T.
ROWE
PRICE
Balanced
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.9%
AmeriCredit
Automobile
Receivables
Trust
Series 2021-2,
Class
D
1.29%,
6/18/27
2,100,000
2,096
Avis
Budget
Rental
Car
Funding
AESOP
Series 2017-1A,
Class
B
3.41%,
9/20/23 (1)
1,000,000
1,018
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-2A,
Class
B
3.55%,
9/22/25 (1)
1,165,000
1,237
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
411,238
429
CarMax
Auto
Owner
Trust
Series 2018-2,
Class
A3
2.98%,
1/17/23
53,952
54
CarMax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,205,000
1,200
CIFC
Funding
Series 2015-5A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.86%,
0.985%,
10/25/27 (1)
1,937,535
1,935
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
1.288%,
7/15/36 (1)
1,380,000
1,380
CNH
Equipment
Trust
Series 2019-C,
Class
B
2.35%,
4/15/27
2,575,000
2,663
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
668,250
697
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,233,800
1,268
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,540,000
1,540
Dryden
Series 2020-77A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
1.254%,
5/20/34 (1)
1,935,000
1,936
Elara
HGV
Timeshare
Issuer
Series 2017-A,
Class
A
2.69%,
3/25/30 (1)
265,831
272
Exeter
Automobile
Receivables
Trust
Series 2021-2A,
Class
C
0.98%,
6/15/26
895,000
897
T.
ROWE
PRICE
Balanced
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ford
Credit
Auto
Owner
Trust
Series 2020-2,
Class
C
1.74%,
4/15/33 (1)
1,665,000
1,669
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27
1,275,000
1,270
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2018-2,
Class
A3
2.81%,
12/16/22
110,405
111
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.91%,
9/16/27
1,355,000
1,388
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
1,925,450
2,045
JPMorgan
Chase
Bank
Series 2021-2,
Class
C
0.969%,
12/26/28 (1)
785,000
785
Magnetite
XXIII
Series 2019-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.425%,
10/25/32 (1)
2,020,000
2,021
MVW
Series 2019-2A,
Class
A
2.22%,
10/20/38 (1)
1,428,332
1,452
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
1,408,096
1,443
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
1,362,628
1,392
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
1,553,659
1,583
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
660,210
664
Navient
Private
Education
Refi
Loan
Trust
Series 2021-A,
Class
A
0.84%,
5/15/69 (1)
671,873
671
OZLM
VIII
Series 2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.304%,
10/17/29 (1)
1,026,918
1,027
OZLM
VIII
Series 2014-8A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.80%,
1.934%,
10/17/29 (1)
1,295,000
1,295
Planet
Fitness
Master
Issuer
Series 2018-1A,
Class
A2I
4.262%,
9/5/48 (1)
3,031,250
3,033
T.
ROWE
PRICE
Balanced
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Santander
Retail
Auto
Lease
Trust
Series 2019-A,
Class
A3
2.77%,
6/20/22 (1)
59,964
60
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
1,635,000
1,632
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
841,378
887
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
1,620,634
1,626
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
3,116,865
3,070
Synchrony
Credit
Card
Master
Note
Trust
Series 2017-2,
Class
A
2.62%,
10/15/25
920,000
943
Total
Asset-Backed
Securities
(Cost
$48,181)
48,689
BOND
MUTUAL
FUNDS
5.9%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
3.15% (2)(3)
1,198
16
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.73% (2)(3)
29,886,932
264,798
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
2.66% (2)(3)
7,587,347
41,731
Total
Bond
Mutual
Funds
(Cost
$301,318)
306,545
COMMON
STOCKS
61.2%
COMMUNICATION
SERVICES
8.0%
Diversified
Telecommunication
Services
0.5%
AT&T
111,977
3,025
KT
(KRW)
97,057
2,654
Nippon
Telegraph
&
Telephone
(JPY)
596,400
16,526
Telecom
Italia
(EUR)
4,451,153
1,796
Verizon
Communications
45,456
2,455
26,456
Entertainment
1.2%
Electronic
Arts
11,023
1,568
Netflix (4)
33,216
20,273
Playtika
Holding (4)
27,197
751
Roku (4)
2,840
890
T.
ROWE
PRICE
Balanced
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sea,
ADR (4)
51,845
16,524
Spotify
Technology (4)
9,248
2,084
Walt
Disney (4)
112,813
19,085
61,175
Interactive
Media
&
Services
5.2%
Alphabet,
Class
A (4)
9,154
24,473
Alphabet,
Class
C (4)
51,110
136,224
Facebook,
Class
A (4)
207,846
70,541
NAVER
(KRW)
16,191
5,253
Pinterest,
Class
A (4)
92,753
4,726
Snap,
Class
A (4)
190,345
14,061
Tencent
Holdings
(HKD)
151,400
9,038
Z
Holdings
(JPY)
673,200
4,309
268,625
Media
0.6%
Charter
Communications,
Class
A (4)
4,016
2,922
Comcast,
Class
A
197,655
11,055
CyberAgent
(JPY)
401,000
7,736
DISH
Network,
Class
A (4)
4,347
189
Liberty
Broadband,
Class
C (4)
12,722
2,197
Stroeer
(EUR)
39,110
3,221
WPP
(GBP)
490,953
6,577
33,897
Wireless
Telecommunication
Services
0.5%
SoftBank
Group
(JPY)
61,500
3,554
T-Mobile
U.S. (4)
115,444
14,749
Vodafone
Group,
ADR
344,294
5,319
23,622
Total
Communication
Services
413,775
CONSUMER
DISCRETIONARY
7.3%
Auto
Components
0.4%
Aptiv (4)
9,381
1,397
Autoliv,
SDR
(SEK) (5)
39,941
3,428
Denso
(JPY)
63,000
4,114
Magna
International
127,522
9,595
Stanley
Electric
(JPY)
117,800
2,975
Sumitomo
Rubber
Industries
(JPY)
136,900
1,737
23,246
Automobiles
0.6%
Ferrari
8,624
1,803
General
Motors (4)
15,336
808
Honda
Motor
(JPY)
81,800
2,515
T.
ROWE
PRICE
Balanced
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Suzuki
Motor
(JPY)
100,800
4,504
Tesla (4)
7,478
5,799
Toyota
Motor
(JPY)
801,500
14,281
29,710
Hotels,
Restaurants
&
Leisure
1.4%
Airbnb,
Class
A (4)
1,583
266
Booking
Holdings (4)
2,987
7,091
Chipotle
Mexican
Grill (4)
4,256
7,735
Compass
Group
(GBP) (4)
326,888
6,685
Hilton
Worldwide
Holdings (4)
73,507
9,711
Las
Vegas
Sands (4)
13,206
483
Marriott
International,
Class
A (4)
64,464
9,547
McDonald's
15,517
3,741
MGM
Resorts
International
137,144
5,918
Starbucks
91,044
10,043
Wynn
Resorts (4)
5,864
497
Yum!
Brands
89,279
10,920
72,637
Household
Durables
0.4%
NVR (4)
229
1,098
Panasonic
(JPY)
422,700
5,239
Persimmon
(GBP)
140,828
5,037
Sony
Group
(JPY)
74,200
8,238
19,612
Internet
&
Direct
Marketing
Retail
2.5%
Alibaba
Group
Holding,
ADR (4)
29,664
4,392
Amazon.com (4)
30,811
101,215
ASOS
(GBP) (4)
119,239
4,804
Coupang (4)
74,471
2,074
Delivery
Hero
(EUR) (4)
8,104
1,034
DoorDash,
Class
A (4)
31,937
6,578
THG
(GBP) (4)
226,082
1,544
Zalando
(EUR) (4)
66,809
6,093
127,734
Multiline
Retail
0.2%
Dollar
General
28,233
5,989
Dollar
Tree (4)
8,199
785
Next
(GBP)
52,299
5,753
12,527
Specialty
Retail
1.1%
AutoZone (4)
871
1,479
Burlington
Stores (4)
5,638
1,599
CarMax (4)
3,274
419
T.
ROWE
PRICE
Balanced
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Carvana (4)
29,224
8,812
Home
Depot
42,036
13,799
Kingfisher
(GBP)
1,820,863
8,219
Lowe's
12,223
2,479
O'Reilly
Automotive (4)
3,207
1,960
Ross
Stores
65,716
7,153
TJX
124,297
8,201
Ulta
Beauty (4)
2,474
893
55,013
Textiles,
Apparel
&
Luxury
Goods
0.7%
Dr.
Martens
(GBP) (4)
535,458
2,860
EssilorLuxottica
(EUR)
31,993
6,114
Kering
(EUR)
6,487
4,607
Lululemon
Athletica (4)
16,031
6,488
Moncler
(EUR)
94,081
5,738
NIKE,
Class
B
67,352
9,781
Samsonite
International
(HKD) (4)
1,002,300
2,152
VF
6,577
441
38,181
Total
Consumer
Discretionary
378,660
CONSUMER
STAPLES
2.6%
Beverages
0.5%
Coca-Cola
97,350
5,108
Diageo
(GBP)
166,943
8,083
Keurig
Dr
Pepper
72,144
2,464
Kirin
Holdings
(JPY)
171,700
3,187
Monster
Beverage (4)
17,713
1,573
PepsiCo
26,326
3,960
24,375
Food
&
Staples
Retailing
0.4%
Costco
Wholesale
9,775
4,393
Seven
&
i
Holdings
(JPY)
177,200
8,067
Walmart
46,889
6,535
Welcia
Holdings
(JPY)
77,300
2,786
21,781
Food
Products
0.8%
Barry
Callebaut
(CHF)
1,673
3,794
Conagra
Brands
17,439
591
Darling
Ingredients (4)
3,867
278
Mondelez
International,
Class
A
68,755
4,000
Mowi,
ADR
6,600
167
Nestle
(CHF)
239,187
28,820
Tyson
Foods,
Class
A
15,118
1,193
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wilmar
International
(SGD)
1,712,000
5,289
44,132
Household
Products
0.2%
Colgate-Palmolive
10,294
778
Kimberly-Clark
17,675
2,341
Procter
&
Gamble
47,780
6,679
9,798
Personal
Products
0.6%
Estee
Lauder,
Class
A
5,844
1,753
L'Oreal
(EUR)
23,495
9,722
Pola
Orbis
Holdings
(JPY)
53,200
1,224
Unilever
(GBP)
328,670
17,794
30,493
Tobacco
0.1%
Altria
Group
40,172
1,829
Philip
Morris
International
40,450
3,834
5,663
Total
Consumer
Staples
136,242
ENERGY
0.9%
Energy
Equipment
&
Services
0.1%
Halliburton
97,383
2,106
Worley
(AUD)
537,073
3,778
5,884
Oil,
Gas
&
Consumable
Fuels
0.8%
Chevron
24,021
2,437
ConocoPhillips
67,994
4,608
Devon
Energy
15,502
550
EOG
Resources
47,121
3,782
Equinor
(NOK)
378,377
9,622
Exxon
Mobil
42,061
2,474
Marathon
Petroleum
18,065
1,117
Royal
Dutch
Shell,
Class
B,
ADR
93,181
4,125
TotalEnergies
(EUR)
197,328
9,432
TotalEnergies,
ADR
45,017
2,158
40,305
Total
Energy
46,189
FINANCIALS
9.0%
Banks
3.2%
Australia
&
New
Zealand
Banking
Group
(AUD)
227,698
4,573
Bank
of
America
580,472
24,641
BNP
Paribas
(EUR)
94,053
6,018
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Citigroup
117,700
8,260
Citizens
Financial
Group
41,211
1,936
Close
Brothers
Group
(GBP)
82,250
1,708
DBS
Group
Holdings
(SGD)
157,700
3,494
DNB
Bank
(NOK)
495,038
11,255
Erste
Group
Bank
(EUR)
108,225
4,752
Fifth
Third
Bancorp
108,364
4,599
Huntington
Bancshares
242,297
3,746
ING
Groep
(EUR)
775,999
11,282
Intesa
Sanpaolo
(EUR)
1,262,612
3,574
JPMorgan
Chase
22,012
3,603
Lloyds
Banking
Group
(GBP)
8,035,059
5,001
Mitsubishi
UFJ
Financial
Group
(JPY)
760,800
4,497
National
Bank
of
Canada
(CAD) (5)
125,940
9,673
PNC
Financial
Services
Group
16,300
3,189
Signature
Bank
6,636
1,807
Standard
Chartered
(GBP)
334,890
1,958
Sumitomo
Mitsui
Trust
Holdings
(JPY)
89,054
3,067
Svenska
Handelsbanken,
Class
A
(SEK)
506,498
5,672
United
Overseas
Bank
(SGD)
326,000
6,167
Wells
Fargo
678,251
31,478
165,950
Capital
Markets
2.2%
Apollo
Global
Management
27,354
1,685
Bank
of
New
York
Mellon
17,962
931
Bridgepoint
Group
(GBP) (4)
458,794
3,116
Cboe
Global
Markets
9,823
1,217
Charles
Schwab
317,251
23,109
CME
Group
16,362
3,164
Goldman
Sachs
Group
59,043
22,320
Intercontinental
Exchange
21,678
2,489
Invesco
10,190
246
Julius
Baer
Group
(CHF)
85,573
5,685
KKR
20,843
1,269
Macquarie
Group
(AUD)
39,732
5,133
MarketAxess
Holdings
1,531
644
Morgan
Stanley
376,535
36,641
MSCI
1,503
914
S&P
Global
11,426
4,855
State
Street
13,307
1,127
Tradeweb
Markets,
Class
A
3,601
291
XP,
Class
A (4)
40,286
1,618
116,454
Diversified
Financial
Services
0.5%
Berkshire
Hathaway,
Class
B (4)
29,670
8,098
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Challenger
(AUD)
426,007
1,896
Element
Fleet
Management
(CAD)
566,194
5,713
Equitable
Holdings
247,738
7,343
Mitsubishi
HC
Capital
(JPY)
408,800
2,137
Voya
Financial
7,589
466
25,653
Insurance
3.0%
AIA
Group
(HKD)
256,800
2,954
American
International
Group
499,619
27,424
Assurant
9,238
1,457
Aviva
(GBP)
760,441
4,030
AXA
(EUR)
476,162
13,196
Chubb
77,194
13,392
Direct
Line
Insurance
Group
(GBP)
780,509
3,038
Hartford
Financial
Services
Group
165,634
11,636
Marsh
&
McLennan
31,264
4,734
MetLife
134,987
8,333
Munich
Re
(EUR)
46,539
12,699
PICC
Property
&
Casualty,
Class
H
(HKD)
4,082,000
3,960
Ping
An
Insurance
Group,
Class
H
(HKD)
320,000
2,189
Progressive
5,899
533
RenaissanceRe
Holdings
12,678
1,767
Sampo,
Class
A
(EUR)
177,867
8,794
Storebrand
(NOK)
654,019
6,226
Sun
Life
Financial
(CAD)
185,297
9,538
Tokio
Marine
Holdings
(JPY)
140,500
7,532
Travelers
32,874
4,997
Zurich
Insurance
Group
(CHF)
15,403
6,299
154,728
Thrifts
&
Mortgage
Finance
0.1%
Housing
Development
Finance
(INR)
121,499
4,474
4,474
Total
Financials
467,259
HEALTH
CARE
8.2%
Biotechnology
0.4%
AbbVie
106,810
11,522
Amgen
11,570
2,460
Biogen (4)
7,635
2,161
Exact
Sciences (4)
847
81
Incyte (4)
7,610
523
Moderna (4)
4,400
1,693
Regeneron
Pharmaceuticals (4)
1,371
830
Seagen (4)
4,576
777
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vertex
Pharmaceuticals (4)
2,299
417
20,464
Health
Care
Equipment
&
Supplies
2.4%
Abbott
Laboratories
44,098
5,209
Alcon
(CHF)
33,796
2,736
Align
Technology (4)
1,684
1,120
Becton
Dickinson
&
Company
44,121
10,846
Cooper
916
379
Danaher
112,747
34,325
DENTSPLY
SIRONA
27,027
1,569
Elekta,
Class
B
(SEK)
307,103
3,439
Hologic (4)
16,703
1,233
Intuitive
Surgical (4)
17,339
17,237
Koninklijke
Philips
(EUR)
209,842
9,323
Medtronic
107,911
13,527
Siemens
Healthineers
(EUR)
121,188
7,860
STERIS
1,500
306
Stryker
39,477
10,411
Teleflex
14,906
5,613
125,133
Health
Care
Providers
&
Services
1.5%
Anthem
34,032
12,687
Centene (4)
118,252
7,368
Cigna
15,204
3,043
CVS
Health
19,449
1,651
Fresenius
(EUR)
147,899
7,079
HCA
Healthcare
70,382
17,083
Humana
9,913
3,858
McKesson
1,880
375
UnitedHealth
Group
70,858
27,687
80,831
Health
Care
Technology
0.0%
Veeva
Systems,
Class
A (4)
7,608
2,192
2,192
Life
Sciences
Tools
&
Services
0.9%
Agilent
Technologies
83,959
13,226
Evotec
(EUR) (4)
78,799
3,737
PerkinElmer
16,400
2,842
Thermo
Fisher
Scientific
43,597
24,908
44,713
Pharmaceuticals
3.0%
Astellas
Pharma
(JPY)
726,500
11,958
AstraZeneca,
ADR
449,955
27,024
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bausch
Health (4)
15,002
418
Bayer
(EUR)
135,528
7,356
Bristol-Myers
Squibb
6,100
361
Elanco
Animal
Health (4)
253,875
8,096
Eli
Lilly
94,487
21,831
GlaxoSmithKline,
ADR
153,062
5,849
Ipsen
(EUR)
30,237
2,881
Johnson
&
Johnson
30,492
4,925
Merck
30,974
2,326
Novartis
(CHF)
156,115
12,801
Otsuka
Holdings
(JPY)
123,800
5,294
Pfizer
85,600
3,682
Roche
Holding
(CHF)
47,370
17,289
Roche
Holding,
ADR
15,800
718
Sanofi
(EUR)
142,069
13,676
Sanofi,
ADR
46,278
2,231
Takeda
Pharmaceutical,
ADR (5)
131,895
2,160
Zoetis
36,533
7,093
157,969
Total
Health
Care
431,302
INDUSTRIALS
&
BUSINESS
SERVICES
5.6%
Aerospace
&
Defense
0.3%
Boeing (4)
13,090
2,879
L3Harris
Technologies
9,135
2,012
Meggitt
(GBP) (4)
471,446
4,651
Raytheon
Technologies
4,700
404
Safran
(EUR)
34,751
4,396
Textron
31,587
2,205
TransDigm
Group (4)
695
434
16,981
Air
Freight
&
Logistics
0.3%
FedEx
11,710
2,568
United
Parcel
Service,
Class
B
61,637
11,224
13,792
Airlines
0.0%
Southwest
Airlines (4)
23,000
1,183
United
Airlines
Holdings (4)
14,849
706
1,889
Commercial
Services
&
Supplies
0.2%
Cintas
1,875
714
Copart (4)
12,167
1,688
Republic
Services
55,797
6,699
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Waste
Connections
16,483
2,075
11,176
Electrical
Equipment
0.7%
ABB
(CHF)
259,147
8,669
Hubbell
28,208
5,096
Legrand
(EUR)
43,965
4,711
Mitsubishi
Electric
(JPY)
647,100
8,993
Prysmian
(EUR)
170,221
5,946
Schneider
Electric
(EUR)
16,354
2,724
36,139
Industrial
Conglomerates
1.8%
3M
15,068
2,643
DCC
(GBP)
51,856
4,323
General
Electric
361,317
37,227
Honeywell
International
41,177
8,741
Melrose
Industries
(GBP)
2,679,061
6,220
Roper
Technologies
12,889
5,750
Siemens
(EUR)
169,819
27,774
92,678
Machinery
0.7%
Caterpillar
12,019
2,307
Cummins
13,331
2,994
Flowserve
16,644
577
Fortive
100,939
7,123
Illinois
Tool
Works
3,800
785
Ingersoll
Rand (4)
27,294
1,376
KION
Group
(EUR)
74,828
6,958
Knorr-Bremse
(EUR)
27,327
2,924
Otis
Worldwide
26,217
2,157
PACCAR
35,060
2,767
Parker-Hannifin
5,165
1,444
SMC
(JPY)
4,100
2,558
Snap-on
1,466
306
THK
(JPY)
84,400
1,852
36,128
Professional
Services
0.6%
Clarivate (4)
21,576
473
CoStar
Group (4)
40,444
3,481
Equifax
4,657
1,180
Jacobs
Engineering
Group
47,917
6,350
Leidos
Holdings
14,957
1,438
Recruit
Holdings
(JPY)
134,800
8,240
TechnoPro
Holdings
(JPY)
194,500
5,849
Teleperformance
(EUR)
11,873
4,670
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
TransUnion
9,442
1,060
32,741
Road
&
Rail
0.5%
Canadian
Pacific
Railway
13,700
891
Central
Japan
Railway
(JPY)
30,200
4,821
CSX
231,406
6,882
Norfolk
Southern
44,514
10,650
Union
Pacific
17,803
3,490
26,734
Trading
Companies
&
Distributors
0.5%
Ashtead
Group
(GBP)
108,194
8,179
Bunzl
(GBP)
90,955
3,001
Mitsubishi
(JPY)
142,900
4,487
Sumitomo
(JPY)
315,100
4,439
United
Rentals (4)
10,695
3,753
23,859
Total
Industrials
&
Business
Services
292,117
INFORMATION
TECHNOLOGY
13.6%
Communications
Equipment
0.3%
Cisco
Systems
95,865
5,218
LM
Ericsson,
Class
B
(SEK) (5)
785,677
8,868
Motorola
Solutions
8,648
2,009
16,095
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol,
Class
A
47,866
3,505
CDW
6,861
1,249
Hamamatsu
Photonics
(JPY)
79,700
4,930
Keysight
Technologies (4)
2,467
405
Largan
Precision
(TWD)
22,000
1,714
Murata
Manufacturing
(JPY)
82,900
7,333
Omron
(JPY)
41,900
4,146
TE
Connectivity
8,336
1,144
Teledyne
Technologies (4)
4,624
1,987
Trimble (4)
10,678
878
27,291
IT
Services
2.9%
Accenture,
Class
A
15,806
5,057
Affirm
Holdings (4)
32,398
3,860
Amadeus
IT
Group,
A
Shares
(EUR) (4)
47,200
3,104
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,137 (4)(6)(7)
202,596
1,092
Cognizant
Technology
Solutions,
Class
A
27,508
2,041
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fidelity
National
Information
Services
39,941
4,860
Fiserv (4)
161,540
17,527
FleetCor
Technologies (4)
13,513
3,531
Global
Payments
62,166
9,796
Mastercard,
Class
A
53,788
18,701
MongoDB (4)
9,016
4,251
NTT
Data
(JPY)
542,800
10,495
PayPal
Holdings (4)
56,262
14,640
Shopify,
Class
A (4)
3,458
4,688
Snowflake,
Class
A (4)
3,877
1,173
Square,
Class
A (4)
24,796
5,947
Toast,
Class
A (4)
2,808
140
Twilio,
Class
A (4)
3,700
1,180
VeriSign (4)
7,698
1,578
Visa,
Class
A
157,576
35,100
148,761
Semiconductors
&
Semiconductor
Equipment
3.6%
Advanced
Micro
Devices (4)
108,455
11,160
Analog
Devices
63,366
10,613
Applied
Materials
96,102
12,371
ASML
Holding
(EUR)
21,698
16,210
ASML
Holding
12,643
9,420
Broadcom
45,065
21,853
KLA
9,820
3,285
Lam
Research
599
341
Marvell
Technology
44,163
2,664
Microchip
Technology
27,495
4,220
Micron
Technology
19,300
1,370
Monolithic
Power
Systems
4,595
2,227
NVIDIA
92,787
19,222
NXP
Semiconductors
59,071
11,570
QUALCOMM
73,806
9,520
Renesas
Electronics
(JPY) (4)
256,500
3,157
Taiwan
Semiconductor
Manufacturing
(TWD)
1,001,969
20,723
Taiwan
Semiconductor
Manufacturing,
ADR
19,851
2,216
Texas
Instruments
70,133
13,480
Tokyo
Electron
(JPY)
14,800
6,538
Xilinx
22,748
3,435
185,595
Software
4.6%
Atlassian,
Class
A (4)
8,316
3,255
Bill.com
Holdings (4)
9,560
2,552
Canva,
Acquisition
Date:
8/16/21,
Cost $194 (4)(6)(7)
114
194
Citrix
Systems
16,417
1,763
Coupa
Software (4)
6,769
1,484
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Crowdstrike
Holdings,
Class
A (4)
3,315
815
Datadog,
Class
A (4)
10,710
1,514
DocuSign (4)
14,276
3,675
Fortinet (4)
15,805
4,616
Intuit
32,448
17,506
Microsoft
495,134
139,588
NortonLifeLock
84,299
2,133
Paycom
Software (4)
1,401
695
salesforce.com (4)
81,504
22,105
SAP
(EUR)
60,332
8,159
ServiceNow (4)
25,786
16,046
Synopsys (4)
19,479
5,832
Workday,
Class
A (4)
6,949
1,736
Zoom
Video
Communications,
Class
A (4)
26,698
6,981
240,649
Technology
Hardware,
Storage
&
Peripherals
1.7%
Apple
534,820
75,677
Samsung
Electronics
(KRW)
210,555
13,053
88,730
Total
Information
Technology
707,121
MATERIALS
3.1%
Chemicals
1.5%
Air
Liquide
(EUR)
38,199
6,118
Akzo
Nobel
(EUR)
57,114
6,240
Albemarle
2,626
575
Asahi
Kasei
(JPY)
473,100
5,070
BASF
(EUR)
77,411
5,869
CF
Industries
Holdings
7,431
415
Covestro
(EUR)
62,773
4,278
International
Flavors
&
Fragrances
26,395
3,529
Johnson
Matthey
(GBP)
177,313
6,361
Linde
63,825
18,725
PPG
Industries
30,688
4,389
RPM
International
12,542
974
Sherwin-Williams
41,436
11,591
Tosoh
(JPY)
50,800
921
Umicore
(EUR)
82,200
4,863
79,918
Construction
Materials
0.1%
Martin
Marietta
Materials
4,477
1,530
Vulcan
Materials
10,162
1,719
3,249
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Containers
&
Packaging
0.9%
Amcor,
CDI
(AUD)
287,850
3,346
Avery
Dennison
12,419
2,573
Ball
28,958
2,605
International
Paper
252,476
14,119
Packaging
Corp.
of
America
52,072
7,157
Sealed
Air
31,390
1,720
Westrock
303,490
15,123
46,643
Metals
&
Mining
0.5%
Antofagasta
(GBP)
283,567
5,153
BHP
Group
(AUD)
88,146
2,354
BHP
Group
(GBP)
248,592
6,263
IGO
(AUD)
1,213,263
7,604
Rio
Tinto
(AUD)
29,571
2,105
South32
(AUD)
1,418,667
3,521
27,000
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
299,253
4,985
West
Fraser
Timber
2,000
168
5,153
Total
Materials
161,963
REAL
ESTATE
1.4%
Equity
Real
Estate
Investment
Trusts
1.2%
Alexandria
Real
Estate
Equities,
REIT
18,977
3,626
American
Tower,
REIT
11,357
3,014
AvalonBay
Communities,
REIT
6,111
1,355
Camden
Property
Trust,
REIT
42,776
6,308
Equinix,
REIT
2,542
2,009
Equity
LifeStyle
Properties,
REIT
54,166
4,230
Equity
Residential,
REIT
10,471
847
Essex
Property
Trust,
REIT
2,500
799
Great
Portland
Estates
(GBP)
433,055
4,347
Prologis,
REIT
166,345
20,865
Public
Storage,
REIT
965
287
SBA
Communications,
REIT
629
208
Scentre
Group
(AUD)
1,560,468
3,321
Simon
Property
Group,
REIT
3,700
481
Sun
Communities,
REIT
2,031
376
Welltower,
REIT
112,562
9,275
Weyerhaeuser,
REIT
38,159
1,357
62,705
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Real
Estate
Management
&
Development
0.2%
Mitsui
Fudosan
(JPY)
332,400
7,896
Opendoor
Technologies (4)
23,352
480
8,376
Total
Real
Estate
71,081
UTILITIES
1.5%
Electric
Utilities
0.5%
Evergy
12,662
788
Eversource
Energy
43,382
3,547
Exelon
17,571
849
NextEra
Energy
169,459
13,306
Southern
121,108
7,505
Xcel
Energy
17,100
1,069
27,064
Gas
Utilities
0.0%
Atmos
Energy
7,399
652
Beijing
Enterprises
Holdings
(HKD)
479,000
1,912
2,564
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES
94,596
2,160
Electric
Power
Development
(JPY)
153,100
2,195
4,355
Multi-Utilities
0.9%
Ameren
34,950
2,831
CMS
Energy
27,361
1,634
Dominion
Energy
95,923
7,004
Engie
(EUR)
646,674
8,461
National
Grid
(GBP)
472,710
5,633
Public
Service
Enterprise
Group
13,809
841
Sempra
Energy
135,651
17,160
WEC
Energy
Group
17,179
1,515
45,079
Total
Utilities
79,062
Total
Common
Stocks
(Cost
$1,566,090)
3,184,771
CONVERTIBLE
BONDS
0.0%
Rivian
Automotive,
0.00%,
7/23/26,
Acquisition
Date:
7/23/21,
Cost $2,012 (4)(6)(7)
2,012,218
2,012
Total
Convertible
Bonds
(Cost
$2,012)
2,012
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $1,652 (4)(6)(7)
44,822
3,184
Total
Consumer
Discretionary
3,184
INFORMATION
TECHNOLOGY
0.0%
Software
0.0%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $229 (4)(6)(7)
1,293
285
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (4)(6)
(7)
2,835
625
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (4)(6)(7)
10,431
317
Total
Information
Technology
1,227
UTILITIES
0.0%
Electric
Utilities
0.0%
Southern,
Series
A,
6.75%,
8/1/22
18,082
912
912
Independent
Power
&
Renewable
Electricity
Producers
0.0%
AES,
6.875%,
2/15/24
18,445
1,766
1,766
Total
Utilities
2,678
Total
Convertible
Preferred
Stocks
(Cost
$5,577)
7,089
CORPORATE
BONDS
9.0%
Abbott
Laboratories,
1.15%,
1/30/28
1,460,000
1,425
Abbott
Laboratories,
3.40%,
11/30/23
1,281,000
1,356
AbbVie,
2.95%,
11/21/26
920,000
986
AbbVie,
3.20%,
5/14/26
420,000
453
AbbVie,
3.60%,
5/14/25
1,630,000
1,757
AbbVie,
4.50%,
5/14/35
1,900,000
2,271
AbbVie,
4.70%,
5/14/45
915,000
1,130
ABN
AMRO
Bank,
4.75%,
7/28/25 (1)
940,000
1,043
AerCap
Ireland
Capital,
3.50%,
5/26/22
560,000
569
AerCap
Ireland
Capital,
4.125%,
7/3/23
1,945,000
2,050
AerCap
Ireland
Capital,
6.50%,
7/15/25
365,000
423
Agilent
Technologies,
3.875%,
7/15/23
975,000
1,026
AHS
Hospital,
5.024%,
7/1/45
1,600,000
2,168
AIA
Group,
3.20%,
3/11/25 (1)
1,020,000
1,078
AIA
Group,
3.60%,
4/9/29 (1)
1,280,000
1,400
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Air
Lease,
3.625%,
4/1/27
1,025,000
1,103
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000
1,327
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
655,000
729
Alfa
SAB
de
CV,
5.25%,
3/25/24 (1)
395,000
426
Allstate,
5.55%,
5/9/35
1,000,000
1,335
Altria
Group,
2.35%,
5/6/25
415,000
430
Amazon.com,
2.80%,
8/22/24
1,055,000
1,117
Amazon.com,
3.875%,
8/22/37
1,645,000
1,946
Amazon.com,
5.20%,
12/3/25
1,850,000
2,149
America
Movil
SAB
de
CV,
2.875%,
5/7/30
2,525,000
2,628
America
Movil
SAB
de
CV,
6.375%,
3/1/35
300,000
421
American
Airlines
PTT,
Series 2014-1,
Class
A,
3.70%,
10/1/26
839,728
850
American
Airlines
PTT,
Series 2016-1,
Class
B,
5.25%,
1/15/24
1,351,044
1,324
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
1,860,000
2,026
American
Express,
3.70%,
11/5/21
2,040,000
2,040
American
Honda
Finance,
0.75%,
8/9/24
2,335,000
2,335
American
International
Group,
3.40%,
6/30/30
1,975,000
2,151
American
Tower,
1.45%,
9/15/26
2,975,000
2,955
Amgen,
2.77%,
9/1/53
447,000
413
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
2,120,000
2,860
Anthem,
4.65%,
1/15/43
915,000
1,130
Appalachian
Power,
4.45%,
6/1/45
2,450,000
2,906
Apple,
1.65%,
5/11/30
2,345,000
2,305
Apple,
1.70%,
8/5/31
3,105,000
3,015
APT
Pipelines,
4.25%,
7/15/27 (1)
620,000
703
Aptiv,
4.15%,
3/15/24
745,000
800
AT&T,
2.25%,
2/1/32
1,400,000
1,359
AT&T,
3.50%,
6/1/41
6,755,000
6,932
Atmos
Energy,
4.15%,
1/15/43
1,500,000
1,719
Ausgrid
Finance,
3.85%,
5/1/23 (1)
1,705,000
1,769
AutoZone,
3.125%,
4/21/26
650,000
700
Baidu,
3.875%,
9/29/23
2,000,000
2,114
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
1,750,000
1,822
Banco
Santander,
3.125%,
2/23/23
1,000,000
1,035
Banco
Santander,
3.49%,
5/28/30
200,000
214
Banco
Santander,
3.848%,
4/12/23
2,000,000
2,101
Banco
Santander
Chile,
2.70%,
1/10/25 (1)
1,322,000
1,377
Banco
Santander
Mexico,
5.375%,
4/17/25 (1)
1,110,000
1,242
Bank
of
America,
4.20%,
8/26/24
600,000
656
Bank
of
America,
6.11%,
1/29/37
900,000
1,214
Bank
of
America,
6.75%,
6/1/28
700,000
904
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
2,240,000
2,207
Bank
of
America,
VR,
2.676%,
6/19/41 (8)
3,450,000
3,295
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (8)
2,325,000
2,359
Banner
Health,
1.897%,
1/1/31
670,000
664
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Barclays,
VR,
2.852%,
5/7/26 (8)
1,880,000
1,974
Barclays
Bank,
1.70%,
5/12/22
700,000
706
BAT
Capital,
4.39%,
8/15/37
1,385,000
1,488
Baylor
Scott
&
White
Holdings,
3.967%,
11/15/46
1,850,000
2,215
Becton
Dickinson
&
Company,
2.823%,
5/20/30
1,380,000
1,445
Becton
Dickinson
&
Company,
3.70%,
6/6/27
1,956,000
2,164
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
1,350,000
1,761
Biogen,
3.625%,
9/15/22
1,095,000
1,130
BNP
Paribas,
VR,
2.219%,
6/9/26 (1)(8)
1,315,000
1,345
BNP
Paribas,
VR,
2.871%,
4/19/32 (1)(8)
3,100,000
3,170
Boardwalk
Pipelines,
4.45%,
7/15/27
385,000
432
Boardwalk
Pipelines,
4.95%,
12/15/24
780,000
862
Booking
Holdings,
3.60%,
6/1/26
2,020,000
2,222
Booking
Holdings,
3.65%,
3/15/25
1,515,000
1,641
Boral
Finance,
3.00%,
11/1/22 (1)
220,000
224
Boston
Properties,
3.125%,
9/1/23
625,000
651
Boston
Properties,
3.65%,
2/1/26
1,165,000
1,270
BPCE,
3.00%,
5/22/22 (1)
425,000
432
BPCE,
4.00%,
9/12/23 (1)
1,350,000
1,436
BPCE,
4.50%,
3/15/25 (1)
1,000,000
1,100
BPCE,
5.70%,
10/22/23 (1)
1,700,000
1,861
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,110,000
1,115
Bristol-Myers
Squibb,
3.55%,
8/15/22
1,700,000
1,744
Brixmor
Operating
Partnership,
3.90%,
3/15/27
565,000
620
Brixmor
Operating
Partnership,
4.125%,
6/15/26
1,220,000
1,347
Burlington
Northern
Santa
Fe,
4.375%,
9/1/42
1,400,000
1,719
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37
650,000
939
Camden
Property
Trust,
2.95%,
12/15/22
565,000
577
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000
609
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000
523
Canadian
Natural
Resources,
2.95%,
7/15/30
1,700,000
1,755
Capital
One
Financial,
3.65%,
5/11/27
1,215,000
1,343
Capital
One
Financial,
VR,
2.359%,
7/29/32 (8)
2,810,000
2,751
Cardinal
Health,
3.41%,
6/15/27
1,570,000
1,710
Cardinal
Health,
3.75%,
9/15/25
1,005,000
1,090
Carpenter
Technology,
4.45%,
3/1/23
790,000
817
CC
Holdings,
3.849%,
4/15/23
440,000
462
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
505,000
545
Charter
Communications
Operating,
3.70%,
4/1/51
1,425,000
1,387
Charter
Communications
Operating,
4.908%,
7/23/25
2,465,000
2,770
Chevron,
1.995%,
5/11/27
1,155,000
1,192
Cigna,
3.00%,
7/15/23
810,000
844
Cigna,
3.75%,
7/15/23
1,252,000
1,323
Citigroup,
VR,
2.976%,
11/5/30 (8)
2,750,000
2,887
Citigroup,
VR,
4.075%,
4/23/29 (8)
2,000,000
2,240
CMS
Energy,
4.70%,
3/31/43
840,000
1,020
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CMS
Energy,
4.875%,
3/1/44
1,200,000
1,528
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000
2,382
Comcast,
1.95%,
1/15/31
1,280,000
1,259
Comcast,
2.65%,
2/1/30
1,455,000
1,521
Comcast,
3.45%,
2/1/50
1,200,000
1,269
Comcast,
4.15%,
10/15/28
2,455,000
2,820
CommonSpirit
Health,
2.76%,
10/1/24
960,000
1,011
CommonSpirit
Health,
2.782%,
10/1/30
755,000
778
ConocoPhillips,
3.75%,
10/1/27 (1)
665,000
739
Cox
Communications,
2.95%,
10/1/50 (1)
2,775,000
2,613
Credit
Agricole,
3.75%,
4/24/23 (1)
2,125,000
2,231
Credit
Suisse
Group,
VR,
2.593%,
9/11/25 (1)(8)
2,095,000
2,165
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(8)
1,385,000
1,421
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000
2,916
Crown
Castle
International,
2.25%,
1/15/31
1,440,000
1,408
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
485,000
510
Crown
Castle
Towers,
3.72%,
7/15/23 (1)
490,000
501
CVS
Health,
1.875%,
2/28/31
1,745,000
1,687
CVS
Health,
2.70%,
8/21/40
660,000
629
Danone,
2.947%,
11/2/26 (1)
1,925,000
2,053
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(8)
2,940,000
3,115
Delta
Air
Lines,
3.80%,
4/19/23
765,000
794
Diamondback
Energy,
2.875%,
12/1/24
2,485,000
2,609
Diamondback
Energy,
4.75%,
5/31/25
1,215,000
1,355
Discover
Bank,
2.70%,
2/6/30
2,000,000
2,075
Discover
Financial
Services,
3.75%,
3/4/25
590,000
637
Dominion
Energy,
Series B,
2.75%,
9/15/22
200,000
203
Duke
Energy,
2.65%,
9/1/26
640,000
675
Duke
Energy,
3.75%,
9/1/46
500,000
531
Eaton
Vance,
3.625%,
6/15/23
750,000
788
Enbridge,
4.00%,
10/1/23
690,000
731
Enbridge,
4.25%,
12/1/26
590,000
661
Enbridge
Energy
Partners,
5.50%,
9/15/40
245,000
312
Energy
Transfer,
3.75%,
5/15/30
765,000
826
Energy
Transfer,
5.25%,
4/15/29
1,225,000
1,435
Eni,
Series X-R,
4.00%,
9/12/23 (1)
780,000
829
EOG
Resources,
2.625%,
3/15/23
500,000
514
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
780,000
783
Equitable
Holdings,
3.90%,
4/20/23
478,000
502
ERAC
USA
Finance,
3.85%,
11/15/24 (1)
435,000
470
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000
615
Essex
Portfolio,
2.65%,
3/15/32
1,430,000
1,442
Federal
Realty
Investment
Trust,
2.75%,
6/1/23
1,500,000
1,543
Fidelity
National
Financial,
4.50%,
8/15/28
2,065,000
2,352
Fifth
Third
Bancorp,
3.50%,
3/15/22
340,000
344
First
American
Financial,
4.60%,
11/15/24
415,000
455
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FirstEnergy
Transmission,
4.35%,
1/15/25 (1)
1,310,000
1,426
Fiserv,
3.20%,
7/1/26
1,100,000
1,189
FMR,
4.95%,
2/1/33 (1)
740,000
923
GATX,
4.35%,
2/15/24
2,105,000
2,269
GE
Capital
International
Funding,
4.418%,
11/15/35
2,200,000
2,635
General
Motors,
4.00%,
4/1/25
1,120,000
1,219
General
Motors
Financial,
2.40%,
4/10/28
3,205,000
3,241
General
Motors
Financial,
3.45%,
1/14/22
1,400,000
1,409
General
Motors
Financial,
4.20%,
11/6/21
1,335,000
1,339
George
Washington
University,
Series 2014,
4.30%,
9/15/44
975,000
1,216
Gilead
Sciences,
3.25%,
9/1/22
875,000
894
Goldman
Sachs
Group,
5.75%,
1/24/22
380,000
386
Goldman
Sachs
Group,
6.75%,
10/1/37
700,000
1,001
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (8)
1,300,000
1,317
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (8)
1,710,000
1,688
Hasbro,
3.00%,
11/19/24
1,550,000
1,639
Hasbro,
3.55%,
11/19/26
1,760,000
1,916
HCA,
4.125%,
6/15/29
1,895,000
2,118
Healthcare
Realty
Trust,
3.625%,
1/15/28
1,075,000
1,174
Healthpeak
Properties,
2.875%,
1/15/31
360,000
375
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (1)
1,800,000
2,018
HSBC
Bank
USA,
5.875%,
11/1/34
950,000
1,225
HSBC
Holdings,
VR,
2.848%,
6/4/31 (8)
640,000
656
HSBC
Holdings,
VR,
3.262%,
3/13/23 (8)
1,800,000
1,823
Humana,
2.15%,
2/3/32
1,145,000
1,119
Hyatt
Hotels,
3.375%,
7/15/23
275,000
285
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000
2,393
Iberdrola
International,
6.75%,
9/15/33
1,000,000
1,379
Illinois
Tool
Works,
3.90%,
9/1/42
1,200,000
1,404
ING
Groep,
3.15%,
3/29/22
560,000
568
Intercontinental
Exchange,
3.45%,
9/21/23
1,440,000
1,521
Interpublic
Group,
4.20%,
4/15/24
293,000
316
Intesa
Sanpaolo,
3.125%,
7/14/22 (1)
1,875,000
1,914
Intesa
Sanpaolo,
3.375%,
1/12/23 (1)
660,000
682
Invesco
Finance,
3.125%,
11/30/22
480,000
495
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000
2,206
JPMorgan
Chase,
3.375%,
5/1/23
1,080,000
1,128
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (8)
1,620,000
1,647
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (8)
3,820,000
3,968
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (8)
1,875,000
1,963
Kaiser
Foundation
Hospitals,
3.50%,
4/1/22
625,000
635
Kansas
City
Southern,
2.875%,
11/15/29
2,115,000
2,221
Kansas
City
Southern,
3.50%,
5/1/50
1,695,000
1,783
Kilroy
Realty,
3.45%,
12/15/24
1,350,000
1,438
Kilroy
Realty,
4.375%,
10/1/25
480,000
532
L3Harris
Technologies,
3.832%,
4/27/25
570,000
619
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Liberty
Mutual
Group,
4.25%,
6/15/23 (1)
410,000
435
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,700,000
2,073
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (8)
420,000
422
M&T
Bank,
3.55%,
7/26/23
2,740,000
2,889
Manufacturers
&
Traders
Trust,
3.40%,
8/17/27
250,000
274
Marsh
&
McLennan,
3.50%,
6/3/24
3,060,000
3,265
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47
1,500,000
1,839
McDonald's,
1.45%,
9/1/25
940,000
952
MedStar
Health,
Series 20A,
3.626%,
8/15/49
905,000
994
Metropolitan
Life
Global
Funding
I,
3.45%,
10/9/21 (1)
2,605,000
2,606
Micron
Technology,
4.185%,
2/15/27
2,940,000
3,304
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000
2,954
Mississippi
Power,
3.95%,
3/30/28
1,435,000
1,597
Mitsubishi
UFJ
Financial
Group,
2.193%,
2/25/25
2,200,000
2,273
Mondelez
International
Holdings
Netherlands,
1.25%,
9/24/26 (1)
3,275,000
3,252
Moody's,
2.00%,
8/19/31
2,195,000
2,147
Morgan
Stanley,
4.30%,
1/27/45
1,150,000
1,404
Morgan
Stanley,
6.25%,
8/9/26
755,000
919
Morgan
Stanley,
VR,
3.971%,
7/22/38 (8)
1,445,000
1,658
NatWest
Markets,
2.375%,
5/21/23 (1)
3,370,000
3,474
New
York
Life
Global
Funding,
1.10%,
5/5/23 (1)
600,000
606
NiSource,
3.49%,
5/15/27
1,730,000
1,887
NiSource,
3.95%,
3/30/48
1,775,000
2,012
Nordea
Bank,
1.00%,
6/9/23 (1)
820,000
828
Norfolk
Southern,
3.00%,
4/1/22
1,085,000
1,092
NSTAR
Electric,
2.375%,
10/15/22
565,000
573
Nucor,
2.70%,
6/1/30
455,000
474
Nucor,
3.95%,
5/1/28
2,140,000
2,409
Nutrien,
4.00%,
12/15/26
830,000
927
Occidental
Petroleum,
3.00%,
2/15/27
2,320,000
2,317
Omnicom
Group,
3.60%,
4/15/26
830,000
909
O'Reilly
Automotive,
3.60%,
9/1/27
1,825,000
2,031
O'Reilly
Automotive,
3.80%,
9/1/22
370,000
378
Pacific
Gas
&
Electric,
2.10%,
8/1/27
1,340,000
1,308
Packaging
Corp.
of
America,
3.65%,
9/15/24
785,000
843
Packaging
Corp.
of
America,
4.50%,
11/1/23
395,000
423
PayPal
Holdings,
2.40%,
10/1/24
2,720,000
2,855
Perrigo
Finance
Unlimited,
3.15%,
6/15/30
1,510,000
1,555
Pioneer
Natural
Resources,
1.125%,
1/15/26
755,000
746
PNC
Bank,
3.50%,
6/8/23
1,330,000
1,397
PNC
Financial
Services
Group,
3.30%,
3/8/22
1,100,000
1,112
PPL
Capital
Funding,
3.10%,
5/15/26
2,200,000
2,340
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (1)
2,650,000
2,805
Principal
Financial
Group,
3.40%,
5/15/25
2,460,000
2,641
Protective
Life
Global
Funding,
1.082%,
6/9/23 (1)
780,000
789
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
1,310,000
1,402
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
QUALCOMM,
2.15%,
5/20/30
2,605,000
2,637
QUALCOMM,
3.25%,
5/20/27
1,120,000
1,229
QVC,
4.375%,
3/15/23
770,000
803
QVC,
4.45%,
2/15/25
140,000
151
QVC,
4.85%,
4/1/24
1,645,000
1,775
RELX
Capital,
3.00%,
5/22/30
945,000
1,003
RELX
Capital,
3.50%,
3/16/23
840,000
875
Republic
Services,
3.375%,
11/15/27
1,045,000
1,141
Rogers
Communications,
3.625%,
12/15/25
610,000
664
Roper
Technologies,
2.95%,
9/15/29
380,000
403
Roper
Technologies,
3.80%,
12/15/26
1,085,000
1,205
Ross
Stores,
1.875%,
4/15/31
450,000
434
Royal
Bank
of
Canada,
1.60%,
4/17/23
2,075,000
2,114
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
1,335,000
1,489
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
560,000
644
San
Diego
Gas
&
Electric,
Series TTT,
4.10%,
6/15/49
2,570,000
3,049
Santander
U.K.,
3.75%,
11/15/21
1,360,000
1,365
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
1,135,000
1,177
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
2,870,000
2,989
Simon
Property
Group,
3.80%,
7/15/50
1,865,000
2,054
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
422,000
446
Southeast
Supply
Header,
4.25%,
6/15/24 (1)
165,000
170
Spectra
Energy
Partners,
3.375%,
10/15/26
480,000
519
Spectra
Energy
Partners,
4.75%,
3/15/24
1,145,000
1,244
State
Street,
3.10%,
5/15/23
265,000
277
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
2,045,000
2,163
Suncor
Energy,
3.10%,
5/15/25
665,000
707
Synchrony
Financial,
4.25%,
8/15/24
1,575,000
1,701
Tampa
Electric,
6.15%,
5/15/37
1,000,000
1,383
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000
2,341
Tencent
Holdings,
2.985%,
1/19/23 (1)
960,000
986
Teva
Pharmaceutical
Finance
IV,
3.65%,
11/10/21
730,000
731
Texas
Instruments,
1.375%,
3/12/25
650,000
661
Thomson
Reuters,
3.35%,
5/15/26
405,000
437
Time
Warner
Cable,
6.55%,
5/1/37
450,000
605
Time
Warner
Cable,
6.75%,
6/15/39
530,000
727
TJX,
1.60%,
5/15/31
375,000
361
Toronto-Dominion
Bank,
3.50%,
7/19/23
1,235,000
1,304
Toronto-Dominion
Bank,
VR,
3.625%,
9/15/31 (8)
305,000
334
TotalEnergies
Capital
International,
2.986%,
6/29/41
2,630,000
2,672
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
1,645,000
1,982
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000
1,447
Transurban
Finance,
3.375%,
3/22/27 (1)
395,000
426
Transurban
Finance,
4.125%,
2/2/26 (1)
335,000
370
Travelers,
6.25%,
6/15/37
750,000
1,088
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trinity
Health,
4.125%,
12/1/45
725,000
894
Truist
Financial,
1.95%,
6/5/30
1,250,000
1,252
UBS
Group,
3.491%,
5/23/23 (1)
1,040,000
1,060
United
Airlines
PTT,
Series 2014-2,
Class
B,
4.625%,
9/3/22
891,579
912
United
Airlines
PTT,
Series 2019-1,
Class
AA,
4.15%,
8/25/31
1,036,613
1,126
UnitedHealth
Group,
3.75%,
7/15/25
645,000
710
UnitedHealth
Group,
4.75%,
7/15/45
1,235,000
1,613
Valero
Energy,
2.85%,
4/15/25
260,000
274
VEREIT
Operating
Partnership,
3.10%,
12/15/29
2,130,000
2,266
VEREIT
Operating
Partnership,
3.95%,
8/15/27
1,490,000
1,668
Verizon
Communications,
2.10%,
3/22/28
460,000
467
Verizon
Communications,
2.65%,
11/20/40
4,470,000
4,224
Verizon
Communications,
4.00%,
3/22/50
2,000,000
2,260
Verizon
Communications,
4.272%,
1/15/36
870,000
1,018
Visa,
2.15%,
9/15/22
2,420,000
2,462
Vistra
Operations,
3.55%,
7/15/24 (1)
1,370,000
1,442
VMware,
1.40%,
8/15/26
3,125,000
3,111
Vodafone
Group,
4.25%,
9/17/50
775,000
892
Vodafone
Group,
4.875%,
6/19/49
2,045,000
2,560
Volkswagen
Group
of
America
Finance,
3.35%,
5/13/25 (1)
1,395,000
1,489
Volkswagen
Group
of
America
Finance,
4.00%,
11/12/21 (1)
2,595,000
2,605
Vulcan
Materials,
4.50%,
6/15/47
590,000
715
Walt
Disney,
3.70%,
10/15/25
525,000
575
Weibo,
3.50%,
7/5/24
1,390,000
1,448
Wells
Fargo,
VR,
2.393%,
6/2/28 (8)
3,915,000
4,038
Wells
Fargo,
VR,
2.572%,
2/11/31 (8)
1,735,000
1,772
Wells
Fargo,
VR,
3.068%,
4/30/41 (8)
3,995,000
4,118
Williams,
5.10%,
9/15/45
1,735,000
2,150
Willis
North
America,
3.60%,
5/15/24
820,000
872
Willis
North
America,
4.50%,
9/15/28
1,370,000
1,567
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000
797
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000
1,269
WP
Carey,
3.85%,
7/15/29
2,755,000
3,046
WPP
Finance
2010,
3.75%,
9/19/24
1,310,000
1,421
Total
Corporate
Bonds
(Cost
$437,919)
466,215
EQUITY
MUTUAL
FUNDS
1.6%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
6,116,163
86,115
Total
Equity
Mutual
Funds
(Cost
$63,106)
86,115
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.3%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000
627
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)
2,645,000
2,707
Hydro-Quebec,
8.40%,
1/15/22
200,000
204
Kingdom
of
Morocco,
4.25%,
12/11/22 (1)
1,400,000
1,450
Pertamina
Persero,
4.30%,
5/20/23 (1)
1,250,000
1,317
Perusahaan
Gas
Negara,
5.125%,
5/16/24 (1)
1,105,000
1,215
Republic
of
Colombia,
4.00%,
2/26/24
275,000
288
Republic
of
Poland,
3.25%,
4/6/26
1,030,000
1,131
State
Grid
Overseas
Investment,
3.75%,
5/2/23 (1)
1,175,000
1,230
United
Mexican
States,
2.659%,
5/24/31
3,439,000
3,326
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$12,919)
13,495
MUNICIPAL
SECURITIES
0.8%
California
0.2%
California,
Build
America,
GO,
7.625%,
3/1/40
2,200,000
3,659
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series B,
5.50%,
3/1/33 (9)
695,000
760
Los
Angeles
Airport,
Build
America,
Series C,
7.053%,
5/15/40
1,000,000
1,546
Univ.
of
California
Regents,
Series AJ,
4.601%,
5/15/31
1,625,000
1,903
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45
365,000
430
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
750,000
1,041
9,339
Illinois
0.0%
Chicago
O'Hare
Int'l
Airport,
Build
America,
Series B,
6.395%,
1/1/40
755,000
1,135
Chicago
O'Hare
Int'l
Airport,
Senior
Lien,
Series D,
2.346%,
1/1/30
975,000
988
Illinois
Toll
Highway
Auth.,
Build
America,
Series A,
6.184%,
1/1/34
470,000
650
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
Series A-1,
GO,
5.72%,
12/1/38
500,000
698
3,471
Maryland
0.1%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36
1,800,000
2,162
2,162
Michigan
0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29
2,000,000
2,663
2,663
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Build
America,
Series F,
7.414%,
1/1/40
415,000
677
677
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
New
York
0.1%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39
240,000
389
Metropolitan
Transportation
Auth.,
Build
America,
Series A-1,
5.871%,
11/15/39
700,000
928
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Build
America,
5.508%,
8/1/37
950,000
1,269
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42
245,000
374
New
York
State
Dormitory
Auth.,
Build
America,
Series F,
Unrefunded
Portion,
5.628%,
3/15/39
1,300,000
1,672
Port
Auth.
of
New
York
&
New
Jersey,
Series 182,
5.31%,
8/1/46
1,400,000
1,544
6,176
Ohio
0.0%
JobsOhio
Beverage
System,
Liquid
Profits,
Series B,
3.985%,
1/1/29
1,225,000
1,373
1,373
Pennsylvania
0.0%
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
805,000
862
862
South
Carolina
0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41
2,000,000
2,776
2,776
Texas
0.2%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
1,820,000
1,823
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38
1,155,000
1,210
Houston
Airport
System
Revenue,
Series C,
2.385%,
7/1/31
685,000
698
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47
1,200,000
1,462
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49
1,900,000
2,124
7,317
Utah
0.0%
Utah
Transit
Auth.,
Build
America,
Series B,
5.937%,
6/15/39
900,000
1,271
1,271
Virginia
0.0%
Virginia
Commonwealth
Transportation
Board,
Build
America,
Series B,
5.35%,
5/15/35
690,000
846
Virginia
Public
Building
Auth.,
Build
America,
Series B-2,
5.90%,
8/1/30
755,000
965
1,811
Total
Municipal
Securities
(Cost
$32,316)
39,898
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.8%
Angel
Oak
Mortgage
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.691%,
4/25/65 (1)
657,769
662
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
522,099
523
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
2,244,863
2,231
Angel
Oak
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (1)
1,907,627
1,914
Atrium
Hotel
Portfolio
Trust,
Series 2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
1.014%,
12/15/36 (1)
2,530,000
2,531
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.244%,
11/15/34 (1)
605,000
593
BBCMS
Mortgage
Trust,
Series 2020-BID,
Class
A,
ARM,
1M
USD
LIBOR
+
2.14%,
2.224%,
10/15/37 (1)
2,590,000
2,605
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.54%,
1.624%,
10/15/34 (1)
2,080,000
2,075
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (1)
800,000
829
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
235,000
250
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
1,532,909
1,556
Cold
Storage
Trust,
Series 2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
1.384%,
11/15/37 (1)
2,118,345
2,120
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
A4,
3.708%,
7/10/48
3,700,000
4,019
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
2,160,000
2,238
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.186%,
11/25/29
2,368,749
2,340
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.899%,
4/25/66 (1)
673,372
673
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
438,360
444
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
852,241
853
Extended
Stay
America
Trust,
Series 2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
1.464%,
7/15/38 (1)
1,218,660
1,224
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
2,924,280
2,970
Fontainebleau
Miami
Beach
Trust,
Series 2019-FBLU,
Class
C,
3.75%,
12/10/36 (1)
2,635,000
2,767
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
230,414
233
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A1,
CMO,
ARM,
2.657%,
10/25/59 (1)
204,138
207
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
1,278,935
1,290
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
1.717%,
12/15/36 (1)
1,130,000
1,127
GS
Mortgage
Securities
Trust,
Series 2015-GC32,
Class
A4,
3.764%,
7/10/48
950,000
1,036
GS
Mortgage
Securities
Trust,
Series 2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
1,250,000
1,408
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.976%,
10/25/50 (1)
449,107
458
GS
Mortgage-Backed
Securities
Trust,
Series 2021-PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (1)
2,998,025
3,062
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.675%,
11/25/59 (1)
179,576
181
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.031%,
11/25/59 (1)
565,997
575
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series 2015-C31,
Class
A3,
3.801%,
8/15/48
2,414,978
2,616
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2020-609M,
Class
A,
ARM,
1M
USD
LIBOR
+
1.37%,
1.454%,
10/15/33 (1)
2,510,000
2,513
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
1,161,664
1,188
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
1,345,784
1,379
MHC
Commercial
Mortgage
Trust,
Series 2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
1.185%,
4/15/38 (1)
3,595,000
3,597
MHC
Trust,
Series 2021-MHC2,
Class
D,
ARM,
1M
USD
LIBOR
+
1.50%,
1.584%,
5/15/23 (1)
1,480,000
1,480
Mill
City
Mortgage
Loan
Trust,
Series 2016-1,
Class
A1,
CMO,
ARM,
2.50%,
4/25/57 (1)
19,058
19
Mill
City
Mortgage
Loan
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.25%,
5/25/62 (1)
743,603
758
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C17,
Class
B,
ARM,
4.464%,
8/15/47
1,670,000
1,786
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
1,375,000
1,492
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
2,775,000
3,022
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2016-
C30,
Class
A5,
2.86%,
9/15/49
495,000
523
Morgan
Stanley
Capital
I
Trust,
Series 2014-150E,
Class
A,
3.912%,
9/9/32 (1)
2,140,000
2,279
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
A4,
ARM,
3.779%,
5/15/48
1,440,000
1,563
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Morgan
Stanley
Capital
I
Trust,
Series 2019-MEAD,
Class
D,
ARM,
3.283%,
11/10/36 (1)
2,090,000
2,080
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
623,912
626
New
Orleans
Hotel
Trust,
Series 2019-HNLA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.589%,
1.673%,
4/15/32 (1)
845,000
836
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
1,115,508
1,129
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
406,396
412
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.186%,
10/25/59 (1)
241,495
245
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
2,568,529
2,615
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
438,871
444
SFO
Commercial
Mortgage
Trust,
Series 2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
1.584%,
5/15/38 (1)
1,560,000
1,564
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
197,279
198
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (1)
101,312
103
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
677,592
684
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
873,696
872
Starwood
Mortgage
Residential
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.172%,
5/25/65 (1)
704,281
704
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA6,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.90%,
0.95%,
12/25/50 (1)
290,842
291
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA5,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
1.15%,
11/25/50 (1)
178,961
179
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
0.85%,
8/25/33 (1)
1,452,336
1,454
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
2.15%,
10/25/33 (1)
835,000
852
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
0.75%,
8/25/33 (1)
2,115,968
2,117
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A1B,
CMO,
ARM,
2.75%,
2/25/55 (1)
13,863
14
Towd
Point
Mortgage
Trust,
Series 2016-2,
Class
A1A,
CMO,
ARM,
2.75%,
8/25/55 (1)
143,624
144
Towd
Point
Mortgage
Trust,
Series 2016-3,
Class
A1,
CMO,
ARM,
2.25%,
4/25/56 (1)
96,088
96
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
143,046
145
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Towd
Point
Mortgage
Trust,
Series 2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (1)
597,315
609
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
318,177
325
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
940,146
954
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (1)
1,471,114
1,493
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
987,409
986
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2021-RR1,
Class
A1,
CMO,
ARM,
2.50%,
12/25/50 (1)
1,511,466
1,533
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C19,
Class
B,
ARM,
4.723%,
3/15/47
610,000
645
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$92,135)
93,558
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
7.9%
U.S.
Government
Agency
Obligations
5.7%
Federal
Home
Loan
Mortgage
1.749%,
2/25/22
49,179
49
1.785%,
9/25/22
263,457
265
1.875%,
4/25/22
84,590
85
2.206%,
6/25/25
1,058,955
1,092
2.50%,
5/1/30
1,187,973
1,246
2.777%,
4/25/23
223,229
228
2.952%,
2/25/27
1,087,856
1,154
3.00%,
1/1/29
-
8/1/43
4,279,409
4,581
3.50%,
3/1/42
-
3/1/46
7,122,791
7,749
4.00%,
9/1/40
-
6/1/42
2,369,527
2,617
4.50%,
6/1/39
-
5/1/42
1,446,594
1,620
5.00%,
12/1/35
-
8/1/40
630,781
718
5.50%,
1/1/38
-
12/1/39
200,439
233
6.00%,
2/1/28
-
8/1/38
18,993
22
6.50%,
8/1/32
9,533
11
7.00%,
6/1/32
13,471
14
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.726%,
1.976%,
7/1/35
31,140
33
12M
USD
LIBOR
+
1.75%,
2.125%,
2/1/35
34,390
36
12M
USD
LIBOR
+
1.829%,
2.203%,
2/1/37
22,888
24
12M
USD
LIBOR
+
1.929%,
2.314%,
12/1/36
41,278
44
12M
USD
LIBOR
+
2.029%,
2.448%,
11/1/36
23,162
23
1Y
CMT
+
2.25%,
2.326%,
10/1/36
8,436
9
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
875,915
145
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
Home
Loan
Mortgage,
UMBS
2.00%,
1/1/36
4,208,877
4,359
2.50%,
5/1/51
-
8/1/51
5,232,260
5,422
3.00%,
11/1/34
-
1/1/50
6,018,436
6,427
3.50%,
6/1/33
450,399
483
4.00%,
12/1/49
-
2/1/50
2,933,659
3,158
4.50%,
5/1/50
323,956
352
5.50%,
5/1/44
1,084,397
1,247
Federal
National
Mortgage
Assn.
3.50%,
6/1/42
-
1/1/44
3,127,887
3,376
4.00%,
11/1/40
952,056
1,042
4.50%,
7/1/40
721,499
797
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.568%,
1.841%,
7/1/35
16,041
16
12M
USD
LIBOR
+
1.855%,
2.23%,
1/1/37
3,412
3
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
79,862
80
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
5/1/36
4,699,328
4,869
2.50%,
10/1/31
-
10/1/51
14,280,303
14,804
3.00%,
1/1/27
-
7/1/50
41,589,154
44,353
3.50%,
11/1/26
-
1/1/48
17,798,821
19,150
4.00%,
11/1/40
-
11/1/49
16,539,303
18,095
4.50%,
10/1/26
-
5/1/50
9,443,233
10,422
5.00%,
2/1/34
-
1/1/49
2,708,317
3,069
5.50%,
2/1/35
-
5/1/44
3,178,991
3,681
6.00%,
3/1/28
-
1/1/41
2,130,766
2,478
6.50%,
3/1/24
-
8/1/38
326,918
380
7.00%,
9/1/25
-
4/1/32
26,093
29
7.50%,
9/1/26
155
—
8.00%,
8/1/24
-
7/1/26
347
—
UMBS,
TBA(10)
2.00%,
11/1/51
72,405,000
72,470
2.50%,
10/1/51
37,155,000
38,309
3.00%,
10/1/51
3,630,000
3,798
4.00%,
10/1/51
6,355,000
6,809
4.50%,
10/1/51
6,015,000
6,505
297,981
U.S.
Government
Obligations
2.2%
Government
National
Mortgage
Assn.
2.50%,
8/20/51
-
10/20/51
20,510,108
21,155
3.00%,
9/15/42
-
7/20/51
21,057,429
22,018
3.50%,
9/15/41
-
8/20/51
21,085,580
22,569
4.00%,
2/15/41
-
10/20/50
10,347,961
11,124
4.50%,
6/15/39
-
8/20/47
4,496,093
4,945
5.00%,
12/20/34
-
6/20/49
6,333,537
6,984
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
5.50%,
2/20/34
-
3/20/49
2,624,005
2,909
6.00%,
8/20/34
-
4/15/36
78,668
92
6.50%,
6/15/23
-
3/15/26
21,451
24
7.50%,
3/15/23
-
9/15/26
7,803
7
8.00%,
4/15/22
-
11/15/25
8,206
8
8.50%,
6/20/25
-
6/20/26
2,958
3
Government
National
Mortgage
Assn.,
ARM,
1Y
CMT
+
1.50%,
2.25%,
8/20/23
261
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
326,769
336
Government
National
Mortgage
Assn.,
TBA(10)
2.00%,
10/20/51
17,955,000
18,214
3.50%,
11/20/51
3,602,000
3,789
114,177
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$404,290)
412,158
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
6.9%
U.S.
Treasury
Obligations
6.9%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
8,565,000
7,403
U.S.
Treasury
Bonds,
1.375%,
8/15/50
7,165,000
6,049
U.S.
Treasury
Bonds,
1.875%,
2/15/41
12,035,000
11,775
U.S.
Treasury
Bonds,
1.875%,
2/15/51
14,435,000
13,772
U.S.
Treasury
Bonds,
2.00%,
2/15/50
23,200,000
22,794
U.S.
Treasury
Bonds,
2.375%,
5/15/51
3,665,000
3,912
U.S.
Treasury
Bonds,
2.50%,
2/15/46
2,975,000
3,218
U.S.
Treasury
Bonds,
2.75%,
8/15/47
16,080,000
18,258
U.S.
Treasury
Bonds,
2.875%,
8/15/45 (11)
4,185,000
4,826
U.S.
Treasury
Bonds,
3.00%,
11/15/44
2,990,000
3,510
U.S.
Treasury
Bonds,
3.00%,
5/15/45
10,640,000
12,519
U.S.
Treasury
Bonds,
3.00%,
11/15/45
11,185,000
13,184
U.S.
Treasury
Bonds,
3.00%,
2/15/47
1,150,000
1,363
U.S.
Treasury
Bonds,
3.00%,
2/15/48
2,000,000
2,379
U.S.
Treasury
Bonds,
3.00%,
8/15/48
3,905,000
4,654
U.S.
Treasury
Bonds,
7.25%,
8/15/22
100,000
106
U.S.
Treasury
Notes,
0.125%,
1/31/23
35,985,000
35,974
U.S.
Treasury
Notes,
0.125%,
3/31/23
17,510,000
17,494
U.S.
Treasury
Notes,
0.25%,
5/31/25
26,450,000
26,008
U.S.
Treasury
Notes,
0.375%,
4/30/25
19,895,000
19,677
U.S.
Treasury
Notes,
0.375%,
11/30/25
36,535,000
35,839
U.S.
Treasury
Notes,
0.625%,
5/15/30
16,700,000
15,591
U.S.
Treasury
Notes,
0.75%,
3/31/26
5,970,000
5,929
U.S.
Treasury
Notes,
0.75%,
8/31/26
9,045,000
8,949
T.
ROWE
PRICE
Balanced
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Notes,
0.75%,
1/31/28
1,185,000
1,151
U.S.
Treasury
Notes,
0.875%,
6/30/26
38,525,000
38,387
U.S.
Treasury
Notes,
0.875%,
11/15/30
7,500,000
7,120
U.S.
Treasury
Notes,
1.125%,
2/15/31
7,555,000
7,319
U.S.
Treasury
Notes,
1.25%,
8/15/31
4,730,000
4,616
U.S.
Treasury
Notes,
1.625%,
11/15/22
315,000
320
U.S.
Treasury
Notes,
1.625%,
5/15/31
3,070,000
3,106
357,202
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$354,447)
357,202
SHORT-TERM
INVESTMENTS
6.4%
Money
Market
Funds
6.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (2)(12)
333,393,637
333,394
Total
Short-Term
Investments
(Cost
$333,394)
333,394
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.3%
Short-Term
Funds
0.3%
T.
Rowe
Price
Short-Term
Fund,
0.07% (2)(12)
1,725,150
17,252
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
17,252
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.1%
Short-Term
Funds
0.1%
T.
Rowe
Price
Short-Term
Fund,
0.07% (2)(12)
176,739
1,767
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
1,767
Total
Securities
Lending
Collateral
(Cost
$19,019)
19,019
Total
Investments
in
Securities
103.2%
(Cost
$3,672,723)
$
5,370,160
Other
Assets
Less
Liabilities
(3.2)%
(165,935)
Net
Assets
100.0%
$
5,204,225
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
Balanced
Fund
35
.
.
.
.
.
.
.
.
.
.
(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
$212,948
and
represents
4.1%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
(5)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2021.
(6)
Level
3
in
fair
value
hierarchy.
(7)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$7,709
and
represents
0.1%
of
net
assets.
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
is
provided
if
the
rate
is
currently
floating.
(9)
Insured
by
Assured
Guaranty
Municipal
Corporation
(10)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$149,894
and
represents
2.9%
of
net
assets.
(11)
At
September
30,
2021,
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
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
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
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
T.
ROWE
PRICE
Balanced
Fund
36
.
.
.
.
.
.
.
.
.
.
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
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
37
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S37,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
41,200
996
1,013
(17)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(17)
Total
Centrally
Cleared
Swaps
(17)
Net
payments
(receipts)
of
variation
margin
to
date
(4)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(21)
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$13.
T.
ROWE
PRICE
Balanced
Fund
38
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
315
U.S.
Treasury
Notes
five
year
contracts
12/21
38,664
$
(283)
Long,
69
U.S.
Treasury
Notes
ten
year
contracts
12/21
9,081
(125)
Long,
159
U.S.
Treasury
Notes
two
year
contracts
12/21
34,989
(23)
Net
payments
(receipts)
of
variation
margin
to
date
474
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
43
T.
ROWE
PRICE
Balanced
Fund
39
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2021.
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,
3.15%
$
—
$
—
$
—
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.73%
(542)
1,721
9,785
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
2.66%
117
1,227
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
1,016
10,602
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
—
—
83
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
591#
$
13,550
$
9,868+
T.
ROWE
PRICE
Balanced
Fund
40
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
3.15%
$
16
$
—
$
—
$
16
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.73%
226,215
47,403
10,541
264,798
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
2.66%
37
59,350
18,883
41,731
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
74,972
9,525
8,984
86,115
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
252,702
¤
¤
333,394
T.
Rowe
Price
Short-Term
Fund,
0.07%
4,951
¤
¤
19,019
Total
$
745,073^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$9,868
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
$716,837.
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Notes
to
Portfolio
of
Investments
41
T.
Rowe
Price
Balanced
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Balanced
Fund
42
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
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
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Balanced
Fund
43
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
T.
ROWE
PRICE
Balanced
Fund
44
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F68-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
1,431,215
$
—
$
1,431,215
Bond
Mutual
Funds
306,545
—
—
306,545
Common
Stocks
2,253,192
930,293
1,286
3,184,771
Convertible
Bonds
—
—
2,012
2,012
Convertible
Preferred
Stocks
—
2,678
4,411
7,089
Equity
Mutual
Funds
86,115
—
—
86,115
Short-Term
Investments
333,394
—
—
333,394
Securities
Lending
Collateral
19,019
—
—
19,019
Total
$
2,998,265
$
2,364,186
$
7,709
$
5,370,160
Liabilities
Swaps*
$
—
$
17
$
—
$
17
Futures
Contracts*
431
—
—
431
Total
$
431
$
17
$
—
$
448
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.