T.
ROWE
PRICE
Balanced
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.8%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-1,
Class
C
1.59%,
10/20/25
1,460,000
1,442
AmeriCredit
Automobile
Receivables
Trust
Series 2021-2,
Class
D
1.29%,
6/18/27
2,100,000
1,958
Avis
Budget
Rental
Car
Funding
AESOP
Series 2017-1A,
Class
B
3.41%,
9/20/23 (1)
1,000,000
1,004
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-2A,
Class
B
3.55%,
9/22/25 (1)
1,165,000
1,163
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
357,603
353
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
SOFR
+
1.32%,
1.553%,
4/15/35 (1)
2,195,000
2,185
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,205,000
1,124
Carvana
Auto
Receivables
Trust
Series 2021-P4,
Class
C
2.33%,
2/10/28
1,715,000
1,614
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
1.381%,
7/15/36 (1)
1,380,000
1,366
CNH
Equipment
Trust
Series 2019-C,
Class
B
2.35%,
4/15/27
2,575,000
2,545
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
664,875
635
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,227,600
1,150
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,536,150
1,378
Dryden
Series 2020-77A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
1.60%,
5/20/34 (1)
1,935,000
1,916
Elara
HGV
Timeshare
Issuer
Series 2017-A,
Class
A
2.69%,
3/25/30 (1)
219,595
219
T.
ROWE
PRICE
Balanced
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2021-2A,
Class
C
0.98%,
6/15/26
895,000
873
Ford
Credit
Auto
Owner
Trust
Series 2020-2,
Class
C
1.74%,
4/15/33 (1)
1,665,000
1,547
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27
1,275,000
1,179
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.91%,
9/16/27
1,355,000
1,327
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
1,915,525
1,925
JPMorgan
Chase
Bank
Series 2021-2,
Class
C
0.969%,
12/26/28 (1)
578,853
568
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
SOFR
+
1.29%,
1.449%,
10/15/32 (1)
1,205,000
1,201
MVW
Series 2019-2A,
Class
A
2.22%,
10/20/38 (1)
1,158,893
1,126
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
1,055,798
1,049
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
1,052,025
1,042
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
1,172,237
1,165
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
506,262
490
Navient
Private
Education
Refi
Loan
Trust
Series 2021-A,
Class
A
0.84%,
5/15/69 (1)
519,401
496
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
1,626,825
1,460
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
724,027
719
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
1,336,411
1,271
T.
ROWE
PRICE
Balanced
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
2,691,273
2,475
Synchrony
Credit
Card
Master
Note
Trust
Series 2017-2,
Class
A
2.62%,
10/15/25
920,000
925
Total
Asset-Backed
Securities
(Cost
$42,418)
40,890
BOND
MUTUAL
FUNDS
6.4%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.18% (2)(3)
1,263
16
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
5.71% (2)(3)
30,992,935
258,481
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.29% (2)(3)
11,753,725
61,707
Total
Bond
Mutual
Funds
(Cost
$332,808)
320,204
COMMON
STOCKS
61.4%
COMMUNICATION
SERVICES
5.8%
Diversified
Telecommunication
Services
0.4%
AT&T
44,457
1,050
KT
(KRW)
99,168
2,905
Nippon
Telegraph
&
Telephone
(JPY)
585,300
17,005
Verizon
Communications
32,155
1,638
22,598
Entertainment
0.6%
Activision
Blizzard
9,600
769
Electronic
Arts
8,368
1,058
Netflix (4)
32,745
12,266
Sea,
ADR (4)
56,853
6,810
Spotify
Technology (4)
9,997
1,510
Walt
Disney (4)
47,082
6,458
28,871
Interactive
Media
&
Services
4.0%
Alphabet,
Class
A (4)
7,599
21,136
Alphabet,
Class
C (4)
41,394
115,613
Meta
Platforms,
Class
A (4)
199,761
44,419
NAVER
(KRW)
16,191
4,500
Pinterest,
Class
A (4)
61,605
1,516
Snap,
Class
A (4)
191,256
6,883
Tencent
Holdings
(HKD)
100,600
4,637
T.
ROWE
PRICE
Balanced
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Z
Holdings
(JPY)
629,400
2,721
201,425
Media
0.5%
Charter
Communications,
Class
A (4)
10,746
5,862
Comcast,
Class
A
64,380
3,014
CyberAgent
(JPY)
404,300
5,003
Liberty
Broadband,
Class
C (4)
5,728
775
Stroeer
(EUR)
36,479
2,518
WPP
(GBP)
510,611
6,683
23,855
Wireless
Telecommunication
Services
0.3%
SoftBank
Group
(JPY)
61,500
2,750
T-Mobile
U.S. (4)
50,140
6,435
Vodafone
Group,
ADR
375,844
6,247
15,432
Total
Communication
Services
292,181
CONSUMER
DISCRETIONARY
7.4%
Auto
Components
0.4%
Aptiv (4)
2,035
244
Autoliv,
SDR
(SEK)
44,442
3,394
Denso
(JPY)
63,000
4,019
Magna
International
124,114
7,982
Stanley
Electric
(JPY)
117,800
2,227
Sumitomo
Rubber
Industries
(JPY)
136,900
1,254
19,120
Automobiles
1.4%
Ferrari
2,724
594
General
Motors (4)
11,136
487
Honda
Motor
(JPY)
75,400
2,137
Rivian
Automotive,
Acquisition
Date:
1/19/21
-
7/23/21,
Cost $3,664 (4)(5)
75,172
3,588
Rivian
Automotive,
Class
A (4)
66,631
3,348
Suzuki
Motor
(JPY)
100,800
3,454
Tesla (4)
39,575
42,646
Toyota
Motor
(JPY)
795,900
14,357
70,611
Hotels,
Restaurants
&
Leisure
1.1%
Airbnb,
Class
A (4)
1,212
208
Booking
Holdings (4)
4,960
11,648
Chipotle
Mexican
Grill (4)
4,817
7,621
Compass
Group
(GBP)
354,993
7,639
Hilton
Worldwide
Holdings (4)
10,812
1,641
T.
ROWE
PRICE
Balanced
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Las
Vegas
Sands (4)
22,246
865
Marriott
International,
Class
A (4)
10,144
1,783
McDonald's
32,886
8,132
MGM
Resorts
International
24,242
1,017
Starbucks
45,886
4,174
Wynn
Resorts (4)
6,875
548
Yum!
Brands
104,908
12,435
57,711
Household
Durables
0.4%
NVR (4)
216
965
Panasonic
(JPY)
507,000
4,924
Persimmon
(GBP)
154,247
4,325
Sony
Group
(JPY)
74,600
7,675
17,889
Internet
&
Direct
Marketing
Retail
2.3%
Alibaba
Group
Holding,
ADR (4)
10,841
1,180
Amazon.com (4)
30,876
100,654
ASOS
(GBP) (4)
130,158
2,738
Coupang (4)
35,967
636
DoorDash,
Class
A (4)
36,540
4,282
JD.com,
Class
A
(HKD) (4)
4,733
134
THG
(GBP) (4)
226,082
272
Zalando
(EUR) (4)
79,477
4,024
113,920
Leisure
Products
0.0%
Peloton
Interactive,
Class
A (4)
20,400
539
539
Multiline
Retail
0.4%
Dollar
General
53,604
11,934
Dollar
Tree (4)
7,550
1,209
Next
(GBP)
57,130
4,493
17,636
Specialty
Retail
0.7%
AutoZone (4)
673
1,376
Burlington
Stores (4)
5,441
991
Carvana (4)
34,949
4,169
Home
Depot
22,674
6,787
Kingfisher
(GBP)
1,878,175
6,269
Lowe's
11,401
2,305
O'Reilly
Automotive (4)
3,102
2,125
Ross
Stores
66,544
6,020
TJX
36,928
2,237
T.
ROWE
PRICE
Balanced
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ulta
Beauty (4)
2,286
910
33,189
Textiles,
Apparel
&
Luxury
Goods
0.7%
Dr.
Martens
(GBP)
546,849
1,700
EssilorLuxottica
(EUR)
31,993
5,851
Kering
(EUR)
6,487
4,095
Lululemon
Athletica (4)
16,822
6,144
Moncler
(EUR)
86,502
4,799
NIKE,
Class
B
66,227
8,912
Samsonite
International
(HKD) (4)
1,002,300
2,243
33,744
Total
Consumer
Discretionary
364,359
CONSUMER
STAPLES
3.7%
Beverages
1.0%
Coca-Cola
273,800
16,976
Constellation
Brands,
Class
A
11,253
2,592
Diageo
(GBP)
164,003
8,319
Keurig
Dr
Pepper
337,347
12,785
Kirin
Holdings
(JPY)
171,700
2,565
Monster
Beverage (4)
23,498
1,877
PepsiCo
27,374
4,582
49,696
Food
&
Staples
Retailing
0.7%
Costco
Wholesale
9,150
5,269
Seven
&
i
Holdings
(JPY)
176,200
8,400
Walmart
135,017
20,107
Welcia
Holdings
(JPY)
77,300
1,902
35,678
Food
Products
1.1%
Barry
Callebaut
(CHF)
1,904
4,464
Conagra
Brands
15,855
532
Darling
Ingredients (4)
51,125
4,109
Mondelez
International,
Class
A
165,991
10,421
Mowi,
ADR
3,306
89
Nestle
(CHF)
235,340
30,599
Wilmar
International
(SGD)
1,941,100
6,722
56,936
Household
Products
0.3%
Kimberly-Clark
6,475
797
Procter
&
Gamble
94,470
14,435
15,232
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Personal
Products
0.5%
Estee
Lauder,
Class
A
6,963
1,896
L'Oreal
(EUR)
22,179
8,859
Pola
Orbis
Holdings
(JPY)
53,200
693
Unilever
(GBP)
345,566
15,690
27,138
Tobacco
0.1%
Altria
Group
38,785
2,026
Philip
Morris
International
54,149
5,087
7,113
Total
Consumer
Staples
191,793
ENERGY
1.6%
Energy
Equipment
&
Services
0.3%
Baker
Hughes
142,100
5,174
Halliburton
69,680
2,638
Worley
(AUD)
520,462
5,028
12,840
Oil,
Gas
&
Consumable
Fuels
1.3%
Chevron
63,718
10,375
ConocoPhillips
104,010
10,401
Devon
Energy
37,200
2,200
EOG
Resources
17,346
2,068
Equinor
(NOK)
379,271
14,161
Exxon
Mobil
39,246
3,241
Marathon
Petroleum
16,398
1,402
Pioneer
Natural
Resources
4,286
1,071
Shell,
ADR
88,780
4,877
TC
Energy
44,300
2,499
TotalEnergies
(EUR) (6)
211,637
10,709
TotalEnergies,
ADR
51,186
2,587
65,591
Total
Energy
78,431
FINANCIALS
8.5%
Banks
2.9%
Australia
&
New
Zealand
Banking
Group
(AUD)
227,698
4,666
Bank
of
America
626,569
25,827
BNP
Paribas
(EUR)
87,402
4,994
Citigroup
61,965
3,309
Citizens
Financial
Group
8,500
385
Close
Brothers
Group
(GBP)
93,539
1,456
DBS
Group
Holdings
(SGD)
158,100
4,143
DNB
Bank
(NOK)
471,547
10,661
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Erste
Group
Bank
(EUR)
67,612
2,466
Fifth
Third
Bancorp
62,669
2,697
Huntington
Bancshares
160,764
2,350
ING
Groep
(EUR)
790,363
8,252
Intesa
Sanpaolo
(EUR)
1,262,612
2,890
JPMorgan
Chase
167,438
22,825
Lloyds
Banking
Group
(GBP)
8,035,059
4,893
Mitsubishi
UFJ
Financial
Group
(JPY)
760,800
4,703
National
Bank
of
Canada
(CAD)
124,242
9,524
PNC
Financial
Services
Group
4,449
821
Signature
Bank
4,863
1,427
Standard
Chartered
(GBP)
334,890
2,223
Sumitomo
Mitsui
Trust
Holdings
(JPY)
88,854
2,892
SVB
Financial
Group (4)
2,400
1,343
Svenska
Handelsbanken,
Class
A
(SEK)
502,693
4,622
United
Overseas
Bank
(SGD)
329,500
7,710
Wells
Fargo
147,669
7,156
144,235
Capital
Markets
1.6%
Bank
of
New
York
Mellon
16,802
834
Bridgepoint
Group
(GBP) (4)
534,192
2,454
Cboe
Global
Markets
6,037
691
Charles
Schwab
236,643
19,951
CME
Group
35,801
8,516
Goldman
Sachs
Group
29,564
9,759
Intercontinental
Exchange
20,222
2,672
Invesco
19,190
443
Julius
Baer
Group
(CHF)
95,931
5,554
KKR
18,933
1,107
Macquarie
Group
(AUD)
39,876
6,031
MarketAxess
Holdings
1,381
470
Morgan
Stanley
56,331
4,923
MSCI
1,721
865
S&P
Global
10,662
4,373
State
Street
107,601
9,374
Tradeweb
Markets,
Class
A
3,601
316
XP,
Class
A (4)
106,240
3,198
81,531
Diversified
Financial
Services
0.5%
Apollo
Global
Management
7,434
461
Berkshire
Hathaway,
Class
B (4)
30,180
10,651
Challenger
(AUD)
426,007
2,134
Element
Fleet
Management
(CAD)
566,194
5,480
Equitable
Holdings
54,453
1,683
Mitsubishi
HC
Capital
(JPY)
408,800
1,900
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Voya
Financial
19,489
1,293
23,602
Insurance
3.4%
AIA
Group
(HKD)
256,800
2,682
American
International
Group
420,706
26,408
Assurant
8,526
1,550
AXA
(EUR)
470,851
13,784
Chubb
116,542
24,928
Definity
Financial
(CAD)
44,978
1,149
Direct
Line
Insurance
Group
(GBP)
780,509
2,812
Hartford
Financial
Services
Group
141,507
10,162
Manulife
Financial
(CAD)
243,331
5,189
Marsh
&
McLennan
17,606
3,000
MetLife
27,805
1,954
Munich
Re
(EUR)
46,845
12,524
PICC
Property
&
Casualty,
Class
H
(HKD)
4,094,000
4,169
Ping
An
Insurance
Group,
Class
H
(HKD)
320,000
2,237
RenaissanceRe
Holdings
12,392
1,964
Sampo,
Class
A
(EUR)
176,951
8,647
Storebrand
(NOK)
638,385
6,383
Sun
Life
Financial
(CAD)
183,315
10,235
Tokio
Marine
Holdings
(JPY)
137,500
8,002
Travelers
62,745
11,465
Zurich
Insurance
Group
(CHF)
19,417
9,590
168,834
Thrifts
&
Mortgage
Finance
0.1%
Housing
Development
Finance
(INR)
146,374
4,566
4,566
Total
Financials
422,768
HEALTH
CARE
9.9%
Biotechnology
0.8%
AbbVie
194,606
31,548
Amgen
12,274
2,968
Biogen (4)
1,635
344
Genmab
(DKK) (4)
7,064
2,551
Moderna (4)
5,100
879
Regeneron
Pharmaceuticals (4)
1,585
1,107
Vertex
Pharmaceuticals (4)
6,132
1,600
40,997
Health
Care
Equipment
&
Supplies
1.8%
Abbott
Laboratories
48,104
5,694
Alcon
(CHF)
33,796
2,677
Align
Technology (4)
2,931
1,278
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Becton
Dickinson
&
Company
88,807
23,623
Cooper
1,716
717
Dexcom (4)
3,972
2,032
Elekta,
Class
B
(SEK) (6)
307,103
2,419
Hologic (4)
15,197
1,167
Intuitive
Surgical (4)
50,083
15,109
Koninklijke
Philips
(EUR)
204,034
6,222
Medtronic
55,313
6,137
Siemens
Healthineers
(EUR)
113,503
7,034
STERIS
15,930
3,851
Stryker
29,250
7,820
Teleflex
6,238
2,213
87,993
Health
Care
Providers
&
Services
2.2%
Anthem
39,630
19,467
Centene (4)
147,021
12,378
Cigna
21,425
5,134
CVS
Health
17,216
1,742
Fresenius
(EUR)
147,899
5,430
HCA
Healthcare
67,950
17,030
Humana
10,441
4,543
Laboratory
Corp.
of
America
Holdings (4)
16,319
4,303
McKesson
1,480
453
Molina
Healthcare (4)
3,600
1,201
UnitedHealth
Group
72,715
37,082
108,763
Health
Care
Technology
0.0%
Veeva
Systems,
Class
A (4)
8,115
1,724
1,724
Life
Sciences
Tools
&
Services
1.3%
Agilent
Technologies
17,215
2,278
Danaher
94,228
27,640
Evotec
(EUR) (4)
80,485
2,422
Illumina (4)
1,600
559
PerkinElmer
33,989
5,930
Thermo
Fisher
Scientific
42,653
25,193
West
Pharmaceutical
Services
1,500
616
64,638
Pharmaceuticals
3.8%
Astellas
Pharma
(JPY)
658,000
10,281
AstraZeneca
(GBP)
32,738
4,342
AstraZeneca,
ADR
586,718
38,923
Bayer
(EUR)
132,634
9,072
Bristol-Myers
Squibb
110,820
8,093
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Elanco
Animal
Health (4)
169,391
4,419
Eli
Lilly
55,997
16,036
GlaxoSmithKline,
ADR
161,206
7,022
Ipsen
(EUR)
27,307
3,418
Johnson
&
Johnson
100,782
17,862
Merck
11,636
955
Novartis
(CHF)
158,325
13,900
Otsuka
Holdings
(JPY)
123,800
4,277
Pfizer
51,366
2,659
Roche
Holding
(CHF)
59,183
23,416
Roche
Holding,
ADR
44,406
2,194
Sanofi
(EUR)
149,224
15,257
Sanofi,
ADR
36,028
1,850
Zoetis
38,127
7,190
191,166
Total
Health
Care
495,281
INDUSTRIALS
&
BUSINESS
SERVICES
4.8%
Aerospace
&
Defense
0.4%
Boeing (4)
16,247
3,111
L3Harris
Technologies
31,904
7,927
Raytheon
Technologies
2,300
228
Safran
(EUR)
38,604
4,545
Textron
26,177
1,947
TransDigm
Group (4)
695
453
18,211
Air
Freight
&
Logistics
0.3%
FedEx
11,551
2,673
United
Parcel
Service,
Class
B
65,635
14,076
16,749
Airlines
0.0%
Southwest
Airlines (4)
26,725
1,224
United
Airlines
Holdings (4)
13,610
631
1,855
Building
Products
0.0%
Trane
Technologies
15,125
2,310
2,310
Commercial
Services
&
Supplies
0.1%
Cintas
1,875
798
Republic
Services
30,147
3,994
Waste
Connections
14,727
2,057
6,849
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
0.0%
Quanta
Services
9,800
1,290
1,290
Electrical
Equipment
0.6%
ABB
(CHF)
253,098
8,211
Generac
Holdings (4)
4,500
1,338
Hubbell
7,243
1,331
Legrand
(EUR)
43,512
4,137
Mitsubishi
Electric
(JPY)
643,000
7,374
Prysmian
(EUR)
165,515
5,617
28,008
Industrial
Conglomerates
1.5%
DCC
(GBP)
52,019
4,028
General
Electric
325,768
29,808
Honeywell
International
46,923
9,130
Melrose
Industries
(GBP)
2,843,456
4,613
Roper
Technologies
13,839
6,535
Siemens
(EUR)
165,203
22,875
76,989
Machinery
0.5%
Caterpillar
12,285
2,737
Cummins
11,827
2,426
Deere
845
351
Fortive
20,192
1,230
Ingersoll
Rand
38,781
1,953
KION
Group
(EUR)
79,517
5,241
Knorr-Bremse
(EUR)
27,327
2,095
Otis
Worldwide
17,528
1,349
PACCAR
28,927
2,548
Parker-Hannifin
4,724
1,340
SMC
(JPY)
4,700
2,627
THK
(JPY) (6)
99,900
2,198
26,095
Professional
Services
0.4%
Jacobs
Engineering
Group
7,733
1,066
Leidos
Holdings
4,161
449
Recruit
Holdings
(JPY)
145,200
6,308
TechnoPro
Holdings
(JPY)
185,600
5,014
Teleperformance
(EUR)
12,892
4,911
TransUnion
14,869
1,537
19,285
Road
&
Rail
0.6%
Canadian
Pacific
Railway
12,646
1,044
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Central
Japan
Railway
(JPY)
27,200
3,547
CSX
393,153
14,723
Norfolk
Southern
30,909
8,816
Saia (4)
1,400
341
Union
Pacific
8,378
2,289
30,760
Trading
Companies
&
Distributors
0.4%
Ashtead
Group
(GBP)
110,325
6,946
Bunzl
(GBP)
90,955
3,527
Mitsubishi
(JPY) (6)
142,900
5,363
Sumitomo
(JPY)
315,100
5,457
United
Rentals (4)
700
249
21,542
Total
Industrials
&
Business
Services
249,943
INFORMATION
TECHNOLOGY
13.5%
Communications
Equipment
0.4%
Cisco
Systems
68,374
3,812
LM
Ericsson,
Class
B
(SEK) (6)
843,148
7,686
Motorola
Solutions
28,621
6,932
18,430
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol,
Class
A
493
37
Corning
23,500
867
Hamamatsu
Photonics
(JPY)
85,600
4,547
Largan
Precision
(TWD)
22,000
1,438
Murata
Manufacturing
(JPY)
94,800
6,245
Omron
(JPY)
41,000
2,729
TE
Connectivity
8,236
1,079
Teledyne
Technologies (4)
4,463
2,109
Trimble (4)
378
27
19,078
IT
Services
2.4%
Accenture,
Class
A
30,419
10,258
Adyen
(EUR) (4)
1,725
3,417
Affirm
Holdings (4)
22,708
1,051
Amadeus
IT
Group,
Class
A
(EUR) (4)
53,257
3,463
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,137 (4)(5)(7)
298,203
850
Block,
Class
A (4)
26,938
3,653
Cognizant
Technology
Solutions,
Class
A
68,295
6,124
Fidelity
National
Information
Services
26,378
2,649
Fiserv (4)
103,470
10,492
FleetCor
Technologies (4)
12,267
3,055
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Global
Payments
22,710
3,107
Mastercard,
Class
A
53,774
19,218
MongoDB (4)
9,561
4,241
NTT
Data
(JPY)
548,700
10,783
PayPal
Holdings (4)
40,918
4,732
Shopify,
Class
A (4)
5,568
3,764
Snowflake,
Class
A (4)
7,155
1,639
Twilio,
Class
A (4)
3,700
610
VeriSign (4)
7,447
1,657
Visa,
Class
A
117,194
25,990
120,753
Semiconductors
&
Semiconductor
Equipment
3.4%
Advanced
Micro
Devices (4)
182,290
19,932
ASML
Holding
(EUR)
21,535
14,390
ASML
Holding
12,014
8,025
Broadcom
28,894
18,194
KLA
9,253
3,387
Marvell
Technology
42,762
3,066
Micron
Technology
2,349
183
Monolithic
Power
Systems
5,380
2,613
NVIDIA
135,571
36,992
NXP
Semiconductors
45,754
8,468
QUALCOMM
114,333
17,472
Renesas
Electronics
(JPY) (4)
256,500
2,972
Taiwan
Semiconductor
Manufacturing
(TWD)
1,015,969
20,841
Taiwan
Semiconductor
Manufacturing,
ADR
20,840
2,173
Texas
Instruments
32,565
5,975
Tokyo
Electron
(JPY)
14,700
7,549
Wolfspeed (4)
6,400
729
172,961
Software
4.4%
Atlassian,
Class
A (4)
13,454
3,953
Bill.com
Holdings (4)
17,416
3,950
Cadence
Design
Systems (4)
4,600
756
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $668 (4)(5)(7)
392
535
Citrix
Systems
5,617
567
Confluent,
Class
A (4)
21,234
870
Crowdstrike
Holdings,
Class
A (4)
3,315
753
Datadog,
Class
A (4)
11,518
1,745
DocuSign (4)
14,925
1,599
Fortinet (4)
15,520
5,304
Gusto,
Acquisition
Date:
10/4/21,
Cost $216 (4)(5)(7)
7,517
216
HashiCorp,
Class
A (4)
6,660
360
Intuit
26,493
12,739
Microsoft
445,593
137,381
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NortonLifeLock
71,257
1,890
Paycom
Software (4)
1,401
485
Salesforce (4)
49,738
10,560
SAP
(EUR)
64,914
7,194
ServiceNow (4)
26,039
14,501
Synopsys (4)
35,390
11,794
Workday,
Class
A (4)
5,455
1,306
Zoom
Video
Communications,
Class
A (4)
22,432
2,630
221,088
Technology
Hardware,
Storage
&
Peripherals
2.5%
Apple
633,535
110,622
Pure
Storage,
Class
A (4)
35,800
1,264
Samsung
Electronics
(KRW)
211,631
12,110
123,996
Total
Information
Technology
676,306
MATERIALS
2.6%
Chemicals
1.4%
Air
Liquide
(EUR)
37,199
6,508
Air
Products
&
Chemicals
9,520
2,379
Akzo
Nobel
(EUR)
65,620
5,638
Albemarle
2,385
528
Asahi
Kasei
(JPY)
473,100
4,092
BASF
(EUR)
77,411
4,417
CF
Industries
Holdings
5,931
611
Corteva
18,000
1,035
Covestro
(EUR)
74,652
3,759
FMC
5,600
737
International
Flavors
&
Fragrances
63,256
8,307
Johnson
Matthey
(GBP)
177,313
4,337
Linde
47,097
15,044
Nutrien
31,913
3,319
RPM
International
10,942
891
Sherwin-Williams
12,738
3,180
Tosoh
(JPY)
39,200
579
Umicore
(EUR)
82,200
3,553
68,914
Construction
Materials
0.1%
Martin
Marietta
Materials
4,581
1,763
Vulcan
Materials
5,005
920
2,683
Containers
&
Packaging
0.2%
Amcor,
CDI
(AUD)
287,850
3,272
Avery
Dennison
3,600
626
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ball
16,979
1,528
International
Paper
16,065
741
Packaging
Corp.
of
America
9,128
1,425
Sealed
Air
26,800
1,795
Westrock
37,199
1,750
11,137
Metals
&
Mining
0.8%
Antofagasta
(GBP)
297,349
6,461
BHP
Group
(AUD)
82,827
3,193
BHP
Group
(GBP)
224,298
8,698
BHP
Group,
ADR
31,176
2,408
IGO
(AUD)
1,214,414
12,695
Rio
Tinto
(AUD)
27,007
2,414
South32
(AUD)
1,349,188
5,129
40,998
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
308,237
6,047
West
Fraser
Timber
2,500
206
6,253
Total
Materials
129,985
REAL
ESTATE
1.1%
Equity
Real
Estate
Investment
Trusts
0.9%
Alexandria
Real
Estate
Equities,
REIT
5,900
1,187
American
Tower,
REIT
5,823
1,463
AvalonBay
Communities,
REIT
3,320
825
Camden
Property
Trust,
REIT
1,800
299
Equinix,
REIT
8,333
6,180
Equity
LifeStyle
Properties,
REIT
17,294
1,323
Equity
Residential,
REIT
2,855
257
Essex
Property
Trust,
REIT
3,836
1,325
Extra
Space
Storage,
REIT
2,300
473
Great
Portland
Estates
(GBP)
433,055
4,021
Prologis,
REIT
110,574
17,855
Public
Storage,
REIT
5,065
1,977
Rexford
Industrial
Realty,
REIT
5,200
388
SBA
Communications,
REIT
8,166
2,810
Scentre
Group
(AUD)
1,784,324
4,057
Simon
Property
Group,
REIT
3,328
438
Sun
Communities,
REIT
1,690
296
Welltower,
REIT
21,003
2,019
Weyerhaeuser,
REIT
3,429
130
47,323
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Real
Estate
Management
&
Development
0.2%
Mitsui
Fudosan
(JPY)
344,500
7,373
Opendoor
Technologies,
Class
A (4)
131,889
1,141
8,514
Total
Real
Estate
55,837
UTILITIES
2.5%
Electric
Utilities
1.2%
American
Electric
Power
81,775
8,159
NextEra
Energy
173,267
14,677
PG&E (4)
334,506
3,994
Southern
305,369
22,142
Xcel
Energy
159,453
11,508
60,480
Gas
Utilities
0.0%
Beijing
Enterprises
Holdings
(HKD)
479,000
1,512
1,512
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Electric
Power
Development
(JPY)
153,100
2,187
2,187
Multi-Utilities
1.3%
Ameren
29,437
2,760
CMS
Energy
57,008
3,987
Dominion
Energy
151,057
12,835
DTE
Energy
21,530
2,847
Engie
(EUR)
682,601
8,974
National
Grid
(GBP)
473,913
7,283
NiSource
146,148
4,648
Sempra
Energy
131,174
22,053
WEC
Energy
Group
17,883
1,785
67,172
Total
Utilities
131,351
Total
Common
Stocks
(Cost
$1,673,920)
3,088,235
CONVERTIBLE
PREFERRED
STOCKS
0.1%
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $43 (4)(5)(7)
25
34
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (4)(5)(7)
2
3
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $229 (4)(5)(7)
1,293
215
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (4)(5)
(7)
2,835
470
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (4)(5)(7)
10,431
317
Total
Information
Technology
1,039
UTILITIES
0.0%
Independent
Power
&
Renewable
Electricity
Producers
0.0%
AES,
6.875%,
2/15/24
9,194
902
Total
Utilities
902
Total
Convertible
Preferred
Stocks
(Cost
$2,137)
1,941
CORPORATE
BONDS
8.3%
Abbott
Laboratories,
1.15%,
1/30/28
1,460,000
1,331
Abbott
Laboratories,
3.40%,
11/30/23
1,281,000
1,300
AbbVie,
2.95%,
11/21/26
920,000
910
AbbVie,
3.20%,
5/14/26
420,000
421
AbbVie,
3.60%,
5/14/25
1,630,000
1,653
AbbVie,
4.50%,
5/14/35
1,900,000
2,036
AbbVie,
4.70%,
5/14/45
915,000
995
ABN
AMRO
Bank,
4.75%,
7/28/25 (1)
940,000
961
AerCap
Ireland
Capital,
2.45%,
10/29/26
935,000
859
AerCap
Ireland
Capital,
4.125%,
7/3/23
1,945,000
1,950
AerCap
Ireland
Capital,
6.50%,
7/15/25
365,000
386
Agilent
Technologies,
3.875%,
7/15/23
975,000
991
AHS
Hospital,
5.024%,
7/1/45
1,600,000
1,946
AIA
Group,
3.20%,
3/11/25 (1)
1,020,000
1,021
Air
Lease,
2.20%,
1/15/27
1,300,000
1,200
Air
Lease,
3.625%,
4/1/27
1,025,000
1,003
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000
1,193
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
655,000
673
Alfa
SAB
de
CV,
5.25%,
3/25/24 (1)
395,000
406
Allstate,
5.55%,
5/9/35
1,000,000
1,190
Ally
Financial,
2.20%,
11/2/28
700,000
632
Altria
Group,
2.35%,
5/6/25
415,000
403
Amazon.com,
2.80%,
8/22/24
1,055,000
1,063
Amazon.com,
3.875%,
8/22/37
1,645,000
1,731
Amazon.com,
5.20%,
12/3/25
1,850,000
1,994
America
Movil
SAB
de
CV,
2.875%,
5/7/30
2,525,000
2,414
America
Movil
SAB
de
CV,
6.375%,
3/1/35
300,000
374
American
Airlines
PTT,
Series 2014-1, Class A,
Class
A,
3.70%,
10/1/26
806,722
777
American
Airlines
PTT,
Series 2016-1, Class B,
Class
B,
5.25%,
1/15/24
1,301,260
1,272
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
1,860,000
1,853
American
Honda
Finance,
0.75%,
8/9/24
2,335,000
2,225
American
Tower,
1.45%,
9/15/26
2,975,000
2,713
Amgen,
2.77%,
9/1/53
447,000
364
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
2,120,000
2,575
Anthem,
4.65%,
1/15/43
915,000
1,001
Appalachian
Power,
4.45%,
6/1/45
2,450,000
2,499
Apple,
1.65%,
5/11/30
2,345,000
2,122
APT
Pipelines,
4.25%,
7/15/27 (1)
620,000
635
AT&T,
2.25%,
2/1/32
1,400,000
1,241
AT&T,
3.50%,
6/1/41
2,680,000
2,466
Atmos
Energy,
4.15%,
1/15/43
1,500,000
1,502
Ausgrid
Finance,
3.85%,
5/1/23 (1)
1,705,000
1,716
AutoZone,
3.125%,
4/21/26
650,000
646
Baidu,
3.875%,
9/29/23
2,000,000
2,022
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
1,750,000
1,760
Banco
Santander,
3.125%,
2/23/23
1,000,000
1,006
Banco
Santander,
3.49%,
5/28/30
200,000
193
Banco
Santander,
3.848%,
4/12/23
2,000,000
2,026
Banco
Santander
Chile,
2.70%,
1/10/25 (1)
1,322,000
1,295
Banco
Santander
Mexico,
5.375%,
4/17/25 (1)
1,110,000
1,160
Bank
of
America,
4.20%,
8/26/24
600,000
614
Bank
of
America,
6.11%,
1/29/37
900,000
1,070
Bank
of
America,
6.75%,
6/1/28
700,000
822
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
2,240,000
1,990
Bank
of
America,
VR,
2.676%,
6/19/41 (8)
3,450,000
2,908
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (8)
2,325,000
2,127
Bank
of
Montreal,
2.65%,
3/8/27
2,035,000
1,970
Banner
Health,
1.897%,
1/1/31
670,000
590
Barclays,
VR,
2.852%,
5/7/26 (8)
1,880,000
1,825
Barclays
Bank,
1.70%,
5/12/22
700,000
699
BAT
Capital,
4.39%,
8/15/37
1,385,000
1,285
Baylor
Scott
&
White
Holdings,
3.967%,
11/15/46
1,850,000
1,972
Becton
Dickinson
&
Company,
2.823%,
5/20/30
1,380,000
1,312
Becton
Dickinson
&
Company,
3.70%,
6/6/27
1,956,000
1,984
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
1,350,000
1,539
Biogen,
3.625%,
9/15/22
1,095,000
1,104
BNP
Paribas,
VR,
2.219%,
6/9/26 (1)(8)
1,315,000
1,247
BNP
Paribas,
VR,
2.871%,
4/19/32 (1)(8)
3,100,000
2,821
Boardwalk
Pipelines,
4.45%,
7/15/27
385,000
393
Boardwalk
Pipelines,
4.95%,
12/15/24
780,000
793
Booking
Holdings,
3.60%,
6/1/26
2,020,000
2,057
Booking
Holdings,
3.65%,
3/15/25
1,515,000
1,539
Boral
Finance,
3.00%,
11/1/22 (1)
220,000
220
Boston
Properties,
3.125%,
9/1/23
625,000
628
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Boston
Properties,
3.65%,
2/1/26
1,165,000
1,178
BPCE,
3.00%,
5/22/22 (1)
425,000
426
BPCE,
4.00%,
9/12/23 (1)
1,350,000
1,373
BPCE,
4.50%,
3/15/25 (1)
1,000,000
1,010
BPCE,
5.70%,
10/22/23 (1)
1,700,000
1,757
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,110,000
1,027
Bristol-Myers
Squibb,
3.55%,
8/15/22
1,700,000
1,706
Brixmor
Operating
Partnership,
3.90%,
3/15/27
565,000
568
Brixmor
Operating
Partnership,
4.125%,
6/15/26
1,220,000
1,243
Burlington
Northern
Santa
Fe,
4.375%,
9/1/42
1,400,000
1,513
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37
650,000
834
Camden
Property
Trust,
2.95%,
12/15/22
565,000
567
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000
548
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000
461
Canadian
Natural
Resources,
2.95%,
7/15/30
1,700,000
1,605
Canadian
Pacific
Railway,
1.75%,
12/2/26
930,000
868
Capital
One
Financial,
3.65%,
5/11/27
1,215,000
1,216
Cardinal
Health,
3.41%,
6/15/27
1,570,000
1,574
Cardinal
Health,
3.75%,
9/15/25
1,005,000
1,019
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
505,000
507
Charter
Communications
Operating,
3.70%,
4/1/51
1,425,000
1,173
Charter
Communications
Operating,
4.908%,
7/23/25
2,465,000
2,557
Chevron,
1.995%,
5/11/27
1,155,000
1,107
Cigna,
3.00%,
7/15/23
810,000
819
Cigna,
3.75%,
7/15/23
1,252,000
1,270
Citigroup,
VR,
2.976%,
11/5/30 (8)
2,750,000
2,607
Citigroup,
VR,
4.075%,
4/23/29 (8)
2,000,000
2,040
CMS
Energy,
4.70%,
3/31/43
840,000
881
CMS
Energy,
4.875%,
3/1/44
1,200,000
1,323
CNO
Global
Funding,
2.65%,
1/6/29 (1)
3,255,000
3,008
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000
2,190
Comcast,
3.45%,
2/1/50
1,200,000
1,128
Comcast,
4.15%,
10/15/28
2,455,000
2,582
CommonSpirit
Health,
2.76%,
10/1/24
960,000
951
CommonSpirit
Health,
2.782%,
10/1/30
755,000
703
Corebridge
Financial,
4.40%,
4/5/52 (1)
4,505,000
4,504
Cox
Communications,
2.95%,
10/1/50 (1)
2,775,000
2,197
Credit
Agricole,
3.75%,
4/24/23 (1)
2,125,000
2,149
Credit
Suisse
Group,
VR,
2.593%,
9/11/25 (1)(8)
2,095,000
2,020
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(8)
1,385,000
1,384
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000
2,642
Crown
Castle
International,
2.25%,
1/15/31
1,440,000
1,269
Crown
Castle
International,
2.90%,
3/15/27
735,000
712
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
485,000
484
CVS
Health,
1.875%,
2/28/31
1,745,000
1,531
CVS
Health,
2.70%,
8/21/40
660,000
561
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27 (1)
2,155,000
2,151
Danone,
2.947%,
11/2/26 (1)
1,925,000
1,917
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(8)
2,940,000
2,893
Delta
Air
Lines,
3.80%,
4/19/23
765,000
771
Discover
Bank,
2.70%,
2/6/30
2,000,000
1,828
Discover
Financial
Services,
3.75%,
3/4/25
590,000
596
Dominion
Energy,
Series B,
2.75%,
9/15/22
200,000
200
Duke
Energy,
2.65%,
9/1/26
640,000
623
Duke
Energy,
3.75%,
9/1/46
500,000
471
Eaton
Vance,
3.625%,
6/15/23
750,000
759
Enbridge,
4.00%,
10/1/23
690,000
700
Enbridge,
4.25%,
12/1/26
590,000
610
Enbridge
Energy
Partners,
5.50%,
9/15/40
245,000
279
Energy
Transfer,
3.75%,
5/15/30
765,000
751
Energy
Transfer,
5.25%,
4/15/29
1,225,000
1,312
Eni,
Series X-R,
4.00%,
9/12/23 (1)
780,000
791
EOG
Resources,
2.625%,
3/15/23
500,000
500
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
780,000
733
Equitable
Holdings,
3.90%,
4/20/23
478,000
485
ERAC
USA
Finance,
3.85%,
11/15/24 (1)
435,000
442
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000
519
Essex
Portfolio,
2.65%,
3/15/32
1,430,000
1,307
Federal
Realty
Investment
Trust,
2.75%,
6/1/23
1,500,000
1,494
Fidelity
National
Financial,
4.50%,
8/15/28
2,065,000
2,114
First
American
Financial,
4.60%,
11/15/24
415,000
425
FirstEnergy
Transmission,
4.35%,
1/15/25 (1)
1,310,000
1,317
Fiserv,
3.20%,
7/1/26
1,100,000
1,097
FMR,
4.95%,
2/1/33 (1)
740,000
818
GATX,
4.35%,
2/15/24
2,105,000
2,150
GE
Capital
International
Funding,
4.418%,
11/15/35
1,189,000
1,281
General
Motors,
4.00%,
4/1/25
1,120,000
1,129
General
Motors
Financial,
2.40%,
4/10/28
3,205,000
2,911
George
Washington
University,
Series 2014,
4.30%,
9/15/44
975,000
1,061
Gilead
Sciences,
3.25%,
9/1/22
875,000
879
Goldman
Sachs
Group,
6.75%,
10/1/37
700,000
882
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (8)
1,300,000
1,180
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (8)
1,710,000
1,469
Hasbro,
3.00%,
11/19/24
1,550,000
1,540
Hasbro,
3.55%,
11/19/26
1,760,000
1,761
HCA,
4.125%,
6/15/29
1,895,000
1,931
HCA,
4.375%,
3/15/42 (1)
775,000
763
Healthcare
Realty
Trust,
3.625%,
1/15/28
1,075,000
1,070
Healthpeak
Properties,
2.125%,
12/1/28
655,000
603
Healthpeak
Properties,
2.875%,
1/15/31
360,000
340
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (1)
1,800,000
1,847
HSBC
Bank
USA,
5.875%,
11/1/34
950,000
1,087
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Humana,
2.15%,
2/3/32
1,145,000
1,004
Humana,
3.70%,
3/23/29
1,120,000
1,124
Hyatt
Hotels,
3.375%,
7/15/23
275,000
274
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000
2,160
Iberdrola
International,
6.75%,
9/15/33
1,000,000
1,222
Illinois
Tool
Works,
3.90%,
9/1/42
1,200,000
1,232
Intercontinental
Exchange,
3.45%,
9/21/23
1,440,000
1,457
Interpublic
Group,
4.20%,
4/15/24
293,000
299
Intesa
Sanpaolo,
3.125%,
7/14/22 (1)
1,875,000
1,876
Intesa
Sanpaolo,
3.375%,
1/12/23 (1)
660,000
662
Invesco
Finance,
3.125%,
11/30/22
480,000
484
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
3,430,000
3,292
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000
2,016
John
Deere
Capital,
2.125%,
3/7/25
1,955,000
1,925
JPMorgan
Chase,
3.375%,
5/1/23
1,080,000
1,092
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (8)
3,820,000
3,572
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (8)
1,875,000
1,892
Kaiser
Foundation
Hospitals,
3.50%,
4/1/22
625,000
625
Kansas
City
Southern,
3.50%,
5/1/50
1,695,000
1,591
Kilroy
Realty,
3.45%,
12/15/24
1,350,000
1,352
Kilroy
Realty,
4.375%,
10/1/25
480,000
493
L3Harris
Technologies,
3.832%,
4/27/25
570,000
578
Liberty
Mutual
Group,
4.25%,
6/15/23 (1)
410,000
417
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,700,000
1,811
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (8)
420,000
419
M&T
Bank,
3.55%,
7/26/23
2,740,000
2,767
Magallanes,
5.05%,
3/15/42 (1)
3,120,000
3,168
Manufacturers
&
Traders
Trust,
3.40%,
8/17/27
250,000
249
Marsh
&
McLennan,
3.50%,
6/3/24
3,060,000
3,098
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47
1,500,000
1,561
McDonald's,
1.45%,
9/1/25
940,000
897
MedStar
Health,
Series 20A,
3.626%,
8/15/49
905,000
869
Micron
Technology,
4.185%,
2/15/27
935,000
961
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000
2,668
Mississippi
Power,
3.95%,
3/30/28
1,435,000
1,457
Mitsubishi
UFJ
Financial
Group,
2.193%,
2/25/25
2,200,000
2,128
Mondelez
International
Holdings
Netherlands,
1.25%,
9/24/26 (1)
3,275,000
3,004
Moody's,
2.00%,
8/19/31
2,195,000
1,947
Morgan
Stanley,
4.30%,
1/27/45
1,150,000
1,205
Morgan
Stanley,
6.25%,
8/9/26
755,000
835
Morgan
Stanley,
VR,
3.971%,
7/22/38 (8)
1,445,000
1,453
NatWest
Markets,
2.375%,
5/21/23 (1)
3,370,000
3,349
New
York
Life
Global
Funding,
1.10%,
5/5/23 (1)
600,000
592
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
1,895,000
1,734
NiSource,
3.49%,
5/15/27
1,730,000
1,721
NiSource,
3.95%,
3/30/48
1,775,000
1,685
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Nordea
Bank,
1.00%,
6/9/23 (1)
820,000
804
Norfolk
Southern,
3.00%,
4/1/22
1,085,000
1,085
NSTAR
Electric,
2.375%,
10/15/22
565,000
566
Nucor,
2.70%,
6/1/30
455,000
431
Nucor,
3.95%,
5/1/28
2,140,000
2,191
Nutrien,
4.00%,
12/15/26
830,000
854
Omnicom
Group,
3.60%,
4/15/26
830,000
839
O'Reilly
Automotive,
3.60%,
9/1/27
1,825,000
1,847
O'Reilly
Automotive,
3.80%,
9/1/22
370,000
371
PACCAR
Financial,
0.90%,
11/8/24
2,875,000
2,749
Pacific
Gas
&
Electric,
2.10%,
8/1/27
1,340,000
1,203
Packaging
Corp.
of
America,
3.65%,
9/15/24
785,000
794
PayPal
Holdings,
2.40%,
10/1/24
2,720,000
2,707
Perrigo
Finance
Unlimited,
3.90%,
6/15/30
1,510,000
1,417
Pioneer
Natural
Resources,
1.125%,
1/15/26
755,000
700
PNC
Bank,
3.50%,
6/8/23
1,330,000
1,346
PPL
Capital
Funding,
3.10%,
5/15/26
2,200,000
2,170
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (1)
2,650,000
2,685
Principal
Financial
Group,
3.40%,
5/15/25
2,460,000
2,463
Protective
Life
Global
Funding,
1.082%,
6/9/23 (1)
780,000
767
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
1,310,000
1,347
Public
Storage,
1.95%,
11/9/28
1,210,000
1,117
QUALCOMM,
3.25%,
5/20/27
1,120,000
1,134
QVC,
4.375%,
3/15/23
770,000
774
QVC,
4.45%,
2/15/25
140,000
140
QVC,
4.85%,
4/1/24
1,645,000
1,684
Realty
Income,
3.10%,
12/15/29
2,130,000
2,071
Realty
Income,
3.95%,
8/15/27
1,490,000
1,527
RELX
Capital,
3.00%,
5/22/30
945,000
901
RELX
Capital,
3.50%,
3/16/23
840,000
847
Republic
Services,
3.375%,
11/15/27
1,045,000
1,049
Rogers
Communications,
3.625%,
12/15/25
610,000
615
Rogers
Communications,
4.50%,
3/15/42 (1)
2,935,000
2,962
Roper
Technologies,
2.95%,
9/15/29
380,000
366
Roper
Technologies,
3.80%,
12/15/26
1,085,000
1,109
Ross
Stores,
1.875%,
4/15/31
450,000
391
Royal
Bank
of
Canada,
1.60%,
4/17/23
2,075,000
2,062
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
1,335,000
1,372
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
560,000
586
San
Diego
Gas
&
Electric,
Series TTT,
4.10%,
6/15/49
2,570,000
2,668
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (8)
1,365,000
1,275
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28 (8)
1,605,000
1,488
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
1,135,000
1,117
Sempra
Energy,
3.30%,
4/1/25
835,000
835
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
1,138,000
1,140
Simon
Property
Group,
2.65%,
2/1/32
1,810,000
1,671
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Simon
Property
Group,
3.80%,
7/15/50
1,865,000
1,826
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
422,000
424
Spectra
Energy
Partners,
3.375%,
10/15/26
480,000
473
Spectra
Energy
Partners,
4.75%,
3/15/24
1,145,000
1,177
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(8)
2,005,000
1,900
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(8)
1,000,000
934
State
Street,
3.10%,
5/15/23
265,000
267
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
2,045,000
2,073
Suncor
Energy,
3.10%,
5/15/25
665,000
661
Synchrony
Financial,
4.25%,
8/15/24
1,575,000
1,597
Tampa
Electric,
6.15%,
5/15/37
1,000,000
1,226
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000
2,025
Tencent
Holdings,
2.985%,
1/19/23 (1)
960,000
960
Texas
Instruments,
1.375%,
3/12/25
650,000
625
Thomson
Reuters,
3.35%,
5/15/26
405,000
407
Time
Warner
Cable,
6.55%,
5/1/37
450,000
517
Time
Warner
Cable,
6.75%,
6/15/39
530,000
617
TJX,
1.60%,
5/15/31
375,000
328
Toronto-Dominion
Bank,
3.50%,
7/19/23
1,235,000
1,252
Toronto-Dominion
Bank,
VR,
3.625%,
9/15/31 (8)
305,000
306
TotalEnergies
Capital
International,
2.986%,
6/29/41
2,630,000
2,389
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
1,645,000
1,745
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000
1,286
Transurban
Finance,
3.375%,
3/22/27 (1)(6)
395,000
393
Transurban
Finance,
4.125%,
2/2/26 (1)
335,000
345
Travelers,
6.25%,
6/15/37
750,000
956
Trinity
Health,
4.125%,
12/1/45
725,000
749
UBS
Group,
3.491%,
5/23/23 (1)
1,040,000
1,042
United
Airlines
PTT,
Series 2014-2, Class B,
Class
B,
4.625%,
9/3/22
801,322
801
United
Airlines
PTT,
Series 2019-1, Class AA,
Class
AA,
4.15%,
8/25/31
1,007,360
1,012
UnitedHealth
Group,
3.75%,
7/15/25
645,000
663
UnitedHealth
Group,
4.75%,
7/15/45
1,235,000
1,432
Valero
Energy,
2.85%,
4/15/25
64,000
63
Verizon
Communications,
2.10%,
3/22/28
460,000
430
Verizon
Communications,
2.65%,
11/20/40
4,470,000
3,797
Verizon
Communications,
4.00%,
3/22/50
2,000,000
2,023
Verizon
Communications,
4.272%,
1/15/36
870,000
917
Visa,
2.15%,
9/15/22
2,420,000
2,429
Vistra
Operations,
3.55%,
7/15/24 (1)
1,370,000
1,356
VMware,
1.40%,
8/15/26
3,125,000
2,866
Vodafone
Group,
4.25%,
9/17/50
775,000
769
Vodafone
Group,
4.875%,
6/19/49
2,045,000
2,205
Volkswagen
Group
of
America
Finance,
3.35%,
5/13/25 (1)
1,395,000
1,388
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vulcan
Materials,
4.50%,
6/15/47
590,000
620
Walt
Disney,
3.70%,
10/15/25
525,000
537
Waste
Connections,
3.20%,
6/1/32
2,315,000
2,249
Weibo,
3.50%,
7/5/24
1,390,000
1,358
Wells
Fargo,
VR,
2.393%,
6/2/28 (8)
3,915,000
3,695
Wells
Fargo,
VR,
3.068%,
4/30/41 (8)
3,995,000
3,589
Williams,
5.10%,
9/15/45
1,735,000
1,858
Willis
North
America,
3.60%,
5/15/24
820,000
824
Willis
North
America,
4.50%,
9/15/28
1,370,000
1,404
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000
738
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000
1,168
Workday,
3.70%,
4/1/29
750,000
752
WP
Carey,
3.85%,
7/15/29
1,470,000
1,487
WPP
Finance
2010,
3.75%,
9/19/24
1,310,000
1,322
Total
Corporate
Bonds
(Cost
$427,086)
418,899
EQUITY
MUTUAL
FUNDS
2.1%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
6,758,529
106,447
Total
Equity
Mutual
Funds
(Cost
$73,023)
106,447
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.3%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000
569
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)
2,645,000
2,524
Kingdom
of
Morocco,
4.25%,
12/11/22 (1)
1,400,000
1,418
Mexico
Government
International
Bond,
3.50%,
2/12/34
2,315,000
2,158
Pertamina
Persero,
4.30%,
5/20/23 (1)
1,250,000
1,269
Perusahaan
Gas
Negara,
5.125%,
5/16/24 (1)
1,105,000
1,146
Republic
of
Colombia,
4.00%,
2/26/24
275,000
275
Republic
of
Panama,
3.298%,
1/19/33
2,100,000
2,009
Republic
of
Poland,
3.25%,
4/6/26
1,030,000
1,052
State
Grid
Overseas
Investment,
3.75%,
5/2/23 (1)
1,175,000
1,189
United
Mexican
States,
2.659%,
5/24/31
3,439,000
3,141
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$17,130)
16,750
MUNICIPAL
SECURITIES
0.9%
California
0.3%
Bay
Area
Toll
Auth.,
Series S-10,
3.176%,
4/1/41
2,900,000
2,619
California,
Build
America,
GO,
7.625%,
3/1/40
2,200,000
3,238
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series B,
5.50%,
3/1/33 (9)
695,000
729
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Los
Angeles
Airport,
Build
America,
Series C,
7.053%,
5/15/40
1,000,000
1,373
Univ.
of
California
Regents,
Series AJ,
4.601%,
5/15/31
1,625,000
1,740
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45
365,000
374
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
750,000
919
10,992
Illinois
0.0%
Chicago
O'Hare
Int'l
Airport,
Build
America,
Series B,
6.395%,
1/1/40
755,000
1,012
Chicago
O'Hare
Int'l
Airport,
Senior
Lien,
Series D,
2.346%,
1/1/30
975,000
904
Illinois
Toll
Highway
Auth.,
Build
America,
Series A,
6.184%,
1/1/34
470,000
582
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38
500,000
618
3,116
Maryland
0.1%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36
1,800,000
1,940
1,940
Michigan
0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29
2,000,000
2,421
2,421
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Build
America,
Series F,
7.414%,
1/1/40
415,000
605
605
New
York
0.0%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39
240,000
351
Metropolitan
Transportation
Auth.,
Build
America,
Series A-1,
5.871%,
11/15/39
700,000
813
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Build
America,
5.508%,
8/1/37
950,000
1,136
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42
245,000
330
New
York
State
Dormitory
Auth.,
Build
America,
Series F,
Unrefunded
Portion,
5.628%,
3/15/39
1,300,000
1,539
Port
Auth.
of
New
York
&
New
Jersey,
3.139%,
2/15/51
800,000
719
Port
Auth.
of
New
York
&
New
Jersey,
Series 182,
5.31%,
8/1/46
1,400,000
1,469
6,357
Ohio
0.0%
JobsOhio
Beverage
System,
Liquid
Profits,
Series B,
3.985%,
1/1/29
1,225,000
1,267
1,267
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pennsylvania
0.0%
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
805,000
822
822
South
Carolina
0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41
2,000,000
2,413
2,413
Texas
0.1%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
1,820,000
1,581
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38
1,155,000
1,074
Houston
Airport
System
Revenue,
Series C,
2.385%,
7/1/31
685,000
621
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47
1,200,000
1,259
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49
1,900,000
1,948
6,483
Utah
0.0%
Utah
Transit
Auth.,
Build
America,
Series B,
5.937%,
6/15/39
900,000
1,119
1,119
Virginia
0.1%
Univ.
of
Virginia,
Series B,
2.584%,
11/1/51
3,675,000
3,122
Virginia
Commonwealth
Transportation
Board,
Build
America,
Series B,
5.35%,
5/15/35
690,000
787
Virginia
Public
Building
Auth.,
Build
America,
Series B-2,
5.90%,
8/1/30
755,000
862
4,771
Wisconsin
0.1%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51
2,910,000
2,697
2,697
Total
Municipal
Securities
(Cost
$42,482)
45,003
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
2.0%
Angel
Oak
Mortgage
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.691%,
4/25/65 (1)
430,948
425
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
378,923
371
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
1,429,640
1,383
Angel
Oak
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (1)
1,294,499
1,235
Atrium
Hotel
Portfolio
Trust,
Series 2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
1.327%,
12/15/36 (1)
2,530,000
2,492
Barclays
Mortgage
Loan
Trust,
Series 2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (1)
1,308,441
1,255
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.557%,
11/15/34 (1)
605,000
589
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BBCMS
Mortgage
Trust,
Series 2020-BID,
Class
A,
ARM,
1M
USD
LIBOR
+
2.14%,
2.537%,
10/15/37 (1)
2,590,000
2,588
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.54%,
1.937%,
10/15/34 (1)
2,080,000
2,050
BIG
Commercial
Mortgage
Trust,
Series 2022-BIG,
Class
A,
ARM,
1M
SOFR
+
1.342%,
1.643%,
2/15/39 (1)
3,395,000
3,369
BWAY
Mortgage
Trust,
Series 2022-26BW,
Class
A,
3.402%,
2/10/44 (1)
2,025,000
1,957
BX
Commercial
Mortgage
Trust,
Series 2022-LP2,
Class
C,
ARM,
1M
SOFR
+
1.562%,
1.867%,
2/15/39 (1)
3,640,000
3,563
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (1)
800,000
784
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
235,000
237
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
1,162,588
1,111
Cold
Storage
Trust,
Series 2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
1.697%,
11/15/37 (1)
2,118,345
2,089
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
A4,
3.708%,
7/10/48
3,700,000
3,733
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
2,160,000
2,126
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.557%,
11/25/29
2,184,596
2,163
Connecticut
Avenue
Securities
Trust,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
1.099%,
12/25/41 (1)
631,338
625
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.899%,
4/25/66 (1)
534,115
502
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
299,973
295
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
684,168
640
Extended
Stay
America
Trust,
Series 2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
1.777%,
7/15/38 (1)
1,217,507
1,201
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
2,698,754
2,501
Fontainebleau
Miami
Beach
Trust,
Series 2019-FBLU,
Class
C,
3.75%,
12/10/36 (1)
2,635,000
2,572
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
133,086
133
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
1,278,935
1,277
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
2.03%,
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
961
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GS
Mortgage
Securities
Trust,
Series 2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
1,250,000
1,285
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.959%,
10/25/50 (1)
357,555
343
GS
Mortgage-Backed
Securities
Trust,
Series 2021-PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (1)
2,693,328
2,582
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series 2015-C31,
Class
A3,
3.801%,
8/15/48
2,369,993
2,379
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2020-609M,
Class
A,
ARM,
1M
USD
LIBOR
+
1.37%,
1.767%,
10/15/33 (1)
2,510,000
2,466
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2022-OPO,
Class
B,
3.377%,
1/5/39 (1)
760,000
722
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
761,273
747
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
881,933
880
MHC
Commercial
Mortgage
Trust,
Series 2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
1.498%,
4/15/38 (1)
3,595,000
3,534
MHC
Trust,
Series 2021-MHC2,
Class
D,
ARM,
1M
USD
LIBOR
+
1.50%,
1.897%,
5/15/23 (1)
1,480,000
1,431
Mill
City
Mortgage
Loan
Trust,
Series 2018-1,
Class
A1,
ARM,
3.25%,
5/25/62 (1)
582,784
581
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C17,
Class
B,
ARM,
4.464%,
8/15/47
1,670,000
1,674
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
1,375,000
1,380
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
2,775,000
2,806
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2016-
C30,
Class
A5,
2.86%,
9/15/49
495,000
485
Morgan
Stanley
Capital
I
Trust,
Series 2014-150E,
Class
A,
3.912%,
9/9/32 (1)
2,140,000
2,123
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
A4,
ARM,
3.779%,
5/15/48
1,440,000
1,452
Morgan
Stanley
Capital
I
Trust,
Series 2019-MEAD,
Class
D,
ARM,
3.177%,
11/10/36 (1)
2,090,000
1,955
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
563,897
515
New
Orleans
Hotel
Trust,
Series 2019-HNLA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.589%,
1.986%,
4/15/32 (1)
845,000
824
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
769,053
765
New
Residential
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (1)
1,940,025
1,892
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
293,231
289
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.557%,
10/25/59 (1)
133,054
134
Provident
Funding
Mortgage
Trust,
Series 2019-1,
Class
B1,
CMO,
ARM,
3.295%,
12/25/49 (1)
1,315,549
1,264
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
2,232,328
2,139
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
231,789
232
SFO
Commercial
Mortgage
Trust,
Series 2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
1.897%,
5/15/38 (1)
1,560,000
1,521
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
81,721
81
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (1)
29,197
29
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
677,592
665
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
549,926
537
Starwood
Mortgage
Residential
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.172%,
5/25/65 (1)
490,456
479
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA6,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.90%,
0.999%,
12/25/50 (1)
59,033
59
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
0.899%,
8/25/33 (1)
659,657
655
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
2.199%,
10/25/33 (1)
835,000
816
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA6,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.50%,
1.599%,
10/25/41 (1)
1,100,000
1,046
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
0.949%,
11/25/41 (1)
1,975,000
1,937
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
0.799%,
8/25/33 (1)
911,869
907
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-HQA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
2.15%,
3/25/42 (1)
2,160,000
2,163
Towd
Point
Mortgage
Trust,
Series 2016-2,
Class
A1A,
ARM,
2.75%,
8/25/55 (1)
29,101
29
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
ARM,
2.75%,
10/25/56 (1)
88,497
89
Towd
Point
Mortgage
Trust,
Series 2017-6,
Class
A1,
ARM,
2.75%,
10/25/57 (1)
477,546
473
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
ARM,
3.00%,
1/25/58 (1)
240,127
239
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
490,169
490
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (1)
1,017,411
1,016
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
698,068
676
Verus
Securitization
Trust,
Series 2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (1)
3,299,237
3,117
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2021-RR1,
Class
A1,
CMO,
ARM,
2.50%,
12/25/50 (1)
1,308,458
1,212
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C19,
Class
B,
ARM,
4.723%,
3/15/47
610,000
608
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$103,851)
101,058
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
8.0%
U.S.
Government
Agency
Obligations
5.8%
Federal
Home
Loan
Mortgage
1.785%,
9/25/22
37,888
38
2.206%,
6/25/25
934,431
929
2.50%,
5/1/30
1,014,604
1,005
2.777%,
4/25/23
168,441
169
2.952%,
2/25/27
1,030,971
1,037
3.00%,
1/1/29
-
8/1/43
3,769,104
3,769
3.50%,
3/1/42
-
3/1/46
6,158,845
6,285
4.00%,
9/1/40
-
6/1/42
1,964,692
2,054
4.50%,
6/1/39
-
5/1/42
1,175,960
1,249
5.00%,
12/1/35
-
8/1/40
535,311
577
5.50%,
1/1/38
-
12/1/39
174,580
192
6.00%,
2/1/28
-
8/1/38
18,367
21
6.50%,
8/1/32
8,468
9
7.00%,
6/1/32
13,036
13
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.726%,
1.976%,
7/1/35
28,479
30
12M
USD
LIBOR
+
1.75%,
2.127%,
2/1/35
14,568
15
12M
USD
LIBOR
+
1.830%,
2.204%,
2/1/37
22,172
23
12M
USD
LIBOR
+
1.929%,
2.185%,
12/1/36
40,120
42
12M
USD
LIBOR
+
2.03%,
2.275%,
11/1/36
22,529
23
1Y
CMT
+
2.25%,
2.338%,
10/1/36
7,032
7
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
758,292
112
Federal
Home
Loan
Mortgage,
UMBS
2.00%,
3/1/42
-
12/1/51
6,570,616
6,137
2.50%,
3/1/42
-
2/1/52
13,190,259
12,635
3.00%,
11/1/34
-
1/1/50
3,454,524
3,403
3.50%,
6/1/33
365,846
376
4.00%,
12/1/49
-
2/1/50
2,194,795
2,251
4.50%,
5/1/50
255,256
266
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
5.50%,
5/1/44
962,471
1,050
Federal
National
Mortgage
Assn.
3.50%,
6/1/42
-
1/1/44
2,666,066
2,723
4.00%,
11/1/40
785,727
812
4.50%,
7/1/40
604,311
626
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.568%,
1.818%,
7/1/35
15,520
16
12M
USD
LIBOR
+
1.855%,
2.105%,
1/1/37
3,147
3
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
4/1/42
-
12/1/51
9,381,225
8,756
2.50%,
10/1/31
-
1/1/52
28,808,812
27,584
3.00%,
1/1/27
-
10/1/51
34,967,815
34,824
3.50%,
11/1/26
-
1/1/52
18,092,613
18,378
4.00%,
11/1/40
-
11/1/49
14,894,459
15,466
4.50%,
10/1/26
-
5/1/50
8,235,948
8,677
5.00%,
2/1/34
-
1/1/49
2,308,730
2,488
5.50%,
2/1/35
-
5/1/44
2,815,106
3,083
6.00%,
3/1/28
-
1/1/41
1,854,315
2,047
6.50%,
3/1/24
-
8/1/38
297,534
329
7.00%,
9/1/25
-
4/1/32
20,669
22
7.50%,
9/1/26
134
—
8.00%,
8/1/24
-
7/1/26
279
—
UMBS,
TBA (10)
1.50%,
4/1/37
5,985,000
5,674
2.00%,
4/1/52
62,250,000
57,783
2.50%,
4/1/37
-
4/1/52
37,110,000
35,646
3.00%,
4/1/52
7,430,000
7,268
3.50%,
4/1/52
4,255,000
4,262
4.00%,
4/1/52
4,730,000
4,828
4.50%,
4/1/52
5,345,000
5,539
290,551
U.S.
Government
Obligations
2.2%
Government
National
Mortgage
Assn.
2.00%,
8/20/51
11,132,726
10,631
2.50%,
8/20/50
-
1/20/52
19,825,692
19,254
3.00%,
9/15/42
-
10/20/51
15,089,218
14,960
3.50%,
9/15/41
-
1/20/49
15,082,961
15,366
4.00%,
2/15/41
-
10/20/50
7,997,461
8,279
4.50%,
6/15/39
-
8/20/47
3,653,067
3,880
5.00%,
12/20/34
-
6/20/49
5,795,863
6,184
5.50%,
2/20/34
-
3/20/49
1,944,258
2,080
6.00%,
8/20/34
-
4/15/36
69,410
78
6.50%,
6/15/23
-
3/15/26
17,104
17
7.50%,
3/15/23
-
9/15/26
6,098
6
8.00%,
2/15/23
-
11/15/25
6,807
7
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
8.50%,
6/20/25
-
6/20/26
2,631
3
Government
National
Mortgage
Assn.,
ARM,
1Y
CMT
+
1.50%,
1.625%,
8/20/23
177
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
213,976
210
Government
National
Mortgage
Assn.,
TBA (10)
2.00%,
4/20/52
5,840,000
5,555
3.00%,
4/20/52
5,180,000
5,119
3.50%,
4/20/52
16,757,000
16,849
4.50%,
4/20/52
1,365,000
1,411
109,889
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$409,786)
400,440
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
8.1%
U.S.
Treasury
Obligations
8.1%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
8,565,000
6,740
U.S.
Treasury
Bonds,
1.375%,
8/15/50
7,165,000
5,519
U.S.
Treasury
Bonds,
1.75%,
8/15/41
10,070,000
8,722
U.S.
Treasury
Bonds,
1.875%,
2/15/41
6,945,000
6,179
U.S.
Treasury
Bonds,
1.875%,
2/15/51
14,435,000
12,604
U.S.
Treasury
Bonds,
2.00%,
2/15/50 (11)
23,200,000
20,873
U.S.
Treasury
Bonds,
2.00%,
8/15/51
4,495,000
4,049
U.S.
Treasury
Bonds,
2.25%,
2/15/52
2,715,000
2,600
U.S.
Treasury
Bonds,
2.375%,
5/15/51
3,665,000
3,590
U.S.
Treasury
Bonds,
2.50%,
2/15/46
2,975,000
2,911
U.S.
Treasury
Bonds,
2.75%,
8/15/47
16,080,000
16,648
U.S.
Treasury
Bonds,
2.875%,
8/15/45 (11)
4,185,000
4,359
U.S.
Treasury
Bonds,
3.00%,
11/15/44
2,990,000
3,166
U.S.
Treasury
Bonds,
3.00%,
5/15/45
10,640,000
11,298
U.S.
Treasury
Bonds,
3.00%,
11/15/45
11,185,000
11,922
U.S.
Treasury
Bonds,
3.00%,
2/15/47
1,150,000
1,237
U.S.
Treasury
Bonds,
3.00%,
2/15/48
2,000,000
2,176
U.S.
Treasury
Bonds,
3.00%,
8/15/48
3,905,000
4,258
U.S.
Treasury
Bonds,
7.25%,
8/15/22
100,000
102
U.S.
Treasury
Notes,
0.125%,
1/31/23
15,720,000
15,531
U.S.
Treasury
Notes,
0.25%,
6/15/23
19,995,000
19,601
U.S.
Treasury
Notes,
0.25%,
5/31/25
26,450,000
24,623
U.S.
Treasury
Notes,
0.375%,
4/30/25
19,895,000
18,630
U.S.
Treasury
Notes,
0.375%,
11/30/25
36,535,000
33,772
U.S.
Treasury
Notes,
0.625%,
5/15/30
16,700,000
14,558
U.S.
Treasury
Notes,
0.75%,
3/31/26
5,970,000
5,567
U.S.
Treasury
Notes,
0.75%,
8/31/26
7,815,000
7,244
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
1,075
U.S.
Treasury
Notes,
0.875%,
6/30/26
59,745,000
55,796
U.S.
Treasury
Notes,
0.875%,
11/15/30
7,500,000
6,643
U.S.
Treasury
Notes,
1.125%,
2/15/31
7,555,000
6,823
U.S.
Treasury
Notes,
1.25%,
8/15/31
30,010,000
27,281
U.S.
Treasury
Notes,
1.625%,
11/15/22
315,000
316
U.S.
Treasury
Notes,
1.625%,
5/15/31
3,070,000
2,891
U.S.
Treasury
Notes,
1.875%,
2/28/27
30,390,000
29,578
U.S.
Treasury
Notes,
1.875%,
2/15/32
10,105,000
9,702
408,584
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$428,996)
408,584
SHORT-TERM
INVESTMENTS
5.4%
Money
Market
Funds
5.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29% (2)(12)
269,394,110
269,394
Total
Short-Term
Investments
(Cost
$269,394)
269,394
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (2)(12)
21,435,176
21,435
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
21,435
Total
Securities
Lending
Collateral
(Cost
$21,435)
21,435
Total
Investments
in
Securities
104.2%
(Cost
$3,844,466)
$
5,239,280
Other
Assets
Less
Liabilities
(4.2)%
(211,408)
Net
Assets
100.0%
$
5,027,872
‡
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
$219,775
and
represents
4.4%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
T.
ROWE
PRICE
Balanced
Fund
35
.
.
.
.
.
.
.
.
.
.
(5)
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
$6,228
and
represents
0.1%
of
net
assets.
(6)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2022.
(7)
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)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$149,934
and
represents
3.0%
of
net
assets.
(11)
At
March
31,
2022,
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
SOFR
One
month
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
SOFR
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
T.
ROWE
PRICE
Balanced
Fund
36
.
.
.
.
.
.
.
.
.
.
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
PFA
Public
Finance
Authority/Agency
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-S38,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/27
41,200
674
586
88
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
88
Total
Centrally
Cleared
Swaps
88
Net
payments
(receipts)
of
variation
margin
to
date
(90)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(2)
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$3.
T.
ROWE
PRICE
Balanced
Fund
38
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
8
U.S.
Treasury
Long
Bond
contracts
6/22
1,201
$
15
Long,
419
U.S.
Treasury
Notes
five
year
contracts
6/22
48,054
(293)
Long,
65
U.S.
Treasury
Notes
ten
year
contracts
6/22
7,987
(243)
Long,
125
U.S.
Treasury
Notes
two
year
contracts
6/22
26,490
(368)
Long,
2
Ultra
U.S.
Treasury
Bonds
contracts
6/22
354
6
Short,
52
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/22
(7,044)
(27)
Net
payments
(receipts)
of
variation
margin
to
date
1,008
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
98
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
three
months
ended
March
31,
2022.
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,
7.18%
$
—
$
—
$
—
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
5.71%
—
(14,971)
—
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.29%
—
(353)
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
3,301
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
—
—
77
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—
—
—++
Totals
$
—#
$
(12,023)
$
77+
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
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.18%
$
16
$
—
$
—
$
16
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
5.71%
267,626
5,826
—
258,481
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.29%
62,060
—
—
61,707
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
96,146
7,000
—
106,447
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
16,951
¤
¤
21,435
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
306,936
¤
¤
269,394
Total
$
717,480^
#
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
$77
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
$696,660.
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
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
42
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
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.
T.
ROWE
PRICE
Balanced
Fund
43
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
March
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
1,431,624
$
—
$
1,431,624
Bond
Mutual
Funds
320,204
—
—
320,204
Common
Stocks
2,183,658
902,976
1,601
3,088,235
Convertible
Preferred
Stocks
—
902
1,039
1,941
Equity
Mutual
Funds
106,447
—
—
106,447
Short-Term
Investments
269,394
—
—
269,394
Securities
Lending
Collateral
21,435
—
—
21,435
Total
Securities
2,901,138
2,335,502
2,640
5,239,280
Swaps*
—
88
—
88
Futures
Contracts*
21
—
—
21
Total
$
2,901,159
$
2,335,590
$
2,640
$
5,239,389
Liabilities
Futures
Contracts*
$
931
$
—
$
—
$
931
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Balanced
Fund
45
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.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F68-054Q1
03/22