0000871839falseN-CSRST. ROWE PRICE BALANCED FUND, INC.N-1A2026-06-3000008718392026-01-012026-06-300000871839trp:C000005423Member2026-01-012026-06-300000871839trp:C000005423Member2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus67066G104SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus91282CHE4SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus95000U2S1SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus3137H5DP9SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus77958B204SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus87279W209SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus34966BAN6SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus08164HBA4SectorMember2026-06-300000871839trp:C000005423Membertrp:A0BNYMinus91087BAM2SectorMember2026-06-300000871839trp:C000005423Membertrp:Other0BNYMinus91087BAM2CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingUSTreasuryNotesBNYMinus91282CHE4CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingTRowePriceRealAssetsFundMinusIClassBNYMinus87279W209CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingTRowePriceInstitutionalHighYieldFundMinusInstitutionalClassBNYMinus77958B204CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingFederalNationalMortgageAssnBNYMinus31418DVA7CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingNVIDIABNYMinus67066G104CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingUSTreasuryBondsBNYMinus912810SL3CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingAlphabetBNYMinus02079K107CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingAppleBNYMinus037833100CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingAmazoncomBNYMinus023135106CTIMember2026-06-300000871839trp:C000005423Membertrp:Top10HoldingMicrosoftBNYMinus594918104CTIMember2026-06-300000871839trp:C000166328Member2026-01-012026-06-300000871839trp:C000166328Member2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus67066G104SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus91282CHE4SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus95000U2S1SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus3137H5DP9SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus77958B204SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus87279W209SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus34966BAN6SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus08164HBA4SectorMember2026-06-300000871839trp:C000166328Membertrp:A0BNYMinus91087BAM2SectorMember2026-06-300000871839trp:C000166328Membertrp:Other0BNYMinus91087BAM2CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingUSTreasuryNotesBNYMinus91282CHE4CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingTRowePriceRealAssetsFundMinusIClassBNYMinus87279W209CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingTRowePriceInstitutionalHighYieldFundMinusInstitutionalClassBNYMinus77958B204CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingFederalNationalMortgageAssnBNYMinus31418DVA7CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingNVIDIABNYMinus67066G104CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingUSTreasuryBondsBNYMinus912810SL3CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingAlphabetBNYMinus02079K107CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingAppleBNYMinus037833100CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingAmazoncomBNYMinus023135106CTIMember2026-06-300000871839trp:C000166328Membertrp:Top10HoldingMicrosoftBNYMinus594918104CTIMember2026-06-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-06275

T. Rowe Price Balanced Fund, Inc.

 

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

 

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 

Image

Semi-Annual Shareholder Report

June 30, 2026

Balanced Fund

Investor Class (RPBAX)

This semi-annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Balanced Fund - Investor Class
$29
0.56%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$5,278,147
Number of Portfolio Holdings
1,821
Table Summary
Portfolio Turnover Rate
32.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Common Stocks
61.4%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
8.7
Corporate Bonds
8.4
U.S. Government & Agency Mortgage-Backed Securities
7.7
Bond Funds
5.0
Equity Funds
3.9
Asset-Backed Securities
1.9
Non-U.S. Government Mortgage-Backed Securities
1.4
Foreign Government Obligations & Municipalities
0.5
Short-Term and Other
1.1

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
5.3%
T. Rowe Price Real Assets Fund - I Class
3.9
T. Rowe Price Institutional High Yield Fund - Institutional Class
3.8
Federal National Mortgage Assn.
3.5
NVIDIA
3.3
U.S. Treasury Bonds
3.4
Alphabet
2.6
Apple
2.3
Amazon.com
1.9
Microsoft
1.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F68-053 8/26

Balanced Fund 

Investor Class (RPBAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

June 30, 2026

Balanced Fund

I Class (RBAIX)

This semi-annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Balanced Fund - I Class
$21
0.42%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$5,278,147
Number of Portfolio Holdings
1,821
Table Summary
Portfolio Turnover Rate
32.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Common Stocks
61.4%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
8.7
Corporate Bonds
8.4
U.S. Government & Agency Mortgage-Backed Securities
7.7
Bond Funds
5.0
Equity Funds
3.9
Asset-Backed Securities
1.9
Non-U.S. Government Mortgage-Backed Securities
1.4
Foreign Government Obligations & Municipalities
0.5
Short-Term and Other
1.1

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
5.3%
T. Rowe Price Real Assets Fund - I Class
3.9
T. Rowe Price Institutional High Yield Fund - Institutional Class
3.8
Federal National Mortgage Assn.
3.5
NVIDIA
3.3
U.S. Treasury Bonds
3.4
Alphabet
2.6
Apple
2.3
Amazon.com
1.9
Microsoft
1.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F424-053 8/26

Balanced Fund 

I Class (RBAIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

 

 

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
June
30,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPBAX
Balanced
Fund
RBAIX
Balanced
Fund–
.
I Class
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
28
.38‌
$
26
.28‌
$
25
.22‌
$
22
.22‌
$
28
.20‌
$
27
.24‌
Investment
activities
Net
investment
income
(1)(2)
0
.29‌
0
.61‌
0
.55‌
0
.51‌
0
.43‌
0
.37‌
Net
realized
and
unrealized
gain/
loss
1
.47‌
3
.56‌
2
.42‌
3
.45‌
(
5
.29‌
)
3
.22‌
Total
from
investment
activities
1
.76‌
4
.17‌
2
.97‌
3
.96‌
(
4
.86‌
)
3
.59‌
Distributions
Net
investment
income
(
0
.30‌
)
(
0
.63‌
)
(
0
.58‌
)
(
0
.52‌
)
(
0
.44‌
)
(
0
.38‌
)
Net
realized
gain
—‌
(
1
.44‌
)
(
1
.33‌
)
(
0
.44‌
)
(
0
.68‌
)
(
2
.25‌
)
Total
distributions
(
0
.30‌
)
(
2
.07‌
)
(
1
.91‌
)
(
0
.96‌
)
(
1
.12‌
)
(
2
.63‌
)
NET
ASSET
VALUE
End
of
period
$
29
.84‌
$
28
.38‌
$
26
.28‌
$
25
.22‌
$
22
.22‌
$
28
.20‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
6
.25‌
%
16
.09‌
%
11
.84‌
%
17
.99‌
%
(
17
.26‌
)
%
13
.36‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.61‌
%
(4)
0
.61‌
%
0
.60‌
%
0
.60‌
%
0
.61‌
%
0
.57‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.56‌
%
(4)
0
.56‌
%
0
.55‌
%
0
.55‌
%
0
.57‌
%
0
.53‌
%
Net
investment
income
2
.02‌
%
(4)
2
.20‌
%
2
.06‌
%
2
.15‌
%
1
.74‌
%
1
.27‌
%
Portfolio
turnover
rate
32
.4‌
%
43
.7‌
%
39
.2‌
%
40
.9‌
%
97
.7‌
%
91
.9‌
%
Net
assets,
end
of
period
(in
millions)
$2,656
$2,658
$2,484
$2,490
$2,318
$4,224
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
28
.36‌
$
26
.26‌
$
25
.20‌
$
22
.21‌
$
28
.20‌
$
27
.23‌
Investment
activities
Net
investment
income
(1)(2)
0
.31‌
0
.66‌
0
.59‌
0
.54‌
0
.49‌
0
.41‌
Net
realized
and
unrealized
gain/
loss
1
.46‌
3
.55‌
2
.42‌
3
.44‌
(
5
.31‌
)
3
.22‌
Total
from
investment
activities
1
.77‌
4
.21‌
3
.01‌
3
.98‌
(
4
.82‌
)
3
.63‌
Distributions
Net
investment
income
(
0
.32‌
)
(
0
.67‌
)
(
0
.62‌
)
(
0
.55‌
)
(
0
.49‌
)
(
0
.41‌
)
Net
realized
gain
—‌
(
1
.44‌
)
(
1
.33‌
)
(
0
.44‌
)
(
0
.68‌
)
(
2
.25‌
)
Total
distributions
(
0
.32‌
)
(
2
.11‌
)
(
1
.95‌
)
(
0
.99‌
)
(
1
.17‌
)
(
2
.66‌
)
NET
ASSET
VALUE
End
of
period
$
29
.81‌
$
28
.36‌
$
26
.26‌
$
25
.20‌
$
22
.21‌
$
28
.20‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
6
.30‌
%
16
.26‌
%
12
.00‌
%
18
.10‌
%
(
17
.12‌
)
%
13
.51‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.47‌
%
(4)
0
.47‌
%
0
.47‌
%
0
.47‌
%
0
.47‌
%
0
.45‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.42‌
%
(4)
0
.42‌
%
0
.42‌
%
0
.42‌
%
0
.43‌
%
0
.41‌
%
Net
investment
income
2
.18‌
%
(4)
2
.35‌
%
2
.20‌
%
2
.28‌
%
2
.02‌
%
1
.39‌
%
Portfolio
turnover
rate
32
.4‌
%
43
.7‌
%
39
.2‌
%
40
.9‌
%
97
.7‌
%
91
.9‌
%
Net
assets,
end
of
period
(in
millions)
$2,622
$2,414
$2,116
$1,889
$1,669
$1,173
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Balanced
Fund
June
30,
2026
Unaudited
6
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
 1.9%
720
East
IV
Series 2024-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.26%,
4.932%,
7/15/39 (1)
2,450,000‌
2,452‌
Abry
Liquid
Credit
Series 2026-3A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.23%,
4.902%,
4/20/39 (1)
1,465,000‌
1,463‌
Affirm
Master
Trust
Series 2026-2A,
Class
A
4.67%,
4/16/35 (1)
1,450,000‌
1,445‌
AGL
Series 2021-10A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.17%,
4.843%,
4/15/39 (1)
2,400,000‌
2,404‌
AGL
Series 2021-13A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.10%,
4.775%,
10/20/34 (1)
3,285,000‌
3,285‌
Ally
Bank
Series 2026-A,
Class
A2
4.582%,
3/15/34 (1)
1,140,467‌
1,138‌
Ally
Bank
Series 2026-A,
Class
B
4.709%,
3/15/34 (1)
231,802‌
231‌
Ares
Loan
Funding
IX
Series 2025-ALF9A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.18%,
4.853%,
3/31/38 (1)
885,000‌
887‌
ARI
Fleet
Lease
Trust
Series 2026-A,
Class
A2
3.96%,
11/15/34 (1)
460,000‌
458‌
ARI
Fleet
Lease
Trust
Series 2026-A,
Class
A3
4.09%,
11/15/34 (1)
170,000‌
168‌
Atlas
Senior
Loan
Fund
XXII
Series 2023-22A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.30%,
4.978%,
4/20/39 (1)
690,000‌
692‌
Avis
Budget
Rental
Car
Funding
AESOP
Series 2025-3A,
Class
A
4.17%,
2/20/30 (1)
365,000‌
359‌
Avis
Budget
Rental
Car
Funding
AESOP
Series 2026-1A,
Class
B
4.57%,
8/20/30 (1)
280,000‌
275‌
Barings
Series 2023-4A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.17%,
4.845%,
1/20/39 (1)
855,000‌
854‌
Barings
III
Series 2021-3A,
Class
B1R,
CLO,
FRN
3M
TSFR
+
1.63%,
5.305%,
1/18/35 (1)
1,655,000‌
1,658‌
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Battalion
XXV
Series 2024-25A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.75%,
5.425%,
3/13/37 (1)
2,365,000‌
2,371‌
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
4.728%,
12/26/31 (1)
67,180‌
67‌
Bayview
Opportunity
Master
Fund
VII
Series 2025-EDU1,
Class
A,
FRN
SOFR30A
+
1.30%,
4.928%,
7/27/48 (1)
924,054‌
924‌
Bridgecrest
Lending
Auto
Securitization
Trust
Series 2026-1,
Class
A3
4.04%,
12/17/29 
610,000‌
608‌
CarMax
Auto
Owner
Trust
Series 2023-3,
Class
B
5.47%,
2/15/29 
580,000‌
587‌
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29 
105,000‌
106‌
CarMax
Auto
Owner
Trust
Series 2025-4,
Class
A3
3.97%,
12/16/30 
530,000‌
525‌
Carvana
Auto
Receivables
Trust
Series 2021-P4,
Class
C
2.33%,
2/10/28 
1,715,000‌
1,681‌
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
198,883‌
200‌
Carvana
Auto
Receivables
Trust
Series 2025-P2,
Class
A4
4.75%,
6/10/31 
1,055,000‌
1,057‌
Carvana
Auto
Receivables
Trust
Series 2025-P4,
Class
A4
4.25%,
11/10/31 
1,385,000‌
1,370‌
Carvana
Auto
Receivables
Trust
Series 2026-P1,
Class
A4
4.35%,
7/12/32 
3,040,000‌
3,003‌
Carvana
Auto
Receivables
Trust
Series 2026-P1,
Class
B
4.76%,
7/12/32 
675,000‌
668‌
Carvana
Auto
Receivables
Trust
Series 2026-P2,
Class
A3
4.77%,
4/10/31 
790,000‌
791‌
Carvana
Auto
Receivables
Trust
Series 2026-P2,
Class
A4
4.91%,
8/10/32 
1,960,000‌
1,968‌
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Carvana
Auto
Receivables
Trust
Series 2026-P2,
Class
B
5.19%,
8/10/32 
210,000‌
211‌
Cerberus
Loan
Funding
XLIV
Series 2023-5AR,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.52%,
1/15/36 (1)(2)
900,000‌
900‌
Chenango
Park
Series 2018-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.45%,
5.123%,
4/15/30 (1)
35,034‌
35‌
CIFC
Funding
Series 2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
4.995%,
1/18/38 (1)
520,000‌
521‌
CyrusOne
Data
Centers
Issuer
I
Series 2024-2A,
Class
A2
4.50%,
5/20/49 (1)
2,330,000‌
2,256‌
Dell
Equipment
Finance
Trust
Series 2026-1A,
Class
A3
4.32%,
12/22/31 (1)
620,000‌
618‌
Dext
Series 2025-2,
Class
A3
4.23%,
4/15/36 (1)
165,000‌
164‌
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
312,019‌
306‌
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,146,098‌
1,102‌
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,434,652‌
1,339‌
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
248,782‌
254‌
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
200,025‌
205‌
Elmwood
Series 2022-7A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.20%,
4.828%,
1/20/39 (1)
1,385,000‌
1,385‌
Enterprise
Fleet
Financing
Series 2024-3,
Class
A4
5.06%,
3/20/31 (1)
110,000‌
111‌
Enterprise
Fleet
Financing
Series 2024-4,
Class
A4
4.70%,
6/20/31 (1)
670,000‌
671‌
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2026-3A,
Class
A3
4.47%,
7/15/30 
1,135,000‌
1,134‌
FIGRE
Trust
Series 2026-HF3,
Class
A1A,
FRN
SOFR30A
+
1.40%,
5.028%,
3/25/56 (1)
539,100‌
541‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series 2025-2,
Class
B
4.33%,
9/15/30 
180,000‌
179‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series 2026-2,
Class
A
4.60%,
5/15/33 
2,175,000‌
2,176‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series 2026-2,
Class
B
4.85%,
5/15/33 
180,000‌
179‌
Fortress
Credit
BSL
XIX
Series 2023-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.017%,
7/24/36 (1)
3,575,000‌
3,576‌
Garrison
Funding
Series 2026-22A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.23%,
4.809%,
1/20/39 (1)
765,000‌
766‌
Goto
Foods
Funding
Series 2026-1A,
Class
A2
6.854%,
4/30/56 (1)
2,615,000‌
2,612‌
GreatAmerica
Leasing
Receivables
Funding
Series 2026-1,
Class
A3
4.76%,
9/16/30 (1)
330,000‌
332‌
GreatAmerica
Leasing
Receivables
Funding
Series 2026-1,
Class
A4
4.96%,
5/16/33 (1)
515,000‌
519‌
GreatAmerica
Leasing
Receivables
Funding
Series 2026-1,
Class
B
5.14%,
5/16/33 (1)
245,000‌
247‌
Halseypoint
6
Series 2022-6A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.025%,
1/20/38 (1)
690,000‌
691‌
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
898,316‌
917‌
Hilton
Grand
Vacations
Trust
Series 2025-2A,
Class
A
4.54%,
5/25/44 (1)
183,018‌
182‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2024-1,
Class
B1
6.153%,
5/20/32 (1)
79,884‌
81‌
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2025-1,
Class
B
4.957%,
3/21/33 (1)
633,265‌
633‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2026-1,
Class
B1
4.503%,
2/20/34 (1)
957,374‌
948‌
Hyundai
Auto
Receivables
Trust
Series 2026-A,
Class
B
4.10%,
12/15/32 
400,000‌
392‌
Jamestown
XV
Series 2020-15A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.05%,
4.723%,
7/15/35 (1)
1,185,000‌
1,186‌
Madison
Park
Funding
XXXV
Series 2019-35A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.22%,
4.799%,
2/13/39 (1)
655,000‌
656‌
Navient
Education
Loan
Trust
Series 2026-A,
Class
A
4.86%,
9/15/56 (1)
625,380‌
622‌
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
136,263‌
135‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
154,284‌
144‌
Navient
Refinance
Loan
Trust
Series 2026-A,
Class
A
4.50%,
1/18/56 (1)
673,622‌
664‌
Navient
Refinance
Loan
Trust
Series 2026-B,
Class
A
5.07%,
6/15/56 (1)
1,280,000‌
1,280‌
Neuberger
Berman
Loan
Advisers
Series 2022-48A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.09%,
4.757%,
4/25/36 (1)
3,340,000‌
3,340‌
NMEF
Funding
Series 2025-A,
Class
A2
4.72%,
7/15/32 (1)
498,706‌
499‌
NMEF
Funding
Series 2026-A,
Class
A3
4.20%,
2/15/34 (1)
150,000‌
148‌
NMEF
Funding
Series 2026-A,
Class
B
4.48%,
2/15/34 (1)
100,000‌
99‌
OCP
Series 2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.012%,
11/26/37 (1)
1,910,000‌
1,916‌
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Octane
Receivables
Trust
Series 2024-RVM1,
Class
A
5.01%,
1/22/46 (1)
439,645‌
442‌
Octane
Receivables
Trust
Series 2025-RVM1,
Class
A
4.48%,
12/20/46 (1)
1,180,406‌
1,172‌
PEAC
Solutions
Receivables
Series 2026-1A,
Class
A3
4.39%,
7/20/33 (1)
790,000‌
783‌
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
6,953‌
7‌
Progress
Residential
Trust
Series 2024-SFR5,
Class
A
3.00%,
8/17/41 (1)
341,196‌
323‌
Progress
Residential
Trust
Series 2025-SFR5,
Class
A
3.85%,
10/17/42 (1)
464,276‌
444‌
Regatta
XVI
Funding
Series 2019-2A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.19%,
4.863%,
4/15/39 (1)
545,000‌
545‌
Rockford
Tower
Series 2022-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.20%,
4.875%,
7/20/35 (1)
3,335,000‌
3,336‌
Santander
Bank
Auto
Credit-Linked
Notes
Series 2026-A,
Class
B
4.806%,
7/17/34 (1)
470,000‌
469‌
Santander
Drive
Auto
Receivables
Trust
Series 2025-4,
Class
A3
4.17%,
4/15/30 
65,000‌
65‌
Santander
Drive
Auto
Receivables
Trust
Series 2026-1,
Class
A3
3.93%,
7/15/30 
630,000‌
624‌
Santander
Drive
Auto
Receivables
Trust
Series 2026-1,
Class
B
4.07%,
4/15/32 
940,000‌
929‌
SCF
Equipment
Leasing
Series 2024-1A,
Class
C
5.82%,
9/20/32 (1)
390,000‌
395‌
SCF
Equipment
Leasing
Series 2025-1A,
Class
A2
4.82%,
7/22/30 (1)
226,022‌
226‌
SCF
Equipment
Leasing
Series 2025-1A,
Class
A3
5.11%,
11/21/33 (1)
995,000‌
1,003‌
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
312,218‌
316‌
SEB
Funding
Series 2026-1A,
Class
A2
6.665%,
1/30/56 (1)
2,200,000‌
2,180‌
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
1,547,511‌
1,452‌
SFS
Auto
Receivables
Securitization
Trust
Series 2026-1A,
Class
A4
4.07%,
1/20/32 (1)
615,000‌
605‌
SFS
Auto
Receivables
Securitization
Trust
Series 2026-1A,
Class
B
4.27%,
6/21/32 (1)
520,000‌
510‌
Sierra
Timeshare
Receivables
Funding
Series 2025-2A,
Class
A
4.72%,
4/20/44 (1)
421,920‌
421‌
Sierra
Timeshare
Receivables
Funding
Series 2025-3A,
Class
A
4.44%,
8/22/44 (1)
171,372‌
171‌
Signal
Peak
Series 2016-3A,
Class
A1R4,
CLO,
FRN
3M
TSFR
+
1.30%,
4.96%,
4/23/39 (1)
905,000‌
907‌
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
67,081‌
67‌
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
368,283‌
352‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
1,021,123‌
937‌
SMB
Private
Education
Loan
Trust
Series 2026-A,
Class
A1A
4.68%,
12/15/53 (1)
2,616,622‌
2,563‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2025-BA,
Class
B
4.47%,
7/20/29 (1)
420,000‌
419‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2026-AA,
Class
A4
4.41%,
4/22/30 (1)
415,000‌
413‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2026-AA,
Class
B
4.61%,
4/22/30 (1)
225,000‌
224‌
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Symphony
Series 2022-37A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
4.805%,
1/20/37 (1)
1,230,000‌
1,231‌
Symphony
Series 2023-30AR,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
10/20/37 (1)(2)
755,000‌
755‌
Symphony
XXXI
Series 2022-31A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.17%,
4.834%,
1/22/38 (1)
440,000‌
441‌
TPIC
SPV,
Class
A
10.00%,
12/6/26,
(10.00%
PIK),
Acquisition
Date:
12/10/24
-
6/29/26,
Cost $143 (3)(4)(5)
159,878‌
174‌
TPIC
SPV
I
Series 2024-1,
Class
A1
7.131%,
12/28/29,
(7.131%
PIK),
Acquisition
Date:
12/10/24
-
6/29/26,
Cost $1,575 (3)(4)(5)
1,575,386‌
1,184‌
Verdant
Receivables
Series 2023-1A,
Class
A2
6.24%,
1/13/31 (1)
134,212‌
136‌
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
91,748‌
93‌
Verdant
Receivables
Series 2025-1A,
Class
B
5.37%,
5/12/33 (1)
100,000‌
101‌
Wheels
Fleet
Lease
Funding
Series 2026-1A,
Class
A2A
4.30%,
4/18/39 (1)
1,045,000‌
1,043‌
Wind
River
Series 2022-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.15%,
4.807%,
7/20/35 (1)
345,000‌
345‌
Wingspire
Equipment
Finance
Series 2025-1A,
Class
A2
4.33%,
9/20/33 (1)
205,000‌
205‌
Total
Asset-Backed
Securities
(Cost
$99,336)
98,575‌
BOND
FUNDS
 5.0%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
12.84% (6)(7)
3,681,659‌
37,995‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.36% (6)(7)
25,325,533‌
198,805‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
11.98% (6)(7)
5,546,481‌
26,124‌
Total
Bond
Funds
(Cost
$273,856)
262,924‌
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
 61.4%
COMMUNICATION
SERVICES
 5.0%
Diversified
Telecommunication
Services
 0.3%
BT
Group
(GBP) 
2,447,039‌
6,173‌
KT
(KRW) 
94,270‌
3,241‌
Space
Exploration
Technologies,
Class
A (8)
15,749‌
2,691‌
Telstra
Group
(AUD) 
1,084,407‌
3,803‌
15,908‌
Entertainment
 0.6%
Live
Nation
Entertainment (8)
2,700‌
494‌
Netflix (8)
272,046‌
19,424‌
Nintendo
(JPY) 
97,400‌
4,095‌
Spotify
Technology (8)
663‌
304‌
TKO
Group
Holdings 
4,976‌
1,002‌
Walt
Disney 
88,923‌
8,559‌
33,878‌
Interactive
Media
&
Services
 3.5%
Alphabet,
Class
A 
179,700‌
64,219‌
Alphabet,
Class
C 
209,846‌
74,145‌
Meta
Platforms,
Class
A 
78,935‌
44,463‌
Tencent
Holdings
(HKD) 
36,600‌
2,020‌
184,847‌
Wireless
Telecommunication
Services
 0.6%
KDDI
(JPY) 
415,900‌
6,986‌
SoftBank
Group
(JPY) 
208,300‌
7,727‌
T-Mobile
U.S. 
93,169‌
15,627‌
30,340‌
Total
Communication
Services
264,973‌
CONSUMER
DISCRETIONARY
 5.9%
Automobile
Components
 0.1%
Autoliv,
SDR
(SEK) 
32,068‌
3,769‌
3,769‌
Automobiles
 0.9%
General
Motors 
12,265‌
945‌
Suzuki
Motor
(JPY) (9)
389,600‌
4,713‌
Tesla (8)
76,957‌
32,368‌
Toyota
Motor
(JPY) 
532,300‌
8,917‌
46,943‌
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Broadline
Retail
 2.2%
Alibaba
Group
Holding
(HKD) 
131,484‌
1,576‌
Amazon.com (8)
398,664‌
95,017‌
Isetan
Mitsukoshi
Holdings
(JPY) 
232,500‌
5,939‌
Next
(GBP) 
26,101‌
5,036‌
Sea,
ADR (8)
67,669‌
6,485‌
114,053‌
Hotels,
Restaurants
&
Leisure
 0.8%
Airbnb,
Class
A (8)
2,000‌
286‌
Booking
Holdings 
79,364‌
14,146‌
Chipotle
Mexican
Grill (8)
25,620‌
871‌
Compass
Group 
286,446‌
9,255‌
DoorDash,
Class
A (8)
18,180‌
3,355‌
Hilton
Worldwide
Holdings 
4,442‌
1,468‌
Las
Vegas
Sands 
6,478‌
299‌
McDonald's 
45,097‌
12,190‌
Royal
Caribbean
Cruises 
1,816‌
577‌
Starbucks 
6,600‌
674‌
Viking
Holdings (8)
5,100‌
534‌
Yum!
Brands 
5,400‌
863‌
44,518‌
Household
Durables
 0.3%
Panasonic
Holdings
(JPY) 
235,800‌
6,634‌
Sony
Group
(JPY) 
530,300‌
10,672‌
Toll
Brothers 
5,900‌
972‌
18,278‌
Specialty
Retail
 1.3%
AutoZone (8)
3,069‌
9,808‌
Carvana (8)
408,691‌
26,900‌
Home
Depot 
26,378‌
9,303‌
Kingfisher
(GBP) 
140,418‌
527‌
Lowe's 
25,448‌
5,611‌
O'Reilly
Automotive (8)
11,929‌
1,099‌
Ross
Stores 
22,977‌
4,891‌
TJX 
34,709‌
5,258‌
Tractor
Supply 
115,000‌
3,635‌
Ulta
Beauty (8)
836‌
377‌
67,409‌
Textiles,
Apparel
&
Luxury
Goods
 0.3%
Asics
(JPY) 
285,200‌
7,757‌
Kering
(EUR) 
13,655‌
3,863‌
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Moncler
(EUR) 
69,496‌
4,044‌
15,664‌
Total
Consumer
Discretionary
310,634‌
CONSUMER
STAPLES
 2.6%
Beverages
 0.2%
Coca-Cola 
66,943‌
5,441‌
Diageo
(GBP) 
236,262‌
4,758‌
Keurig
Dr
Pepper 
22,647‌
741‌
Monster
Beverage (8)
7,929‌
762‌
PepsiCo 
8,598‌
1,164‌
12,866‌
Consumer
Staples
Distribution
&
Retail
 0.4%
Coles
Group
(AUD) 
222,794‌
3,753‌
Costco
Wholesale 
4,595‌
4,298‌
Dollar
Tree (8)
7,014‌
848‌
Seven
&
i
Holdings
(JPY) 
351,100‌
4,211‌
Sysco 
700‌
59‌
Target 
1,400‌
183‌
Tsuruha
Holdings
(JPY) (9)
147,600‌
1,870‌
Walmart 
43,170‌
4,889‌
20,111‌
Food
Products
 0.5%
Ajinomoto
(JPY) 
128,800‌
4,696‌
Magnum
Ice
Cream
(EUR) (8)(9)
213,400‌
3,708‌
McCormick 
4,200‌
212‌
Mondelez
International,
Class
A 
179,024‌
10,354‌
Nestle
(CHF) 
78,036‌
8,004‌
26,974‌
Household
Products
 0.4%
Colgate-Palmolive 
62,519‌
5,732‌
Procter
&
Gamble 
112,352‌
16,475‌
22,207‌
Personal
Care
Products
 0.5%
Estee
Lauder,
Class
A 
8,676‌
685‌
L'Oreal
(EUR) 
14,948‌
6,553‌
Unilever
(GBP) 
326,888‌
19,635‌
Unilever,
ADR 
13,893‌
835‌
27,708‌
Tobacco
 0.6%
Altria
Group 
13,120‌
944‌
British
American
Tobacco
(GBP) 
143,416‌
8,875‌
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Philip
Morris
International 
108,448‌
19,619‌
29,438‌
Total
Consumer
Staples
139,304‌
ENERGY
 2.3%
Energy
Equipment
&
Services
 0.3%
Baker
Hughes 
11,226‌
623‌
NOV 
78,418‌
1,454‌
SLB 
235,226‌
10,936‌
TechnipFMC 
84,565‌
5,607‌
18,620‌
Oil,
Gas
&
Consumable
Fuels
 2.0%
Aker
BP
(NOK) 
114,855‌
3,504‌
Canadian
Natural
Resources
(CAD) 
139,152‌
5,506‌
Cenovus
Energy 
137,100‌
3,401‌
Chevron 
76,784‌
12,728‌
ConocoPhillips 
145,946‌
15,173‌
Diamondback
Energy 
4,657‌
819‌
EOG
Resources 
4,380‌
568‌
EQT 
12,553‌
667‌
Equinor
(NOK) 
163,199‌
5,146‌
Exxon
Mobil 
93,273‌
12,752‌
Kinder
Morgan 
3,900‌
125‌
Marathon
Petroleum 
3,100‌
793‌
Phillips
66 
3,200‌
541‌
Range
Resources 
216,563‌
8,054‌
Shell,
ADR 
191,572‌
14,855‌
Targa
Resources 
4,245‌
1,138‌
TotalEnergies
(EUR) 
190,003‌
14,692‌
Valero
Energy 
19,028‌
4,956‌
Williams 
20,008‌
1,487‌
106,905‌
Total
Energy
125,525‌
FINANCIALS
 9.9%
Banks
 4.3%
ABN
AMRO
Bank,
CVA
(EUR) 
111,489‌
4,742‌
ANZ
Group
Holdings
(AUD) 
375,633‌
9,167‌
Banco
Bilbao
Vizcaya
Argentaria
(EUR) 
449,759‌
11,324‌
Banco
Santander
(EUR) 
1,008,949‌
14,004‌
Bank
of
America 
291,601‌
16,615‌
Barclays
(GBP) 
1,402,938‌
9,401‌
BAWAG
Group
(EUR) 
23,066‌
4,624‌
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Citigroup 
59,953‌
8,391‌
DBS
Group
Holdings
(SGD) 
190,300‌
9,636‌
DNB
Bank
(NOK) 
237,593‌
7,074‌
Erste
Group
Bank
(EUR) 
27,162‌
3,635‌
Fifth
Third
Bancorp 
162,051‌
9,135‌
Huntington
Bancshares 
186,152‌
3,300‌
ING
Groep
(EUR) 
196,908‌
6,213‌
JPMorgan
Chase 
109,324‌
35,785‌
KeyCorp 
21,828‌
503‌
Lloyds
Banking
Group
(GBP) 
4,946,594‌
7,240‌
Mitsubishi
UFJ
Financial
Group
(JPY) 
729,400‌
14,532‌
National
Bank
of
Canada
(CAD) 
24,649‌
3,892‌
Popular 
2,018‌
331‌
Resona
Holdings
(JPY) 
391,300‌
5,102‌
Societe
Generale
(EUR) 
110,941‌
9,819‌
Standard
Chartered
(GBP) 
381,970‌
10,329‌
Sumitomo
Mitsui
Trust
Group
(JPY) 
201,608‌
7,528‌
U.S.
Bancorp 
32,398‌
1,957‌
UniCredit
(EUR) 
120,179‌
10,770‌
Wells
Fargo 
17,181‌
1,420‌
Western
Alliance
Bancorp 
4,546‌
374‌
226,843‌
Capital
Markets
 1.8%
3i
Group
(GBP) 
154,270‌
5,073‌
Ares
Management,
Class
A 
5,287‌
588‌
Bank
of
New
York
Mellon 
11,393‌
1,648‌
Blackrock 
1,490‌
1,433‌
Blackstone 
1,970‌
232‌
Bridgepoint
Group
(GBP) (9)
702,809‌
2,446‌
Brookfield
(CAD) 
124,446‌
5,310‌
Charles
Schwab 
148,395‌
13,692‌
CME
Group 
3,700‌
817‌
CVC
Capital
Partners
(EUR) (9)
146,991‌
2,138‌
Goldman
Sachs
Group 
9,910‌
10,023‌
Interactive
Brokers
Group,
Class
A 
3,600‌
313‌
Intercontinental
Exchange 
82,281‌
10,130‌
Invesco 
10,200‌
269‌
KKR 
11,181‌
1,026‌
LPL
Financial
Holdings 
1,000‌
282‌
Macquarie
Group
(AUD) 
28,502‌
4,955‌
Moody's 
4,347‌
1,969‌
Morgan
Stanley 
86,639‌
18,111‌
MSCI 
800‌
448‌
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Robinhood
Markets,
Class
A (8)
5,735‌
575‌
S&P
Global 
2,854‌
1,162‌
TPG 
11,014‌
447‌
Tradeweb
Markets,
Class
A 
11,310‌
1,127‌
UBS
Group
(CHF) 
189,345‌
9,384‌
93,598‌
Consumer
Finance
 0.3%
American
Express 
32,482‌
10,987‌
Capital
One
Financial 
17,444‌
3,500‌
14,487‌
Financial
Services
 1.7%
Apollo
Global
Management 
6,314‌
747‌
Berkshire
Hathaway,
Class
B (8)
56,455‌
28,250‌
Block (8)
25,843‌
1,964‌
Corpay (8)
2,633‌
878‌
Equitable
Holdings 
18,495‌
812‌
Federal
National
Mortgage
Assn. (8)
114,396‌
745‌
Fiserv (8)
6,465‌
317‌
Global
Payments 
2,555‌
185‌
Mastercard,
Class
A 
41,057‌
21,087‌
ORIX
(JPY) 
127,200‌
4,845‌
Visa,
Class
A 
78,385‌
26,893‌
Voya
Financial 
6,136‌
555‌
87,278‌
Insurance
 1.8%
Admiral
Group
(GBP) 
110,613‌
5,224‌
AIA
Group
(HKD) 
726,800‌
6,654‌
Allstate 
30,845‌
7,339‌
American
International
Group 
11,929‌
889‌
Aon,
Class
A 
5,945‌
1,972‌
Arthur
J
Gallagher 
600‌
138‌
AXA
(EUR) 
182,524‌
9,146‌
Axis
Capital
Holdings 
5,019‌
539‌
Chubb 
42,105‌
14,347‌
Definity
Financial
(CAD) 
134,045‌
7,111‌
Generali
(EUR) 
110,972‌
5,410‌
Mandatum
(EUR) 
398,143‌
2,499‌
Marsh
&
McLennan 
44,285‌
7,381‌
MetLife 
57,299‌
4,848‌
Progressive 
7,019‌
1,533‌
Sampo,
Class
A
(EUR) 
684,612‌
7,190‌
Suncorp
Group
(AUD) 
308,036‌
4,110‌
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tokio
Marine
Holdings
(JPY) 
162,900‌
7,163‌
Travelers 
4,359‌
1,439‌
Willis
Towers
Watson 
4,400‌
1,150‌
96,082‌
Total
Financials
518,288‌
HEALTH
CARE
 6.0%
Biotechnology
 0.6%
AbbVie 
23,251‌
5,851‌
Amgen 
4,820‌
1,745‌
Argenx,
ADR (8)
8,001‌
7,423‌
Biogen (8)
1,000‌
216‌
Gilead
Sciences 
116,152‌
14,675‌
Moderna (8)
14,400‌
1,008‌
Natera (8)
3,600‌
977‌
Regeneron
Pharmaceuticals 
599‌
374‌
Vertex
Pharmaceuticals (8)
2,983‌
1,482‌
33,751‌
Health
Care
Equipment
&
Supplies
 0.9%
Abbott
Laboratories 
141,605‌
12,849‌
Becton
Dickinson
&
Company 
900‌
136‌
Boston
Scientific (8)
13,794‌
589‌
Dexcom (8)
1,700‌
114‌
Edwards
Lifesciences (8)
4,240‌
384‌
EssilorLuxottica
(EUR) 
20,035‌
3,762‌
GE
HealthCare
Technologies 
2,100‌
134‌
Hoya
(JPY) 
26,600‌
4,291‌
IDEXX
Laboratories (8)
300‌
158‌
Intuitive
Surgical (8)
21,486‌
8,545‌
Koninklijke
Philips
(EUR) 
224,932‌
6,117‌
Medline,
Class
A (8)
22,242‌
877‌
Medtronic 
10,623‌
831‌
Siemens
Healthineers
(EUR) 
102,167‌
3,985‌
Stryker 
8,930‌
2,811‌
45,583‌
Health
Care
Providers
&
Services
 1.2%
BrightSpring
Health
Services (8)
5,990‌
418‌
Cardinal
Health 
3,906‌
928‌
Cencora 
32,228‌
9,120‌
Centene (8)
6,012‌
386‌
CVS
Health 
94,924‌
9,820‌
Elevance
Health 
2,535‌
980‌
Guardant
Health (8)
6,000‌
900‌
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Humana 
300‌
119‌
McKesson 
180‌
136‌
Quest
Diagnostics 
16,644‌
3,528‌
Tenet
Healthcare (8)
54,282‌
10,155‌
UnitedHealth
Group 
60,471‌
25,133‌
61,623‌
Health
Care
Technology
 0.0%
Veeva
Systems,
Class
A (8)
1,600‌
284‌
284‌
Life
Sciences
Tools
&
Services
 0.3%
Agilent
Technologies 
1,400‌
186‌
Charles
River
Laboratories
International (8)
2,800‌
635‌
Danaher 
24,728‌
4,710‌
IQVIA
Holdings (8)
279‌
54‌
Revvity 
47,751‌
5,313‌
Thermo
Fisher
Scientific 
10,614‌
5,321‌
Waters (8)
900‌
338‌
West
Pharmaceutical
Services 
1,200‌
431‌
16,988‌
Pharmaceuticals
 3.0%
AstraZeneca 
134,087‌
25,426‌
Bristol-Myers
Squibb 
119,684‌
6,896‌
Chugai
Pharmaceutical
(JPY) 
149,500‌
6,906‌
Chugai
Pharmaceutical,
ADR (9)
21,468‌
495‌
Eli
Lilly 
29,661‌
35,576‌
Johnson
&
Johnson 
93,291‌
23,693‌
Merck 
23,937‌
3,076‌
Novartis
(CHF) 
75,486‌
11,798‌
Novo
Nordisk,
Class
B
(DKK) 
196,671‌
9,446‌
Pfizer 
31,735‌
764‌
Roche
Holding
(CHF) 
28,528‌
11,727‌
Royalty
Pharma,
Class
A 
66,203‌
3,712‌
Sanofi
(EUR) 
67,213‌
5,747‌
Takeda
Pharmaceutical
(JPY) 
195,500‌
6,231‌
UCB
(EUR) 
17,896‌
5,358‌
Viatris 
49,289‌
783‌
Zoetis 
1,600‌
115‌
157,749‌
Total
Health
Care
315,978‌
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
 7.4%
Aerospace
&
Defense
 1.4%
Airbus
(EUR) 
56,525‌
12,576‌
Axon
Enterprise (8)
1,416‌
794‌
Boeing (8)
10,144‌
2,196‌
General
Electric 
54,404‌
20,332‌
Hanwha
Aerospace
(KRW) 
2,830‌
1,832‌
HEICO 
6,100‌
2,173‌
Honeywell
Aerospace (8)
1,063‌
235‌
Howmet
Aerospace 
5,724‌
1,539‌
L3Harris
Technologies 
2,156‌
626‌
Northrop
Grumman 
8,139‌
4,145‌
Rheinmetall
(EUR) 
3,247‌
3,694‌
Rolls-Royce
Holdings
(GBP) 
591,548‌
11,340‌
RTX 
8,080‌
1,533‌
Safran
(EUR) 
23,025‌
9,074‌
TransDigm
Group 
1,870‌
2,491‌
74,580‌
Air
Freight
&
Logistics
 0.0%
CH
Robinson
Worldwide 
1,100‌
207‌
207‌
Building
Products
 0.1%
Carrier
Global 
10,969‌
804‌
Johnson
Controls
International 
6,665‌
974‌
Kingspan
Group
(EUR) 
26,648‌
2,437‌
Madison
Air
Solutions,
Class
A (8)
4,324‌
169‌
Trane
Technologies 
1,749‌
859‌
5,243‌
Commercial
Services
&
Supplies
 0.3%
Cintas 
13,240‌
2,252‌
Element
Fleet
Management
(CAD) (9)
283,330‌
5,847‌
Republic
Services 
41,766‌
8,900‌
Waste
Connections 
1,979‌
330‌
Waste
Management 
3,334‌
743‌
18,072‌
Construction
&
Engineering
 0.2%
API
Group (8)
6,539‌
277‌
Comfort
Systems
USA 
200‌
396‌
Shimizu
(JPY) 
190,000‌
3,009‌
Vinci
(EUR) 
41,197‌
6,017‌
9,699‌
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Electrical
Equipment
 1.5%
ABB
(CHF) 
89,372‌
9,722‌
AMETEK 
56,712‌
13,721‌
Eaton 
5,000‌
2,131‌
Emerson
Electric 
33,128‌
4,742‌
Fujikura
(JPY) 
169,900‌
6,735‌
GE
Vernova 
9,078‌
10,665‌
Innio (8)
10,129‌
401‌
Mitsubishi
Electric
(JPY) 
214,400‌
7,863‌
Nextpower,
Class
A (8)(9)
2,500‌
298‌
Prysmian
(EUR) 
65,770‌
11,072‌
Siemens
Energy
(EUR) 
47,622‌
9,079‌
Vertiv
Holdings,
Class
A 
6,384‌
2,137‌
Vicor (8)
1,900‌
721‌
79,287‌
Ground
Transportation
 0.4%
Canadian
National
Railway 
6,737‌
803‌
CSX 
227,806‌
10,828‌
Fedex
Freight
Holding (8)
701‌
106‌
Norfolk
Southern 
12,943‌
4,072‌
Old
Dominion
Freight
Line 
16,164‌
3,501‌
Saia (8)
2,931‌
1,234‌
Uber
Technologies (8)
8,258‌
596‌
21,140‌
Industrial
Conglomerates
 0.7%
Hitachi
(JPY) 
359,300‌
9,944‌
Honeywell
International 
2,463‌
552‌
Siemens
(EUR) 
74,748‌
24,032‌
34,528‌
Machinery
 2.0%
Caterpillar 
11,622‌
12,376‌
Deere 
36,835‌
23,366‌
Dover 
1,936‌
434‌
Esab 
5,704‌
563‌
Fortive 
21,671‌
1,324‌
Ingersoll
Rand 
114,408‌
9,380‌
KION
Group
(EUR) 
66,268‌
2,942‌
Komatsu
(JPY) 
89,000‌
3,475‌
Middleby (8)
4,169‌
717‌
Otis
Worldwide 
48,600‌
3,480‌
PACCAR 
13,734‌
1,650‌
Parker-Hannifin 
9,302‌
9,098‌
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pentair 
56,490‌
4,331‌
Sandvik
(SEK) 
231,861‌
9,575‌
Stanley
Black
&
Decker 
3,862‌
363‌
Techtronic
Industries
(HKD) 
350,500‌
5,833‌
Westinghouse
Air
Brake
Technologies 
53,247‌
14,355‌
103,262‌
Passenger
Airlines
 0.1%
Ryanair
Holdings,
ADR 
100,892‌
6,533‌
United
Airlines
Holdings (8)
6,525‌
887‌
7,420‌
Professional
Services
 0.3%
Booz
Allen
Hamilton
Holding 
4,494‌
273‌
Equifax 
13,745‌
2,182‌
Recruit
Holdings
(JPY) 
167,900‌
11,682‌
Verisk
Analytics 
2,380‌
427‌
14,564‌
Trading
Companies
&
Distributors
 0.4%
AerCap
Holdings 
28,465‌
4,150‌
Bunzl
(GBP) 
125,702‌
4,387‌
SiteOne
Landscape
Supply (8)
2,398‌
274‌
Sumitomo
(JPY) 
1,139,200‌
10,950‌
W.W.
Grainger 
1,258‌
1,711‌
21,472‌
Total
Industrials
&
Business
Services
389,474‌
INFORMATION
TECHNOLOGY
 17.8%
Communications
Equipment
 0.6%
Arista
Networks (8)
30,143‌
5,121‌
Ciena (8)
236‌
116‌
Cisco
Systems 
156,118‌
18,338‌
F5 (8)
600‌
250‌
Lumentum
Holdings (8)
265‌
227‌
Motorola
Solutions 
1,611‌
669‌
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK) 
419,475‌
4,704‌
Viavi
Solutions (8)
6,000‌
286‌
29,711‌
Electronic
Equip,
Instr
&
Cmpts
 0.0%
Coherent (8)
2,900‌
1,144‌
Flex (8)
5,900‌
956‌
2,100‌
Electronic
Equipment,
Instruments
&
Components
 0.8%
Amphenol,
Class
A 
45,611‌
8,042‌
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Corning 
12,418‌
3,172‌
Jabil 
2,479‌
956‌
Keysight
Technologies (8)
58,499‌
20,479‌
Murata
Manufacturing
(JPY) 
82,600‌
5,929‌
TE
Connectivity 
22,516‌
4,539‌
Teledyne
Technologies (8)
2,258‌
1,506‌
44,623‌
IT
Services
 0.3%
Indra
Sistemas
(EUR) (9)
85,060‌
4,666‌
International
Business
Machines 
22,234‌
6,252‌
Shopify,
Class
A (8)
49,451‌
5,646‌
16,564‌
Semiconductors
&
Semiconductor
Equipment
 10.7%
Advanced
Micro
Devices (8)
72,497‌
42,114‌
Analog
Devices 
26,528‌
10,536‌
Applied
Materials 
37,307‌
26,973‌
ASML
Holding
(EUR) 
18,829‌
37,285‌
ASML
Holding 
6,241‌
12,416‌
Astera
Labs (8)
3,100‌
1,497‌
BE
Semiconductor
Industries
(EUR) 
16,107‌
5,319‌
Broadcom 
187,053‌
70,659‌
Cerebras
Systems,
Class
A (8)
2,274‌
503‌
Credo
Technology
Group
Holding (8)
5,000‌
1,360‌
Entegris 
2,000‌
360‌
GLOBALFOUNDRIES 
14,600‌
1,203‌
Infineon
Technologies
(EUR) 
102,176‌
9,625‌
Intel (8)
148,707‌
20,764‌
Kioxia
Holdings
(JPY) (8)
3,700‌
2,151‌
KLA 
13,530‌
4,082‌
Lam
Research 
65,910‌
28,561‌
Marvell
Technology 
40,897‌
12,183‌
Micron
Technology 
30,320‌
34,998‌
Monolithic
Power
Systems 
4,891‌
6,761‌
NVIDIA 
876,220‌
175,323‌
ON
Semiconductor (8)
1,300‌
123‌
Qnity
Electronics 
3,100‌
506‌
QUALCOMM 
28,400‌
5,248‌
Taiwan
Semiconductor
Manufacturing
(TWD) 
249,969‌
19,720‌
Taiwan
Semiconductor
Manufacturing,
ADR 
17,527‌
8,370‌
Teradyne 
1,919‌
929‌
Texas
Instruments 
40,103‌
11,954‌
Tokyo
Electron
(JPY) 
29,600‌
14,352‌
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tower
Semiconductor (8)
2,200‌
573‌
566,448‌
Software
 2.7%
Aestas
DBA
OpenAI,
Class
A,
Acquisition
Date:
10/3/25,
Cost $2,097 (3)(5)(8)
4,877‌
3,354‌
AppLovin,
Class
A (8)
3,508‌
1,807‌
Autodesk (8)
1,925‌
374‌
Cadence
Design
Systems (8)
1,200‌
450‌
Canva,
Class
B,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $668 (3)(5)(8)
392‌
587‌
Crowdstrike
Holdings,
Class
A (8)
9,011‌
6,877‌
Datadog,
Class
A (8)
11,437‌
2,978‌
Descartes
Systems
Group (8)
8,207‌
568‌
Fair
Isaac (8)
200‌
239‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $216 (3)(5)(8)
7,517‌
161‌
InterDigital (9)
6,300‌
1,784‌
Intuit 
1,966‌
513‌
Microsoft 
243,528‌
90,841‌
Oracle 
59,756‌
8,757‌
Palantir
Technologies,
Class
A (8)
13,951‌
1,628‌
Palo
Alto
Networks (8)
8,100‌
2,762‌
PTC (8)
1,258‌
143‌
Roper
Technologies 
5,999‌
2,030‌
Salesforce 
25,386‌
3,977‌
SAP
(EUR) 
30,779‌
4,745‌
ServiceNow (8)
51,405‌
5,103‌
Synopsys (8)
4,249‌
1,895‌
Workday,
Class
A (8)
1,600‌
196‌
141,769‌
Technology
Hardware,
Storage
&
Peripherals
 2.7%
Apple 
417,354‌
120,766‌
Dell
Technologies,
Class
C 
4,151‌
1,791‌
Samsung
Electronics
(KRW) 
41,181‌
9,138‌
Sandisk (8)
2,091‌
4,754‌
Seagate
Technology
Holdings 
2,934‌
2,831‌
Western
Digital 
3,529‌
2,254‌
141,534‌
Total
Information
Technology
942,749‌
MATERIALS
 2.0%
Chemicals
 0.8%
Air
Liquide
(EUR) 
53,979‌
10,689‌
Albemarle 
3,200‌
432‌
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CF
Industries
Holdings 
2,240‌
243‌
Corteva 
20,170‌
1,708‌
Linde 
36,024‌
18,694‌
Mitsubishi
Chemical
Group
(JPY) 
536,200‌
3,763‌
Mosaic 
13,164‌
279‌
RPM
International 
1,079‌
120‌
Sherwin-Williams 
2,405‌
828‌
Shin-Etsu
Chemical
(JPY) 
112,200‌
4,891‌
41,647‌
Construction
Materials
 0.3%
CRH 
6,533‌
699‌
Heidelberg
Materials
(EUR) 
25,740‌
4,911‌
Holcim
(CHF) 
74,668‌
6,732‌
Martin
Marietta
Materials 
8,271‌
4,770‌
17,112‌
Containers
&
Packaging
 0.3%
Ball 
101,322‌
6,323‌
International
Paper 
169,399‌
6,454‌
Packaging
Corp.
of
America 
19,775‌
4,712‌
17,489‌
Metals
&
Mining
 0.5%
Agnico
Eagle
Mines 
2,996‌
465‌
Antofagasta
(GBP) 
100,149‌
5,083‌
BHP
Group
(AUD) 
113,309‌
4,722‌
BHP
Group
(GBP) (9)
96,323‌
3,968‌
Franco-Nevada 
2,861‌
596‌
Freeport-McMoRan 
17,701‌
1,113‌
Glencore
(GBP) 
914,172‌
6,233‌
Grupo
Mexico,
Series
B
(MXN) 
286,903‌
3,242‌
MP
Materials (8)(9)
5,800‌
325‌
Steel
Dynamics 
3,630‌
833‌
26,580‌
Paper
&
Forest
Products
 0.1%
Stora
Enso,
Class
R
(EUR) 
346,806‌
3,700‌
West
Fraser
Timber (9)
6,463‌
437‌
4,137‌
Total
Materials
106,965‌
REAL
ESTATE
 1.0%
Health
Care
Real
Estate
Investment
Trusts
 0.2%
Welltower,
REIT 
53,206‌
12,076‌
12,076‌
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Industrial
Real
Estate
Investment
Trusts
 0.1%
Prologis,
REIT 
3,789‌
513‌
Rexford
Industrial
Realty,
REIT 
4,857‌
163‌
Segro
(GBP) 
290,357‌
3,368‌
4,044‌
Office
Real
Estate
Investment
Trusts
 0.0%
BXP,
REIT 
4,184‌
278‌
278‌
Real
Estate
Management
&
Development
 0.1%
CBRE
Group,
Class
A (8)
4,440‌
598‌
Mitsui
Fudosan
(JPY) 
488,600‌
4,529‌
5,127‌
Residential
Real
Estate
Investment
Trusts
 0.2%
AvalonBay
Communities,
REIT 
2,366‌
446‌
Equity
LifeStyle
Properties,
REIT 
67,734‌
4,366‌
Essex
Property
Trust,
REIT 
17,605‌
5,134‌
Sun
Communities,
REIT 
1,103‌
132‌
10,078‌
Retail
Real
Estate
Investment
Trusts
 0.1%
Scentre
Group
(AUD) 
2,135,359‌
5,692‌
Simon
Property
Group,
REIT 
2,671‌
597‌
6,289‌
Retail
Reits
 0.0%
Federal
Realty
Investment
Trust,
REIT 
2,700‌
333‌
333‌
Specialized
Real
Estate
Investment
Trusts
 0.3%
American
Tower,
REIT 
1,498‌
245‌
CubeSmart,
REIT 
3,608‌
144‌
Equinix,
REIT 
1,421‌
1,481‌
Public
Storage,
REIT 
28,282‌
9,002‌
VICI
Properties,
REIT 
110,980‌
2,947‌
13,819‌
Total
Real
Estate
52,044‌
UTILITIES
 1.5%
Electric
Utilities
 0.8%
Alliant
Energy 
17,488‌
1,334‌
Constellation
Energy 
29,587‌
7,349‌
Enel
(EUR) 
740,035‌
8,488‌
Fortum
(EUR) 
131,488‌
3,042‌
NextEra
Energy 
26,182‌
2,298‌
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PG&E 
41,631‌
700‌
Southern 
153,620‌
14,703‌
Xcel
Energy 
26,064‌
2,093‌
40,007‌
Gas
Utilities
 0.0%
Atmos
Energy 
5,428‌
935‌
935‌
Independent
Power
&
Renewable
Electricity
Producers
 0.1%
Orsted
(DKK) (8)
138,768‌
3,119‌
Vistra 
6,996‌
1,110‌
4,229‌
Multi-Utilities
 0.6%
Ameren 
74,314‌
8,400‌
CMS
Energy 
5,488‌
420‌
Consolidated
Edison 
9,674‌
1,070‌
Dominion
Energy 
9,500‌
649‌
DTE
Energy 
4,074‌
621‌
Engie
(EUR) 
269,514‌
8,483‌
National
Grid
(GBP) 
532,376‌
8,781‌
Sempra 
13,519‌
1,253‌
29,677‌
Total
Utilities
74,848‌
Total
Common
Stocks
(Cost
$1,577,151)
3,240,782‌
CONVERTIBLE
PREFERRED
STOCKS
 0.2%
INDUSTRIALS
&
BUSINESS
SERVICES
 0.0%
Aerospace
&
Defense
 0.0%
Anduril
Industries,
Series
H,
Acquisition
Date:
4/28/26
-
5/12/26,
Cost $675 (3)(5)(8)
9,795‌
675‌
Total
Industrials
&
Business
Services
675‌
INFORMATION
TECHNOLOGY
 0.2%
Software
 0.2%
Anthropic,
Series
H-1,
Acquisition
Date:
5/28/26,
Cost $2,937 (3)(5)(8)
4,986‌
2,937‌
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $43 (3)(5)(8)
25‌
38‌
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (3)(5)(8)
2‌
3‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $229 (3)
(5)(8)
3,879‌
864‌
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (3)
(5)(8)
8,505‌
1,894‌
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $112 (3)
(5)(8)
1,526‌
340‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (3)(5)(8)
10,431‌
223‌
OpenAI,
Series
A-3,
Acquisition
Date:
8/15/25,
Cost $216 (3)
(5)(8)
702‌
483‌
OpenAI,
Series
C,
Acquisition
Date:
3/12/26,
Cost $693 (3)(5)
(8)
1,008‌
693‌
Total
Information
Technology
7,475‌
Total
Convertible
Preferred
Stocks
(Cost
$5,850)
8,150‌
CORPORATE
BONDS
 8.4%
AbbVie,
2.95%,
11/21/26 
920,000‌
915‌
AbbVie,
4.50%,
5/14/35 
1,900,000‌
1,830‌
AbbVie,
4.80%,
3/15/29 
1,260,000‌
1,270‌
Accenture
Capital,
4.05%,
10/4/29 
160,000‌
157‌
AerCap
Ireland
Capital,
2.45%,
10/29/26 
935,000‌
929‌
AES,
5.20%,
7/15/29 
145,000‌
146‌
AES,
5.75%,
7/15/33 
185,000‌
186‌
Agilent
Technologies,
4.90%,
1/15/32 (1)
3,185,000‌
3,187‌
AHS
Hospital,
5.024%,
7/1/45 
1,600,000‌
1,494‌
AIB
Group,
VR,
6.608%,
9/13/29 (1)(10)
650,000‌
674‌
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000‌
1,199‌
Ally
Financial,
2.20%,
11/2/28 
700,000‌
661‌
Alphabet,
4.50%,
5/15/35 (9)
200,000‌
195‌
Alphabet,
4.80%,
2/15/36 
1,740,000‌
1,710‌
Alphabet,
5.35%,
11/15/45 
70,000‌
68‌
Amazon.com,
4.65%,
11/20/35 
2,770,000‌
2,694‌
Amazon.com,
5.65%,
3/13/46 
1,540,000‌
1,524‌
Amcor
Flexibles
North
America,
5.10%,
3/17/30 
160,000‌
162‌
Ameren,
5.00%,
5/15/36 
565,000‌
551‌
Ameren,
5.70%,
12/1/26 
1,820,000‌
1,828‌
America
Movil,
6.375%,
3/1/35 
300,000‌
325‌
American
Express,
VR,
4.918%,
7/20/33 (10)
590,000‌
590‌
American
Honda
Finance,
4.55%,
7/9/27 
2,360,000‌
2,364‌
American
International
Group,
5.45%,
5/7/35 
160,000‌
163‌
Amgen,
2.77%,
9/1/53 
447,000‌
264‌
Amphenol,
5.05%,
4/5/29 
895,000‌
909‌
Anglo
American
Capital,
4.625%,
3/19/31 (1)
485,000‌
478‌
Antofagasta,
5.625%,
9/9/35 
820,000‌
831‌
Appalachian
Power,
4.45%,
6/1/45 (9)
2,450,000‌
2,044‌
ArcelorMittal,
6.55%,
11/29/27 
160,000‌
164‌
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ares
Capital,
3.20%,
11/15/31 
100,000‌
88‌
Arthur
J
Gallagher,
4.85%,
12/15/29 
360,000‌
363‌
AT&T,
4.55%,
11/1/32 
1,925,000‌
1,879‌
Athene
Global
Funding,
4.86%,
8/27/26 (1)
2,935,000‌
2,937‌
Athene
Global
Funding,
5.543%,
8/22/35 (1)
170,000‌
167‌
Atmos
Energy,
4.15%,
1/15/43 
1,500,000‌
1,270‌
Augusta
SpinCo,
4.656%,
3/23/31 
1,365,000‌
1,354‌
AutoZone,
5.05%,
7/15/26 
2,690,000‌
2,690‌
Banco
Santander,
3.49%,
5/28/30 
200,000‌
190‌
Banco
Santander,
5.439%,
7/15/31 
3,600,000‌
3,694‌
Banco
Santander,
5.565%,
1/17/30 
200,000‌
205‌
Bank
Leumi
Le-Israel,
5.343%,
6/29/29 (1)
1,030,000‌
1,034‌
Bank
of
America,
6.11%,
1/29/37 
900,000‌
948‌
Bank
of
America,
6.75%,
6/1/28 
700,000‌
730‌
Bank
of
America,
VR,
2.299%,
7/21/32 (10)
2,240,000‌
1,979‌
Bank
of
America,
VR,
2.676%,
6/19/41 (9)(10)
3,450,000‌
2,502‌
Bank
of
America,
VR,
2.831%,
10/24/51 (10)
310,000‌
194‌
Bank
of
America,
VR,
3.194%,
7/23/30 (10)
210,000‌
201‌
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (10)
4,025,000‌
3,649‌
Bank
of
Montreal,
2.65%,
3/8/27 
2,035,000‌
2,012‌
Bank
of
Montreal,
Series J,
VR,
5.298%,
6/2/37 (10)
625,000‌
626‌
Bank
of
New
York
Mellon,
VR,
4.596%,
7/26/30 (10)
200,000‌
200‌
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (10)
1,885,000‌
2,050‌
Banner
Health,
1.897%,
1/1/31 
670,000‌
595‌
Barclays,
VR,
4.837%,
9/10/28 (10)
270,000‌
270‌
Barclays,
VR,
4.911%,
6/26/30 (10)
725,000‌
725‌
Barclays,
VR,
5.674%,
3/12/28 (10)
750,000‌
756‌
Barclays,
VR,
5.69%,
3/12/30 (10)
2,055,000‌
2,098‌
BAT
Capital,
4.39%,
8/15/37 
1,385,000‌
1,266‌
BAT
Capital,
5.834%,
2/20/31 
810,000‌
844‌
Baxter
International,
3.95%,
4/1/30 
170,000‌
164‌
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
1,540,000‌
1,621‌
BBVA
Mexico
Institucion
De
Banca
Multiple
Grupo
Financiero,
5.25%,
9/10/29 
1,345,000‌
1,354‌
Beacon
Point
DC,
6.129%,
11/30/42 (1)
1,040,000‌
1,051‌
Berkshire
Hathaway
Energy,
5.15%,
11/15/43 
1,350,000‌
1,272‌
BHP
Billiton
Finance
USA,
4.75%,
2/28/28 
180,000‌
181‌
Booking
Holdings,
5.375%,
5/7/36 
985,000‌
985‌
Booz
Allen
Hamilton,
5.95%,
4/15/35 (9)
200,000‌
199‌
BorgWarner,
4.95%,
8/15/29 
150,000‌
151‌
Boston
Gas,
5.843%,
1/10/35 (1)
245,000‌
255‌
Brixmor
Operating
Partnership,
3.90%,
3/15/27 
565,000‌
562‌
Brixmor
Operating
Partnership,
4.85%,
2/15/33 (9)
315,000‌
310‌
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Broadcom,
4.60%,
1/15/33 
450,000‌
442‌
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37 
650,000‌
709‌
Cadence
Design
Systems,
4.20%,
9/10/27 
150,000‌
150‌
Cadence
Design
Systems,
4.30%,
9/10/29 
965,000‌
957‌
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000‌
524‌
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000‌
402‌
Canadian
National
Railway,
5.85%,
11/1/33 
1,155,000‌
1,234‌
Canadian
Pacific
Railway,
1.75%,
12/2/26 
930,000‌
920‌
Canadian
Pacific
Railway,
3.50%,
5/1/50 
1,695,000‌
1,208‌
Capital
One
Financial,
3.65%,
5/11/27 
1,215,000‌
1,207‌
Capital
One
Financial,
VR,
6.051%,
2/1/35 (10)
365,000‌
379‌
Carvana,
9.00%,
6/1/30,
(9.00%
Cash) (1)(4)
433,180‌
448‌
Carvana,
9.00%,
6/1/31,
(9.00%
Cash) (1)(4)
591,639‌
653‌
Caterpillar
Financial
Services,
5.00%,
5/14/27 
3,320,000‌
3,343‌
CBRE
Services,
4.90%,
1/15/33 
510,000‌
503‌
CBRE
Services,
5.50%,
4/1/29 
555,000‌
566‌
Cencora,
4.60%,
2/13/33 
385,000‌
376‌
Centene,
2.45%,
7/15/28 
200,000‌
190‌
Centene,
3.375%,
2/15/30 
1,120,000‌
1,045‌
Charles
Schwab,
VR,
4.914%,
11/14/36 (10)
2,150,000‌
2,103‌
Charter
Communications
Operating,
3.70%,
4/1/51 
1,425,000‌
885‌
Cheniere
Energy,
5.20%,
7/30/36 (1)
1,360,000‌
1,338‌
Cheniere
Energy
Partners,
5.35%,
11/30/36 (1)
305,000‌
303‌
Chevron
USA,
4.30%,
10/15/30 (9)
1,615,000‌
1,606‌
Chpe,
5.10%,
6/30/33 (1)(9)
630,000‌
628‌
Cigna
Group,
4.50%,
9/15/30 
590,000‌
587‌
Citigroup,
VR,
2.976%,
11/5/30 (10)
2,750,000‌
2,597‌
Citigroup,
VR,
4.075%,
4/23/29 (10)
2,000,000‌
1,982‌
CMS
Energy,
4.70%,
3/31/43 
840,000‌
720‌
CMS
Energy,
4.875%,
3/1/44 
1,200,000‌
1,066‌
CNA
Financial,
5.20%,
8/15/35 
160,000‌
157‌
CNH
Industrial
Capital,
4.375%,
3/7/31 
2,130,000‌
2,084‌
CNH
Industrial
Capital,
4.50%,
10/8/27 
160,000‌
160‌
CNO
Global
Funding,
2.65%,
1/6/29 (1)
3,255,000‌
3,084‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000‌
2,361‌
Columbia
Pipelines
Holding,
4.999%,
11/17/32 (1)
2,320,000‌
2,293‌
Comcast,
5.168%,
1/15/37 (1)
1,568,000‌
1,505‌
CommonSpirit
Health,
2.782%,
10/1/30 
755,000‌
695‌
Conagra
Brands,
5.75%,
8/1/35 (9)
160,000‌
162‌
Constellation
Energy
Generation,
4.40%,
1/15/31 
1,145,000‌
1,125‌
Corebridge
Financial,
4.40%,
4/5/52 
4,505,000‌
3,603‌
Credit
Agricole,
VR,
4.656%,
1/12/32 (1)(10)
1,195,000‌
1,177‌
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000‌
2,569‌
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CRH
America
Finance,
5.50%,
1/9/35 
1,380,000‌
1,403‌
Crown
Castle,
2.25%,
1/15/31 
1,440,000‌
1,283‌
Crown
Castle,
2.90%,
3/15/27 
735,000‌
726‌
Crown
Castle,
4.90%,
9/1/29 
180,000‌
181‌
CVS
Health,
3.25%,
8/15/29 
210,000‌
201‌
CVS
Health,
4.125%,
4/1/40 
60,000‌
51‌
CVS
Health,
5.40%,
6/1/29 
1,375,000‌
1,405‌
CVS
Health,
6.00%,
6/1/63 
2,695,000‌
2,630‌
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27 (1)
2,155,000‌
2,143‌
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(10)
2,645,000‌
2,706‌
Dell
International,
4.75%,
7/15/31 
1,215,000‌
1,208‌
Denso,
4.864%,
6/29/31 (1)
2,625,000‌
2,637‌
Diamondback
Energy,
3.50%,
12/1/29 
180,000‌
174‌
Dominion
Energy,
5.35%,
6/15/36 
1,165,000‌
1,166‌
DTE
Energy,
5.10%,
3/1/29 
2,570,000‌
2,599‌
Duke
Energy,
2.65%,
9/1/26 
640,000‌
638‌
Duke
Energy,
4.95%,
9/15/35 
750,000‌
734‌
Duke
Energy
Indiana,
4.95%,
3/15/36 
135,000‌
133‌
Element
Fleet
Management,
4.641%,
11/24/30 (1)
1,450,000‌
1,432‌
Elevance
Health,
4.65%,
1/15/43 
915,000‌
811‌
Eli
Lilly,
4.90%,
10/15/35 
2,800,000‌
2,795‌
Enact
Holdings,
6.25%,
5/28/29 
365,000‌
376‌
Enbridge,
4.20%,
11/20/28 
1,535,000‌
1,521‌
Enbridge,
4.25%,
12/1/26 
590,000‌
590‌
Enbridge,
4.60%,
6/20/28 
245,000‌
245‌
Enbridge,
5.625%,
4/5/34 
770,000‌
793‌
Enbridge,
6.20%,
11/15/30 
345,000‌
363‌
Enbridge
Energy
Partners,
5.50%,
9/15/40 
245,000‌
240‌
Energy
Transfer,
5.35%,
1/15/36 
1,975,000‌
1,968‌
Energy
Transfer,
6.50%,
2/1/42 
190,000‌
201‌
Eni,
5.50%,
5/15/34 (1)
735,000‌
746‌
Enterprise
Products
Operating,
4.30%,
6/20/28 
695,000‌
693‌
Enterprise
Products
Operating,
4.60%,
1/11/27 
2,830,000‌
2,831‌
Enterprise
Products
Operating,
4.60%,
1/15/31 (9)
1,445,000‌
1,440‌
EOG
Resources,
4.40%,
7/15/28 
940,000‌
938‌
Equitable
America
Global
Funding,
4.95%,
6/25/29 (1)
3,000,000‌
2,996‌
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000‌
434‌
Essex
Portfolio,
2.65%,
3/15/32 
1,430,000‌
1,268‌
Eversource
Energy,
5.85%,
4/15/31 
200,000‌
207‌
Extra
Space
Storage,
4.95%,
1/15/33 
540,000‌
535‌
FedEx,
3.10%,
8/5/29 
200,000‌
192‌
Fidelity
National
Financial,
4.50%,
8/15/28 
2,065,000‌
2,055‌
Fidelity
National
Information
Services,
4.80%,
3/10/31 
1,415,000‌
1,400‌
T.
ROWE
PRICE
Balanced
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fifth
Third
Bancorp,
VR,
4.566%,
4/29/32 (10)
1,420,000‌
1,396‌
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (10)
775,000‌
776‌
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (10)
460,000‌
475‌
FirstEnergy,
2.65%,
3/1/30 
180,000‌
167‌
FirstEnergy
Transmission,
5.00%,
1/15/35 
270,000‌
265‌
Fiserv,
3.20%,
7/1/26 
1,100,000‌
1,100‌
Fiserv,
3.50%,
7/1/29 
200,000‌
192‌
Fiserv,
5.25%,
8/11/35 (9)
2,000,000‌
1,949‌
Fiserv,
5.45%,
3/15/34 
2,035,000‌
2,017‌
Flowserve,
5.70%,
5/15/36 
285,000‌
287‌
Ford
Motor
Credit,
5.125%,
11/5/26 
1,265,000‌
1,266‌
Ford
Motor
Credit,
7.122%,
11/7/33 (9)
640,000‌
681‌
Foundry
JV
Holdco,
5.90%,
1/25/33 (1)
600,000‌
625‌
Foundry
JV
Holdco,
6.15%,
1/25/32 (1)
705,000‌
740‌
Foundry
JV
Holdco,
6.20%,
1/25/37 (1)
2,080,000‌
2,201‌
Freeport-McMoRan,
4.125%,
3/1/28 
160,000‌
159‌
Gartner,
5.60%,
11/20/35 
200,000‌
189‌
GATX,
6.05%,
3/15/34 
1,675,000‌
1,754‌
General
Motors,
6.60%,
4/1/36 
180,000‌
193‌
General
Motors
Financial,
2.40%,
4/10/28 
3,205,000‌
3,081‌
General
Motors
Financial,
4.90%,
10/6/29 
80,000‌
80‌
George
Washington
University,
Series 2014,
4.30%,
9/15/44 
975,000‌
826‌
Global
Net
Lease,
3.75%,
12/15/27 (1)
150,000‌
147‌
Global
Payments,
3.20%,
8/15/29 
190,000‌
179‌
GLP
Capital,
3.25%,
1/15/32 
180,000‌
161‌
Goldman
Sachs
Group,
6.75%,
10/1/37 (9)
700,000‌
763‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (10)
1,300,000‌
1,168‌
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (10)
1,710,000‌
1,238‌
Goldman
Sachs
Group,
VR,
5.218%,
4/23/31 (10)
460,000‌
464‌
Goldman
Sachs
Group,
VR,
5.734%,
1/28/56 (10)
1,325,000‌
1,304‌
HA
Sustainable
Infrastructure
Capital,
5.95%,
7/15/33 (1)(9)
550,000‌
552‌
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34 
150,000‌
153‌
HCA,
4.125%,
6/15/29 
1,895,000‌
1,866‌
HCA,
4.375%,
3/15/42 
775,000‌
656‌
HCA,
5.25%,
3/1/30 
190,000‌
193‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
1,020,000‌
1,024‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28 
1,075,000‌
1,056‌
Healthpeak
OP,
2.125%,
12/1/28 
655,000‌
617‌
Healthpeak
OP,
2.875%,
1/15/31 
360,000‌
331‌
Healthpeak
OP,
5.375%,
2/15/35 
160,000‌
161‌
Honeywell
Aerospace,
5.732%,
3/16/56 (1)
1,430,000‌
1,430‌
Howmet
Aerospace,
6.75%,
1/15/28 
150,000‌
155‌
T.
ROWE
PRICE
Balanced
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HSBC
Bank
USA,
5.875%,
11/1/34 
950,000‌
989‌
HSBC
Holdings,
VR,
5.719%,
3/4/35 (10)
1,145,000‌
1,176‌
HSBC
Holdings,
VR,
6.161%,
3/9/29 (10)
380,000‌
389‌
HSBC
Holdings,
VR,
7.399%,
11/13/34 (10)
1,445,000‌
1,608‌
Humana,
5.95%,
3/15/34 
830,000‌
859‌
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000‌
2,312‌
Hyundai
Capital
America,
4.75%,
6/18/29 (1)
420,000‌
419‌
Hyundai
Capital
America,
5.35%,
3/19/29 (1)(9)
240,000‌
243‌
Hyundai
Capital
America,
5.40%,
6/23/32 (1)
140,000‌
142‌
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
420,000‌
436‌
Iberdrola
International,
6.75%,
9/15/33 
1,000,000‌
1,087‌
Intel,
4.00%,
8/5/29 
150,000‌
147‌
Intel,
4.80%,
10/1/41 
200,000‌
179‌
Intercontinental
Exchange,
5.25%,
6/15/31 
1,500,000‌
1,533‌
Intesa
Sanpaolo,
VR,
5.00%,
6/29/30 (1)(10)
1,445,000‌
1,448‌
Invitation
Homes
Operating
Partnership,
4.875%,
2/1/35 
160,000‌
155‌
IQVIA,
6.25%,
2/1/29 
730,000‌
755‌
Jackson
National
Life
Global
Funding,
4.70%,
6/5/28 (1)
1,485,000‌
1,480‌
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27 (1)
2,915,000‌
2,919‌
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000‌
2,198‌
John
Deere
Capital,
4.40%,
9/8/31 (9)
2,230,000‌
2,211‌
John
Deere
Capital,
4.50%,
1/8/27 
1,330,000‌
1,332‌
JPMorgan
Chase,
VR,
4.898%,
1/22/37 (10)
3,115,000‌
3,035‌
JPMorgan
Chase,
VR,
4.995%,
7/22/30 (10)
400,000‌
403‌
JPMorgan
Chase,
VR,
5.299%,
7/24/29 (10)
3,125,000‌
3,166‌
JPMorgan
Chase,
VR,
5.576%,
7/23/36 (10)
1,255,000‌
1,275‌
Kenvue,
5.10%,
3/22/43 
170,000‌
162‌
Keurig
Dr
Pepper,
4.60%,
5/15/30 
180,000‌
178‌
Kilroy
Realty,
5.875%,
10/15/35 
150,000‌
148‌
Kraft
Heinz
Foods,
5.00%,
6/4/42 
190,000‌
170‌
Kraft
Heinz
Foods,
6.875%,
1/26/39 
2,650,000‌
2,904‌
Kroger,
5.00%,
9/15/34 
630,000‌
621‌
Las
Vegas
Sands,
3.90%,
8/8/29 
170,000‌
164‌
Leidos,
2.30%,
2/15/31 
200,000‌
178‌
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,700,000‌
1,476‌
Lowe's,
4.45%,
4/1/62 
1,400,000‌
1,087‌
Manufacturers
&
Traders
Trust,
VR,
4.762%,
7/6/28 (10)
1,035,000‌
1,037‌
Maple
Parent
Holdings,
5.05%,
3/26/31 (1)
2,300,000‌
2,298‌
Mars,
4.80%,
3/1/30 (1)(9)
140,000‌
140‌
Marvell
Technology,
4.75%,
7/15/30 
210,000‌
209‌
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (1)
2,340,000‌
2,356‌
Mattel,
5.45%,
11/1/41 
160,000‌
147‌
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47 
1,500,000‌
1,192‌
T.
ROWE
PRICE
Balanced
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
McCormick,
4.15%,
2/15/29 
930,000‌
920‌
Medline
Borrower,
6.25%,
4/1/29 (1)
93,000‌
95‌
MedStar
Health,
Series 20A,
3.626%,
8/15/49 
905,000‌
662‌
Met
Tower
Global
Funding,
4.00%,
1/14/29 (1)
1,245,000‌
1,227‌
Meta
Platforms,
5.50%,
11/15/45 
2,125,000‌
1,972‌
Meta
Platforms,
5.625%,
11/15/55 
310,000‌
281‌
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000‌
2,615‌
Mondelez
International,
4.75%,
2/20/29 
2,970,000‌
2,985‌
Morgan
Stanley,
6.25%,
8/9/26 
755,000‌
756‌
Morgan
Stanley,
VR,
3.217%,
4/22/42 (10)
1,445,000‌
1,103‌
Morgan
Stanley,
VR,
4.493%,
1/16/32 (10)
2,300,000‌
2,255‌
Morgan
Stanley,
VR,
5.042%,
7/19/30 (10)
200,000‌
201‌
Morgan
Stanley,
VR,
5.656%,
4/18/30 (9)(10)
3,540,000‌
3,616‌
Morgan
Stanley
Private
Bank,
VR,
4.734%,
7/18/31 (10)
1,355,000‌
1,349‌
Motorola
Solutions,
5.00%,
4/15/29 
800,000‌
808‌
Motorola
Solutions,
5.60%,
6/1/32 
160,000‌
165‌
MPLX,
4.80%,
2/15/31 
1,530,000‌
1,525‌
National
Bank
of
Canada,
5.60%,
12/18/28 
2,560,000‌
2,620‌
National
Bank
of
Canada,
VR,
4.928%,
6/4/32 (10)
710,000‌
709‌
New
York
Life
Global
Funding,
4.05%,
2/2/29 (1)
2,905,000‌
2,867‌
New
York
State
Electric
&
Gas,
5.30%,
8/15/34 (1)
1,075,000‌
1,082‌
NextEra
Energy
Capital
Holdings,
4.40%,
3/1/31 
2,930,000‌
2,889‌
NextEra
Energy
Capital
Holdings,
4.685%,
9/1/27 
295,000‌
296‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
840,000‌
834‌
Niagara
Mohawk
Power,
5.112%,
1/12/36 (1)
1,575,000‌
1,546‌
NiSource,
3.49%,
5/15/27 
1,730,000‌
1,717‌
NiSource,
3.95%,
3/30/48 
1,775,000‌
1,353‌
Northern
Trust,
4.15%,
11/19/30 (9)
1,420,000‌
1,398‌
Northwestern
Mutual
Global
Funding,
4.74%,
6/30/31 (1)
2,075,000‌
2,068‌
NTT
Finance,
4.876%,
7/16/30 (1)
830,000‌
828‌
Nutrien,
4.00%,
12/15/26 
830,000‌
829‌
Nutrien,
4.85%,
5/29/31 (9)
830,000‌
829‌
NXP,
4.30%,
8/19/28 
420,000‌
417‌
Occidental
Petroleum,
5.375%,
1/1/32 (9)
1,285,000‌
1,311‌
Occidental
Petroleum,
8.875%,
7/15/30 
160,000‌
180‌
ONEOK,
4.40%,
10/15/29 
70,000‌
69‌
ONEOK,
6.05%,
9/1/33 
150,000‌
157‌
ONEOK,
6.625%,
9/1/53 (9)
1,500,000‌
1,572‌
Oracle,
3.60%,
4/1/40 
150,000‌
109‌
Oracle,
5.20%,
9/26/35 (9)
2,125,000‌
1,989‌
Oracle,
5.375%,
7/15/40 
2,170,000‌
1,909‌
Oracle,
6.15%,
11/9/29 
170,000‌
175‌
Oracle,
6.90%,
11/9/52 
1,150,000‌
1,103‌
T.
ROWE
PRICE
Balanced
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Orange,
4.75%,
1/13/33 (1)
1,180,000‌
1,157‌
O'Reilly
Automotive,
3.60%,
9/1/27 (9)
1,825,000‌
1,807‌
O'Reilly
Automotive,
5.00%,
8/19/34 (9)
2,165,000‌
2,142‌
O'Reilly
Automotive,
5.75%,
11/20/26 
390,000‌
392‌
Ovintiv,
6.25%,
7/15/33 
150,000‌
158‌
Owens
Corning,
5.70%,
6/15/34 (9)
995,000‌
1,028‌
PACCAR
Financial,
Series R,
4.00%,
11/7/28 
675,000‌
670‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27 
1,340,000‌
1,304‌
Pacific
Gas
&
Electric,
5.00%,
6/4/28 
200,000‌
201‌
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
2,403‌
Parker-Hannifin,
3.25%,
6/14/29 
170,000‌
164‌
Patterson-UTI
Energy,
7.15%,
10/1/33 
140,000‌
150‌
Paychex,
5.35%,
4/15/32 
160,000‌
162‌
Pfizer,
4.50%,
11/15/32 
2,195,000‌
2,165‌
Phillips
66,
5.875%,
5/1/42 
180,000‌
182‌
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
364‌
Pricoa
Global
Funding
I,
4.35%,
11/25/30 (1)
3,050,000‌
2,997‌
Principal
Financial
Group,
4.111%,
2/15/28 (1)
1,800,000‌
1,785‌
Public
Service
Enterprise
Group,
4.80%,
6/15/31 
2,235,000‌
2,229‌
Public
Service
of
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
534‌
Realty
Income,
3.10%,
12/15/29 
2,130,000‌
2,028‌
Realty
Income,
3.95%,
8/15/27 
1,490,000‌
1,482‌
Regal
Rexnord,
6.05%,
4/15/28 
150,000‌
153‌
RELX
Capital,
3.00%,
5/22/30 
945,000‌
887‌
RELX
Capital,
4.75%,
3/27/30 
160,000‌
160‌
RenaissanceRe
Holdings,
5.75%,
6/5/33 
150,000‌
154‌
Republic
Services,
5.00%,
12/15/33 (9)
2,235,000‌
2,256‌
Revvity,
3.30%,
9/15/29 
160,000‌
153‌
RGA
Global
Funding,
4.35%,
8/25/28 (1)
675,000‌
670‌
RGA
Global
Funding,
4.60%,
11/25/30 (1)
1,085,000‌
1,070‌
RGA
Global
Funding,
5.00%,
8/25/32 (1)
160,000‌
158‌
RGA
Global
Funding,
5.448%,
5/24/29 (1)
1,630,000‌
1,656‌
Rogers
Communications,
4.50%,
3/15/42 
2,935,000‌
2,488‌
Roper
Technologies,
3.80%,
12/15/26 
1,085,000‌
1,082‌
Ross
Stores,
1.875%,
4/15/31 
450,000‌
397‌
Royal
Bank
of
Canada,
VR,
4.969%,
8/2/30 (10)
200,000‌
202‌
Royal
Caribbean
Cruises,
4.75%,
5/15/33 
2,350,000‌
2,289‌
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (1)
150,000‌
153‌
RTX,
3.125%,
7/1/50 
290,000‌
193‌
T.
ROWE
PRICE
Balanced
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sabine
Pass
Liquefaction,
4.20%,
3/15/28 
1,335,000‌
1,326‌
Sabine
Pass
Liquefaction,
4.50%,
5/15/30 
560,000‌
555‌
Sammons
Financial
Group,
5.95%,
6/15/36 (1)
1,085,000‌
1,087‌
Sammons
Financial
Group
Global
Funding,
4.80%,
12/12/30 (1)
1,185,000‌
1,170‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (10)
1,365,000‌
1,350‌
Santander
Holdings
USA,
VR,
5.04%,
6/5/30 (10)
580,000‌
580‌
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (9)(10)
725,000‌
764‌
Santander
Holdings
USA,
VR,
6.565%,
6/12/29 (10)
160,000‌
165‌
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28 (10)
1,605,000‌
1,587‌
Santander
U.K.
Group
Holdings,
VR,
4.32%,
9/22/29 (10)
425,000‌
421‌
Schlumberger
Holdings,
3.90%,
5/17/28 (1)
150,000‌
148‌
Sempra,
5.25%,
3/15/36 
580,000‌
572‌
Simon
Property
Group,
2.65%,
2/1/32 
1,810,000‌
1,617‌
Simon
Property
Group,
3.80%,
7/15/50 (9)
1,865,000‌
1,405‌
Skandinaviska
Enskilda
Banken,
5.125%,
3/5/27 (1)
2,800,000‌
2,818‌
Solventum,
5.40%,
3/1/29 
644,000‌
655‌
South
Bow
USA
Infrastructure
Holdings,
5.026%,
10/1/29 
420,000‌
421‌
Southern,
5.70%,
3/15/34 
1,540,000‌
1,596‌
Southern
California
Edison,
5.15%,
6/1/29 
2,010,000‌
2,032‌
Southern
Copper,
5.35%,
6/24/36 
2,485,000‌
2,470‌
Southern
Gas
Capital,
4.95%,
9/15/34 
1,525,000‌
1,504‌
Southern
Gas
Capital,
Series B,
5.10%,
9/15/35 
315,000‌
312‌
Space
Exploration
Technologies,
5.35%,
7/15/31 (1)
645,000‌
644‌
Space
Exploration
Technologies,
5.65%,
7/15/33 (1)
1,045,000‌
1,039‌
Spectra
Energy
Partners,
3.375%,
10/15/26 
480,000‌
479‌
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(10)
1,000,000‌
990‌
Standard
Chartered,
VR,
4.529%,
6/5/32 (1)(9)(10)
1,795,000‌
1,758‌
Standard
Chartered,
VR,
5.243%,
1/13/37 (1)(10)
445,000‌
437‌
Suzano
Netherlands,
5.50%,
1/15/36 
1,210,000‌
1,178‌
Sydney
Airport
Finance,
5.248%,
3/26/36 (1)
1,370,000‌
1,352‌
T-Mobile
USA,
4.95%,
11/15/35 
2,035,000‌
1,986‌
T-Mobile
USA,
5.00%,
2/15/36 (9)
1,030,000‌
1,007‌
T-Mobile
USA,
5.75%,
1/15/34 
1,860,000‌
1,927‌
T-Mobile
USA,
6.70%,
12/15/33 
180,000‌
197‌
Tampa
Electric,
6.15%,
5/15/37 
1,000,000‌
1,062‌
Targa
Resources,
5.50%,
2/15/35 
745,000‌
753‌
Targa
Resources,
6.50%,
3/30/34 
170,000‌
183‌
Targa
Resources
Partners,
5.00%,
1/15/28 
1,168,000‌
1,167‌
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000‌
1,602‌
Telefonica
Europe,
8.25%,
9/15/30 
150,000‌
168‌
Thermo
Fisher
Scientific,
4.902%,
2/12/36 
1,400,000‌
1,383‌
Time
Warner
Cable,
6.55%,
5/1/37 
640,000‌
634‌
T.
ROWE
PRICE
Balanced
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Time
Warner
Cable,
6.75%,
6/15/39 
530,000‌
518‌
Time
Warner
Cable
Enterprises,
8.375%,
7/15/33 
60,000‌
67‌
TJX,
1.60%,
5/15/31 
375,000‌
327‌
Toronto-Dominion
Bank,
4.994%,
4/5/29 
2,795,000‌
2,825‌
TotalEnergies
Capital,
5.638%,
4/5/64 
190,000‌
184‌
TotalEnergies
Capital
USA,
4.569%,
1/13/33 
2,090,000‌
2,049‌
Toyota
Motor
Credit,
4.05%,
9/5/28 (9)
1,915,000‌
1,901‌
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48 
1,645,000‌
1,399‌
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000‌
1,302‌
Transurban
Finance,
3.375%,
3/22/27 (1)
215,000‌
213‌
Travelers,
6.25%,
6/15/37 
750,000‌
817‌
Tyco
Electronics
Group,
4.875%,
2/9/36 
1,170,000‌
1,146‌
U.S.
Bancorp,
VR,
5.10%,
7/23/30 (10)
200,000‌
202‌
Uber
Technologies,
4.30%,
1/15/30 
2,395,000‌
2,368‌
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
3,146‌
UnitedHealth
Group,
5.20%,
4/15/63 
140,000‌
125‌
UnitedHealth
Group,
5.50%,
7/15/44 
200,000‌
196‌
VeriSign,
5.10%,
7/15/31 
1,375,000‌
1,379‌
Verizon
Communications,
4.00%,
3/22/50 
2,000,000‌
1,518‌
Verizon
Communications,
4.75%,
1/15/33 
960,000‌
945‌
VICI
Properties,
4.125%,
8/15/30 (1)
180,000‌
173‌
VMware,
1.40%,
8/15/26 
3,125,000‌
3,113‌
Volkswagen
Group
of
America
Finance,
4.55%,
9/11/28 (1)
280,000‌
278‌
Volkswagen
Group
of
America
Finance,
6.45%,
11/16/30 (1)
2,015,000‌
2,120‌
Waste
Connections,
3.20%,
6/1/32 
2,315,000‌
2,125‌
Wells
Fargo,
VR,
2.393%,
6/2/28 (10)
3,915,000‌
3,837‌
Wells
Fargo,
VR,
3.068%,
4/30/41 (10)
4,055,000‌
3,098‌
Wells
Fargo,
VR,
5.605%,
4/23/36 (10)
400,000‌
410‌
Wells
Fargo,
VR,
6.303%,
10/23/29 (10)
905,000‌
936‌
Westpac
New
Zealand,
5.195%,
2/28/29 (1)
1,855,000‌
1,881‌
Williams,
4.625%,
6/30/30 
355,000‌
353‌
Williams,
5.10%,
9/15/45 
1,735,000‌
1,580‌
Williams,
5.15%,
3/15/34 
245,000‌
245‌
Willis
North
America,
4.50%,
9/15/28 
1,370,000‌
1,365‌
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000‌
736‌
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000‌
1,168‌
Woodside
Finance,
5.40%,
5/19/30 
160,000‌
163‌
WP
Carey,
3.85%,
7/15/29 
1,470,000‌
1,437‌
T.
ROWE
PRICE
Balanced
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zoetis,
4.15%,
8/17/28 
2,695,000‌
2,676‌
Total
Corporate
Bonds
(Cost
$457,951)
445,168‌
EQUITY
FUNDS
 3.9%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (6)
11,014,970‌
207,962‌
Total
Equity
Funds
(Cost
$130,280)
207,962‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
 0.5%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000‌
502‌
Corp.
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)(9)
2,645,000‌
2,491‌
Eagle
Funding
Luxco,
5.50%,
8/17/30 (1)
1,930,000‌
1,936‌
Province
of
Alberta
Canada,
4.50%,
1/24/34 
2,760,000‌
2,752‌
Province
of
British
Columbia,
4.20%,
7/6/33 (9)
2,648,000‌
2,595‌
Province
of
Manitoba
Canada,
4.30%,
7/27/33 
2,595,000‌
2,556‌
Province
of
Quebec
Canada,
Series RI,
4.625%,
6/3/36 
2,075,000‌
2,060‌
Republic
of
Peru,
5.375%,
2/8/35 
660,000‌
666‌
Republic
of
Poland,
Series 30Y,
5.50%,
3/18/54 
1,540,000‌
1,458‌
Republic
of
Romania,
6.625%,
5/16/36 (1)
2,200,000‌
2,248‌
United
Mexican
States,
2.659%,
5/24/31 
3,439,000‌
3,046‌
United
Mexican
States,
3.50%,
2/12/34 
2,315,000‌
1,977‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$25,148)
24,287‌
MUNICIPAL
SECURITIES
 0.4%
California
 0.0%
Los
Angeles
Airport,
Series C,
Build
America,
7.053%,
5/15/40 
1,000,000‌
1,126‌
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45 
365,000‌
330‌
1,456‌
Georgia
 0.1%
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39 
2,665,000‌
2,671‌
2,671‌
Illinois
 0.0%
Chicago
O'Hare
Int'l
Airport,
Series B,
Build
America,
6.395%,
1/1/40 
755,000‌
818‌
Illinois
Toll
Highway
Auth.,
Series A,
Build
America,
6.184%,
1/1/34 
470,000‌
494‌
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38 
500,000‌
510‌
1,822‌
T.
ROWE
PRICE
Balanced
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Maryland
 0.0%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36 
1,800,000‌
1,766‌
1,766‌
Michigan
 0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29 
2,000,000‌
2,106‌
2,106‌
New
Jersey
 0.0%
New
Jersey
Turnpike
Auth.,
Series F,
Build
America,
7.414%,
1/1/40 
415,000‌
484‌
484‌
New
York
 0.0%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39 
210,000‌
243‌
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42 
245,000‌
247‌
New
York
State
Dormitory
Auth.,
Series F,
Build
America,
5.628%,
3/15/39 
1,190,000‌
1,209‌
Port
Auth.
of
New
York
&
New
Jersey,
3.139%,
2/15/51 
800,000‌
580‌
2,279‌
Ohio
 0.0%
JobsOhio
Beverage
System,
Series B,
3.985%,
1/1/29 
590,000‌
587‌
587‌
South
Carolina
 0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41 
2,000,000‌
2,072‌
2,072‌
Texas
 0.0%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41 
1,820,000‌
1,414‌
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38 
1,155,000‌
1,005‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47 
1,200,000‌
1,038‌
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49 
1,900,000‌
1,516‌
4,973‌
Virginia
 0.0%
Virginia
Public
Building
Auth.,
Series B-2,
Build
America,
5.90%,
8/1/30 
695,000‌
707‌
707‌
Wisconsin
 0.1%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51 
2,910,000‌
2,025‌
2,025‌
Total
Municipal
Securities
(Cost
$24,860)
22,948‌
T.
ROWE
PRICE
Balanced
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
 1.4%
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
171,482‌
160‌
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
581,558‌
507‌
BANK,
Series 2024-BNK47,
Class
A5,
5.716%,
6/15/57 
1,045,000‌
1,088‌
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
1,972‌
BANK5,
Series 2024-5YR8,
Class
AS,
ARM,
6.378%,
8/15/57 
740,000‌
761‌
BANK5,
Series 2025-5YR14,
Class
A3,
5.646%,
4/15/58 
1,600,000‌
1,638‌
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)
601,022‌
553‌
Bayview
Financing
Trust,
Series 2024-2F,
Class
A,
CMO,
ARM,
6.399%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $1,344 (3)(5)
1,344,453‌
1,348‌
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
5.899%,
11/15/34 (1)
605,000‌
8‌
BBCMS
Mortgage
Trust,
Series 2024-5C27,
Class
A3,
6.014%,
7/15/57 
285,000‌
293‌
Benchmark
Mortgage
Trust,
Series 2023-B39,
Class
A5,
5.754%,
7/15/56 
760,000‌
791‌
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
1,308‌
Benchmark
Mortgage
Trust,
Series 2025-V19,
Class
A3,
5.249%,
1/15/58 
1,375,000‌
1,393‌
Benchmark
Mortgage
Trust,
Series 2026-B42,
Class
A5,
5.10%,
3/15/59 
1,645,000‌
1,642‌
Benchmark
Mortgage
Trust,
Series 2026-V21,
Class
A3,
5.127%,
3/15/59 
3,880,000‌
3,910‌
BMO
Mortgage
Trust,
Series 2025-C13,
Class
A5,
5.353%,
10/15/58 
1,375,000‌
1,398‌
BX
Commercial
Mortgage
Trust,
Series 2026-CSMO,
Class
A,
ARM,
1M
TSFR
+
1.40%,
5.025%,
2/15/43 (1)
2,560,000‌
2,566‌
BX
Trust,
Series 2025-ROIC,
Class
A,
ARM,
1M
TSFR
+
1.144%,
4.769%,
3/15/30 (1)
3,084,655‌
3,079‌
BX
Trust,
Series 2025-VOLT,
Class
A,
ARM,
1M
TSFR
+
1.70%,
5.325%,
12/15/44 (1)
3,270,000‌
3,273‌
BX
Trust,
Series 2026-CLS,
Class
B,
ARM,
1M
TSFR
+
1.70%,
5.325%,
5/15/43 (1)
335,000‌
336‌
CENT,
Series 2025-CITY,
Class
A,
ARM,
5.091%,
7/10/40 (1)
2,680,000‌
2,675‌
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
637,725‌
558‌
T.
ROWE
PRICE
Balanced
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COLT
Mortgage
Loan
Trust,
Series 2025-8,
Class
A1,
CMO,
STEP,
5.48%,
8/25/70 (1)
1,205,860‌
1,209‌
Cross
Mortgage
Trust,
Series 2024-H4,
Class
A1,
CMO,
STEP,
6.147%,
7/25/69 (1)
209,843‌
211‌
DBC
Mortgage
Trust,
Series 2025-DBC,
Class
A,
ARM,
1M
TSFR
+
1.35%,
4.976%,
11/15/42 (1)
600,000‌
601‌
Deephaven
Residential
Mortgage
Trust,
Series 2026-INV1,
Class
A1,
CMO,
ARM,
4.797%,
12/25/70 (1)
598,037‌
590‌
EFMT,
Series 2025-INV5,
Class
A1,
CMO,
ARM,
5.077%,
12/25/70 (1)
282,039‌
280‌
EFMT,
Series 2025-NQM6,
Class
A1,
CMO,
ARM,
5.001%,
12/25/70 (1)
349,233‌
346‌
EFMT,
Series 2026-NQM1,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
4.828%,
2/25/71 (1)
676,639‌
678‌
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
53,818‌
52‌
Ellington
Financial
Mortgage
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.178%,
10/25/65 (1)
308,884‌
295‌
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
395,315‌
335‌
Extended
Stay
America
Trust,
Series 2025-ESH,
Class
A,
ARM,
1M
TSFR
+
1.30%,
4.925%,
10/15/42 (1)
1,059,447‌
1,062‌
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
1,966,724‌
1,626‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
54,782‌
50‌
GCAT
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
STEP,
5.529%,
6/25/70 (1)
1,555,543‌
1,554‌
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.907%,
10/25/50 (1)
228,534‌
196‌
GS
Mortgage-Backed
Securities
Trust,
Series 2025-NQM3,
Class
A1,
CMO,
STEP,
5.137%,
11/25/65 (1)
298,140‌
297‌
HOMES
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
ARM,
5.22%,
8/25/70 (1)
1,661,861‌
1,654‌
HOMES
Trust,
Series 2026-AFC1,
Class
A1,
CMO,
ARM,
4.846%,
2/25/61 (1)
1,583,787‌
1,565‌
Hudson
Yards
Mortgage
Trust,
Series 2025-SPRL,
Class
A,
ARM,
5.649%,
1/13/40 (1)
1,140,000‌
1,158‌
JPMorgan
Mortgage
Trust,
Series 2019-HYB1,
Class
B4,
CMO,
ARM,
5.122%,
10/25/49 (1)
758,500‌
755‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
364,574‌
326‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
422,358‌
380‌
JPMorgan
Mortgage
Trust,
Series 2025-DSC2,
Class
A1,
CMO,
ARM,
5.195%,
10/25/65 (1)
800,706‌
794‌
T.
ROWE
PRICE
Balanced
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2025-NQM3,
Class
A1,
CMO,
ARM,
5.495%,
11/25/65 (1)
2,547,640‌
2,544‌
MAD
Commercial
Mortgage
Trust,
Series 2025-11MD,
Class
A,
ARM,
4.912%,
10/15/42 (1)
1,395,000‌
1,383‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2025-C35,
Class
A5,
5.633%,
8/15/58 
1,130,000‌
1,173‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-
2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
407,199‌
333‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2025-
DSC2,
Class
A1,
CMO,
ARM,
5.443%,
7/25/70 (1)
248,037‌
248‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2025-
NQM5,
Class
A1,
CMO,
ARM,
5.439%,
7/25/70 (1)
200,322‌
200‌
MSWF
Commercial
Mortgage
Trust,
Series 2023-2,
Class
A5,
ARM,
6.014%,
12/15/56 
880,000‌
929‌
New
Residential
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (1)
1,471,273‌
1,253‌
New
Residential
Mortgage
Loan
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
ARM,
5.35%,
7/25/65 (1)
1,937,777‌
1,931‌
NYC
Commercial
Mortgage
Trust,
Series 2025-28L,
Class
A,
ARM,
4.824%,
11/5/38 (1)
105,000‌
104‌
NYMT
Loan
Trust,
Series 2025-INV1,
Class
A1,
CMO,
STEP,
5.402%,
4/25/60 (1)
289,455‌
289‌
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
99,931‌
93‌
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
4.863%,
10/25/59 (1)
7,800‌
8‌
OBX
Trust,
Series 2025-NQM15,
Class
A1,
CMO,
ARM,
5.143%,
7/27/65 (1)
426,680‌
425‌
OBX
Trust,
Series 2025-NQM15,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
4.778%,
7/27/65 (1)
440,216‌
441‌
OBX
Trust,
Series 2026-R1,
Class
A1,
CMO,
ARM,
4.884%,
1/25/63 (1)
1,952,027‌
1,929‌
PENN
Commercial
Mortgage
Trust,
Series 2025-P11,
Class
A,
ARM,
5.522%,
8/10/42 (1)
810,000‌
818‌
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
1,421,152‌
1,273‌
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
110,298‌
100‌
Sequoia
Mortgage
Trust,
Series 2024-HYB1,
Class
A1A,
CMO,
ARM,
4.51%,
11/25/63 (1)
745,799‌
745‌
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
7,186‌
7‌
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
90,968‌
88‌
T.
ROWE
PRICE
Balanced
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-
DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
4.478%,
11/25/41 (1)
16,885‌
17‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2024-HQA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
4.878%,
8/25/44 (1)
748,000‌
751‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2025-DNA3,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
4.728%,
9/25/45 (1)
833,163‌
834‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2025-HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.95%,
4.578%,
2/25/45 (1)
235,300‌
236‌
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
380‌
1‌
Towd
Point
Mortgage
Trust,
Series 2024-2,
Class
A1B,
CMO,
ARM,
4.916%,
12/25/64 (1)
3,408,211‌
3,418‌
Towd
Point
Mortgage
Trust,
Series 2026-1,
Class
A1A,
CMO,
ARM,
4.097%,
1/25/66 (1)
603,312‌
594‌
TX
Trust,
Series 2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
5.217%,
6/15/39 (1)
170,000‌
170‌
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
268,465‌
244‌
Verus
Securitization
Trust,
Series 2024-INV1,
Class
A2,
CMO,
STEP,
6.318%,
3/25/69 (1)
925,633‌
928‌
Verus
Securitization
Trust,
Series 2025-7,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
4.828%,
8/25/70 (1)
1,300,235‌
1,301‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-C54,
Class
A4,
3.146%,
12/15/52 
550,000‌
519‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2025-5C6,
Class
A3,
5.186%,
10/15/58 
2,765,000‌
2,785‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$78,561)
76,228‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
 7.7%
U.S.
Government
Agency
Obligations
 6.3%
Federal
Home
Loan
Mortgage 
2.50%,
5/1/30 
296,840‌
289‌
3.00%,
1/1/29
-
8/1/43 
2,294,618‌
2,093‌
3.50%,
3/1/42
-
3/1/46 
3,839,150‌
3,602‌
4.00%,
9/1/40
-
6/1/42 
1,150,316‌
1,112‌
4.50%,
6/1/39
-
5/1/42 
649,922‌
645‌
5.00%,
12/1/35
-
8/1/40 
300,805‌
305‌
5.50%,
1/1/38
-
12/1/39 
95,085‌
98‌
6.00%,
2/1/28
-
8/1/38 
9,666‌
10‌
6.50%,
8/1/32 
3,535‌
4‌
7.00%,
6/1/32 
8,560‌
9‌
T.
ROWE
PRICE
Balanced
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
Home
Loan
Mortgage,
ARM 
1Y
CMT
+
2.25%,
6.317%,
10/1/36 
1,539‌
2‌
RFUCCT1Y
+
1.726%,
6.339%,
7/1/35 
6,913‌
7‌
RFUCCT1Y
+
1.75%,
6.00%,
2/1/35 
6,264‌
6‌
RFUCCT1Y
+
1.911%,
6.219%,
12/1/36 
17,347‌
18‌
RFUCCT1Y
+
1.934%,
6.183%,
2/1/37 
6,099‌
6‌
RFUCCT1Y
+
2.033%,
6.399%,
11/1/36 
17,633‌
18‌
Federal
Home
Loan
Mortgage,
UMBS 
1.50%,
2/1/36 
584,060‌
523‌
2.00%,
8/1/36
-
5/1/52 
20,218,351‌
16,743‌
2.50%,
3/1/42
-
5/1/52 
27,330,279‌
23,109‌
3.00%,
11/1/34
-
7/1/52 
5,143,936‌
4,542‌
3.50%,
6/1/33 
139,668‌
136‌
4.00%,
12/1/49
-
1/1/56 
3,265,318‌
3,069‌
4.50%,
9/1/37
-
10/1/54 
2,931,348‌
2,831‌
5.00%,
10/1/51
-
10/1/55 
6,866,074‌
6,785‌
5.50%,
8/1/53
-
10/1/55 
22,531,808‌
22,723‌
6.00%,
10/1/54
-
12/1/54 
710,251‌
730‌
6.50%,
8/1/54 
563,178‌
584‌
7.00%,
6/1/54 
237,085‌
250‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC 
2.952%,
2/25/27 
112,892‌
112‌
4.361%,
5/25/30 
400,000‌
398‌
4.40%,
10/25/30 
6,100,000‌
6,076‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
ARM 
2.347%,
11/25/31 
10,510,000‌
9,426‌
3.71%,
9/25/32 
4,580,000‌
4,369‌
3.97%,
4/25/31 
1,345,000‌
1,314‌
4.00%,
3/25/31 
305,000‌
299‌
4.13%,
3/25/31 
1,430,000‌
1,408‌
4.163%,
10/25/30 
380,000‌
375‌
4.32%,
9/25/30
-
3/25/36 
2,545,000‌
2,477‌
4.34%,
9/25/30 
450,000‌
447‌
4.43%,
2/25/33 
3,645,000‌
3,611‌
4.60%,
9/25/35 
1,890,000‌
1,876‌
5.355%,
1/25/29 
1,595,000‌
1,624‌
Federal
National
Mortgage
Assn. 
2.50%,
1/1/61 
811,852‌
664‌
3.50%,
6/1/42
-
1/1/44 
1,616,051‌
1,515‌
4.00%,
11/1/40 
428,919‌
418‌
4.50%,
7/1/40 
301,085‌
300‌
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.523%,
6.097%,
7/1/35 
5,790‌
6‌
T.
ROWE
PRICE
Balanced
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
National
Mortgage
Assn.,
UMBS 
1.50%,
4/1/37
-
1/1/42 
4,872,783‌
4,234‌
2.00%,
9/1/36
-
5/1/52 
57,752,551‌
47,511‌
2.50%,
10/1/31
-
5/1/52 
21,781,485‌
18,718‌
3.00%,
1/1/27
-
7/1/52 
21,401,825‌
19,367‌
3.50%,
11/1/26
-
5/1/52 
14,240,890‌
13,220‌
4.00%,
11/1/40
-
8/1/52 
9,477,951‌
9,053‌
4.50%,
4/1/37
-
10/1/54 
10,285,929‌
10,004‌
5.00%,
2/1/34
-
3/1/56 
14,010,345‌
13,864‌
5.50%,
2/1/35
-
11/1/55 
14,533,509‌
14,668‌
6.00%,
5/1/33
-
11/1/55 
24,742,569‌
25,437‌
6.50%,
1/1/28
-
10/1/55 
4,921,720‌
5,110‌
7.00%,
12/1/27
-
4/1/32 
6,828‌
6‌
UMBS,
TBA (11)
2.00%,
7/1/56 
7,360,000‌
5,874‌
2.50%,
7/1/41 
485,000‌
453‌
3.00%,
7/1/55 
3,620,000‌
3,157‌
3.50%,
7/1/55 
3,790,000‌
3,440‌
4.00%,
7/1/55 
4,420,000‌
4,130‌
5.00%,
7/1/56 
7,275,000‌
7,147‌
6.00%,
7/1/56 
735,000‌
751‌
6.50%,
7/1/54 
1,605,000‌
1,660‌
334,768‌
U.S.
Government
Obligations
 1.4%
Government
National
Mortgage
Assn. 
1.50%,
12/20/36
-
5/20/37 
579,477‌
526‌
2.00%,
3/20/51
-
3/20/52 
9,375,164‌
7,688‌
2.50%,
8/20/50
-
4/20/52 
17,359,721‌
14,839‌
3.00%,
9/15/42
-
4/20/52 
5,196,441‌
4,646‌
3.50%,
9/15/41
-
1/20/49 
7,253,880‌
6,728‌
4.00%,
2/15/41
-
10/20/52 
5,814,379‌
5,522‌
4.50%,
6/15/39
-
6/20/53 
9,026,699‌
8,782‌
5.00%,
12/20/34
-
8/20/52 
5,355,251‌
5,365‌
5.50%,
2/20/34
-
9/20/54 
1,831,164‌
1,860‌
6.00%,
8/20/34
-
11/20/52 
1,088,620‌
1,122‌
7.50%,
9/15/26 
3‌
—‌
Government
National
Mortgage
Assn.,
CMO 
3.00%,
11/20/47
-
12/20/47 
99,562‌
90‌
Government
National
Mortgage
Assn.,
TBA (11)
4.50%,
7/20/55 
4,180,000‌
4,014‌
5.00%,
7/20/55 
4,570,000‌
4,505‌
5.50%,
7/20/56 
6,720,000‌
6,754‌
T.
ROWE
PRICE
Balanced
Fund
48
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
6.00%,
7/20/56 
845,000‌
862‌
73,303‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$426,278)
408,071‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
 8.7%
U.S.
Treasury
Obligations
 8.7%
U.S.
Treasury
Bonds,
1.125%,
5/15/40 
1,715,000‌
1,085‌
U.S.
Treasury
Bonds,
1.375%,
8/15/50 
2,415,000‌
1,185‌
U.S.
Treasury
Bonds,
1.75%,
8/15/41 
4,815,000‌
3,228‌
U.S.
Treasury
Bonds,
1.875%,
2/15/51 
8,550,000‌
4,753‌
U.S.
Treasury
Bonds,
2.00%,
2/15/50 
28,385,000‌
16,543‌
U.S.
Treasury
Bonds,
2.00%,
8/15/51 
6,795,000‌
3,870‌
U.S.
Treasury
Bonds,
2.25%,
2/15/52 
4,225,000‌
2,544‌
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
2,051‌
U.S.
Treasury
Bonds,
2.75%,
8/15/47 
16,080,000‌
11,374‌
U.S.
Treasury
Bonds,
2.875%,
8/15/45 
4,185,000‌
3,105‌
U.S.
Treasury
Bonds,
3.00%,
5/15/45 
10,640,000‌
8,091‌
U.S.
Treasury
Bonds,
3.00%,
11/15/45 
11,185,000‌
8,447‌
U.S.
Treasury
Bonds,
3.00%,
2/15/47 
1,150,000‌
856‌
U.S.
Treasury
Bonds,
3.00%,
2/15/48 
2,000,000‌
1,473‌
U.S.
Treasury
Bonds,
3.00%,
8/15/48 
3,905,000‌
2,861‌
U.S.
Treasury
Bonds,
3.00%,
8/15/52 
1,565,000‌
1,110‌
U.S.
Treasury
Bonds,
3.625%,
2/15/53 
1,320,000‌
1,056‌
U.S.
Treasury
Bonds,
3.625%,
5/15/53 
11,785,000‌
9,421‌
U.S.
Treasury
Bonds,
3.875%,
2/15/43 
1,500,000‌
1,329‌
U.S.
Treasury
Bonds,
4.00%,
11/15/52 
3,985,000‌
3,409‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54 
4,025,000‌
3,592‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54 
4,735,000‌
4,228‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44 
2,295,000‌
2,212‌
U.S.
Treasury
Bonds,
4.625%,
11/15/45 
10,200,000‌
9,800‌
U.S.
Treasury
Bonds,
4.625%,
2/15/46 
4,900,000‌
4,705‌
U.S.
Treasury
Bonds,
4.625%,
2/15/55 
8,525,000‌
8,103‌
U.S.
Treasury
Bonds,
4.625%,
11/15/55 (12)
12,100,000‌
11,514‌
U.S.
Treasury
Bonds,
4.75%,
11/15/53 
9,170,000‌
8,872‌
U.S.
Treasury
Bonds,
4.75%,
5/15/55 
5,910,000‌
5,734‌
U.S.
Treasury
Bonds,
4.75%,
8/15/55 
2,700,000‌
2,621‌
U.S.
Treasury
Bonds,
4.75%,
2/15/56 
5,000,000‌
4,859‌
U.S.
Treasury
Bonds,
4.875%,
8/15/45 
4,015,000‌
3,986‌
U.S.
Treasury
Bonds,
5.00%,
5/15/45 
4,525,000‌
4,565‌
U.S.
Treasury
Notes,
0.625%,
5/15/30 
16,700,000‌
14,590‌
T.
ROWE
PRICE
Balanced
Fund
49
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Notes,
0.75%,
1/31/28 
1,185,000‌
1,123‌
U.S.
Treasury
Notes,
0.875%,
11/15/30 
5,770,000‌
5,010‌
U.S.
Treasury
Notes,
1.875%,
2/15/32 
7,175,000‌
6,329‌
U.S.
Treasury
Notes,
2.75%,
8/15/32 
16,360,000‌
15,024‌
U.S.
Treasury
Notes,
2.875%,
5/15/32 
2,930,000‌
2,720‌
U.S.
Treasury
Notes,
3.50%,
12/15/28 
17,000,000‌
16,738‌
U.S.
Treasury
Notes,
3.50%,
1/15/29 
6,200,000‌
6,101‌
U.S.
Treasury
Notes,
3.50%,
11/30/30 
9,675,000‌
9,404‌
U.S.
Treasury
Notes,
3.625%,
5/31/28 
22,665,000‌
22,442‌
U.S.
Treasury
Notes,
3.625%,
8/31/29 
12,095,000‌
11,902‌
U.S.
Treasury
Notes,
3.625%,
9/30/30 
6,075,000‌
5,941‌
U.S.
Treasury
Notes,
3.625%,
12/31/30 
6,800,000‌
6,640‌
U.S.
Treasury
Notes,
3.875%,
4/15/29 
2,800,000‌
2,779‌
U.S.
Treasury
Notes,
3.875%,
4/30/30 
11,450,000‌
11,326‌
U.S.
Treasury
Notes,
3.875%,
4/30/31 
900,000‌
887‌
U.S.
Treasury
Notes,
3.875%,
8/15/34 
9,970,000‌
9,630‌
U.S.
Treasury
Notes,
4.00%,
2/29/28 
2,525,000‌
2,518‌
U.S.
Treasury
Notes,
4.00%,
6/30/28 
8,590,000‌
8,564‌
U.S.
Treasury
Notes,
4.00%,
2/28/30 
11,445,000‌
11,376‌
U.S.
Treasury
Notes,
4.00%,
3/31/30 
1,490,000‌
1,481‌
U.S.
Treasury
Notes,
4.00%,
5/31/30 
8,800,000‌
8,740‌
U.S.
Treasury
Notes,
4.00%,
2/15/34 
12,480,000‌
12,193‌
U.S.
Treasury
Notes,
4.00%,
11/15/35 
12,600,000‌
12,189‌
U.S.
Treasury
Notes,
4.125%,
11/30/29 
22,390,000‌
22,355‌
U.S.
Treasury
Notes,
4.125%,
3/31/32 
2,165,000‌
2,151‌
U.S.
Treasury
Notes,
4.25%,
2/28/29 
8,065,000‌
8,082‌
U.S.
Treasury
Notes,
4.25%,
6/30/29 
4,835,000‌
4,846‌
U.S.
Treasury
Notes,
4.25%,
1/31/30 
12,000,000‌
12,026‌
U.S.
Treasury
Notes,
4.25%,
11/15/34 
10,910,000‌
10,804‌
U.S.
Treasury
Notes,
4.25%,
5/15/35 
1,340,000‌
1,324‌
U.S.
Treasury
Notes,
4.25%,
8/15/35 
5,200,000‌
5,134‌
U.S.
Treasury
Notes,
4.375%,
12/31/29 
11,660,000‌
11,735‌
U.S.
Treasury
Notes,
4.50%,
11/15/33 
6,450,000‌
6,515‌
U.S.
Treasury
Notes,
4.625%,
2/15/35 
2,040,000‌
2,073‌
457,566‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$504,527)
457,566‌
T.
ROWE
PRICE
Balanced
Fund
50
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
 0.9%
Money
Market
Funds
 0.9%
T.
Rowe
Price
Government
Reserve
Fund,
3.69% (6)(13)
46,014,102‌
46,014‌
Total
Short-Term
Investments
(Cost
$46,014)
46,014‌
SECURITIES
LENDING
COLLATERAL
 0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.1%
Money
Market
Funds 0.1%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66% (6)(13)
5,132,803‌
5,133‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,133‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.1%
Money
Market
Funds 0.1%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66% (6)(13)
7,995,335‌
7,995‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
7,995‌
Total
Securities
Lending
Collateral
(Cost
$13,128)
13,128‌
Total
Investments
in
Securities
100.6%
of
Net
Assets
(Cost
$3,662,940)
$
5,311,803‌
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$252,423
and
represents
4.8%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
June
30,
2026.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
T.
ROWE
PRICE
Balanced
Fund
51
.
.
.
.
.
.
.
.
.
.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$14,958
and
represents
0.3%
of
net
assets.
(6)
Affiliated
Companies
(7)
SEC
30-day
yield
(8)
Non-income
producing
(9)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026.
(10)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(11)
See
Note
4.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$42,747
and
represents
0.8%
of
net
assets.
(12)
At
June
30,
2026,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(13)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans. 
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
T.
ROWE
PRICE
Balanced
Fund
52
.
.
.
.
.
.
.
.
.
.
MXN
Mexican
Peso
NOK
Norwegian
Krone
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
PTC
Pass-Through
Certificate
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
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
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Balanced
Fund
53
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
69,100
1,517
1,308
209‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S46,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/31
9,700
215
151
64‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
273‌
Total
Centrally
Cleared
Swaps
273‌
Net
payments
(receipts)
of
variation
margin
to
date
(282‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(9‌)
T.
ROWE
PRICE
Balanced
Fund
54
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
11
U.S.
Treasury
Long
Bond
contracts
9/26
(1,248)
$
(31‌)
Long,
262
U.S.
Treasury
Notes
five
year
contracts
9/26
28,046
39‌
Long,
129
U.S.
Treasury
Notes
two
year
contracts
9/26
26,591
(1‌)
Long,
50
Ultra
U.S.
Treasury
Bonds
contracts
9/26
5,808
169‌
Long,
51
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/26
5,736
73‌
Net
payments
(receipts)
of
variation
margin
to
date
(345‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(96‌)
T.
ROWE
PRICE
Balanced
Fund
55
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2026.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
12.84% 
$
—‌
$
31‌
$
255‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.36% 
—‌
(2,962‌)
6,557‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
11.98% 
(16‌)
171‌
175‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
4,129‌
13,972‌
—‌
T.
Rowe
Price
Government
Reserve
Fund,
3.69%
—‌
—‌
1,393‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66%
—‌
—‌
—‌++
Totals
$
4,113‌#
$
11,212‌
$
8,380‌+
T.
ROWE
PRICE
Balanced
Fund
56
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/25
Purchase
Cost
Sales
Cost
Value
6/30/26
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
12.84% 
$
23,960‌
$
14,004‌
$
—‌
$
37,995‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.36% 
193,493‌
8,274‌
—‌
198,805‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
11.98% 
24,045‌
2,924‌
1,016‌
26,124‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
206,761‌
—‌
12,771‌
207,962‌
T.
Rowe
Price
Government
Reserve
Fund,
3.69%
151,466‌
 ¤
 ¤
46,014‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66%
31,558‌
 ¤
 ¤
13,128‌
Total
$
530,028‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$8,380
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$463,278.
T.
ROWE
PRICE
Balanced
Fund
June
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
57
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$3,662,940)
$
5,311,803‌
Interest
and
dividends
receivable
14,496‌
Receivable
for
investment
securities
sold
12,125‌
Foreign
currency
(cost
$5,444)
5,433‌
Receivable
for
shares
sold
2,561‌
Cash
14‌
Other
assets
5,188‌
Total
assets
5,351,620‌
Liabilities
Payable
for
investment
securities
purchased
56,397‌
Obligation
to
return
securities
lending
collateral
13,128‌
Investment
management
fees
payable
1,672‌
Payable
for
shares
redeemed
1,593‌
Due
to
affiliates
211‌
Variation
margin
payable
on
futures
contracts
96‌
Variation
margin
payable
on
centrally
cleared
swaps
9‌
Payable
to
directors
3‌
Other
liabilities
364‌
Total
liabilities
73,473‌
NET
ASSETS
$
5,278,147‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,972,471‌
Paid-in
capital
applicable
to
176,964,872
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,305,676‌
NET
ASSETS
$
5,278,147‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$2,656,345;
Shares
outstanding:
89,022,665)
$
29.84‌
I
Class
(Net
assets:
$2,621,802;
Shares
outstanding:
87,942,207)
$
29.81‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Statement
of
Operations
58
($000s)
6
Months
Ended
6/30/26
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$1,347)
$
35,512‌
.
  Interest
31,016‌
Securities
lending
94‌
Other
2‌
Total
income
66,624‌
Expenses
Investment
management
11,127‌
Shareholder
servicing
Investor
Class
$
2,137‌
I
Class
244‌
2,381‌
Prospectus
and
shareholder
reports
Investor
Class
25‌
I
Class
7‌
32‌
Custody
and
accounting
236‌
Legal
and
audit
56‌
Registration
49‌
Directors
7‌
Miscellaneous
20‌
Waived
/
paid
by
Price
Associates
(
1,225‌
)
Total
expenses
12,683‌
Net
investment
income
53,941‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Statement
of
Operations
59
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/26
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$308)
298,363‌
Futures
(
1,426‌
)
Swaps
127‌
Foreign
currency
transactions
(
111‌
)
Net
realized
gain
296,953‌
Change
in
net
unrealized
gain
/
loss
Securities
(net
of
decrease
in
deferred
foreign
taxes
of
$(479))
(
37,113‌
)
Futures
385‌
Swaps
203‌
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
276‌
)
Change
in
net
unrealized
gain
/
loss
(
36,801‌
)
Net
realized
and
unrealized
gain
/
loss
260,152‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
314,093‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
60
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/26
Year
Ended
12/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
53,941‌
$
109,059‌
Net
realized
gain
296,953‌
283,810‌
Change
in
net
unrealized
gain
/
loss
(
36,801‌
)
328,134‌
Increase
in
net
assets
from
operations
314,093‌
721,003‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
26,743‌
)
(
185,093‌
)
I
Class
(
28,171‌
)
(
170,140‌
)
Decrease
in
net
assets
from
distributions
(
54,914‌
)
(
355,233‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
158,819‌
327,953‌
I
Class
235,381‌
297,295‌
Distributions
reinvested
Investor
Class
25,715‌
178,082‌
I
Class
26,946‌
163,226‌
Shares
redeemed
Investor
Class
(
320,377‌
)
(
529,279‌
)
I
Class
(
179,595‌
)
(
330,767‌
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
53,111‌
)
106,510‌
Net
Assets
Increase
during
period
206,068‌
472,280‌
Beginning
of
period
5,072,079‌
4,599,799‌
End
of
period
$
5,278,147‌
$
5,072,079‌
*Share
information
(000s)
Shares
sold
Investor
Class
5,452‌
11,796‌
I
Class
8,023‌
10,645‌
Distributions
reinvested
Investor
Class
901‌
6,365‌
I
Class
945‌
5,837‌
Shares
redeemed
Investor
Class
(
10,967‌
)
(
19,040‌
)
I
Class
(
6,158‌
)
(
11,924‌
)
Increase
(decrease)
in
shares
outstanding
(
1,804‌
)
3,679‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
61
T.
Rowe
Price
Balanced
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Balanced
Fund,
Inc.
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
capital
growth,
current
income,
and
preservation
of
capital
through
a
portfolio
of
stocks
and
fixed-income
securities.
The
fund
has two classes
of
shares:
the
Balanced
Fund,
Inc.
(Investor
Class)
and
the
Balanced
Fund–I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Distributions
from
REITs
are
initially
T.
ROWE
PRICE
Balanced
Fund
62
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class quarterly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
 Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
 Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Balanced
Fund
63
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
T.
ROWE
PRICE
Balanced
Fund
64
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund’s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
are
generally traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
T.
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65
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
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66
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments): 
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
1,358,040‌
$
—‌
$
1,358,040‌
Asset-Backed
Securities
—‌
97,217‌
1,358‌
98,575‌
Bond
Funds
262,924‌
—‌
—‌
262,924‌
Common
Stocks
2,317,777‌
918,903‌
4,102‌
3,240,782‌
Convertible
Preferred
Stocks
—‌
—‌
8,150‌
8,150‌
Equity
Funds
207,962‌
—‌
—‌
207,962‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
74,880‌
1,348‌
76,228‌
Short-Term
Investments
46,014‌
—‌
—‌
46,014‌
Securities
Lending
Collateral
13,128‌
—‌
—‌
13,128‌
Total
Securities
2,847,805‌
2,449,040‌
14,958‌
5,311,803‌
Swaps*
—‌
273‌
—‌
273‌
Futures
Contracts*
281‌
—‌
—‌
281‌
Total
$
2,848,086‌
$
2,449,313‌
$
14,958‌
$
5,312,357‌
Liabilities
Futures
Contracts*
$
32‌
$
—‌
$
—‌
$
32‌
1
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)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
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Balanced
Fund
67
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
June
30,
2026,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2026,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure: 
T.
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Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2026,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
281‌
Credit
derivatives
Centrally
Cleared
Swaps
273‌
*
Total
$
554‌
*
Liabilities
Interest
rate
derivatives
Futures
$
32‌
Total
$
32‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)                                              
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
(1,426‌)
$
—‌
$
(1,426‌)
Credit
derivatives
—‌
127‌
127‌
Total
$
(1,426‌)
$
127‌
$
(1,299‌)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
385‌
$
—‌
$
385‌
Credit
derivatives
—‌
203‌
203‌
Total
$
385‌
$
203‌
$
588‌
T.
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Balanced
Fund
69
Counterparty
Risk
and
Collateral
 The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2026,
securities
valued
at $2,715,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives. 
Futures
Contracts
 The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
T.
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Balanced
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70
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
2%
of
net
assets.
Swaps
 The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
T.
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Balanced
Fund
71
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
June
30,
2026,
the
notional
amount
of
protection
sold
by
the
fund
totaled $78,800,000
(1.5%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
2%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
 The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
T.
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Balanced
Fund
72
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations 
 The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses. 
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
 The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
T.
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PRICE
Balanced
Fund
73
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund’s
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
June
30,
2026,
no
collateral
had
been
posted
by
the
fund
to
counterparties
for
MSFTA
Transactions. Collateral
pledged
by
counterparties
to
the
fund
for
MSFTA
Transactions
consisted
of $23,000
cash
as
of
June
30,
2026.
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
T.
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PRICE
Balanced
Fund
74
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2026,
the
value
of
loaned
securities
was
$41,683,000;
the
aggregate
value
of
collateral
was
$43,803,000
and
consisted
of
cash
collateral
and
related
investments
of
$13,128,000
and
U.S.
government
securities
of
$30,675,000.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $1,157,007,000 and
$1,150,777,000,
respectively,
for
the
six
months ended
June
30,
2026. Purchases
and
sales
of
U.S.
government
securities
aggregated $555,288,000 and
$505,483,000,
respectively,
for
the
six
months ended
June
30,
2026.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report. 
At
June
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$3,682,249,000.
Net
unrealized
gain
aggregated
$1,631,806,000
at
period-end,
of
which
$1,789,752,000
related
to
appreciated
investments
and
$157,946,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Balanced
Fund
75
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.15%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
June
30,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
was required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
T.
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PRICE
Balanced
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76
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval by
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.79%
0.05%
Repayment
date
02/29/28
02/29/28
(Waived)/repaid
during
the
period
($000s)
$—
$—
T.
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PRICE
Balanced
Fund
77
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
June
30,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates;
$1,034,000
for
T.
Rowe
Price
Services,
Inc.;
and
$488,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund’s
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
T.
ROWE
PRICE
Balanced
Fund
78
fund’s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
June
30,
2026,
are
as
follows:
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$627,000
and
$598,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
six
months ended
June
30,
2026. 
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price Group
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
$
18‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
485‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
31‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.63%
691‌
Total
Management
Fee
Waived
$
1,225‌
T.
ROWE
PRICE
Balanced
Fund
79
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Balanced
Fund
80
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadviser
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadviser.
These
services
include,
but
are
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadviser’s
senior
management
teams
and
investment
personnel
involved
in
the
management
T.
ROWE
PRICE
Balanced
Fund
81
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2025,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadviser)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-
dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Balanced
Fund
82
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components
–
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund)
(“group
fee
rate
assets”)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets
–
and
the
fund
pays
its
own
expenses
of
operations.
Under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
schedule
is
graduated
so
the
group
fee
rate
decreases
as
total
group
fee
rate
assets
increase
and
the
group
fee
rate
increases
as
total
group
fee
rate
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
management
fees
and/or
bear
any
operating
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
investors.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Balanced
Fund
83
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
for
the
fund’s
Investor
Class
indicated
that
the
contractual
management
fee
ranked
in
the
second
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Expense
Group)
and
first
quintile
(Expense
Universe).
The
information
provided
to
the
Board
for
the
fund’s
I
Class
indicated
that
the
contractual
management
fee
ranked
in
the
second
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe).
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Balanced
Fund
84
information
showing
that
the
Adviser’s
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F68-051
8/26

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

 

Item 19. Exhibits.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

    (2)    

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)       

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

T. Rowe Price Balanced Fund, Inc.      
By  

/s/ David Oestreicher

  
  David Oestreicher  
  Principal Executive Officer  
Date    August 19, 2026  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By  

/s/ David Oestreicher

      
  David Oestreicher  
  Principal Executive Officer  
Date    August 19, 2026  
By  

/s/ Alan S. Dupski

  
  Alan S. Dupski  
  Principal Financial Officer  
Date   August 19, 2026  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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