T. Rowe Price Balanced Fund (RPBAX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-06275

T. Rowe Price Balanced Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2023

Semiannual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPBAX

Balanced

Fund

–

.

RBAIX

Balanced

Fund–

.

I Class

T.

ROWE

PRICE

Balanced

Fund

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Balanced

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

June

30,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

were

resilient

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

six-month

period,

the

technology-oriented

Nasdaq

Composite

Index

gained

more

than

30%,

the

strongest

result

of

the

major

benchmarks,

as

tech

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

applications.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns

in

the

growth-focused

environment,

and

the

energy

sector

also

lost

ground

amid

declining

oil

prices.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

with

modest

losses.

Cheaper

oil

contributed

to

slowing

inflation,

although

core

inflation

readings—

which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

In

response,

the

Federal

Reserve

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.00%

to

5.25%

by

early

May,

the

highest

level

since

2007.

The

Fed

held

rates

steady

at

its

June

meeting,

but

policymakers

indicated

that

two

more

rate

hikes

could

come

by

the

end

of

the

year.

In

the

fixed

income

market,

returns

were

generally

positive

across

most

sectors

as

investors

benefited

from

the

higher

interest

rates

that

have

become

available

over

the

past

year.

Investment-grade

corporate

bonds

were

supported

by

generally

solid

balance

sheets

and

were

among

the

strongest

performers.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

weigh

on

credit

conditions.

Moreover,

market

consensus

still

seems

to

point

to

a

coming

recession,

although

hopes

have

emerged

that

such

a

downturn

could

be

more

modest.

T.

ROWE

PRICE

Balanced

Fund

2

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Balanced

Fund

Portfolio

Summary

3

SECURITY

DIVERSIFICATION

Balanced

Fund

T.

ROWE

PRICE

Balanced

Fund

4

BOND

PORTFOLIO

PROFILE

Periods

Ended

12/31/22

6/30/23

Weighted

Average

Effective

Duration

(years)

5.8‌

6.0‌

Weighted

Average

Maturity

(years)

8.2‌

8.4‌

Credit

Quality

Diversification*

U.S.

Government

Agencies**

24.9‌%

25.9‌%

U.S.

Treasuries***

23.4‌ 

26.5‌ 

AAA

5.1‌ 

5.1‌ 

AA

5.9‌ 

5.3‌ 

A

13.1‌ 

11.7‌ 

BBB

13.2‌ 

12.3‌ 

BB

and

Below

14.1‌ 

12.9‌ 

Not

Rated

0.3‌ 

0.3‌ 

Total

100.0‌%

100.0‌%

*

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

**

U.S.

government

agency

securities

are

issued

or

guaranteed

by

a

U.S.

government

agency

and

may

include

conventional

pass-through

securities

and

collateralized

mortgage

obligations;

unlike

Treasuries,

government

agency

securities

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

may

have

credit

support

from

the

U.S.

Treasury

(e.g.,

FHLMC

and

FNMA

issues)

or

a

direct

government

guarantee

(e.g.,

GNMA

issues).

Therefore,

this

category

may

include

rated

and

unrated

securities.

***

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

T.

ROWE

PRICE

Balanced

Fund

5

Microsoft

3.2‌%

T.

Rowe

Price

Real

Assets

Fund

–

I

Class

3.2‌ 

Apple

2.9‌ 

Alphabet

1.9‌ 

Amazon.com

1.8‌ 

NVIDIA

1.4‌ 

Meta

Platforms

1.0‌ 

UnitedHealth

Group

0.7‌ 

Tesla

0.7‌ 

Visa

0.6‌ 

Total

17.4‌%

U.S.

Treasuries

8.8‌%

Federal

National

Mortgage

Association

–

Mortgages

5.8‌ 

T.

Rowe

Price

Institutional

High

Yield

Fund

4.6‌ 

Government

National

Mortgage

Association

2.1‌ 

Federal

Home

Loan

Mortgage

Corporation

–

Mortgages

0.7‌ 

Bank

of

America

0.2‌ 

Morgan

Stanley

0.2‌ 

Wells

Fargo

0.2‌ 

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

0.1‌ 

General

Motors

0.1‌ 

Total

22.8‌%

PORTFOLIO

HIGHLIGHTS

LARGEST

HOLDINGS

Stocks

Percent

of

Net

Assets

6/30/23

Bonds

Percent

of

Net

Assets

6/30/23

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Balanced

Fund

6

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

Balanced

Fund

7

BALANCED

FUND

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period*

1/1/23

to

6/30/23

Investor

Class

Actual

$1,000.00

$1,109.00

$2.88

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.07

  2.76

I

Class

Actual

  1,000.00

  1,109.30

  2.25

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.66

  2.16

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.55%,

and

the

2

I Class

was

0.43%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

22

.22‌

$

28

.20‌

$

27

.24‌

$

24

.94‌

$

21

.39‌

$

24

.33‌

Investment

activities

Net

investment

income

(1)(2)

0

.26‌

0

.43‌

0

.37‌

0

.40‌

0

.48‌

0

.51‌

Net

realized

and

unrealized

gain/loss

2

.15‌

(

5

.29‌

)

3

.22‌

3

.15‌

3

.92‌

(

1

.65‌

)

Total

from

investment

activities

2

.41‌

(

4

.86‌

)

3

.59‌

3

.55‌

4

.40‌

(

1

.14‌

)

Distributions

Net

investment

income

(

0

.26‌

)

(

0

.44‌

)

(

0

.38‌

)

(

0

.41‌

)

(

0

.50‌

)

(

0

.50‌

)

Net

realized

gain

—‌

(

0

.68‌

)

(

2

.25‌

)

(

0

.84‌

)

(

0

.35‌

)

(

1

.30‌

)

Total

distributions

(

0

.26‌

)

(

1

.12‌

)

(

2

.63‌

)

(

1

.25‌

)

(

0

.85‌

)

(

1

.80‌

)

NET

ASSET

VALUE

End

of

period

$

24

.37‌

$

22

.22‌

$

28

.20‌

$

27

.24‌

$

24

.94‌

$

21

.39‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

10

.90‌

%

(

17

.26‌

)

%

13

.36‌

%

14

.57‌

%

20

.74‌

%

(

4

.92‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.60‌

%

(4)

0

.61‌

%

0

.57‌

%

0

.58‌

%

0

.58‌

%

0

.58‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.55‌

%

(4)

0

.57‌

%

0

.53‌

%

0

.55‌

%

0

.55‌

%

0

.55‌

%

Net

investment

income

2

.27‌

%

(4)

1

.74‌

%

1

.27‌

%

1

.63‌

%

2

.03‌

%

2

.10‌

%

Portfolio

turnover

rate

20

.6‌

%

97

.7‌

%

91

.9‌

%

75

.7‌

%

53

.3‌

%

68

.2‌

%

Net

assets,

end

of

period

(in

millions)

$2,454

$2,318

$4,224

$4,087

$3,893

$3,400

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

22

.21‌

$

28

.20‌

$

27

.23‌

$

24

.94‌

$

21

.39‌

$

24

.34‌

Investment

activities

Net

investment

income

(1)(2)

0

.28‌

0

.49‌

0

.41‌

0

.43‌

0

.50‌

0

.55‌

Net

realized

and

unrealized

gain/loss

2

.14‌

(

5

.31‌

)

3

.22‌

3

.14‌

3

.94‌

(

1

.67‌

)

Total

from

investment

activities

2

.42‌

(

4

.82‌

)

3

.63‌

3

.57‌

4

.44‌

(

1

.12‌

)

Distributions

Net

investment

income

(

0

.28‌

)

(

0

.49‌

)

(

0

.41‌

)

(

0

.44‌

)

(

0

.54‌

)

(

0

.53‌

)

Net

realized

gain

—‌

(

0

.68‌

)

(

2

.25‌

)

(

0

.84‌

)

(

0

.35‌

)

(

1

.30‌

)

Total

distributions

(

0

.28‌

)

(

1

.17‌

)

(

2

.66‌

)

(

1

.28‌

)

(

0

.89‌

)

(

1

.83‌

)

NET

ASSET

VALUE

End

of

period

$

24

.35‌

$

22

.21‌

$

28

.20‌

$

27

.23‌

$

24

.94‌

$

21

.39‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

10

.93‌

%

(

17

.12‌

)

%

13

.51‌

%

14

.67‌

%

20

.94‌

%

(

4

.85‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.47‌

%

(4)

0

.47‌

%

0

.45‌

%

0

.46‌

%

0

.46‌

%

0

.46‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.43‌

%

(4)

0

.43‌

%

0

.41‌

%

0

.43‌

%

0

.43‌

%

0

.43‌

%

Net

investment

income

2

.40‌

%

(4)

2

.02‌

%

1

.39‌

%

1

.74‌

%

2

.11‌

%

2

.26‌

%

Portfolio

turnover

rate

20

.6‌

%

97

.7‌

%

91

.9‌

%

75

.7‌

%

53

.3‌

%

68

.2‌

%

Net

assets,

end

of

period

(in

thousands)

$1,802,896

$1,668,770

$1,173,380

$870,716

$734,319

$413,411

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Balanced

Fund

June

30,

2023

(Unaudited)

12

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

0.9%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-1,

Class

C

1.59%,

10/20/25 

1,327,110‌

1,302‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

1,886‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

B

3.55%,

9/22/25  (1)

1,165,000‌

1,127‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33  (1)

252,272‌

237‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

6.306%,

4/15/35  (1)

2,195,000‌

2,143‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,101‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,456‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.14%,

6.40%,

7/15/36  (1)

1,380,000‌

1,354‌

CNH

Equipment

Trust

Series 2019-C,

Class

B

2.35%,

4/15/27 

2,575,000‌

2,547‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50  (1)

656,438‌

581‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51  (1)

1,212,100‌

1,041‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51  (1)

1,516,900‌

1,245‌

Dryden

Series 2020-77A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.12%,

6.499%,

5/20/34  (1)

1,935,000‌

1,902‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

A

2.69%,

3/25/30  (1)

128,508‌

125‌

Exeter

Automobile

Receivables

Trust

Series 2021-2A,

Class

C

0.98%,

6/15/26 

746,714‌

730‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

915,000‌

882‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33  (1)

1,665,000‌

1,504‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35  (1)

2,565,000‌

2,510‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,153‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.91%,

9/16/27 

1,355,000‌

1,295‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48  (1)

1,890,713‌

1,762‌

JPMorgan

Chase

Bank

Series 2021-2,

Class

C

0.969%,

12/26/28  (1)

217,728‌

210‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.276%,

10/15/32  (1)

1,205,000‌

1,186‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38  (1)

740,248‌

687‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68  (1)

673,949‌

637‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69  (1)

368,144‌

326‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32  (1)

1,712,389‌

1,708‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51  (1)

1,572,036‌

1,279‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37  (1)

483,972‌

461‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53  (1)

971,420‌

866‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53  (1)

1,873,001‌

1,604‌

Total

Asset-Backed

Securities

(Cost

$39,619)

36,847‌

BOND

MUTUAL

FUNDS

4.6%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

7.97%  (2)(3)

1,359‌

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.16%  (2)(3)

26,142,309‌

196,590‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

7.84%  (2)(3)

23,156‌

108‌

Total

Bond

Mutual

Funds

(Cost

$222,484)

196,713‌

COMMON

STOCKS

61.6%

COMMUNICATION

SERVICES

4.6%

Diversified

Telecommunication

Services

0.5%

AT&T 

25,918‌

413‌

KT

(KRW) 

118,675‌

2,686‌

Nippon

Telegraph

&

Telephone

(JPY) 

10,202,500‌

12,073‌

Verizon

Communications 

137,178‌

5,102‌

20,274‌

Entertainment

0.5%

Activision

Blizzard  (4)

16,677‌

1,406‌

Netflix  (4)

32,110‌

14,144‌

Sea,

ADR  (4)

28,003‌

1,625‌

Walt

Disney  (4)

59,556‌

5,317‌

22,492‌

Interactive

Media

&

Services

3.0%

Alphabet,

Class

A  (4)

152,169‌

18,215‌

Alphabet,

Class

C  (4)

505,006‌

61,090‌

Meta

Platforms,

Class

A  (4)

149,633‌

42,942‌

NAVER

(KRW) 

12,174‌

1,704‌

Tencent

Holdings

(HKD) 

34,600‌

1,467‌

Z

Holdings

(JPY) 

746,300‌

1,799‌

127,217‌

Media

0.2%

Charter

Communications,

Class

A  (4)

1,900‌

698‌

Comcast,

Class

A 

23,357‌

971‌

CyberAgent

(JPY) 

321,600‌

2,351‌

WPP

(GBP) 

529,513‌

5,550‌

9,570‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wireless

Telecommunication

Services

0.4%

T-Mobile

U.S.  (4)

114,833‌

15,950‌

Vodafone

Group,

ADR  (5)

343,209‌

3,244‌

19,194‌

Total

Communication

Services

198,747‌

CONSUMER

DISCRETIONARY

6.8%

Automobile

Components

0.5%

Aptiv (4)

10,335‌

1,055‌

Autoliv,

SDR

(SEK) 

45,240‌

3,849‌

Denso

(JPY) 

80,900‌

5,457‌

Dowlais

Group

(GBP)  (4)

886,427‌

1,430‌

Magna

International 

100,192‌

5,655‌

Stanley

Electric

(JPY) 

106,300‌

2,154‌

19,600‌

Automobiles

1.1%

General

Motors 

66,000‌

2,545‌

Honda

Motor

(JPY) 

65,300‌

1,978‌

Suzuki

Motor

(JPY) 

85,700‌

3,108‌

Tesla  (4)

112,665‌

29,492‌

Toyota

Motor

(JPY) 

537,700‌

8,642‌

45,765‌

Broadline

Retail

1.9%

Alibaba

Group

Holding,

ADR  (4)

12,523‌

1,044‌

Amazon.com  (4)

582,864‌

75,982‌

Next

(GBP) 

49,243‌

4,318‌

81,344‌

Distributors

0.0%

Genuine

Parts 

2,665‌

451‌

451‌

Diversified

Consumer

Services

0.1%

Service

Corp

International 

34,857‌

2,251‌

2,251‌

Hotels,

Restaurants

&

Leisure

1.2%

Amadeus

IT

Group

(EUR)  (4)

56,786‌

4,324‌

Booking

Holdings  (4)

4,514‌

12,189‌

Chipotle

Mexican

Grill  (4)

3,927‌

8,400‌

Compass

Group

(GBP) 

280,271‌

7,849‌

DoorDash,

Class

A  (4)

17,228‌

1,317‌

Hilton

Worldwide

Holdings 

9,765‌

1,421‌

Las

Vegas

Sands  (4)

25,502‌

1,479‌

Marriott

International,

Class

A 

3,170‌

582‌

McDonald's 

31,780‌

9,483‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Royal

Caribbean

Cruises  (4)

10,110‌

1,049‌

Starbucks 

19,451‌

1,927‌

Wynn

Resorts 

8,335‌

880‌

50,900‌

Household

Durables

0.4%

NVR (4)

191‌

1,213‌

Panasonic

Holdings

(JPY) 

408,800‌

5,013‌

Persimmon

(GBP) 

153,162‌

1,995‌

Sony

Group

(JPY) 

80,200‌

7,240‌

15,461‌

Specialty

Retail

1.1%

AutoZone (4)

2,080‌

5,186‌

Bath

&

Body

Works 

20,800‌

780‌

Best

Buy 

23,264‌

1,907‌

Burlington

Stores  (4)

6,111‌

962‌

Home

Depot 

27,345‌

8,494‌

Kingfisher

(GBP) 

1,879,209‌

5,538‌

Lowe's 

7,104‌

1,603‌

O'Reilly

Automotive  (4)

2,461‌

2,351‌

Ross

Stores 

47,950‌

5,377‌

TJX 

71,222‌

6,039‌

Ulta

Beauty  (4)

9,554‌

4,496‌

Zalando

(EUR)  (4)

73,088‌

2,108‌

44,841‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Dr.

Martens

(GBP) 

464,576‌

723‌

Kering

(EUR) 

7,832‌

4,325‌

Lululemon

Athletica  (4)

7,319‌

2,770‌

Moncler

(EUR) 

74,201‌

5,134‌

NIKE,

Class

B 

51,958‌

5,735‌

Samsonite

International

(HKD)  (4)

763,500‌

2,159‌

20,846‌

Total

Consumer

Discretionary

281,459‌

CONSUMER

STAPLES

4.2%

Beverages

0.9%

Coca-Cola 

116,950‌

7,043‌

Constellation

Brands,

Class

A 

9,624‌

2,369‌

Diageo

(GBP) 

168,655‌

7,251‌

Heineken

(EUR) 

60,444‌

6,216‌

Keurig

Dr

Pepper 

47,227‌

1,477‌

Kirin

Holdings

(JPY)  (5)

154,300‌

2,253‌

Monster

Beverage  (4)

26,728‌

1,535‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PepsiCo 

49,235‌

9,119‌

37,263‌

Consumer

Staples

Distribution

&

Retail

0.7%

Costco

Wholesale 

8,428‌

4,537‌

Dollar

General 

27,798‌

4,720‌

Dollar

Tree  (4)

6,179‌

887‌

Seven

&

i

Holdings

(JPY) 

156,900‌

6,778‌

Sysco 

12,281‌

911‌

Target 

9,389‌

1,238‌

Walmart 

61,675‌

9,694‌

Welcia

Holdings

(JPY) 

66,900‌

1,394‌

30,159‌

Food

Products

1.2%

Barry

Callebaut

(CHF) 

1,700‌

3,284‌

Darling

Ingredients  (4)

5,367‌

342‌

General

Mills 

25,400‌

1,948‌

Kraft

Heinz 

104,017‌

3,693‌

Mondelez

International,

Class

A 

170,533‌

12,439‌

Nestle

(CHF) 

188,156‌

22,633‌

Tyson

Foods,

Class

A 

5,400‌

276‌

Wilmar

International

(SGD) 

1,751,300‌

4,934‌

49,549‌

Household

Products

0.4%

Colgate-Palmolive 

19,398‌

1,495‌

Kimberly-Clark 

2,225‌

307‌

Procter

&

Gamble 

104,950‌

15,925‌

17,727‌

Personal

Care

Products

0.6%

elf

Beauty  (4)

3,200‌

366‌

Estee

Lauder,

Class

A 

6,422‌

1,261‌

Kenvue  (4)

127,340‌

3,364‌

L'Oreal

(EUR) 

16,475‌

7,685‌

Unilever

(GBP) 

255,338‌

13,297‌

25,973‌

Tobacco

0.4%

Altria

Group 

27,434‌

1,243‌

Philip

Morris

International 

166,537‌

16,257‌

17,500‌

Total

Consumer

Staples

178,171‌

ENERGY

2.4%

Energy

Equipment

&

Services

0.2%

Halliburton 

40,257‌

1,328‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NOV 

45,322‌

727‌

Schlumberger 

93,097‌

4,573‌

6,628‌

Oil,

Gas

&

Consumable

Fuels

2.2%

Chesapeake

Energy  (5)

2,500‌

209‌

Chevron 

100,152‌

15,759‌

ConocoPhillips 

36,524‌

3,784‌

EOG

Resources 

16,506‌

1,889‌

EQT 

119,800‌

4,928‌

Equinor

(NOK) 

318,872‌

9,285‌

Exxon

Mobil 

208,221‌

22,332‌

Hess 

10,620‌

1,444‌

Kinder

Morgan 

308,499‌

5,312‌

Marathon

Petroleum 

13,356‌

1,557‌

Pioneer

Natural

Resources 

3,946‌

818‌

Range

Resources 

148,900‌

4,378‌

Shell,

ADR 

95,632‌

5,774‌

Southwestern

Energy  (4)

247,800‌

1,489‌

Suncor

Energy  (5)

15,800‌

463‌

TotalEnergies

(EUR) 

184,643‌

10,599‌

Valero

Energy 

4,405‌

517‌

Williams 

54,883‌

1,791‌

92,328‌

Total

Energy

98,956‌

FINANCIALS

10.4%

Banks

3.2%

ANZ

Group

Holdings

(AUD) 

203,263‌

3,218‌

Bank

of

America 

480,898‌

13,797‌

BNP

Paribas

(EUR) 

76,227‌

4,810‌

Citigroup 

32,585‌

1,500‌

DBS

Group

Holdings

(SGD) 

157,600‌

3,680‌

DNB

Bank

(NOK) 

438,374‌

8,198‌

East

West

Bancorp 

16,324‌

862‌

Erste

Group

Bank

(EUR) 

57,342‌

2,011‌

Fifth

Third

Bancorp 

51,978‌

1,362‌

Huntington

Bancshares 

94,376‌

1,017‌

ING

Groep

(EUR) 

675,574‌

9,108‌

Intesa

Sanpaolo

(EUR) 

799,292‌

2,096‌

JPMorgan

Chase 

164,934‌

23,988‌

Lloyds

Banking

Group

(GBP) 

6,779,971‌

3,758‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

784,500‌

5,783‌

National

Bank

of

Canada

(CAD) 

96,067‌

7,157‌

PNC

Financial

Services

Group 

46,307‌

5,832‌

Regions

Financial 

9,700‌

173‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Standard

Chartered

(GBP) 

324,544‌

2,824‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

71,254‌

2,528‌

Svenska

Handelsbanken,

Class

A

(SEK) 

540,414‌

4,525‌

Truist

Financial 

8,000‌

243‌

U.S.

Bancorp 

157,305‌

5,197‌

United

Overseas

Bank

(SGD) 

292,600‌

6,072‌

Wells

Fargo 

341,398‌

14,571‌

Western

Alliance

Bancorp 

6,000‌

219‌

134,529‌

Capital

Markets

1.1%

Ares

Management,

Class

A 

9,400‌

906‌

Bank

of

New

York

Mellon 

22,700‌

1,010‌

BlackRock 

1,300‌

898‌

Bridgepoint

Group

(GBP) 

642,572‌

1,653‌

Brookfield

(CAD) 

105,300‌

3,545‌

Cboe

Global

Markets 

6,193‌

855‌

Charles

Schwab 

78,170‌

4,431‌

CME

Group 

6,175‌

1,144‌

Goldman

Sachs

Group 

21,249‌

6,853‌

Intercontinental

Exchange 

16,385‌

1,853‌

Julius

Baer

Group

(CHF) 

68,877‌

4,347‌

Macquarie

Group

(AUD) 

31,215‌

3,714‌

MarketAxess

Holdings 

1,500‌

392‌

Moody's 

4,201‌

1,461‌

Morgan

Stanley 

63,873‌

5,455‌

MSCI 

3,102‌

1,456‌

S&P

Global 

13,677‌

5,483‌

XP,

Class

A  (4)(5)

90,100‌

2,114‌

47,570‌

Consumer

Finance

0.2%

American

Express 

47,412‌

8,259‌

Capital

One

Financial 

3,200‌

350‌

Discover

Financial

Services 

3,600‌

421‌

9,030‌

Financial

Services

3.0%

Adyen

(EUR)  (4)

2,262‌

3,917‌

Affirm

Holdings  (4)

18,400‌

282‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $1,137  (6)(7)

298,203‌

525‌

Apollo

Global

Management 

13,157‌

1,011‌

Berkshire

Hathaway,

Class

B  (4)

80,375‌

27,408‌

Block,

Class

A  (4)

13,999‌

932‌

Challenger

(AUD) 

325,045‌

1,407‌

Corebridge

Financial 

203,610‌

3,596‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Element

Fleet

Management

(CAD)  (5)

442,710‌

6,744‌

Equitable

Holdings 

54,632‌

1,484‌

Fidelity

National

Information

Services 

37,900‌

2,073‌

Fiserv  (4)

126,495‌

15,957‌

FleetCor

Technologies  (4)

21,186‌

5,320‌

Global

Payments 

20,537‌

2,023‌

Housing

Development

Finance

(INR) 

117,254‌

4,043‌

Mastercard,

Class

A 

56,557‌

22,244‌

Mitsubishi

HC

Capital

(JPY) 

368,200‌

2,186‌

Visa,

Class

A 

115,430‌

27,412‌

128,564‌

Insurance

2.9%

AIA

Group

(HKD) 

319,000‌

3,240‌

Allstate 

33,335‌

3,635‌

American

International

Group 

52,995‌

3,049‌

AXA

(EUR) 

373,006‌

11,023‌

Chubb 

76,607‌

14,751‌

Definity

Financial

(CAD) 

55,310‌

1,468‌

Hartford

Financial

Services

Group 

78,134‌

5,627‌

Marsh

&

McLennan 

29,170‌

5,486‌

MetLife 

206,162‌

11,654‌

Munich

Re

(EUR) 

31,922‌

11,984‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

2,610,000‌

2,906‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

245,500‌

1,568‌

Progressive 

65,050‌

8,611‌

RenaissanceRe

Holdings 

6,833‌

1,275‌

Sampo,

Class

A

(EUR) 

134,190‌

6,027‌

Storebrand

(NOK) 

503,026‌

3,923‌

Sun

Life

Financial

(CAD) 

126,250‌

6,581‌

Tokio

Marine

Holdings

(JPY) 

291,900‌

6,729‌

Travelers 

37,860‌

6,575‌

Zurich

Insurance

Group

(CHF) 

15,852‌

7,541‌

123,653‌

Total

Financials

443,346‌

HEALTH

CARE

8.9%

Biotechnology

0.5%

AbbVie 

37,136‌

5,003‌

Amgen 

28,676‌

6,367‌

Apellis

Pharmaceuticals  (4)

3,800‌

346‌

Biogen  (4)

2,960‌

843‌

Genmab

(DKK)  (4)

5,460‌

2,069‌

Gilead

Sciences 

15,327‌

1,181‌

Moderna  (4)

3,092‌

376‌

Regeneron

Pharmaceuticals  (4)

5,793‌

4,163‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Vertex

Pharmaceuticals  (4)

7,933‌

2,792‌

23,140‌

Health

Care

Equipment

&

Supplies

1.7%

Abbott

Laboratories 

19,880‌

2,167‌

Alcon

(CHF) 

42,138‌

3,496‌

Align

Technology  (4)

2,317‌

819‌

Baxter

International 

31,100‌

1,417‌

Becton

Dickinson

&

Company 

31,780‌

8,390‌

Boston

Scientific  (4)

10,900‌

590‌

DENTSPLY

SIRONA 

12,280‌

491‌

Dexcom  (4)

13,452‌

1,729‌

Elekta,

Class

B

(SEK) 

368,962‌

2,854‌

EssilorLuxottica

(EUR) 

24,781‌

4,673‌

GE

HealthCare

Technologies 

68,670‌

5,579‌

Intuitive

Surgical  (4)

39,427‌

13,482‌

Koninklijke

Philips

(EUR)  (4)

207,400‌

4,494‌

Medtronic 

62,942‌

5,545‌

Siemens

Healthineers

(EUR) 

113,884‌

6,454‌

STERIS 

4,518‌

1,017‌

Stryker 

20,864‌

6,365‌

Teleflex 

8,791‌

2,128‌

Zimmer

Biomet

Holdings 

11,732‌

1,708‌

73,398‌

Health

Care

Providers

&

Services

2.2%

AmerisourceBergen 

66,125‌

12,724‌

Cigna

Group 

9,022‌

2,532‌

Elevance

Health 

50,060‌

22,241‌

Fresenius

(EUR) 

139,740‌

3,876‌

HCA

Healthcare 

22,924‌

6,957‌

Humana 

21,137‌

9,451‌

McKesson 

4,594‌

1,963‌

Molina

Healthcare  (4)

3,517‌

1,059‌

UnitedHealth

Group 

64,104‌

30,811‌

91,614‌

Health

Care

Technology

0.0%

Veeva

Systems,

Class

A  (4)

6,897‌

1,364‌

1,364‌

Life

Sciences

Tools

&

Services

0.8%

Agilent

Technologies 

13,930‌

1,675‌

Avantor  (4)

32,500‌

667‌

Charles

River

Laboratories

International  (4)

2,800‌

589‌

Danaher 

50,140‌

12,034‌

Evotec

(EUR)  (4)

83,281‌

1,876‌

ICON  (4)

1,300‌

325‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Illumina  (4)

2,990‌

561‌

IQVIA

Holdings  (4)

2,100‌

472‌

Thermo

Fisher

Scientific 

32,487‌

16,950‌

West

Pharmaceutical

Services 

1,162‌

444‌

35,593‌

Pharmaceuticals

3.7%

Astellas

Pharma

(JPY) 

509,300‌

7,585‌

AstraZeneca,

ADR 

279,513‌

20,005‌

Bayer

(EUR) 

117,556‌

6,507‌

Bristol-Myers

Squibb 

8,148‌

521‌

Eli

Lilly 

56,081‌

26,301‌

GSK,

ADR 

110,486‌

3,938‌

Johnson

&

Johnson 

127,705‌

21,138‌

Merck 

101,607‌

11,724‌

Novartis

(CHF) 

118,708‌

11,968‌

Novo

Nordisk,

ADR 

8,727‌

1,412‌

Novo

Nordisk,

Class

B

(DKK) 

49,383‌

7,977‌

Otsuka

Holdings

(JPY)  (5)

96,800‌

3,551‌

Pfizer 

53,985‌

1,980‌

Roche

Holding

(CHF) 

42,606‌

13,015‌

Sanofi

(EUR) 

127,239‌

13,698‌

Viatris 

158,438‌

1,581‌

Zoetis 

32,815‌

5,651‌

158,552‌

Total

Health

Care

383,661‌

INDUSTRIALS

&

BUSINESS

SERVICES

5.8%

Aerospace

&

Defense

0.8%

Boeing (4)

9,468‌

1,999‌

General

Dynamics 

11,969‌

2,575‌

Howmet

Aerospace 

3,000‌

149‌

Huntington

Ingalls

Industries 

2,900‌

660‌

L3Harris

Technologies 

46,880‌

9,178‌

Melrose

Industries

(GBP) 

823,567‌

5,306‌

Northrop

Grumman 

8,165‌

3,722‌

Raytheon

Technologies 

20,182‌

1,977‌

Safran

(EUR) 

36,248‌

5,680‌

TransDigm

Group 

3,917‌

3,503‌

34,749‌

Air

Freight

&

Logistics

0.0%

FedEx 

5,779‌

1,433‌

1,433‌

Building

Products

0.1%

Carrier

Global 

96,118‌

4,778‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Johnson

Controls

International 

7,945‌

542‌

Trane

Technologies 

2,590‌

495‌

5,815‌

Commercial

Services

&

Supplies

0.1%

Cintas 

3,518‌

1,749‌

Copart  (4)

7,650‌

698‌

Republic

Services 

4,500‌

689‌

Waste

Connections 

9,745‌

1,393‌

4,529‌

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings  (4)

3,200‌

153‌

Worley

(AUD) 

421,102‌

4,446‌

4,599‌

Electrical

Equipment

1.1%

ABB

(CHF) 

211,924‌

8,337‌

AMETEK 

41,407‌

6,703‌

Eaton 

44,982‌

9,046‌

Emerson

Electric 

3,100‌

280‌

Hubbell 

8,701‌

2,885‌

Legrand

(EUR) 

61,284‌

6,080‌

Mitsubishi

Electric

(JPY) 

506,700‌

7,163‌

Prysmian

(EUR) 

164,619‌

6,885‌

Rockwell

Automation 

1,772‌

584‌

47,963‌

Ground

Transportation

0.8%

Canadian

Pacific

Kansas

City 

3,671‌

297‌

Central

Japan

Railway

(JPY) 

21,600‌

2,706‌

CSX 

276,298‌

9,422‌

JB

Hunt

Transport

Services 

6,553‌

1,186‌

Norfolk

Southern 

19,386‌

4,396‌

Old

Dominion

Freight

Line 

11,938‌

4,414‌

Saia  (4)

3,313‌

1,134‌

Union

Pacific 

43,796‌

8,962‌

32,517‌

Industrial

Conglomerates

1.4%

3M 

6,100‌

611‌

DCC

(GBP) 

56,612‌

3,167‌

General

Electric 

172,746‌

18,976‌

Honeywell

International 

35,933‌

7,456‌

Roper

Technologies 

15,229‌

7,322‌

Siemens

(EUR) 

131,673‌

21,950‌

59,482‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Machinery

0.6%

Caterpillar 

3,400‌

837‌

Cummins 

17,518‌

4,295‌

Deere 

3,600‌

1,459‌

Dover 

7,900‌

1,166‌

Ingersoll

Rand 

25,073‌

1,639‌

KION

Group

(EUR) 

67,096‌

2,705‌

Otis

Worldwide 

14,440‌

1,285‌

PACCAR 

10,747‌

899‌

SMC

(JPY) 

3,600‌

2,001‌

Stanley

Black

&

Decker 

24,559‌

2,301‌

THK

(JPY) 

76,100‌

1,566‌

Westinghouse

Air

Brake

Technologies 

35,800‌

3,926‌

24,079‌

Passenger

Airlines

0.0%

Alaska

Air

Group  (4)

2,800‌

149‌

Southwest

Airlines 

18,879‌

684‌

United

Airlines

Holdings  (4)

8,100‌

444‌

1,277‌

Professional

Services

0.3%

Broadridge

Financial

Solutions 

5,203‌

862‌

Paycom

Software 

1,495‌

480‌

Recruit

Holdings

(JPY) 

130,600‌

4,168‌

TechnoPro

Holdings

(JPY) 

149,800‌

3,259‌

Teleperformance

(EUR) 

18,810‌

3,155‌

11,924‌

Trading

Companies

&

Distributors

0.5%

Ashtead

Group

(GBP) 

82,863‌

5,745‌

Bunzl

(GBP) 

86,401‌

3,293‌

Mitsubishi

(JPY) 

113,700‌

5,497‌

Sumitomo

(JPY) 

248,800‌

5,278‌

United

Rentals 

503‌

224‌

20,037‌

Total

Industrials

&

Business

Services

248,404‌

INFORMATION

TECHNOLOGY

14.1%

Communications

Equipment

0.2%

Arista

Networks  (4)

6,457‌

1,046‌

Cisco

Systems 

19,387‌

1,003‌

LM

Ericsson,

Class

B

(SEK)  (5)

867,555‌

4,714‌

6,763‌

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol,

Class

A 

493‌

42‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hamamatsu

Photonics

(JPY) 

73,400‌

3,603‌

Largan

Precision

(TWD) 

19,000‌

1,303‌

Murata

Manufacturing

(JPY) 

78,300‌

4,498‌

Omron

(JPY) 

41,700‌

2,561‌

TE

Connectivity 

34,390‌

4,820‌

Teledyne

Technologies  (4)

3,287‌

1,351‌

Trimble  (4)

16,201‌

858‌

19,036‌

IT

Services

0.6%

Accenture,

Class

A 

28,514‌

8,799‌

Cognizant

Technology

Solutions,

Class

A 

6,306‌

412‌

MongoDB  (4)

9,060‌

3,723‌

NTT

Data

Group

(JPY) 

425,800‌

5,970‌

Shopify,

Class

A  (4)

55,860‌

3,608‌

Snowflake,

Class

A  (4)

7,226‌

1,272‌

23,784‌

Semiconductors

&

Semiconductor

Equipment

4.9%

Advanced

Micro

Devices  (4)

73,712‌

8,396‌

Applied

Materials 

45,600‌

6,591‌

ASML

Holding

(EUR) 

19,898‌

14,432‌

ASML

Holding 

12,636‌

9,158‌

Broadcom 

30,319‌

26,300‌

Enphase

Energy  (4)

1,800‌

301‌

Entegris 

8,580‌

951‌

First

Solar  (4)

1,200‌

228‌

Intel 

47,300‌

1,582‌

KLA 

6,710‌

3,254‌

Lam

Research 

19,030‌

12,234‌

Lattice

Semiconductor  (4)

8,100‌

778‌

Marvell

Technology 

45,728‌

2,734‌

Micron

Technology 

78,391‌

4,947‌

Monolithic

Power

Systems 

8,631‌

4,663‌

NVIDIA 

138,594‌

58,628‌

NXP

Semiconductors 

55,148‌

11,288‌

ON

Semiconductor  (4)

16,936‌

1,602‌

QUALCOMM 

20,100‌

2,393‌

Renesas

Electronics

(JPY)  (4)

196,400‌

3,706‌

SolarEdge

Technologies  (4)

1,601‌

431‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

809,969‌

14,963‌

Taiwan

Semiconductor

Manufacturing,

ADR 

20,331‌

2,052‌

Texas

Instruments 

58,151‌

10,468‌

Tokyo

Electron

(JPY) 

37,200‌

5,358‌

207,438‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Software

4.9%

Adobe (4)

13,031‌

6,372‌

Atlassian,

Class

A  (4)

12,325‌

2,068‌

BILL

Holdings  (4)

17,342‌

2,026‌

Cadence

Design

Systems  (4)

9,541‌

2,238‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668  (4)(6)(7)

392‌

278‌

Confluent,

Class

A  (4)

23,811‌

841‌

Crowdstrike

Holdings,

Class

A  (4)

5,212‌

765‌

Datadog,

Class

A  (4)

11,260‌

1,108‌

Descartes

Systems

Group  (4)

7,225‌

579‌

DocuSign  (4)

28,800‌

1,471‌

Fair

Isaac  (4)

400‌

324‌

Fortinet  (4)

32,734‌

2,474‌

Gen

Digital 

67,700‌

1,256‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216  (4)(6)(7)

7,517‌

142‌

Intuit 

24,155‌

11,068‌

Microsoft 

402,679‌

137,128‌

Salesforce  (4)

30,758‌

6,498‌

SAP

(EUR) 

62,689‌

8,564‌

ServiceNow  (4)

25,955‌

14,586‌

Synopsys  (4)

21,859‌

9,518‌

Zoom

Video

Communications,

Class

A  (4)

2,732‌

185‌

209,489‌

Technology

Hardware,

Storage

&

Peripherals

3.1%

Apple 

626,970‌

121,614‌

Pure

Storage,

Class

A  (4)

47,529‌

1,750‌

Samsung

Electronics

(KRW) 

167,011‌

9,196‌

Western

Digital  (4)

19,328‌

733‌

133,293‌

Total

Information

Technology

599,803‌

MATERIALS

2.1%

Chemicals

1.2%

Air

Liquide

(EUR) 

37,686‌

6,758‌

Air

Products

&

Chemicals 

1,082‌

324‌

Akzo

Nobel

(EUR) 

56,111‌

4,587‌

Asahi

Kasei

(JPY) 

390,400‌

2,644‌

BASF

(EUR) 

75,835‌

3,684‌

CF

Industries

Holdings 

12,268‌

852‌

Covestro

(EUR)  (4)

79,512‌

4,137‌

FMC 

3,000‌

313‌

Johnson

Matthey

(GBP) 

144,454‌

3,207‌

Linde 

22,190‌

8,456‌

Nutrien 

95,588‌

5,645‌

RPM

International 

7,271‌

652‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sherwin-Williams 

16,369‌

4,346‌

Tosoh

(JPY) 

39,200‌

464‌

Umicore

(EUR) 

115,328‌

3,225‌

49,294‌

Construction

Materials

0.0%

Vulcan

Materials 

4,415‌

995‌

995‌

Containers

&

Packaging

0.1%

Amcor,

CDI

(AUD) 

158,743‌

1,576‌

Avery

Dennison 

3,739‌

642‌

Ball 

16,955‌

987‌

Packaging

Corp.

of

America 

2,448‌

324‌

Sealed

Air 

9,280‌

371‌

Westrock 

14,313‌

416‌

4,316‌

Metals

&

Mining

0.7%

Antofagasta

(GBP) 

241,514‌

4,491‌

BHP

Group

(AUD) 

65,946‌

1,983‌

BHP

Group

(GBP) 

176,683‌

5,273‌

Freeport-McMoRan 

83,200‌

3,328‌

IGO

(AUD) 

939,498‌

9,589‌

Newmont 

8,600‌

367‌

Rio

Tinto

(AUD) 

23,401‌

1,792‌

South32

(AUD) 

1,184,240‌

2,981‌

Steel

Dynamics 

3,300‌

360‌

30,164‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

315,200‌

3,657‌

West

Fraser

Timber  (5)

8,550‌

735‌

4,392‌

Total

Materials

89,161‌

REAL

ESTATE

0.9%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Welltower,

REIT 

14,935‌

1,208‌

1,208‌

Industrial

Real

Estate

Investment

Trusts

0.2%

Prologis,

REIT 

45,759‌

5,611‌

Rexford

Industrial

Realty,

REIT 

18,970‌

991‌

6,602‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

336,747‌

1,781‌

1,781‌

Real

Estate

Management

&

Development

0.1%

CoStar

Group  (4)

3,621‌

322‌

Mitsui

Fudosan

(JPY) 

288,000‌

5,740‌

6,062‌

Residential

Real

Estate

Investment

Trusts

0.1%

American

Homes

4

Rent,

Class

A,

REIT 

11,200‌

397‌

AvalonBay

Communities,

REIT 

4,667‌

883‌

Equity

LifeStyle

Properties,

REIT 

46,991‌

3,143‌

Essex

Property

Trust,

REIT 

2,558‌

600‌

Sun

Communities,

REIT 

2,290‌

299‌

5,322‌

Retail

Real

Estate

Investment

Trusts

0.1%

Scentre

Group

(AUD) 

2,121,663‌

3,752‌

Simon

Property

Group,

REIT 

6,185‌

714‌

4,466‌

Specialized

Real

Estate

Investment

Trusts

0.4%

American

Tower,

REIT 

7,988‌

1,549‌

Equinix,

REIT 

2,068‌

1,621‌

Extra

Space

Storage,

REIT 

4,188‌

623‌

Life

Storage,

REIT 

14,012‌

1,863‌

Public

Storage,

REIT 

16,712‌

4,878‌

SBA

Communications,

REIT 

6,140‌

1,423‌

Weyerhaeuser,

REIT 

98,020‌

3,285‌

15,242‌

Total

Real

Estate

40,683‌

UTILITIES

1.4%

Electric

Utilities

0.8%

Constellation

Energy 

67,136‌

6,146‌

Entergy 

13,519‌

1,316‌

Evergy 

52,889‌

3,090‌

FirstEnergy 

71,227‌

2,769‌

NextEra

Energy 

90,171‌

6,691‌

PG&E  (4)

170,972‌

2,955‌

Southern 

141,143‌

9,915‌

Xcel

Energy 

3,600‌

224‌

33,106‌

Gas

Utilities

0.0%

Beijing

Enterprises

Holdings

(HKD) 

387,500‌

1,406‌

1,406‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) 

151,000‌

2,223‌

2,223‌

Multi-Utilities

0.5%

Ameren 

28,350‌

2,315‌

CMS

Energy 

20,585‌

1,209‌

Dominion

Energy 

59,206‌

3,066‌

DTE

Energy 

16,563‌

1,822‌

Engie

(EUR) 

541,017‌

9,010‌

National

Grid

(GBP) 

380,032‌

5,039‌

Sempra

Energy 

5,765‌

839‌

WEC

Energy

Group 

1,639‌

145‌

23,445‌

Total

Utilities

60,180‌

Total

Common

Stocks

(Cost

$1,397,617)

2,622,571‌

CONVERTIBLE

PREFERRED

STOCKS

0.0%

INFORMATION

TECHNOLOGY

0.0%

Software

0.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $43  (4)(6)(7)

25‌

18‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $3  (4)(6)(7)

2‌

2‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229  (4)(6)(7)

3,879‌

284‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625  (4)(6)

(7)

8,505‌

622‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317  (4)(6)(7)

10,431‌

196‌

Total

Information

Technology

1,122‌

Total

Convertible

Preferred

Stocks

(Cost

$1,217)

1,122‌

CORPORATE

BONDS

7.1%

Abbott

Laboratories,

3.40%,

11/30/23 

1,281,000‌

1,270‌

AbbVie,

2.95%,

11/21/26 

920,000‌

858‌

AbbVie,

3.20%,

5/14/26 

420,000‌

398‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,801‌

AbbVie,

4.70%,

5/14/45 

915,000‌

831‌

ABN

AMRO

Bank,

4.75%,

7/28/25  (1)

940,000‌

905‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

834‌

AerCap

Ireland

Capital,

5.75%,

6/6/28  (5)

1,840,000‌

1,821‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

366‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,552‌

AIA

Group,

3.20%,

3/11/25  (1)

1,020,000‌

982‌

Alcon

Finance,

2.60%,

5/27/30  (1)

1,300,000‌

1,107‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

655,000‌

621‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,009‌

Ally

Financial,

2.20%,

11/2/28 

700,000‌

559‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

391‌

Amazon.com,

2.80%,

8/22/24 

1,055,000‌

1,026‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,500‌

America

Movil

SAB

de

CV,

2.875%,

5/7/30 

2,525,000‌

2,196‌

America

Movil

SAB

de

CV,

6.375%,

3/1/35 

300,000‌

326‌

American

Airlines

PTT,

Series 2014-1,

Class

A,

3.70%,

10/1/26 

711,671‌

630‌

American

Airlines

PTT,

Series 2016-1,

Class

B,

5.25%,

1/15/24 

1,189,837‌

1,160‌

American

Honda

Finance,

0.75%,

8/9/24 

2,335,000‌

2,217‌

Amgen,

2.77%,

9/1/53 

447,000‌

277‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,226‌

APA

Infrastructure,

4.25%,

7/15/27  (1)(5)

620,000‌

590‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

2,027‌

Apple,

1.65%,

5/11/30  (5)

2,345,000‌

1,974‌

AT&T,

2.25%,

2/1/32  (5)

1,400,000‌

1,109‌

AT&T,

3.50%,

6/1/41 

680,000‌

520‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,280‌

AutoZone,

3.125%,

4/21/26 

650,000‌

614‌

Baidu,

3.875%,

9/29/23 

2,000,000‌

1,990‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

174‌

Banco

Santander

Chile,

2.70%,

1/10/25  (1)

1,322,000‌

1,265‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25  (1)

1,110,000‌

1,099‌

Bank

of

America,

4.20%,

8/26/24 

600,000‌

589‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

948‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

747‌

Bank

of

America,

VR,

2.299%,

7/21/32  (8)

2,240,000‌

1,791‌

Bank

of

America,

VR,

2.676%,

6/19/41  (5)(8)

3,450,000‌

2,422‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32  (5)(8)

2,325,000‌

1,920‌

Bank

of

Montreal,

2.65%,

3/8/27 

2,035,000‌

1,852‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

539‌

Barclays,

VR,

2.852%,

5/7/26  (8)

1,880,000‌

1,759‌

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,107‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,522‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,204‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,860‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43  (5)

1,350,000‌

1,254‌

BNP

Paribas,

VR,

2.219%,

6/9/26  (1)(8)

1,315,000‌

1,218‌

BNP

Paribas,

VR,

2.871%,

4/19/32  (1)(8)

3,100,000‌

2,523‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

367‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

780,000‌

766‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,471‌

Boston

Properties,

3.125%,

9/1/23 

625,000‌

622‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,079‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BPCE,

4.00%,

9/12/23  (1)

1,350,000‌

1,344‌

BPCE,

4.50%,

3/15/25  (1)

1,000,000‌

960‌

BPCE,

5.70%,

10/22/23  (1)

1,700,000‌

1,689‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26  (1)

1,110,000‌

979‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

518‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,138‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,263‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

716‌

Cameron

LNG,

2.902%,

7/15/31  (1)

575,000‌

495‌

Cameron

LNG,

3.701%,

1/15/39  (1)

475,000‌

391‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,461‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

831‌

Canadian

Pacific

Railway,

3.50%,

5/1/50 

1,695,000‌

1,301‌

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,122‌

Cardinal

Health,

3.41%,

6/15/27 

1,570,000‌

1,475‌

Cardinal

Health,

3.75%,

9/15/25 

1,005,000‌

968‌

Carvana,

10.25%,

5/1/30  (1)

1,225,000‌

943‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30  (1)

505,000‌

451‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

903‌

Charter

Communications

Operating,

4.908%,

7/23/25 

2,465,000‌

2,416‌

Cigna

Group,

3.00%,

7/15/23 

810,000‌

809‌

Cigna

Group,

3.75%,

7/15/23 

1,252,000‌

1,250‌

Citigroup,

VR,

2.976%,

11/5/30  (8)

2,750,000‌

2,381‌

Citigroup,

VR,

4.075%,

4/23/29  (5)(8)

2,000,000‌

1,881‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

734‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,085‌

CNO

Global

Funding,

2.65%,

1/6/29  (1)

3,255,000‌

2,727‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27  (1)

2,400,000‌

2,116‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,377‌

CommonSpirit

Health,

2.76%,

10/1/24 

960,000‌

925‌

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

634‌

Corebridge

Financial,

4.40%,

4/5/52 

4,505,000‌

3,495‌

Cox

Communications,

2.95%,

10/1/50  (1)

2,775,000‌

1,722‌

CRH

America

Finance,

3.95%,

4/4/28  (1)

2,600,000‌

2,456‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,173‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

672‌

Crown

Castle

Towers,

3.663%,

5/15/25  (1)

485,000‌

459‌

CVS

Health,

1.875%,

2/28/31 

1,745,000‌

1,384‌

CVS

Health,

2.70%,

8/21/40 

660,000‌

461‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27  (1)

2,155,000‌

2,034‌

Danske

Bank,

VR,

3.244%,

12/20/25  (1)(8)

2,940,000‌

2,794‌

Discover

Bank,

2.70%,

2/6/30  (5)

2,000,000‌

1,603‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

561‌

Duke

Energy,

2.65%,

9/1/26 

640,000‌

592‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

377‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

829‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Enbridge,

4.00%,

10/1/23 

690,000‌

687‌

Enbridge,

4.25%,

12/1/26 

590,000‌

567‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

231‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

690‌

Energy

Transfer,

5.25%,

4/15/29  (5)

1,225,000‌

1,192‌

Eni,

Series X-R,

4.00%,

9/12/23  (1)

780,000‌

775‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25  (1)

780,000‌

710‌

ERAC

USA

Finance,

3.85%,

11/15/24  (1)

435,000‌

423‌

ERAC

USA

Finance,

4.50%,

2/15/45  (1)

505,000‌

441‌

Essex

Portfolio,

2.65%,

3/15/32  (5)

1,430,000‌

1,145‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

1,956‌

First

American

Financial,

4.60%,

11/15/24 

415,000‌

405‌

FirstEnergy

Transmission,

4.35%,

1/15/25  (1)

1,310,000‌

1,276‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,032‌

GATX,

4.35%,

2/15/24 

2,105,000‌

2,081‌

General

Motors,

4.00%,

4/1/25  (5)

1,120,000‌

1,084‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,758‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

861‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

753‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32  (5)(8)

1,300,000‌

1,063‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42  (8)

1,710,000‌

1,205‌

Hasbro,

3.00%,

11/19/24  (5)

1,550,000‌

1,489‌

Hasbro,

3.55%,

11/19/26 

1,760,000‌

1,635‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,750‌

HCA,

4.375%,

3/15/42  (1)

775,000‌

636‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

948‌

Healthpeak

OP,

2.125%,

12/1/28 

655,000‌

550‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

302‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28  (1)

1,800,000‌

1,672‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

925‌

Humana,

2.15%,

2/3/32 

1,145,000‌

903‌

Humana,

3.70%,

3/23/29 

1,120,000‌

1,023‌

Hyundai

Capital

America,

2.00%,

6/15/28  (1)

2,435,000‌

2,047‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,056‌

Illinois

Tool

Works,

3.90%,

9/1/42 

1,200,000‌

1,050‌

Interpublic

Group,

4.20%,

4/15/24 

293,000‌

288‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25  (1)

3,430,000‌

3,184‌

JDE

Peet's,

1.375%,

1/15/27  (1)

2,240,000‌

1,926‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,857‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31  (8)

3,820,000‌

3,268‌

Kilroy

Realty,

3.45%,

12/15/24 

1,350,000‌

1,276‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

446‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

553‌

Liberty

Mutual

Group,

4.85%,

8/1/44  (1)

1,700,000‌

1,424‌

M&T

Bank,

3.55%,

7/26/23 

2,740,000‌

2,731‌

Marsh

&

McLennan,

3.50%,

6/3/24 

3,060,000‌

2,996‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,255‌

McDonald's,

1.45%,

9/1/25  (5)

940,000‌

867‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

676‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

843‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28  (1)

2,640,000‌

2,494‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,349‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,074‌

Moody's,

2.00%,

8/19/31 

2,195,000‌

1,765‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

1,005‌

Morgan

Stanley,

6.25%,

8/9/26 

755,000‌

770‌

Morgan

Stanley,

VR,

3.217%,

4/22/42  (8)

1,445,000‌

1,090‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,536‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,624‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,415‌

Nucor,

2.70%,

6/1/30  (5)

455,000‌

395‌

Nucor,

3.95%,

5/1/28 

2,140,000‌

2,030‌

Nutrien,

4.00%,

12/15/26 

830,000‌

795‌

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

796‌

O'Reilly

Automotive,

3.60%,

9/1/27  (5)

1,825,000‌

1,721‌

PACCAR

Financial,

0.90%,

11/8/24 

2,875,000‌

2,702‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

1,340,000‌

1,147‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

785,000‌

765‌

PayPal

Holdings,

2.40%,

10/1/24 

2,720,000‌

2,614‌

Perrigo

Finance

Unlimited,

4.65%,

6/15/30 

1,510,000‌

1,327‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

680‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,074‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23  (1)

2,650,000‌

2,640‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,356‌

Public

Storage,

1.95%,

11/9/28 

1,210,000‌

1,036‌

QUALCOMM,

3.25%,

5/20/27 

1,120,000‌

1,060‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

1,862‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,410‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

841‌

Republic

Services,

3.375%,

11/15/27 

1,045,000‌

982‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

576‌

Rogers

Communications,

4.50%,

3/15/42  (1)

2,935,000‌

2,429‌

Roper

Technologies,

2.95%,

9/15/29  (5)

380,000‌

334‌

Roper

Technologies,

3.80%,

12/15/26 

1,085,000‌

1,035‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

355‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,262‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

531‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (8)

1,365,000‌

1,178‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28  (8)

1,605,000‌

1,399‌

SBA

Tower

Trust,

2.836%,

1/15/25  (1)

1,135,000‌

1,070‌

Sempra

Energy,

3.30%,

4/1/25 

835,000‌

801‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

1,138,000‌

1,130‌

T.

ROWE

PRICE

Balanced

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Simon

Property

Group,

2.65%,

2/1/32  (5)

1,810,000‌

1,464‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,377‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23  (1)

422,000‌

422‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

450‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

1,145,000‌

1,133‌

Standard

Chartered,

VR,

1.822%,

11/23/25  (1)(8)

2,005,000‌

1,877‌

Standard

Chartered,

VR,

2.608%,

1/12/28  (1)(8)

1,000,000‌

886‌

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23 

2,045,000‌

2,038‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,016‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44  (1)

1,800,000‌

1,630‌

Texas

Instruments,

1.375%,

3/12/25  (5)

650,000‌

610‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

384‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

429‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

509‌

TJX,

1.60%,

5/15/31  (5)

375,000‌

304‌

Toronto-Dominion

Bank,

3.50%,

7/19/23 

1,235,000‌

1,234‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

1,990‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,389‌

Transurban

Finance,

2.45%,

3/16/31  (1)

1,445,000‌

1,174‌

Transurban

Finance,

3.375%,

3/22/27  (1)

395,000‌

370‌

Transurban

Finance,

4.125%,

2/2/26  (1)

335,000‌

320‌

Travelers,

6.25%,

6/15/37 

750,000‌

824‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

623‌

UBS

Group,

VR,

2.593%,

9/11/25  (1)(8)

2,095,000‌

1,986‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

948,855‌

864‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

628‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

404‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,710‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,616‌

Verizon

Communications,

4.272%,

1/15/36 

870,000‌

782‌

Vistra

Operations,

3.55%,

7/15/24  (1)

1,370,000‌

1,323‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,756‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

623‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,808‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25  (1)

1,395,000‌

1,334‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

510‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

509‌

Warnermedia

Holdings,

5.05%,

3/15/42 

1,570,000‌

1,315‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

2,012‌

Weibo,

3.50%,

7/5/24  (5)

1,390,000‌

1,357‌

Wells

Fargo,

VR,

2.393%,

6/2/28  (8)

3,915,000‌

3,488‌

Wells

Fargo,

VR,

3.068%,

4/30/41  (8)

3,995,000‌

2,939‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,552‌

Willis

North

America,

4.50%,

9/15/28 

1,370,000‌

1,293‌

Woodside

Finance,

3.70%,

9/15/26  (1)

738,000‌

694‌

T.

ROWE

PRICE

Balanced

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Woodside

Finance,

3.70%,

3/15/28  (1)

1,187,000‌

1,086‌

Workday,

3.70%,

4/1/29 

750,000‌

694‌

WP

Carey,

3.85%,

7/15/29 

1,470,000‌

1,324‌

WPP

Finance

2010,

3.75%,

9/19/24 

1,310,000‌

1,269‌

Total

Corporate

Bonds

(Cost

$338,282)

301,655‌

EQUITY

MUTUAL

FUNDS

3.2%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class  (2)

9,908,407‌

134,358‌

Total

Equity

Mutual

Funds

(Cost

$118,761)

134,358‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.3%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35  (1)

510,000‌

486‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29  (1)

2,645,000‌

2,327‌

Province

of

British

Columbia

Canada,

4.20%,

7/6/33 

2,648,000‌

2,632‌

Republic

of

Colombia,

4.00%,

2/26/24 

275,000‌

271‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,761‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

993‌

United

Mexican

States,

2.659%,

5/24/31  (5)

3,439,000‌

2,867‌

United

Mexican

States,

3.50%,

2/12/34 

2,315,000‌

1,945‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$14,869)

13,282‌

MUNICIPAL

SECURITIES

0.9%

California

0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,261‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,765‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33  (9)

695,000‌

687‌

Los

Angeles

Airport,

Build

America,

Series C,

7.053%,

5/15/40 

1,000,000‌

1,190‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

329‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

750,000‌

811‌

8,043‌

Illinois

0.0%

Chicago

O'Hare

Int'l

Airport,

Build

America,

Series B,

6.395%,

1/1/40 

755,000‌

864‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

840‌

Illinois

Toll

Highway

Auth.,

Build

America,

Series A,

6.184%,

1/1/34 

470,000‌

511‌

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

535‌

2,750‌

T.

ROWE

PRICE

Balanced

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Maryland

0.1%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,720‌

1,720‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,159‌

2,159‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Build

America,

Series F,

7.414%,

1/1/40 

415,000‌

520‌

520‌

New

York

0.1%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

240,000‌

298‌

Metropolitan

Transportation

Auth.,

Build

America,

Series A-1,

5.871%,

11/15/39 

700,000‌

692‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

988‌

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

280‌

New

York

State

Dormitory

Auth.,

Build

America,

Series F,

5.628%,

3/15/39 

1,300,000‌

1,354‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

600‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,403‌

5,615‌

Ohio

0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

1,225,000‌

1,199‌

1,199‌

Pennsylvania

0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

600,000‌

581‌

581‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,098‌

2,098‌

Texas

0.1%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,329‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

967‌

Houston

Airport

System

Revenue,

Series C,

2.385%,

7/1/31 

685,000‌

575‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,031‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,539‌

5,441‌

T.

ROWE

PRICE

Balanced

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Utah

0.0%

Utah

Transit

Auth.,

Build

America,

Series B,

5.937%,

6/15/39 

900,000‌

977‌

977‌

Virginia

0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,442‌

Virginia

Commonwealth

Transportation

Board,

Build

America,

Series B,

5.35%,

5/15/35 

690,000‌

706‌

Virginia

Public

Building

Auth.,

Build

America,

Series B-2,

5.90%,

8/1/30 

695,000‌

736‌

3,884‌

Wisconsin

0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,061‌

2,061‌

Total

Municipal

Securities

(Cost

$40,527)

37,048‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

2.4%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65  (1)

286,219‌

252‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66  (1)

1,019,421‌

837‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66  (1)

953,389‌

776‌

Angel

Oak

Mortgage

Trust,

Series 2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67  (1)

2,020,000‌

1,910‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51  (1)

1,011,671‌

844‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.421%,

11/15/34  (1)

605,000‌

290‌

BBCMS

Mortgage

Trust,

Series 2020-BID,

Class

A,

ARM,

1M

USD

LIBOR

+

2.14%,

7.333%,

10/15/37  (1)

2,590,000‌

2,431‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

TSFR

+

1.654%,

6.801%,

10/15/34  (1)

2,080,000‌

2,046‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

6.489%,

2/15/39  (1)

3,395,000‌

3,302‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

A,

3.402%,

2/10/44  (1)

2,025,000‌

1,532‌

BX

Commercial

Mortgage

Trust,

Series 2022-LP2,

Class

C,

ARM,

1M

TSFR

+

1.562%,

6.709%,

2/15/39  (1)

3,379,340‌

3,199‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52  (1)

800,000‌

711‌

Chase

Home

Lending

Mortgage

Trust,

Series 2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62  (1)

2,989,869‌

2,668‌

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

235,000‌

228‌

T.

ROWE

PRICE

Balanced

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50  (1)

961,738‌

797‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

6.493%,

11/15/37  (1)

2,118,345‌

2,081‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,522‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29  (1)

2,160,000‌

2,022‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.067%,

12/25/41  (1)

398,596‌

394‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R02,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.367%,

1/25/43  (1)

1,009,053‌

1,013‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.367%,

5/25/43  (1)

2,507,118‌

2,519‌

Connecticut

Avenue

Securities

Trust,

Series 2023-R05,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.90%,

6.967%,

6/25/43  (1)

1,010,000‌

1,010‌

Deephaven

Residential

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.899%,

4/25/66  (1)

380,397‌

320‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59  (1)

197,995‌

180‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66  (1)

559,851‌

443‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

6.574%,

7/15/38  (1)

1,180,579‌

1,152‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K057,

Class

A1,

2.206%,

6/25/25 

618,479‌

598‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K068,

Class

A1,

2.952%,

2/25/27 

793,105‌

765‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K137,

Class

A2,

ARM,

2.347%,

11/25/31 

10,510,000‌

8,933‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

4,580,000‌

4,313‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series K-156,

Class

A2,

ARM,

4.43%,

4/25/60 

3,645,000‌

3,630‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51  (1)

2,427,079‌

1,948‌

Fontainebleau

Miami

Beach

Trust,

Series 2019-FBLU,

Class

C,

3.75%,

12/10/36  (1)

2,635,000‌

2,489‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (1)

89,655‌

80‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

6.894%,

12/15/36  (1)

1,130,000‌

1,108‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

905‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,162‌

T.

ROWE

PRICE

Balanced

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.927%,

10/25/50  (1)

297,377‌

250‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

2,105,214‌

1,983‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

USD

LIBOR

+

1.37%,

6.564%,

10/15/33  (1)

2,510,000‌

2,283‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39  (1)

760,000‌

596‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (1)

585,001‌

512‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (1)

677,722‌

598‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.362%,

4/15/38  (1)

3,595,000‌

3,514‌

Mill

City

Mortgage

Loan

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62  (1)

323,355‌

311‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series  2014-

C17,

Class

B,

ARM,

4.464%,

8/15/47 

1,670,000‌

1,592‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series  2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,300‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series  2015-

C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,571‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series  2016-

C30,

Class

A5,

2.86%,

9/15/49 

495,000‌

448‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32  (1)

2,140,000‌

1,722‌

Morgan

Stanley

Capital

I

Trust,

Series 2015-MS1,

Class

A4,

ARM,

3.779%,

5/15/48 

1,440,000‌

1,366‌

Morgan

Stanley

Capital

I

Trust,

Series 2019-MEAD,

Class

D,

ARM,

3.283%,

11/10/36  (1)

2,090,000‌

1,835‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51  (1)

501,534‌

387‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52  (1)

1,779,403‌

1,432‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59  (1)

172,852‌

154‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

6.25%,

10/25/59  (1)

71,130‌

69‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.198%,

12/25/49  (1)

1,274,086‌

1,037‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51  (1)

2,024,813‌

1,751‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48  (1)

182,892‌

169‌

SFO

Commercial

Mortgage

Trust,

Series 2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.693%,

5/15/38  (1)

1,560,000‌

1,275‌

T.

ROWE

PRICE

Balanced

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (1)

31,833‌

31‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49  (1)

677,592‌

639‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55  (1)

362,675‌

320‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.167%,

10/25/33  (1)

835,000‌

819‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

6.567%,

10/25/41  (1)

1,100,000‌

1,072‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.917%,

11/25/41  (1)

1,574,457‌

1,555‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

7.067%,

4/25/42  (1)

1,907,135���

1,912‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

7.167%,

3/25/42  (1)

1,545,264‌

1,548‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2023-DNA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

7.167%,

3/25/43  (1)

160,177‌

160‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2023-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

7.167%,

4/25/43  (1)

665,030‌

667‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56  (1)

24,840‌

24‌

Towd

Point

Mortgage

Trust,

Series 2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57  (1)

316,452‌

299‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58  (1)

148,330‌

142‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59  (1)

288,129‌

275‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59  (1)

536,116‌

512‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66  (1)

488,412‌

411‌

Verus

Securitization

Trust,

Series 2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66  (1)

2,772,167‌

2,348‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68  (1)

1,209,889‌

1,198‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C19,

Class

B,

ARM,

4.723%,

3/15/47 

610,000‌

586‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$112,558)

104,083‌

T.

ROWE

PRICE

Balanced

Fund

41

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) 

38,206‌

4,746‌

Total

Consumer

Discretionary

4,746‌

Total

Preferred

Stocks

(Cost

$3,078)

4,746‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

8.1%

U.S.

Government

Agency

Obligations

6.1%

Federal

Home

Loan

Mortgage 

2.50%,

5/1/30 

738,837‌

687‌

3.00%,

1/1/29

-

8/1/43 

3,188,692‌

2,891‌

3.50%,

3/1/42

-

3/1/46 

5,194,823‌

4,851‌

4.00%,

9/1/40

-

6/1/42 

1,631,519‌

1,570‌

4.50%,

6/1/39

-

5/1/42 

954,810‌

942‌

5.00%,

12/1/35

-

8/1/40 

429,107‌

431‌

5.50%,

1/1/38

-

12/1/39 

139,647‌

143‌

6.00%,

2/1/28

-

8/1/38 

14,733‌

15‌

6.50%,

8/1/32 

6,683‌

7‌

7.00%,

6/1/32 

11,876‌

12‌

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.726%,

4.074%,

7/1/35 

21,798‌

22‌

12M

USD

LIBOR

+

1.75%,

4.127%,

2/1/35 

13,379‌

13‌

12M

USD

LIBOR

+

1.827%,

4.201%,

2/1/37 

20,286‌

20‌

12M

USD

LIBOR

+

1.93%,

4.187%,

12/1/36 

36,263‌

36‌

12M

USD

LIBOR

+

2.03%,

4.276%,

11/1/36 

21,009‌

21‌

1Y

CMT

+

2.25%,

4.782%,

10/1/36 

5,502‌

6‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

618,772‌

120‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

4/1/37 

1,316,843‌

1,136‌

2.00%,

3/1/42

-

5/1/52 

21,259,921‌

17,485‌

2.50%,

11/1/36

-

5/1/52 

33,869,508‌

28,868‌

3.00%,

11/1/34

-

6/1/52 

5,220,776‌

4,633‌

3.50%,

6/1/33 

274,001‌

263‌

4.00%,

12/1/49

-

2/1/50 

1,783,746‌

1,696‌

4.50%,

9/1/37

-

5/1/50 

203,110‌

198‌

5.00%,

10/1/51

-

9/1/52 

2,318,944‌

2,274‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

2,187,222‌

2,032‌

4.00%,

11/1/40 

635,462‌

604‌

4.50%,

7/1/40 

469,008‌

456‌

T.

ROWE

PRICE

Balanced

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

National

Mortgage

Assn.,

ARM 

12M

USD

LIBOR

+

1.553%,

3.807%,

7/1/35 

9,010‌

9‌

12M

USD

LIBOR

+

1.855%,

4.105%,

1/1/37 

2,935‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

8,701,443‌

7,382‌

2.00%,

4/1/37

-

5/1/52 

61,182,816‌

50,434‌

2.50%,

10/1/31

-

4/1/52 

30,304,696‌

26,191‌

3.00%,

1/1/27

-

12/1/51 

32,463,201‌

29,288‌

3.50%,

11/1/26

-

1/1/52 

18,178,542‌

16,928‌

4.00%,

11/1/40

-

9/1/52 

13,052,214‌

12,466‌

4.50%,

4/1/37

-

8/1/52 

9,144,108‌

8,920‌

5.00%,

2/1/34

-

8/1/52 

1,959,441‌

1,961‌

5.50%,

2/1/35

-

5/1/44 

2,208,292‌

2,261‌

6.00%,

3/1/28

-

2/1/53 

5,845,252‌

5,997‌

6.50%,

3/1/24

-

8/1/38 

228,672‌

238‌

7.00%,

9/1/25

-

4/1/32 

15,954‌

15‌

7.50%,

9/1/26 

89‌

—‌

8.00%,

8/1/24

-

7/1/26 

142‌

—‌

UMBS,

TBA  (10)

2.00%,

7/1/38

-

7/1/53 

16,100,000‌

13,655‌

2.50%,

7/1/53 

3,880,000‌

3,290‌

5.00%,

7/1/53 

1,940,000‌

1,901‌

5.50%,

7/1/53 

3,325,000‌

3,309‌

6.50%,

7/1/53 

2,890,000‌

2,951‌

258,631‌

U.S.

Government

Obligations

2.0%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

1,376,572‌

1,182‌

2.00%,

3/20/51

-

3/20/52 

18,744,693‌

15,774‌

2.50%,

8/20/50

-

1/20/52 

19,373,619‌

16,785‌

3.00%,

9/15/42

-

6/20/52 

15,492,898‌

13,921‌

3.50%,

9/15/41

-

1/20/49 

9,898,682‌

9,287‌

4.00%,

2/15/41

-

10/20/52 

7,760,519‌

7,426‌

4.50%,

6/15/39

-

10/20/52 

5,801,179‌

5,662‌

5.00%,

12/20/34

-

6/20/49 

4,434,343‌

4,441‌

5.50%,

2/20/34

-

3/20/49 

1,388,521‌

1,408‌

6.00%,

8/20/34

-

4/15/36 

56,134‌

59‌

6.50%,

5/15/24

-

3/15/26 

332‌

—‌

7.00%,

12/20/52

-

1/20/53 

1,112,729‌

1,140‌

7.50%,

5/15/24

-

9/15/26 

2,699‌

1‌

8.00%,

10/15/23

-

11/15/25 

4,055‌

4‌

8.50%,

6/20/25

-

6/20/26 

1,710‌

2‌

Government

National

Mortgage

Assn.,

ARM,

1Y

CMT

+

1.50%,

2.625%,

8/20/23 

5‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

147,984‌

135‌

T.

ROWE

PRICE

Balanced

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

3.50%,

10/20/50 

1,010,000‌

850‌

Government

National

Mortgage

Assn.,

TBA  (10)

5.50%,

7/20/53 

7,300,000‌

7,266‌

6.00%,

7/20/53 

1,610,000‌

1,621‌

6.50%,

7/20/53 

585,000‌

595‌

87,559‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$375,812)

346,190‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

8.7%

U.S.

Treasury

Obligations

8.7%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,111‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,403‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,383‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

4,545,000‌

3,301‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

5,662‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

24,845,000‌

17,027‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

4,631‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

3,053‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,724‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,289‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

12,929‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45  (11)

4,185,000‌

3,453‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

2,990,000‌

2,530‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

8,981‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

9,430‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

968‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,686‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

3,294‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,331‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

1,755,000‌

1,592‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

1,320,000‌

1,267‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

4,265,000‌

4,101‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

1,500,000‌

1,463‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

4,094‌

U.S.

Treasury

Notes,

0.375%,

11/30/25 

29,325,000‌

26,466‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 

16,700,000‌

13,381‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 

5,970,000‌

5,395‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

7,815,000‌

6,970‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,016‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

41,745,000‌

37,610‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

5,770,000‌

4,670‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,214‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

28,890,000‌

26,488‌

T.

ROWE

PRICE

Balanced

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,146‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

25,457‌

U.S.

Treasury

Notes,

2.75%,

7/31/27 

6,145,000‌

5,794‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

15,000‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,717‌

U.S.

Treasury

Notes,

3.375%,

5/15/33 

15,360,000‌

14,815‌

U.S.

Treasury

Notes,

3.50%,

2/15/33 

3,285,000‌

3,201‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

19,595,000‌

19,169‌

U.S.

Treasury

Notes,

3.875%,

4/30/25 

12,570,000‌

12,326‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

4,225,000‌

4,195‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

7,955‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

21,610,000‌

21,495‌

U.S.

Treasury

Notes,

4.125%,

11/15/32 

2,850,000‌

2,913‌

371,096‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$416,330)

371,096‌

SHORT-TERM

INVESTMENTS

2.8%

Money

Market

Funds

2.8%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.11%  (2)(12)

117,997,314‌

117,997‌

Total

Short-Term

Investments

(Cost

$117,997)

117,997‌

SECURITIES

LENDING

COLLATERAL

0.9%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (2)(12)

10,480,682‌

10,481‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

10,481‌

T.

ROWE

PRICE

Balanced

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (2)(12)

27,384,401‌

27,384‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

27,384‌

Total

Securities

Lending

Collateral

(Cost

$37,865)

37,865‌

Total

Investments

in

Securities

101.6%

of

Net

Assets

(Cost

$3,237,016)

$

4,325,573‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$164,987

and

represents

3.9%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

See

Note

4.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2023.

(6)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$2,067

and

represents

0.0%

of

net

assets.

(7)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(8)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(9)

Insured

by

Assured

Guaranty

Municipal

Corporation

(10)

See

Note

4

.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$34,588

and

represents

0.8%

of

net

assets.

(11)

At

June

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(12)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

T.

ROWE

PRICE

Balanced

Fund

46

.

.

.

.

.

.

.

.

.

.

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PTC

Pass-Through

Certificate

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Balanced

Fund

47

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

584

U.S.

Treasury

Notes

five

year

contracts

9/23

62,542

$

(

1,193‌

)

Long,

56

U.S.

Treasury

Notes

ten

year

contracts

9/23

6,287

(

108‌

)

Long,

78

U.S.

Treasury

Notes

two

year

contracts

9/23

15,861

(

228‌

)

Net

payments

(receipts)

of

variation

margin

to

date

1,534‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

5‌

T.

ROWE

PRICE

Balanced

Fund

48

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

six

months

ended

June

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

7.97% 

$

—‌

$

1‌

$

—‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.16% 

(

5,928‌

)

10,573‌

6,716‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

7.84% 

—‌

—‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

(

359‌

)

2,107‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

—‌

—‌

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.11%

—‌

—‌

2,138‌

Totals

$

(

6,287‌

)

#

$

12,681‌

$

8,854‌

+

T.

ROWE

PRICE

Balanced

Fund

49

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

06/30/23

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

7.97% 

$

14‌

$

—‌

$

—‌

$

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.16% 

214,481‌

6,714‌

35,178‌

196,590‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

7.84% 

108‌

—‌

—‌

108‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

131,450‌

4,000‌

3,199‌

134,358‌

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

15,456‌

¤

¤

37,865‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.11%

81,872‌

¤

¤

117,997‌

Total

$

486,933‌

^

#

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

as

described

in

Note

4.

+

Investment

income

comprised

$8,854

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

$497,107.

T.

ROWE

PRICE

Balanced

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

50

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$3,237,016)

$

4,325,573‌

Receivable

for

investment

securities

sold

30,644‌

Interest

and

dividends

receivable

10,276‌

Receivable

for

shares

sold

5,452‌

Foreign

currency

(cost

$1,081)

1,078‌

Cash

7‌

Variation

margin

receivable

on

futures

contracts

5‌

Other

assets

6,171‌

Total

assets

4,379,206‌

Liabilities

Payable

for

investment

securities

purchased

76,768‌

Obligation

to

return

securities

lending

collateral

37,865‌

Payable

for

shares

redeemed

5,406‌

Investment

management

fees

payable

1,361‌

Due

to

affiliates

216‌

Payable

to

directors

4‌

Other

liabilities

419‌

Total

liabilities

122,039‌

NET

ASSETS

$

4,257,167‌

T.

ROWE

PRICE

Balanced

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

51

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

1,063,154‌

Paid-in

capital

applicable

to

174,728,978

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

3,194,013‌

NET

ASSETS

$

4,257,167‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$2,454,271;

Shares

outstanding:

100,700,675)

$

24.37‌

I

Class

(Net

assets:

$1,802,896;

Shares

outstanding:

74,028,303)

$

24.35‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Operations

52

($000s)

6

Months

Ended

6/30/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$2,190)

$

30,921‌

    Interest

26,839‌

Securities

lending

142‌

Other

3‌

Total

income

57,905‌

Expenses

Investment

management

8,951‌

Shareholder

servicing

Investor

Class

$

1,671‌

I

Class

135‌

1,806‌

Prospectus

and

shareholder

reports

Investor

Class

47‌

I

Class

16‌

63‌

Custody

and

accounting

196‌

Proxy

and

annual

meeting

39‌

Registration

37‌

Legal

and

audit

31‌

Directors

7‌

Miscellaneous

31‌

Waived

/

paid

by

Price

Associates

(914‌)

Total

expenses

10,247‌

Net

investment

income

47,658‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Operations

53

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$14)

61,614‌

Futures

(32‌)

Foreign

currency

transactions

(121‌)

Net

realized

gain

61,461‌

Change

in

net

unrealized

gain

/

loss

Securities

318,675‌

Futures

(1,564‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

91‌

Change

in

net

unrealized

gain

/

loss

317,202‌

Net

realized

and

unrealized

gain

/

loss

378,663‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

426,321‌

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

54

($000s)

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

47,658‌

$

83,216‌

Net

realized

gain

61,461‌

25,806‌

Change

in

net

unrealized

gain

/

loss

317,202‌

(

1,031,259‌

)

Increase

(decrease)

in

net

assets

from

operations

426,321‌

(

922,237‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

26,533‌

)

(

116,625‌

)

I

Class

(

20,495‌

)

(

86,391‌

)

Decrease

in

net

assets

from

distributions

(

47,028‌

)

(

203,016‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

137,158‌

302,049‌

I

Class

91,332‌

1,158,107‌

Distributions

reinvested

Investor

Class

25,544‌

112,380‌

I

Class

19,706‌

83,453‌

Shares

redeemed

Investor

Class

(

246,186‌

)

(

1,576,814‌

)

I

Class

(

136,218‌

)

(

364,462‌

)

Decrease

in

net

assets

from

capital

share

transactions

(

108,664‌

)

(

285,287‌

)

T.

ROWE

PRICE

Balanced

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

55

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Net

Assets

Increase

(decrease)

during

period

270,629‌

(

1,410,540‌

)

Beginning

of

period

3,986,538‌

5,397,078‌

End

of

period

$

4,257,167‌

$

3,986,538‌

*Share

information

(000s)

Shares

sold

Investor

Class

5,842‌

12,101‌

I

Class

3,895‌

45,305‌

Distributions

reinvested

Investor

Class

1,078‌

4,973‌

I

Class

832‌

3,683‌

Shares

redeemed

Investor

Class

(

10,513‌

)

(

62,548‌

)

I

Class

(

5,844‌

)

(

15,453‌

)

Decrease

in

shares

outstanding

(

4,710‌

)

(

11,939‌

)

T.

ROWE

PRICE

Balanced

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

56

T.

Rowe

Price

Balanced

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified,

open-end

management

investment

company. The

fund

seeks

to

provide

capital

growth,

current

income,

and

preservation

of

capital

through

a

portfolio

of

stocks

and

fixed-income

securities.

The

fund

has

two classes

of

shares:

the

Balanced

Fund

(Investor

Class)

and

the

Balanced

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/

loss.

Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

T.

ROWE

PRICE

Balanced

Fund

57

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

T.

ROWE

PRICE

Balanced

Fund

58

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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

59

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 the

fund’s

portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Balanced

Fund

60

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

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

61

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

June

30,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

1,210,201‌

$

—‌

$

1,210,201‌

Bond

Mutual

Funds

196,713‌

—‌

—‌

196,713‌

Common

Stocks

1,890,382‌

731,244‌

945‌

2,622,571‌

Convertible

Preferred

Stocks

—‌

—‌

1,122‌

1,122‌

Equity

Mutual

Funds

134,358‌

—‌

—‌

134,358‌

Preferred

Stocks

—‌

4,746‌

—‌

4,746‌

Short-Term

Investments

117,997‌

—‌

—‌

117,997‌

Securities

Lending

Collateral

37,865‌

—‌

—‌

37,865‌

Total

$

2,377,315‌

$

1,946,191‌

$

2,067‌

$

4,325,573‌

Liabilities

Futures

Contracts*

$

1,529‌

$

—‌

$

—‌

$

1,529‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Balanced

Fund

62

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

*

Liabilities

Interest

rate

derivatives

Futures

$

1,529‌

Total

$

1,529‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Balanced

Fund

63

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2023,

securities

valued

at $1,124,000

had

been

posted

by

the

fund

for

exchange-

traded

and/or

centrally

cleared

derivatives. 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Realized

Gain

(Loss)

Interest

rate

derivatives

$

(32‌)

Total

$

(32‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

(1,564‌)

Total

$

(1,564‌)

T.

ROWE

PRICE

Balanced

Fund

64

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

2%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

T.

ROWE

PRICE

Balanced

Fund

65

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

The

fund

also

invests

in

stripped

MBS,

created

when

a

traditional

MBS

is

split

into

an

interest-only

(IO)

and

a

principal-

only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

IOs

also

risk

loss

of

invested

principal

from

faster-

than-anticipated

prepayments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

 The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

T.

ROWE

PRICE

Balanced

Fund

66

rate

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

fund

maintains

an

entitlement

to

the

security

to

be

sold. 

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

counterparty. As

of

June

30,

2023,

securities

valued

at

$151,000 had

been

posted

by

the

fund

to

counterparties

for

MSFTA

Transactions. No

collateral

was

pledged

by

counterparties

to

the

fund

for

MSFTA

Transactions

as

of

June

30,

2023. 

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

T.

ROWE

PRICE

Balanced

Fund

67

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2023,

the

value

of

loaned

securities

was

$33,390,000;

the

value

of

cash

collateral

and

related

investments

was

$37,865,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $482,955,000 and

$697,476,000,

respectively,

for

the

six

months ended

June

30,

2023.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$351,298,000 and

$279,861,000,

respectively,

for

the

six

months ended

June

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

June

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$3,295,145,000.

Net

unrealized

gain

aggregated

$1,028,904,000

at

period-end,

of

which $1,280,390,000

related

to

appreciated

investments

and $251,486,000

related

to

depreciated

investments.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

T.

ROWE

PRICE

Balanced

Fund

68

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.15%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

June

30,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The

I

Class

is

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

I

Class

Expense

limitation/I

Class

Limit

0.05%

Repayment

date

04/30/24

(Waived)/repaid

during

the

period

($000s)

$—

T.

ROWE

PRICE

Balanced

Fund

69

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

June

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates;

$704,000

for

T.

Rowe

Price

Services,

Inc.;

and

$397,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

T.

ROWE

PRICE

Balanced

Fund

70

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’s

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund’s

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

six

months

ended

June

30,

2023,

are

as

follows:

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$529,000

and

$385,000 for

the

Investor

Class

and

I

Class,

respectively,

for

the

six

months ended

June

30,

2023. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades.

This

agreement

may

be

rescinded

at

any

time.

For

the

six

months ended

June

30,

2023,

this

reimbursement

amounted

to

$49,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class

0.17%

$

—‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

500‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class

0.25%

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

0.64%

414‌

Total

Management

Fee

Waived

$

91

4‌

T.

ROWE

PRICE

Balanced

Fund

71

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Balanced

Fund

72

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

87,637,117

1,667,398

Mark

J.

Parrell

87,891,026

1,402,759

Kellye

L.

Walker

87,949,083

1,357,583

Eric

L.

Veiel

88,020,241

1,293,800

T.

ROWE

PRICE

Balanced

Fund

73

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

T.

ROWE

PRICE

Balanced

Fund

74

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Balanced

Fund

75

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group)

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

peer

groups

constructed

by

Broadridge

consisted

of

mixed-asset

target

allocation

growth

funds,

and

the

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Expense

Group);

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Expense

Group

and

Expense

Universe);

and

the

fund’s

total

expenses

ranked

in

the

second

quintile

(Expense

Group)

and

first

quintile

(Expense

Universe).

At

the

request

of

the

Adviser,

Broadridge

also

constructed

peer

groups

consisting

of

balanced

funds,

and

the

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Expense

Group);

the

fund’s

actual

management

fee

rate

ranked

in

the

second

quintile

(Expense

Group)

and

first

quintile

(Expense

Universe);

and

the

fund’s

total

expenses

ranked

in

the

first

quintile

(Expense

Group

and

Expense

Universe).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Balanced

Fund

76

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F68-051

8/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)   The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)   The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Balanced Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 18, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 18, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 18, 2023