T. Rowe Price Balanced Fund NPORTP , Inc. (Mar 2022 report)

ROWE

PRICE

Balanced

Fund

March

31,

2022

(Unaudited)

Portfolio

Investments

‡

Shares/Par

Value

(Cost

and

value

$000s)

‡

ASSET-BACKED

SECURITIES

0.8%

AmeriCredit

Automobile

Receivables

Trust

Series 2020-1,

Class

1.59%,

10/20/25

1,460,000‌

1,442‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

1.29%,

6/18/27

2,100,000‌

1,958‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2017-1A,

Class

3.41%,

9/20/23 (1)

1,000,000‌

1,004‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

3.55%,

9/22/25 (1)

1,165,000‌

1,163‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

3.28%,

9/26/33 (1)

357,603‌

353‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

SOFR

1.32%,

1.553%,

4/15/35 (1)

2,195,000‌

2,185‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

1.28%,

7/15/27

1,205,000‌

1,124‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

2.33%,

2/10/28

1,715,000‌

1,614‌

CIFC

Funding

Series 2021-3A,

Class

CLO,

FRN

USD

LIBOR

1.14%,

1.381%,

7/15/36 (1)

1,380,000‌

1,366‌

CNH

Equipment

Trust

Series 2019-C,

Class

2.35%,

4/15/27

2,575,000‌

2,545‌

Driven

Brands

Funding

Series 2020-1A,

Class

3.786%,

7/20/50 (1)

664,875‌

635‌

Driven

Brands

Funding

Series 2020-2A,

Class

3.237%,

1/20/51 (1)

1,227,600‌

1,150‌

Driven

Brands

Funding

Series 2021-1A,

Class

2.791%,

10/20/51 (1)

1,536,150‌

1,378‌

Dryden

Series 2020-77A,

Class

AR,

CLO,

FRN

USD

LIBOR

1.12%,

1.60%,

5/20/34 (1)

1,935,000‌

1,916‌

Elara

HGV

Timeshare

Issuer

Series 2017-A,

Class

2.69%,

3/25/30 (1)

219,595‌

219‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Exeter

Automobile

Receivables

Trust

Series 2021-2A,

Class

0.98%,

6/15/26

895,000‌

873‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

1.74%,

4/15/33 (1)

1,665,000‌

1,547‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

1.32%,

9/15/27

1,275,000‌

1,179‌

Financial

Consumer

Automobile

Receivables

Trust

Series 2020-3,

Class

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

0.969%,

12/26/28 (1)

578,853‌

568‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

SOFR

1.29%,

1.449%,

10/15/32 (1)

1,205,000‌

1,201‌

MVW

Series 2019-2A,

Class

2.22%,

10/20/38 (1)

1,158,893‌

1,126‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

3.13%,

2/15/68 (1)

1,055,798‌

1,049‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-FA,

Class

2.60%,

8/15/68 (1)

1,052,025‌

1,042‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-GA,

Class

2.40%,

10/15/68 (1)

1,172,237‌

1,165‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

1.17%,

9/16/69 (1)

506,262‌

490‌

Navient

Private

Education

Refi

Loan

Trust

Series 2021-A,

Class

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

2.62%,

10/15/25

920,000‌

925‌

Total

Asset-Backed

Securities

(Cost

$42,418)

40,890‌

BOND

MUTUAL

FUNDS

6.4%

Rowe

Price

Inflation

Protected

Bond

Fund

Class,

7.18% (2)(3)

1,263‌

16‌

Rowe

Price

Institutional

High

Yield

Fund

Institutional

Class,

5.71% (2)(3)

30,992,935‌

258,481‌

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

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

(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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Holdings

(JPY)

629,400‌

2,721‌

201,425‌

Media

0.5%

Charter

Communications,

Class

A (4)

10,746‌

5,862‌

Comcast,

Class

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

(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

Multiline

Retail

0.4%

Dollar

General

53,604‌

11,934‌

Dollar

Tree (4)

7,550‌

1,209‌

(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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

11,253‌

2,592‌

Diageo

(GBP)

164,003‌

8,319‌

Keurig

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

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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Personal

Products

0.5%

Estee

Lauder,

Class

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

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

America

626,569‌

25,827‌

BNP

Paribas

(EUR)

87,402‌

4,994‌

Citigroup

61,965‌

3,309‌

Citizens

Financial

Group

8,500‌

385‌

Brothers

Group

(GBP)

93,539‌

1,456‌

DBS

Group

Holdings

(SGD)

158,100‌

4,143‌

DNB

Bank

(NOK)

471,547‌

10,661‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

(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

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

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

Capital

(JPY)

408,800‌

1,900‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

(EUR)

46,845‌

12,524‌

PICC

Property

Casualty,

Class

(HKD)

4,094,000‌

4,169‌

Ping

Insurance

Group,

Class

(HKD)

320,000‌

2,237‌

RenaissanceRe

Holdings

12,392‌

1,964‌

Sampo,

Class

(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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Becton

Dickinson

Company

88,807‌

23,623‌

Cooper

1,716‌

717‌

Dexcom (4)

3,972‌

2,032‌

Elekta,

Class

(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.

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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

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

Commercial

Services

Supplies

0.1%

Cintas

1,875‌

798‌

Republic

Services

30,147‌

3,994‌

Waste

Connections

14,727‌

2,057‌

6,849‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Construction

Engineering

0.0%

Quanta

Services

9,800‌

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

Ericsson,

Class

(SEK) (6)

843,148‌

7,686‌

Motorola

Solutions

28,621‌

6,932‌

18,430‌

Electronic

Equipment,

Instruments

Components

0.4%

Amphenol,

Class

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

Connectivity

8,236‌

1,079‌

Teledyne

Technologies (4)

4,463‌

2,109‌

Trimble (4)

378‌

27‌

19,078‌

Services

2.4%

Accenture,

Class

30,419‌

10,258‌

Adyen

(EUR) (4)

1,725‌

3,417‌

Affirm

Holdings (4)

22,708‌

1,051‌

Amadeus

Group,

Class

(EUR) (4)

53,257‌

3,463‌

ANT

International,

Class

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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Global

Payments

22,710‌

3,107‌

Mastercard,

Class

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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Ball

16,979‌

1,528‌

International

Paper

16,065‌

741‌

Packaging

Corp.

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

(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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

Independent

Power

Renewable

Electricity

Producers

0.0%

Electric

Power

Development

(JPY)

153,100‌

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

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

Acquisition

Date:

2/1/21,

Cost $229 (4)(5)(7)

1,293‌

215‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Databricks,

Series

Acquisition

Date:

8/31/21,

Cost $625 (4)(5)

(7)

2,835‌

470‌

Gusto,

Series

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

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

CV,

2.875%,

5/7/30

2,525,000‌

2,414‌

America

Movil

SAB

CV,

6.375%,

3/1/35

300,000‌

374‌

American

Airlines

PTT,

Series 2014-1, Class A,

Class

3.70%,

10/1/26

806,722‌

777‌

American

Airlines

PTT,

Series 2016-1, Class B,

Class

5.25%,

1/15/24

1,301,260‌

1,272‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

America,

4.20%,

8/26/24

600,000‌

614‌

Bank

America,

6.11%,

1/29/37

900,000‌

1,070‌

Bank

America,

6.75%,

6/1/28

700,000‌

822‌

Bank

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,990‌

Bank

America,

VR,

2.676%,

6/19/41 (8)

3,450,000‌

2,908‌

Bank

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

2,127‌

Bank

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

4.111%,

2/15/28 (1)

1,800,000‌

1,847‌

HSBC

Bank

USA,

5.875%,

11/1/34

950,000‌

1,087‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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.

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

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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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.

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

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

America

Finance,

3.35%,

5/13/25 (1)

1,395,000‌

1,388‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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%

Rowe

Price

Real

Assets

Fund

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

Panama,

4.95%,

7/29/35 (1)

510,000‌

569‌

Corp

Nacional

del

Cobre

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,524‌

Kingdom

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

Colombia,

4.00%,

2/26/24

275,000‌

275‌

Republic

Panama,

3.298%,

1/19/33

2,100,000‌

2,009‌

Republic

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Los

Angeles

Airport,

Build

America,

Series C,

7.053%,

5/15/40

1,000,000‌

1,373‌

Univ.

California

Regents,

Series AJ,

4.601%,

5/15/31

1,625,000‌

1,740‌

Univ.

California

Regents,

Series J,

4.131%,

5/15/45

365,000‌

374‌

Univ.

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.

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38

500,000‌

618‌

3,116‌

Maryland

0.1%

Maryland

HHEFA,

Univ.

Maryland

Medical

System,

Series B,

4.665%,

7/1/36

1,800,000‌

1,940‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29

2,000,000‌

2,421‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Build

America,

Series F,

7.414%,

1/1/40

415,000‌

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.

New

York

New

Jersey,

3.139%,

2/15/51

800,000‌

719‌

Port

Auth.

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Pennsylvania

0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26

805,000‌

822‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41

2,000,000‌

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

Virginia

0.1%

Univ.

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

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

ARM,

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

ARM,

USD

LIBOR

2.16%,

2.557%,

11/15/34 (1)

605,000‌

589‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

BBCMS

Mortgage

Trust,

Series 2020-BID,

Class

ARM,

USD

LIBOR

2.14%,

2.537%,

10/15/37 (1)

2,590,000‌

2,588‌

BFLD,

Series 2019-DPLO,

Class

ARM,

USD

LIBOR

1.54%,

1.937%,

10/15/34 (1)

2,080,000‌

2,050‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

ARM,

SOFR

1.342%,

1.643%,

2/15/39 (1)

3,395,000‌

3,369‌

BWAY

Mortgage

Trust,

Series 2022-26BW,

Class

3.402%,

2/10/44 (1)

2,025,000‌

1,957‌

Commercial

Mortgage

Trust,

Series 2022-LP2,

Class

ARM,

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

ARM,

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

3.244%,

10/10/29 (1)

2,160,000‌

2,126‌

Connecticut

Avenue

Securities,

Series 2017-C04,

Class

2ED2,

CMO,

ARM,

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

ARM,

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

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

ARM,

USD

LIBOR

1.633%,

2.03%,

12/15/36 (1)

1,130,000‌

1,108‌

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48

950,000‌

961‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51

1,250,000‌

1,285‌

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.959%,

10/25/50 (1)

357,555‌

343‌

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

ARM,

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

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

ARM,

USD

LIBOR

1.101%,

1.498%,

4/15/38 (1)

3,595,000‌

3,534‌

MHC

Trust,

Series 2021-MHC2,

Class

ARM,

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

America

Merrill

Lynch

Trust,

Series 2014-

C17,

Class

ARM,

4.464%,

8/15/47

1,670,000‌

1,674‌

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust,

Series 2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48

1,375,000‌

1,380‌

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust,

Series 2015-

C27,

Class

AS,

4.068%,

12/15/47

2,775,000‌

2,806‌

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust,

Series 2016-

C30,

Class

A5,

2.86%,

9/15/49

495,000‌

485‌

Morgan

Stanley

Capital

Trust,

Series 2014-150E,

Class

3.912%,

9/9/32 (1)

2,140,000‌

2,123‌

Morgan

Stanley

Capital

Trust,

Series 2015-MS1,

Class

A4,

ARM,

3.779%,

5/15/48

1,440,000‌

1,452‌

Morgan

Stanley

Capital

Trust,

Series 2019-MEAD,

Class

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

ARM,

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

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

ARM,

USD

LIBOR

1.50%,

1.897%,

5/15/38 (1)

1,560,000‌

1,521‌

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

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

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

8.50%,

6/20/25

6/20/26

2,631‌

3‌

Government

National

Mortgage

Assn.,

ARM,

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

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$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%

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

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.4%

Money

Market

Funds

0.4%

Rowe

Price

Government

Reserve

Fund,

0.29% (2)(12)

21,435,176‌

21,435‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

21,435‌

Total

Securities

Lending

Collateral

(Cost

$21,435)

21,435‌

Total

Investments

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

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$219,775

and

represents

4.4%

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

ROWE

PRICE

Balanced

Fund

(5)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$6,228

and

represents

0.1%

net

assets.

(6)

All

portion

this

security

loan

March

31,

2022.

(7)

Level

fair

value

hierarchy.

(8)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(9)

Insured

Assured

Guaranty

Municipal

Corporation

(10)

To-Be-Announced

purchase

commitment.

Total

value

such

securities

period-end

amounts

$149,934

and

represents

3.0%

net

assets.

(11)

March

31,

2022,

all

portion

this

security

pledged

collateral

and/or

margin

deposit

cover

future

funding

obligations.

(12)

Seven-day

yield

SOFR

One

month

SOFR

(Secured

overnight

financing

rate)

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

SOFR

Three

month

Term

SOFR

(Secured

overnight

financing

rate)

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

effective

rate

period-end.

The

rates

for

certain

ARMs

are

not

based

published

reference

rate

and

spread

but

may

determined

using

formula

based

the

rates

the

underlying

loans.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

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

General

Obligation

HHEFA

Health

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

Interest-only

security

for

which

the

fund

receives

interest

notional

principal

ROWE

PRICE

Balanced

Fund

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PTT

Pass-Through

Trust

REIT

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

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

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

ROWE

PRICE

Balanced

Fund

(Amounts

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,

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)

variation

margin

date

(90‌)

Variation

margin

receivable

(payable)

centrally

cleared

swaps

(2‌)

Includes

interest

purchased

sold

but

not

yet

collected

$3.

ROWE

PRICE

Balanced

Fund

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

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,

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,

Ultra

U.S.

Treasury

Bonds

contracts

6/22

354

6‌

Short,

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/22

(7,044)

(27‌)

Net

payments

(receipts)

variation

margin

date

1,008‌

Variation

margin

receivable

(payable)

open

futures

contracts

98‌

ROWE

PRICE

Balanced

Fund

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

three

months

ended

March

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Inflation

Protected

Bond

Fund

Class,

7.18%

—‌

Rowe

Price

Institutional

High

Yield

Fund

Institutional

Class,

5.71%

—‌

(14,971‌)

—‌

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

Class,

6.29%

—‌

(353‌)

—‌

Rowe

Price

Real

Assets

Fund

Class

—‌

3,301‌

—‌

Rowe

Price

Treasury

Reserve

Fund,

0.29%

—‌

77‌

Rowe

Price

Government

Reserve

Fund,

0.29%

—‌

—‌++

Totals

—‌#

(12,023‌)

77‌+

ROWE

PRICE

Balanced

Fund

The

accompanying

notes

are

integral

part

this

Portfolio

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

Rowe

Price

Inflation

Protected

Bond

Fund

Class,

7.18%

16‌

—‌

16‌

Rowe

Price

Institutional

High

Yield

Fund

Institutional

Class,

5.71%

267,626‌

5,826‌

—‌

258,481‌

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

Class,

6.29%

62,060‌

—‌

61,707‌

Rowe

Price

Real

Assets

Fund

Class

96,146‌

7,000‌

—‌

106,447‌

Rowe

Price

Government

Reserve

Fund,

0.29%

16,951‌

21,435‌

Rowe

Price

Treasury

Reserve

Fund,

0.29%

306,936‌

269,394‌

Total

717,480‌^

Capital

gain

distributions

from

mutual

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees.

Investment

income

comprised

$77

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$696,660.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

Portfolio

Investments

Rowe

Price

Balanced

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

1940

(the

1940

Act)

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

Investments

was

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP).

For

additional

information

the

fund’s

significant

accounting

policies

and

investment

disclosures,

please

refer

the

fund’s

most

recent

semiannual

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

ET,

each

day

the

NYSE

open

for

business,

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

internal

committee

that

has

been

delegated

certain

responsibilities

the

fund’s

Board

Directors

(the

Board)

ensure

that

financial

instruments

are

appropriately

priced

fair

value

accordance

with

GAAP

and

the

1940

Act.

Subject

oversight

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

valuing

financial

instruments,

including

those

which

cannot

valued

accordance

with

normal

procedures

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

the

pricing

vendors;

oversees

the

pricing

process

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

ROWE

PRICE

Balanced

Fund

Level

–

unobservable

inputs

(including

the fund’s

own

assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

closing

price

for

international

securities.

The

last

quoted

prices

non-U.S.

equity

securities

may

adjusted

reflect

the

fair

value

such

securities

the

NYSE,

the

fund

determines

that

developments

between

the

foreign

market

and

the

NYSE

will

affect

the

value

some

all

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

evaluate

and,

appropriate,

decide whether

necessary

adjust

quoted

prices

reflect

fair

value

reviewing

variety

factors,

including

developments

foreign

markets,

the

performance

U.S.

securities

markets,

and

the

performance

instruments

trading

U.S.

markets

that

represent

foreign

securities

and

baskets

foreign

securities. The

fund

uses

outside

pricing

services

provide

with

quoted

prices

and

information

evaluate

adjust

those

prices.

The

fund

cannot

predict

how

often

will

use

quoted

prices

and

how

often

will

determine

necessary

adjust

those

prices

reflect

fair

value.

ROWE

PRICE

Balanced

Fund

Debt

securities

generally

are

traded

the over-the-counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Investments

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Futures

contracts

are

valued

closing

settlement

prices.

Swaps

are

valued

prices

furnished

independent

pricing

service

independent

swap

dealers.

Investments

for

which

market

quotations

market-based

valuations

are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Committee,

accordance

with

fair

valuation

policies

and

procedures.

The

objective

any

fair

value

pricing

determination

arrive

price

that

could

reasonably

expected

from

current

sale.

Financial

instruments

fair

valued

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis

and

updated

information

becomes

available,

including

actual

purchase

and

sale

transactions

the

investment.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions,

and

fair

value

prices

determined

the

Valuation

Committee

could

differ

from

those

other

market

participants.

ROWE

PRICE

Balanced

Fund

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

March

31,

2022

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

OTHER

MATTERS

Unpredictable

events

such

environmental

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

novel

strain

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

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

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)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

Balanced

Fund

coronavirus

(COVID-19)

has

resulted

disruptions

global

business

activity

and

caused

significant

volatility

and

declines

global

financial

markets.

February

2022,

Russian

forces

entered

Ukraine

and

commenced

armed

conflict.

Economic

sanctions

have

since

been

imposed

Russia

and

certain

its

citizens,

including

the

exclusion

Russia

from

the

SWIFT

global

payments

network.

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

value.

The

duration

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

the

financial

markets,

cannot

determined

with

certainty.

The fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

and

such

other

events.

Management

actively

monitoring

these

events.

F68-054Q1

03/22

T. Rowe Price Balanced Fund (RPBAX) NPORT-PT. Rowe Price Balanced Fund, Inc. (Mar 2022 report)