T.

ROWE

PRICE

Balanced

Fund

42

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

426

U.S.

Treasury

Notes

five

year

contracts

12/24

46,810

$

40‌

Long,

30

U.S.

Treasury

Notes

ten

year

contracts

12/24

3,428

5‌

Long,

423

U.S.

Treasury

Notes

two

year

contracts

12/24

88,087

(111‌)

Short,

144

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/24

(17,035)

224‌

Net

payments

(receipts)

of

variation

margin

to

date

(412‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(254‌)

T.

ROWE

PRICE

Balanced

Fund

43

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,

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,

2.93% 

$

—‌

$

1,031‌

$

75‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.37% 

(308‌)

3,442‌

10,465‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.81% 

—‌

460‌

65‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

21,569‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

—‌

—‌

2,951‌

Totals

$

(308‌)#

$

26,502‌

$

13,556‌+

T.

ROWE

PRICE

Balanced

Fund

44

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

09/30/24

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

2.93% 

$

15‌

$

22,075‌

$

—‌

$

23,121‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.37% 

203,169‌

13,327‌

2,808‌

217,130‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.81% 

111‌

10,556‌

—‌

11,127‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

179,767‌

12,249‌

—‌

213,585‌

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

47,322‌

 ¤

 ¤

73,961‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.94%

62,473‌

 ¤

 ¤

62,129‌

Total

$

601,053‌^

#

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

$13,556

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

$569,318.

T.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

to

Portfolio

of

Investments

45

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)

T.

ROWE

PRICE

Balanced

Fund

46

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

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

T.

ROWE

PRICE

Balanced

Fund

47

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

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

48

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,344,568‌

$

—‌

$

1,344,568‌

Bond

Mutual

Funds

251,378‌

—‌

—‌

251,378‌

Common

Stocks

2,100,789‌

824,155‌

575‌

2,925,519‌

Convertible

Preferred

Stocks

—‌

—‌

1,439‌

1,439‌

Equity

Mutual

Funds

213,585‌

—‌

—‌

213,585‌

Preferred

Stocks

—‌

3,912‌

—‌

3,912‌

Short-Term

Investments

62,129‌

—‌

—‌

62,129‌

Securities

Lending

Collateral

73,961‌

—‌

—‌

73,961‌

Total

Securities

2,701,842‌

2,172,635‌

2,014‌

4,876,491‌

Swaps*

—‌

39‌

—‌

39‌

Futures

Contracts*

269‌

—‌

—‌

269‌

Total

$

2,702,111‌

$

2,172,674‌

$

2,014‌

$

4,876,799‌

Liabilities

Swaps*

$

—‌

$

7‌

$

—‌

$

7‌

Futures

Contracts*

111‌

—‌

—‌

111‌

Total

$

111‌

$

7‌

$

—‌

$

118‌

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

49

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F68-054Q3

09/24