ROWE

PRICE

Balanced

Fund

March

31,

2026

Unaudited

Portfolio

Investments

‡

Shares/Par

Value

(Cost

and

value

$000s)

‡

ASSET-BACKED

SECURITIES

1.8%

Abry

Liquid

Credit

Series 2026-3A,

Class

A1,

CLO,

FRN

TSFR

1.23%,

4.902%,

4/20/39 (1)

1,465,000‌

1,459‌

Affirm

Master

Trust

Series 2026-2A,

Class

4.67%,

4/16/35 (1)

1,450,000‌

1,448‌

AGL

Series 2021-10A,

Class

A1R2,

CLO,

FRN

TSFR

1.17%,

4.832%,

4/15/39 (1)

2,400,000‌

2,390‌

AGL

Series 2021-13A,

Class

A1R,

CLO,

FRN

TSFR

1.10%,

4.768%,

10/20/34 (1)

3,285,000‌

3,282‌

Ally

Bank

Auto

Credit-Linked

Notes

Series 2025-A,

Class

4.452%,

6/15/33 (1)

963,663‌

965‌

Ally

Bank

Auto

Credit-Linked

Notes

Series 2025-B,

Class

4.305%,

9/15/33 (1)

1,083,494‌

1,084‌

Anchorage

Capital

Series 2026-22A,

Class

AR4,

CLO,

FRN

TSFR

1.23%,

4.809%,

1/20/39 (1)

765,000‌

764‌

Ares

Loan

Funding

Series 2025-ALF9A,

Class

A1,

CLO,

FRN

TSFR

1.18%,

4.852%,

3/31/38 (1)

885,000‌

884‌

ARI

Fleet

Lease

Trust

Series 2026-A,

Class

3.96%,

11/15/34 (1)

460,000‌

458‌

ARI

Fleet

Lease

Trust

Series 2026-A,

Class

4.09%,

11/15/34 (1)

170,000‌

169‌

Atlas

Senior

Loan

Fund

XXII

Series 2023-22A,

Class

A1R,

CLO,

FRN

TSFR

1.30%,

4.978%,

4/20/39 (1)

690,000‌

690‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2025-3A,

Class

4.17%,

2/20/30 (1)

365,000‌

362‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2026-1A,

Class

4.57%,

8/20/30 (1)

280,000‌

276‌

Barings

Series 2023-4A,

Class

A1R,

CLO,

FRN

TSFR

1.17%,

4.825%,

1/20/39 (1)

855,000‌

853‌

Barings

III

Series 2021-3A,

Class

B1R,

CLO,

FRN

TSFR

1.63%,

5.298%,

1/18/35 (1)

1,655,000‌

1,653‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Battalion

XXV

Series 2024-25A,

Class

BR,

CLO,

FRN

TSFR

1.75%,

3/13/37 (1)(2)

2,365,000‌

2,365‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

FRN

SOFR30A

1.10%,

4.762%,

12/26/31 (1)

82,385‌

83‌

Bayview

Opportunity

Master

Fund

VII

Series 2025-EDU1,

Class

FRN

SOFR30A

1.30%,

4.962%,

7/27/48 (1)

1,023,413‌

1,022‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

3.28%,

9/26/33 (1)

80,969‌

81‌

Bridgecrest

Lending

Auto

Securitization

Trust

Series 2026-1,

Class

4.04%,

12/17/29

610,000‌

610‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

5.47%,

2/15/29

580,000‌

589‌

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

5.17%,

8/15/29

105,000‌

106‌

CarMax

Auto

Owner

Trust

Series 2025-4,

Class

3.97%,

12/16/30

530,000‌

527‌

CarMax

Auto

Owner

Trust

Series 2025-4,

Class

4.08%,

6/16/31

530,000‌

525‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

2.33%,

2/10/28

1,715,000‌

1,673‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

5.63%,

5/10/30 (1)

235,000‌

236‌

Carvana

Auto

Receivables

Trust

Series 2025-P2,

Class

4.75%,

6/10/31

1,055,000‌

1,066‌

Carvana

Auto

Receivables

Trust

Series 2025-P4,

Class

4.25%,

11/10/31

1,385,000‌

1,378‌

Carvana

Auto

Receivables

Trust

Series 2026-P1,

Class

4.35%,

7/12/32

3,040,000‌

3,019‌

Carvana

Auto

Receivables

Trust

Series 2026-P1,

Class

4.76%,

7/12/32

675,000‌

668‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Chase

Auto

Owner

Trust

Series 2025-1A,

Class

4.29%,

6/25/30 (1)

215,000‌

215‌

Chenango

Park

Series 2018-1A,

Class

A2R,

CLO,

FRN

TSFR

1.45%,

5.122%,

4/15/30 (1)

292,751‌

293‌

CIFC

Funding

Series 2018-1A,

Class

A1R,

CLO,

FRN

TSFR

1.32%,

4.988%,

1/18/38 (1)

520,000‌

520‌

CyrusOne

Data

Centers

Issuer

Series 2024-2A,

Class

4.50%,

5/20/49 (1)

2,330,000‌

2,265‌

Dext

Series 2025-2,

Class

4.23%,

4/15/36 (1)

165,000‌

165‌

Driven

Brands

Funding

Series 2020-1A,

Class

3.786%,

7/20/50 (1)

313,706‌

302‌

Driven

Brands

Funding

Series 2020-2A,

Class

3.237%,

1/20/51 (1)

1,149,198‌

1,078‌

Driven

Brands

Funding

Series 2021-1A,

Class

2.791%,

10/20/51 (1)

1,438,502‌

1,298‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

6.16%,

2/25/38 (1)

268,950‌

277‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

6.53%,

2/25/38 (1)

216,242‌

222‌

Elmwood

Series 2022-7A,

Class

AR2,

CLO,

FRN

TSFR

1.20%,

4.828%,

1/20/39 (1)

1,385,000‌

1,382‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

4.98%,

8/21/28 (1)

155,000‌

156‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

5.06%,

3/20/31 (1)

110,000‌

112‌

Enterprise

Fleet

Financing

Series 2024-4,

Class

4.69%,

7/20/27 (1)

256,991‌

258‌

Enterprise

Fleet

Financing

Series 2024-4,

Class

4.70%,

6/20/31 (1)

670,000‌

676‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Enterprise

Fleet

Financing

Series 2025-3,

Class

4.46%,

9/20/29 (1)

1,275,000‌

1,280‌

Exeter

Automobile

Receivables

Trust

Series 2025-4A,

Class

4.40%,

5/15/30

945,000‌

944‌

Exeter

Automobile

Receivables

Trust

Series 2025-5A,

Class

4.24%,

11/15/29

675,000‌

675‌

Exeter

Select

Automobile

Receivables

Trust

Series 2025-2,

Class

4.43%,

8/15/30

825,000‌

827‌

FIGRE

Trust

Series 2026-HF3,

Class

A1A,

FRN

SOFR30A

1.40%,

5.072%,

3/25/56 (1)

575,000‌

574‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2025-2,

Class

4.06%,

9/15/30

930,000‌

928‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2025-2,

Class

4.33%,

9/15/30

180,000‌

179‌

Fortress

Credit

BSL

XIX

Series 2023-2A,

Class

A1R,

CLO,

FRN

TSFR

1.35%,

5.018%,

7/24/36 (1)

3,575,000‌

3,576‌

Halseypoint

Series 2022-6A,

Class

A1R,

CLO,

FRN

TSFR

1.35%,

5.018%,

1/20/38 (1)

690,000‌

690‌

Hardee's

Funding

Series 2024-1A,

Class

7.253%,

3/20/54 (1)

900,613‌

919‌

Hilton

Grand

Vacations

Trust

Series 2025-2A,

Class

4.54%,

5/25/44 (1)

205,780‌

205‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2024-1,

Class

6.153%,

5/20/32 (1)

94,344‌

96‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2025-1,

Class

4.957%,

3/21/33 (1)

715,785‌

718‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2026-1,

Class

4.503%,

2/20/34 (1)

1,090,000‌

1,085‌

Hyundai

Auto

Receivables

Trust

Series 2026-A,

Class

4.10%,

12/15/32

400,000‌

395‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Jamestown

Series 2020-15A,

Class

A1R2,

CLO,

FRN

TSFR

1.05%,

4.722%,

7/15/35 (1)

1,185,000‌

1,185‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

TSFR

1.29%,

4.962%,

10/15/32 (1)

1,055,925‌

1,056‌

Madison

Park

Funding

XXXV

Series 2019-35A,

Class

A1R2,

CLO,

FRN

TSFR

1.22%,

4.799%,

2/13/39 (1)

655,000‌

653‌

MVW

Series 2019-2A,

Class

2.22%,

10/20/38 (1)

251,377‌

251‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

3.13%,

2/15/68 (1)

173,057‌

171‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

1.17%,

9/16/69 (1)

168,977‌

159‌

Navient

Refinance

Loan

Trust

Series 2026-A,

Class

4.50%,

1/18/56 (1)

745,000‌

737‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series 2024-1,

Class

5.59%,

4/25/29 (1)

165,000‌

165‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series 2025-1,

Class

4.18%,

9/25/30 (1)

1,210,000‌

1,209‌

Neuberger

Berman

Loan

Advisers

Series 2022-48A,

Class

A1R,

CLO,

FRN

TSFR

1.09%,

4.758%,

4/25/36 (1)

3,340,000‌

3,338‌

NMEF

Funding

Series 2025-A,

Class

4.72%,

7/15/32 (1)

615,552‌

617‌

NMEF

Funding

Series 2026-A,

Class

4.20%,

2/15/34 (1)

150,000‌

149‌

NMEF

Funding

Series 2026-A,

Class

4.48%,

2/15/34 (1)

100,000‌

99‌

OCP

Series 2017-13A,

Class

AR2,

CLO,

FRN

TSFR

1.34%,

5.01%,

11/26/37 (1)

1,910,000‌

1,911‌

Octane

Receivables

Trust

Series 2024-RVM1,

Class

5.01%,

1/22/46 (1)

480,662‌

484‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Octane

Receivables

Trust

Series 2025-RVM1,

Class

4.48%,

12/20/46 (1)

1,319,578‌

1,314‌

PEAC

Solutions

Receivables

Series 2026-1A,

Class

4.39%,

7/20/33 (1)

790,000‌

789‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

5.59%,

11/15/29 (1)

22,711‌

23‌

Progress

Residential

Trust

Series 2024-SFR5,

Class

3.00%,

8/9/29 (1)

341,196‌

322‌

Progress

Residential

Trust

Series 2025-SFR5,

Class

3.85%,

10/17/42 (1)

464,520‌

444‌

Regatta

XVI

Funding

Series 2019-2A,

Class

A1R2,

CLO,

FRN

TSFR

1.19%,

4.84%,

4/15/39 (1)

545,000‌

543‌

Rockford

Tower

Series 2022-1A,

Class

A1R,

CLO,

FRN

TSFR

1.20%,

4.868%,

7/20/35 (1)

3,335,000‌

3,331‌

Santander

Drive

Auto

Receivables

Trust

Series 2025-4,

Class

4.17%,

4/15/30

65,000‌

65‌

Santander

Drive

Auto

Receivables

Trust

Series 2026-1,

Class

3.93%,

7/15/30

630,000‌

626‌

Santander

Drive

Auto

Receivables

Trust

Series 2026-1,

Class

4.07%,

4/15/32

940,000‌

930‌

SCF

Equipment

Leasing

Series 2024-1A,

Class

5.82%,

9/20/32 (1)

390,000‌

402‌

SCF

Equipment

Leasing

Series 2025-1A,

Class

4.82%,

7/22/30 (1)

454,382‌

455‌

SCF

Equipment

Leasing

Series 2025-1A,

Class

5.11%,

11/21/33 (1)

995,000‌

1,012‌

SEB

Funding

Series 2024-1A,

Class

7.386%,

4/30/54 (1)

313,000‌

319‌

SEB

Funding

Series 2026-1A,

Class

6.665%,

1/30/56 (1)

2,200,000‌

2,186‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,547,511‌

1,447‌

SFS

Auto

Receivables

Securitization

Trust

Series 2026-1A,

Class

4.07%,

1/20/32 (1)

615,000‌

607‌

SFS

Auto

Receivables

Securitization

Trust

Series 2026-1A,

Class

4.27%,

6/21/32 (1)

520,000‌

512‌

Sierra

Timeshare

Receivables

Funding

Series 2025-2A,

Class

4.72%,

4/20/44 (1)

486,226‌

486‌

Sierra

Timeshare

Receivables

Funding

Series 2025-3A,

Class

4.44%,

8/22/44 (1)

202,203‌

201‌

Signal

Peak

Series 2016-3A,

Class

A1R4,

CLO,

FRN

TSFR

1.30%,

4/23/39 (1)(2)

905,000‌

905‌

Signal

Peak

Series 2018-5A,

Class

A1R,

CLO,

FRN

TSFR

1.55%,

5.218%,

4/25/37 (1)

2,220,000‌

2,220‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

96,837‌

96‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

421,050‌

402‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,085,383‌

999‌

SMB

Private

Education

Loan

Trust

Series 2026-A,

Class

A1A

4.68%,

12/15/53 (1)

2,720,000‌

2,685‌

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

Series 2025-BA,

Class

4.47%,

7/20/29 (1)

420,000‌

418‌

Symphony

Series 2022-37A,

Class

AR2,

CLO,

FRN

TSFR

1.13%,

4.795%,

1/20/37 (1)

1,230,000‌

1,228‌

Symphony

XXXI

Series 2022-31A,

Class

AR,

CLO,

FRN

TSFR

1.17%,

4.839%,

1/22/38 (1)

440,000‌

438‌

TPIC

SPV,

Class

10.00%,

12/6/26,

(10.00%

PIK),

Acquisiton

Date:

12/10/24,

Cost $101 (3)(4)(5)

126,484‌

138‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

TPIC

SPV

Series 2024-1A,

Class

7.131%,

11/30/44,

Acquisition

Date:

12/10/24,

Cost $1,549 (3)

(5)

1,548,802‌

1,165‌

Verdant

Receivables

Series 2023-1A,

Class

6.24%,

1/13/31 (1)

161,631‌

164‌

Verdant

Receivables

Series 2024-1A,

Class

5.68%,

12/12/31 (1)

104,198‌

106‌

Verdant

Receivables

Series 2025-1A,

Class

5.37%,

5/12/33 (1)

100,000‌

102‌

Wingspire

Equipment

Finance

Series 2025-1A,

Class

4.33%,

9/20/33 (1)

205,000‌

205‌

Total

Asset-Backed

Securities

(Cost

$93,240)

92,464‌

BOND

FUNDS

4.9%

Rowe

Price

Inflation

Protected

Bond

Fund

Class,

5.81% (6)(7)

2,359,896‌

24,260‌

Rowe

Price

Institutional

High

Yield

Fund

Institutional

Class,

6.55% (6)(7)

24,900,397‌

194,721‌

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

Class,

5.01% (6)(7)

5,527,854‌

26,036‌

Total

Bond

Funds

(Cost

$256,762)

245,017‌

COMMON

STOCKS

60.4%

COMMUNICATION

SERVICES

5.2%

Diversified

Telecommunication

Services

0.3%

Group

(GBP)

2,613,708‌

7,325‌

(KRW)

108,831‌

4,485‌

Telstra

Group

(AUD)

1,390,383‌

5,133‌

16,943‌

Entertainment

0.9%

Live

Nation

Entertainment (8)

2,700‌

412‌

Netflix (8)

279,908‌

26,913‌

Nintendo

(JPY)

89,700‌

5,121‌

Spotify

Technology (8)

563‌

273‌

TKO

Group

Holdings

5,534‌

1,116‌

Walt

Disney

86,723‌

8,358‌

42,193‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Interactive

Media

Services

3.4%

Alphabet,

Class

144,736‌

41,620‌

Alphabet,

Class

256,265‌

73,512‌

Meta

Platforms,

5.625%,

11/15/55

310,000‌

290‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,625‌

Mondelez

International,

4.75%,

2/20/29

2,970,000‌

3,000‌

Morgan

Stanley,

6.25%,

8/9/26

755,000‌

760‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (10)

1,445,000‌

1,087‌

Morgan

Stanley,

VR,

5.042%,

7/19/30 (10)

200,000‌

202‌

Morgan

Stanley,

VR,

5.656%,

4/18/30 (10)

3,540,000‌

3,642‌

Morgan

Stanley

Private

Bank,

VR,

4.734%,

7/18/31 (10)

1,355,000‌

1,350‌

Motorola

Solutions,

5.00%,

4/15/29

800,000‌

810‌

Motorola

Solutions,

5.60%,

6/1/32

160,000‌

166‌

MPLX,

4.80%,

2/15/31

1,530,000‌

1,534‌

National

Bank

Canada,

5.60%,

12/18/28 (9)

2,560,000‌

2,637‌

New

York

Life

Global

Funding,

4.05%,

2/2/29 (1)

2,905,000‌

2,882‌

New

York

State

Electric

Gas,

5.30%,

8/15/34 (1)

1,075,000‌

1,089‌

NextEra

Energy

Capital

Holdings,

4.40%,

3/1/31

2,930,000‌

2,905‌

NextEra

Energy

Capital

Holdings,

4.685%,

9/1/27

295,000‌

297‌

Niagara

Mohawk

Power,

4.647%,

10/3/30 (1)

840,000‌

837‌

Niagara

Mohawk

Power,

5.112%,

1/12/36 (1)

1,575,000‌

1,547‌

NiSource,

3.49%,

5/15/27 (9)

1,730,000‌

1,711‌

NiSource,

3.95%,

3/30/48

1,775,000‌

1,330‌

Northern

Trust,

4.15%,

11/19/30

1,420,000‌

1,408‌

NTT

Finance,

4.876%,

7/16/30 (1)

830,000‌

835‌

Nutrien,

4.00%,

12/15/26

830,000‌

828‌

NXP,

4.30%,

8/19/28

420,000‌

418‌

Occidental

Petroleum,

5.375%,

1/1/32

1,285,000‌

1,309‌

Occidental

Petroleum,

8.875%,

7/15/30

160,000‌

182‌

ONEOK,

4.40%,

10/15/29

70,000‌

70‌

ONEOK,

6.05%,

9/1/33

150,000‌

157‌

Oracle,

3.60%,

4/1/40

150,000‌

109‌

Oracle,

5.20%,

9/26/35 (9)

2,125,000‌

1,992‌

Oracle,

5.375%,

7/15/40

2,170,000‌

1,902‌

Oracle,

6.15%,

11/9/29

170,000‌

175‌

Oracle,

6.90%,

11/9/52

1,150,000‌

1,087‌

Orange,

4.75%,

1/13/33 (1)(9)

1,180,000‌

1,166‌

O'Reilly

Automotive,

3.60%,

9/1/27 (9)

1,825,000‌

1,806‌

O'Reilly

Automotive,

5.00%,

8/19/34

2,165,000‌

2,144‌

O'Reilly

Automotive,

5.75%,

11/20/26

390,000‌

393‌

Ovintiv,

6.25%,

7/15/33

150,000‌

158‌

Owens

Corning,

5.70%,

6/15/34 (9)

995,000‌

1,030‌

PACCAR

Financial,

Series R,

4.00%,

11/7/28

675,000‌

673‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Pacific

Gas

Electric,

2.10%,

8/1/27

1,340,000‌

1,298‌

Pacific

Gas

Electric,

5.00%,

6/4/28

200,000‌

202‌

Pacific

Gas

Electric,

6.40%,

6/15/33

50,000‌

53‌

Pacific

Life

Global

Funding

II,

4.375%,

2/3/31 (1)

2,435,000‌

2,417‌

Parker-Hannifin,

3.25%,

6/14/29

170,000‌

165‌

Patterson-UTI

Energy,

7.15%,

10/1/33

140,000‌

150‌

Paychex,

5.35%,

4/15/32

160,000‌

161‌

Pfizer,

4.50%,

11/15/32

2,195,000‌

2,176‌

Phillips

66,

5.875%,

5/1/42

180,000‌

180‌

Plains

All

American

Pipeline,

5.95%,

6/15/35

160,000‌

165‌

PNC

Financial

Services

Group,

VR,

5.373%,

7/21/36 (10)

360,000‌

363‌

PPL

Capital

Funding,

3.10%,

5/15/26

2,200,000‌

2,197‌

Pricoa

Global

Funding

4.35%,

11/25/30 (1)

3,050,000‌

3,018‌

Principal

Financial

Group,

4.111%,

2/15/28 (1)

1,800,000‌

1,785‌

Public

Service

Oklahoma,

5.20%,

1/15/35

200,000‌

199‌

Public

Storage

Operating,

1.95%,

11/9/28

1,210,000‌

1,142‌

Qorvo,

4.375%,

10/15/29

554,000‌

542‌

Realty

Income,

3.10%,

12/15/29

2,130,000‌

2,030‌

Realty

Income,

3.95%,

8/15/27

1,490,000‌

1,482‌

Regal

Rexnord,

6.05%,

4/15/28

150,000‌

154‌

RELX

Capital,

3.00%,

5/22/30

945,000‌

889‌

RELX

Capital,

4.75%,

3/27/30

160,000‌

161‌

RenaissanceRe

Holdings,

5.75%,

6/5/33

150,000‌

154‌

Republic

Services,

5.00%,

12/15/33 (9)

2,235,000‌

2,272‌

Revvity,

3.30%,

9/15/29

160,000‌

153‌

RGA

Global

Funding,

4.35%,

8/25/28 (1)

675,000‌

672‌

RGA

Global

Funding,

4.60%,

11/25/30 (1)

1,085,000‌

1,073‌

RGA

Global

Funding,

5.00%,

8/25/32 (1)

160,000‌

158‌

RGA

Global

Funding,

5.448%,

5/24/29 (1)

1,630,000‌

1,668‌

Rogers

Communications,

4.50%,

3/15/42

2,935,000‌

2,476‌

Roper

Technologies,

3.80%,

12/15/26

1,085,000‌

1,080‌

Ross

Stores,

1.875%,

4/15/31

450,000‌

395‌

Royal

Bank

Canada,

VR,

4.969%,

8/2/30 (10)

200,000‌

203‌

Royal

Caribbean

Cruises,

6.25%,

3/15/32 (1)

150,000‌

153‌

RTX,

3.125%,

7/1/50

290,000‌

191‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28

1,335,000‌

1,329‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30

560,000‌

556‌

Sammons

Financial

Group

Global

Funding,

4.80%,

12/12/30 (1)

1,185,000‌

1,175‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (9)(10)

1,365,000‌

1,342‌

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (9)(10)

725,000‌

758‌

Santander

Holdings

USA,

VR,

6.565%,

6/12/29 (10)

160,000‌

166‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (10)

1,605,000‌

1,578‌

Santander

U.K.

Group

Holdings,

VR,

4.32%,

9/22/29 (10)

425,000‌

421‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Schlumberger

Holdings,

3.90%,

5/17/28 (1)

150,000‌

149‌

Sempra,

5.25%,

3/15/36

580,000‌

572‌

Sherwin-Williams,

5.15%,

8/15/35

200,000‌

200‌

Simon

Property

Group,

2.65%,

2/1/32 (9)

1,810,000‌

1,613‌

Simon

Property

Group,

3.80%,

7/15/50 (9)

1,865,000‌

1,375‌

Skandinaviska

Enskilda

Banken,

5.125%,

3/5/27 (1)

2,800,000‌

2,824‌

Solventum,

5.40%,

3/1/29

644,000‌

659‌

South

Bow

USA

Infrastructure

Holdings,

5.026%,

10/1/29

420,000‌

423‌

Southern,

5.70%,

3/15/34

1,540,000‌

1,597‌

Southern

California

Edison,

5.15%,

6/1/29

2,010,000‌

2,038‌

Southern

Gas

Capital,

4.95%,

9/15/34

1,525,000‌

1,505‌

Southern

Gas

Capital,

Series B,

5.10%,

9/15/35

315,000‌

311‌

Spectra

Energy

Partners,

3.375%,

10/15/26

480,000‌

477‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(10)

1,000,000‌

985‌

Standard

Chartered,

VR,

4.529%,

6/5/32 (1)(10)

1,795,000‌

1,752‌

Standard

Chartered,

VR,

5.243%,

1/13/37 (1)(10)

445,000‌

431‌

Suzano

Netherlands,

5.50%,

1/15/36

1,210,000‌

1,168‌

Sydney

Airport

Finance,

5.248%,

3/26/36 (1)

1,370,000‌

1,359‌

T-Mobile

USA,

4.95%,

11/15/35 (9)

2,035,000‌

1,997‌

T-Mobile

USA,

5.00%,

2/15/36

1,030,000‌

1,013‌

T-Mobile

USA,

5.75%,

1/15/34

1,860,000‌

1,940‌

T-Mobile

USA,

6.70%,

12/15/33

180,000‌

198‌

Tampa

Electric,

6.15%,

5/15/37

1,000,000‌

1,063‌

Targa

Resources,

5.50%,

2/15/35

745,000‌

752‌

Targa

Resources,

6.50%,

3/30/34

170,000‌

184‌

Targa

Resources

Partners,

5.00%,

1/15/28 (9)

1,168,000‌

1,166‌

Teachers

Insurance

Annuity

Assn.

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,607‌

Telefonica

Europe,

8.25%,

9/15/30

150,000‌

170‌

Thermo

Fisher

Scientific,

4.902%,

2/12/36

1,400,000‌

1,388‌

Time

Warner

Cable,

6.55%,

5/1/37

640,000‌

645‌

Time

Warner

Cable,

6.75%,

6/15/39

530,000‌

526‌

Time

Warner

Cable

Enterprises,

8.375%,

7/15/33

60,000‌

68‌

TJX,

1.60%,

5/15/31

375,000‌

328‌

Toronto-Dominion

Bank,

4.994%,

4/5/29

2,795,000‌

2,837‌

TotalEnergies

Capital,

5.638%,

4/5/64

190,000‌

183‌

TotalEnergies

Capital

USA,

4.569%,

1/13/33

2,090,000‌

2,069‌

Toyota

Motor

Credit,

4.05%,

9/5/28

1,915,000‌

1,908‌

Finance,

3.35%,

5/15/26

405,000‌

404‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48

1,645,000‌

1,374‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,304‌

Transurban

Finance,

3.375%,

3/22/27 (1)

215,000‌

213‌

Travelers,

6.25%,

6/15/37

750,000‌

819‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Tyco

Electronics

Group,

4.875%,

2/9/36

1,170,000‌

1,157‌

U.S.

Bancorp,

VR,

5.10%,

7/23/30 (10)

200,000‌

204‌

Uber

Technologies,

4.30%,

1/15/30

2,395,000‌

2,374‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31

773,338‌

752‌

United

Rentals

North

America,

6.00%,

12/15/29 (1)

150,000‌

152‌

UnitedHealth

Group,

4.40%,

6/15/28

200,000‌

200‌

UnitedHealth

Group,

4.70%,

4/15/29

3,125,000‌

3,153‌

UnitedHealth

Group,

5.20%,

4/15/63

140,000‌

122‌

UnitedHealth

Group,

5.50%,

7/15/44

200,000‌

193‌

Verizon

Communications,

2.10%,

3/22/28

460,000‌

442‌

Verizon

Communications,

4.00%,

3/22/50

2,000,000‌

1,510‌

Verizon

Communications,

4.75%,

1/15/33

960,000‌

948‌

VICI

Properties,

4.125%,

8/15/30 (1)

180,000‌

173‌

VMware,

1.40%,

8/15/26

3,125,000‌

3,092‌

Volkswagen

Group

America

Finance,

4.55%,

9/11/28 (1)

280,000‌

279‌

Volkswagen

Group

America

Finance,

6.45%,

11/16/30 (1)

2,015,000‌

2,128‌

Waste

Connections,

3.20%,

6/1/32

2,315,000‌

2,139‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (10)

3,915,000‌

3,821‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (9)(10)

4,055,000‌

3,045‌

Wells

Fargo,

VR,

5.605%,

4/23/36 (10)

400,000‌

409‌

Wells

Fargo,

VR,

6.303%,

10/23/29 (10)

905,000‌

943‌

Westpac

New

Zealand,

5.195%,

2/28/29 (1)

1,855,000‌

1,894‌

Williams,

4.625%,

6/30/30

355,000‌

355‌

Williams,

5.10%,

9/15/45

1,735,000‌

1,569‌

Williams,

5.15%,

3/15/34

245,000‌

245‌

Willis

North

America,

4.50%,

9/15/28

1,370,000‌

1,369‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

735‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,169‌

Woodside

Finance,

5.40%,

5/19/30

160,000‌

163‌

Carey,

3.85%,

7/15/29 (9)

1,470,000‌

1,435‌

Zoetis,

4.15%,

8/17/28

2,695,000‌

2,686‌

Total

Corporate

Bonds

(Cost

$428,167)

415,107‌

EQUITY

FUNDS

4.2%

Rowe

Price

Real

Assets

Fund

Class (6)

11,014,970‌

208,954‌

Total

Equity

Funds

(Cost

$130,280)

208,954‌

FOREIGN

GOVERNMENT

OBLIGATIONS

MUNICIPALITIES

0.5%

Autoridad

del

Canal

Panama,

4.95%,

7/29/35 (1)

510,000‌

499‌

Corp.

Nacional

del

Cobre

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,480‌

Eagle

Funding

Luxco,

5.50%,

8/17/30 (1)

1,930,000‌

1,939‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Province

Alberta

Canada,

4.50%,

1/24/34

2,760,000‌

2,770‌

Province

British

Columbia,

4.20%,

7/6/33

2,648,000‌

2,611‌

Province

Manitoba

Canada,

4.30%,

7/27/33

2,595,000‌

2,568‌

Republic

Peru,

5.375%,

2/8/35

660,000‌

659‌

Republic

Poland,

Series 10Y,

3.25%,

4/6/26

1,030,000‌

1,030‌

Republic

Poland,

Series 30Y,

5.50%,

3/18/54

1,540,000‌

1,420‌

Republic

Romania,

6.625%,

5/16/36 (1)

2,200,000‌

2,184‌

United

Mexican

States,

2.659%,

5/24/31

3,439,000‌

3,040‌

United

Mexican

States,

3.50%,

2/12/34

2,315,000‌

1,966‌

Total

Foreign

Government

Obligations

Municipalities

(Cost

$24,118)

23,166‌

MUNICIPAL

SECURITIES

0.5%

California

0.0%

Los

Angeles

Airport,

Series C,

Build

America,

7.053%,

5/15/40

1,000,000‌

1,141‌

Univ.

California

Regents,

Series J,

4.131%,

5/15/45

365,000‌

330‌

1,471‌

Georgia

0.1%

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39

2,665,000‌

2,757‌

Illinois

0.0%

Chicago

O'Hare

Int'l

Airport,

Series B,

Build

America,

6.395%,

1/1/40

755,000‌

827‌

Illinois

Toll

Highway

Auth.,

Series A,

Build

America,

6.184%,

1/1/34

470,000‌

500‌

Metropolitan

Water

Reclamation

Dist.

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38

500,000‌

515‌

1,842‌

Maryland

0.1%

Maryland

HHEFA,

Univ.

Maryland

Medical

System,

Series B,

4.665%,

7/1/36

1,800,000‌

1,774‌

Michigan

0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29

2,000,000‌

2,118‌

New

Jersey

0.0%

New

Jersey

Turnpike

Auth.,

Series F,

Build

America,

7.414%,

1/1/40

415,000‌

491‌

New

York

0.0%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39

210,000‌

243‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

New

York

City

Water

Sewer

System,

Build

America,

6.011%,

6/15/42

245,000‌

252‌

New

York

State

Dormitory

Auth.,

Series F,

Build

America,

5.628%,

3/15/39

1,190,000‌

1,221‌

Port

Auth.

New

York

New

Jersey,

3.139%,

2/15/51

800,000‌

579‌

2,295‌

Ohio

0.0%

JobsOhio

Beverage

System,

Series B,

3.985%,

1/1/29

590,000‌

589‌

South

Carolina

0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41

2,000,000‌

2,087‌

Texas

0.0%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41

1,820,000‌

1,417‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38

1,155,000‌

993‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47

1,200,000‌

1,037‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49

1,900,000‌

1,515‌

4,962‌

Virginia

0.0%

Virginia

Public

Building

Auth.,

Series B-2,

Build

America,

5.90%,

8/1/30

695,000‌

714‌

Wisconsin

0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51

2,910,000‌

2,021‌

Total

Municipal

Securities

(Cost

$24,870)

23,121‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

1.6%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

182,308‌

170‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

614,257‌

546‌

BANK,

Series 2024-BNK47,

Class

A5,

5.716%,

6/15/57

1,045,000‌

1,093‌

BANK,

Series 2025-BNK51,

Class

A5,

5.29%,

12/25/67

305,000‌

309‌

BANK5,

Series 2024-5YR12,

Class

A3,

ARM,

5.902%,

12/15/57

1,915,000‌

1,988‌

BANK5,

Series 2024-5YR8,

Class

AS,

ARM,

6.378%,

8/15/57

740,000‌

768‌

BANK5,

Series 2025-5YR14,

Class

A3,

5.646%,

4/15/58

1,600,000‌

1,653‌

BANK5,

Series 2026-5YR20,

Class

A3,

5.104%,

2/15/59

20,000‌

20‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

626,067‌

578‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Bayview

Financing

Trust,

Series 2024-2F,

Class

CMO,

ARM,

6.422%,

9/25/29,

Acquisition

Date:

8/29/24,

Cost $1,388 (3)(5)

1,388,000‌

1,392‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

ARM,

TSFR

2.274%,

5.947%,

11/15/34 (1)

605,000‌

8‌

BBCMS

Mortgage

Trust,

Series 2024-5C27,

Class

A3,

6.014%,

7/15/57

285,000‌

296‌

Benchmark

Mortgage

Trust,

Series 2023-B39,

Class

A5,

5.754%,

7/15/56

760,000‌

793‌

Benchmark

Mortgage

Trust,

Series 2025-B41,

Class

A5,

5.407%,

7/15/68

505,000‌

516‌

Benchmark

Mortgage

Trust,

Series 2025-V16,

Class

A3,

ARM,

5.439%,

8/15/58

1,285,000‌

1,319‌

Benchmark

Mortgage

Trust,

Series 2025-V19,

Class

A3,

5.249%,

1/15/58

1,375,000‌

1,402‌

Benchmark

Mortgage

Trust,

Series 2026-B42,

Class

A5,

5.10%,

3/15/59

1,645,000‌

1,643‌

Benchmark

Mortgage

Trust,

Series 2026-V21,

Class

A3,

5.127%,

3/15/31

3,880,000‌

3,932‌

BMO

Mortgage

Trust,

Series 2025-C13,

Class

A5,

5.353%,

10/15/58

1,375,000‌

1,399‌

Commercial

Mortgage

Trust,

Series 2026-CSMO,

Class

ARM,

TSFR

1.40%,

5.073%,

2/15/43 (1)

2,560,000‌

2,560‌

Trust,

Series 2025-ROIC,

Class

ARM,

TSFR

1.144%,

4.816%,

3/15/30 (1)

3,123,250‌

3,108‌

Trust,

Series 2025-VOLT,

Class

ARM,

TSFR

1.70%,

5.373%,

12/15/44 (1)

3,270,000‌

3,260‌

CENT,

Series 2025-CITY,

Class

ARM,

4.92%,

7/10/40 (1)

2,680,000‌

2,699‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

654,218‌

576‌

COLT

Mortgage

Loan

Trust,

Series 2025-8,

Class

A1,

CMO,

STEP,

5.48%,

8/25/70 (1)

1,330,136‌

1,335‌

Cross

Mortgage

Trust,

Series 2024-H4,

Class

A1,

CMO,

STEP,

6.147%,

7/25/69 (1)

232,029‌

234‌

DBC

Mortgage

Trust,

Series 2025-DBC,

Class

ARM,

TSFR

1.35%,

5.023%,

11/15/42 (1)

600,000‌

600‌

Deephaven

Residential

Mortgage

Trust,

Series 2026-INV1,

Class

A1,

CMO,

ARM,

4.797%,

12/25/70 (1)

612,897‌

608‌

EFMT,

Series 2025-INV5,

Class

A1,

CMO,

ARM,

5.077%,

12/25/70 (1)

287,262‌

286‌

EFMT,

Series 2025-NQM6,

Class

A1,

CMO,

ARM,

5.001%,

12/25/70 (1)

364,670‌

362‌

EFMT,

Series 2026-NQM1,

Class

A1F,

CMO,

ARM,

SOFR30A

1.20%,

4.862%,

2/25/71 (1)

695,970‌

695‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

70,349‌

69‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

Ellington

Financial

Mortgage

Trust,

Series 2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (1)

357,162‌

340‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

420,350‌

358‌

Extended

Stay

America

Trust,

Series 2025-ESH,

Class

ARM,

TSFR

1.30%,

4.973%,

10/15/42 (1)

1,100,000‌

1,100‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

1,995,658‌

1,660‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

55,258‌

51‌

GCAT

Trust,

Series 2025-NQM4,

Class

A1,

CMO,

STEP,

5.529%,

6/25/70 (1)

1,697,021‌

1,703‌

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.897%,

10/25/50 (1)

234,170‌

203‌

Mortgage-Backed

Securities

Trust,

Series 2025-NQM3,

Class

A1,

CMO,

STEP,

5.137%,

11/25/65 (1)

322,136‌

322‌

HOMES

Trust,

Series 2025-NQM4,

Class

A1,

CMO,

ARM,

5.22%,

8/25/70 (1)

1,783,776‌

1,781‌

HOMES

Trust,

Series 2026-AFC1,

Class

A1,

CMO,

ARM,

4.846%,

2/25/61 (1)

1,601,659‌

1,588‌

Hudson

Yards

Mortgage

Trust,

Series 2025-SPRL,

Class

ARM,

5.467%,

1/13/40 (1)

1,140,000‌

1,166‌

JPMorgan

Mortgage

Trust,

Series 2019-HYB1,

Class

B4,

CMO,

ARM,

5.095%,

10/25/49 (1)

774,153‌

759‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

393,769‌

355‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

456,181‌

413‌

JPMorgan

Mortgage

Trust,

Series 2025-DSC2,

Class

A1,

CMO,

ARM,

5.195%,

10/25/65 (1)

814,550‌

813‌

JPMorgan

Mortgage

Trust,

Series 2025-NQM3,

Class

A1,

CMO,

ARM,

5.495%,

11/25/65 (1)

2,758,771‌

2,767‌

MAD

Commercial

Mortgage

Trust,

Series 2025-11MD,

Class

ARM,

4.437%,

10/15/42 (1)

1,395,000‌

1,389‌

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust,

Series 2025-C35,

Class

A5,

5.633%,

8/15/58

1,130,000‌

1,175‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

416,221‌

343‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2025-

DSC2,

Class

A1,

CMO,

ARM,

5.443%,

7/25/70 (1)

254,880‌

256‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2025-

NQM5,

Class

A1,

CMO,

ARM,

5.439%,

7/25/70 (1)

223,583‌

224‌

MSWF

Commercial

Mortgage

Trust,

Series 2023-2,

Class

A5,

ARM,

6.014%,

12/15/56

880,000‌

933‌

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,499,209‌

1,287‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

New

Residential

Mortgage

Loan

Trust,

Series 2025-NQM4,

Class

A1,

CMO,

ARM,

5.35%,

7/25/65 (1)

2,107,335‌

2,109‌

NYC

Commercial

Mortgage

Trust,

Series 2025-28L,

Class

ARM,

4.668%,

11/5/38 (1)

105,000‌

104‌

NYMT

Loan

Trust,

Series 2025-INV1,

Class

A1,

CMO,

STEP,

5.402%,

4/25/60 (1)

298,612‌

299‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

103,919‌

98‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

TSFR

1.214%,

4.893%,

10/25/59 (1)

10,567‌

11‌

OBX

Trust,

Series 2025-NQM15,

Class

A1,

CMO,

STEP,

5.143%,

7/27/65 (1)

459,032‌

458‌

OBX

Trust,

Series 2025-NQM15,

Class

A1F,

CMO,

ARM,

SOFR30A

1.15%,

4.812%,

7/27/65 (1)

487,467‌

487‌

OBX

Trust,

Series 2026-R1,

Class

A1,

CMO,

ARM,

4.884%,

1/25/63 (1)

2,060,671‌

2,043‌

PENN

Commercial

Mortgage

Trust,

Series 2025-P11,

Class

ARM,

5.344%,

8/10/42 (1)

810,000‌

823‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

1,486,943‌

1,349‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

111,242‌

102‌

Sequoia

Mortgage

Trust,

Series 2024-HYB1,

Class

A1A,

CMO,

ARM,

4.435%,

11/25/63 (1)

799,808‌

799‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

56,584‌

56‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

111,976‌

108‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-

DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

0.85%,

4.512%,

11/25/41 (1)

149,449‌

149‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-HQA2,

Class

A1,

CMO,

ARM,

SOFR30A

1.25%,

4.912%,

8/25/44 (1)

799,000‌

800‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2025-DNA3,

Class

M1,

CMO,

ARM,

SOFR30A

1.10%,

4.762%,

9/25/45 (1)

991,393‌

991‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2025-HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

0.95%,

4.612%,

2/25/45 (1)

258,700‌

259‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

14,337‌

14‌

Towd

Point

Mortgage

Trust,

Series 2024-2,

Class

A1B,

CMO,

ARM,

4.859%,

12/25/64 (1)

3,582,033‌

3,612‌

Towd

Point

Mortgage

Trust,

Series 2026-1,

Class

A1A,

CMO,

ARM,

4.103%,

1/25/66 (1)

636,005‌

627‌

Trust,

Series 2024-HOU,

Class

ARM,

TSFR

1.591%,

5.264%,

6/15/39 (1)

170,000‌

170‌

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)

276,828‌

252‌

Verus

Securitization

Trust,

Series 2024-INV1,

Class

A2,

CMO,

STEP,

6.318%,

3/25/69 (1)

1,031,117‌

1,037‌

Verus

Securitization

Trust,

Series 2025-7,

Class

A1F,

CMO,

ARM,

SOFR30A

1.20%,

4.862%,

8/25/70 (1)

1,418,984‌

1,419‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-C54,

Class

A4,

3.146%,

12/15/52

550,000‌

522‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2025-5C6,

Class

A3,

5.186%,

10/15/58

2,765,000‌

2,809‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$80,835)

78,710‌

U.S.

GOVERNMENT

AGENCY

MORTGAGE-BACKED

SECURITIES

7.7%

U.S.

Government

Agency

Obligations

6.4%

Federal

Home

Loan

Mortgage

2.50%,

5/1/30

324,102‌

316‌

3.00%,

1/1/29

8/1/43

2,365,919‌

2,181‌

3.50%,

3/1/42

3/1/46

3,959,641‌

3,751‌

4.00%,

9/1/40

6/1/42

1,190,805‌

1,163‌

4.50%,

6/1/39

5/1/42

672,957‌

673‌

5.00%,

12/1/35

8/1/40

309,359‌

315‌

5.50%,

1/1/38

12/1/39

98,894‌

102‌

6.00%,

2/1/28

8/1/38

9,993‌

10‌

6.50%,

8/1/32

3,758‌

4‌

7.00%,

6/1/32

8,859‌

10‌

Federal

Home

Loan

Mortgage,

ARM

CMT

2.25%,

6.317%,

10/1/36

1,569‌

2‌

RFUCCT1Y

1.726%,

6.356%,

7/1/35

7,048‌

7‌

RFUCCT1Y

1.75%,

6.00%,

2/1/35

6,398‌

6‌

RFUCCT1Y

1.911%,

6.219%,

12/1/36

17,634‌

18‌

RFUCCT1Y

1.934%,

6.183%,

2/1/37

6,214‌

6‌

RFUCCT1Y

2.032%,

6.398%,

11/1/36

17,926‌

18‌

Federal

Home

Loan

Mortgage,

UMBS

1.50%,

2/1/36

609,095‌

554‌

2.00%,

8/1/36

5/1/52

20,684,357‌

17,279‌

2.50%,

3/1/42

5/1/52

22,653,037‌

19,309‌

3.00%,

11/1/34

7/1/52

5,277,532‌

4,694‌

3.50%,

6/1/33

150,233‌

148‌

4.00%,

12/1/49

1/1/56

3,330,086‌

3,158‌

4.50%,

9/1/37

10/1/54

3,002,971‌

2,910‌

5.00%,

10/1/51

10/1/55

7,027,930‌

6,962‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

5.50%,

8/1/53

10/1/55

15,802,304‌

15,988‌

6.00%,

10/1/54

12/1/54

745,207‌

766‌

6.50%,

8/1/54

655,899‌

681‌

7.00%,

6/1/54

259,277‌

274‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC

2.952%,

2/25/27

172,255‌

171‌

4.40%,

10/25/30

6,100,000‌

6,130‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

ARM

2.347%,

11/25/31

10,510,000‌

9,478‌

3.71%,

9/25/32

4,580,000‌

4,398‌

4.43%,

2/25/33

3,645,000‌

3,640‌

Federal

National

Mortgage

Assn.

3.50%,

6/1/42

1/1/44

1,660,174‌

1,573‌

4.00%,

11/1/40

442,233‌

432‌

4.50%,

7/1/40

310,728‌

310‌

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

1.523%,

6.097%,

7/1/35

5,907‌

6‌

Federal

National

Mortgage

Assn.,

UMBS

1.50%,

4/1/37

1/1/42

5,039,115‌

4,434‌

2.00%,

9/1/36

5/1/52

59,083,802‌

48,999‌

2.50%,

10/1/31

5/1/52

27,620,153‌

23,847‌

3.00%,

1/1/27

7/1/52

22,070,806‌

20,170‌

3.50%,

11/1/26

5/1/52

14,648,628‌

13,719‌

4.00%,

11/1/40

8/1/52

9,756,663‌

9,394‌

4.50%,

4/1/37

7/1/53

7,037,948‌

6,909‌

5.00%,

2/1/34

3/1/56

10,952,094‌

10,882‌

5.50%,

2/1/35

11/1/55

15,168,181‌

15,354‌

6.00%,

5/1/33

11/1/55

26,158,682‌

26,905‌

6.50%,

1/1/28

10/1/55

5,268,829‌

5,489‌

7.00%,

7/1/26

4/1/32

7,211‌

7‌

8.00%,

7/1/26

2‌

—‌

UMBS,

TBA (11)

2.00%,

5/1/56

7,360,000‌

5,922‌

2.50%,

5/1/41

485,000‌

458‌

3.00%,

5/1/56

3,620,000‌

3,181‌

3.50%,

5/1/56

3,790,000‌

3,470‌

4.00%,

5/1/56

1,120,000‌

1,055‌

5.00%,

5/1/56

7,275,000‌

7,164‌

6.00%,

5/1/55

735,000‌

748‌

6.50%,

5/1/54

1,605,000‌

1,659‌

317,209‌

U.S.

Government

Obligations

1.3%

Government

National

Mortgage

Assn.

1.50%,

12/20/36

5/20/37

602,657‌

546‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

2.00%,

3/20/51

3/20/52

9,591,749‌

7,916‌

2.50%,

8/20/50

4/20/52

17,794,818‌

15,307‌

3.00%,

9/15/42

4/20/52

5,349,208‌

4,807‌

3.50%,

9/15/41

1/20/49

7,457,421‌

7,010‌

4.00%,

2/15/41

10/20/52

5,993,719‌

5,722‌

4.50%,

6/15/39

6/20/53

9,296,401‌

9,091‌

5.00%,

12/20/34

8/20/52

5,537,285‌

5,569‌

5.50%,

2/20/34

9/20/54

1,947,704‌

1,982‌

6.00%,

8/20/34

11/20/52

1,173,796‌

1,206‌

7.50%,

9/15/26

7‌

—‌

Government

National

Mortgage

Assn.,

CMO

3.00%,

11/20/47

12/20/47

107,598‌

98‌

3.50%,

10/20/50

1,010,000‌

834‌

Government

National

Mortgage

Assn.,

TBA (11)

5.00%,

5/20/56

960,000‌

948‌

5.50%,

5/20/56

6,720,000‌

6,746‌

6.00%,

5/15/56

845,000‌

858‌

68,640‌

Total

U.S.

Government

Agency

Mortgage-Backed

Securities

(Cost

$402,966)

385,849‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

9.3%

U.S.

Treasury

Obligations

9.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40

1,715,000‌

1,080‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50

2,415,000‌

1,180‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41

4,815,000‌

3,219‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51

8,550,000‌

4,747‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50

28,385,000‌

16,521‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51

6,795,000‌

3,868‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52

4,225,000‌

2,546‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51

3,665,000‌

2,292‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46

2,975,000‌

2,052‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47

16,080,000‌

11,379‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45

4,185,000‌

3,107‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45

10,640,000‌

8,096‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45

11,185,000‌

8,455‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47

1,150,000‌

857‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48

2,000,000‌

1,475‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48

3,905,000‌

2,865‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52

1,565,000‌

1,113‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53

1,320,000‌

1,059‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53

11,785,000‌

9,448‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

U.S.

Treasury

Bonds,

3.875%,

2/15/43

1,500,000‌

1,333‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52

3,985,000‌

3,424‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54

4,025,000‌

3,606‌

U.S.

Treasury

Bonds,

4.25%,

8/15/54

4,735,000‌

4,241‌

U.S.

Treasury

Bonds,

4.625%,

11/15/44

2,295,000‌

2,220‌

U.S.

Treasury

Bonds,

4.625%,

11/15/45

7,300,000‌

7,041‌

U.S.

Treasury

Bonds,

4.625%,

2/15/55

8,525,000‌

8,129‌

U.S.

Treasury

Bonds,

4.625%,

11/15/55

8,100,000‌

7,737‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53

9,170,000‌

8,916‌

U.S.

Treasury

Bonds,

4.75%,

5/15/55

5,910,000‌

5,754‌

U.S.

Treasury

Bonds,

4.75%,

8/15/55

2,700,000‌

2,630‌

U.S.

Treasury

Bonds,

4.875%,

8/15/45

4,015,000‌

4,003‌

U.S.

Treasury

Bonds,

5.00%,

5/15/45

4,525,000‌

4,584‌

U.S.

Treasury

Notes,

0.625%,

5/15/30

16,700,000‌

14,626‌

U.S.

Treasury

Notes,

0.75%,

1/31/28

1,185,000‌

1,121‌

U.S.

Treasury

Notes,

0.875%,

11/15/30

5,770,000‌

5,029‌

U.S.

Treasury

Notes,

1.125%,

2/15/31

7,555,000‌

6,623‌

U.S.

Treasury

Notes,

1.875%,

2/15/32

7,175,000‌

6,363‌

U.S.

Treasury

Notes,

2.75%,

8/15/32

16,360,000‌

15,132‌

U.S.

Treasury

Notes,

2.875%,

5/15/32

2,930,000‌

2,741‌

U.S.

Treasury

Notes,

3.50%,

12/15/28

18,600,000‌

18,447‌

U.S.

Treasury

Notes,

3.50%,

1/15/29

6,200,000‌

6,148‌

U.S.

Treasury

Notes,

3.50%,

11/30/30

11,260,000‌

11,053‌

U.S.

Treasury

Notes,

3.625%,

5/31/28

26,565,000‌

26,461‌

U.S.

Treasury

Notes,

3.625%,

8/31/29

12,095,000‌

12,003‌

U.S.

Treasury

Notes,

3.625%,

9/30/30

6,075,000‌

6,000‌

U.S.

Treasury

Notes,

3.625%,

12/31/30 (12)

6,800,000‌

6,708‌

U.S.

Treasury

Notes,

3.875%,

4/30/30

11,450,000‌

11,438‌

U.S.

Treasury

Notes,

3.875%,

8/15/34

9,970,000‌

9,716‌

U.S.

Treasury

Notes,

4.00%,

2/29/28

2,525,000‌

2,533‌

U.S.

Treasury

Notes,

4.00%,

6/30/28 (12)

8,590,000‌

8,626‌

U.S.

Treasury

Notes,

4.00%,

2/28/30

12,830,000‌

12,878‌

U.S.

Treasury

Notes,

4.00%,

3/31/30

1,490,000‌

1,496‌

U.S.

Treasury

Notes,

4.00%,

5/31/30

8,800,000‌

8,831‌

U.S.

Treasury

Notes,

4.00%,

2/15/34

12,480,000‌

12,312‌

U.S.

Treasury

Notes,

4.00%,

11/15/35

5,800,000‌

5,658‌

U.S.

Treasury

Notes,

4.125%,

10/31/27

5,630,000‌

5,653‌

U.S.

Treasury

Notes,

4.125%,

11/30/29

22,390,000‌

22,575‌

U.S.

Treasury

Notes,

4.125%,

3/31/32

2,165,000‌

2,173‌

U.S.

Treasury

Notes,

4.25%,

2/28/29

8,065,000‌

8,158‌

U.S.

Treasury

Notes,

4.25%,

6/30/29

4,835,000‌

4,895‌

U.S.

Treasury

Notes,

4.25%,

1/31/30

12,000,000‌

12,151‌

U.S.

Treasury

Notes,

4.25%,

11/15/34

10,910,000‌

10,907‌

ROWE

PRICE

Balanced

Fund

Shares/Par

Value

(Cost

and

value

$000s)

‡

U.S.

Treasury

Notes,

4.25%,

5/15/35

1,340,000‌

1,337‌

U.S.

Treasury

Notes,

4.25%,

8/15/35

5,200,000‌

5,181‌

U.S.

Treasury

Notes,

4.375%,

12/31/29

11,660,000‌

11,858‌

U.S.

Treasury

Notes,

4.50%,

11/15/33

6,450,000‌

6,584‌

U.S.

Treasury

Notes,

4.625%,

2/15/35

8,440,000‌

8,659‌

461,051‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$505,966)

461,051‌

SHORT-TERM

INVESTMENTS

0.6%

Money

Market

Funds

0.6%

Rowe

Price

Government

Reserve

Fund,

3.71% (6)(13)

30,596,264‌

30,596‌

Total

Short-Term

Investments

(Cost

$30,596)

30,596‌

SECURITIES

LENDING

COLLATERAL

0.4%

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.1%

Money

Market

Funds 0.1%

Rowe

Price

Treasury

Reserve

Fund,

3.68% (6)(13)

5,503,921‌

5,504‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

5,504‌

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.3%

Money

Market

Funds 0.3%

Rowe

Price

Treasury

Reserve

Fund,

3.68% (6)(13)

11,979,241‌

11,979‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

11,979‌

Total

Securities

Lending

Collateral

(Cost

$17,483)

17,483‌

Total

Investments

Securities

100.3%

(Cost

$3,513,179)

4,987,165‌

Other

Assets

Less

Liabilities

(0.3)%

(16,346‌)

Net

Assets

100.0%

4,970,819‌

‡

Shares/Par

and

Notional

Amount

are

denominated

U.S.

dollars

unless

otherwise

noted.

ROWE

PRICE

Balanced

Fund

(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

$227,397

and

represents

4.6%

net

assets.

(2)

All

portion

this

loan

unsettled

March

31,

2026.

The

interest

rate

for

unsettled

loans

will

determined

upon

settlement

after

period

end.

(3)

Level

fair

value

hierarchy.

(4)

Security

has

the

ability

pay

in-kind

pay

cash.

When

applicable,

separate

rates

such

payments

are

disclosed.

(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

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$10,879

and

represents

0.2%

net

assets.

(6)

Affiliated

Companies

(7)

SEC

30-day

yield

(8)

Non-income

producing

(9)

All

portion

this

security

loan

March

31,

2026.

(10)

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.

(11)

To-Be-Announced

purchase

commitment.

Total

value

such

securities

period-end

amounts

$32,209

and

represents

0.6%

net

assets.

(12)

March

31,

2026,

all

portion

this

security

pledged

collateral

and/or

margin

deposit

cover

future

funding

obligations.

(13)

Seven-day

yield

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

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

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

DKK

Danish

Krone

ROWE

PRICE

Balanced

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

General

Obligation

HHEFA

Health

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

PTT

Pass-Through

Trust

REIT

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

the

shareholder

RFUCCT1Y

Twelve

month

FTSE

USD

IBOR

Consumer

Cash

Fallback

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-S45,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

69,100

1,248

1,381

(133‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S46,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/31

9,700

170

159

11‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(122‌)

Total

Centrally

Cleared

Swaps

(122‌)

Net

payments

(receipts)

variation

margin

date

278‌

Variation

margin

receivable

(payable)

centrally

cleared

swaps

156‌

Includes

interest

purchased

sold

but

not

yet

collected

less

than

$1.

ROWE

PRICE

Balanced

Fund

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

U.S.

Treasury

Long

Bond

contracts

6/26

(1,252)

8‌

Long,

130

U.S.

Treasury

Notes

five

year

contracts

6/26

14,063

(68‌)

Long,

149

U.S.

Treasury

Notes

two

year

contracts

6/26

30,909

(238‌)

Long,

Ultra

U.S.

Treasury

Bonds

contracts

6/26

5,828

(26‌)

Long,

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/26

5,903

(29‌)

Net

payments

(receipts)

variation

margin

date

385‌

Variation

margin

receivable

(payable)

open

futures

contracts

32‌

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,

2026.

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,

5.81%

—‌

(50‌)

101‌

Rowe

Price

Institutional

High

Yield

Fund

Institutional

Class,

6.55%

—‌

(3,694‌)

3,205‌

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

Class,

5.01%

(16‌)

171‌

87‌

Rowe

Price

Real

Assets

Fund

Class

4,129‌

14,964‌

—‌

Rowe

Price

Government

Reserve

Fund,

3.71%

—‌

938‌

Rowe

Price

Treasury

Reserve

Fund,

3.68%

—‌

—‌++

Totals

4,113‌#

11,391‌

4,331‌+

ROWE

PRICE

Balanced

Fund

The

accompanying

notes

are

integral

part

this

Portfolio

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/25

Purchase

Cost

Sales

Cost

Value

3/31/26

Rowe

Price

Inflation

Protected

Bond

Fund

Class,

5.81%

23,960‌

350‌

—‌

24,260‌

Rowe

Price

Institutional

High

Yield

Fund

Institutional

Class,

6.55%

193,493‌

4,922‌

—‌

194,721‌

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

Class,

5.01%

24,045‌

2,836‌

1,016‌

26,036‌

Rowe

Price

Real

Assets

Fund

Class

206,761‌

—‌

12,771‌

208,954‌

Rowe

Price

Government

Reserve

Fund,

3.71%

151,466‌

30,596‌

Rowe

Price

Treasury

Reserve

Fund,

3.68%

31,558‌

17,483‌

Total

502,050‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees.

Investment

income

comprised

$4,331

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$435,121.

ROWE

PRICE

Balanced

Fund

Unaudited

Notes

Portfolio

Investments

Rowe

Price

Balanced

Fund,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act). The

Balanced

Fund,

Inc.

(the

fund)

is an open-end

management

investment

company

established

the

corporation

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.

Eastern

time,

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 fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee 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 Valuation

Designee’s 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 Valuation

Designee

determines

that

developments

between

the

foreign

market

and

the

NYSE

will

affect

the

value

some

all

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

evaluate

the

quoted

prices

portfolio

securities

and,

appropriate,

decides 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 Valuation

Designee

uses

outside

pricing

services

provide

with

quoted

prices

and

information

evaluate

adjust

ROWE

PRICE

Balanced

Fund

those

prices.

The Valuation

Designee

cannot

predict

how

often

will

use

quoted

prices

or how

often

will

determine

necessary

adjust

those

prices

reflect

fair

value.

Debt

securities

are

generally 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

factors

such

as,

but

not

limited

to,

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 are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

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

Designee 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.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

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,

2026

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

1,308,294‌

—‌

1,308,294‌

Asset-Backed

Securities

—‌

91,161‌

1,303‌

92,464‌

Bond

Funds

245,017‌

—‌

245,017‌

Common

Stocks

2,117,666‌

879,797‌

4,102‌

3,001,565‌

Convertible

Preferred

Stocks

—‌

4,082‌

Equity

Funds

208,954‌

—‌

208,954‌

Non-U.S.

Government

Mortgage-Backed

Securities

—‌

77,318‌

1,392‌

78,710‌

Short-Term

Investments

30,596‌

—‌

30,596‌

Securities

Lending

Collateral

17,483‌

—‌

17,483‌

Total

Securities

2,619,716‌

2,356,570‌

10,879‌

4,987,165‌

Swaps*

—‌

11‌

—‌

11‌

Futures

Contracts*

8‌

—‌

8‌

Total

2,619,724‌

2,356,581‌

10,879‌

4,987,184‌

Liabilities

Swaps*

—‌

133‌

—‌

133‌

Futures

Contracts*

361‌

—‌

361‌

Total

361‌

133‌

—‌

494‌

Includes

Corporate

Bonds,

Foreign

Government

Obligations

Municipalities,

Municipal

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

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

The

extent

and

duration

such

events

and

resulting

market

disruptions

cannot

predicted.

These

and

other

similar

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.

The

fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

such

events.

F68-054Q1

03/26