0000871839falseN-CSRST. ROWE PRICE BALANCED FUND, INC.N-1A2025-06-300000871839trp:C000005423Member2025-01-012025-06-3000008718392025-01-012025-06-300000871839trp:C000005423Member2025-06-300000871839trp:C000005423Membertrp:CommonStocksCTIMember2025-06-300000871839trp:C000005423Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-06-300000871839trp:C000005423Membertrp:USGovernmentAgencyMortgageMinusBackedSecuritiesCTIMember2025-06-300000871839trp:C000005423Membertrp:CorporateBondsCTIMember2025-06-300000871839trp:C000005423Membertrp:BondFundsCTIMember2025-06-300000871839trp:C000005423Membertrp:EquityFundsCTIMember2025-06-300000871839trp:C000005423Membertrp:AssetMinusBackedSecuritiesCTIMember2025-06-300000871839trp:C000005423Membertrp:NonMinusUSGovernmentMortgageMinusBackedSecuritiesCTIMember2025-06-300000871839trp:C000005423Membertrp:OtherHoldingsGroupingCTIMember2025-06-300000871839trp:C000005423Membertrp:USTreasuryNotesCTIMember2025-06-300000871839trp:C000005423Membertrp:TRowePriceRealAssetsFundMinusIClassCTIMember2025-06-300000871839trp:C000005423Membertrp:TRowePriceInstitutionalHighYieldFundMinusInstitutionalClassCTIMember2025-06-300000871839trp:C000005423Membertrp:FederalNationalMortgageAssnCTIMember2025-06-300000871839trp:C000005423Membertrp:MicrosoftCTIMember2025-06-300000871839trp:C000005423Membertrp:NVIDIACTIMember2025-06-300000871839trp:C000005423Membertrp:USTreasuryBondsCTIMember2025-06-300000871839trp:C000005423Membertrp:AppleCTIMember2025-06-300000871839trp:C000005423Membertrp:AmazoncomCTIMember2025-06-300000871839trp:C000005423Membertrp:GovernmentNationalMortgageAssnCTIMember2025-06-300000871839trp:C000166328Member2025-01-012025-06-300000871839trp:C000166328Member2025-06-300000871839trp:C000166328Membertrp:CommonStocksCTIMember2025-06-300000871839trp:C000166328Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-06-300000871839trp:C000166328Membertrp:USGovernmentAgencyMortgageMinusBackedSecuritiesCTIMember2025-06-300000871839trp:C000166328Membertrp:CorporateBondsCTIMember2025-06-300000871839trp:C000166328Membertrp:BondFundsCTIMember2025-06-300000871839trp:C000166328Membertrp:EquityFundsCTIMember2025-06-300000871839trp:C000166328Membertrp:AssetMinusBackedSecuritiesCTIMember2025-06-300000871839trp:C000166328Membertrp:NonMinusUSGovernmentMortgageMinusBackedSecuritiesCTIMember2025-06-300000871839trp:C000166328Membertrp:OtherHoldingsGroupingCTIMember2025-06-300000871839trp:C000166328Membertrp:USTreasuryNotesCTIMember2025-06-300000871839trp:C000166328Membertrp:TRowePriceRealAssetsFundMinusIClassCTIMember2025-06-300000871839trp:C000166328Membertrp:TRowePriceInstitutionalHighYieldFundMinusInstitutionalClassCTIMember2025-06-300000871839trp:C000166328Membertrp:FederalNationalMortgageAssnCTIMember2025-06-300000871839trp:C000166328Membertrp:MicrosoftCTIMember2025-06-300000871839trp:C000166328Membertrp:NVIDIACTIMember2025-06-300000871839trp:C000166328Membertrp:USTreasuryBondsCTIMember2025-06-300000871839trp:C000166328Membertrp:AppleCTIMember2025-06-300000871839trp:C000166328Membertrp:AmazoncomCTIMember2025-06-300000871839trp:C000166328Membertrp:GovernmentNationalMortgageAssnCTIMember2025-06-30iso4217: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, 2025


Item 1. Reports to Shareholders

    (a) Report pursuant to Rule 30e-1

 

Image

Semi-Annual Shareholder Report

June 30, 2025

Balanced Fund

Investor Class (RPBAX)

This semi-annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. 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)

 
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

Total Net Assets (000s)
$4,811,641
Number of Portfolio Holdings
1,529
Portfolio Turnover Rate
22.7%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
60.7%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
10.1
U.S. Government & Agency Mortgage-Backed Securities
7.4
Corporate Bonds
6.8
Bond Funds
4.8
Equity Funds
4.3
Asset-Backed Securities
1.0
Non-U.S. Government Mortgage-Backed Securities
0.8
Short-Term and Other
4.1

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes
7.7%
T. Rowe Price Real Assets Fund - I Class
4.3
T. Rowe Price Institutional High Yield Fund - Institutional Class
3.9
Federal National Mortgage Assn.
3.6
Microsoft
3.0
NVIDIA
3.0
U.S. Treasury Bonds
2.4
Apple
1.8
Amazon.com
1.8
Government National Mortgage Assn.
1.6

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 8/25

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, 2025

Balanced Fund

I Class (RBAIX)

This semi-annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. 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)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Balanced Fund - I Class
$22
0.42%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$4,811,641
Number of Portfolio Holdings
1,529
Portfolio Turnover Rate
22.7%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
60.7%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
10.1
U.S. Government & Agency Mortgage-Backed Securities
7.4
Corporate Bonds
6.8
Bond Funds
4.8
Equity Funds
4.3
Asset-Backed Securities
1.0
Non-U.S. Government Mortgage-Backed Securities
0.8
Short-Term and Other
4.1

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes
7.7%
T. Rowe Price Real Assets Fund - I Class
4.3
T. Rowe Price Institutional High Yield Fund - Institutional Class
3.9
Federal National Mortgage Assn.
3.6
Microsoft
3.0
NVIDIA
3.0
U.S. Treasury Bonds
2.4
Apple
1.8
Amazon.com
1.8
Government National Mortgage Assn.
1.6

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 8/25

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,
2025
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
6/30/25
..
Year
..
..
Ended
.
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
NET
ASSET
VALUE
Beginning
of
period
$
26.28‌
$
25.22‌
$
22.22‌
$
28.20‌
$
27.24‌
$
24.94‌
Investment
activities
Net
investment
income
(1)(2)
0.30‌
0.55‌
0.51‌
0.43‌
0.37‌
0.40‌
Net
realized
and
unrealized
gain/
loss
1.76‌
2.42‌
3.45‌
(5.29‌)
3.22‌
3.15‌
Total
from
investment
activities
2.06‌
2.97‌
3.96‌
(4.86‌)
3.59‌
3.55‌
Distributions
Net
investment
income
(0.30‌)
(0.58‌)
(0.52‌)
(0.44‌)
(0.38‌)
(0.41‌)
Net
realized
gain
—‌
(1.33‌)
(0.44‌)
(0.68‌)
(2.25‌)
(0.84‌)
Total
distributions
(0.30‌)
(1.91‌)
(0.96‌)
(1.12‌)
(2.63‌)
(1.25‌)
NET
ASSET
VALUE
End
of
period
$
28.04‌
$
26.28‌
$
25.22‌
$
22.22‌
$
28.20‌
$
27.24‌
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
6/30/25
..
Year
..
..
Ended
.
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
7.86‌%
11.84‌%
17.99‌%
(17.26‌)%
13.36‌%
14.57‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.61‌%
(4)
0.60‌%
0.60‌%
0.61‌%
0.57‌%
0.58‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.56‌%
(4)
0.55‌%
0.55‌%
0.57‌%
0.53‌%
0.55‌%
Net
investment
income
2.28‌%
(4)
2.06‌%
2.15‌%
1.74‌%
1.27‌%
1.63‌%
Portfolio
turnover
rate
22.7‌%
39.2‌%
40.9‌%
97.7‌%
91.9‌%
75.7‌%
Net
assets,
end
of
period
(in
millions)
$2,570
$2,484
$2,490
$2,318
$4,224
$4,087
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
6/30/25
..
Year
..
..
Ended
.
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
NET
ASSET
VALUE
Beginning
of
period
$
26.26‌
$
25.20‌
$
22.21‌
$
28.20‌
$
27.23‌
$
24.94‌
Investment
activities
Net
investment
income
(1)(2)
0.32‌
0.59‌
0.54‌
0.49‌
0.41‌
0.43‌
Net
realized
and
unrealized
gain/
loss
1.75‌
2.42‌
3.44‌
(5.31‌)
3.22‌
3.14‌
Total
from
investment
activities
2.07‌
3.01‌
3.98‌
(4.82‌)
3.63‌
3.57‌
Distributions
Net
investment
income
(0.32‌)
(0.62‌)
(0.55‌)
(0.49‌)
(0.41‌)
(0.44‌)
Net
realized
gain
—‌
(1.33‌)
(0.44‌)
(0.68‌)
(2.25‌)
(0.84‌)
Total
distributions
(0.32‌)
(1.95‌)
(0.99‌)
(1.17‌)
(2.66‌)
(1.28‌)
NET
ASSET
VALUE
End
of
period
$
28.01‌
$
26.26‌
$
25.20‌
$
22.21‌
$
28.20‌
$
27.23‌
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
6/30/25
..
Year
..
..
Ended
.
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
7.90‌%
12.00‌%
18.10‌%
(17.12‌)%
13.51‌%
14.67‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.47‌%
(4)
0.47‌%
0.47‌%
0.47‌%
0.45‌%
0.46‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.42‌%
(4)
0.42‌%
0.42‌%
0.43‌%
0.41‌%
0.43‌%
Net
investment
income
2.43‌%
(4)
2.20‌%
2.28‌%
2.02‌%
1.39‌%
1.74‌%
Portfolio
turnover
rate
22.7‌%
39.2‌%
40.9‌%
97.7‌%
91.9‌%
75.7‌%
Net
assets,
end
of
period
(in
millions)
$2,241
$2,116
$1,889
$1,669
$1,173
$871
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,
2025
(Unaudited)
6
Portfolio
of
Investments
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ASSET-BACKED
SECURITIES
 1.0%
Affirm
Master
Trust
Series 2025-2A,
Class
A
4.67%,
7/15/33 (1)
2,335,000‌
2,335‌
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
5.405%,
12/26/31 (1)
135,161‌
136‌
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
118,627‌
117‌
CarMax
Auto
Owner
Trust
Series 2023-3,
Class
B
5.47%,
2/15/29 
580,000‌
592‌
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29 
105,000‌
106‌
Carvana
Auto
Receivables
Trust
Series 2021-P4,
Class
C
2.33%,
2/10/28 
1,715,000‌
1,643‌
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
235,000‌
238‌
Carvana
Auto
Receivables
Trust
Series 2025-P2,
Class
A4
4.75%,
6/10/31 
1,055,000‌
1,067‌
Chenango
Park
Series 2018-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.45%,
5.706%,
4/15/30 (1)
475,000‌
475‌
CIFC
Funding
Series 2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.589%,
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
2,269‌
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
627,340‌
612‌
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,158,498‌
1,107‌
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,450,052‌
1,355‌
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
338,696‌
349‌
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
272,318‌
280‌
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.78%,
1/17/37 (1)
1,385,000‌
1,392‌
Enterprise
Fleet
Financing
Series 2024-3,
Class
A3
4.98%,
8/21/28 (1)
155,000‌
157‌
Enterprise
Fleet
Financing
Series 2024-3,
Class
A4
5.06%,
3/20/31 (1)
110,000‌
112‌
Enterprise
Fleet
Financing
Series 2024-4,
Class
A2
4.69%,
7/20/27 (1)
455,000‌
456‌
Enterprise
Fleet
Financing
Series 2024-4,
Class
A4
4.70%,
6/20/31 (1)
670,000‌
678‌
Ford
Credit
Auto
Owner
Trust
Series 2020-2,
Class
C
1.74%,
4/15/33 (1)
1,665,000‌
1,649‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27 
1,275,000‌
1,259‌
Halseypoint
6
Series 2022-6A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.619%,
1/20/38 (1)
690,000‌
691‌
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
907,506‌
936‌
Highbridge
Loan
Management
Series 5A-2015,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.06%,
5.316%,
10/15/30 (1)
379,422‌
379‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2024-1,
Class
B1
6.153%,
5/20/32 (1)
146,745‌
149‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2025-1,
Class
B
4.957%,
3/21/33 (1)
986,415‌
990‌
Invesco
U.S.
Series 2023-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.57%,
5.842%,
4/22/37 (1)
720,000‌
722‌
Jamestown
XV
Series 2020-15A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.37%,
5.626%,
7/15/35 (1)
1,160,000‌
1,160‌
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Jersey
Mike's
Funding
Series 2021-1A,
Class
A2I
2.891%,
2/15/52 (1)
49,500‌
48‌
KKR
Series 2022-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.75%,
6.006%,
1/15/36 (1)
1,075,000‌
1,077‌
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.546%,
10/15/32 (1)
1,203,912‌
1,205‌
MVW
Series 2019-2A,
Class
A
2.22%,
10/20/38 (1)
348,213‌
343‌
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
290,755‌
285‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
213,170‌
199‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series 2024-1,
Class
A
5.59%,
4/25/29 (1)
165,000‌
166‌
NMEF
Funding
Series 2025-A,
Class
A2
4.72%,
7/15/32 (1)
965,000‌
965‌
OCP
Series 2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.609%,
11/26/37 (1)
1,910,000‌
1,915‌
Octane
Receivables
Trust
Series 2024-RVM1,
Class
A
5.01%,
1/22/46 (1)
715,459‌
722‌
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
94,926‌
95‌
Progress
Residential
Trust
Series 2024-SFR5,
Class
A
3.00%,
8/9/29 (1)
345,000‌
324‌
Santander
Bank
Auto
Credit-Linked
Notes
Series 2022-C,
Class
B
6.451%,
12/15/32 (1)
76,364‌
76‌
Santander
Drive
Auto
Receivables
Trust
Series 2021-1,
Class
E
2.51%,
12/15/28 
3,157,207‌
3,129‌
Santander
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
E
2.70%,
10/16/28 (1)
4,300,000‌
4,275‌
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SCF
Equipment
Leasing
Series 2024-1A,
Class
C
5.82%,
9/20/32 (1)
390,000‌
403‌
SCF
Equipment
Trust
Series 2025-1A,
Class
A2
4.82%,
7/22/30 (1)
1,015,000‌
1,017‌
SCF
Equipment
Trust
Series 2025-1A,
Class
A3
5.11%,
11/21/33 (1)
995,000‌
1,015‌
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
313,000‌
320‌
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
1,551,599‌
1,425‌
Signal
Peak
Series 2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.832%,
4/25/37 (1)
2,220,000‌
2,227‌
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
183,716‌
181‌
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
571,962‌
539‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
1,267,781‌
1,141‌
TPIC
SPV
I
Series 2024-1A,
Class
A
7.131%,
11/30/44,
Acquisition
Date:
12/10/24,
Cost $1,643 (2)
(3)
1,643,203‌
1,643‌
Verdant
Receivables
Series 2023-1A,
Class
A2
6.24%,
1/13/31 (1)
254,680‌
259‌
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
143,547‌
146‌
Verdant
Receivables
Series 2025-1A,
Class
B
5.37%,
5/12/33 (1)
100,000‌
102‌
Total
Asset-Backed
Securities
(Cost
$49,373)
49,174‌
BOND
FUNDS
 4.8%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
5.47% (4)(5)
2,230,766‌
23,445‌
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.58% (4)(5)
23,453,892‌
186,224‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.85% (4)(5)
4,429,532‌
21,173‌
Total
Bond
Funds
(Cost
$238,805)
230,842‌
COMMON
STOCKS
 60.7%
COMMUNICATION
SERVICES
 4.8%
Diversified
Telecommunication
Services
 0.3%
AT&T 
54,901‌
1,589‌
BT
Group
(GBP) 
2,767,313‌
7,368‌
KT
(KRW) 
131,837‌
5,437‌
14,394‌
Entertainment
 0.8%
Electronic
Arts 
2,800‌
447‌
Netflix (6)
20,979‌
28,094‌
Sea,
ADR (6)
45,893‌
7,340‌
Spotify
Technology (6)
799‌
613‌
Take-Two
Interactive
Software (6)
1,628‌
395‌
TKO
Group
Holdings 
3,494‌
636‌
Walt
Disney 
12,689‌
1,574‌
39,099‌
Interactive
Media
&
Services
 3.0%
Alphabet,
Class
130,204‌
22,946‌
Alphabet,
Class
254,822‌
45,203‌
Meta
Platforms,
Class
92,635‌
68,373‌
Pinterest,
Class
A (6)
102,984‌
3,693‌
Tencent
Holdings
(HKD) 
38,200‌
2,461‌
142,676‌
Media
 0.2%
Charter
Communications,
Class
A (6)
3,259‌
1,332‌
Comcast,
Class
164,960‌
5,888‌
WPP
(GBP) 
513,283‌
3,614‌
10,834‌
Wireless
Telecommunication
Services
 0.5%
KDDI
(JPY) 
392,800‌
6,744‌
T-Mobile
U.S. 
68,655‌
16,358‌
23,102‌
Total
Communication
Services
230,105‌
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CONSUMER
DISCRETIONARY
 6.7%
Automobile
Components
 0.3%
Autoliv,
SDR
(SEK) 
51,649‌
5,783‌
Denso
(JPY) 
321,000‌
4,332‌
Dowlais
Group
(GBP) 
1,184,819‌
1,085‌
Magna
International 
49,319‌
1,904‌
13,104‌
Automobiles
 0.9%
General
Motors 
12,900‌
635‌
Subaru
(JPY) 
168,900‌
2,928‌
Suzuki
Motor
(JPY) 
362,000‌
4,364‌
Tesla (6)
81,882‌
26,011‌
Toyota
Motor
(JPY) 
538,900‌
9,281‌
43,219‌
Broadline
Retail
 2.1%
Alibaba
Group
Holding
(HKD) 
136,984‌
1,939‌
Amazon.com (6)
393,075‌
86,237‌
eBay 
8,200‌
610‌
Isetan
Mitsukoshi
Holdings
(JPY) (7)
327,500‌
4,987‌
Next
(GBP) 
47,494‌
8,112‌
101,885‌
Distributors
 0.0%
Pool 
1,300‌
379‌
379‌
Hotels,
Restaurants
&
Leisure
 1.2%
Amadeus
IT
Group
(EUR) (7)
75,299‌
6,361‌
Booking
Holdings 
1,731‌
10,021‌
Chipotle
Mexican
Grill (6)
119,063‌
6,685‌
Compass
Group
(GBP) 
317,161‌
10,743‌
Domino's
Pizza 
858‌
387‌
DoorDash,
Class
A (6)
21,921‌
5,404‌
Hilton
Worldwide
Holdings 
6,056‌
1,613‌
Las
Vegas
Sands 
16,953‌
738‌
Marriott
International,
Class
5,488‌
1,499‌
McDonald's 
43,100‌
12,592‌
Wingstop 
1,151‌
388‌
Yum!
Brands 
2,400‌
356‌
56,787‌
Household
Durables
 0.4%
NVR (6)
147‌
1,086‌
Panasonic
Holdings
(JPY) 
481,000‌
5,146‌
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Persimmon
(GBP) 
161,305‌
2,870‌
Sony
Group
(JPY) 
455,500‌
11,843‌
20,945‌
Specialty
Retail
 1.5%
AutoZone (6)
2,729‌
10,131‌
Bath
&
Body
Works 
4,441‌
133‌
Carvana (6)
62,211‌
20,963‌
Home
Depot 
39,203‌
14,373‌
Kingfisher
(GBP) 
1,653,967‌
6,605‌
Lowe's 
6,894‌
1,530‌
O'Reilly
Automotive (6)
16,785‌
1,513‌
Ross
Stores 
65,350‌
8,337‌
TJX 
33,030‌
4,079‌
Tractor
Supply 
71,191‌
3,757‌
Ulta
Beauty (6)
1,014‌
474‌
71,895‌
Textiles,
Apparel
&
Luxury
Goods
 0.3%
Asics
(JPY) 
97,200‌
2,479‌
Deckers
Outdoor (6)
6,600‌
680‌
Kering
(EUR) 
17,601‌
3,834‌
Lululemon
Athletica (6)
3,962‌
941‌
Moncler
(EUR) 
76,806‌
4,381‌
NIKE,
Class
9,700‌
689‌
Samsonite
Group
(HKD) 
1,007,400‌
1,877‌
14,881‌
Total
Consumer
Discretionary
323,095‌
CONSUMER
STAPLES
 3.2%
Beverages
 0.4%
Coca-Cola 
60,972‌
4,314‌
Diageo
(GBP) 
167,838‌
4,232‌
Heineken
(EUR) 
69,516‌
6,065‌
Keurig
Dr
Pepper 
65,130‌
2,153‌
Monster
Beverage (6)
11,588‌
726‌
PepsiCo 
11,808‌
1,559‌
19,049‌
Consumer
Staples
Distribution
&
Retail
 0.6%
Costco
Wholesale 
5,641‌
5,584‌
Dollar
Tree (6)
43,007‌
4,259‌
Seven
&
i
Holdings
(JPY) 
424,700‌
6,836‌
Walmart 
108,043‌
10,565‌
27,244‌
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Food
Products
 0.7%
Ajinomoto
(JPY) 
177,700‌
4,820‌
Lamb
Weston
Holdings 
1,800‌
93‌
Mondelez
International,
Class
158,770‌
10,708‌
Nestle
(CHF) 
198,280‌
19,714‌
Tyson
Foods,
Class
4,300‌
241‌
Wilmar
International
(SGD) 
250,000‌
564‌
36,140‌
Household
Products
 0.6%
Colgate-Palmolive 
100,081‌
9,098‌
Kimberly-Clark 
8,813‌
1,136‌
Procter
&
Gamble 
113,603‌
18,099‌
28,333‌
Personal
Care
Products
 0.8%
Kenvue 
575,124‌
12,037‌
L'Oreal
(EUR) 
15,876‌
6,800‌
Puig
Brands,
Class
B
(EUR) (7)
134,427‌
2,658‌
Unilever
(GBP) 
312,599‌
19,077‌
40,572‌
Tobacco
 0.1%
Altria
Group 
20,522‌
1,203‌
Philip
Morris
International 
22,839‌
4,160‌
5,363‌
Total
Consumer
Staples
156,701‌
ENERGY
 2.2%
Energy
Equipment
&
Services
 0.3%
Baker
Hughes 
5,000‌
191‌
Schlumberger 
270,880‌
9,156‌
TechnipFMC 
122,727‌
4,227‌
13,574‌
Oil,
Gas
&
Consumable
Fuels
 1.9%
Chevron 
74,271‌
10,635‌
ConocoPhillips 
130,932‌
11,750‌
Diamondback
Energy 
23,356‌
3,209‌
EOG
Resources 
9,475‌
1,133‌
EQT 
10,132‌
591‌
Equinor
(NOK) 
368,583‌
9,308‌
Expand
Energy 
4,768‌
558‌
Exxon
Mobil 
95,039‌
10,245‌
Hess 
1,544‌
214‌
Phillips
66 
30,200‌
3,603‌
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Range
Resources 
212,461‌
8,641‌
Shell,
ADR 
142,190‌
10,012‌
Targa
Resources 
6,681‌
1,163‌
Texas
Pacific
Land 
258‌
272‌
TotalEnergies
(EUR) 
215,159‌
13,151‌
Valero
Energy 
52,691‌
7,083‌
Williams 
25,034‌
1,572‌
93,140‌
Total
Energy
106,714‌
FINANCIALS
 11.5%
Banks
 4.1%
ANZ
Group
Holdings
(AUD) 
227,575‌
4,364‌
Banco
Santander
(EUR) 
966,274‌
8,002‌
Bank
of
America 
304,333‌
14,401‌
Barclays
(GBP) 
1,157,278‌
5,347‌
Citigroup 
88,481‌
7,531‌
DBS
Group
Holdings
(SGD) 
188,800‌
6,665‌
DNB
Bank
(NOK) 
360,885‌
9,980‌
Erste
Group
Bank
(EUR) 
48,773‌
4,152‌
Fifth
Third
Bancorp 
17,951‌
738‌
HDFC
Bank
(INR) 
248,614‌
5,804‌
Huntington
Bancshares 
45,990‌
771‌
ING
Groep
(EUR) 
446,910‌
9,795‌
Intesa
Sanpaolo
(EUR) 
1,036,038‌
5,968‌
JPMorgan
Chase 
123,284‌
35,741‌
KeyCorp 
329,767‌
5,745‌
Lloyds
Banking
Group
(GBP) 
6,907,183‌
7,263‌
Mitsubishi
UFJ
Financial
Group
(JPY) 
759,600‌
10,356‌
National
Bank
of
Canada
(CAD) (7)
72,941‌
7,527‌
Popular 
2,966‌
327‌
Skandinaviska
Enskilda
Banken,
Class
A
(SEK) 
343,112‌
5,981‌
Societe
Generale
(EUR) 
137,029‌
7,839‌
Standard
Chartered
(GBP) 
435,416‌
7,205‌
Sumitomo
Mitsui
Trust
Group
(JPY) 
164,308‌
4,370‌
Truist
Financial 
5,386‌
232‌
U.S.
Bancorp 
22,500‌
1,018‌
UniCredit
(EUR) 
139,998‌
9,391‌
United
Overseas
Bank
(SGD) 
270,000‌
7,642‌
Wells
Fargo 
30,438‌
2,439‌
Western
Alliance
Bancorp 
4,063‌
317‌
196,911‌
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Capital
Markets
 1.8%
Ares
Management,
Class
4,325‌
749‌
Bank
of
New
York
Mellon 
12,579‌
1,146‌
Blackrock 
1,968‌
2,065‌
Blackstone 
2,300‌
344‌
Bridgepoint
Group
(GBP) 
706,060‌
3,016‌
Brookfield
(CAD) 
107,685‌
6,665‌
Cboe
Global
Markets 
1,894‌
442‌
Charles
Schwab 
195,793‌
17,864‌
CME
Group 
20,591‌
5,675‌
CVC
Capital
Partners
(EUR) 
178,368‌
3,667‌
Goldman
Sachs
Group 
12,756‌
9,028‌
Intercontinental
Exchange 
63,524‌
11,655‌
Julius
Baer
Group
(CHF) 
62,425‌
4,234‌
KKR 
10,464‌
1,392‌
Macquarie
Group
(AUD) 
39,324‌
5,914‌
Moody's 
1,766‌
886‌
Morgan
Stanley 
33,043‌
4,654‌
S&P
Global 
8,841‌
4,662‌
State
Street 
8,546‌
909‌
TPG 
15,836‌
831‌
Tradeweb
Markets,
Class
3,708‌
543‌
86,341‌
Consumer
Finance
 0.3%
American
Express 
33,035‌
10,538‌
Capital
One
Financial 
19,530‌
4,155‌
14,693‌
Financial
Services
 2.5%
Adyen
(EUR) (6)
2,314‌
4,250‌
Apollo
Global
Management 
4,561‌
647‌
Berkshire
Hathaway,
Class
B (6)
62,286‌
30,257‌
Block (6)
24,900‌
1,692‌
Corebridge
Financial 
188,365‌
6,687‌
Corpay (6)
18,659‌
6,191‌
Edenred
(EUR) 
61,311‌
1,904‌
Equitable
Holdings 
12,156‌
682‌
Fiserv (6)
57,269‌
9,874‌
Global
Payments 
1,255‌
100‌
Mastercard,
Class
39,544‌
22,221‌
Visa,
Class
91,336‌
32,429‌
Voya
Financial 
15,420‌
1,095‌
118,029‌
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Insurance
 2.7%
Admiral
Group
(GBP) 
95,987‌
4,310‌
AIA
Group
(HKD) 
624,000‌
5,653‌
Allstate 
72,577‌
14,611‌
American
International
Group 
15,347‌
1,314‌
Aviva
(GBP) 
541,530‌
4,604‌
AXA
(EUR) 
204,508‌
10,042‌
Axis
Capital
Holdings 
5,844‌
607‌
Chubb 
47,061‌
13,635‌
Definity
Financial
(CAD) 
92,114‌
5,369‌
Definity
Financial,
Acquisition
Date:
5/28/25,
Cost $333
(CAD) (3)(6)
6,899‌
382‌
Great-West
Lifeco
(CAD) 
130,563‌
4,966‌
Hartford
Insurance
Group 
11,096‌
1,408‌
Mandatum
(EUR) 
488,596‌
3,197‌
Marsh
&
McLennan 
19,650‌
4,296‌
MetLife 
39,682‌
3,191‌
Muenchener
Rueckversicherungs-Gesellschaft
(EUR) 
22,918‌
14,881‌
Progressive 
8,792‌
2,346‌
RenaissanceRe
Holdings 
5,028‌
1,221‌
Sampo,
Class
A
(EUR) 
683,968‌
7,361‌
Storebrand
(NOK) 
363,421‌
5,147‌
Tokio
Marine
Holdings
(JPY) 
312,400‌
13,240‌
Travelers 
34,505‌
9,231‌
131,012‌
Mortgage
Real
Estate
Investment
Trusts
 0.1%
Annaly
Capital
Management,
REIT 
180,016‌
3,388‌
3,388‌
Total
Financials
550,374‌
HEALTH
CARE
 5.9%
Biotechnology
 0.5%
AbbVie 
24,808‌
4,605‌
Amgen 
1,597‌
446‌
Argenx,
ADR (6)
7,358‌
4,056‌
Gilead
Sciences 
101,211‌
11,221‌
Regeneron
Pharmaceuticals 
2,124‌
1,115‌
Vertex
Pharmaceuticals (6)
5,155‌
2,295‌
23,738‌
Health
Care
Equipment
&
Supplies
 1.4%
Abbott
Laboratories 
43,596‌
5,929‌
Alcon
(CHF) 
45,766‌
4,059‌
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Alcon 
63,600‌
5,614‌
Becton
Dickinson
&
Company 
29,179‌
5,026‌
Boston
Scientific (6)
27,876‌
2,994‌
Cooper (6)
12,873‌
916‌
EssilorLuxottica
(EUR) (7)
18,852‌
5,177‌
Intuitive
Surgical (6)
24,491‌
13,309‌
Koninklijke
Philips
(EUR) 
266,347‌
6,396‌
Medtronic 
7,851‌
684‌
Siemens
Healthineers
(EUR) 
136,880‌
7,599‌
Sonova
Holding
(CHF) 
7,728‌
2,305‌
Stryker 
15,250‌
6,033‌
Sysmex
(JPY) 
124,500‌
2,167‌
Zimmer
Biomet
Holdings 
9,167‌
836‌
69,044‌
Health
Care
Providers
&
Services
 1.3%
Cardinal
Health 
2,600‌
437‌
Cencora 
35,971‌
10,786‌
Cigna
Group 
23,042‌
7,617‌
CVS
Health 
24,000‌
1,656‌
Elevance
Health 
27,213‌
10,585‌
McKesson 
1,174‌
860‌
Molina
Healthcare (6)
1,810‌
539‌
Quest
Diagnostics 
24,942‌
4,480‌
Tenet
Healthcare (6)
51,305‌
9,030‌
UnitedHealth
Group 
52,097‌
16,253‌
Universal
Health
Services,
Class
1,000‌
181‌
62,424‌
Life
Sciences
Tools
&
Services
 0.4%
Danaher 
42,322‌
8,360‌
Mettler-Toledo
International (6)
580‌
681‌
Repligen (6)
3,316‌
413‌
Revvity 
67,960‌
6,573‌
Thermo
Fisher
Scientific 
13,172‌
5,341‌
21,368‌
Pharmaceuticals
 2.3%
AstraZeneca,
ADR 
319,172‌
22,304‌
Bristol-Myers
Squibb 
9,300‌
431‌
Chugai
Pharmaceutical
(JPY) 
131,800‌
6,882‌
Chugai
Pharmaceutical,
ADR 
58,389‌
1,522‌
Eli
Lilly 
36,032‌
28,088‌
Johnson
&
Johnson 
20,968‌
3,203‌
Merck 
21,112‌
1,671‌
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Novartis
(CHF) 
95,004‌
11,531‌
Novo
Nordisk,
Class
B
(DKK) 
128,433‌
8,900‌
Pfizer 
21,635‌
524‌
Roche
Holding
(CHF) 
44,092‌
14,393‌
Sanofi
(EUR) 
101,079‌
9,786‌
Viatris 
95,310‌
851‌
110,086‌
Total
Health
Care
286,660‌
INDUSTRIALS
&
BUSINESS
SERVICES
 7.4%
Aerospace
&
Defense
 1.5%
Boeing (6)
13,679‌
2,866‌
General
Electric 
92,306‌
23,759‌
Howmet
Aerospace 
6,765‌
1,259‌
L3Harris
Technologies 
26,318‌
6,602‌
Melrose
Industries
(GBP) 
1,032,280‌
7,518‌
Northrop
Grumman 
13,464‌
6,732‌
Rheinmetall
(EUR) 
2,631‌
5,572‌
RTX 
5,386‌
786‌
Safran
(EUR) 
36,845‌
12,016‌
Thales
(EUR) 
12,051‌
3,558‌
TransDigm
Group 
1,833‌
2,787‌
73,455‌
Air
Freight
&
Logistics
 0.0%
FedEx 
1,477‌
336‌
336‌
Building
Products
 0.2%
Carrier
Global 
13,653‌
999‌
Johnson
Controls
International 
6,805‌
719‌
Kingspan
Group
(EUR) 
28,318‌
2,413‌
Owens
Corning 
20,024‌
2,754‌
Trane
Technologies 
2,645‌
1,157‌
Trex (6)
3,800‌
206‌
8,248‌
Commercial
Services
&
Supplies
 0.4%
Cintas 
12,325‌
2,747‌
Element
Fleet
Management
(CAD) 
326,910‌
8,188‌
Republic
Services 
26,243‌
6,472‌
Veralto 
3,286‌
332‌
Waste
Connections 
3,317‌
619‌
Waste
Management 
3,705‌
848‌
19,206‌
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Construction
&
Engineering
 0.1%
API
Group (6)
8,100‌
414‌
Shimizu
(JPY) 
263,600‌
2,944‌
Worley
(AUD) 
270,739‌
2,331‌
5,689‌
Electrical
Equipment
 1.3%
ABB
(CHF) 
168,665‌
10,108‌
AMETEK 
69,588‌
12,593‌
Emerson
Electric 
4,809‌
641‌
GE
Vernova 
11,454‌
6,061‌
Hubbell 
3,342‌
1,365‌
Legrand
(EUR) 
43,265‌
5,799‌
Mitsubishi
Electric
(JPY) 
449,000‌
9,657‌
Prysmian
(EUR) 
135,373‌
9,584‌
Rockwell
Automation 
11,222‌
3,728‌
Vertiv
Holdings,
Class
8,298‌
1,065‌
60,601‌
Ground
Transportation
 0.7%
Canadian
National
Railway 
5,800‌
603‌
CSX 
39,629‌
1,293‌
Norfolk
Southern 
45,199‌
11,570‌
Old
Dominion
Freight
Line 
52,763‌
8,563‌
Saia (6)
3,403‌
932‌
Uber
Technologies (6)
3,266‌
305‌
Union
Pacific 
36,659‌
8,435‌
31,701‌
Industrial
Conglomerates
 0.9%
DCC
(GBP) 
56,622‌
3,675‌
Honeywell
International 
5,905‌
1,375‌
Roper
Technologies 
7,697‌
4,363‌
Siemens
(EUR) 
114,772‌
29,480‌
SK
Square
(KRW) (6)
18,814‌
2,529‌
41,422‌
Machinery
 1.2%
Caterpillar 
5,104‌
1,981‌
Cummins 
4,111‌
1,346‌
Deere 
29,088‌
14,791‌
Dover 
5,987‌
1,097‌
Esab 
2,965‌
358‌
Fortive 
11,103‌
579‌
Ingersoll
Rand 
10,327‌
859‌
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
KION
Group
(EUR) 
66,820‌
3,732‌
Middleby (6)
1,085‌
156‌
Parker-Hannifin 
15,796‌
11,033‌
Sandvik
(SEK) 
253,519‌
5,821‌
SMC
(JPY) 
6,700‌
2,401‌
Stanley
Black
&
Decker 
19,316‌
1,309‌
Westinghouse
Air
Brake
Technologies 
56,439‌
11,816‌
Xylem 
4,600‌
595‌
57,874‌
Passenger
Airlines
 0.1%
Ryanair
Holdings,
ADR 
65,500‌
3,778‌
United
Airlines
Holdings (6)
6,610‌
526‌
4,304‌
Professional
Services
 0.4%
Automatic
Data
Processing 
1,000‌
308‌
Booz
Allen
Hamilton
Holding 
2,400‌
250‌
Dayforce (6)
8,800‌
487‌
Equifax 
15,214‌
3,946‌
Recruit
Holdings
(JPY) 
75,800‌
4,458‌
SS&C
Technologies
Holdings 
3,200‌
265‌
TechnoPro
Holdings
(JPY) (7)
171,200‌
4,989‌
Teleperformance
(EUR) 
19,787‌
1,922‌
Verisk
Analytics 
2,543‌
792‌
17,417‌
Trading
Companies
&
Distributors
 0.6%
AerCap
Holdings 
42,951‌
5,025‌
Ashtead
Group
(GBP) 
26,552‌
1,703‌
Bunzl
(GBP) 
124,883‌
3,980‌
Ferguson
Enterprises 
21,907‌
4,770‌
Mitsubishi
(JPY) 
187,800‌
3,753‌
SiteOne
Landscape
Supply (6)
1,578‌
191‌
Sumitomo
(JPY) 
276,500‌
7,135‌
26,557‌
Total
Industrials
&
Business
Services
346,810‌
INFORMATION
TECHNOLOGY
 14.5%
Communications
Equipment
 0.2%
Arista
Networks (6)
13,930‌
1,425‌
Cisco
Systems 
35,485‌
2,462‌
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK) 
667,087‌
5,701‌
9,588‌
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Electronic
Equipment,
Instruments
&
Components
 0.6%
Amphenol,
Class
23,615‌
2,332‌
CDW 
2,967‌
530‌
Hamamatsu
Photonics
(JPY) 
159,000‌
1,932‌
Jabil 
600‌
131‌
Keysight
Technologies (6)
97,866‌
16,036‌
Murata
Manufacturing
(JPY) 
152,100‌
2,248‌
Ralliant (6)
3,401‌
165‌
TE
Connectivity 
35,238‌
5,943‌
Teledyne
Technologies (6)
2,680‌
1,373‌
Zebra
Technologies,
Class
A (6)
1,300‌
401‌
31,091‌
IT
Services
 0.5%
Accenture,
Class
16,270‌
4,863‌
International
Business
Machines 
6,323‌
1,864‌
NEC
(JPY) 
202,700‌
5,914‌
Nomura
Research
Institute
(JPY) 
143,700‌
5,747‌
Okta (6)
2,200‌
220‌
Shopify,
Class
A (6)
43,491‌
5,017‌
23,625‌
Semiconductors
&
Semiconductor
Equipment
 6.5%
Advanced
Micro
Devices (6)
30,700‌
4,356‌
Analog
Devices 
35,293‌
8,400‌
Applied
Materials 
14,500‌
2,655‌
ASML
Holding
(EUR) 
20,710‌
16,596‌
ASML
Holding 
6,698‌
5,368‌
BE
Semiconductor
Industries
(EUR) 
21,434‌
3,206‌
Broadcom 
174,331‌
48,054‌
First
Solar (6)
12,982‌
2,149‌
Intel 
120,817‌
2,706‌
KLA 
7,655‌
6,857‌
Lam
Research 
16,907‌
1,646‌
Marvell
Technology 
10,500‌
813‌
Microchip
Technology 
5,400‌
380‌
Micron
Technology 
14,472‌
1,784‌
Monolithic
Power
Systems 
6,187‌
4,525‌
NVIDIA 
903,813‌
142,793‌
NXP
Semiconductors 
33,262‌
7,267‌
QUALCOMM 
18,806‌
2,995‌
Renesas
Electronics
(JPY) 
228,000‌
2,821‌
Taiwan
Semiconductor
Manufacturing
(TWD) 
611,969‌
22,379‌
Taiwan
Semiconductor
Manufacturing,
ADR 
13,766‌
3,118‌
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Texas
Instruments 
67,093‌
13,930‌
Tokyo
Electron
(JPY) 
34,500‌
6,607‌
311,405‌
Software
 4.7%
Adobe (6)
5,652‌
2,187‌
Autodesk (6)
2,788‌
863‌
Cadence
Design
Systems (6)
5,481‌
1,689‌
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $668 (2)(3)
(6)
392‌
563‌
Confluent,
Class
A (6)
13,951‌
348‌
Crowdstrike
Holdings,
Class
A (6)
7,674‌
3,908‌
Datadog,
Class
A (6)
7,286‌
979‌
Descartes
Systems
Group (6)
5,787‌
588‌
Dynatrace (6)
8,289‌
458‌
Fair
Isaac (6)
786‌
1,437‌
Fortinet (6)
15,398‌
1,628‌
Gen
Digital 
41,248‌
1,213‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $216 (2)(3)(6)
7,517‌
192‌
HubSpot (6)
187‌
104‌
Intuit 
10,316‌
8,125‌
Microsoft 
291,692‌
145,090‌
Monday.com (6)
586‌
184‌
Oracle 
22,641‌
4,950‌
Palantir
Technologies,
Class
A (6)
29,639‌
4,040‌
Palo
Alto
Networks (6)
9,730‌
1,991‌
Salesforce 
18,258‌
4,979‌
SAP
(EUR) 
58,921‌
18,017‌
ServiceNow (6)
15,545‌
15,981‌
Synopsys (6)
11,529‌
5,911‌
Workday,
Class
A (6)
1,282‌
308‌
225,733‌
Technology
Hardware,
Storage
&
Peripherals
 2.0%
Apple 
429,816‌
88,186‌
Pure
Storage,
Class
A (6)
8,700‌
501‌
Samsung
Electronics
(KRW) 
143,986‌
6,367‌
Sandisk (6)
3,861‌
175‌
Western
Digital 
5,084‌
325‌
95,554‌
Total
Information
Technology
696,996‌
MATERIALS
 2.2%
Chemicals
 1.3%
Air
Liquide
(EUR) 
41,424‌
8,542‌
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Akzo
Nobel
(EUR) 
58,947‌
4,136‌
BASF
(EUR) 
76,566‌
3,787‌
CF
Industries
Holdings 
4,249‌
391‌
Corteva 
8,800‌
656‌
Covestro
(EUR) (6)
62,745‌
4,465‌
Johnson
Matthey
(GBP) 
77,169‌
1,840‌
Linde 
32,229‌
15,121‌
Mosaic 
13,852‌
505‌
PPG
Industries 
30,040‌
3,417‌
RPM
International 
1,312‌
144‌
Sherwin-Williams 
42,331‌
14,535‌
Shin-Etsu
Chemical
(JPY) 
187,600‌
6,195‌
63,734‌
Construction
Materials
 0.1%
Amrize
(CHF) (6)
37,969‌
1,894‌
Holcim
(CHF) 
37,969‌
2,820‌
Vulcan
Materials 
2,973‌
775‌
5,489‌
Containers
&
Packaging
 0.3%
Ball 
79,900‌
4,482‌
International
Paper 
191,715‌
8,978‌
Packaging
Corp.
of
America 
1,412‌
266‌
13,726‌
Metals
&
Mining
 0.4%
Antofagasta
(GBP) 
249,854‌
6,212‌
BHP
Group
(AUD) 
115,963‌
2,790‌
BHP
Group
(GBP) 
159,389‌
3,816‌
Franco-Nevada (7)
10,452‌
1,713‌
Freeport-McMoRan 
113,510‌
4,921‌
Steel
Dynamics 
6,279‌
804‌
20,256‌
Paper
&
Forest
Products
 0.1%
Stora
Enso,
Class
R
(EUR) 
275,700‌
2,997‌
West
Fraser
Timber (7)
7,496‌
550‌
3,547‌
Total
Materials
106,752‌
REAL
ESTATE
 0.9%
Health
Care
Real
Estate
Investment
Trusts
 0.1%
Alexandria
Real
Estate
Equities,
REIT 
1,300‌
94‌
Ventas,
REIT 
5,600‌
354‌
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Welltower,
REIT 
37,652‌
5,788‌
6,236‌
Industrial
Real
Estate
Investment
Trusts
 0.1%
Prologis,
REIT 
15,169‌
1,595‌
Rexford
Industrial
Realty,
REIT 
26,349‌
937‌
Segro
(GBP) 
251,156‌
2,351‌
4,883‌
Real
Estate
Management
&
Development
 0.2%
CBRE
Group,
Class
A (6)
6,085‌
853‌
CoStar
Group (6)
3,159‌
254‌
Mitsui
Fudosan
(JPY) 
782,600‌
7,576‌
8,683‌
Residential
Real
Estate
Investment
Trusts
 0.1%
AvalonBay
Communities,
REIT 
2,516‌
512‌
Camden
Property
Trust,
REIT 
1,658‌
187‌
Equity
Residential,
REIT 
5,900‌
398‌
Essex
Property
Trust,
REIT 
16,319‌
4,625‌
Sun
Communities,
REIT 
4,979‌
630‌
6,352‌
Retail
Real
Estate
Investment
Trusts
 0.1%
Kimco
Realty,
REIT 
15,303‌
321‌
Regency
Centers,
REIT 
4,961‌
353‌
Scentre
Group
(AUD) 
2,262,378‌
5,314‌
Simon
Property
Group,
REIT 
3,438‌
553‌
6,541‌
Specialized
Real
Estate
Investment
Trusts
 0.3%
American
Tower,
REIT 
10,109‌
2,234‌
Crown
Castle,
REIT 
5,300‌
545‌
CubeSmart,
REIT 
5,349‌
227‌
Equinix,
REIT 
2,050‌
1,631‌
Public
Storage,
REIT 
22,640‌
6,643‌
VICI
Properties,
REIT 
101,264‌
3,301‌
14,581‌
Total
Real
Estate
47,276‌
UTILITIES
 1.4%
Electric
Utilities
 0.6%
Constellation
Energy 
24,649‌
7,956‌
Exelon 
20,148‌
875‌
NextEra
Energy 
37,033‌
2,571‌
PG&E 
104,208‌
1,452‌
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Southern 
32,548‌
2,989‌
Xcel
Energy 
164,584‌
11,208‌
27,051‌
Gas
Utilities
 0.1%
Atmos
Energy 
30,482‌
4,698‌
4,698‌
Independent
Power
&
Renewable
Electricity
Producers
 0.0%
Electric
Power
Development
(JPY) 
123,500‌
2,107‌
2,107‌
Multi-Utilities
 0.6%
Ameren 
87,795‌
8,432‌
CMS
Energy 
8,700‌
603‌
Consolidated
Edison 
11,312‌
1,135‌
Dominion
Energy 
11,200‌
633‌
DTE
Energy 
5,299‌
702‌
Engie
(EUR) 
336,553‌
7,910‌
National
Grid
(GBP) 
637,421‌
9,356‌
Sempra 
6,052‌
459‌
29,230‌
Water
Utilities
 0.1%
American
Water
Works 
23,108‌
3,214‌
3,214‌
Total
Utilities
66,300‌
Total
Common
Stocks
(Cost
$1,327,530)
2,917,783‌
CONVERTIBLE
PREFERRED
STOCKS
 0.0%
INFORMATION
TECHNOLOGY
 0.0%
Software
 0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $43 (2)(3)(6)
25‌
36‌
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (2)(3)(6)
2‌
3‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $229 (2)
(3)(6)
3,879‌
359‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (2)
(3)(6)
8,505‌
786‌
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $112 (2)
(3)(6)
1,526‌
141‌
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (2)(3)(6)
10,431‌
266‌
Total
Information
Technology
1,591‌
Total
Convertible
Preferred
Stocks
(Cost
$1,329)
1,591‌
CORPORATE
BONDS
 6.8%
AbbVie,
2.95%,
11/21/26 
920,000‌
905‌
AbbVie,
3.20%,
5/14/26 
420,000‌
416‌
AbbVie,
4.50%,
5/14/35 
1,900,000‌
1,832‌
AbbVie,
4.80%,
3/15/29 
1,260,000‌
1,285‌
ABN
AMRO
Bank,
4.75%,
7/28/25 (1)
940,000‌
940‌
AerCap
Ireland
Capital,
2.45%,
10/29/26 
935,000‌
911‌
AerCap
Ireland
Capital,
6.50%,
7/15/25 
365,000‌
365‌
AHS
Hospital,
5.024%,
7/1/45 
1,600,000‌
1,473‌
AIB
Group,
VR,
6.608%,
9/13/29 (1)(8)
650,000‌
687‌
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000‌
1,188‌
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27 
655,000‌
651‌
Ally
Financial,
2.20%,
11/2/28 
700,000‌
644‌
Ameren,
5.70%,
12/1/26 
1,820,000‌
1,850‌
America
Movil,
6.375%,
3/1/35 
300,000‌
328‌
Amgen,
2.77%,
9/1/53 
447,000‌
263‌
Amphenol,
5.05%,
4/5/29 
895,000‌
920‌
APA
Infrastructure,
4.25%,
7/15/27 (1)
620,000‌
621‌
Appalachian
Power,
4.45%,
6/1/45 
2,450,000‌
2,003‌
Arthur
J
Gallagher,
4.85%,
12/15/29 
360,000‌
365‌
Athene
Global
Funding,
4.86%,
8/27/26 (1)
2,935,000‌
2,946‌
Atlassian,
5.25%,
5/15/29 
575,000‌
590‌
Atmos
Energy,
4.15%,
1/15/43 
1,500,000‌
1,275‌
AutoZone,
3.125%,
4/21/26 
650,000‌
642‌
AutoZone,
5.05%,
7/15/26 
2,690,000‌
2,707‌
Banco
Santander,
3.49%,
5/28/30 
200,000‌
190‌
Banco
Santander,
5.439%,
7/15/31 
3,600,000‌
3,730‌
Bank
of
America,
6.11%,
1/29/37 
900,000‌
949‌
Bank
of
America,
6.75%,
6/1/28 
700,000‌
741‌
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
2,240,000‌
1,953‌
Bank
of
America,
VR,
2.676%,
6/19/41 (8)
3,450,000‌
2,458‌
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (8)
2,325,000‌
2,085‌
Bank
of
Montreal,
2.65%,
3/8/27 
2,035,000‌
1,987‌
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (8)
1,885,000‌
2,067‌
Banner
Health,
1.897%,
1/1/31 
670,000‌
583‌
Barclays,
VR,
5.674%,
3/12/28 (8)
750,000‌
763‌
Barclays,
VR,
5.69%,
3/12/30 (8)
2,055,000‌
2,126‌
BAT
Capital,
4.39%,
8/15/37 
1,385,000‌
1,233‌
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BAT
Capital,
5.834%,
2/20/31 
810,000‌
852‌
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
1,540,000‌
1,638‌
Baylor
Scott
&
White
Holdings,
3.967%,
11/15/46 
1,850,000‌
1,461‌
BBVA
Mexico
Institucion
De
Banca
Multiple
Grupo
Financiero,
5.25%,
9/10/29 
1,345,000‌
1,366‌
Berkshire
Hathaway
Energy,
5.15%,
11/15/43 
1,350,000‌
1,280‌
Boston
Gas,
5.843%,
1/10/35 (1)
245,000‌
254‌
Boston
Properties,
3.65%,
2/1/26 
1,165,000‌
1,155‌
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,110,000‌
1,079‌
Brixmor
Operating
Partnership,
3.90%,
3/15/27 
565,000‌
560‌
Brixmor
Operating
Partnership,
4.125%,
6/15/26 
1,220,000‌
1,215‌
Broadcom,
5.05%,
7/12/29 
3,600,000‌
3,687‌
Burlington
Northern
Santa
Fe,
4.375%,
9/1/42 
1,400,000‌
1,225‌
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37 
650,000‌
708‌
Cadence
Design
Systems,
4.30%,
9/10/29 
965,000‌
965‌
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000‌
522‌
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000‌
397‌
Canadian
National
Railway,
5.85%,
11/1/33 
1,155,000‌
1,233‌
Canadian
Pacific
Railway,
1.75%,
12/2/26 
930,000‌
898‌
Canadian
Pacific
Railway,
3.50%,
5/1/50 
1,695,000‌
1,205‌
Capital
One
Financial,
3.65%,
5/11/27 
1,215,000‌
1,201‌
Capital
One
Financial,
VR,
6.051%,
2/1/35 (8)
365,000‌
379‌
Cardinal
Health,
3.75%,
9/15/25 (7)
1,005,000‌
1,003‌
Carvana,
9.00%,
12/1/28,
(9.00%
Cash
or
12.00%
PIK) (1)(9)
245,959‌
252‌
Carvana,
9.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK) (1)(9)
433,180‌
455‌
Carvana,
9.00%,
6/1/31,
(14.00%
PIK) (1)(9)
552,934‌
655‌
Caterpillar
Financial
Services,
5.00%,
5/14/27 
3,320,000‌
3,374‌
CBRE
Services,
5.50%,
4/1/29 
555,000‌
573‌
Centene,
3.375%,
2/15/30 
2,240,000‌
2,048‌
Charter
Communications
Operating,
3.70%,
4/1/51 
1,425,000‌
946‌
Charter
Communications
Operating,
4.908%,
7/23/25 
569,000‌
569‌
Citigroup,
VR,
2.976%,
11/5/30 (8)
2,750,000‌
2,570‌
Citigroup,
VR,
4.075%,
4/23/29 (8)
2,000,000‌
1,979‌
CMS
Energy,
4.70%,
3/31/43 
840,000‌
724‌
CMS
Energy,
4.875%,
3/1/44 
1,200,000‌
1,065‌
CNO
Global
Funding,
2.65%,
1/6/29 (1)
3,255,000‌
3,032‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000‌
2,297‌
Comcast,
4.15%,
10/15/28 
2,455,000‌
2,449‌
Comcast,
5.50%,
5/15/64 
1,250,000‌
1,157‌
CommonSpirit
Health,
2.782%,
10/1/30 
755,000‌
690‌
Corebridge
Financial,
4.40%,
4/5/52 
4,505,000‌
3,593‌
Cox
Communications,
2.95%,
10/1/50 (1)
2,775,000‌
1,572‌
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000‌
2,575‌
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CRH
America
Finance,
5.50%,
1/9/35 
1,380,000‌
1,414‌
Crown
Castle,
2.25%,
1/15/31 
1,440,000‌
1,255‌
Crown
Castle,
2.90%,
3/15/27 
735,000‌
715‌
CVS
Health,
5.40%,
6/1/29 
1,375,000‌
1,413‌
CVS
Health,
6.00%,
6/1/63 
2,695,000‌
2,554‌
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27 (1)
2,155,000‌
2,127‌
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(8)
395,000‌
409‌
Dell
International,
8.35%,
7/15/46 
1,066,000‌
1,354‌
DTE
Energy,
5.10%,
3/1/29 
2,570,000‌
2,620‌
Duke
Energy,
2.65%,
9/1/26 
640,000‌
628‌
Elevance
Health,
4.65%,
1/15/43 
915,000‌
800‌
Enact
Holdings,
6.25%,
5/28/29 
365,000‌
379‌
Enbridge,
4.25%,
12/1/26 
590,000‌
588‌
Enbridge,
4.60%,
6/20/28 
245,000‌
246‌
Enbridge,
5.625%,
4/5/34 
770,000‌
789‌
Enbridge,
6.20%,
11/15/30 
345,000‌
368‌
Enbridge
Energy
Partners,
5.50%,
9/15/40 
245,000‌
235‌
Eni,
5.50%,
5/15/34 (1)
735,000‌
740‌
Enterprise
Products
Operating,
4.30%,
6/20/28 
695,000‌
698‌
Enterprise
Products
Operating,
4.60%,
1/11/27 
2,830,000‌
2,849‌
EOG
Resources,
4.40%,
7/15/28 
940,000‌
944‌
Equitable
America
Global
Funding,
4.65%,
6/9/28 (1)
1,390,000‌
1,401‌
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)(7)
780,000‌
779‌
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000‌
435‌
Essex
Portfolio,
2.65%,
3/15/32 
1,430,000‌
1,249‌
Fidelity
National
Financial,
4.50%,
8/15/28 
2,065,000‌
2,054‌
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (8)
595,000‌
600‌
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (8)
460,000‌
484‌
FirstEnergy
Transmission,
5.00%,
1/15/35 
270,000‌
266‌
Fiserv,
3.20%,
7/1/26 
1,100,000‌
1,088‌
Fiserv,
5.45%,
3/15/34 
2,035,000‌
2,080‌
Ford
Motor
Credit,
5.125%,
11/5/26 
1,265,000‌
1,253‌
Ford
Motor
Credit,
7.122%,
11/7/33 
640,000‌
663‌
Foundry
JV
Holdco,
5.90%,
1/25/33 (1)
600,000‌
620‌
Foundry
JV
Holdco,
6.15%,
1/25/32 (1)
705,000‌
741‌
GATX,
6.05%,
3/15/34 
1,675,000‌
1,774‌
General
Motors
Financial,
2.40%,
4/10/28 
3,205,000‌
3,013‌
George
Washington
University,
Series 2014,
4.30%,
9/15/44 
975,000‌
824‌
Goldman
Sachs
Group,
6.75%,
10/1/37 
700,000‌
767‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (8)
1,300,000‌
1,154‌
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (8)
1,710,000‌
1,222‌
Goldman
Sachs
Group,
VR,
5.734%,
1/28/56 (8)
1,325,000‌
1,326‌
HCA,
4.125%,
6/15/29 
1,895,000‌
1,862‌
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
HCA,
4.375%,
3/15/42 
775,000‌
637‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
1,020,000‌
1,032‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28 
1,075,000‌
1,047‌
Healthpeak,
2.125%,
12/1/28 
655,000‌
607‌
Healthpeak,
2.875%,
1/15/31 
360,000‌
327‌
HF
Sinclair,
6.25%,
1/15/35 
1,820,000‌
1,846‌
HSBC
Bank
USA,
5.875%,
11/1/34 (7)
950,000‌
1,003‌
HSBC
Holdings,
VR,
5.719%,
3/4/35 (8)
1,145,000‌
1,183‌
HSBC
Holdings,
VR,
7.399%,
11/13/34 (8)
1,445,000‌
1,611‌
Humana,
5.95%,
3/15/34 
830,000‌
862‌
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000‌
2,254‌
Hyundai
Capital
America,
5.35%,
3/19/29 (1)
240,000‌
244‌
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
420,000‌
442‌
Iberdrola
International,
6.75%,
9/15/33 
1,000,000‌
1,068‌
Icon
Investments
Six,
5.849%,
5/8/29 
290,000‌
300‌
Illinois
Tool
Works,
3.90%,
9/1/42 
1,200,000‌
993‌
Intel,
5.90%,
2/10/63 
1,440,000‌
1,348‌
Intercontinental
Exchange,
5.25%,
6/15/31 
1,500,000‌
1,554‌
IQVIA,
6.25%,
2/1/29 
730,000‌
763‌
Jackson
National
Life
Global
Funding,
4.70%,
6/5/28 (1)
1,485,000‌
1,494‌
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27 (1)
2,915,000‌
2,935‌
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000‌
2,126‌
John
Deere
Capital,
4.40%,
9/8/31 
2,230,000‌
2,221‌
John
Deere
Capital,
4.50%,
1/8/27 
1,330,000‌
1,338‌
JPMorgan
Chase,
VR,
5.299%,
7/24/29 (8)
3,125,000‌
3,204‌
Kilroy
Realty,
4.375%,
10/1/25 
480,000‌
480‌
Kroger,
5.00%,
9/15/34 
630,000‌
623‌
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)(7)
1,700,000‌
1,469‌
Lowe's,
4.45%,
4/1/62 
1,400,000‌
1,085‌
Manufacturers
&
Traders
Trust,
VR,
4.762%,
7/6/28 (8)
1,035,000‌
1,042‌
Marvell
Technology,
4.75%,
7/15/30 
210,000‌
211‌
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (1)
2,340,000‌
2,376‌
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47 
1,500,000‌
1,194‌
McDonald's,
1.45%,
9/1/25 (7)
940,000‌
935‌
MedStar
Health,
Series 20A,
3.626%,
8/15/49 
905,000‌
621‌
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000‌
2,620‌
Mondelez
International,
4.75%,
2/20/29 
2,970,000‌
3,019‌
Morgan
Stanley,
4.30%,
1/27/45 
1,150,000‌
977‌
Morgan
Stanley,
6.25%,
8/9/26 
755,000‌
769‌
Morgan
Stanley,
VR,
3.217%,
4/22/42 (8)
1,445,000‌
1,097‌
Morgan
Stanley,
VR,
5.656%,
4/18/30 (8)
3,540,000‌
3,672‌
Motorola
Solutions,
5.00%,
4/15/29 
800,000‌
813‌
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
National
Bank
of
Canada,
5.60%,
12/18/28 
2,560,000‌
2,657‌
New
York
State
Electric
&
Gas,
5.30%,
8/15/34 (1)
1,075,000‌
1,084‌
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25 
680,000‌
681‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
840,000‌
840‌
NiSource,
3.49%,
5/15/27 
1,730,000‌
1,702‌
NiSource,
3.95%,
3/30/48 
1,775,000‌
1,362‌
Nutrien,
4.00%,
12/15/26 
830,000‌
825‌
Occidental
Petroleum,
5.375%,
1/1/32 
1,285,000‌
1,276‌
Omnicom
Group,
3.60%,
4/15/26 
830,000‌
824‌
Oracle,
5.375%,
7/15/40 
2,170,000‌
2,108‌
Oracle,
6.90%,
11/9/52 
1,020,000‌
1,133‌
O'Reilly
Automotive,
3.60%,
9/1/27 
1,825,000‌
1,801‌
O'Reilly
Automotive,
5.00%,
8/19/34 
2,165,000‌
2,146‌
O'Reilly
Automotive,
5.75%,
11/20/26 
390,000‌
397‌
Owens
Corning,
5.70%,
6/15/34 
995,000‌
1,031‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27 
1,340,000‌
1,271‌
Perrigo
Finance
Unlimited,
4.90%,
6/15/30 
1,510,000‌
1,477‌
Pioneer
Natural
Resources,
1.125%,
1/15/26 
755,000‌
741‌
PPL
Capital
Funding,
3.10%,
5/15/26 
2,200,000‌
2,159‌
Principal
Financial
Group,
4.111%,
2/15/28 (1)
1,800,000‌
1,783‌
Public
Storage
Operating,
1.95%,
11/9/28 
1,210,000‌
1,126‌
Qorvo,
4.375%,
10/15/29 
404,000‌
391‌
Realty
Income,
3.10%,
12/15/29 
2,130,000‌
2,019‌
Realty
Income,
3.95%,
8/15/27 
1,490,000‌
1,481‌
RELX
Capital,
3.00%,
5/22/30 
945,000‌
890‌
Republic
Services,
5.00%,
12/15/33 
2,235,000‌
2,280‌
RGA
Global
Funding,
5.448%,
5/24/29 (1)
1,630,000‌
1,679‌
Rogers
Communications,
3.625%,
12/15/25 
610,000‌
607‌
Rogers
Communications,
4.50%,
3/15/42 
2,935,000‌
2,503‌
Roper
Technologies,
3.80%,
12/15/26 
1,085,000‌
1,076‌
Ross
Stores,
1.875%,
4/15/31 
450,000‌
385‌
Sabine
Pass
Liquefaction,
4.20%,
3/15/28 
1,335,000‌
1,328‌
Sabine
Pass
Liquefaction,
4.50%,
5/15/30 
560,000‌
558‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (8)
1,365,000‌
1,321‌
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (8)
725,000‌
754‌
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28 (8)
1,605,000‌
1,553‌
Simon
Property
Group,
2.65%,
2/1/32 
1,810,000‌
1,591‌
Simon
Property
Group,
3.80%,
7/15/50 
1,865,000‌
1,375‌
Skandinaviska
Enskilda
Banken,
5.125%,
3/5/27 (1)
2,800,000‌
2,843‌
Solventum,
5.40%,
3/1/29 
1,660,000‌
1,710‌
South
Bow
USA
Infrastructure
Holdings,
5.026%,
10/1/29 (1)
420,000‌
421‌
Southern,
5.70%,
3/15/34 
1,540,000‌
1,604‌
Southern
California
Edison,
5.15%,
6/1/29 
2,010,000‌
2,032‌
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Southern
Gas
Capital,
4.95%,
9/15/34 
1,525,000‌
1,503‌
Spectra
Energy
Partners,
3.375%,
10/15/26 
480,000‌
473‌
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(7)(8)
1,000,000‌
971‌
T-Mobile
USA,
5.75%,
1/15/34 
1,860,000‌
1,947‌
Tampa
Electric,
6.15%,
5/15/37 
1,000,000‌
1,041‌
Targa
Resources,
5.50%,
2/15/35 
745,000‌
746‌
Targa
Resources
Partners,
5.00%,
1/15/28 
1,168,000‌
1,166‌
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000‌
1,618‌
Time
Warner
Cable,
6.55%,
5/1/37 
450,000‌
463‌
Time
Warner
Cable,
6.75%,
6/15/39 
530,000‌
547‌
TJX,
1.60%,
5/15/31 
375,000‌
323‌
Toronto-Dominion
Bank,
4.994%,
4/5/29 
2,795,000‌
2,852‌
TotalEnergies
Capital
International,
2.986%,
6/29/41 
2,630,000‌
1,926‌
Toyota
Motor
Credit,
4.80%,
1/5/26 (7)
2,935,000‌
2,942‌
TR
Finance,
3.35%,
5/15/26 
405,000‌
399‌
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48 
1,645,000‌
1,375‌
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000‌
1,284‌
Transurban
Finance,
3.375%,
3/22/27 (1)
395,000‌
389‌
Transurban
Finance,
4.125%,
2/2/26 (1)
335,000‌
334‌
Travelers,
6.25%,
6/15/37 
750,000‌
827‌
Trinity
Health,
4.125%,
12/1/45 
725,000‌
598‌
Uber
Technologies,
4.30%,
1/15/30 
2,395,000‌
2,378‌
United
Airlines
PTT,
Series 2019-1,
Class
AA,
4.15%,
8/25/31 
831,844‌
794‌
UnitedHealth
Group,
3.75%,
7/15/25 
645,000‌
645‌
UnitedHealth
Group,
4.40%,
6/15/28 
200,000‌
201‌
UnitedHealth
Group,
4.70%,
4/15/29 
3,125,000‌
3,158‌
Verizon
Communications,
2.10%,
3/22/28 
460,000‌
435‌
Verizon
Communications,
4.00%,
3/22/50 
2,000,000‌
1,516‌
VMware,
1.40%,
8/15/26 
3,125,000‌
3,023‌
Vodafone
Group,
4.25%,
9/17/50 
775,000‌
601‌
Vodafone
Group,
4.875%,
6/19/49 
2,045,000‌
1,750‌
Volkswagen
Group
of
America
Finance,
6.45%,
11/16/30 (1)
2,015,000‌
2,145‌
Walt
Disney,
3.70%,
10/15/25 
525,000‌
524‌
Waste
Connections,
3.20%,
6/1/32 
2,315,000‌
2,113‌
Wells
Fargo,
VR,
2.393%,
6/2/28 (8)
3,915,000‌
3,773‌
Wells
Fargo,
VR,
3.068%,
4/30/41 (8)
3,995,000‌
3,018‌
Wells
Fargo,
VR,
6.303%,
10/23/29 (8)
905,000‌
957‌
Westpac
New
Zealand,
5.195%,
2/28/29 (1)
1,855,000‌
1,899‌
Williams,
4.625%,
6/30/30 
355,000‌
354‌
Williams,
5.10%,
9/15/45 
1,735,000‌
1,565‌
Williams,
5.15%,
3/15/34 
245,000‌
244‌
Willis
North
America,
4.50%,
9/15/28 
1,370,000‌
1,374‌
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000‌
731‌
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000‌
1,158‌
Workday,
3.70%,
4/1/29 
750,000‌
733‌
WP
Carey,
3.85%,
7/15/29 
1,470,000‌
1,428‌
Total
Corporate
Bonds
(Cost
$341,104)
326,818‌
EQUITY
FUNDS
 4.3%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (4)
13,679,063‌
207,238‌
Total
Equity
Funds
(Cost
$169,965)
207,238‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
 0.4%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000‌
474‌
Corp.
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)
2,645,000‌
2,459‌
Province
of
Alberta
Canada,
4.50%,
1/24/34 
2,760,000‌
2,756‌
Province
of
British
Columbia,
4.20%,
7/6/33 
2,648,000‌
2,599‌
Province
of
Manitoba
Canada,
4.30%,
7/27/33 
2,595,000‌
2,551‌
Republic
of
Panama,
3.298%,
1/19/33 
2,100,000‌
1,718‌
Republic
of
Peru,
5.375%,
2/8/35 
660,000‌
660‌
Republic
of
Poland,
Series 10Y,
3.25%,
4/6/26 
1,030,000‌
1,022‌
Republic
of
Poland,
Series 30Y,
5.50%,
3/18/54 
1,540,000‌
1,433‌
United
Mexican
States,
2.659%,
5/24/31 
3,439,000‌
2,983‌
United
Mexican
States,
3.50%,
2/12/34 
2,315,000‌
1,949‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$21,994)
20,604‌
MUNICIPAL
SECURITIES
 0.7%
California
 0.1%
Bay
Area
Toll
Auth.,
Series S-10,
3.176%,
4/1/41 
2,900,000‌
2,249‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series B,
5.50%,
3/1/33 (10)
660,000‌
662‌
Los
Angeles
Airport,
Series C,
Build
America,
7.053%,
5/15/40 
1,000,000‌
1,151‌
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45 
365,000‌
323‌
4,385‌
Georgia
 0.1%
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39 
2,665,000‌
2,655‌
2,655‌
Illinois
 0.0%
Chicago
O'Hare
Int'l
Airport,
Series B,
Build
America,
6.395%,
1/1/40 
755,000‌
832‌
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Chicago
O'Hare
Int'l
Airport,
Senior
Lien,
Series D,
2.346%,
1/1/30 
975,000‌
900‌
Illinois
Toll
Highway
Auth.,
Series A,
Build
America,
6.184%,
1/1/34 
470,000‌
503‌
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38 
500,000‌
517‌
2,752‌
Maryland
 0.1%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36 
1,800,000‌
1,743‌
1,743‌
Michigan
 0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29 
2,000,000‌
2,149‌
2,149‌
New
Jersey
 0.0%
New
Jersey
Turnpike
Auth.,
Series F,
Build
America,
7.414%,
1/1/40 
415,000‌
496‌
496‌
New
York
 0.0%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39 
210,000‌
248‌
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42 
245,000‌
252‌
New
York
State
Dormitory
Auth.,
Series F,
Build
America,
5.628%,
3/15/39 
1,300,000‌
1,337‌
Port
Auth.
of
New
York
&
New
Jersey,
3.139%,
2/15/51 
800,000‌
572‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 182,
5.31%,
8/1/46 
1,400,000‌
1,362‌
3,771‌
Ohio
 0.0%
JobsOhio
Beverage
System,
Liquid
Profits,
Series B,
3.985%,
1/1/29 
845,000‌
847‌
847‌
Pennsylvania
 0.0%
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26 
205,000‌
204‌
204‌
South
Carolina
 0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41 
2,000,000‌
2,004‌
2,004‌
Texas
 0.0%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41 
1,820,000‌
1,361‌
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38 
1,155,000‌
975‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47 
1,200,000‌
1,001‌
T.
ROWE
PRICE
Balanced
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49 
1,900,000‌
1,483‌
4,820‌
Virginia
 0.1%
Univ.
of
Virginia,
Series B,
2.584%,
11/1/51 
3,675,000‌
2,225‌
Virginia
Public
Building
Auth.,
Series B-2,
Build
America,
5.90%,
8/1/30 
695,000‌
719‌
2,944‌
Wisconsin
 0.1%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51 
2,910,000‌
2,004‌
2,004‌
Total
Municipal
Securities
(Cost
$34,989)
30,774‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
 0.8%
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
211,649‌
193‌
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
725,974‌
629‌
Angel
Oak
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (1)
725,783‌
621‌
BANK5,
Series 2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57 
705,000‌
740‌
Barclays
Mortgage
Loan
Trust,
Series 2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (1)
732,954‌
657‌
Bayview
Financing
Trust,
Series 2024-2F,
Class
A,
CMO,
ARM,
7.084%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $1,553 (2)(3)
1,553,213‌
1,553‌
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.586%,
11/15/34 (1)
605,000‌
5‌
BBCMS
Mortgage
Trust,
Series 2024-5C27,
Class
A3,
6.014%,
7/15/57 
285,000‌
298‌
BIG
Commercial
Mortgage
Trust,
Series 2022-BIG,
Class
A,
ARM,
1M
TSFR
+
1.342%,
5.654%,
2/15/39 (1)
3,039,083‌
3,031‌
BX
Trust,
Series 2025-ROIC,
Class
A,
ARM,
1M
TSFR
+
1.144%,
5.456%,
3/15/30 (1)
3,200,000‌
3,180‌
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
719,525‌
621‌
Cross
Mortgage
Trust,
Series 2024-H4,
Class
A1,
CMO,
STEP,
6.147%,
7/25/69 (1)
302,734‌
305‌
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
104,656‌
99‌
Ellington
Financial
Mortgage
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.178%,
10/25/65 (1)
499,287‌
467‌
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
458,755‌
383‌
T.
ROWE
PRICE
Balanced
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Extended
Stay
America
Trust,
Series 2021-ESH,
Class
B,
ARM,
1M
TSFR
+
1.494%,
5.806%,
7/15/38 (1)
1,050,716‌
1,051‌
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
2,109,404‌
1,717‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
57,339‌
52‌
GS
Mortgage
Securities
Trust,
Series 2015-GC32,
Class
A4,
3.764%,
7/10/48 
118,536‌
118‌
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.908%,
10/25/50 (1)
247,071‌
210‌
Hudson
Yards
Mortgage
Trust,
Series 2025-SPRL,
Class
A,
ARM,
5.649%,
1/13/40 (1)
550,000‌
567‌
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series 2015-C31,
Class
A3,
3.801%,
8/15/48 
609,394‌
608‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2020-609M,
Class
A,
ARM,
1M
TSFR
+
1.734%,
6.046%,
10/15/33 (1)
2,510,000‌
2,498‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2022-OPO,
Class
B,
3.377%,
1/5/39 (1)
760,000‌
677‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
447,937‌
404‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
518,933‌
468‌
MHC
Commercial
Mortgage
Trust,
Series 2021-MHC,
Class
B,
ARM,
1M
TSFR
+
1.215%,
5.527%,
4/15/38 (1)
2,876,000‌
2,876‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48 
1,375,000‌
1,369‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-C27,
Class
AS,
4.068%,
12/15/47 
2,775,000‌
2,756‌
Morgan
Stanley
Capital
I
Trust,
Series 2014-150E,
Class
A,
3.912%,
9/9/32 (1)
2,140,000‌
1,895‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-
2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
433,117‌
351‌
New
Residential
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (1)
1,564,529‌
1,323‌
NYMT
Loan
Trust,
Series 2025-INV1,
Class
A1,
CMO,
STEP,
5.402%,
4/25/60 (1)
311,560‌
313‌
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
114,942‌
105‌
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
5.534%,
10/25/59 (1)
25,259‌
25‌
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
1,649,204‌
1,480‌
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
121,453‌
114‌
T.
ROWE
PRICE
Balanced
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
2,066‌
2‌
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
225,872‌
223‌
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
173,286‌
164‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-
DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
5.155%,
11/25/41 (1)
529,412‌
528‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2025-HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.95%,
5.255%,
2/25/45 (1)
422,500‌
422‌
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
52,586‌
52‌
Towd
Point
Mortgage
Trust,
Series 2024-2,
Class
A1B,
CMO,
ARM,
4.744%,
12/25/64 (1)
1,778,531‌
1,792‌
TX
Trust,
Series 2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
5.903%,
6/15/39 (1)
170,000‌
169‌
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
3.692%,
11/25/59 (1)
170,878‌
169‌
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
316,592‌
282‌
Verus
Securitization
Trust,
Series 2023-INV1,
Class
A1,
CMO,
STEP,
5.999%,
2/25/68 (1)
812,718‌
812‌
Verus
Securitization
Trust,
Series 2024-INV1,
Class
A2,
CMO,
STEP,
6.318%,
3/25/69 (1)
1,244,670‌
1,256‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$42,311)
39,630‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
 7.4%
U.S.
Government
Agency
Obligations
 5.9%
Federal
Home
Loan
Mortgage 
2.50%,
5/1/30 
420,338‌
407‌
3.00%,
1/1/29
-
8/1/43 
2,571,321‌
2,335‌
3.50%,
3/1/42
-
3/1/46 
4,261,661‌
3,985‌
4.00%,
9/1/40
-
6/1/42 
1,292,241‌
1,249‌
4.50%,
6/1/39
-
5/1/42 
758,285‌
758‌
5.00%,
12/1/35
-
8/1/40 
337,703‌
344‌
5.50%,
1/1/38
-
12/1/39 
109,849‌
113‌
6.00%,
2/1/28
-
8/1/38 
11,012‌
12‌
6.50%,
8/1/32 
4,503‌
5‌
7.00%,
6/1/32 
9,793‌
10‌
Federal
Home
Loan
Mortgage,
ARM 
1Y
CMT
+
2.25%,
7.079%,
10/1/36 
2,797‌
3‌
T.
ROWE
PRICE
Balanced
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
RFUCCT1Y
+
1.726%,
7.564%,
7/1/35 
10,042‌
10‌
RFUCCT1Y
+
1.75%,
6.75%,
2/1/35 
6,777‌
7‌
RFUCCT1Y
+
1.911%,
6.538%,
12/1/36 
18,456‌
19‌
RFUCCT1Y
+
1.919%,
6.918%,
2/1/37 
9,415‌
10‌
RFUCCT1Y
+
2.031%,
6.796%,
11/1/36 
18,840‌
19‌
Federal
Home
Loan
Mortgage,
UMBS 
1.50%,
2/1/36 
674,511‌
601‌
2.00%,
8/1/36
-
5/1/52 
22,063,731‌
18,109‌
2.50%,
3/1/42
-
5/1/52 
24,008,631‌
20,122‌
3.00%,
11/1/34
-
1/1/52 
2,886,620‌
2,547‌
3.50%,
6/1/33 
181,015‌
178‌
4.00%,
12/1/49
-
2/1/50 
1,475,561‌
1,390‌
4.50%,
9/1/37
-
11/1/52 
2,728,906‌
2,617‌
5.00%,
10/1/51
-
7/1/54 
3,491,848‌
3,437‌
5.50%,
8/1/53
-
10/1/54 
7,111,414‌
7,152‌
6.00%,
8/1/54
-
12/1/54 
4,246,025‌
4,319‌
6.50%,
8/1/54
-
1/1/55 
4,189,245‌
4,339‌
7.00%,
6/1/54 
353,689‌
373‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC 
2.952%,
2/25/27 
350,179‌
346‌
4.40%,
10/25/30 
6,100,000‌
6,150‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
ARM 
2.347%,
11/25/31 
10,510,000‌
9,361‌
3.71%,
9/25/32 
4,580,000‌
4,384‌
4.43%,
2/25/33 
3,645,000‌
3,642‌
Federal
National
Mortgage
Assn. 
3.50%,
6/1/42
-
1/1/44 
1,794,663‌
1,670‌
4.00%,
11/1/40 
493,411‌
480‌
4.50%,
7/1/40 
348,184‌
342‌
Federal
National
Mortgage
Assn.,
ARM 
RFUCCT1Y
+
1.523%,
6.963%,
7/1/35 
6,245‌
6‌
RFUCCT1Y
+
1.855%,
6.73%,
1/1/37 
2,552‌
3‌
Federal
National
Mortgage
Assn.,
UMBS 
1.50%,
4/1/37
-
1/1/42 
6,489,410‌
5,639‌
2.00%,
9/1/36
-
5/1/52 
59,298,297‌
48,419‌
2.50%,
10/1/31
-
5/1/52 
30,124,149‌
25,641‌
3.00%,
1/1/27
-
3/1/52 
22,684,799‌
20,481‌
3.50%,
11/1/26
-
1/1/52 
13,283,787‌
12,356‌
4.00%,
11/1/40
-
9/1/52 
11,182,027‌
10,615‌
4.50%,
4/1/37
-
2/1/54 
8,303,243‌
8,069‌
5.00%,
2/1/34
-
7/1/53 
4,740,719‌
4,697‌
5.50%,
2/1/35
-
10/1/54 
10,349,916‌
10,422‌
6.00%,
3/1/28
-
1/1/55 
15,091,352‌
15,445‌
T.
ROWE
PRICE
Balanced
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
6.50%,
1/1/28
-
7/1/55 
8,137,634‌
8,427‌
7.00%,
7/1/26
-
3/1/54 
380,812‌
402‌
7.50%,
9/1/26 
15‌
—‌
8.00%,
7/1/26 
24‌
—‌
UMBS,
TBA (11)
4.50%,
7/1/55 
1,790,000‌
1,712‌
5.00%,
7/1/55 
9,395,000‌
9,206‌
282,385‌
U.S.
Government
Obligations
 1.5%
Government
National
Mortgage
Assn. 
1.50%,
12/20/36
-
5/20/37 
693,108‌
622‌
2.00%,
1/20/51
-
3/20/52 
15,000,525‌
12,218‌
2.50%,
8/20/50
-
1/20/52 
16,926,015‌
14,389‌
3.00%,
9/15/42
-
6/20/52 
11,358,287‌
10,089‌
3.50%,
9/15/41
-
1/20/49 
8,060,663‌
7,486‌
4.00%,
2/15/41
-
10/20/52 
6,500,224‌
6,126‌
4.50%,
6/15/39
-
4/20/53 
5,444,627‌
5,298‌
5.00%,
12/20/34
-
8/20/52 
4,664,067‌
4,657‌
5.50%,
2/20/34
-
9/20/54 
2,320,166‌
2,345‌
6.00%,
8/20/34
-
11/20/52 
1,478,814‌
1,513‌
6.50%,
3/15/26 
33‌
—‌
7.50%,
11/15/25
-
9/15/26 
176‌
—‌
8.00%,
11/15/25 
132‌
—‌
8.50%,
6/20/26 
243‌
—‌
Government
National
Mortgage
Assn.,
CMO 
3.00%,
11/20/47
-
12/20/47 
123,574‌
115‌
3.50%,
10/20/50 
1,010,000‌
841‌
Government
National
Mortgage
Assn.,
TBA (11)
4.00%,
7/20/55 
1,835,000‌
1,706‌
5.00%,
7/20/55 
650,000‌
638‌
5.50%,
7/20/55 
6,260,000‌
6,268‌
6.00%,
7/20/55 
845,000‌
857‌
75,168‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$379,009)
357,553‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
 10.1%
U.S.
Treasury
Obligations
 10.1%
U.S.
Treasury
Bonds,
1.125%,
5/15/40 
1,715,000‌
1,065‌
U.S.
Treasury
Bonds,
1.375%,
8/15/50 
2,415,000‌
1,190‌
U.S.
Treasury
Bonds,
1.75%,
8/15/41 
4,815,000‌
3,195‌
U.S.
Treasury
Bonds,
1.875%,
2/15/51 
8,550,000‌
4,803‌
T.
ROWE
PRICE
Balanced
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Bonds,
2.00%,
2/15/50 
28,385,000‌
16,668‌
U.S.
Treasury
Bonds,
2.00%,
8/15/51 
6,795,000‌
3,918‌
U.S.
Treasury
Bonds,
2.25%,
2/15/52 
4,225,000‌
2,581‌
U.S.
Treasury
Bonds,
2.375%,
5/15/51 
3,665,000‌
2,324‌
U.S.
Treasury
Bonds,
2.50%,
2/15/46 
2,975,000‌
2,061‌
U.S.
Treasury
Bonds,
2.75%,
8/15/47 
16,080,000‌
11,463‌
U.S.
Treasury
Bonds,
2.875%,
8/15/45 
4,185,000‌
3,128‌
U.S.
Treasury
Bonds,
3.00%,
5/15/45 
10,640,000‌
8,148‌
U.S.
Treasury
Bonds,
3.00%,
11/15/45 
11,185,000‌
8,518‌
U.S.
Treasury
Bonds,
3.00%,
2/15/47 
1,150,000‌
863‌
U.S.
Treasury
Bonds,
3.00%,
2/15/48 
2,000,000‌
1,486‌
U.S.
Treasury
Bonds,
3.00%,
8/15/48 
3,905,000‌
2,887‌
U.S.
Treasury
Bonds,
3.00%,
8/15/52 
1,565,000‌
1,130‌
U.S.
Treasury
Bonds,
3.625%,
2/15/53 
1,320,000‌
1,078‌
U.S.
Treasury
Bonds,
3.625%,
5/15/53 (12)
11,785,000‌
9,613‌
U.S.
Treasury
Bonds,
3.875%,
2/15/43 
1,500,000‌
1,342‌
U.S.
Treasury
Bonds,
4.00%,
11/15/52 
3,985,000‌
3,486‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54 
4,025,000‌
3,672‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54 (12)
4,735,000‌
4,325‌
U.S.
Treasury
Bonds,
4.50%,
11/15/54 
1,755,000‌
1,673‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44 
3,295,000‌
3,226‌
U.S.
Treasury
Bonds,
4.625%,
2/15/55 
2,500,000‌
2,435‌
U.S.
Treasury
Bonds,
4.75%,
11/15/53 
9,170,000‌
9,086‌
U.S.
Treasury
Notes,
0.625%,
5/15/30 
16,700,000‌
14,367‌
U.S.
Treasury
Notes,
0.75%,
3/31/26 
3,200,000‌
3,121‌
U.S.
Treasury
Notes,
0.75%,
1/31/28 
1,185,000‌
1,099‌
U.S.
Treasury
Notes,
0.875%,
6/30/26 
16,410,000‌
15,909‌
U.S.
Treasury
Notes,
0.875%,
11/15/30 
5,770,000‌
4,950‌
U.S.
Treasury
Notes,
1.125%,
2/15/31 
7,555,000‌
6,537‌
U.S.
Treasury
Notes,
1.875%,
2/28/27 
24,230,000‌
23,483‌
U.S.
Treasury
Notes,
1.875%,
2/15/32 
7,175,000‌
6,303‌
U.S.
Treasury
Notes,
2.25%,
8/15/27 
21,540,000‌
20,893‌
U.S.
Treasury
Notes,
2.75%,
8/15/32 
16,360,000‌
15,092‌
U.S.
Treasury
Notes,
2.875%,
5/15/32 
2,930,000‌
2,734‌
U.S.
Treasury
Notes,
3.625%,
5/31/28 
29,365,000‌
29,302‌
U.S.
Treasury
Notes,
3.625%,
8/31/29 
12,095,000‌
12,036‌
U.S.
Treasury
Notes,
3.875%,
8/15/34 
9,970,000‌
9,736‌
U.S.
Treasury
Notes,
4.00%,
2/29/28 
4,225,000‌
4,257‌
U.S.
Treasury
Notes,
4.00%,
6/30/28 
8,590,000‌
8,663‌
U.S.
Treasury
Notes,
4.00%,
2/28/30 
12,830,000‌
12,957‌
U.S.
Treasury
Notes,
4.00%,
3/31/30 
17,490,000‌
17,654‌
U.S.
Treasury
Notes,
4.00%,
5/31/30 
8,800,000‌
8,886‌
U.S.
Treasury
Notes,
4.00%,
2/15/34 
12,480,000‌
12,352‌
T.
ROWE
PRICE
Balanced
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Notes,
4.125%,
9/30/27 
8,000,000‌
8,072‌
U.S.
Treasury
Notes,
4.125%,
10/31/27 
19,030,000‌
19,203‌
U.S.
Treasury
Notes,
4.125%,
11/30/29 
24,890,000‌
25,258‌
U.S.
Treasury
Notes,
4.125%,
3/31/32 
2,165,000‌
2,185‌
U.S.
Treasury
Notes,
4.25%,
2/28/29 
8,065,000‌
8,208‌
U.S.
Treasury
Notes,
4.25%,
6/30/29 
4,835,000‌
4,926‌
U.S.
Treasury
Notes,
4.25%,
1/31/30 
12,000,000‌
12,239‌
U.S.
Treasury
Notes,
4.25%,
11/15/34 
18,810,000‌
18,874‌
U.S.
Treasury
Notes,
4.375%,
12/31/29 
11,660,000‌
11,951‌
U.S.
Treasury
Notes,
4.50%,
5/31/29 
2,200,000‌
2,260‌
U.S.
Treasury
Notes,
4.50%,
11/15/33 
6,450,000‌
6,626‌
U.S.
Treasury
Notes,
4.625%,
2/15/35 
19,205,000‌
19,819‌
485,316‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$528,148)
485,316‌
SHORT-TERM
INVESTMENTS
 3.5%
Money
Market
Funds
 3.5%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.38% (4)(13)
169,969,091‌
169,969‌
Total
Short-Term
Investments
(Cost
$169,969)
169,969‌
SECURITIES
LENDING
COLLATERAL
 0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.5%
Money
Market
Funds 0.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.37% (4)(13)
20,916,877‌
20,917‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
20,917‌
T.
ROWE
PRICE
Balanced
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
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
Government
Reserve
Fund,
4.37% (4)(13)
6,002,917‌
6,003‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
6,003‌
Total
Securities
Lending
Collateral
(Cost
$26,920)
26,920‌
Total
Investments
in
Securities
101.1%
of
Net
Assets
(Cost
$3,331,446)
$
4,864,212‌
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
$139,389
and
represents
2.9%
of
net
assets.
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
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
$5,924
and
represents
0.1%
of
net
assets.
(4)
Affiliated
Companies
(5)
SEC
30-day
yield
(6)
Non-income
producing
(7)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2025.
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(9)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(10)
Insured
by
Assured
Guaranty
Incorporated
(11)
See
Note
4.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$20,387
and
represents
0.4%
of
net
assets.
T.
ROWE
PRICE
Balanced
Fund
42
.
.
.
.
.
.
.
.
.
.
(12)
At
June
30,
2025,
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
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
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
T.
ROWE
PRICE
Balanced
Fund
43
.
.
.
.
.
.
.
.
.
.
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
44
Par
$
Value
(Cost
and
value
in
$000s)
TBA
SALES
COMMITMENTS
 (0.0)%
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
 (0.0)%
U.S.
Government
Agency
Obligations
 (0.0)% 
UMBS,
TBA,
3.00%,
7/1/55 
2,020,000
(1,748‌)
(1,748‌)
U.S.
Government
Obligations
 (0.0)% 
Government
National
Mortgage
Assn.,
TBA,
2.50%,
7/20/55 
755,000
(641‌)
(641‌)
Total
TBA
Sales
Commitments
(Proceeds
$(2,347))
(2,389‌)
T.
ROWE
PRICE
Balanced
Fund
45
(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-S43,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
25,000
570
573
(3‌)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S44,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/30
10,000
224
178
46‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
43‌
Total
Centrally
Cleared
Swaps
43‌
Net
payments
(receipts)
of
variation
margin
to
date
(25‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
18‌
T.
ROWE
PRICE
Balanced
Fund
46
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
169
U.S.
Treasury
Notes
five
year
contracts
9/25
18,421
$
174‌
Long,
218
U.S.
Treasury
Notes
two
year
contracts
9/25
45,349
173‌
Long,
24
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/25
2,742
61‌
Net
payments
(receipts)
of
variation
margin
to
date
(362‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
46‌
T.
ROWE
PRICE
Balanced
Fund
47
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,
2025.
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,
5.47% 
$
—‌
$
819‌
$
201‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.58% 
(6,013‌)
7,604‌
6,810‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.85% 
—‌
39‌
60‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
(336‌)
18,120‌
—‌
T.
Rowe
Price
Government
Reserve
Fund,
4.37%
—‌
—‌
—‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
4.38%
—‌
—‌
2,097‌
Totals
$
(6,349‌)#
$
26,582‌
$
9,168‌+
T.
ROWE
PRICE
Balanced
Fund
48
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
6/30/25
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
5.47% 
$
22,426‌
$
200‌
$
—‌
$
23,445‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.58% 
216,903‌
6,773‌
45,056‌
186,224‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.85% 
474‌
20,660‌
—‌
21,173‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
192,455‌
2,000‌
5,337‌
207,238‌
T.
Rowe
Price
Government
Reserve
Fund,
4.37%
47,683‌
 ¤
 ¤
26,920‌
T.
Rowe
Price
Treasury
Reserve
Fund,
4.38%
60,756‌
 ¤
 ¤
169,969‌
Total
$
634,969‌^
#
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
$9,168
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
$605,659.
T.
ROWE
PRICE
Balanced
Fund
June
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
49
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,331,446)
$
4,864,212‌
Receivable
for
investment
securities
sold
17,631‌
Interest
and
dividends
receivable
12,949‌
Receivable
for
shares
sold
3,428‌
Cash
2,171‌
Foreign
currency
(cost
$1,982)
1,997‌
Variation
margin
receivable
on
futures
contracts
46‌
Variation
margin
receivable
on
centrally
cleared
swaps
18‌
Other
assets
6,259‌
Total
assets
4,908,711‌
Liabilities
Payable
for
investment
securities
purchased
51,622‌
Obligation
to
return
securities
lending
collateral
26,920‌
Payable
for
shares
redeemed
14,153‌
TBA
Sales
Commitments
(proceeds
$2,347)
2,389‌
Investment
management
fees
payable
1,501‌
Due
to
affiliates
198‌
Payable
to
directors
4‌
Other
liabilities
283‌
Total
liabilities
97,070‌
NET
ASSETS
$
4,811,641‌
T.
ROWE
PRICE
Balanced
Fund
June
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
50
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,668,831‌
Paid-in
capital
applicable
to
171,687,873
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,142,810‌
NET
ASSETS
$
4,811,641‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$2,570,366;
Shares
outstanding:
91,681,362)
$
28.04‌
I
Class
(Net
assets:
$2,241,275;
Shares
outstanding:
80,006,511)
$
28.01‌
T.
ROWE
PRICE
Balanced
Fund
(Unaudited)
Statement
of
Operations
51
($000s)
6
Months
Ended
6/30/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$1,606)
$
38,980‌
.
  Interest
26,467‌
Securities
lending
69‌
Other
3‌
Total
income
65,519‌
Expenses
Investment
management
9,994‌
Shareholder
servicing
Investor
Class
$
1,970‌
I
Class
205‌
2,175‌
Prospectus
and
shareholder
reports
Investor
Class
20‌
I
Class
6‌
26‌
Custody
and
accounting
234‌
Legal
and
audit
60‌
Registration
50‌
Directors
8‌
Miscellaneous
23‌
Waived
/
paid
by
Price
Associates
(1,154‌)
Total
expenses
11,416‌
Net
investment
income
54,103‌
T.
ROWE
PRICE
Balanced
Fund
(Unaudited)
Statement
of
Operations
52
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/25
Realized
and
Unrealized
Gain
/
Loss
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$53)
124,135‌
Futures
580‌
Swaps
23‌
Foreign
currency
transactions
90‌
Net
realized
gain
124,828‌
Change
in
net
unrealized
gain
/
loss
Securities
174,147‌
Futures
620‌
Swaps
15‌
TBA
Sales
Commitments
(42‌)
Other
assets
and
liabilities
denominated
in
foreign
currencies
763‌
Change
in
net
unrealized
gain
/
loss
175,503‌
Net
realized
and
unrealized
gain
/
loss
300,331‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
354,434‌
T.
ROWE
PRICE
Balanced
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
53
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/25
Year
Ended
12/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
54,103‌
$
97,887‌
Net
realized
gain
124,828‌
287,540‌
Change
in
net
unrealized
gain
/
loss
175,503‌
129,168‌
Increase
in
net
assets
from
operations
354,434‌
514,595‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
27,230‌
)
(
175,314‌
)
I
Class
(
25,266‌
)
(
148,720‌
)
Decrease
in
net
assets
from
distributions
(
52,496‌
)
(
324,034‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
172,203‌
311,663‌
I
Class
141,324‌
334,485‌
Distributions
reinvested
Investor
Class
26,178‌
168,852‌
I
Class
24,296‌
143,275‌
Shares
redeemed
Investor
Class
(
273,870‌
)
(
597,897‌
)
I
Class
(
180,227‌
)
(
330,257‌
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
90,096‌
)
30,121‌
Net
Assets
Increase
during
period
211,842‌
220,682‌
Beginning
of
period
4,599,799‌
4,379,117‌
End
of
period
$
4,811,641‌
$
4,599,799‌
*Share
information
(000s)
Shares
sold
Investor
Class
6,432‌
11,622‌
I
Class
5,272‌
12,393‌
Distributions
reinvested
Investor
Class
956‌
6,381‌
I
Class
889‌
5,418‌
Shares
redeemed
Investor
Class
(
10,223‌
)
(
22,215‌
)
I
Class
(
6,728‌
)
(
12,226‌
)
Increase
(decrease)
in
shares
outstanding
(
3,402‌
)
1,373‌
T.
ROWE
PRICE
Balanced
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
54
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
55
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.
New
Accounting
Guidance
 In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
T.
ROWE
PRICE
Balanced
Fund
56
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
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.
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)
T.
ROWE
PRICE
Balanced
Fund
57
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
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,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
T.
ROWE
PRICE
Balanced
Fund
58
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
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
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
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Balanced
Fund
59
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2025
(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
$
—‌
$
1,221,065‌
$
—‌
$
1,221,065‌
Asset-Backed
Securities
—‌
47,531‌
1,643‌
49,174‌
Bond
Funds
230,842‌
—‌
—‌
230,842‌
Common
Stocks
2,046,672‌
870,356‌
755‌
2,917,783‌
Convertible
Preferred
Stocks
—‌
—‌
1,591‌
1,591‌
Equity
Funds
207,238‌
—‌
—‌
207,238‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
38,077‌
1,553‌
39,630‌
Short-Term
Investments
169,969‌
—‌
—‌
169,969‌
Securities
Lending
Collateral
26,920‌
—‌
—‌
26,920‌
Total
Securities
2,681,641‌
2,177,029‌
5,542‌
4,864,212‌
Swaps*
—‌
46‌
—‌
46‌
Futures
Contracts*
408‌
—‌
—‌
408‌
Total
$
2,682,049‌
$
2,177,075‌
$
5,542‌
$
4,864,666‌
Liabilities
TBA
Sales
Commitments
$
—‌
$
2,389‌
$
—‌
$
2,389‌
Swaps*
$
—‌
$
3‌
$
—‌
$
3‌
Total
$
—‌
$
2,392‌
$
—‌
$
2,392‌
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.
ROWE
PRICE
Balanced
Fund
60
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
June
30,
2025,
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,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure: 
T.
ROWE
PRICE
Balanced
Fund
61
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2025,
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
$
408‌
Credit
derivatives
Centrally
Cleared
Swaps
46‌
*
Total
$
454‌
*
Liabilities
Credit
derivatives
Centrally
Cleared
Swaps
$
3‌
Total
$
3‌
*
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
$
580‌
$
—‌
$
580‌
Credit
derivatives
—‌
23‌
23‌
Total
$
580‌
$
23‌
$
603‌
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
620‌
$
—‌
$
620‌
Credit
derivatives
—‌
15‌
15‌
Total
$
620‌
$
15‌
$
635‌
T.
ROWE
PRICE
Balanced
Fund
62
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,
2025,
securities
valued
at $1,500,000
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.
ROWE
PRICE
Balanced
Fund
63
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,
2025,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
3%
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.
ROWE
PRICE
Balanced
Fund
64
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,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $35,000,000
(0.7%
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,
2025,
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.
ROWE
PRICE
Balanced
Fund
65
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.
ROWE
PRICE
Balanced
Fund
66
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,
2025,
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 $100,000
cash
as
of
June
30,
2025.
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.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
T.
ROWE
PRICE
Balanced
Fund
67
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,
2025,
the
value
of
loaned
securities
was
$26,018,000;
the
value
of
cash
collateral
and
related
investments
was
$26,920,000.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $671,652,000 and
$945,012,000,
respectively,
for
the
six
months ended
June
30,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $366,398,000 and
$276,188,000,
respectively,
for
the
six
months ended
June
30,
2025.
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,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$3,354,869,000.
Net
unrealized
gain
aggregated
$1,508,807,000
at
period-end,
of
which
$1,660,746,000
related
to
appreciated
investments
and
$151,939,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Balanced
Fund
68
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,
2025,
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
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
T.
ROWE
PRICE
Balanced
Fund
69
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
of
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.
ROWE
PRICE
Balanced
Fund
70
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
June
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates;
$939,000
for
T.
Rowe
Price
Services,
Inc.;
and
$428,000
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
Government
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
71
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,
2025,
are
as
follows:
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$619,000
and
$535,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
six
months ended
June
30,
2025. 
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,
2025,
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
Associates
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%
$
13‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
492‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
10‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.63%
639‌
Total
Management
Fee
Waived
$
1,154‌
T.
ROWE
PRICE
Balanced
Fund
72
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
73
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
12–13,
2025
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
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.
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
included,
but
were
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;
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
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.
T.
ROWE
PRICE
Balanced
Fund
74
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
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2024.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2024,
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
mutual
fund
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,
effective
January
1,
2024,
the
Adviser
began
using
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
75
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
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
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
funds
(including
the
fund)
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
rate
decreases
as
total
T.
Rowe
Price
fund
assets
increase
and
increases
as
total
T.
Rowe
Price
fund
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
fees
and/or
bear
any
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
potentially
shares
in
indirect
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
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Balanced
Fund
76
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,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
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
mixed-asset
target
allocation
growth
funds
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
second
quintile
(Expense
Group),
the
fund’s
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).
At
the
request
of
the
Adviser,
Broadridge
also
constructed
peer
groups
consisting
of
balanced
funds
and
the
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
second
quintile
(Expense
Group)
and
first
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Expense
Group)
and
first
quintile
(Expense
Universe).
The
Adviser
provided
the
Board
with
additional
information
with
respect
to
the
fund’s
relative
management
fees
and
total
expenses
ranking
in
the
fourth
and
fifth
quintiles.
The
Board
reviewed
and
considered
the
information
provided
relating
to
the
fund,
including
other
funds
in
the
peer
group,
and
other
factors
that
the
Board
determined
to
be
relevant.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Balanced
Fund
77
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules,
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
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
domestic
and
international
businesses
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
registered
fund
business
is
generally
more
complex
from
a
business
and
compliance
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,
greater
asset
flows,
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
1-800-225-5132
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
8/25


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, 2025  

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, 2025

 

 

By  

/s/ Alan S. Dupski

     
  Alan S. Dupski  
  Principal Financial Officer  
Date   

August 19, 2025

 
 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d19222dncsrs_htm.xml