T.
ROWE
PRICE
Balanced
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.0%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-1,
Class
C
1.59%,
10/20/25
1,460,000
1,416
AmeriCredit
Automobile
Receivables
Trust
Series 2021-2,
Class
D
1.29%,
6/18/27
2,100,000
1,892
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-2A,
Class
B
3.55%,
9/22/25 (1)
1,165,000
1,106
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
313,681
294
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
3.648%,
4/15/35 (1)
2,195,000
2,136
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,205,000
1,062
Carvana
Auto
Receivables
Trust
Series 2021-P4,
Class
C
2.33%,
2/10/28
1,715,000
1,441
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
3.652%,
7/15/36 (1)
1,380,000
1,339
CNH
Equipment
Trust
Series 2019-C,
Class
B
2.35%,
4/15/27
2,575,000
2,508
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
661,500
575
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,221,400
1,033
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,528,450
1,202
Dryden
Series 2020-77A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
4.104%,
5/20/34 (1)
1,935,000
1,875
Elara
HGV
Timeshare
Issuer
Series 2017-A,
Class
A
2.69%,
3/25/30 (1)
178,348
172
Exeter
Automobile
Receivables
Trust
Series 2021-2A,
Class
C
0.98%,
6/15/26
895,000
862
T.
ROWE
PRICE
Balanced
Fund
1
T.
ROWE
PRICE
Balanced
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
915,000
878
Ford
Credit
Auto
Owner
Trust
Series 2020-2,
Class
C
1.74%,
4/15/33 (1)
1,665,000
1,461
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27
1,275,000
1,129
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.91%,
9/16/27
1,355,000
1,277
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
1,905,600
1,785
JPMorgan
Chase
Bank
Series 2021-2,
Class
C
0.969%,
12/26/28 (1)
406,955
390
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
3.618%,
10/15/32 (1)
1,205,000
1,182
MVW
Series 2019-2A,
Class
A
2.22%,
10/20/38 (1)
939,758
886
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
847,507
813
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
901,378
835
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
994,214
921
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
434,697
389
Navient
Private
Education
Refi
Loan
Trust
Series 2021-A,
Class
A
0.84%,
5/15/69 (1)
450,523
396
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
1,618,650
1,296
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
616,770
592
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
1,167,863
1,046
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)
2,305,847
1,965
Synchrony
Credit
Card
Master
Note
Trust
Series 2017-2,
Class
A
2.62%,
10/15/25
920,000
920
Total
Asset-Backed
Securities
(Cost
$40,480)
37,074
BOND
MUTUAL
FUNDS
5.3%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
1.24% (2)(3)
1,263
14
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.50% (2)(3)
29,009,676
207,999
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
1.24% (2)(3)
21,450
107
Total
Bond
Mutual
Funds
(Cost
$250,733)
208,120
COMMON
STOCKS
59.2%
COMMUNICATION
SERVICES
4.9%
Diversified
Telecommunication
Services
0.5%
KT
(KRW)
108,008
2,715
Nippon
Telegraph
&
Telephone
(JPY)
555,500
14,983
Verizon
Communications
61,056
2,319
20,017
Entertainment
0.5%
Activision
Blizzard
15,291
1,137
Netflix (4)
24,812
5,842
Sea,
ADR (4)
61,386
3,440
Spotify
Technology (4)
7,634
659
Walt
Disney (4)
91,945
8,673
19,751
Interactive
Media
&
Services
3.2%
Alphabet,
Class
A (4)
147,557
14,114
Alphabet,
Class
C (4)
837,590
80,534
Meta
Platforms,
Class
A (4)
160,416
21,765
NAVER
(KRW)
15,564
2,073
Tencent
Holdings
(HKD)
86,900
2,935
Z
Holdings
(JPY)
816,200
2,164
123,585
Media
0.3%
Charter
Communications,
Class
A (4)
1,403
426
Comcast,
Class
A
33,880
994
CyberAgent
(JPY)
382,000
3,216
T.
ROWE
PRICE
Balanced
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Stroeer
(EUR)
36,479
1,374
WPP
(GBP)
586,027
4,838
10,848
Wireless
Telecommunication
Services
0.4%
SoftBank
Group
(JPY)
57,300
1,942
T-Mobile
U.S. (4)
61,897
8,305
Vodafone
Group,
ADR
439,008
4,974
15,221
Total
Communication
Services
189,422
CONSUMER
DISCRETIONARY
7.0%
Auto
Components
0.4%
Aptiv (4)
2,035
159
Autoliv,
SDR
(SEK)
45,710
3,085
Denso
(JPY)
59,700
2,730
Magna
International
114,539
5,431
Stanley
Electric
(JPY)
115,700
1,816
Sumitomo
Rubber
Industries
(JPY) (5)
136,600
1,088
14,309
Automobiles
1.5%
Honda
Motor
(JPY)
75,400
1,637
Rivian
Automotive,
Class
A (4)
10,000
329
Suzuki
Motor
(JPY)
94,400
2,939
Tesla (4)
166,177
44,078
Toyota
Motor
(JPY)
747,400
9,769
58,752
Diversified
Consumer
Services
0.0%
Bright
Horizons
Family
Solutions (4)
10,400
600
600
Hotels,
Restaurants
&
Leisure
1.1%
Booking
Holdings (4)
2,631
4,323
Chipotle
Mexican
Grill (4)
5,033
7,563
Compass
Group
(GBP)
331,408
6,599
Hilton
Worldwide
Holdings
12,111
1,461
Las
Vegas
Sands (4)
22,246
835
Marriott
International,
Class
A
15,660
2,195
McDonald's
47,851
11,041
MGM
Resorts
International
25,595
761
Starbucks
24,360
2,053
Wynn
Resorts (4)
6,875
433
Yum!
Brands
36,779
3,911
41,175
T.
ROWE
PRICE
Balanced
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Household
Durables
0.3%
NVR (4)
216
861
Panasonic
Holdings
(JPY)
480,000
3,371
Persimmon
(GBP)
190,557
2,606
Sony
Group
(JPY)
77,800
5,011
11,849
Internet
&
Direct
Marketing
Retail
2.0%
Alibaba
Group
Holding,
ADR (4)
10,841
867
Amazon.com (4)
661,592
74,760
ASOS
(GBP) (4)
121,240
762
DoorDash,
Class
A (4)
20,365
1,007
Zalando
(EUR) (4)(5)
89,526
1,749
79,145
Multiline
Retail
0.4%
Dollar
General
50,744
12,172
Dollar
Tree (4)
6,550
891
Next
(GBP)
59,424
3,154
16,217
Specialty
Retail
0.8%
AutoZone (4)
699
1,497
Burlington
Stores (4)
5,441
609
Carvana (4)
45,056
915
Home
Depot
22,607
6,238
Kingfisher
(GBP)
1,828,916
4,452
Lowe's
11,049
2,075
O'Reilly
Automotive (4)
3,102
2,182
Ross
Stores
91,265
7,691
TJX
79,633
4,947
Ulta
Beauty (4)
1,995
800
31,406
Textiles,
Apparel
&
Luxury
Goods
0.5%
Dr.
Martens
(GBP)
546,849
1,340
Kering
(EUR)
8,854
3,927
Lululemon
Athletica (4)
11,591
3,240
Moncler
(EUR)
92,784
3,788
NIKE,
Class
B
71,746
5,963
Samsonite
International
(HKD) (4)
921,300
2,210
20,468
Total
Consumer
Discretionary
273,921
CONSUMER
STAPLES
4.3%
Beverages
1.0%
Coca-Cola
121,357
6,798
T.
ROWE
PRICE
Balanced
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Constellation
Brands,
Class
A
11,941
2,743
Diageo
(GBP)
168,467
7,091
Keurig
Dr
Pepper
280,013
10,030
Kirin
Holdings
(JPY)
179,800
2,770
Monster
Beverage (4)
57,994
5,043
PepsiCo
25,045
4,089
38,564
Food
&
Staples
Retailing
0.7%
Costco
Wholesale
9,170
4,331
Seven
&
i
Holdings
(JPY)
174,800
7,022
Walmart
107,790
13,980
Welcia
Holdings
(JPY)
70,000
1,477
26,810
Food
Products
1.1%
Barry
Callebaut
(CHF)
1,917
3,614
Conagra
Brands
22,283
727
Darling
Ingredients (4)
8,467
560
Mondelez
International,
Class
A
158,486
8,690
Nestle
(CHF)
227,932
24,653
Wilmar
International
(SGD)
2,090,100
5,560
43,804
Household
Products
0.4%
Colgate-Palmolive
5,000
351
Kimberly-Clark
6,475
729
Procter
&
Gamble
100,761
12,721
13,801
Personal
Products
0.6%
Estee
Lauder,
Class
A
7,191
1,553
Haleon,
ADR (4)
149,907
913
L'Oreal
(EUR)
20,862
6,670
Pola
Orbis
Holdings
(JPY)
53,200
601
Unilever
(GBP)
285,197
12,531
22,268
Tobacco
0.5%
Altria
Group
30,888
1,247
Philip
Morris
International
204,310
16,960
18,207
Total
Consumer
Staples
163,454
ENERGY
2.0%
Energy
Equipment
&
Services
0.1%
Halliburton
71,664
1,765
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Worley
(AUD)
495,076
4,036
5,801
Oil,
Gas
&
Consumable
Fuels
1.9%
Chevron
32,835
4,717
ConocoPhillips
44,717
4,576
EOG
Resources
17,863
1,996
Equinor
(NOK)
355,889
11,737
Exxon
Mobil
221,013
19,297
Hess
11,846
1,291
Marathon
Petroleum
16,993
1,688
Pioneer
Natural
Resources
4,497
974
Shell,
ADR
101,724
5,062
TC
Energy
95,872
3,863
TotalEnergies
(EUR) (5)
339,545
15,929
TotalEnergies,
ADR
45,572
2,120
Williams
54,650
1,565
Woodside
Energy
Group
(GBP)
40,666
828
75,643
Total
Energy
81,444
FINANCIALS
7.9%
Banks
2.9%
Australia
&
New
Zealand
Banking
Group
(AUD)
243,365
3,563
Bank
of
America
671,137
20,268
BNP
Paribas
(EUR)
95,515
4,034
Citigroup
16,300
679
Citizens
Financial
Group
8,500
292
Close
Brothers
Group
(GBP)
83,733
862
DBS
Group
Holdings
(SGD)
152,300
3,523
DNB
Bank
(NOK)
441,225
7,001
Erste
Group
Bank
(EUR)
69,891
1,532
Fifth
Third
Bancorp
53,181
1,700
First
Republic
Bank
9,314
1,216
Huntington
Bancshares
175,651
2,315
ING
Groep
(EUR)
831,254
7,123
Intesa
Sanpaolo
(EUR)
1,192,833
1,972
JPMorgan
Chase
60,025
6,273
Lloyds
Banking
Group
(GBP)
7,648,194
3,457
Mitsubishi
UFJ
Financial
Group
(JPY)
724,500
3,282
National
Bank
of
Canada
(CAD) (5)
116,737
7,317
Signature
Bank
6,212
938
Standard
Chartered
(GBP)
347,337
2,172
Sumitomo
Mitsui
Trust
Holdings
(JPY)
83,854
2,385
SVB
Financial
Group (4)
2,400
806
Svenska
Handelsbanken,
Class
A
(SEK)
600,734
4,931
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Bancorp
7,200
290
United
Overseas
Bank
(SGD)
310,200
5,619
Wells
Fargo
507,772
20,423
113,973
Capital
Markets
1.1%
Ares
Management,
Class
A
4,700
291
Bank
of
New
York
Mellon
16,802
647
Blue
Owl
Capital
25,900
239
Bridgepoint
Group
(GBP)
485,036
1,006
Charles
Schwab
108,439
7,794
CME
Group
6,911
1,224
Goldman
Sachs
Group
31,566
9,250
Intercontinental
Exchange
18,200
1,644
Invesco
19,190
263
Julius
Baer
Group
(CHF)
90,695
3,958
Macquarie
Group
(AUD)
35,607
3,474
Morgan
Stanley
13,131
1,037
MSCI
4,587
1,935
S&P
Global
18,241
5,570
State
Street
16,047
976
XP,
Class
A (4)
106,240
2,020
41,328
Consumer
Finance
0.0%
American
Express
13,633
1,839
1,839
Diversified
Financial
Services
0.6%
Apollo
Global
Management
11,534
536
Berkshire
Hathaway,
Class
B (4)
27,280
7,284
Challenger
(AUD)
402,052
1,506
Corebridge
Financial (4)
89,974
1,772
Element
Fleet
Management
(CAD)
535,071
6,314
Equitable
Holdings
54,194
1,428
Housing
Development
Finance
(INR)
139,538
3,894
Mitsubishi
HC
Capital
(JPY)
451,000
1,939
Voya
Financial
12,989
786
25,459
Insurance
3.3%
AIA
Group
(HKD)
240,800
2,005
Allstate
9,700
1,208
American
International
Group
125,911
5,978
Assurant
8,850
1,286
AXA
(EUR)
451,802
9,864
Chubb
107,175
19,493
Definity
Financial
(CAD)
44,753
1,258
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Direct
Line
Insurance
Group
(GBP)
810,258
1,672
Hartford
Financial
Services
Group
76,430
4,734
Manulife
Financial
(CAD)
230,334
3,615
Marsh
&
McLennan
23,091
3,447
MetLife
115,150
6,999
Munich
Re
(EUR)
47,016
11,318
PICC
Property
&
Casualty,
Class
H
(HKD)
3,862,000
3,994
Ping
An
Insurance
Group,
Class
H
(HKD)
299,000
1,492
Progressive
73,963
8,595
RenaissanceRe
Holdings
13,192
1,852
Sampo,
Class
A
(EUR)
166,519
7,109
Storebrand
(NOK)
603,274
4,176
Sun
Life
Financial
(CAD)
172,218
6,848
Tokio
Marine
Holdings
(JPY)
391,200
6,953
Travelers
58,287
8,929
Zurich
Insurance
Group
(CHF)
18,101
7,216
130,041
Total
Financials
312,640
HEALTH
CARE
10.0%
Biotechnology
0.7%
AbbVie
112,444
15,091
Amgen
4,274
963
Biogen (4)
5,735
1,531
Genmab
(DKK) (4)
6,552
2,108
Moderna (4)
12,592
1,489
Regeneron
Pharmaceuticals (4)
4,984
3,433
Vertex
Pharmaceuticals (4)
6,336
1,835
26,450
Health
Care
Equipment
&
Supplies
2.0%
Abbott
Laboratories
76,857
7,437
Alcon
(CHF)
37,201
2,161
Align
Technology (4)
3,194
662
Becton
Dickinson
&
Company
115,336
25,700
Cooper
1,716
453
Dexcom (4)
16,457
1,326
Elekta,
Class
B
(SEK)
427,742
2,173
EssilorLuxottica
(EUR)
35,288
4,796
Intuitive
Surgical (4)
52,966
9,928
Koninklijke
Philips
(EUR)
239,538
3,688
Medtronic
17,342
1,400
Siemens
Healthineers
(EUR)
126,533
5,428
STERIS
4,471
743
Stryker
46,709
9,460
Teleflex
4,891
985
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zimmer
Biomet
Holdings
13,729
1,435
77,775
Health
Care
Providers
&
Services
2.5%
Centene (4)
147,718
11,494
Cigna
14,363
3,985
CVS
Health
16,296
1,554
Elevance
Health
54,291
24,661
Fresenius
(EUR)
146,154
3,115
HCA
Healthcare
21,841
4,014
Humana
14,587
7,078
McKesson
1,280
435
Molina
Healthcare (4)
4,100
1,352
UnitedHealth
Group
78,555
39,674
97,362
Health
Care
Technology
0.0%
Veeva
Systems,
Class
A (4)
11,290
1,862
1,862
Life
Sciences
Tools
&
Services
1.1%
Agilent
Technologies
9,915
1,205
Charles
River
Laboratories
International (4)
1,700
335
Danaher
79,977
20,657
Evotec
(EUR) (4)
80,485
1,399
Illumina (4)
1,600
305
PerkinElmer
19,229
2,314
Thermo
Fisher
Scientific
32,183
16,323
West
Pharmaceutical
Services
1,446
356
42,894
Pharmaceuticals
3.7%
Astellas
Pharma
(JPY)
618,500
8,194
AstraZeneca,
ADR
396,573
21,748
Bayer
(EUR)
125,950
5,803
Bristol-Myers
Squibb
8,148
579
Elanco
Animal
Health (4)
106,800
1,325
Eli
Lilly
61,346
19,836
GSK,
ADR
113,425
3,338
Ipsen
(EUR)
16,577
1,534
Johnson
&
Johnson
132,915
21,713
Merck
24,468
2,107
Novartis
(CHF)
148,561
11,326
Otsuka
Holdings
(JPY)
117,600
3,724
Pfizer
64,573
2,826
Roche
Holding
(CHF)
48,748
15,869
Sanofi
(EUR)
152,166
11,587
Sanofi,
ADR
85,903
3,266
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Viatris
127,580
1,087
Zoetis
44,957
6,667
142,529
Total
Health
Care
388,872
INDUSTRIALS
&
BUSINESS
SERVICES
4.8%
Aerospace
&
Defense
0.6%
Boeing (4)
16,247
1,967
L3Harris
Technologies
53,038
11,023
Northrop
Grumman
13,834
6,506
Raytheon
Technologies
2,300
188
Safran
(EUR)
36,531
3,324
Textron
15,061
878
TransDigm
Group
695
365
24,251
Air
Freight
&
Logistics
0.1%
FedEx
6,411
952
United
Parcel
Service,
Class
B
7,418
1,198
2,150
Airlines
0.0%
Southwest
Airlines (4)
34,971
1,078
United
Airlines
Holdings (4)
13,610
443
1,521
Building
Products
0.1%
Trane
Technologies
14,662
2,123
2,123
Commercial
Services
&
Supplies
0.2%
Cintas
2,208
857
Republic
Services
32,333
4,399
Waste
Connections
14,755
1,994
7,250
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings (4)
17,755
716
716
Electrical
Equipment
0.9%
ABB
(CHF)
261,221
6,745
AMETEK
1,922
218
Eaton
51,822
6,911
Generac
Holdings (4)
5,200
926
Hubbell
26,489
5,907
Legrand
(EUR)
70,908
4,585
Mitsubishi
Electric
(JPY)
599,800
5,427
Prysmian
(EUR)
156,697
4,488
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Rockwell
Automation
4,792
1,031
36,238
Industrial
Conglomerates
1.3%
DCC
(GBP)
50,158
2,605
General
Electric
227,073
14,058
Honeywell
International
50,297
8,398
Melrose
Industries
(GBP)
2,880,264
3,221
Roper
Technologies
14,705
5,288
Siemens
(EUR)
164,868
16,115
49,685
Machinery
0.4%
Cummins
11,027
2,244
Fortive
12,320
718
Ingersoll
Rand
70,949
3,069
KION
Group
(EUR)
83,382
1,597
Otis
Worldwide
13,946
890
PACCAR
20,427
1,710
SMC
(JPY)
4,400
1,791
Stanley
Black
&
Decker
12,305
925
THK
(JPY)
92,600
1,599
14,543
Professional
Services
0.4%
CoStar
Group (4)
12,973
904
Recruit
Holdings
(JPY)
143,900
4,145
TechnoPro
Holdings
(JPY)
181,800
3,873
Teleperformance
(EUR)
16,612
4,214
TransUnion
18,447
1,097
14,233
Road
&
Rail
0.4%
Canadian
Pacific
Railway
19,732
1,317
Central
Japan
Railway
(JPY)
26,700
3,134
CSX
243,261
6,480
JB
Hunt
Transport
Services
4,700
735
Norfolk
Southern
7,635
1,601
Old
Dominion
Freight
Line
7,648
1,903
Saia (4)
3,496
664
Union
Pacific
2,709
528
16,362
Trading
Companies
&
Distributors
0.4%
Ashtead
Group
(GBP)
112,334
5,045
Bunzl
(GBP)
97,188
2,969
Mitsubishi
(JPY)
137,400
3,758
Sumitomo
(JPY)
300,100
3,708
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
United
Rentals (4)
4,945
1,336
16,816
Total
Industrials
&
Business
Services
185,888
INFORMATION
TECHNOLOGY
12.6%
Communications
Equipment
0.3%
Arista
Networks (4)
9,390
1,060
Cisco
Systems
34,974
1,399
LM
Ericsson,
Class
B
(SEK) (5)
878,457
5,135
Motorola
Solutions
19,847
4,445
12,039
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol,
Class
A
493
33
Corning
6,507
189
Hamamatsu
Photonics
(JPY)
81,000
3,472
Largan
Precision
(TWD)
22,000
1,153
Murata
Manufacturing
(JPY)
92,200
4,244
Omron
(JPY)
41,000
1,878
TE
Connectivity
10,098
1,114
Teledyne
Technologies (4)
5,422
1,830
13,913
IT
Services
2.1%
Accenture,
Class
A
20,118
5,176
Adyen
(EUR) (4)
1,676
2,090
Affirm
Holdings (4)
24,172
454
Amadeus
IT
Group
(EUR) (4)
54,044
2,506
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,137 (4)(6)(7)
298,203
588
Block (4)
28,696
1,578
Cognizant
Technology
Solutions,
Class
A
8,306
477
Fiserv (4)
118,894
11,125
FleetCor
Technologies (4)
15,536
2,737
Global
Payments
23,265
2,514
Mastercard,
Class
A
58,804
16,720
MongoDB (4)
12,345
2,451
NTT
Data
(JPY)
561,600
7,254
PayPal
Holdings (4)
17,194
1,480
Shopify,
Class
A (4)
61,110
1,646
Snowflake,
Class
A (4)
7,726
1,313
Visa,
Class
A
127,293
22,614
82,723
Semiconductors
&
Semiconductor
Equipment
2.8%
Advanced
Micro
Devices (4)
115,295
7,305
Analog
Devices
3,535
492
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASML
Holding
(EUR)
20,711
8,580
ASML
Holding
11,770
4,889
Broadcom
36,710
16,300
KLA
32,964
9,976
Lam
Research
1,400
512
Marvell
Technology
67,139
2,881
Monolithic
Power
Systems
8,208
2,983
NVIDIA
149,520
18,150
NXP
Semiconductors
42,717
6,301
ON
Semiconductor (4)
24,659
1,537
QUALCOMM
56,862
6,424
Renesas
Electronics
(JPY) (4)
238,900
2,003
Taiwan
Semiconductor
Manufacturing
(TWD)
978,969
12,977
Taiwan
Semiconductor
Manufacturing,
ADR
22,172
1,520
Texas
Instruments
23,247
3,598
Tokyo
Electron
(JPY)
13,900
3,425
109,853
Software
4.4%
Adobe (4)
7,713
2,123
Atlassian,
Class
A (4)
15,351
3,233
Bill.com
Holdings (4)
20,969
2,776
Black
Knight (4)
8,543
553
Cadence
Design
Systems (4)
6,700
1,095
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $668 (4)(6)(7)
392
374
Confluent,
Class
A (4)
25,360
603
Crowdstrike
Holdings,
Class
A (4)
6,445
1,062
Datadog,
Class
A (4)
12,197
1,083
Descartes
Systems
Group (4)
8,000
508
Fortinet (4)
48,546
2,385
Gusto,
Acquisition
Date:
10/4/21,
Cost $216 (4)(6)(7)
7,517
142
HashiCorp,
Class
A (4)
5,659
182
Intuit
28,602
11,078
Microsoft
453,896
105,712
NortonLifeLock
26,100
526
Paycom
Software (4)
1,670
551
Salesforce (4)
48,396
6,961
SAP
(EUR)
77,257
6,296
ServiceNow (4)
32,825
12,395
Synopsys (4)
30,499
9,318
Workday,
Class
A (4)
3,588
546
Zoom
Video
Communications,
Class
A (4)
6,132
451
169,953
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple
673,976
93,143
Pure
Storage,
Class
A (4)
19,200
526
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Samsung
Electronics
(KRW)
204,001
7,491
101,160
Total
Information
Technology
489,641
MATERIALS
2.1%
Chemicals
1.2%
Air
Liquide
(EUR)
43,556
4,978
Air
Products
&
Chemicals
6,420
1,494
Akzo
Nobel
(EUR)
67,314
3,815
Asahi
Kasei
(JPY) (5)
473,100
3,135
BASF
(EUR)
77,850
2,988
CF
Industries
Holdings
8,366
805
Corteva
10,300
589
Covestro
(EUR)
89,632
2,563
FMC
5,600
592
Johnson
Matthey
(GBP)
163,378
3,298
Linde
25,669
6,920
Nutrien
84,217
7,022
PPG
Industries
2,200
244
RPM
International
11,910
992
Sherwin-Williams
22,176
4,541
Tosoh
(JPY) (5)
39,200
437
Umicore
(EUR)
85,936
2,523
46,936
Construction
Materials
0.0%
Vulcan
Materials
5,005
789
789
Containers
&
Packaging
0.2%
Amcor,
CDI
(AUD)
245,293
2,633
Avery
Dennison
6,790
1,105
Ball
11,779
569
International
Paper
12,765
404
Packaging
Corp.
of
America
6,448
724
Sealed
Air
21,787
970
Westrock
8,213
254
6,659
Metals
&
Mining
0.6%
Antofagasta
(GBP)
280,967
3,443
BHP
Group
(AUD)
78,349
1,947
BHP
Group
(GBP)
209,631
5,220
IGO
(AUD)
1,137,578
10,007
Rio
Tinto
(AUD)
27,007
1,634
South32
(AUD)
1,276,922
3,031
25,282
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
316,637
4,022
West
Fraser
Timber
3,100
225
4,247
Total
Materials
83,913
REAL
ESTATE
1.0%
Equity
Real
Estate
Investment
Trusts
0.8%
Alexandria
Real
Estate
Equities,
REIT
3,461
485
American
Homes
4
Rent,
Class
A,
REIT
7,200
236
American
Tower,
REIT
6,348
1,363
AvalonBay
Communities,
REIT
12,768
2,352
Camden
Property
Trust,
REIT
1,800
215
Equinix,
REIT
3,233
1,839
Equity
LifeStyle
Properties,
REIT
5,956
374
Equity
Residential,
REIT
21,150
1,422
Essex
Property
Trust,
REIT
3,290
797
Extra
Space
Storage,
REIT
4,600
794
Great
Portland
Estates
(GBP)
411,253
2,005
Prologis,
REIT
81,015
8,231
Public
Storage,
REIT
3,886
1,138
Rexford
Industrial
Realty,
REIT
11,653
606
SBA
Communications,
REIT
12,738
3,626
Scentre
Group
(AUD)
1,683,720
2,751
Simon
Property
Group,
REIT
10,235
919
Sun
Communities,
REIT
890
120
Welltower,
REIT
15,810
1,017
Weyerhaeuser,
REIT
59,800
1,708
31,998
Real
Estate
Management
&
Development
0.2%
Mitsui
Fudosan
(JPY)
320,700
6,109
Opendoor
Technologies,
Class
A (4)
119,460
372
6,481
Total
Real
Estate
38,479
UTILITIES
2.6%
Electric
Utilities
1.2%
American
Electric
Power
79,863
6,904
Duke
Energy
13,194
1,227
Exelon
105,503
3,952
FirstEnergy
24,400
903
NextEra
Energy
57,140
4,480
PG&E (4)
142,155
1,777
Southern
327,228
22,252
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Xcel
Energy
57,394
3,673
45,168
Gas
Utilities
0.0%
Beijing
Enterprises
Holdings
(HKD)
479,000
1,342
1,342
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY) (5)
188,000
2,659
2,659
Multi-Utilities
1.3%
Ameren
62,455
5,031
CMS
Energy
8,959
522
Dominion
Energy
217,302
15,017
DTE
Energy
22,955
2,641
Engie
(EUR)
636,234
7,323
National
Grid
(GBP)
473,262
4,872
NiSource
57,972
1,460
Sempra
Energy
70,928
10,635
WEC
Energy
Group
20,576
1,840
49,341
Total
Utilities
98,510
Total
Common
Stocks
(Cost
$1,597,982)
2,306,184
CONVERTIBLE
PREFERRED
STOCKS
0.0%
INFORMATION
TECHNOLOGY
0.0%
Software
0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $43 (4)(6)(7)
25
24
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (4)(6)(7)
2
2
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $229 (4)(6)(7)
3,879
215
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (4)(6)
(7)
8,505
470
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (4)(6)(7)
10,431
196
Total
Information
Technology
907
Total
Convertible
Preferred
Stocks
(Cost
$1,217)
907
CORPORATE
BONDS
8.6%
Abbott
Laboratories,
3.40%,
11/30/23
1,281,000
1,266
AbbVie,
2.95%,
11/21/26
920,000
842
AbbVie,
3.20%,
5/14/26
420,000
393
AbbVie,
4.50%,
5/14/35
1,900,000
1,691
AbbVie,
4.70%,
5/14/45
915,000
776
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ABN
AMRO
Bank,
4.75%,
7/28/25 (1)
940,000
901
AerCap
Ireland
Capital,
2.45%,
10/29/26
935,000
795
AerCap
Ireland
Capital,
4.125%,
7/3/23
1,945,000
1,923
AerCap
Ireland
Capital,
6.50%,
7/15/25
365,000
365
AHS
Hospital,
5.024%,
7/1/45
1,600,000
1,524
AIA
Group,
3.20%,
3/11/25 (1)
1,020,000
981
Air
Lease,
2.20%,
1/15/27
545,000
461
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000
1,046
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
655,000
622
Alfa
SAB
de
CV,
5.25%,
3/25/24 (1)
395,000
394
Allstate,
5.55%,
5/9/35
1,000,000
1,004
Ally
Financial,
2.20%,
11/2/28
700,000
541
Altria
Group,
2.35%,
5/6/25
415,000
386
Amazon.com,
2.80%,
8/22/24
1,055,000
1,022
Amazon.com,
3.875%,
8/22/37
1,645,000
1,428
America
Movil
SAB
de
CV,
2.875%,
5/7/30
2,525,000
2,124
America
Movil
SAB
de
CV,
6.375%,
3/1/35
300,000
314
American
Airlines
PTT,
Series 2014-1,
Class
A,
3.70%,
10/1/26
774,377
656
American
Airlines
PTT,
Series 2016-1,
Class
B,
5.25%,
1/15/24
1,252,392
1,187
American
Honda
Finance,
0.75%,
8/9/24
2,335,000
2,170
American
Tower,
1.45%,
9/15/26
2,975,000
2,537
Amgen,
2.77%,
9/1/53
447,000
261
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
2,120,000
1,983
APA
Infrastructure,
4.25%,
7/15/27 (1)
620,000
575
Appalachian
Power,
4.45%,
6/1/45
2,450,000
1,951
Apple,
1.65%,
5/11/30
2,345,000
1,883
AT&T,
2.25%,
2/1/32
1,400,000
1,059
AT&T,
3.50%,
6/1/41
680,000
490
Atmos
Energy,
4.15%,
1/15/43
1,500,000
1,214
Ausgrid
Finance,
3.85%,
5/1/23 (1)
1,705,000
1,692
AutoZone,
3.125%,
4/21/26
650,000
612
Baidu,
3.875%,
9/29/23
2,000,000
1,969
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
1,750,000
1,728
Banco
Santander,
3.125%,
2/23/23
1,000,000
993
Banco
Santander,
3.49%,
5/28/30
200,000
161
Banco
Santander,
3.848%,
4/12/23
2,000,000
1,987
Banco
Santander
Chile,
2.70%,
1/10/25 (1)
1,322,000
1,236
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,110,000
1,081
Bank
of
America,
4.20%,
8/26/24
600,000
589
Bank
of
America,
6.11%,
1/29/37
900,000
869
Bank
of
America,
6.75%,
6/1/28
700,000
730
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
2,240,000
1,670
Bank
of
America,
VR,
2.676%,
6/19/41 (8)
3,450,000
2,222
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (8)
2,325,000
1,809
Bank
of
Montreal,
2.65%,
3/8/27
2,035,000
1,812
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Banner
Health,
1.897%,
1/1/31
670,000
526
Barclays,
VR,
2.852%,
5/7/26 (8)
1,880,000
1,706
BAT
Capital,
4.39%,
8/15/37
1,385,000
992
Baylor
Scott
&
White
Holdings,
3.967%,
11/15/46
1,850,000
1,543
Becton
Dickinson
&
Company,
2.823%,
5/20/30
1,380,000
1,148
Becton
Dickinson
&
Company,
3.70%,
6/6/27
1,956,000
1,820
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
1,350,000
1,228
BNP
Paribas,
VR,
2.219%,
6/9/26 (1)(8)
1,315,000
1,180
BNP
Paribas,
VR,
2.871%,
4/19/32 (1)(8)
3,100,000
2,343
Boardwalk
Pipelines,
4.45%,
7/15/27
385,000
356
Boardwalk
Pipelines,
4.95%,
12/15/24
780,000
772
Booking
Holdings,
3.65%,
3/15/25
1,515,000
1,470
Boral
Finance,
3.00%,
11/1/22 (1)
220,000
220
Boston
Properties,
3.125%,
9/1/23
625,000
613
Boston
Properties,
3.65%,
2/1/26
1,165,000
1,097
BPCE,
4.00%,
9/12/23 (1)
1,350,000
1,335
BPCE,
4.50%,
3/15/25 (1)
1,000,000
948
BPCE,
5.70%,
10/22/23 (1)
1,700,000
1,691
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,110,000
959
Brixmor
Operating
Partnership,
3.90%,
3/15/27
565,000
516
Brixmor
Operating
Partnership,
4.125%,
6/15/26
1,220,000
1,142
Burlington
Northern
Santa
Fe,
4.375%,
9/1/42
1,400,000
1,198
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37
650,000
687
Camden
Property
Trust,
2.95%,
12/15/22
565,000
564
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000
474
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000
362
Canadian
Natural
Resources,
2.95%,
7/15/30
1,700,000
1,396
Canadian
Pacific
Railway,
1.75%,
12/2/26
930,000
813
Capital
One
Financial,
3.65%,
5/11/27
1,215,000
1,115
Cardinal
Health,
3.41%,
6/15/27
1,570,000
1,450
Cardinal
Health,
3.75%,
9/15/25
1,005,000
970
Carvana,
10.25%,
5/1/30 (1)
1,225,000
805
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
505,000
415
Charter
Communications
Operating,
3.70%,
4/1/51
1,425,000
859
Charter
Communications
Operating,
4.908%,
7/23/25
2,465,000
2,406
Chevron,
1.995%,
5/11/27
1,155,000
1,024
Cigna,
3.00%,
7/15/23
810,000
800
Cigna,
3.75%,
7/15/23
1,252,000
1,242
Citigroup,
VR,
2.976%,
11/5/30 (8)
2,750,000
2,271
Citigroup,
VR,
4.075%,
4/23/29 (8)
2,000,000
1,812
CMS
Energy,
4.70%,
3/31/43
840,000
681
CMS
Energy,
4.875%,
3/1/44
1,200,000
1,042
CNO
Global
Funding,
2.65%,
1/6/29 (1)
3,255,000
2,706
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000
2,046
Comcast,
4.15%,
10/15/28
2,455,000
2,320
CommonSpirit
Health,
2.76%,
10/1/24
960,000
914
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CommonSpirit
Health,
2.782%,
10/1/30
755,000
601
Corebridge
Financial,
4.40%,
4/5/52 (1)
4,505,000
3,419
Cox
Communications,
2.95%,
10/1/50 (1)
2,775,000
1,611
Credit
Agricole,
3.75%,
4/24/23 (1)
2,125,000
2,113
Credit
Suisse
Group,
VR,
2.593%,
9/11/25 (1)(8)
2,095,000
1,904
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(8)
1,385,000
1,375
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000
2,408
Crown
Castle,
2.25%,
1/15/31
1,440,000
1,101
Crown
Castle,
2.90%,
3/15/27
735,000
649
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
485,000
463
CVS
Health,
1.875%,
2/28/31
1,745,000
1,324
CVS
Health,
2.70%,
8/21/40
660,000
433
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27 (1)
2,155,000
1,970
Danone,
2.947%,
11/2/26 (1)
1,925,000
1,780
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(8)
2,940,000
2,733
Delta
Air
Lines,
3.80%,
4/19/23
168,000
166
Discover
Bank,
2.70%,
2/6/30
2,000,000
1,565
Discover
Financial
Services,
3.75%,
3/4/25
590,000
564
Duke
Energy,
2.65%,
9/1/26
640,000
581
Duke
Energy,
3.75%,
9/1/46
500,000
354
Eaton
Vance,
3.625%,
6/15/23
750,000
745
Elevance
Health,
4.65%,
1/15/43
915,000
791
Enbridge,
4.00%,
10/1/23
690,000
683
Enbridge,
4.25%,
12/1/26
590,000
562
Enbridge
Energy
Partners,
5.50%,
9/15/40
245,000
224
Energy
Transfer,
3.75%,
5/15/30
765,000
651
Energy
Transfer,
5.25%,
4/15/29
1,225,000
1,153
Eni,
Series X-R,
4.00%,
9/12/23 (1)
780,000
770
EOG
Resources,
2.625%,
3/15/23
500,000
496
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
780,000
703
Equitable
Holdings,
3.90%,
4/20/23
478,000
475
ERAC
USA
Finance,
3.85%,
11/15/24 (1)
435,000��
421
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000
394
Essex
Portfolio,
2.65%,
3/15/32
1,430,000
1,108
Federal
Realty
Investment
Trust,
2.75%,
6/1/23
1,500,000
1,487
Fidelity
National
Financial,
4.50%,
8/15/28
2,065,000
1,951
First
American
Financial,
4.60%,
11/15/24
415,000
409
FirstEnergy
Transmission,
4.35%,
1/15/25 (1)
1,310,000
1,266
Fiserv,
3.20%,
7/1/26
1,100,000
1,013
GATX,
4.35%,
2/15/24
2,105,000
2,072
GE
Capital
International
Funding,
4.418%,
11/15/35
1,189,000
1,063
General
Motors,
4.00%,
4/1/25
1,120,000
1,075
General
Motors
Financial,
2.40%,
4/10/28
3,205,000
2,563
George
Washington
University,
Series 2014,
4.30%,
9/15/44
975,000
822
Goldman
Sachs
Group,
6.75%,
10/1/37
700,000
698
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (8)
1,300,000
1,009
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (8)
1,710,000
1,101
Hasbro,
3.00%,
11/19/24
1,550,000
1,486
Hasbro,
3.55%,
11/19/26
1,760,000
1,624
HCA,
4.125%,
6/15/29
1,895,000
1,677
HCA,
4.375%,
3/15/42 (1)
775,000
577
Healthcare
Realty
Holdings,
3.625%,
1/15/28
1,075,000
949
Healthpeak
Properties,
2.125%,
12/1/28
655,000
540
Healthpeak
Properties,
2.875%,
1/15/31
360,000
293
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (1)
1,800,000
1,657
HSBC
Bank
USA,
5.875%,
11/1/34
950,000
883
Humana,
2.15%,
2/3/32
1,145,000
865
Humana,
3.70%,
3/23/29
1,120,000
1,004
Hyatt
Hotels,
3.375%,
7/15/23
275,000
272
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000
1,939
Iberdrola
International,
6.75%,
9/15/33
1,000,000
1,058
Illinois
Tool
Works,
3.90%,
9/1/42
1,200,000
984
Interpublic
Group,
4.20%,
4/15/24
293,000
289
Intesa
Sanpaolo,
3.375%,
1/12/23 (1)
660,000
656
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
3,430,000
3,154
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000
1,834
John
Deere
Capital,
2.125%,
3/7/25
1,955,000
1,841
JPMorgan
Chase,
3.375%,
5/1/23
1,080,000
1,073
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (8)
3,820,000
3,037
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (8)
1,875,000
1,856
Kansas
City
Southern,
3.50%,
5/1/50
1,695,000
1,194
Kilroy
Realty,
3.45%,
12/15/24
1,350,000
1,291
Kilroy
Realty,
4.375%,
10/1/25
480,000
462
L3Harris
Technologies,
3.832%,
4/27/25
570,000
552
Liberty
Mutual
Group,
4.25%,
6/15/23 (1)
410,000
406
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,700,000
1,400
M&T
Bank,
3.55%,
7/26/23
2,740,000
2,720
Manufacturers
&
Traders
Trust,
3.40%,
8/17/27
250,000
225
Marsh
&
McLennan,
3.50%,
6/3/24
3,060,000
2,989
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47
1,500,000
1,241
McDonald's,
1.45%,
9/1/25
940,000
853
MedStar
Health,
Series 20A,
3.626%,
8/15/49
905,000
691
Micron
Technology,
4.185%,
2/15/27
880,000
821
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000
2,437
Mississippi
Power,
3.95%,
3/30/28
1,435,000
1,319
Mitsubishi
UFJ
Financial
Group,
2.193%,
2/25/25
2,200,000
2,039
Moody's,
2.00%,
8/19/31
2,195,000
1,676
Morgan
Stanley,
4.30%,
1/27/45
1,150,000
914
Morgan
Stanley,
6.25%,
8/9/26
755,000
772
Morgan
Stanley,
VR,
3.971%,
7/22/38 (8)
1,445,000
1,155
NatWest
Markets,
2.375%,
5/21/23 (1)
3,370,000
3,307
New
York
Life
Global
Funding,
1.10%,
5/5/23 (1)
600,000
589
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
1,895,000
1,429
NiSource,
3.49%,
5/15/27
1,730,000
1,593
NiSource,
3.95%,
3/30/48
1,775,000
1,318
Nordea
Bank,
1.00%,
6/9/23 (1)
820,000
803
NSTAR
Electric,
2.375%,
10/15/22
565,000
565
Nucor,
2.70%,
6/1/30
455,000
373
Nucor,
3.95%,
5/1/28
2,140,000
1,982
Nutrien,
4.00%,
12/15/26
830,000
799
Omnicom
Group,
3.60%,
4/15/26
830,000
787
O'Reilly
Automotive,
3.60%,
9/1/27
1,825,000
1,692
PACCAR
Financial,
0.90%,
11/8/24
2,875,000
2,658
Pacific
Gas
&
Electric,
2.10%,
8/1/27
1,340,000
1,086
Packaging
Corp.
of
America,
3.65%,
9/15/24
785,000
769
PayPal
Holdings,
2.40%,
10/1/24
2,720,000
2,599
Perrigo
Finance
Unlimited,
4.40%,
6/15/30
1,510,000
1,246
Pioneer
Natural
Resources,
1.125%,
1/15/26
755,000
658
PNC
Bank,
3.50%,
6/8/23
1,330,000
1,320
PPL
Capital
Funding,
3.10%,
5/15/26
2,200,000
2,030
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (1)
2,650,000
2,620
Principal
Financial
Group,
3.40%,
5/15/25
2,460,000
2,363
Protective
Life
Global
Funding,
1.082%,
6/9/23 (1)
780,000
761
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
1,310,000
1,307
Public
Storage,
1.95%,
11/9/28
1,210,000
1,007
QUALCOMM,
3.25%,
5/20/27
1,120,000
1,041
QVC,
4.45%,
2/15/25
140,000
120
QVC,
4.85%,
4/1/24
1,645,000
1,548
Realty
Income,
3.10%,
12/15/29
2,130,000
1,830
Realty
Income,
3.95%,
8/15/27
1,490,000
1,400
RELX
Capital,
3.00%,
5/22/30
945,000
796
RELX
Capital,
3.50%,
3/16/23
840,000
835
Republic
Services,
3.375%,
11/15/27
1,045,000
957
Rogers
Communications,
3.625%,
12/15/25
610,000
574
Rogers
Communications,
4.50%,
3/15/42 (1)
2,935,000
2,400
Roper
Technologies,
2.95%,
9/15/29
380,000
320
Roper
Technologies,
3.80%,
12/15/26
1,085,000
1,035
Ross
Stores,
1.875%,
4/15/31
450,000
336
Royal
Bank
of
Canada,
1.60%,
4/17/23
2,075,000
2,041
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
1,335,000
1,220
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
560,000
512
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (8)
1,365,000
1,135
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28 (8)
1,605,000
1,332
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
1,135,000
1,064
Sempra
Energy,
3.30%,
4/1/25
835,000
794
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
1,138,000
1,115
Simon
Property
Group,
2.65%,
2/1/32
1,810,000
1,409
Simon
Property
Group,
3.80%,
7/15/50
1,865,000
1,305
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
422,000
417
Spectra
Energy
Partners,
3.375%,
10/15/26
480,000
443
Spectra
Energy
Partners,
4.75%,
3/15/24
1,145,000
1,139
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(8)
2,005,000
1,816
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(8)
1,000,000
846
State
Street,
3.10%,
5/15/23
265,000
263
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
2,045,000
2,026
Synchrony
Financial,
4.25%,
8/15/24
1,575,000
1,533
Tampa
Electric,
6.15%,
5/15/37
1,000,000
1,021
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000
1,590
Tencent
Holdings,
2.985%,
1/19/23 (1)
960,000
957
Texas
Instruments,
1.375%,
3/12/25
650,000
602
Thomson
Reuters,
3.35%,
5/15/26
405,000
380
Time
Warner
Cable,
6.55%,
5/1/37
450,000
406
Time
Warner
Cable,
6.75%,
6/15/39
530,000
469
TJX,
1.60%,
5/15/31
375,000
283
Toronto-Dominion
Bank,
3.50%,
7/19/23
1,235,000
1,222
TotalEnergies
Capital
International,
2.986%,
6/29/41
2,630,000
1,872
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
1,645,000
1,344
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000
1,096
Transurban
Finance,
3.375%,
3/22/27 (1)
395,000
362
Transurban
Finance,
4.125%,
2/2/26 (1)
335,000
318
Travelers,
6.25%,
6/15/37
750,000
806
Trinity
Health,
4.125%,
12/1/45
725,000
609
United
Airlines
PTT,
Series 2019-1,
Class
AA,
4.15%,
8/25/31
978,107
886
UnitedHealth
Group,
3.75%,
7/15/25
645,000
628
Verizon
Communications,
2.10%,
3/22/28
460,000
388
Verizon
Communications,
2.65%,
11/20/40
2,470,000
1,619
Verizon
Communications,
4.00%,
3/22/50
2,000,000
1,509
Verizon
Communications,
4.272%,
1/15/36
870,000
741
Vistra
Operations,
3.55%,
7/15/24 (1)
1,370,000
1,305
VMware,
1.40%,
8/15/26
3,125,000
2,670
Vodafone
Group,
4.25%,
9/17/50
775,000
552
Vodafone
Group,
4.875%,
6/19/49
2,045,000
1,602
Volkswagen
Group
of
America
Finance,
3.35%,
5/13/25 (1)
1,395,000
1,323
Vulcan
Materials,
4.50%,
6/15/47
590,000
479
Walt
Disney,
3.70%,
10/15/25
525,000
510
Warnermedia
Holdings,
5.05%,
3/15/42 (1)
1,570,000
1,173
Waste
Connections,
3.20%,
6/1/32
2,315,000
1,938
Weibo,
3.50%,
7/5/24 (5)
1,390,000
1,330
Wells
Fargo,
VR,
2.393%,
6/2/28 (8)
3,915,000
3,350
Wells
Fargo,
VR,
3.068%,
4/30/41 (8)
3,995,000
2,754
Williams,
5.10%,
9/15/45
1,735,000
1,468
Willis
North
America,
3.60%,
5/15/24
820,000
796
Willis
North
America,
4.50%,
9/15/28
1,370,000
1,270
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000
683
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000
1,055
Workday,
3.70%,
4/1/29
750,000
673
WP
Carey,
3.85%,
7/15/29
1,470,000
1,296
WPP
Finance
2010,
3.75%,
9/19/24
1,310,000
1,268
Total
Corporate
Bonds
(Cost
$383,587)
335,292
EQUITY
MUTUAL
FUNDS
3.0%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
9,601,840
115,990
Total
Equity
Mutual
Funds
(Cost
$114,983)
115,990
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.4%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000
481
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)
2,645,000
2,219
Kingdom
of
Morocco,
4.25%,
12/11/22 (1)
1,400,000
1,396
Mexico
Government
International
Bond,
3.50%,
2/12/34
2,315,000
1,765
Pertamina
Persero,
4.30%,
5/20/23 (1)
1,250,000
1,240
Perusahaan
Gas
Negara,
5.125%,
5/16/24 (1)
1,105,000
1,089
Republic
of
Colombia,
4.00%,
2/26/24
275,000
268
Republic
of
Panama,
3.298%,
1/19/33
2,100,000
1,624
Republic
of
Poland,
3.25%,
4/6/26
1,030,000
972
State
Grid
Overseas
Investment,
3.75%,
5/2/23 (1)
1,175,000
1,171
United
Mexican
States,
2.659%,
5/24/31
3,439,000
2,645
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$17,140)
14,870
MUNICIPAL
SECURITIES
1.0%
California
0.3%
Bay
Area
Toll
Auth.,
Series S-10,
3.176%,
4/1/41
2,900,000
2,217
California,
Build
America,
GO,
7.625%,
3/1/40
2,200,000
2,729
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series B,
5.50%,
3/1/33 (9)
695,000
705
Los
Angeles
Airport,
Build
America,
Series C,
7.053%,
5/15/40
1,000,000
1,185
Univ.
of
California
Regents,
Series AJ,
4.601%,
5/15/31
1,625,000
1,563
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45
365,000
320
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
750,000
783
9,502
Illinois
0.0%
Chicago
O'Hare
Int'l
Airport,
Build
America,
Series B,
6.395%,
1/1/40
755,000
851
Chicago
O'Hare
Int'l
Airport,
Senior
Lien,
Series D,
2.346%,
1/1/30
975,000
817
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Illinois
Toll
Highway
Auth.,
Build
America,
Series A,
6.184%,
1/1/34
470,000
502
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38
500,000
538
2,708
Maryland
0.1%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36
1,800,000
1,656
1,656
Michigan
0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29
2,000,000
2,150
2,150
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Build
America,
Series F,
7.414%,
1/1/40
415,000
508
508
New
York
0.1%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39
240,000
292
Metropolitan
Transportation
Auth.,
Build
America,
Series A-1,
5.871%,
11/15/39
700,000
700
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Build
America,
5.508%,
8/1/37
950,000
970
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42
245,000
270
New
York
State
Dormitory
Auth.,
Build
America,
Series F,
Unrefunded
Portion,
5.628%,
3/15/39
1,300,000
1,340
Port
Auth.
of
New
York
&
New
Jersey,
3.139%,
2/15/51
800,000
566
Port
Auth.
of
New
York
&
New
Jersey,
Series 182,
5.31%,
8/1/46
1,400,000
1,387
5,525
Ohio
0.0%
JobsOhio
Beverage
System,
Liquid
Profits,
Series B,
3.985%,
1/1/29
1,225,000
1,189
1,189
Pennsylvania
0.0%
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
805,000
783
783
South
Carolina
0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41
2,000,000
2,068
2,068
Texas
0.1%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
1,820,000
1,243
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38
1,155,000
933
Houston
Airport
System
Revenue,
Series C,
2.385%,
7/1/31
685,000
550
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47
1,200,000
1,000
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49
1,900,000
1,439
5,165
Utah
0.0%
Utah
Transit
Auth.,
Build
America,
Series B,
5.937%,
6/15/39
900,000
954
954
Virginia
0.1%
Univ.
of
Virginia,
Series B,
2.584%,
11/1/51
3,675,000
2,319
Virginia
Commonwealth
Transportation
Board,
Build
America,
Series B,
5.35%,
5/15/35
690,000
706
Virginia
Public
Building
Auth.,
Build
America,
Series B-2,
5.90%,
8/1/30
755,000
796
3,821
Wisconsin
0.1%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51
2,910,000
2,071
2,071
Total
Municipal
Securities
(Cost
$42,457)
38,100
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
2.3%
Angel
Oak
Mortgage
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.691%,
4/25/65 (1)
327,073
300
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
322,605
279
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
1,177,565
1,005
Angel
Oak
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (1)
1,058,039
898
Barclays
Mortgage
Loan
Trust,
Series 2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (1)
1,100,308
961
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
4.978%,
11/15/34 (1)
605,000
543
BBCMS
Mortgage
Trust,
Series 2020-BID,
Class
A,
ARM,
1M
USD
LIBOR
+
2.14%,
4.958%,
10/15/37 (1)
2,590,000
2,551
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.54%,
4.358%,
10/15/34 (1)
2,080,000
2,002
BIG
Commercial
Mortgage
Trust,
Series 2022-BIG,
Class
A,
ARM,
1M
TSFR
+
1.342%,
4.187%,
2/15/39 (1)
3,395,000
3,266
BWAY
Mortgage
Trust,
Series 2022-26BW,
Class
A,
3.402%,
2/10/44 (1)
2,025,000
1,635
BX
Commercial
Mortgage
Trust,
Series 2022-LP2,
Class
C,
ARM,
1M
TSFR
+
1.562%,
4.484%,
2/15/39 (1)
3,399,123
3,200
BX
Trust,
Series 2022-IND,
Class
C,
ARM,
1M
TSFR
+
2.29%,
5.212%,
4/15/37 (1)
1,330,000
1,258
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (1)
800,000
750
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
235,000
228
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
1,044,194
865
Cold
Storage
Trust,
Series 2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
4.118%,
11/15/37 (1)
2,118,345
2,052
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
A4,
3.708%,
7/10/48
3,700,000
3,547
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
2,160,000
2,037
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
4.184%,
11/25/29
1,621,678
1,602
Connecticut
Avenue
Securities
Trust,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
3.281%,
12/25/41 (1)
505,502
496
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.899%,
4/25/66 (1)
431,839
365
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
228,204
216
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
618,931
515
Extended
Stay
America
Trust,
Series 2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
4.198%,
7/15/38 (1)
1,217,507
1,172
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
2,543,096
2,020
Fontainebleau
Miami
Beach
Trust,
Series 2019-FBLU,
Class
C,
3.75%,
12/10/36 (1)
2,635,000
2,452
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
110,850
101
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
933,158
909
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
4.451%,
12/15/36 (1)
1,130,000
1,077
GS
Mortgage
Securities
Trust,
Series 2015-GC32,
Class
A4,
3.764%,
7/10/48
950,000
910
GS
Mortgage
Securities
Trust,
Series 2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
1,250,000
1,169
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.94%,
10/25/50 (1)
316,842
263
GS
Mortgage-Backed
Securities
Trust,
Series 2021-PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (1)
2,556,558
2,187
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series 2015-C31,
Class
A3,
3.801%,
8/15/48
2,105,214
2,008
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2020-609M,
Class
A,
ARM,
1M
USD
LIBOR
+
1.37%,
4.188%,
10/15/33 (1)
2,510,000
2,409
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2022-OPO,
Class
B,
3.377%,
1/5/39 (1)
760,000
646
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
646,474
585
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
748,938
681
MHC
Commercial
Mortgage
Trust,
Series 2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
3.919%,
4/15/38 (1)
3,595,000
3,433
MHC
Trust,
Series 2021-MHC2,
Class
D,
ARM,
1M
USD
LIBOR
+
1.50%,
4.318%,
5/15/38 (1)
1,480,000
1,398
Mill
City
Mortgage
Loan
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.25%,
5/25/62 (1)
450,377
436
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C17,
Class
B,
ARM,
4.464%,
8/15/47
1,670,000
1,603
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
1,375,000
1,298
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
2,775,000
2,609
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2016-
C30,
Class
A5,
2.86%,
9/15/49
495,000
450
Morgan
Stanley
Capital
I
Trust,
Series 2014-150E,
Class
A,
3.912%,
9/9/32 (1)
2,140,000
1,990
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
A4,
ARM,
3.779%,
5/15/48
1,440,000
1,375
Morgan
Stanley
Capital
I
Trust,
Series 2019-MEAD,
Class
D,
ARM,
3.283%,
11/10/36 (1)
2,090,000
1,807
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
533,697
419
New
Orleans
Hotel
Trust,
Series 2019-HNLA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.589%,
4.407%,
4/15/32 (1)
564,682
529
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
614,388
557
New
Residential
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (1)
1,856,476
1,485
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
186,027
172
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
4.184%,
10/25/59 (1)
93,805
91
Provident
Funding
Mortgage
Trust,
Series 2019-1,
Class
B1,
CMO,
ARM,
3.204%,
12/25/49 (1)
1,299,276
1,032
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
2,125,934
1,837
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
198,0
81
187
SFO
Commercial
Mortgage
Trust,
Series 2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
4.318%,
5/15/38 (1)
1,560,000
1,458
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
52,680
51
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
677,592
648
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
431,549
397
Starwood
Mortgage
Residential
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.172%,
5/25/65 (1)
369,556
345
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
3.081%,
8/25/33 (1)
254,891
253
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
4.381%,
10/25/33 (1)
835,000
795
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA6,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.50%,
3.781%,
10/25/41 (1)
1,100,000
998
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
3.131%,
11/25/41 (1)
1,975,000
1,924
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
2.981%,
8/25/33 (1)
338,281
337
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA3,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.00%,
4.281%,
4/25/42 (1)
2,258,392
2,236
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-HQA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
4.381%,
3/25/42 (1)
1,864,354
1,853
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
52,930
52
Towd
Point
Mortgage
Trust,
Series 2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (1)
390,233
375
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
191,176
185
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
351,600
342
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (1)
732,006
704
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
570,830
492
Verus
Securitization
Trust,
Series 2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (1)
2,999,104
2,538
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2021-RR1,
Class
A1,
CMO,
ARM,
2.50%,
12/25/50 (1)
1,261,133
1,014
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C19,
Class
B,
ARM,
4.723%,
3/15/47
610,000
588
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$97,791)
89,453
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr
Ing
hc
F
Porsche
(EUR) (4)
44,765
3,620
Total
Consumer
Discretionary
3,620
Total
Preferred
Stocks
(Cost
$3,607)
3,620
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
8.7%
U.S.
Government
Agency
Obligations
6.3%
Federal
Home
Loan
Mortgage
2.206%,
6/25/25
811,884
786
2.50%,
5/1/30
889,308
826
2.777%,
4/25/23
114,028
114
2.952%,
2/25/27
945,312
912
3.00%,
1/1/29
-
8/1/43
3,487,579
3,144
3.50%,
3/1/42
-
3/1/46
5,616,336
5,170
4.00%,
9/1/40
-
6/1/42
1,762,425
1,680
4.50%,
6/1/39
-
5/1/42
1,037,771
1,015
5.00%,
12/1/35
-
8/1/40
465,163
468
5.50%,
1/1/38
-
12/1/39
155,117
161
6.00%,
2/1/28
-
8/1/38
17,770
19
6.50%,
8/1/32
7,566
8
7.00%,
6/1/32
12,586
13
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.726%,
3.946%,
7/1/35
25,133
26
12M
USD
LIBOR
+
1.75%,
2.127%,
2/1/35
14,064
14
12M
USD
LIBOR
+
1.829%,
2.203%,
2/1/37
21,429
22
12M
USD
LIBOR
+
1.929%,
2.186%,
12/1/36
38,994
40
12M
USD
LIBOR
+
2.03%,
2.275%,
11/1/36
21,886
22
1Y
CMT
+
2.25%,
3.099%,
10/1/36
5,761
6
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
681,221
108
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
4/1/37
1,402,054
1,204
2.00%,
3/1/42
-
5/1/52
32,336,812
26,323
2.50%,
11/1/36
-
5/1/52
34,593,479
29,198
3.00%,
11/1/34
-
1/1/50
2,779,169
2,454
3.50%,
6/1/33
317,545
301
4.00%,
12/1/49
-
8/1/52
2,831,659
2,647
4.50%,
9/1/37
-
5/1/50
232,425
224
5.00%,
10/1/51
-
9/1/52
8,287,519
8,085
Federal
National
Mortgage
Assn.
3.50%,
6/1/42
-
1/1/44
2,379,803
2,192
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
4.00%,
11/1/40
699,054
658
4.50%,
7/1/40
518,156
500
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.568%,
3.288%,
7/1/35
15,042
15
12M
USD
LIBOR
+
1.855%,
2.105%,
1/1/37
3,058
3
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
6,872,083
5,755
2.00%,
4/1/42
-
4/1/52
50,761,388
41,316
2.50%,
10/1/31
-
4/1/52
32,022,189
27,461
3.00%,
1/1/27
-
10/1/51
34,253,221
30,728
3.50%,
11/1/26
-
1/1/52
19,828,990
18,220
4.00%,
11/1/40
-
11/1/49
13,299,565
12,621
4.50%,
4/1/37
-
8/1/52
11,706,812
11,303
5.00%,
2/1/34
-
8/1/52
2,175,621
2,173
5.50%,
2/1/35
-
5/1/44
2,511,053
2,588
6.00%,
3/1/28
-
1/1/41
1,667,685
1,751
6.50%,
3/1/24
-
8/1/38
248,749
259
7.00%,
9/1/25
-
4/1/32
18,114
17
7.50%,
9/1/26
113
—
8.00%,
8/1/24
-
7/1/26
207
—
UMBS,
TBA,
3.00%,
10/1/52 (10)
3,625,000
3,154
245,704
U.S.
Government
Obligations
2.4%
Government
National
Mortgage
Assn.
2.00%,
3/20/51
-
5/20/52
21,787,148
18,235
2.50%,
8/20/50
-
1/20/52
19,300,351
16,647
3.00%,
9/15/42
-
6/20/52
16,637,288
14,795
3.50%,
9/15/41
-
1/20/49
12,650,170
11,671
4.00%,
2/15/41
-
10/20/50
5,752,204
5,467
4.50%,
6/15/39
-
8/20/47
3,191,849
3,126
5.00%,
12/20/34
-
6/20/49
4,913,191
4,898
5.50%,
2/20/34
-
3/20/49
1,565,804
1,599
6.00%,
8/20/34
-
4/15/36
62,745
67
6.50%,
6/15/23
-
3/15/26
6,685
6
7.50%,
3/15/23
-
9/15/26
4,425
3
8.00%,
10/15/23
-
11/15/25
5,620
5
8.50%,
6/20/25
-
6/20/26
2,290
2
Government
National
Mortgage
Assn.,
ARM,
1Y
CMT
+
1.50%,
1.625%,
8/20/23
97
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
160,470
150
3.50%,
10/20/50
1,010,000
863
Government
National
Mortgage
Assn.,
TBA (10)
4.00%,
10/20/52
890,000
831
4.50%,
10/20/52
4,670,000
4,470
5.00%,
10/20/52
1,620,000
1,585
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
5.50%,
10/20/52
8,230,000
8,224
92,644
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$374,545)
338,348
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
7.8%
U.S.
Treasury
Obligations
7.8%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,715,000
1,070
U.S.
Treasury
Bonds,
1.375%,
8/15/50
2,415,000
1,398
U.S.
Treasury
Bonds,
1.75%,
8/15/41
4,815,000
3,291
U.S.
Treasury
Bonds,
1.875%,
2/15/41
4,545,000
3,218
U.S.
Treasury
Bonds,
1.875%,
2/15/51
8,550,000
5,656
U.S.
Treasury
Bonds,
2.00%,
2/15/50
24,845,000
17,054
U.S.
Treasury
Bonds,
2.00%,
8/15/51
6,795,000
4,638
U.S.
Treasury
Bonds,
2.25%,
2/15/52
4,225,000
3,067
U.S.
Treasury
Bonds,
2.375%,
5/15/51
3,665,000
2,741
U.S.
Treasury
Bonds,
2.50%,
2/15/46
2,975,000
2,257
U.S.
Treasury
Bonds,
2.75%,
8/15/47
16,080,000
12,841
U.S.
Treasury
Bonds,
2.875%,
8/15/45 (11)
4,185,000
3,413
U.S.
Treasury
Bonds,
3.00%,
11/15/44
2,990,000
2,496
U.S.
Treasury
Bonds,
3.00%,
5/15/45
10,640,000
8,878
U.S.
Treasury
Bonds,
3.00%,
11/15/45
11,185,000
9,329
U.S.
Treasury
Bonds,
3.00%,
2/15/47
1,150,000
961
U.S.
Treasury
Bonds,
3.00%,
2/15/48
2,000,000
1,683
U.S.
Treasury
Bonds,
3.00%,
8/15/48
3,905,000
3,300
U.S.
Treasury
Notes,
0.375%,
4/30/25
5,750,000
5,207
U.S.
Treasury
Notes,
0.375%,
11/30/25
36,535,000
32,385
U.S.
Treasury
Notes,
0.625%,
5/15/30
16,700,000
13,151
U.S.
Treasury
Notes,
0.75%,
3/31/26
5,970,000
5,300
U.S.
Treasury
Notes,
0.75%,
8/31/26
7,815,000
6,855
U.S.
Treasury
Notes,
0.75%,
1/31/28
1,185,000
997
U.S.
Treasury
Notes,
0.875%,
6/30/26
41,745,000
36,957
U.S.
Treasury
Notes,
0.875%,
11/15/30
7,500,000
5,975
U.S.
Treasury
Notes,
1.125%,
2/15/31
7,555,000
6,120
U.S.
Treasury
Notes,
1.25%,
8/15/31
11,940,000
9,649
U.S.
Treasury
Notes,
1.625%,
11/15/22
315,000
314
U.S.
Treasury
Notes,
1.875%,
2/28/27
36,390,000
33,138
U.S.
Treasury
Notes,
1.875%,
2/15/32
7,175,000
6,081
U.S.
Treasury
Notes,
2.25%,
8/15/27
27,540,000
25,302
U.S.
Treasury
Notes,
2.50%,
4/30/24
10,040,000
9,758
U.S.
Treasury
Notes,
2.75%,
8/15/32
16,360,000
14,964
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Notes,
2.875%,
5/15/32
2,930,000
2,710
302,154
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$352,386)
302,154
SHORT-TERM
INVESTMENTS
3.4%
Money
Market
Funds
3.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06% (2)(12)
132,064,458
132,064
Total
Short-Term
Investments
(Cost
$132,064)
132,064
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (2)(12)
24,114,199
24,114
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
24,114
Total
Securities
Lending
Collateral
(Cost
$24,114)
24,114
Total
Investments
in
Securities
101.4%
(Cost
$3,433,086)
$
3,946,290
Other
Assets
Less
Liabilities
(1.4)%
(52,788)
Net
Assets
100.0%
$
3,893,502
‡
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
$188,616
and
represents
4.8%
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,
2022.
(6)
Level
3
in
fair
value
hierarchy.
T.
ROWE
PRICE
Balanced
Fund
34
.
.
.
.
.
.
.
.
.
.
(7)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$2,011
and
represents
0.1%
of
net
assets.
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(9)
Insured
by
Assured
Guaranty
Municipal
Corporation
(10)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$18,264
and
represents
0.5%
of
net
assets.
(11)
At
September
30,
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
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KRW
South
Korean
Won
T.
ROWE
PRICE
Balanced
Fund
35
.
.
.
.
.
.
.
.
.
.
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
36
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
330
U.S.
Treasury
Notes
five
year
contracts
12/22
35,477
$
(1,220)
Long,
63
U.S.
Treasury
Notes
ten
year
contracts
12/22
7,060
(333)
Long,
228
U.S.
Treasury
Notes
two
year
contracts
12/22
46,829
(739)
Net
payments
(receipts)
of
variation
margin
to
date
2,146
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(146)
T.
ROWE
PRICE
Balanced
Fund
37
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,
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,
1.24%
$
—
$
(2)
$
—
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.50%
(4,736)
(45,729)
10,334
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
1.24%
(1,476)
398
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
(29,116)
—
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
—
—
1,136
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
—++
Totals
$
(6,212)#
$
(74,449)
$
11,470+
T.
ROWE
PRICE
Balanced
Fund
38
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
09/30/22
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
1.24%
$
16
$
—
$
—
$
14
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.50%
267,626
12,838
26,736
207,999
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
1.24%
62,060
—
62,351
107
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
96,146
48,960
—
115,990
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
16,951
¤
¤
24,114
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
306,936
¤
¤
132,064
Total
$
480,288^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$11,470
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
$521,894.
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Notes
to
Portfolio
of
Investments
39
T.
Rowe
Price
Balanced
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Balanced
Fund
40
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.
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.
T.
ROWE
PRICE
Balanced
Fund
41
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.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Balanced
Fund
42
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
1,155,291
$
—
$
1,155,291
Bond
Mutual
Funds
208,120
—
—
208,120
Common
Stocks
1,637,417
667,663
1,104
2,306,184
Convertible
Preferred
Stocks
—
—
907
907
Equity
Mutual
Funds
115,990
—
—
115,990
Preferred
Stocks
—
3,620
—
3,620
Short-Term
Investments
132,064
—
—
132,064
Securities
Lending
Collateral
24,114
—
—
24,114
Total
$
2,117,705
$
1,826,574
$
2,011
$
3,946,290
Liabilities
Futures
Contracts*
$
2,292
$
—
$
—
$
2,292
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Balanced
Fund
43
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F68-054Q3
09/22