T. Rowe Price Balanced Fund Inc.

02/23/2026 | Press release | Distributed by Public on 02/23/2026 09:56

Annual Report by Investment Company (Form N-CSR)

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: December 31, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2025

Balanced Fund

Investor Class (RPBAX)

This annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2025 to December 31, 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 [email protected]or contacting your intermediary.

What were the fund costs for the last year? (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
$61
0.56%

What drove fund performance during the past 12 months?

  • Global and U.S. equities delivered strong returns in 2025, though heightened uncertainty and volatility dominated the first half of the year amid the Trump administration's rapidly shifting policies on tariffs and geopolitics. Markets sold off in April after Trump's tariff announcement but then quickly rebounded when the administration walked back the most severe proposals to allow for negotiations. This, along with a massive boom in artificial intelligence and dovish central bank moves, led to a meaningful rally through much of the remainder of the year. U.S. bonds produced positive returns in 2025. Treasury bill yields, which tend to track the federal funds target rate, declined as the Federal Reserve reduced the fed funds rate three times in the final months of the year.

  • Versus the Morningstar Moderate Target Risk Index, a greater exposure to equities compared with bonds and cash contributed to relative results during a strong period for equities. Security selection among international developed markets stocks also aided relative results.

  • Conversely, the fund's larger exposure to U.S. equities, and lack of exposure to emerging markets stocks, detracted from relative results as international equities outperformed stocks in the U.S. during the year. Stock selection among U.S. large-cap value equities was also detrimental.

  • The fund seeks to provide capital growth, current income, and preservation of capital through a portfolio of stocks and fixed income securities. It normally invests approximately 65% of total assets in U.S. and foreign common stocks and 35% in fixed income securities.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

Investor Class
Regulatory Benchmark
Strategy Benchmark
2015
10,000
10,000
10,000
2016
10,047
10,024
10,215
2016
10,174
10,123
10,460
2016
10,598
10,660
10,816
2016
10,592
10,786
10,857
2017
11,155
11,532
11,312
2017
11,619
12,024
11,606
2017
12,062
12,647
12,000
2017
12,499
13,372
12,448
2018
12,494
13,244
12,336
2018
12,613
13,314
12,409
2018
12,925
13,884
12,722
2018
11,883
12,113
11,856
2019
13,017
13,588
12,885
2019
13,454
14,079
13,289
2019
13,605
14,075
13,411
2019
14,349
15,335
14,112
2020
12,267
12,059
12,224
2020
14,106
14,376
13,781
2020
14,965
15,545
14,443
2020
16,439
17,828
15,922
2021
16,958
18,643
16,267
2021
17,865
20,021
17,077
2021
17,877
19,810
16,962
2021
18,634
21,133
17,544
2022
17,576
20,000
16,634
2022
15,356
16,868
14,748
2022
14,468
15,717
13,875
2022
15,418
17,252
14,952
2023
16,313
18,512
15,599
2023
17,098
19,656
15,985
2023
16,592
18,987
15,460
2023
18,191
21,082
16,929
2024
19,286
22,810
17,591
2024
19,664
23,464
17,638
2024
20,745
25,016
18,868
2024
20,345
24,769
18,329
2025
20,562
24,441
18,638
2025
21,943
27,258
19,916
2025
23,044
29,336
20,836
2025
23,618
30,302
21,252

202501-4140694, 202601-5112892

F68-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
Balanced Fund (Investor Class)
16.09%
7.52%
8.97%
MSCI All Country World Index Net (Regulatory Benchmark)
22.34
11.19
11.72
Morningstar Moderate Target Risk Index (Strategy Benchmark)
15.95
5.95
7.83

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$5,072,079
  • Number of Portfolio Holdings1,600
  • Investment Advisory Fees Paid (000s)$18,455
  • Portfolio Turnover Rate43.7%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
61.2%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
9.0
U.S. Government & Agency Mortgage-Backed Securities
7.3
Corporate Bonds
7.1
Bond Funds
4.8
Equity Funds
4.1
Non-U.S. Government Mortgage-Backed Securities
1.4
Asset-Backed Securities
1.4
Securities Lending Collateral
0.6
Short-Term and Other
3.1

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
6.3%
T. Rowe Price Real Assets Fund - I Class
4.1
T. Rowe Price Institutional High Yield Fund - Institutional Class
3.8
Federal National Mortgage Assn.
3.7
NVIDIA
3.0
U.S. Treasury Bonds
2.7
Microsoft
2.6
Alphabet
2.4
Apple
2.2
Amazon.com
1.7

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

MSCI and Morningstar do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Balanced Fund

Investor Class (RPBAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

December 31, 2025

Balanced Fund

I Class (RBAIX)

This annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2025 to December 31, 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 [email protected]or contacting your intermediary.

What were the fund costs for the last year? (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
$45
0.42%

What drove fund performance during the past 12 months?

  • Global and U.S. equities delivered strong returns in 2025, though heightened uncertainty and volatility dominated the first half of the year amid the Trump administration's rapidly shifting policies on tariffs and geopolitics. Markets sold off in April after Trump's tariff announcement but then quickly rebounded when the administration walked back the most severe proposals to allow for negotiations. This, along with a massive boom in artificial intelligence and dovish central bank moves, led to a meaningful rally through much of the remainder of the year. U.S. bonds produced positive returns in 2025. Treasury bill yields, which tend to track the federal funds target rate, declined as the Federal Reserve reduced the fed funds rate three times in the final months of the year.

  • Versus the Morningstar Moderate Target Risk Index, a greater exposure to equities compared with bonds and cash contributed to relative results during a strong period for equities. Security selection among international developed markets stocks also aided relative results.

  • Conversely, the fund's larger exposure to U.S. equities, and lack of exposure to emerging markets stocks, detracted from relative results as international equities outperformed stocks in the U.S. during the year. Stock selection among U.S. large-cap value equities was also detrimental.

  • The fund seeks to provide capital growth, current income, and preservation of capital through a portfolio of stocks and fixed income securities. It normally invests approximately 65% of total assets in U.S. and foreign common stocks and 35% in fixed income securities.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025

I Class
Regulatory Benchmark
Strategy Benchmark
2015
500,000
500,000
500,000
2016
502,567
501,191
510,734
2016
509,193
506,147
523,011
2016
530,642
532,982
540,807
2016
530,550
539,321
542,853
2017
559,030
576,579
565,577
2017
582,509
601,217
580,300
2017
604,965
632,373
600,012
2017
627,105
668,608
622,423
2018
626,869
662,179
616,786
2018
633,103
665,712
620,473
2018
648,998
694,184
636,122
2018
596,709
605,663
592,817
2019
654,195
679,402
644,269
2019
676,118
703,942
664,427
2019
684,025
703,759
670,534
2019
721,684
766,753
705,606
2020
616,971
602,935
611,202
2020
709,816
718,812
689,025
2020
753,378
777,254
722,125
2020
827,552
891,388
796,076
2021
853,995
932,137
813,343
2021
900,012
1,001,052
853,852
2021
900,915
990,498
848,097
2021
939,393
1,056,628
877,197
2022
886,388
999,984
831,690
2022
774,728
843,381
737,395
2022
729,977
785,865
693,744
2022
778,541
862,589
747,593
2023
823,664
925,608
779,930
2023
863,601
982,785
799,273
2023
838,340
949,345
773,014
2023
919,474
1,054,099
846,453
2024
975,161
1,140,497
879,564
2024
994,619
1,173,221
881,894
2024
1,049,731
1,250,816
943,395
2024
1,029,820
1,238,447
916,430
2025
1,041,210
1,222,044
931,915
2025
1,111,179
1,362,904
995,795
2025
1,167,405
1,466,796
1,041,794
2025
1,197,306
1,515,084
1,062,577

202501-4140694, 202601-5112892

F424-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
Balanced Fund (I Class)
16.26%
7.67%
9.12%
MSCI All Country World Index Net (Regulatory Benchmark)
22.34
11.19
11.72
Morningstar Moderate Target Risk Index (Strategy Benchmark)
15.95
5.95
7.83

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$5,072,079
  • Number of Portfolio Holdings1,600
  • Investment Advisory Fees Paid (000s)$18,455
  • Portfolio Turnover Rate43.7%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
61.2%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
9.0
U.S. Government & Agency Mortgage-Backed Securities
7.3
Corporate Bonds
7.1
Bond Funds
4.8
Equity Funds
4.1
Non-U.S. Government Mortgage-Backed Securities
1.4
Asset-Backed Securities
1.4
Securities Lending Collateral
0.6
Short-Term and Other
3.1

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
6.3%
T. Rowe Price Real Assets Fund - I Class
4.1
T. Rowe Price Institutional High Yield Fund - Institutional Class
3.8
Federal National Mortgage Assn.
3.7
NVIDIA
3.0
U.S. Treasury Bonds
2.7
Microsoft
2.6
Alphabet
2.4
Apple
2.2
Amazon.com
1.7

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

MSCI and Morningstar do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Balanced Fund

I Class (RBAIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR.Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

    2025 2024

Audit Fees

$ 34,043 $ 33,841

Audit-Related Fees

- -

Tax Fees

125 -

All Other Fees

- -

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-ratashare of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-auditservices performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices requiring fees of a de minimis amount is not permitted.

  (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-auditservices rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

(h) All non-auditservices rendered in (g) above were pre-approvedby the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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-EndManagement Investment Companies.

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

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
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
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
26.28‌
$
25.22‌
$
22.22‌
$
28.20‌
$
27.24‌
Investment
activities
Net
investment
income
(1)(2)
0.61‌
0.55‌
0.51‌
0.43‌
0.37‌
Net
realized
and
unrealized
gain/loss
3.56‌
2.42‌
3.45‌
(5.29‌)
3.22‌
Total
from
investment
activities
4.17‌
2.97‌
3.96‌
(4.86‌)
3.59‌
Distributions
Net
investment
income
(0.63‌)
(0.58‌)
(0.52‌)
(0.44‌)
(0.38‌)
Net
realized
gain
(1.44‌)
(1.33‌)
(0.44‌)
(0.68‌)
(2.25‌)
Total
distributions
(2.07‌)
(1.91‌)
(0.96‌)
(1.12‌)
(2.63‌)
NET
ASSET
VALUE
End
of
period
$
28.38‌
$
26.28‌
$
25.22‌
$
22.22‌
$
28.20‌
Ratios/Supplemental
Data
Total
return
(2)(3)
16.09‌%
11.84‌%
17.99‌%
(17.26‌)%
13.36‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.61‌%
0.60‌%
0.60‌%
0.61‌%
0.57‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.56‌%
0.55‌%
0.55‌%
0.57‌%
0.53‌%
Net
investment
income
2.20‌%
2.06‌%
2.15‌%
1.74‌%
1.27‌%
Portfolio
turnover
rate
43.7‌%
39.2‌%
40.9‌%
97.7‌%
91.9‌%
Net
assets,
end
of
period
(in
millions)
$2,658
$2,484
$2,490
$2,318
$4,224
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.
T.
ROWE
PRICE
Balanced
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
26.26‌
$
25.20‌
$
22.21‌
$
28.20‌
$
27.23‌
Investment
activities
Net
investment
income
(1)(2)
0.66‌
0.59‌
0.54‌
0.49‌
0.41‌
Net
realized
and
unrealized
gain/loss
3.55‌
2.42‌
3.44‌
(5.31‌)
3.22‌
Total
from
investment
activities
4.21‌
3.01‌
3.98‌
(4.82‌)
3.63‌
Distributions
Net
investment
income
(0.67‌)
(0.62‌)
(0.55‌)
(0.49‌)
(0.41‌)
Net
realized
gain
(1.44‌)
(1.33‌)
(0.44‌)
(0.68‌)
(2.25‌)
Total
distributions
(2.11‌)
(1.95‌)
(0.99‌)
(1.17‌)
(2.66‌)
NET
ASSET
VALUE
End
of
period
$
28.36‌
$
26.26‌
$
25.20‌
$
22.21‌
$
28.20‌
Ratios/Supplemental
Data
Total
return
(2)(3)
16.26‌%
12.00‌%
18.10‌%
(17.12‌)%
13.51‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.47‌%
0.47‌%
0.47‌%
0.47‌%
0.45‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.42‌%
0.42‌%
0.42‌%
0.43‌%
0.41‌%
Net
investment
income
2.35‌%
2.20‌%
2.28‌%
2.02‌%
1.39‌%
Portfolio
turnover
rate
43.7‌%
39.2‌%
40.9‌%
97.7‌%
91.9‌%
Net
assets,
end
of
period
(in
millions)
$2,414
$2,116
$1,889
$1,669
$1,173
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.
T.
ROWE
PRICE
Balanced
Fund
December
31,
2025
4
Portfolio
of
Investments
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ASSET-BACKED
SECURITIES
1.4%
Affirm
Master
Trust
Series 2025-2A,
Class
A
4.67%,
7/15/33 (1)
2,335,000‌
2,351‌
AGL
Series 2021-13A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.10%,
4.984%,
10/20/34 (1)
3,285,000‌
3,282‌
Ally
Bank
Auto
Credit-Linked
Notes
Series 2025-A,
Class
A2
4.452%,
6/15/33 (1)
1,083,569‌
1,089‌
Ally
Bank
Auto
Credit-Linked
Notes
Series 2025-B,
Class
A2
4.305%,
9/15/33 (1)
1,213,526‌
1,216‌
Ares
Loan
Funding
IX
Series 2025-ALF9A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.18%,
5.085%,
3/31/38 (1)
885,000‌
883‌
Avis
Budget
Rental
Car
Funding
AESOP
Series 2025-3A,
Class
A
4.17%,
2/20/30 (1)
365,000‌
365‌
Barings
III
Series 2021-3A,
Class
B1R,
CLO,
FRN
3M
TSFR
+
1.63%,
5.514%,
1/18/35 (1)
1,655,000‌
1,654‌
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
4.974%,
12/26/31 (1)
98,365‌
99‌
Bayview
Opportunity
Master
Fund
VII
Series 2025-EDU1,
Class
A,
FRN
SOFR30A
+
1.30%,
5.174%,
7/27/48 (1)
1,134,588‌
1,137‌
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
92,577‌
92‌
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
107‌
CarMax
Auto
Owner
Trust
Series 2025-4,
Class
A3
3.97%,
12/16/30
530,000‌
531‌
CarMax
Auto
Owner
Trust
Series 2025-4,
Class
A4
4.08%,
6/16/31
530,000‌
529‌
Carvana
Auto
Receivables
Trust
Series 2021-P4,
Class
C
2.33%,
2/10/28
1,715,000‌
1,670‌
T.
ROWE
PRICE
Balanced
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
235,000‌
237‌
Carvana
Auto
Receivables
Trust
Series 2025-P2,
Class
A4
4.75%,
6/10/31
1,055,000‌
1,071‌
Carvana
Auto
Receivables
Trust
Series 2025-P4,
Class
A4
4.25%,
11/10/31
1,385,000‌
1,391‌
Chase
Auto
Owner
Trust
Series 2025-1A,
Class
A3
4.29%,
6/25/30 (1)
215,000‌
217‌
Chenango
Park
Series 2018-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.45%,
5.355%,
4/15/30 (1)
475,000‌
475‌
CIFC
Funding
Series 2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.204%,
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
2,274‌
Dext
Series 2025-2,
Class
A3
4.23%,
4/15/36 (1)
165,000‌
165‌
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
623,965‌
614‌
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
1,152,298‌
1,117‌
Driven
Brands
Funding
Series 2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,442,352‌
1,363‌
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
290,843‌
301‌
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
233,844‌
241‌
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.382%,
1/17/37 (1)
1,385,000‌
1,387‌
Enterprise
Fleet
Financing
Series 2024-3,
Class
A3
4.98%,
8/21/28 (1)
155,000‌
157‌
T.
ROWE
PRICE
Balanced
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
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)
332,605‌
334‌
Enterprise
Fleet
Financing
Series 2024-4,
Class
A4
4.70%,
6/20/31 (1)
670,000‌
681‌
Enterprise
Fleet
Financing
Series 2025-3,
Class
A3
4.46%,
9/20/29 (1)
1,275,000‌
1,291‌
Exeter
Automobile
Receivables
Trust
Series 2025-4A,
Class
B
4.40%,
5/15/30
945,000‌
950‌
Exeter
Automobile
Receivables
Trust
Series 2025-5A,
Class
A3
4.24%,
11/15/29
675,000‌
677‌
Exeter
Select
Automobile
Receivables
Trust
Series 2025-2,
Class
A3
4.43%,
8/15/30
825,000‌
830‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series 2025-2,
Class
A1
4.06%,
9/15/30
930,000‌
933‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series 2025-2,
Class
B
4.33%,
9/15/30
180,000‌
180‌
Fortress
Credit
BSL
XIX
Series 2023-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.215%,
7/24/36 (1)
3,575,000‌
3,577‌
Halseypoint
6
Series 2022-6A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.234%,
1/20/38 (1)
690,000‌
691‌
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
902,911‌
933‌
Highbridge
Loan
Management
Series 5A-2015,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.06%,
4.965%,
10/15/30 (1)
120,272‌
120‌
Hilton
Grand
Vacations
Trust
Series 2025-2A,
Class
A
4.54%,
5/25/44 (1)
232,314‌
233‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2024-1,
Class
B1
6.153%,
5/20/32 (1)
109,920‌
112‌
T.
ROWE
PRICE
Balanced
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2025-1,
Class
B
4.957%,
3/21/33 (1)
799,212‌
806‌
Invesco
U.S.
Series 2023-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.57%,
5.427%,
4/22/37 (1)
720,000‌
720‌
Jamestown
XV
Series 2020-15A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.37%,
5.275%,
7/15/35 (1)
1,160,000‌
1,161‌
Jersey
Mike's
Funding
Series 2021-1A,
Class
A2I
2.891%,
2/15/52 (1)
49,250‌
49‌
KKR
Series 2022-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.75%,
5.655%,
1/15/36 (1)
1,075,000‌
1,075‌
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.195%,
10/15/32 (1)
1,184,089‌
1,185‌
MVW
Series 2019-2A,
Class
A
2.22%,
10/20/38 (1)
279,124‌
279‌
Navient
Private
Education
Refi
Loan
Trust
Series 2019-CA,
Class
A2
3.13%,
2/15/68 (1)
212,229‌
210‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
183,614‌
173‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series 2024-1,
Class
A
5.59%,
4/25/29 (1)
165,000‌
166‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series 2025-1,
Class
A
4.18%,
9/25/30 (1)
1,210,000‌
1,215‌
Neuberger
Berman
Loan
Advisers
Series 2022-48A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.09%,
4.948%,
4/25/36 (1)
3,340,000‌
3,338‌
NMEF
Funding
Series 2025-A,
Class
A2
4.72%,
7/15/32 (1)
729,078‌
732‌
OCP
Series 2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.21%,
11/26/37 (1)
1,910,000‌
1,912‌
Octane
Receivables
Trust
Series 2024-RVM1,
Class
A
5.01%,
1/22/46 (1)
552,502‌
561‌
T.
ROWE
PRICE
Balanced
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Octane
Receivables
Trust
Series 2025-RVM1,
Class
A
4.48%,
12/20/46 (1)
1,465,000‌
1,468‌
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
42,197‌
42‌
Progress
Residential
Trust
Series 2024-SFR5,
Class
A
3.00%,
8/9/29 (1)
343,075‌
327‌
Progress
Residential
Trust
Series 2025-SFR5,
Class
A
3.85%,
10/17/42 (1)
465,000‌
450‌
Rockford
Tower
Series 2022-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.20%,
5.084%,
7/20/35 (1)
3,335,000‌
3,334‌
Santander
Drive
Auto
Receivables
Trust
Series 2025-4,
Class
A3
4.17%,
4/15/30
65,000‌
65‌
SCF
Equipment
Leasing
Series 2024-1A,
Class
C
5.82%,
9/20/32 (1)
390,000‌
403‌
SCF
Equipment
Leasing
Series 2025-1A,
Class
A2
4.82%,
7/22/30 (1)
563,763‌
566‌
SCF
Equipment
Leasing
Series 2025-1A,
Class
A3
5.11%,
11/21/33 (1)
995,000‌
1,016‌
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)
1,547,511‌
1,450‌
Sierra
Timeshare
Receivables
Funding
Series 2025-2A,
Class
A
4.72%,
4/20/44 (1)
565,462‌
568‌
Sierra
Timeshare
Receivables
Funding
Series 2025-3A,
Class
A
4.44%,
8/22/44 (1)
237,141‌
238‌
Signal
Peak
Series 2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.408%,
4/25/37 (1)
2,220,000‌
2,223‌
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
126,066‌
125‌
T.
ROWE
PRICE
Balanced
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SMB
Private
Education
Loan
Trust
Series 2020-B,
Class
A1A
1.29%,
7/15/53 (1)
474,106‌
453‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
1,149,836‌
1,056‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2025-BA,
Class
A4
4.29%,
6/20/29 (1)
790,000‌
795‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2025-BA,
Class
B
4.47%,
7/20/29 (1)
420,000‌
421‌
TPIC
SPV
I
Series 2024-1A,
Class
A
7.131%,
11/30/44,
Acquisition
Date:
12/10/24
-
12/28/25,
Cost $1,662 (2)(3)
1,662,164‌
1,491‌
Verdant
Receivables
Series 2023-1A,
Class
A2
6.24%,
1/13/31 (1)
190,171‌
194‌
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
117,327‌
120‌
Verdant
Receivables
Series 2025-1A,
Class
B
5.37%,
5/12/33 (1)
100,000‌
103‌
Wheels
Fleet
Lease
Funding
1
Series 2025-2A,
Class
A1
4.41%,
5/18/40 (1)
3,105,000‌
3,130‌
Wingspire
Equipment
Finance
Series 2025-1A,
Class
A2
4.33%,
9/20/33 (1)
205,000‌
205‌
Total
Asset-Backed
Securities
(Cost
$73,047)
72,927‌
BOND
FUNDS
4.8%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.19% (4)(5)
2,326,204‌
23,960‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.05% (4)(5)
24,277,629‌
193,493‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
3.66% (4)(5)
5,137,930‌
24,045‌
Total
Bond
Funds
(Cost
$249,670)
241,498‌
T.
ROWE
PRICE
Balanced
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
COMMON
STOCKS
61.2%
COMMUNICATION
SERVICES
5.0%
Diversified
Telecommunication
Services
0.3%
BT
Group
(GBP)
2,700,732‌
6,691‌
KT
(KRW)
146,752‌
5,461‌
Telstra
Group
(AUD)
1,218,037‌
3,952‌
16,104‌
Entertainment
0.6%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (6)
3,174‌
313‌
Netflix (6)
200,005‌
18,752‌
Nintendo
(JPY)
64,500‌
4,355‌
Spotify
Technology (6)
663‌
385‌
TKO
Group
Holdings
5,487‌
1,147‌
Walt
Disney
57,153‌
6,502‌
31,454‌
Interactive
Media
&
Services
3.6%
Alphabet,
Class
A
136,980‌
42,875‌
Alphabet,
Class
C
243,749‌
76,488‌
Meta
Platforms,
Class
A
85,806‌
56,640‌
Pinterest,
Class
A (6)
118,884‌
3,078‌
Tencent
Holdings
(HKD)
39,200‌
3,008‌
182,089‌
Media
0.0%
Comcast,
Class
A
9,400‌
281‌
281‌
Wireless
Telecommunication
Services
0.5%
KDDI
(JPY)
452,500‌
7,832‌
T-Mobile
U.S.
88,924‌
18,055‌
25,887‌
Total
Communication
Services
255,815‌
CONSUMER
DISCRETIONARY
6.8%
Automobile
Components
0.1%
Autoliv,
SDR
(SEK)
48,343‌
5,802‌
Dowlais
Group
(GBP)
1,184,819‌
1,339‌
7,141‌
Automobiles
1.1%
General
Motors
13,800‌
1,122‌
Subaru
(JPY)
173,900‌
3,744‌
Suzuki
Motor
(JPY) (7)
367,500‌
5,496‌
T.
ROWE
PRICE
Balanced
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Tesla (6)
78,081‌
35,115‌
Toyota
Motor
(JPY)
572,900‌
12,304‌
57,781‌
Broadline
Retail
2.1%
Alibaba
Group
Holding
(HKD)
141,684‌
2,601‌
Amazon.com (6)
351,753‌
81,192‌
Isetan
Mitsukoshi
Holdings
(JPY) (7)
360,900‌
5,242‌
Next
(GBP)
38,543‌
7,096‌
Sea,
ADR (6)
61,591‌
7,857‌
103,988‌
Distributors
0.0%
Pool
500‌
114‌
114‌
Hotels,
Restaurants
&
Leisure
1.1%
Airbnb,
Class
A (6)
2,000‌
272‌
Amadeus
IT
Group
(EUR)
76,709‌
5,677‌
Booking
Holdings
2,699‌
14,454‌
Chipotle
Mexican
Grill (6)
120,659‌
4,464‌
Compass
Group
(GBP)
353,709‌
11,207‌
Darden
Restaurants
1,600‌
295‌
Domino's
Pizza
658‌
274‌
DoorDash,
Class
A (6)
19,738‌
4,470‌
Hilton
Worldwide
Holdings
5,233‌
1,503‌
Las
Vegas
Sands
7,568‌
493‌
McDonald's
44,839‌
13,704‌
Royal
Caribbean
Cruises
3,753‌
1,047‌
Wingstop (7)
1,651‌
394‌
58,254‌
Household
Durables
0.5%
NVR (6)
133‌
970‌
Panasonic
Holdings
(JPY)
341,200‌
4,424‌
Persimmon
(GBP)
165,179‌
3,019‌
Sony
Group
(JPY)
530,400‌
13,605‌
Toll
Brothers
21,328‌
2,884‌
24,902‌
Specialty
Retail
1.5%
AutoZone (6)
3,010‌
10,208‌
Carvana (6)
70,551‌
29,774‌
Home
Depot
37,792‌
13,004‌
Kingfisher
(GBP)
1,271,352‌
5,352‌
Lowe's
24,830‌
5,988‌
T.
ROWE
PRICE
Balanced
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
O'Reilly
Automotive (6)
14,109‌
1,287‌
Ross
Stores
24,640‌
4,439‌
TJX
32,285‌
4,959‌
Tractor
Supply
12,742‌
637‌
Ulta
Beauty (6)
836‌
506‌
76,154‌
Textiles,
Apparel
&
Luxury
Goods
0.4%
Asics
(JPY)
305,400‌
7,332‌
Kering
(EUR)
17,887‌
6,250‌
Moncler
(EUR)
77,887‌
4,979‌
NIKE,
Class
B
5,600‌
357‌
Samsonite
Group
(HKD)
1,047,600‌
2,675‌
21,593‌
Total
Consumer
Discretionary
349,927‌
CONSUMER
STAPLES
2.9%
Beverages
0.3%
Coca-Cola
53,282‌
3,725‌
Diageo
(GBP)
170,172‌
3,667‌
Heineken
(EUR)
56,960‌
4,700‌
Keurig
Dr
Pepper
27,116‌
759‌
Monster
Beverage (6)
10,843‌
831‌
PepsiCo
11,092‌
1,592‌
15,274‌
Consumer
Staples
Distribution
&
Retail
0.6%
Costco
Wholesale
5,010‌
4,320‌
Dollar
Tree (6)
60,746‌
7,472‌
Seven
&
i
Holdings
(JPY)
378,100‌
5,432‌
Target
1,400‌
137‌
Tsuruha
Holdings
(JPY) (7)
150,000‌
2,753‌
Walmart
73,628‌
8,203‌
28,317‌
Food
Products
0.7%
Ajinomoto
(JPY)
187,600‌
3,966‌
Lamb
Weston
Holdings
7,800‌
327‌
Magnum
Ice
Cream
(GBP) (6)
118,550‌
1,882‌
Magnum
Ice
Cream (6)
3,100‌
49‌
Mondelez
International,
Class
A
219,218‌
11,801‌
Nestle
(CHF)
179,240‌
17,791‌
Tyson
Foods,
Class
A
4,000‌
234‌
36,050‌
T.
ROWE
PRICE
Balanced
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Household
Products
0.5%
Colgate-Palmolive
109,387‌
8,644‌
Procter
&
Gamble
118,024‌
16,914‌
25,558‌
Personal
Care
Products
0.6%
elf
Beauty (6)(7)
3,542‌
269‌
Estee
Lauder,
Class
A
8,100‌
848‌
Kenvue
20,435‌
352‌
L'Oreal
(EUR)
16,079‌
6,903‌
Puig
Brands,
Class
B
(EUR) (7)
138,770‌
2,417‌
Unilever
(GBP)
319,843‌
20,898‌
Unilever,
ADR (7)
11,893‌
778‌
32,465‌
Tobacco
0.2%
Altria
Group
14,224‌
820‌
Philip
Morris
International
47,326‌
7,591‌
8,411‌
Total
Consumer
Staples
146,075‌
ENERGY
2.2%
Energy
Equipment
&
Services
0.3%
Baker
Hughes
13,300‌
606‌
SLB
202,048‌
7,754‌
TechnipFMC
117,772‌
5,248‌
13,608‌
Oil,
Gas
&
Consumable
Fuels
1.9%
Chevron
89,325‌
13,614‌
ConocoPhillips
159,496‌
14,931‌
Diamondback
Energy
5,633‌
847‌
EOG
Resources
5,930‌
623‌
EQT
9,258‌
496‌
Equinor
(NOK)
319,400‌
7,532‌
Expand
Energy
3,968‌
438‌
Exxon
Mobil
85,346‌
10,271‌
Marathon
Petroleum
4,249‌
691‌
Range
Resources
218,661‌
7,710‌
Shell,
ADR
172,361‌
12,665‌
Targa
Resources
5,393‌
995‌
TotalEnergies
(EUR)
218,786‌
14,264‌
Valero
Energy
50,828‌
8,274‌
T.
ROWE
PRICE
Balanced
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Williams
25,259‌
1,518‌
94,869‌
Total
Energy
108,477‌
FINANCIALS
11.3%
Banks
4.7%
ABN
AMRO
Bank,
CVA
(EUR)
99,773‌
3,486‌
ANZ
Group
Holdings
(AUD)
313,343‌
7,576‌
Banco
Bilbao
Vizcaya
Argentaria
(EUR)
374,603‌
8,787‌
Banco
Santander
(EUR)
1,029,690‌
12,120‌
Bank
of
America
314,080‌
17,274‌
Barclays
(GBP)
1,178,916‌
7,546‌
BAWAG
Group
(EUR)
16,785‌
2,528‌
Citigroup
97,380‌
11,363‌
DBS
Group
Holdings
(SGD)
204,700‌
8,967‌
DNB
Bank
(NOK)
343,932‌
9,582‌
East
West
Bancorp
6,800‌
764‌
Erste
Group
Bank
(EUR)
51,790‌
6,210‌
Fifth
Third
Bancorp
154,409‌
7,228‌
HDFC
Bank
(INR)
544,161‌
6,011‌
Huntington
Bancshares
42,955‌
745‌
ING
Groep
(EUR)
315,679‌
8,873‌
Intesa
Sanpaolo
(EUR)
970,932‌
6,709‌
JPMorgan
Chase
111,413‌
35,900‌
KeyCorp
80,622‌
1,664‌
Lloyds
Banking
Group
(GBP)
7,019,373‌
9,285‌
Mitsubishi
UFJ
Financial
Group
(JPY)
825,000‌
13,094‌
National
Bank
of
Canada
(CAD) (7)
42,340‌
5,325‌
Popular
2,366‌
295‌
Skandinaviska
Enskilda
Banken,
Class
A
(SEK)
351,263‌
7,406‌
Societe
Generale
(EUR)
129,546‌
10,429‌
Standard
Chartered
(GBP)
442,795‌
10,804‌
Sumitomo
Mitsui
Trust
Group
(JPY)
192,308‌
5,861‌
Truist
Financial
4,479‌
221‌
U.S.
Bancorp
37,727‌
2,013‌
UniCredit
(EUR)
122,361‌
10,135‌
Wells
Fargo
12,417‌
1,157‌
Western
Alliance
Bancorp
4,533‌
381‌
239,739‌
Capital
Markets
2.0%
Ares
Management,
Class
A
6,266‌
1,013‌
Bank
of
New
York
Mellon
11,924‌
1,384‌
Blackrock
1,753‌
1,876‌
T.
ROWE
PRICE
Balanced
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Blackstone
4,800‌
740‌
Bridgepoint
Group
(GBP)
714,706‌
2,723‌
Brookfield
(CAD)
133,878‌
6,147‌
Cboe
Global
Markets
994‌
250‌
Charles
Schwab
176,268‌
17,611‌
CME
Group
19,241‌
5,254‌
CVC
Capital
Partners
(EUR)
180,769‌
3,027‌
Goldman
Sachs
Group
12,624‌
11,097‌
Intercontinental
Exchange
68,408‌
11,079‌
Julius
Baer
Group
(CHF)
40,849‌
3,192‌
KKR
11,446‌
1,459‌
Macquarie
Group
(AUD)
39,946‌
5,398‌
Moody's
6,811‌
3,479‌
Morgan
Stanley
63,303‌
11,238‌
MSCI
900‌
516‌
Robinhood
Markets,
Class
A (6)
6,735‌
762‌
S&P
Global
3,428‌
1,791‌
State
Street
3,646‌
470‌
TPG
9,014‌
576‌
Tradeweb
Markets,
Class
A
11,827‌
1,272‌
UBS
Group
(CHF)
173,528‌
8,013‌
100,367‌
Consumer
Finance
0.3%
American
Express
34,176‌
12,643‌
Capital
One
Financial
15,748‌
3,817‌
16,460‌
Financial
Services
2.0%
Adyen
(EUR) (6)
2,470‌
3,983‌
Apollo
Global
Management
14,174‌
2,052‌
Berkshire
Hathaway,
Class
B (6)
58,000‌
29,154‌
Block (6)
25,975‌
1,691‌
Corebridge
Financial
19,937‌
602‌
Corpay (6)
5,517‌
1,660‌
Equitable
Holdings
16,736‌
797‌
Fiserv (6)
4,105‌
276‌
Global
Payments
1,255‌
97‌
Klarna
Group (6)(7)
39,238‌
1,134‌
Mastercard,
Class
A
38,182‌
21,797‌
ORIX
(JPY)
136,900‌
4,004‌
Rocket,
Class
A
22,469‌
435‌
Visa,
Class
A
91,377‌
32,047‌
T.
ROWE
PRICE
Balanced
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Voya
Financial
9,936‌
740‌
100,469‌
Insurance
2.2%
Admiral
Group
(GBP)
106,090‌
4,538‌
AIA
Group
(HKD)
635,000‌
6,536‌
Allstate
58,909‌
12,262‌
American
International
Group
19,413‌
1,661‌
Arthur
J
Gallagher
800‌
207‌
Aviva
(GBP)
643,386‌
5,916‌
AXA
(EUR)
184,553‌
8,855‌
Axis
Capital
Holdings
3,519‌
377‌
Chubb
42,750‌
13,343‌
Definity
Financial
(CAD)
122,167‌
6,758‌
Generali
(EUR) (7)
79,618‌
3,327‌
Great-West
Lifeco
(CAD)
112,744‌
5,560‌
Hartford
Insurance
Group
6,181‌
852‌
Mandatum
(EUR)
503,999‌
4,059‌
Marsh
&
McLennan
23,470‌
4,354‌
MetLife
42,296‌
3,339‌
Muenchener
Rueckversicherungs-Gesellschaft
(EUR)
13,454‌
8,854‌
Progressive
8,813‌
2,007‌
RenaissanceRe
Holdings
1,110‌
312‌
Sampo,
Class
A
(EUR)
694,963‌
8,408‌
Tokio
Marine
Holdings
(JPY)
185,100‌
6,843‌
Travelers
12,605‌
3,656‌
112,024‌
Mortgage
Real
Estate
Investment
Trusts
0.1%
Annaly
Capital
Management,
REIT
172,573‌
3,859‌
3,859‌
Total
Financials
572,918‌
HEALTH
CARE
6.1%
Biotechnology
0.6%
AbbVie
17,726‌
4,050‌
Amgen
1,422‌
465‌
Argenx,
ADR (6)
7,469‌
6,281‌
BeOne
Medicines,
ADR (6)
2,523‌
767‌
Gilead
Sciences
115,941‌
14,231‌
Regeneron
Pharmaceuticals
1,565‌
1,208‌
Vertex
Pharmaceuticals (6)
4,976‌
2,256‌
29,258‌
T.
ROWE
PRICE
Balanced
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Health
Care
Equipment
&
Supplies
1.2%
Abbott
Laboratories
73,890‌
9,258‌
Alcon
27,800‌
2,191‌
Boston
Scientific (6)
17,047‌
1,625‌
Edwards
Lifesciences (6)
3,900‌
332‌
EssilorLuxottica
(EUR)
20,823‌
6,584‌
Hoya
(JPY)
28,300‌
4,292‌
IDEXX
Laboratories (6)
820‌
555‌
Intuitive
Surgical (6)
23,622‌
13,379‌
Koninklijke
Philips
(EUR)
270,691‌
7,371‌
Medline,
Class
A (6)
24,176‌
1,015‌
Medtronic
6,894‌
662‌
ResMed
2,911‌
701‌
Siemens
Healthineers
(EUR)
139,107‌
7,292‌
Sonova
Holding
(CHF)
7,858‌
2,033‌
Stryker
14,344‌
5,041‌
Zimmer
Biomet
Holdings
4,500‌
405‌
62,736‌
Health
Care
Providers
&
Services
1.2%
Cardinal
Health
4,106‌
844‌
Cencora
34,796‌
11,752‌
Centene (6)
9,400‌
387‌
Cigna
Group
13,197‌
3,632‌
CVS
Health
19,825‌
1,573‌
Elevance
Health
22,359‌
7,838‌
McKesson
982‌
805‌
Quest
Diagnostics
23,544‌
4,086‌
Tenet
Healthcare (6)
51,947‌
10,323‌
UnitedHealth
Group
56,084‌
18,514‌
59,754‌
Life
Sciences
Tools
&
Services
0.5%
Danaher
38,869‌
8,898‌
IQVIA
Holdings (6)
1,579‌
356‌
Mettler-Toledo
International (6)
224‌
312‌
Revvity (7)
69,660‌
6,739‌
Thermo
Fisher
Scientific
12,891‌
7,470‌
Waters (6)
700‌
266‌
West
Pharmaceutical
Services
1,500‌
413‌
24,454‌
Pharmaceuticals
2.6%
AstraZeneca,
ADR
280,677‌
25,802‌
Bristol-Myers
Squibb
5,100‌
275‌
T.
ROWE
PRICE
Balanced
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Chugai
Pharmaceutical
(JPY) (7)
150,200‌
7,880‌
Chugai
Pharmaceutical,
ADR (7)
32,670‌
858‌
Eli
Lilly
30,406‌
32,677‌
Johnson
&
Johnson
52,084‌
10,779‌
Merck
44,795‌
4,715‌
Novartis
(CHF)
100,371‌
13,831‌
Novo
Nordisk,
Class
B
(DKK)
174,128‌
8,831‌
Pfizer
28,135‌
700‌
Roche
Holding
(CHF)
40,843‌
16,867‌
Sanofi
(EUR)
72,305‌
6,996‌
Viatris
83,346‌
1,038‌
Zoetis
2,900‌
365‌
131,614‌
Total
Health
Care
307,816‌
INDUSTRIALS
&
BUSINESS
SERVICES
7.4%
Aerospace
&
Defense
1.4%
Boeing (6)
12,247‌
2,659‌
General
Electric
76,696‌
23,625‌
Howmet
Aerospace
6,657‌
1,365‌
L3Harris
Technologies
3,307‌
971‌
Melrose
Industries
(GBP)
753,366‌
5,942‌
Northrop
Grumman
8,332‌
4,751‌
Rheinmetall
(EUR)
3,490‌
6,367‌
Rolls-Royce
Holdings
(GBP)
571,327‌
8,836‌
RTX
5,617‌
1,030‌
Safran
(EUR)
30,438‌
10,602‌
TransDigm
Group
1,784‌
2,372‌
68,520‌
Building
Products
0.2%
Carrier
Global
11,153‌
589‌
Johnson
Controls
International
9,077‌
1,087‌
Kingspan
Group
(EUR)
28,664‌
2,470‌
Owens
Corning
21,141‌
2,366‌
Trane
Technologies
2,753‌
1,072‌
7,584‌
Commercial
Services
&
Supplies
0.4%
Cintas
12,870‌
2,420‌
Element
Fleet
Management
(CAD)
262,893‌
6,905‌
Republic
Services
39,930‌
8,462‌
Veralto
5,658‌
565‌
Waste
Connections
3,713‌
651‌
T.
ROWE
PRICE
Balanced
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Waste
Management
3,367‌
740‌
19,743‌
Construction
&
Engineering
0.2%
API
Group (6)
14,532‌
556‌
Shimizu
(JPY)
240,500‌
4,106‌
Vinci
(EUR)
41,607‌
5,854‌
10,516‌
Electrical
Equipment
1.3%
ABB
(CHF)
157,056‌
11,578‌
AMETEK
67,532‌
13,865‌
Emerson
Electric
4,009‌
532‌
GE
Vernova
8,669‌
5,666‌
Hubbell
2,476‌
1,100‌
Legrand
(EUR)
38,237‌
5,684‌
Mitsubishi
Electric
(JPY)
428,200‌
12,485‌
Prysmian
(EUR)
125,301‌
12,500‌
Vertiv
Holdings,
Class
A
7,551‌
1,223‌
64,633‌
Ground
Transportation
0.5%
Canadian
National
Railway (7)
7,335‌
725‌
CSX
201,911‌
7,319‌
Norfolk
Southern
20,143‌
5,816‌
Old
Dominion
Freight
Line
61,469‌
9,638‌
Saia (6)
3,763‌
1,229‌
Uber
Technologies (6)
5,258‌
430‌
Union
Pacific
1,164‌
269‌
25,426‌
Industrial
Conglomerates
1.0%
3M
4,400‌
705‌
DCC
(GBP) (7)
39,907‌
2,486‌
Hitachi
(JPY)
335,200‌
10,512‌
Honeywell
International
5,530‌
1,079‌
Siemens
(EUR)
100,105‌
28,037‌
SK
Square
(KRW) (6)
25,219‌
6,422‌
49,241‌
Machinery
1.6%
Caterpillar
21,053‌
12,061‌
Cummins
1,728‌
882‌
Deere
41,282‌
19,220‌
Dover
5,226‌
1,020‌
Esab
5,665‌
633‌
T.
ROWE
PRICE
Balanced
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Fortive
22,437‌
1,239‌
Ingersoll
Rand
7,727‌
612‌
KION
Group
(EUR)
68,878‌
5,443‌
Middleby (6)
5,185‌
771‌
PACCAR
9,300‌
1,018‌
Parker-Hannifin
16,553‌
14,549‌
Pentair
34,490‌
3,592‌
Sandvik
(SEK)
257,673‌
8,323‌
Stanley
Black
&
Decker
4,794‌
356‌
Westinghouse
Air
Brake
Technologies
58,775‌
12,545‌
Xylem
2,263‌
308‌
82,572‌
Passenger
Airlines
0.1%
Ryanair
Holdings,
ADR
83,546‌
6,031‌
United
Airlines
Holdings (6)
5,915‌
662‌
6,693‌
Professional
Services
0.2%
Automatic
Data
Processing
600‌
154‌
Booz
Allen
Hamilton
Holding
2,800‌
236‌
Dayforce (6)
1,265‌
88‌
Equifax
18,083‌
3,924‌
Recruit
Holdings
(JPY)
110,700‌
6,220‌
Teleperformance
(EUR)
8,437‌
611‌
Verisk
Analytics
3,380‌
756‌
11,989‌
Trading
Companies
&
Distributors
0.5%
AerCap
Holdings
44,843‌
6,447‌
Ashtead
Group
(GBP)
27,094‌
1,847‌
Bunzl
(GBP)
139,626‌
3,899‌
SiteOne
Landscape
Supply (6)
2,978‌
371‌
Sumitomo
(JPY)
281,000‌
9,726‌
W.W.
Grainger
5,486‌
5,536‌
27,826‌
Total
Industrials
&
Business
Services
374,743‌
INFORMATION
TECHNOLOGY
15.3%
Communications
Equipment
0.5%
Arista
Networks (6)
78,508‌
10,287‌
Cisco
Systems
142,403‌
10,969‌
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK)
482,710‌
4,698‌
25,954‌
T.
ROWE
PRICE
Balanced
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol,
Class
A
16,599‌
2,243‌
CDW
2,067‌
281‌
Corning
8,840‌
774‌
Keysight
Technologies (6)
102,686‌
20,865‌
TE
Connectivity
44,863‌
10,207‌
Teledyne
Technologies (6)
2,774‌
1,417‌
35,787‌
IT
Services
0.6%
Accenture,
Class
A
7,443‌
1,997‌
Indra
Sistemas
(EUR) (7)
62,000‌
3,524‌
International
Business
Machines
26,036‌
7,712‌
NEC
(JPY)
212,500‌
7,190‌
Nomura
Research
Institute
(JPY)
95,100‌
3,619‌
Shopify,
Class
A (6)
41,863‌
6,739‌
30,781‌
Semiconductors
&
Semiconductor
Equipment
7.0%
Advanced
Micro
Devices (6)
23,260‌
4,981‌
Analog
Devices
31,817‌
8,629‌
Applied
Materials
6,741‌
1,732‌
ASML
Holding
(EUR)
21,725‌
23,409‌
ASML
Holding
5,514‌
5,899‌
BE
Semiconductor
Industries
(EUR)
22,185‌
3,468‌
Broadcom
179,420‌
62,097‌
First
Solar (6)
1,922‌
502‌
Infineon
Technologies
(EUR)
88,732‌
3,872‌
Intel (6)
181,056‌
6,681‌
KLA
6,867‌
8,344‌
Lam
Research
50,261‌
8,604‌
Marvell
Technology
5,175‌
440‌
Microchip
Technology
1,900‌
121‌
Micron
Technology
13,187‌
3,764‌
Monolithic
Power
Systems
6,085‌
5,515‌
NVIDIA
822,547‌
153,405‌
QUALCOMM
13,885‌
2,375‌
Renesas
Electronics
(JPY) (7)
341,900‌
4,683‌
Taiwan
Semiconductor
Manufacturing
(TWD)
393,969‌
19,366‌
Taiwan
Semiconductor
Manufacturing,
ADR
13,919‌
4,230‌
Teradyne
3,900‌
755‌
Texas
Instruments
80,394‌
13,948‌
Tokyo
Electron
(JPY)
32,000‌
7,127‌
353,947‌
T.
ROWE
PRICE
Balanced
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Software
4.1%
Adobe (6)
3,012‌
1,054‌
Aestas
DBA
OpenAI,
Class
A,
Acquisition
Date:
10/3/25,
Cost $2,097 (2)(3)(6)
4,877‌
2,356‌
AppLovin,
Class
A (6)
3,945‌
2,658‌
Autodesk (6)
1,525‌
451‌
Canva,
Class
B,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $668 (2)(3)(6)
392‌
645‌
Crowdstrike
Holdings,
Class
A (6)
8,782‌
4,117‌
Datadog,
Class
A (6)
16,653‌
2,265‌
Descartes
Systems
Group (6)
9,513‌
834‌
Fair
Isaac (6)
168‌
284‌
Fortinet (6)
12,838‌
1,019‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $216 (2)(3)(6)
7,517‌
183‌
HubSpot (6)
500‌
201‌
InterDigital
6,300‌
2,006‌
Intuit
3,499‌
2,318‌
Microsoft
268,358‌
129,783‌
Oracle
57,614‌
11,230‌
Palantir
Technologies,
Class
A (6)
38,567‌
6,855‌
Palo
Alto
Networks (6)
10,973‌
2,021‌
PTC (6)
3,058‌
533‌
Roper
Technologies
5,456‌
2,429‌
Salesforce
19,666‌
5,210‌
SAP
(EUR)
59,848‌
14,541‌
ServiceNow (6)
79,532‌
12,183‌
Synopsys (6)
8,116‌
3,812‌
Workday,
Class
A (6)
1,609‌
346‌
209,334‌
Technology
Hardware,
Storage
&
Peripherals
2.4%
Apple
402,970‌
109,551‌
Dell
Technologies,
Class
C
2,741‌
345‌
Samsung
Electronics
(KRW)
97,270‌
8,153‌
Sandisk (6)
1,600‌
380‌
Seagate
Technology
Holdings
4,060‌
1,118‌
Western
Digital
4,901‌
844‌
120,391‌
Total
Information
Technology
776,194‌
MATERIALS
1.6%
Chemicals
0.7%
Air
Liquide
(EUR)
44,362‌
8,338‌
CF
Industries
Holdings
3,449‌
267‌
T.
ROWE
PRICE
Balanced
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corteva
7,308‌
490‌
Dow
5,500‌
129‌
Ecolab
3,436‌
902‌
Linde
33,916‌
14,461‌
Mosaic
7,952‌
191‌
PPG
Industries
29,340‌
3,006‌
RPM
International
1,079‌
112‌
Sherwin-Williams
10,041‌
3,254‌
Shin-Etsu
Chemical
(JPY)
190,600‌
5,920‌
37,070‌
Construction
Materials
0.1%
CRH
7,600‌
948‌
Holcim
(CHF)
49,312‌
4,801‌
Martin
Marietta
Materials
1,400‌
872‌
6,621‌
Containers
&
Packaging
0.3%
Ball
102,702‌
5,440‌
International
Paper
284,699‌
11,214‌
Packaging
Corp.
of
America
1,175‌
243‌
16,897‌
Metals
&
Mining
0.4%
Agnico
Eagle
Mines
1,300‌
220‌
Antofagasta
(GBP)
204,979‌
9,004‌
BHP
Group
(AUD)
117,444‌
3,544‌
BHP
Group
(GBP) (7)
122,565‌
3,711‌
Franco-Nevada
10,774‌
2,233‌
Freeport-McMoRan
15,910‌
808‌
Grupo
Mexico,
Series
B
(MXN)
237,308‌
2,235‌
Steel
Dynamics
4,523‌
767‌
22,522‌
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
373,098‌
4,658‌
West
Fraser
Timber (7)
6,463‌
395‌
5,053‌
Total
Materials
88,163‌
REAL
ESTATE
1.2%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Ventas,
REIT
5,122‌
397‌
Welltower,
REIT
47,827‌
8,877‌
9,274‌
T.
ROWE
PRICE
Balanced
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Industrial
Real
Estate
Investment
Trusts
0.1%
Prologis,
REIT
13,567‌
1,732‌
Rexford
Industrial
Realty,
REIT
23,465‌
908‌
Segro
(GBP)
259,567‌
2,515‌
5,155‌
Office
Real
Estate
Investment
Trusts
0.0%
BXP,
REIT (7)
4,200‌
283‌
283‌
Real
Estate
Management
&
Development
0.3%
CBRE
Group,
Class
A (6)
5,330‌
857‌
CoStar
Group (6)
2,359‌
159‌
Mitsubishi
Estate
(JPY)
227,700‌
5,532‌
Mitsui
Fudosan
(JPY)
568,200‌
6,457‌
13,005‌
Residential
Real
Estate
Investment
Trusts
0.2%
AvalonBay
Communities,
REIT
2,366‌
429‌
Equity
LifeStyle
Properties,
REIT
59,100‌
3,582‌
Essex
Property
Trust,
REIT
17,293‌
4,525‌
Sun
Communities,
REIT
2,079‌
258‌
8,794‌
Retail
Real
Estate
Investment
Trusts
0.2%
Kimco
Realty,
REIT
15,303‌
310‌
Regency
Centers,
REIT
4,379‌
302‌
Scentre
Group
(AUD)
2,297,248‌
6,422‌
Simon
Property
Group,
REIT
3,031‌
561‌
7,595‌
Specialized
Real
Estate
Investment
Trusts
0.2%
American
Tower,
REIT
7,932‌
1,393‌
CubeSmart,
REIT
9,408‌
339‌
Equinix,
REIT
1,828‌
1,401‌
Public
Storage,
REIT
13,284‌
3,447‌
VICI
Properties,
REIT
106,557‌
2,996‌
9,576‌
Total
Real
Estate
53,682‌
UTILITIES
1.4%
Electric
Utilities
0.6%
Alliant
Energy
17,104‌
1,112‌
Constellation
Energy
13,732‌
4,851‌
NextEra
Energy
32,912‌
2,642‌
PG&E
83,794‌
1,347‌
T.
ROWE
PRICE
Balanced
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Southern
135,926‌
11,853‌
Xcel
Energy
125,999‌
9,306‌
31,111‌
Gas
Utilities
0.1%
Atmos
Energy
23,372‌
3,918‌
3,918‌
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Orsted
(DKK) (6)
124,958‌
2,386‌
Vistra
5,623‌
907‌
3,293‌
Multi-Utilities
0.6%
Ameren
76,539‌
7,643‌
CMS
Energy
7,508‌
525‌
Consolidated
Edison
10,455‌
1,039‌
DTE
Energy
4,663‌
602‌
Engie
(EUR)
332,529‌
8,735‌
National
Grid
(GBP)
681,041‌
10,446‌
Sempra
17,162‌
1,515‌
30,505‌
Total
Utilities
68,827‌
Total
Common
Stocks
(Cost
$1,405,606)
3,102,637‌
CONVERTIBLE
PREFERRED
STOCKS
0.1%
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $43 (2)(3)(6)
25‌
41‌
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
737‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $625 (2)
(3)(6)
8,505‌
1,616‌
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $112 (2)
(3)(6)
1,526‌
290‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $317 (2)(3)(6)
10,431‌
254‌
OpenAI,
Series
A-3,
Acquisition
Date:
8/15/25,
Cost $216 (2)
(3)(6)
702‌
339‌
Total
Information
Technology
3,280‌
Total
Convertible
Preferred
Stocks
(Cost
$1,545)
3,280‌
T.
ROWE
PRICE
Balanced
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CORPORATE
BONDS
7.1%
AbbVie,
2.95%,
11/21/26
920,000‌
913‌
AbbVie,
3.20%,
5/14/26
420,000‌
419‌
AbbVie,
4.50%,
5/14/35
1,900,000‌
1,869‌
AbbVie,
4.80%,
3/15/29
1,260,000‌
1,292‌
AerCap
Ireland
Capital,
2.45%,
10/29/26
935,000‌
923‌
AHS
Hospital,
5.024%,
7/1/45
1,600,000‌
1,501‌
AIB
Group,
VR,
6.608%,
9/13/29 (1)(8)
650,000‌
690‌
Alcon
Finance,
2.60%,
5/27/30 (1)
1,300,000‌
1,210‌
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
655,000‌
653‌
Ally
Financial,
2.20%,
11/2/28
700,000‌
663‌
Amazon.com,
4.65%,
11/20/35
2,770,000‌
2,763‌
Ameren,
5.70%,
12/1/26 (7)
1,820,000‌
1,845‌
America
Movil,
6.375%,
3/1/35
300,000‌
331‌
American
Express,
VR,
4.918%,
7/20/33 (8)
590,000‌
601‌
American
Honda
Finance,
4.55%,
7/9/27 (7)
2,360,000‌
2,383‌
Amgen,
2.77%,
9/1/53
447,000‌
266‌
Amphenol,
5.05%,
4/5/29
895,000‌
922‌
Antofagasta,
5.625%,
9/9/35 (7)
820,000‌
843‌
Appalachian
Power,
4.45%,
6/1/45
2,450,000‌
2,047‌
Arthur
J
Gallagher,
4.85%,
12/15/29 (7)
360,000‌
369‌
AT&T,
4.55%,
11/1/32
1,925,000‌
1,915‌
Athene
Global
Funding,
4.86%,
8/27/26 (1)
2,935,000‌
2,947‌
Atlassian,
5.25%,
5/15/29
575,000‌
592‌
Atmos
Energy,
4.15%,
1/15/43
1,500,000‌
1,278‌
AutoZone,
3.125%,
4/21/26
650,000‌
648‌
AutoZone,
5.05%,
7/15/26
2,690,000‌
2,704‌
Banco
Santander,
3.49%,
5/28/30
200,000‌
193‌
Banco
Santander,
5.439%,
7/15/31 (7)
3,600,000‌
3,787‌
Bank
of
America,
6.11%,
1/29/37
900,000‌
972‌
Bank
of
America,
6.75%,
6/1/28
700,000‌
743‌
Bank
of
America,
VR,
2.299%,
7/21/32 (8)
2,240,000‌
2,004‌
Bank
of
America,
VR,
2.676%,
6/19/41 (8)
3,450,000‌
2,548‌
Bank
of
America,
Series N,
VR,
2.651%,
3/11/32 (8)
2,325,000‌
2,136‌
Bank
of
Montreal,
2.65%,
3/8/27
2,035,000‌
2,006‌
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (7)(8)
1,885,000‌
2,113‌
Banner
Health,
1.897%,
1/1/31
670,000‌
600‌
Barclays,
VR,
5.674%,
3/12/28 (8)
750,000‌
764‌
Barclays,
VR,
5.69%,
3/12/30 (8)
2,055,000‌
2,139‌
BAT
Capital,
4.39%,
8/15/37
1,385,000‌
1,277‌
BAT
Capital,
5.834%,
2/20/31
810,000‌
860‌
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
1,540,000‌
1,647‌
T.
ROWE
PRICE
Balanced
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BBVA
Mexico
Institucion
De
Banca
Multiple
Grupo
Financiero,
5.25%,
9/10/29
1,345,000‌
1,381‌
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
1,350,000‌
1,299‌
Boston
Gas,
5.843%,
1/10/35 (1)
245,000‌
259‌
Boston
Properties,
3.65%,
2/1/26
1,165,000‌
1,163‌
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,110,000‌
1,098‌
Brixmor
Operating
Partnership,
3.90%,
3/15/27
565,000‌
564‌
Brixmor
Operating
Partnership,
4.125%,
6/15/26
1,220,000‌
1,219‌
Brixmor
Operating
Partnership,
4.85%,
2/15/33
315,000‌
316‌
Broadcom,
5.05%,
7/12/29
3,600,000‌
3,708‌
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37
650,000‌
723‌
Cadence
Design
Systems,
4.30%,
9/10/29
965,000‌
970‌
Cameron
LNG,
2.902%,
7/15/31 (1)
575,000‌
532‌
Cameron
LNG,
3.701%,
1/15/39 (1)
475,000‌
407‌
Canadian
National
Railway,
5.85%,
11/1/33 (7)
1,155,000‌
1,253‌
Canadian
Pacific
Railway,
1.75%,
12/2/26
930,000‌
912‌
Canadian
Pacific
Railway,
3.50%,
5/1/50
1,695,000‌
1,226‌
Capital
One
Financial,
3.65%,
5/11/27
1,215,000‌
1,210‌
Capital
One
Financial,
VR,
6.051%,
2/1/35 (8)
365,000‌
389‌
Carvana,
9.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK
until
8/15/25
then
9.00%
Cash
to
maturity) (1)(9)
433,180‌
451‌
Carvana,
9.00%,
6/1/31,
(14.00%
PIK
until
8/15/25
then
9.00%
Cash
to
maturity) (1)(9)
591,639‌
666‌
Caterpillar
Financial
Services,
5.00%,
5/14/27
3,320,000‌
3,376‌
CBRE
Services,
4.90%,
1/15/33
510,000‌
513‌
CBRE
Services,
5.50%,
4/1/29 (7)
555,000‌
575‌
Centene,
3.375%,
2/15/30
2,240,000‌
2,062‌
Charles
Schwab,
VR,
4.914%,
11/14/36 (8)
2,150,000‌
2,141‌
Charter
Communications
Operating,
3.70%,
4/1/51
1,425,000‌
899‌
Chevron
USA,
4.30%,
10/15/30 (7)
1,615,000‌
1,632‌
Cigna
Group,
4.50%,
9/15/30
590,000‌
595‌
Citigroup,
VR,
2.976%,
11/5/30 (8)
2,750,000‌
2,621‌
Citigroup,
VR,
4.075%,
4/23/29 (8)
2,000,000‌
1,999‌
CMS
Energy,
4.70%,
3/31/43
840,000‌
735‌
CMS
Energy,
4.875%,
3/1/44
1,200,000‌
1,074‌
CNO
Global
Funding,
2.65%,
1/6/29 (1)(7)
3,255,000‌
3,096‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
2,400,000‌
2,338‌
Columbia
Pipelines
Holding,
4.999%,
11/17/32 (1)
2,320,000‌
2,322‌
Comcast,
5.168%,
1/15/37 (1)
2,473,000‌
2,442‌
Comcast,
5.50%,
5/15/64 (7)
1,250,000‌
1,119‌
CommonSpirit
Health,
2.782%,
10/1/30
755,000‌
704‌
Corebridge
Financial,
4.40%,
4/5/52 (7)
4,505,000‌
3,663‌
CRH
America
Finance,
3.95%,
4/4/28 (1)
2,600,000‌
2,594‌
CRH
America
Finance,
5.50%,
1/9/35
1,380,000‌
1,440‌
T.
ROWE
PRICE
Balanced
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Crown
Castle,
2.25%,
1/15/31
1,440,000‌
1,288‌
Crown
Castle,
2.90%,
3/15/27
735,000‌
724‌
CVS
Health,
5.40%,
6/1/29
1,375,000‌
1,424‌
CVS
Health,
6.00%,
6/1/63
2,695,000‌
2,608‌
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27 (1)
2,155,000‌
2,145‌
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(8)
395,000‌
411‌
DTE
Energy,
5.10%,
3/1/29
2,570,000‌
2,636‌
Duke
Energy,
2.65%,
9/1/26
640,000‌
634‌
Duke
Energy,
4.95%,
9/15/35
750,000‌
745‌
Element
Fleet
Management,
4.641%,
11/24/30 (1)
1,450,000‌
1,454‌
Elevance
Health,
4.65%,
1/15/43
915,000‌
820‌
Enact
Holdings,
6.25%,
5/28/29 (7)
365,000‌
382‌
Enbridge,
4.20%,
11/20/28
1,535,000‌
1,538‌
Enbridge,
4.25%,
12/1/26
590,000‌
591‌
Enbridge,
4.60%,
6/20/28
245,000‌
248‌
Enbridge,
5.625%,
4/5/34
770,000‌
805‌
Enbridge,
6.20%,
11/15/30
345,000‌
371‌
Enbridge
Energy
Partners,
5.50%,
9/15/40
245,000‌
244‌
Eni,
5.50%,
5/15/34 (1)
735,000‌
758‌
Enterprise
Products
Operating,
4.30%,
6/20/28
695,000‌
701‌
Enterprise
Products
Operating,
4.60%,
1/11/27
2,830,000‌
2,851‌
Enterprise
Products
Operating,
4.60%,
1/15/31
1,445,000‌
1,465‌
EOG
Resources,
4.40%,
7/15/28
940,000‌
951‌
Equitable
America
Global
Funding,
4.30%,
12/15/28 (1)
230,000‌
231‌
Equitable
America
Global
Funding,
4.65%,
6/9/28 (1)
1,390,000‌
1,404‌
Equitable
America
Global
Funding,
4.70%,
9/15/32 (1)
285,000‌
284‌
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
505,000‌
442‌
Essex
Portfolio,
2.65%,
3/15/32
1,430,000‌
1,277‌
Extra
Space
Storage,
4.95%,
1/15/33
540,000‌
546‌
Fidelity
National
Financial,
4.50%,
8/15/28
2,065,000‌
2,080‌
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (8)
595,000‌
605‌
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (8)
460,000‌
484‌
FirstEnergy
Transmission,
5.00%,
1/15/35
270,000‌
271‌
Fiserv,
3.20%,
7/1/26
1,100,000‌
1,094‌
Fiserv,
5.25%,
8/11/35 (7)
2,000,000‌
1,998‌
Fiserv,
5.45%,
3/15/34
2,035,000‌
2,066‌
Ford
Motor
Credit,
5.125%,
11/5/26
1,265,000‌
1,272‌
Ford
Motor
Credit,
7.122%,
11/7/33
640,000‌
688‌
Foundry
JV
Holdco,
5.90%,
1/25/33 (1)
600,000‌
629‌
Foundry
JV
Holdco,
6.15%,
1/25/32 (1)
705,000‌
748‌
GATX,
6.05%,
3/15/34
1,675,000‌
1,785‌
General
Motors
Financial,
2.40%,
4/10/28
3,205,000‌
3,086‌
George
Washington
University,
Series 2014,
4.30%,
9/15/44
975,000‌
831‌
T.
ROWE
PRICE
Balanced
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Goldman
Sachs
Group,
6.75%,
10/1/37
700,000‌
783‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (8)
1,300,000‌
1,186‌
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (8)
1,710,000‌
1,257‌
Goldman
Sachs
Group,
VR,
5.734%,
1/28/56 (7)(8)
1,325,000‌
1,345‌
HCA,
4.125%,
6/15/29
1,895,000‌
1,889‌
HCA,
4.375%,
3/15/42
775,000‌
663‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
1,020,000‌
1,045‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28
1,075,000‌
1,061‌
Healthpeak,
2.125%,
12/1/28
655,000‌
619‌
Healthpeak,
2.875%,
1/15/31
360,000‌
334‌
HF
Sinclair,
6.25%,
1/15/35
1,820,000‌
1,902‌
HSBC
Bank
USA,
5.875%,
11/1/34
950,000‌
1,011‌
HSBC
Holdings,
VR,
5.719%,
3/4/35 (7)(8)
1,145,000‌
1,209‌
HSBC
Holdings,
VR,
7.399%,
11/13/34 (8)
1,445,000‌
1,651‌
Humana,
5.95%,
3/15/34
830,000‌
872‌
Hyundai
Capital
America,
2.00%,
6/15/28 (1)
2,435,000‌
2,309‌
Hyundai
Capital
America,
5.35%,
3/19/29 (1)
240,000‌
247‌
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
420,000‌
445‌
Iberdrola
International,
6.75%,
9/15/33
1,000,000‌
1,097‌
Icon
Investments
Six,
5.849%,
5/8/29
290,000‌
303‌
Intercontinental
Exchange,
5.25%,
6/15/31
1,500,000‌
1,572‌
IQVIA,
6.25%,
2/1/29
730,000‌
770‌
Jackson
National
Life
Global
Funding,
4.70%,
6/5/28 (1)
1,485,000‌
1,500‌
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27 (1)
2,915,000‌
2,938‌
JDE
Peet's,
1.375%,
1/15/27 (1)
2,240,000‌
2,169‌
John
Deere
Capital,
4.40%,
9/8/31 (7)
2,230,000‌
2,253‌
John
Deere
Capital,
4.50%,
1/8/27
1,330,000‌
1,340‌
JPMorgan
Chase,
VR,
5.299%,
7/24/29 (8)
3,125,000‌
3,218‌
JPMorgan
Chase,
VR,
5.576%,
7/23/36 (8)
1,255,000‌
1,301‌
Kroger,
5.00%,
9/15/34
630,000‌
635‌
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,700,000‌
1,501‌
Lowe's,
4.45%,
4/1/62
1,400,000‌
1,100‌
Manufacturers
&
Traders
Trust,
VR,
4.762%,
7/6/28 (8)
1,035,000‌
1,044‌
Marvell
Technology,
4.75%,
7/15/30
210,000‌
213‌
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (1)
2,340,000‌
2,374‌
Mayo
Clinic,
Series 2013,
4.00%,
11/15/47
1,500,000‌
1,204‌
MedStar
Health,
Series 20A,
3.626%,
8/15/49
905,000‌
666‌
Meta
Platforms,
5.50%,
11/15/45
2,125,000‌
2,071‌
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
2,640,000‌
2,643‌
Mondelez
International,
4.75%,
2/20/29
2,970,000‌
3,030‌
Morgan
Stanley,
6.25%,
8/9/26
755,000‌
765‌
Morgan
Stanley,
VR,
3.217%,
4/22/42 (8)
1,445,000‌
1,133‌
T.
ROWE
PRICE
Balanced
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Morgan
Stanley,
VR,
5.656%,
4/18/30 (8)
3,540,000‌
3,691‌
Morgan
Stanley
Private
Bank,
VR,
4.734%,
7/18/31 (8)
1,355,000‌
1,374‌
Motorola
Solutions,
5.00%,
4/15/29
800,000‌
820‌
MPLX,
4.80%,
2/15/31 (7)
1,530,000‌
1,548‌
National
Bank
of
Canada,
5.60%,
12/18/28
2,560,000‌
2,676‌
New
York
State
Electric
&
Gas,
5.30%,
8/15/34 (1)
1,075,000‌
1,109‌
NextEra
Energy
Capital
Holdings,
4.685%,
9/1/27
295,000‌
299‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
840,000‌
846‌
NiSource,
3.49%,
5/15/27 (7)
1,730,000‌
1,720‌
NiSource,
3.95%,
3/30/48
1,775,000‌
1,388‌
Northern
Trust,
4.15%,
11/19/30 (7)
1,420,000‌
1,422‌
NTT
Finance,
4.876%,
7/16/30 (1)
830,000‌
845‌
Nutrien,
4.00%,
12/15/26
830,000‌
830‌
NXP,
4.30%,
8/19/28
420,000‌
422‌
Occidental
Petroleum,
5.375%,
1/1/32
1,285,000‌
1,314‌
Omnicom
Group,
3.60%,
4/15/26
830,000‌
828‌
Oracle,
5.20%,
9/26/35 (7)
2,125,000‌
2,042‌
Oracle,
5.375%,
7/15/40 (7)
2,170,000‌
1,947‌
Oracle,
6.90%,
11/9/52
1,020,000‌
1,011‌
O'Reilly
Automotive,
3.60%,
9/1/27
1,825,000‌
1,814‌
O'Reilly
Automotive,
5.00%,
8/19/34
2,165,000‌
2,184‌
O'Reilly
Automotive,
5.75%,
11/20/26
390,000‌
395‌
Owens
Corning,
5.70%,
6/15/34 (7)
995,000‌
1,047‌
PACCAR
Financial,
Series R,
4.00%,
11/7/28
675,000‌
678‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27
1,340,000‌
1,299‌
Pfizer,
4.50%,
11/15/32
2,195,000‌
2,203‌
Pioneer
Natural
Resources,
1.125%,
1/15/26
755,000‌
754‌
PNC
Financial
Services
Group,
VR,
5.373%,
7/21/36 (8)
360,000‌
371‌
PPL
Capital
Funding,
3.10%,
5/15/26
2,200,000‌
2,192‌
Pricoa
Global
Funding
I,
4.35%,
11/25/30 (1)(7)
3,050,000‌
3,059‌
Principal
Financial
Group,
4.111%,
2/15/28 (1)(7)
1,800,000‌
1,797‌
Public
Storage
Operating,
1.95%,
11/9/28
1,210,000‌
1,146‌
Qorvo,
4.375%,
10/15/29
404,000‌
398‌
Realty
Income,
3.10%,
12/15/29
2,130,000‌
2,052‌
Realty
Income,
3.95%,
8/15/27
1,490,000‌
1,491‌
RELX
Capital,
3.00%,
5/22/30
945,000‌
900‌
Republic
Services,
5.00%,
12/15/33 (7)
2,235,000‌
2,313‌
RGA
Global
Funding,
4.35%,
8/25/28 (1)
675,000‌
678‌
RGA
Global
Funding,
4.60%,
11/25/30 (1)
1,085,000‌
1,086‌
RGA
Global
Funding,
5.448%,
5/24/29 (1)
1,630,000‌
1,688‌
Rogers
Communications,
4.50%,
3/15/42
2,935,000‌
2,513‌
Roper
Technologies,
3.80%,
12/15/26
1,085,000‌
1,083‌
Ross
Stores,
1.875%,
4/15/31
450,000‌
397‌
T.
ROWE
PRICE
Balanced
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
1,335,000‌
1,337‌
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
560,000‌
563‌
Sammons
Financial
Group
Global
Funding,
4.80%,
12/12/30 (1)
(7)
1,185,000‌
1,189‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (7)(8)
1,365,000‌
1,342‌
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (7)(8)
725,000‌
778‌
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28 (8)
1,605,000‌
1,577‌
Santander
U.K.
Group
Holdings,
VR,
4.32%,
9/22/29 (8)
425,000‌
425‌
Simon
Property
Group,
2.65%,
2/1/32 (7)
1,810,000‌
1,631‌
Simon
Property
Group,
3.80%,
7/15/50
1,865,000‌
1,406‌
Skandinaviska
Enskilda
Banken,
5.125%,
3/5/27 (1)
2,800,000‌
2,842‌
Solventum,
5.40%,
3/1/29
644,000‌
668‌
South
Bow
USA
Infrastructure
Holdings,
5.026%,
10/1/29
420,000‌
426‌
Southern,
5.70%,
3/15/34
1,540,000‌
1,624‌
Southern
California
Edison,
5.15%,
6/1/29
2,010,000‌
2,056‌
Southern
Gas
Capital,
4.95%,
9/15/34
1,525,000‌
1,533‌
Southern
Gas
Capital,
Series B,
5.10%,
9/15/35
315,000‌
318‌
Spectra
Energy
Partners,
3.375%,
10/15/26
480,000‌
478‌
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(8)
1,000,000‌
984‌
Suzano
Netherlands,
5.50%,
1/15/36 (7)
1,210,000‌
1,201‌
T-Mobile
USA,
4.95%,
11/15/35 (7)
2,035,000‌
2,027‌
T-Mobile
USA,
5.75%,
1/15/34
1,860,000‌
1,972‌
Tampa
Electric,
6.15%,
5/15/37
1,000,000‌
1,071‌
Targa
Resources,
5.50%,
2/15/35
745,000‌
764‌
Targa
Resources
Partners,
5.00%,
1/15/28
1,168,000‌
1,168‌
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (1)
1,800,000‌
1,642‌
Time
Warner
Cable,
6.55%,
5/1/37
450,000‌
460‌
Time
Warner
Cable,
6.75%,
6/15/39
530,000‌
537‌
TJX,
1.60%,
5/15/31
375,000‌
329‌
Toronto-Dominion
Bank,
4.994%,
4/5/29 (7)
2,795,000‌
2,867‌
Toyota
Motor
Credit,
4.05%,
9/5/28
1,915,000‌
1,925‌
Toyota
Motor
Credit,
4.80%,
1/5/26 (7)
2,935,000‌
2,935‌
TR
Finance,
3.35%,
5/15/26
405,000‌
403‌
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
1,645,000‌
1,431‌
Transurban
Finance,
2.45%,
3/16/31 (1)
1,445,000‌
1,316‌
Transurban
Finance,
3.375%,
3/22/27 (1)
215,000‌
214‌
Travelers,
6.25%,
6/15/37
750,000‌
835‌
Uber
Technologies,
4.30%,
1/15/30
2,395,000‌
2,410‌
United
Airlines
PTT,
Series 2019-1,
Class
AA,
4.15%,
8/25/31
802,591‌
787‌
UnitedHealth
Group,
4.40%,
6/15/28
200,000‌
202‌
UnitedHealth
Group,
4.70%,
4/15/29
3,125,000‌
3,188‌
Verisk
Analytics,
4.50%,
8/15/30
645,000‌
651‌
Verizon
Communications,
2.10%,
3/22/28
460,000‌
442‌
T.
ROWE
PRICE
Balanced
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Verizon
Communications,
4.00%,
3/22/50
2,000,000‌
1,527‌
Verizon
Communications,
4.75%,
1/15/33
960,000‌
960‌
VMware,
1.40%,
8/15/26
3,125,000‌
3,075‌
Volkswagen
Group
of
America
Finance,
4.55%,
9/11/28 (1)
280,000‌
282‌
Volkswagen
Group
of
America
Finance,
6.45%,
11/16/30 (1)
2,015,000‌
2,165‌
Waste
Connections,
3.20%,
6/1/32
2,315,000‌
2,157‌
Wells
Fargo,
VR,
2.393%,
6/2/28 (8)
3,915,000‌
3,825‌
Wells
Fargo,
VR,
3.068%,
4/30/41 (8)
3,995,000‌
3,109‌
Wells
Fargo,
VR,
6.303%,
10/23/29 (8)
905,000‌
957‌
Westpac
New
Zealand,
5.195%,
2/28/29 (1)
1,855,000‌
1,912‌
Williams,
4.625%,
6/30/30
355,000‌
359‌
Williams,
5.10%,
9/15/45
1,735,000‌
1,597‌
Williams,
5.15%,
3/15/34
245,000‌
250‌
Willis
North
America,
4.50%,
9/15/28
1,370,000‌
1,381‌
Woodside
Finance,
3.70%,
9/15/26 (1)
738,000‌
735‌
Woodside
Finance,
3.70%,
3/15/28 (1)
1,187,000‌
1,173‌
Workday,
3.70%,
4/1/29
750,000‌
740‌
WP
Carey,
3.85%,
7/15/29
1,470,000‌
1,450‌
Zoetis,
4.15%,
8/17/28
2,695,000‌
2,710‌
Total
Corporate
Bonds
(Cost
$367,704)
360,333‌
EQUITY
FUNDS
4.1%
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (4)
11,876,005‌
206,761‌
Total
Equity
Funds
(Cost
$143,051)
206,761‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.4%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
510,000‌
497‌
Corp.
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29 (1)
2,645,000‌
2,515‌
Eagle
Funding
Luxco,
5.50%,
8/17/30 (1)
1,930,000‌
1,966‌
Province
of
Alberta
Canada,
4.50%,
1/24/34
2,760,000‌
2,796‌
Province
of
British
Columbia,
4.20%,
7/6/33 (7)
2,648,000‌
2,634‌
Province
of
Manitoba
Canada,
4.30%,
7/27/33
2,595,000‌
2,591‌
Republic
of
Peru,
5.375%,
2/8/35
660,000‌
675‌
Republic
of
Poland,
Series 10Y,
3.25%,
4/6/26
1,030,000‌
1,028‌
Republic
of
Poland,
Series 30Y,
5.50%,
3/18/54
1,540,000‌
1,472‌
United
Mexican
States,
2.659%,
5/24/31
3,439,000‌
3,066‌
United
Mexican
States,
3.50%,
2/12/34
2,315,000‌
2,005‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$21,827)
21,245‌
T.
ROWE
PRICE
Balanced
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
MUNICIPAL
SECURITIES
0.5%
California
0.1%
Bay
Area
Toll
Auth.,
Series S-10,
3.176%,
4/1/41
2,900,000‌
2,356‌
Los
Angeles
Airport,
Series C,
Build
America,
7.053%,
5/15/40
1,000,000‌
1,157‌
Univ.
of
California
Regents,
Series J,
4.131%,
5/15/45
365,000‌
335‌
3,848‌
Georgia
0.1%
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39
2,665,000‌
2,702‌
2,702‌
Illinois
0.0%
Chicago
O'Hare
Int'l
Airport,
Series B,
Build
America,
6.395%,
1/1/40
755,000‌
839‌
Illinois
Toll
Highway
Auth.,
Series A,
Build
America,
6.184%,
1/1/34
470,000‌
499‌
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38
500,000‌
519‌
1,857‌
Maryland
0.0%
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
4.665%,
7/1/36
1,800,000‌
1,785‌
1,785‌
Michigan
0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29
2,000,000‌
2,136‌
2,136‌
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Series F,
Build
America,
7.414%,
1/1/40
415,000‌
497‌
497‌
New
York
0.0%
Metropolitan
Transportation
Auth.,
Build
America,
7.336%,
11/15/39
210,000‌
247‌
New
York
City
Water
&
Sewer
System,
Build
America,
6.011%,
6/15/42
245,000‌
254‌
New
York
State
Dormitory
Auth.,
Series F,
Build
America,
5.628%,
3/15/39
1,300,000‌
1,336‌
Port
Auth.
of
New
York
&
New
Jersey,
3.139%,
2/15/51
800,000‌
578‌
2,415‌
Ohio
0.0%
JobsOhio
Beverage
System,
Series B,
3.985%,
1/1/29
770,000‌
773‌
773‌
South
Carolina
0.1%
South
Carolina
Public
Service
Auth.,
Series C,
5.784%,
12/1/41
2,000,000‌
2,072‌
2,072‌
T.
ROWE
PRICE
Balanced
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Texas
0.0%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
1,820,000‌
1,421‌
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38
1,155,000‌
996‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series A,
4.366%,
11/15/47
1,200,000‌
1,039‌
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49
1,900,000‌
1,520‌
4,976‌
Virginia
0.1%
Univ.
of
Virginia,
Series B,
2.584%,
11/1/51
3,675,000‌
2,270‌
Virginia
Public
Building
Auth.,
Series B-2,
Build
America,
5.90%,
8/1/30
695,000‌
719‌
2,989‌
Wisconsin
0.0%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51
2,910,000‌
2,037‌
2,037‌
Total
Municipal
Securities
(Cost
$31,661)
28,087‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.4%
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
188,353‌
175‌
Angel
Oak
Mortgage
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
687,210‌
604‌
BANK,
Series 2024-BNK47,
Class
A5,
5.716%,
6/15/57
1,045,000‌
1,109‌
BANK,
Series 2025-BNK51,
Class
A5,
5.29%,
12/25/67
305,000‌
314‌
BANK5,
Series 2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57
1,915,000‌
2,014‌
BANK5,
Series 2024-5YR8,
Class
AS,
ARM,
6.378%,
8/15/57
740,000‌
778‌
BANK5,
Series 2025-5YR14,
Class
A3,
5.646%,
4/15/58
1,600,000‌
1,673‌
Barclays
Mortgage
Loan
Trust,
Series 2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (1)
653,735‌
605‌
Bayview
Financing
Trust,
Series 2024-2F,
Class
A,
CMO,
ARM,
6.75%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $1,435 (2)(3)
1,435,357‌
1,442‌
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.024%,
11/15/34 (1)
605,000‌
8‌
BBCMS
Mortgage
Trust,
Series 2024-5C27,
Class
A3,
6.014%,
7/15/57
285,000‌
299‌
Benchmark
Mortgage
Trust,
Series 2023-B39,
Class
A5,
5.754%,
7/15/56
760,000‌
804‌
Benchmark
Mortgage
Trust,
Series 2025-B41,
Class
A5,
5.407%,
7/15/68
505,000‌
524‌
Benchmark
Mortgage
Trust,
Series 2025-V16,
Class
A3,
ARM,
5.439%,
8/15/58
1,285,000‌
1,335‌
T.
ROWE
PRICE
Balanced
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Benchmark
Mortgage
Trust,
Series 2025-V19,
Class
A3,
ARM,
5.249%,
1/15/58
1,375,000‌
1,420‌
BMO
Mortgage
Trust,
Series 2025-C13,
Class
A5,
5.353%,
10/15/58
1,375,000‌
1,417‌
BX
Trust,
Series 2025-ROIC,
Class
A,
ARM,
1M
TSFR
+
1.144%,
4.894%,
3/15/30 (1)
3,187,568‌
3,184‌
BX
Trust,
Series 2025-VOLT,
Class
A,
ARM,
1M
TSFR
+
1.70%,
5.45%,
12/15/44 (1)
3,270,000‌
3,272‌
CENT,
Series 2025-CITY,
Class
A,
ARM,
4.92%,
7/10/40 (1)
2,680,000‌
2,713‌
Citigroup
Mortgage
Loan
Trust,
Series 2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
686,684‌
607‌
COLT
Mortgage
Loan
Trust,
Series 2025-8,
Class
A1,
CMO,
STEP,
5.48%,
8/25/70 (1)
1,394,880‌
1,407‌
Cross
Mortgage
Trust,
Series 2024-H4,
Class
A1,
CMO,
STEP,
6.147%,
7/25/69 (1)
255,836‌
259‌
DBC
Mortgage
Trust,
Series 2025-DBC,
Class
A,
ARM,
1M
TSFR
+
1.35%,
5.101%,
11/15/42 (1)
600,000‌
600‌
EFMT,
Series 2025-INV5,
Class
A1,
CMO,
ARM,
5.077%,
12/1/70 (1)
293,862‌
294‌
EFMT,
Series 2025-NQM6,
Class
A1,
CMO,
ARM,
5.001%,
12/25/70 (1)
375,000‌
376‌
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
88,526‌
86‌
Ellington
Financial
Mortgage
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.178%,
10/25/65 (1)
400,107‌
379‌
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A1,
CMO,
ARM,
0.931%,
6/25/66 (1)
430,569‌
367‌
Extended
Stay
America
Trust,
Series 2025-ESH,
Class
A,
ARM,
1M
TSFR
+
1.30%,
5.05%,
10/15/42 (1)
1,100,000‌
1,102‌
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
2,029,108‌
1,696‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
55,723‌
51‌
GCAT
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
STEP,
5.529%,
6/25/70 (1)
1,841,965‌
1,858‌
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.906%,
10/25/50 (1)
240,053‌
209‌
GS
Mortgage-Backed
Securities
Trust,
Series 2025-NQM3,
Class
A1,
CMO,
STEP,
5.137%,
11/25/65 (1)
344,147‌
345‌
HOMES
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
STEP,
5.22%,
8/25/70 (1)
1,936,445‌
1,943‌
Hudson
Yards
Mortgage
Trust,
Series 2025-SPRL,
Class
A,
ARM,
5.467%,
1/13/40 (1)
1,140,000‌
1,182‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2022-OPO,
Class
B,
3.377%,
1/5/39 (1)
760,000‌
686‌
T.
ROWE
PRICE
Balanced
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JPMorgan
Mortgage
Trust,
Series 2019-HYB1,
Class
B4,
CMO,
ARM,
5.017%,
10/25/49 (1)
779,424‌
784‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
413,188‌
372‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
478,677‌
434‌
JPMorgan
Mortgage
Trust,
Series 2025-DSC2,
Class
A1,
CMO,
ARM,
5.195%,
10/25/65 (1)
829,502‌
835‌
JPMorgan
Mortgage
Trust,
Series 2025-NQM3,
Class
A1,
CMO,
ARM,
5.495%,
11/25/65 (1)
2,949,684‌
2,975‌
MAD
Commercial
Mortgage
Trust,
Series 2025-11MD,
Class
A,
ARM,
4.754%,
10/15/42 (1)
1,395,000‌
1,400‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-C27,
Class
AS,
4.068%,
12/15/47
322,355‌
319‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2025-C35,
Class
A5,
5.633%,
8/15/58
1,130,000‌
1,193‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2021-
2,
Class
A9,
CMO,
ARM,
2.50%,
5/25/51 (1)
421,182‌
349‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2025-
DSC2,
Class
A1,
CMO,
ARM,
5.443%,
7/25/70 (1)
260,830‌
263‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2025-
NQM5,
Class
A1,
CMO,
ARM,
5.439%,
7/25/70 (1)
232,787‌
235‌
MSWF
Commercial
Mortgage
Trust,
Series 2023-2,
Class
A5,
ARM,
6.014%,
12/15/56
880,000‌
949‌
New
Residential
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (1)
1,519,851‌
1,317‌
New
Residential
Mortgage
Loan
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
ARM,
5.35%,
7/25/65 (1)
2,252,491‌
2,270‌
NYC
Commercial
Mortgage
Trust,
Series 2025-28L,
Class
A,
ARM,
4.668%,
11/5/38 (1)
105,000‌
105‌
NYMT
Loan
Trust,
Series 2025-INV1,
Class
A1,
CMO,
STEP,
5.402%,
4/25/60 (1)
303,648‌
306‌
OBX
Trust,
Series 2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
105,721‌
99‌
OBX
Trust,
Series 2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
4.946%,
10/25/59 (1)
14,411‌
14‌
OBX
Trust,
Series 2025-NQM15,
Class
A1,
CMO,
STEP,
5.143%,
7/27/65 (1)
531,234‌
534‌
OBX
Trust,
Series 2025-NQM15,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
5.024%,
7/27/65 (1)
564,143‌
565‌
PENN
Commercial
Mortgage
Trust,
Series 2025-P11,
Class
A,
ARM,
5.344%,
8/10/42 (1)
810,000‌
830‌
PSMC
Trust,
Series 2021-2,
Class
A3,
CMO,
ARM,
2.50%,
5/25/51 (1)
1,512,872‌
1,377‌
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
114,723‌
107‌
T.
ROWE
PRICE
Balanced
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sequoia
Mortgage
Trust,
Series 2024-HYB1,
Class
A1A,
CMO,
ARM,
4.507%,
11/25/63 (1)
835,746‌
838‌
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
98,971‌
98‌
Starwood
Mortgage
Residential
Trust,
Series 2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
128,451‌
123‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-
DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
4.724%,
11/25/41 (1)
258,793‌
259‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2024-HQA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
5.124%,
8/25/44 (1)
850,000‌
855‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2025-DNA3,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
4.974%,
9/25/45 (1)
1,326,609‌
1,329‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2025-HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.95%,
4.824%,
2/25/45 (1)
305,500‌
305‌
Towd
Point
Mortgage
Trust,
Series 2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
25,976‌
26‌
Towd
Point
Mortgage
Trust,
Series 2024-2,
Class
A1B,
CMO,
ARM,
4.857%,
12/25/64 (1)
3,414,556‌
3,429‌
TX
Trust,
Series 2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
5.341%,
6/15/39 (1)
170,000‌
170‌
Verus
Securitization
Trust,
Series 2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
291,729‌
264‌
Verus
Securitization
Trust,
Series 2023-INV1,
Class
A1,
CMO,
STEP,
5.999%,
2/25/68 (1)
708,070‌
706‌
Verus
Securitization
Trust,
Series 2024-INV1,
Class
A2,
CMO,
STEP,
6.318%,
3/25/69 (1)
1,096,014‌
1,109‌
Verus
Securitization
Trust,
Series 2025-7,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.074%,
8/25/70 (1)
1,501,568‌
1,506‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-C54,
Class
A4,
3.146%,
12/15/52
550,000‌
526‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2025-5C6,
Class
A3,
5.186%,
10/15/58
2,765,000‌
2,844‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$70,824)
69,156‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
7.3%
U.S.
Government
Agency
Obligations
5.8%
Federal
Home
Loan
Mortgage
2.50%,
5/1/30
356,200‌
349‌
3.00%,
1/1/29
-
8/1/43
2,432,468‌
2,253‌
3.50%,
3/1/42
-
3/1/46
4,060,801‌
3,873‌
4.00%,
9/1/40
-
6/1/42
1,220,074‌
1,197‌
4.50%,
6/1/39
-
5/1/42
689,710‌
695‌
T.
ROWE
PRICE
Balanced
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
5.00%,
12/1/35
-
8/1/40
317,725‌
327‌
5.50%,
1/1/38
-
12/1/39
102,327‌
107‌
6.00%,
2/1/28
-
8/1/38
10,283‌
11‌
6.50%,
8/1/32
4,040‌
4‌
7.00%,
6/1/32
9,153‌
10‌
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.25%,
6.317%,
10/1/36
1,597‌
2‌
RFUCCT1Y
+
1.726%,
6.355%,
7/1/35
8,718‌
9‌
RFUCCT1Y
+
1.75%,
6.75%,
2/1/35
6,528‌
7‌
RFUCCT1Y
+
1.911%,
6.219%,
12/1/36
17,916‌
18‌
RFUCCT1Y
+
1.934%,
6.933%,
2/1/37
6,294‌
6‌
RFUCCT1Y
+
2.032%,
6.398%,
11/1/36
18,259‌
19‌
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
631,116‌
576‌
2.00%,
8/1/36
-
5/1/52
21,099,758‌
17,736‌
2.50%,
3/1/42
-
5/1/52
23,066,346‌
19,783‌
3.00%,
11/1/34
-
1/1/52
2,735,450‌
2,474‌
3.50%,
6/1/33
160,110‌
158‌
4.00%,
12/1/49
-
2/1/50
1,393,551‌
1,341‌
4.50%,
9/1/37
-
11/1/52
2,616,906‌
2,571‌
5.00%,
10/1/51
-
10/1/55
5,641,958‌
5,658‌
5.50%,
8/1/53
-
10/1/55
12,262,671‌
12,530‌
6.00%,
10/1/54
-
12/1/54
779,109‌
807‌
6.50%,
8/1/54
-
9/1/54
2,335,478‌
2,438‌
7.00%,
6/1/54
287,218‌
304‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
2.952%,
2/25/27
233,383‌
232‌
4.40%,
10/25/30
6,100,000‌
6,178‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
ARM
2.347%,
11/25/31
10,510,000‌
9,505‌
3.71%,
9/25/32
4,580,000‌
4,427‌
4.43%,
2/25/33
3,645,000‌
3,665‌
Federal
National
Mortgage
Assn.
3.50%,
6/1/42
-
1/1/44
1,706,186‌
1,623‌
4.00%,
11/1/40
460,263‌
452‌
4.50%,
7/1/40
321,105‌
323‌
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.523%,
6.317%,
7/1/35
6,023‌
6‌
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
6,124,684‌
5,428‌
2.00%,
9/1/36
-
5/1/52
58,907,294‌
49,176‌
2.50%,
10/1/31
-
5/1/52
28,725,322‌
24,993‌
3.00%,
1/1/27
-
3/1/52
21,332,962‌
19,695‌
T.
ROWE
PRICE
Balanced
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
3.50%,
11/1/26
-
1/1/52
12,525,158‌
11,885‌
4.00%,
11/1/40
-
9/1/52
10,589,221‌
10,270‌
4.50%,
4/1/37
-
2/1/54
7,878,055‌
7,812‌
5.00%,
2/1/34
-
7/1/53
7,940,245‌
7,983‌
5.50%,
2/1/35
-
11/1/55
15,678,401‌
16,014‌
6.00%,
3/1/28
-
11/1/55
23,657,669‌
24,516‌
6.50%,
1/1/28
-
7/1/55
5,096,359‌
5,334‌
7.00%,
7/1/26
-
4/1/32
9,857‌
9‌
7.50%,
9/1/26
3‌
‌
8.00%,
7/1/26
8‌
‌
UMBS,
TBA (10)
4.50%,
1/1/56
3,495,000‌
3,414‌
5.00%,
1/1/56
9,260,000‌
9,241‌
297,444‌
U.S.
Government
Obligations
1.5%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
622,726‌
568‌
2.00%,
1/20/51
-
3/20/52
14,319,437‌
11,880‌
2.50%,
8/20/50
-
1/20/52
15,339,930‌
13,263‌
3.00%,
9/15/42
-
10/20/51
8,889,915‌
8,042‌
3.50%,
9/15/41
-
1/20/49
7,631,717‌
7,155‌
4.00%,
2/15/41
-
10/20/52
6,149,213‌
5,915‌
4.50%,
6/15/39
-
6/20/53
8,063,861‌
7,963‌
5.00%,
12/20/34
-
8/20/52
5,698,005‌
5,778‌
5.50%,
2/20/34
-
9/20/54
2,069,495‌
2,109‌
6.00%,
8/20/34
-
11/20/52
1,275,305‌
1,315‌
7.50%,
9/15/26
15‌
‌
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
109,743‌
101‌
3.50%,
10/20/50
1,010,000‌
857‌
Government
National
Mortgage
Assn.,
TBA (10)
4.00%,
1/20/56
1,835,000‌
1,733‌
5.00%,
1/20/56
650,000‌
649‌
5.50%,
1/20/56
6,260,000‌
6,320‌
6.00%,
1/20/56
845,000‌
861‌
74,509‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$386,940)
371,953‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
9.0%
U.S.
Treasury
Obligations
9.0%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,715,000‌
1,093‌
T.
ROWE
PRICE
Balanced
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Bonds,
1.375%,
8/15/50
2,415,000‌
1,193‌
U.S.
Treasury
Bonds,
1.75%,
8/15/41
4,815,000‌
3,262‌
U.S.
Treasury
Bonds,
1.875%,
2/15/51
8,550,000‌
4,800‌
U.S.
Treasury
Bonds,
2.00%,
2/15/50 (11)
28,385,000‌
16,716‌
U.S.
Treasury
Bonds,
2.00%,
8/15/51
6,795,000‌
3,911‌
U.S.
Treasury
Bonds,
2.25%,
2/15/52
4,225,000‌
2,576‌
U.S.
Treasury
Bonds,
2.375%,
5/15/51
3,665,000‌
2,320‌
U.S.
Treasury
Bonds,
2.50%,
2/15/46
2,975,000‌
2,080‌
U.S.
Treasury
Bonds,
2.75%,
8/15/47
16,080,000‌
11,535‌
U.S.
Treasury
Bonds,
2.875%,
8/15/45
4,185,000‌
3,152‌
U.S.
Treasury
Bonds,
3.00%,
5/15/45
10,640,000‌
8,221‌
U.S.
Treasury
Bonds,
3.00%,
11/15/45
11,185,000‌
8,581‌
U.S.
Treasury
Bonds,
3.00%,
2/15/47
1,150,000‌
869‌
U.S.
Treasury
Bonds,
3.00%,
2/15/48
2,000,000‌
1,494‌
U.S.
Treasury
Bonds,
3.00%,
8/15/48
3,905,000‌
2,903‌
U.S.
Treasury
Bonds,
3.00%,
8/15/52
1,565,000‌
1,126‌
U.S.
Treasury
Bonds,
3.625%,
2/15/53
1,320,000‌
1,074‌
U.S.
Treasury
Bonds,
3.625%,
5/15/53
11,785,000‌
9,575‌
U.S.
Treasury
Bonds,
3.875%,
2/15/43
1,500,000‌
1,355‌
U.S.
Treasury
Bonds,
4.00%,
11/15/52
3,985,000‌
3,471‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54
4,025,000‌
3,655‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54
4,735,000‌
4,301‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44
2,295,000‌
2,257‌
U.S.
Treasury
Bonds,
4.625%,
2/15/55
8,525,000‌
8,249‌
U.S.
Treasury
Bonds,
4.75%,
11/15/53
9,170,000‌
9,038‌
U.S.
Treasury
Bonds,
4.75%,
5/15/55
9,310,000‌
9,189‌
U.S.
Treasury
Bonds,
4.875%,
8/15/45
3,115,000‌
3,157‌
U.S.
Treasury
Bonds,
5.00%,
5/15/45
7,725,000‌
7,960‌
U.S.
Treasury
Notes,
0.625%,
5/15/30
16,700,000‌
14,669‌
U.S.
Treasury
Notes,
0.75%,
1/31/28
1,185,000‌
1,121‌
U.S.
Treasury
Notes,
0.875%,
11/15/30
5,770,000‌
5,049‌
U.S.
Treasury
Notes,
1.125%,
2/15/31
7,555,000‌
6,658‌
U.S.
Treasury
Notes,
1.875%,
2/15/32
7,175,000‌
6,408‌
U.S.
Treasury
Notes,
2.25%,
8/15/27
1,720,000‌
1,687‌
U.S.
Treasury
Notes,
2.75%,
8/15/32
16,360,000‌
15,271‌
U.S.
Treasury
Notes,
2.875%,
5/15/32 (7)
2,930,000‌
2,767‌
U.S.
Treasury
Notes,
3.625%,
5/31/28
29,365,000‌
29,450‌
U.S.
Treasury
Notes,
3.625%,
8/31/29
12,095,000‌
12,102‌
U.S.
Treasury
Notes,
3.625%,
9/30/30
8,475,000‌
8,450‌
U.S.
Treasury
Notes,
3.875%,
4/30/30
11,450,000‌
11,549‌
U.S.
Treasury
Notes,
3.875%,
8/15/34
9,970,000‌
9,836‌
U.S.
Treasury
Notes,
4.00%,
2/29/28
2,525,000‌
2,552‌
U.S.
Treasury
Notes,
4.00%,
6/30/28 (11)
8,590,000‌
8,693‌
T.
ROWE
PRICE
Balanced
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Notes,
4.00%,
2/28/30
12,830,000‌
13,002‌
U.S.
Treasury
Notes,
4.00%,
3/31/30
11,490,000‌
11,645‌
U.S.
Treasury
Notes,
4.00%,
5/31/30
8,800,000‌
8,920‌
U.S.
Treasury
Notes,
4.00%,
2/15/34
12,480,000‌
12,464‌
U.S.
Treasury
Notes,
4.125%,
9/30/27
8,000,000‌
8,087‌
U.S.
Treasury
Notes,
4.125%,
10/31/27
15,330,000‌
15,502‌
U.S.
Treasury
Notes,
4.125%,
11/30/29
22,390,000‌
22,794‌
U.S.
Treasury
Notes,
4.125%,
3/31/32
2,165,000‌
2,198‌
U.S.
Treasury
Notes,
4.25%,
2/28/29
8,065,000‌
8,233‌
U.S.
Treasury
Notes,
4.25%,
6/30/29
4,835,000‌
4,941‌
U.S.
Treasury
Notes,
4.25%,
1/31/30
12,000,000‌
12,277‌
U.S.
Treasury
Notes,
4.25%,
11/15/34
12,810,000‌
12,974‌
U.S.
Treasury
Notes,
4.25%,
5/15/35
12,740,000‌
12,873‌
U.S.
Treasury
Notes,
4.375%,
12/31/29
11,660,000‌
11,980‌
U.S.
Treasury
Notes,
4.50%,
11/15/33
6,450,000‌
6,673‌
U.S.
Treasury
Notes,
4.625%,
2/15/35
16,405,000‌
17,066‌
457,004‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$496,551)
457,004‌
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.77% (4)(12)
151,465,729‌
151,466‌
Total
Short-Term
Investments
(Cost
$151,466)
151,466‌
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.2%
Money
Market
Funds 0.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75% (4)(12)
11,973,222‌
11,973‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
11,973‌
T.
ROWE
PRICE
Balanced
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.4%
Money
Market
Funds 0.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75% (4)(12)
19,584,926‌
19,585‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
19,585‌
Total
Securities
Lending
Collateral
(Cost
$31,558)
31,558‌
Total
Investments
in
Securities
100.9%
of
Net
Assets
(Cost
$3,431,450)
$
5,117,905‌
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
$191,022
and
represents
3.8%
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
$9,397
and
represents
0.2%
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
December
31,
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)
See
Note
4.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$22,218
and
represents
0.4%
of
net
assets.
T.
ROWE
PRICE
Balanced
Fund
43
.
.
.
.
.
.
.
.
.
.
(11)
At
December
31,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(12)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
PTT
Pass-Through
Trust
REIT
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
T.
ROWE
PRICE
Balanced
Fund
44
.
.
.
.
.
.
.
.
.
.
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Balanced
Fund
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-S44,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/30
9,700
220
217
3‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
38,800
890
823
67‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
70‌
Total
Centrally
Cleared
Swaps
70‌
Net
payments
(receipts)
of
variation
margin
to
date
(71‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(1‌)
T.
ROWE
PRICE
Balanced
Fund
46
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
248
U.S.
Treasury
Notes
five
year
contracts
3/26
27,108
$
(106‌)
Long,
169
U.S.
Treasury
Notes
two
year
contracts
3/26
35,286
(22‌)
Long,
10
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/26
1,150
(8‌)
Net
payments
(receipts)
of
variation
margin
to
date
93‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(43‌)
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
year
ended
December
31,
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,
4.19%
$
‌
$
342‌
$
1,193‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.05%
(6,013‌)
8,320‌
13,364‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
3.66%
‌
(409‌)
879‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
3,424‌
44,557‌
7,225‌
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
‌
‌
692‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
‌
‌
4,471‌++
Totals
$
(2,589‌)#
$
52,810‌
$
27,824‌+
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
12/31/25
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.19%
$
22,426‌
$
1,192‌
$
‌
$
23,960‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.05%
216,903‌
13,326‌
45,056‌
193,493‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
3.66%
474‌
23,980‌
‌
24,045‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
192,455‌
9,226‌
39,477‌
206,761‌
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
47,683‌
151,466‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
60,756‌
31,558‌
Total
$
631,283‌^
#
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
$27,824
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
$575,745.
T.
ROWE
PRICE
Balanced
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
49
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,431,450)
$
5,117,905‌
Interest
and
dividends
receivable
12,743‌
Receivable
for
investment
securities
sold
5,736‌
Foreign
currency
(cost
$3,544)
3,535‌
Receivable
for
shares
sold
3,112‌
Cash
11‌
Other
assets
5,933‌
Total
assets
5,148,975‌
Liabilities
Payable
for
investment
securities
purchased
38,752‌
Obligation
to
return
securities
lending
collateral
31,558‌
Payable
for
shares
redeemed
3,880‌
Investment
management
fees
payable
1,662‌
Due
to
affiliates
222‌
Variation
margin
payable
on
futures
contracts
43‌
Payable
to
directors
4‌
Variation
margin
payable
on
centrally
cleared
swaps
1‌
Other
liabilities
774‌
Total
liabilities
76,896‌
NET
ASSETS
$
5,072,079‌
T.
ROWE
PRICE
Balanced
Fund
December
31,
2025
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)
$
1,713,292‌
Paid-in
capital
applicable
to
178,768,484
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,358,787‌
NET
ASSETS
$
5,072,079‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$2,657,706;
Shares
outstanding:
93,636,512)
$
28.38‌
I
Class
(Net
assets:
$2,414,373;
Shares
outstanding:
85,131,972)
$
28.36‌
T.
ROWE
PRICE
Balanced
Fund
Statement
of
Operations
51
($000s)
Year
Ended
12/31/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$1,119)
$
78,021‌
.
Interest
54,677‌
Securities
lending
150‌
Other
6‌
Total
income
132,854‌
Expenses
Investment
management
20,822‌
Shareholder
servicing
Investor
Class
$
4,074‌
I
Class
430‌
4,504‌
Prospectus
and
shareholder
reports
Investor
Class
48‌
I
Class
15‌
63‌
Custody
and
accounting
474‌
Legal
and
audit
135‌
Registration
102‌
Directors
15‌
Miscellaneous
47‌
Waived
/
paid
by
Price
Associates
(2,367‌)
Total
expenses
23,795‌
Net
investment
income
109,059‌
T.
ROWE
PRICE
Balanced
Fund
Statement
of
Operations
52
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/25
Realized
and
Unrealized
Gain
/
Loss
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$53)
282,825‌
Futures
788‌
Swaps
205‌
Foreign
currency
transactions
(8‌)
Net
realized
gain
283,810‌
Change
in
net
unrealized
gain
/
loss
Securities
(net
of
increase
in
deferred
foreign
taxes
of
$479)
327,357‌
Futures
76‌
Swaps
42‌
Other
assets
and
liabilities
denominated
in
foreign
currencies
659‌
Change
in
net
unrealized
gain
/
loss
328,134‌
Net
realized
and
unrealized
gain
/
loss
611,944‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
721,003‌
T.
ROWE
PRICE
Balanced
Fund
Statement
of
Changes
in
Net
Assets
53
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/25
12/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
109,059‌
$
97,887‌
Net
realized
gain
283,810‌
287,540‌
Change
in
net
unrealized
gain
/
loss
328,134‌
129,168‌
Increase
in
net
assets
from
operations
721,003‌
514,595‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(185,093‌)
(175,314‌)
I
Class
(170,140‌)
(148,720‌)
Decrease
in
net
assets
from
distributions
(355,233‌)
(324,034‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
327,953‌
311,663‌
I
Class
297,295‌
334,485‌
Distributions
reinvested
Investor
Class
178,082‌
168,852‌
I
Class
163,226‌
143,275‌
Shares
redeemed
Investor
Class
(529,279‌)
(597,897‌)
I
Class
(330,767‌)
(330,257‌)
Increase
in
net
assets
from
capital
share
transactions
106,510‌
30,121‌
Net
Assets
Increase
during
period
472,280‌
220,682‌
Beginning
of
period
4,599,799‌
4,379,117‌
End
of
period
$
5,072,079‌
$
4,599,799‌
*Share
information
(000s)
Shares
sold
Investor
Class
11,796‌
11,622‌
I
Class
10,645‌
12,393‌
Distributions
reinvested
Investor
Class
6,365‌
6,381‌
I
Class
5,837‌
5,418‌
Shares
redeemed
Investor
Class
(19,040‌)
(22,215‌)
I
Class
(11,924‌)
(12,226‌)
Increase
in
shares
outstanding
3,679‌
1,373‌
T.
ROWE
PRICE
Balanced
Fund
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.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Balanced
Fund
56
NOTE
2
-
VALUATION
Fair
Value
The
fund s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
unobservable
inputs
(including
the Valuation
Designee s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
T.
ROWE
PRICE
Balanced
Fund
57
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
are
generally traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
T.
ROWE
PRICE
Balanced
Fund
58
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
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
December
31,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
‌
$
1,238,622‌
$
‌
$
1,238,622‌
Asset-Backed
Securities
‌
71,436‌
1,491‌
72,927‌
Bond
Funds
241,498‌
‌
‌
241,498‌
Common
Stocks
2,153,744‌
945,709‌
3,184‌
3,102,637‌
Convertible
Preferred
Stocks
‌
‌
3,280‌
3,280‌
Equity
Funds
206,761‌
‌
‌
206,761‌
Non-U.S.
Government
Mortgage-Backed
Securities
‌
67,714‌
1,442‌
69,156‌
Short-Term
Investments
151,466‌
‌
‌
151,466‌
Securities
Lending
Collateral
31,558‌
‌
‌
31,558‌
Total
Securities
2,785,027‌
2,323,481‌
9,397‌
5,117,905‌
Swaps*
‌
70‌
‌
70‌
Total
$
2,785,027‌
$
2,323,551‌
$
9,397‌
$
5,117,975‌
Liabilities
Futures
Contracts*
$
136‌
$
‌
$
‌
$
136‌
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
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
December
31,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Credit
derivatives
Centrally
Cleared
Swaps
$
70‌
*
Total
$
70‌
*
Liabilities
Interest
rate
derivatives
Futures
$
136‌
Total
$
136‌
*
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.
T.
ROWE
PRICE
Balanced
Fund
61
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
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
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
788‌
$
‌
$
788‌
Credit
derivatives
‌
205‌
205‌
Total
$
788‌
$
205‌
$
993‌
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
76‌
$
‌
$
76‌
Credit
derivatives
‌
42‌
42‌
Total
$
76‌
$
42‌
$
118‌
T.
ROWE
PRICE
Balanced
Fund
62
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2025,
securities
valued
at $1,805,000
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
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
year ended
December
31,
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
T.
ROWE
PRICE
Balanced
Fund
63
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
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
December
31,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $48,500,000
(1.0%
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
T.
ROWE
PRICE
Balanced
Fund
64
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
year ended
December
31,
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
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,
T.
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PRICE
Balanced
Fund
65
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,
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
T.
ROWE
PRICE
Balanced
Fund
66
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
December
31,
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 $23,000
cash
as
of
December
31,
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.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2025,
the
value
of
loaned
securities
was
$64,036,000;
the
aggregate
value
of
collateral
was
$66,886,000
and
consisted
of
cash
collateral
and
related
investments
of
$31,558,000
and
U.S.
government
securities
of
$35,328,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $1,379,621,000 and
$1,675,326,000,
respectively,
for
the
year ended
December
31,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $676,439,000 and
$610,204,000,
respectively,
for
the
year ended
December
31,
2025.
T.
ROWE
PRICE
Balanced
Fund
67
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.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
deemed
distributions
on
shareholder
redemptions
and
the
character
of
income
on
passive
foreign
investment
companies.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2025
December
31,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
110,688‌
$
110,666‌
Long-term
capital
gain
244,545‌
213,368‌
Total
distributions
$
355,233‌
$
324,034‌
T.
ROWE
PRICE
Balanced
Fund
68
At
December
31,
2025,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2025,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
passive
foreign
investment
companies.
The
loss
carryforwards
and
deferrals
primarily
relate
to
straddle
deferrals.
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/
($000s)
Cost
of
investments
$
3,457,772‌
Unrealized
appreciation
$
1,820,650‌
Unrealized
depreciation
(159,410‌)
Net
unrealized
appreciation
(depreciation)
$
1,661,240‌
($000s)
Undistributed
ordinary
income
$
2,782‌
Undistributed
long-term
capital
gain
49,300‌
Net
unrealized
appreciation
(depreciation)
1,661,240‌
Loss
carryforwards
and
deferrals
(30‌)
Total
distributable
earnings
(loss)
$
1,713,292‌
T.
ROWE
PRICE
Balanced
Fund
69
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
December
31,
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
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.
T.
ROWE
PRICE
Balanced
Fund
70
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
accounts
invested
in
the
Investor
Class.
For
the
year
ended
December
31,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$123,000
for
Price
Associates;
$1,973,000
for
T.
Rowe
Price
Services,
Inc.;
and
$899,000
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).
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
71
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.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
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
fund s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
year
ended
December
31,
2025,
are
as
follows:
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
$
26‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
968‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
38‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.63%
1,335‌
Total
Management
Fee
Waived
$
2,367‌
T.
ROWE
PRICE
Balanced
Fund
72
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$1,262,000
and
$1,105,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
year ended
December
31,
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
year
ended
December
31,
2025,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund s
net
assets
as
of
December
31,
2025.
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.
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.
T.
ROWE
PRICE
Balanced
Fund
73
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
74
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
Balanced
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Balanced
Fund,
Inc.
(the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
(collectively
referred
to
as
the
financial
statements ).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Balanced
Fund
75
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
18,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Balanced
Fund
76
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/25
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund s
distributions
to
shareholders
included
$260,738,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$45,293,000
of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$19,533,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j),
$59,893,000
of
the
fund s
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
For
individuals
and
certain
trusts
and
estates
which
are
entitled
to
claim
a
deduction
of
up
to
20%
of
their
combined
qualified
real
estate
investment
trust
(REIT)
dividends,
$2,033,000
of
the
fund's
income
qualifies
as
qualified
real
estate
investment
trust
(REIT)
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F68-050
2/26

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

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

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

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement 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-CSRwas 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-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)  

N-CSR

    (2)  

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

    (3)  

30a-2(a)

(b)     

30a-2(b)

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  February 18, 2026

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

By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date 

February 18, 2026

By

/s/ Alan S. Dupski

   
Alan S. Dupski
Principal Financial Officer
Date 

February 18, 2026

T. Rowe Price Balanced Fund Inc. published this content on February 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 23, 2026 at 15:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]