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)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(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, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2024

Balanced Fund

Investor Class (RPBAX)

This annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last 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	$58	0.55%

What drove fund performance during the past 12 months?

• Equity markets were broadly positive in 2024, while fixed income markets were mixed. U.S. stocks produced strong gains, and various equity indexes reached new all-time highs during the year. The equity market was buoyed by generally favorable corporate earnings and by continuing interest in companies expected to benefit from artificial intelligence developments. Developed non-U.S. equity markets were mostly positive in 2024, helped by looser monetary policies from various central banks around the world. However, many markets surrendered some of their gains in the fourth quarter amid rising geopolitical tensions. U.S. taxable investment-grade bonds produced positive returns in 2024. U.S. Treasury bill yields declined, as the Federal Reserve reduced the fed funds target rate by 50 basis points in mid-September and by an additional 50 basis points in the fourth quarter.

•  Versus the Morningstar Moderate Target Risk Index, security selection within U.S. large-cap growth stocks contributed to relative results. The fund’s greater exposure to U.S large-caps compared to small- and mid-caps was also additive during a period of stronger performance for large-caps.

• Conversely, an overweight allocation to real assets equities was detrimental to relative results, as this sector lagged broader global equities over the trailing 12 months. Unfavorable security selection within high yield bonds also detracted.

• 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, 2024

	Investor Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2015	10,293	10,231	10,137
2015	10,283	10,266	10,115
2015	9,705	9,296	9,596
2015	10,065	9,764	9,821
2016	10,112	9,787	10,032
2016	10,240	9,884	10,273
2016	10,667	10,408	10,622
2016	10,661	10,531	10,663
2017	11,228	11,259	11,109
2017	11,695	11,740	11,398
2017	12,141	12,348	11,785
2017	12,580	13,056	12,225
2018	12,575	12,931	12,115
2018	12,695	13,000	12,187
2018	13,009	13,555	12,495
2018	11,961	11,827	11,644
2019	13,102	13,267	12,655
2019	13,541	13,746	13,050
2019	13,694	13,742	13,170
2019	14,442	14,973	13,859
2020	12,346	11,774	12,005
2020	14,197	14,036	13,534
2020	15,063	15,178	14,184
2020	16,545	17,406	15,636
2021	17,068	18,202	15,975
2021	17,981	19,548	16,771
2021	17,993	19,342	16,658
2021	18,755	20,633	17,230
2022	17,690	19,527	16,336
2022	15,456	16,469	14,484
2022	14,562	15,346	13,626
2022	15,518	16,844	14,684
2023	16,419	18,075	15,319
2023	17,209	19,191	15,699
2023	16,700	18,538	15,183
2023	18,309	20,584	16,626
2024	19,411	22,271	17,276
2024	19,792	22,910	17,322
2024	20,880	24,425	18,530
2024	20,477	24,183	18,000

202501-4140694, 202502-4108138

F68-052 2/25

Average Annual Total Returns

	1 Year	5 Years	10 Years
Balanced Fund (Investor Class)	11.84%	7.23%	7.43%
MSCI All Country World Index Net (Regulatory Benchmark)	17.49	10.06	9.23
Morningstar Moderate Target Risk Index (Strategy Benchmark)	8.27	5.37	6.05

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)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. 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)$4,599,799
• Number of Portfolio Holdings1,589

• Investment Advisory Fees Paid (000s)$17,720
• Portfolio Turnover Rate39.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks	61.3%
Corporate Bonds	8.3
U.S. Government & Agency Mortgage-Backed Securities	8.1
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	7.9
Bond Mutual Funds	5.2
Equity Mutual Funds	4.2
Asset-Backed Securities	1.5
Non-U.S. Government Mortgage-Backed Securities	1.3
Short-Term and Other	2.2

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes	5.4%
T. Rowe Price Institutional High Yield Fund - Institutional Class	4.7
T. Rowe Price Real Assets Fund - I Class	4.2
Federal National Mortgage Assn.	4.0
NVIDIA	2.8
Microsoft	2.6
Apple	2.6
U.S. Treasury Bonds	2.5
Amazon.com	1.9
Government National Mortgage Assn.	1.8

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.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Balanced Fund

I Class (RBAIX)

This annual shareholder report contains important information about Balanced Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last 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?

• Equity markets were broadly positive in 2024, while fixed income markets were mixed. U.S. stocks produced strong gains, and various equity indexes reached new all-time highs during the year. The equity market was buoyed by generally favorable corporate earnings and by continuing interest in companies expected to benefit from artificial intelligence developments. Developed non-U.S. equity markets were mostly positive in 2024, helped by looser monetary policies from various central banks around the world. However, many markets surrendered some of their gains in the fourth quarter amid rising geopolitical tensions. U.S. taxable investment-grade bonds produced positive returns in 2024. U.S. Treasury bill yields declined, as the Federal Reserve reduced the fed funds target rate by 50 basis points in mid-September and by an additional 50 basis points in the fourth quarter.

•  Versus the Morningstar Moderate Target Risk Index, security selection within U.S. large-cap growth stocks contributed to relative results. The fund’s greater exposure to U.S large-caps compared to small- and mid-caps was also additive during a period of stronger performance for large-caps.

• Conversely, an overweight allocation to real assets equities was detrimental to relative results, as this sector lagged broader global equities over the trailing 12 months. Unfavorable security selection within high yield bonds also detracted.

• 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, 2024

	I Class	Regulatory Benchmark	Strategy Benchmark
12/17/15	500,000	500,000	500,000
12/31/15	500,934	502,118	501,822
3/31/16	503,506	503,314	512,595
6/30/16	510,144	508,291	524,917
9/30/16	531,633	535,240	542,779
12/31/16	531,541	541,606	544,831
3/31/17	560,074	579,021	567,638
6/30/17	583,597	603,764	582,415
9/30/17	606,095	635,052	602,199
12/31/17	628,276	671,440	624,692
3/31/18	628,040	664,984	619,034
6/30/18	634,285	668,532	622,734
9/30/18	650,210	697,125	638,441
12/31/18	597,824	608,228	594,977
3/31/19	655,417	682,281	646,617
6/30/19	677,380	706,924	666,848
9/30/19	685,302	706,741	672,978
12/31/19	723,032	770,001	708,178
3/31/20	618,123	605,489	613,430
6/30/20	711,142	721,857	691,536
9/30/20	754,785	780,546	724,757
12/31/20	829,097	895,164	798,978
3/31/21	855,589	936,085	816,308
6/30/21	901,693	1,005,293	856,964
9/30/21	902,597	994,694	851,188
12/31/21	941,147	1,061,104	880,395
3/31/22	888,043	1,004,220	834,721
6/30/22	776,175	846,954	740,083
9/30/22	731,340	789,194	696,273
12/31/22	779,995	866,243	750,318
3/31/23	825,202	929,529	782,772
6/30/23	865,213	986,948	802,186
9/30/23	839,905	953,367	775,831
12/31/23	921,191	1,058,565	849,539
3/31/24	976,982	1,145,328	882,770
6/30/24	996,476	1,178,191	885,108
9/30/24	1,051,691	1,256,115	946,834
12/31/24	1,031,743	1,243,694	919,770

202501-4140694, 202502-4108138

F424-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 12/17/15
Balanced Fund (I Class)	12.00%	7.37%	8.34%
MSCI All Country World Index Net (Regulatory Benchmark)	17.49	10.06	10.61
Morningstar Moderate Target Risk Index (Strategy Benchmark)	8.27	5.37	6.98

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)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. 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)$4,599,799
• Number of Portfolio Holdings1,589

• Investment Advisory Fees Paid (000s)$17,720
• Portfolio Turnover Rate39.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks	61.3%
Corporate Bonds	8.3
U.S. Government & Agency Mortgage-Backed Securities	8.1
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	7.9
Bond Mutual Funds	5.2
Equity Mutual Funds	4.2
Asset-Backed Securities	1.5
Non-U.S. Government Mortgage-Backed Securities	1.3
Short-Term and Other	2.2

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes	5.4%
T. Rowe Price Institutional High Yield Fund - Institutional Class	4.7
T. Rowe Price Real Assets Fund - I Class	4.2
Federal National Mortgage Assn.	4.0
NVIDIA	2.8
Microsoft	2.6
Apple	2.6
U.S. Treasury Bonds	2.5
Amazon.com	1.9
Government National Mortgage Assn.	1.8

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.

100 East Pratt Street

Baltimore, MD 21202

 

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:

	2024		2023
Audit Fees	$	33,841	$	34,808
Audit-Related Fees		-		-
Tax Fees		-		-
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-rata share 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-audit services 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-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services 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 2-01 of 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-audit services 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 $1,262,000 and $1,524,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by 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-End Management Investment Companies.

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

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2024

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

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

25.22‌

$

22.22‌

$

28.20‌

$

27.24‌

$

24.94‌

Investment

activities

Net

investment

income

(1)(2)

0.55‌

0.51‌

0.43‌

0.37‌

0.40‌

Net

realized

and

unrealized

gain/loss

2.42‌

3.45‌

(5.29‌)

3.22‌

3.15‌

Total

from

investment

activities

2.97‌

3.96‌

(4.86‌)

3.59‌

3.55‌

Distributions

Net

investment

income

(0.58‌)

(0.52‌)

(0.44‌)

(0.38‌)

(0.41‌)

Net

realized

gain

(1.33‌)

(0.44‌)

(0.68‌)

(2.25‌)

(0.84‌)

Total

distributions

(1.91‌)

(0.96‌)

(1.12‌)

(2.63‌)

(1.25‌)

NET

ASSET

VALUE

End

of

period

$

26.28‌

$

25.22‌

$

22.22‌

$

28.20‌

$

27.24‌

Ratios/Supplemental

Data

Total

return

(2)(3)

11.84‌%

17.99‌%

(17.26‌)%

13.36‌%

14.57‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.60‌%

0.60‌%

0.61‌%

0.57‌%

0.58‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.55‌%

0.55‌%

0.57‌%

0.53‌%

0.55‌%

Net

investment

income

2.06‌%

2.15‌%

1.74‌%

1.27‌%

1.63‌%

Portfolio

turnover

rate

39.2‌%

40.9‌%

97.7‌%

91.9‌%

75.7‌%

Net

assets,

end

of

period

(in

millions)

$2,484

$2,490

$2,318

$4,224

$4,087

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

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

25.20‌

$

22.21‌

$

28.20‌

$

27.23‌

$

24.94‌

Investment

activities

Net

investment

income

(1)(2)

0.59‌

0.54‌

0.49‌

0.41‌

0.43‌

Net

realized

and

unrealized

gain/loss

2.42‌

3.44‌

(5.31‌)

3.22‌

3.14‌

Total

from

investment

activities

3.01‌

3.98‌

(4.82‌)

3.63‌

3.57‌

Distributions

Net

investment

income

(0.62‌)

(0.55‌)

(0.49‌)

(0.41‌)

(0.44‌)

Net

realized

gain

(1.33‌)

(0.44‌)

(0.68‌)

(2.25‌)

(0.84‌)

Total

distributions

(1.95‌)

(0.99‌)

(1.17‌)

(2.66‌)

(1.28‌)

NET

ASSET

VALUE

End

of

period

$

26.26‌

$

25.20‌

$

22.21‌

$

28.20‌

$

27.23‌

Ratios/Supplemental

Data

Total

return

(2)(3)

12.00‌%

18.10‌%

(17.12‌)%

13.51‌%

14.67‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.47‌%

0.47‌%

0.47‌%

0.45‌%

0.46‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.42‌%

0.42‌%

0.43‌%

0.41‌%

0.43‌%

Net

investment

income

2.20‌%

2.28‌%

2.02‌%

1.39‌%

1.74‌%

Portfolio

turnover

rate

39.2‌%

40.9‌%

97.7‌%

91.9‌%

75.7‌%

Net

assets,

end

of

period

(in

millions)

$2,116

$1,889

$1,669

$1,173

$871

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,

2024

4

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

 1.5%

AmeriCredit

Automobile

Receivables

Trust

Series 2021-2,

Class

D

1.29%,

6/18/27 

2,100,000‌

2,026‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

5.669%,

12/26/31 (1)

178,056‌

178‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

149,999‌

147‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,205,000‌

1,195‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

A3

5.28%,

5/15/28 

735,000‌

741‌

CarMax

Auto

Owner

Trust

Series 2023-3,

Class

B

5.47%,

2/15/29 

580,000‌

587‌

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

B

5.17%,

8/15/29 

105,000‌

106‌

CarMax

Auto

Owner

Trust

Series 2024-3,

Class

A3

4.89%,

7/16/29 

400,000‌

402‌

Carvana

Auto

Receivables

Trust

Series 2021-P4,

Class

C

2.33%,

2/10/28 

1,715,000‌

1,599‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

A3

5.60%,

3/10/28 (1)

195,000‌

197‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

B

5.63%,

5/10/30 (1)

235,000‌

237‌

Carvana

Auto

Receivables

Trust

Series 2024-N3,

Class

B

4.67%,

12/10/30 (1)

3,420,000‌

3,388‌

CCG

Receivables

Trust

Series 2024-1,

Class

A2

4.99%,

3/15/32 (1)

2,715,000‌

2,729‌

CIFC

Funding

Series 2018-1A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.32%,

5.794%,

1/18/38 (1)

520,000‌

519‌

CyrusOne

Data

Centers

Issuer

I

Series 2024-2A,

Class

A2

4.50%,

5/20/49 (1)

2,330,000‌

2,221‌

T.

ROWE

PRICE

Balanced

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Drive

Auto

Receivables

Trust

Series 2024-2,

Class

B

4.52%,

7/16/29 

1,800,000‌

1,787‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

630,715‌

605‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

1,164,698‌

1,091‌

Driven

Brands

Funding

Series 2021-1A,

Class

A2

2.791%,

10/20/51 (1)

1,457,752‌

1,318‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

395,183‌

403‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

317,735‌

322‌

Elmwood

Series 2022-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.50%,

6.147%,

1/17/37 (1)

1,385,000‌

1,394‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

A3

4.98%,

8/21/28 (1)

155,000‌

156‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

A4

5.06%,

3/20/31 (1)

110,000‌

110‌

Enterprise

Fleet

Financing

Series 2024-4,

Class

A2

4.69%,

7/20/27 (1)

455,000‌

456‌

Enterprise

Fleet

Financing

Series 2024-4,

Class

A4

4.70%,

6/20/31 (1)

670,000‌

666‌

Ford

Credit

Auto

Owner

Trust

Series 2020-2,

Class

C

1.74%,

4/15/33 (1)

1,665,000‌

1,619‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

2,565,000‌

2,575‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series 2020-2,

Class

B

1.32%,

9/15/27 

1,275,000‌

1,244‌

Golub

Capital

Partners

Series 2019-43A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.34%,

5.889%,

10/20/37 (1)

2,175,000‌

2,175‌

T.

ROWE

PRICE

Balanced

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hardee's

Funding

Series 2024-1A,

Class

A2

7.253%,

3/20/54 (1)

1,672,363‌

1,708‌

Highbridge

Loan

Management

Series 5A-2015,

Class

A1R3,

CLO,

FRN

3M

TSFR

+

1.06%,

6.068%,

10/15/30 (1)

630,000‌

631‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2024-1,

Class

B1

6.153%,

5/20/32 (1)

191,602‌

194‌

Invesco

U.S.

Series 2023-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.57%,

6.202%,

4/22/37 (1)

720,000‌

723‌

Jamestown

XV

Series 2020-15A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.37%,

6.026%,

7/15/35 (1)

1,160,000‌

1,164‌

Jersey

Mike's

Funding

Series 2019-1A,

Class

A2

4.433%,

2/15/50 (1)

279,885‌

276‌

Jersey

Mike's

Funding

Series 2021-1A,

Class

A2I

2.891%,

2/15/52 (1)

49,750‌

48‌

KKR

Series 2022-43A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.75%,

6.406%,

1/15/36 (1)

1,075,000‌

1,081‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

5.946%,

10/15/32 (1)

1,205,000‌

1,206‌

MVW

Series 2019-2A,

Class

A

2.22%,

10/20/38 (1)

422,654‌

412‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-CA,

Class

A2

3.13%,

2/15/68 (1)

377,945‌

369‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

249,218‌

229‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series 2024-1,

Class

A

5.59%,

4/25/29 (1)

165,000‌

167‌

Neuberger

Berman

XXI

Series 2016-21A,

Class

A1R3,

CLO,

FRN

3M

TSFR

+

1.32%,

5.792%,

1/20/39 (1)

415,000‌

415‌

OCP

Series 2017-13A,

Class

AR2,

CLO,

FRN

3M

TSFR

+

1.34%,

5.90%,

11/26/37 (1)

1,910,000‌

1,912‌

T.

ROWE

PRICE

Balanced

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Octane

Receivables

Trust

Series 2024-RVM1,

Class

A

5.01%,

1/22/46 (1)

870,000‌

869‌

Palmer

Square

Series 2020-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.65%,

6.173%,

11/15/36 (1)

1,405,000‌

1,411‌

Porsche

Innovative

Lease

Owner

Trust

Series 2024-2A,

Class

A4

4.26%,

9/20/30 (1)

790,000‌

784‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

A2

5.59%,

11/15/29 (1)

129,874‌

131‌

Progress

Residential

Trust

Series 2024-SFR4,

Class

A

3.10%,

7/17/41 (1)

2,505,000‌

2,297‌

Progress

Residential

Trust

Series 2024-SFR5,

Class

A

3.00%,

8/9/29 (1)

345,000‌

314‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2022-C,

Class

B

6.451%,

12/15/32 (1)

416,006‌

418‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-1,

Class

E

2.51%,

12/15/28 

4,100,000‌

4,025‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-3,

Class

E

2.70%,

10/16/28 (1)

4,300,000‌

4,220‌

Santander

Drive

Auto

Receivables

Trust

Series 2024-5,

Class

A3

4.62%,

11/15/28 

800,000‌

799‌

Santander

Drive

Auto

Receivables

Trust

Series 2024-5,

Class

B

4.63%,

8/15/29 

900,000‌

896‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A3

5.39%,

11/20/26 (1)

180,000‌

181‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.24%,

1/22/29 (1)

175,000‌

176‌

SCF

Equipment

Leasing

Series 2024-1A,

Class

C

5.82%,

9/20/32 (1)

390,000‌

395‌

SEB

Funding

Series 2024-1A,

Class

A2

7.386%,

4/30/54 (1)

400,000‌

409‌

T.

ROWE

PRICE

Balanced

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

1,555,686‌

1,397‌

Signal

Peak

Series 2018-5A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.176%,

4/25/37 (1)

2,220,000‌

2,235‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

246,209‌

242‌

SMB

Private

Education

Loan

Trust

Series 2020-B,

Class

A1A

1.29%,

7/15/53 (1)

673,837‌

625‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

1,403,809‌

1,245‌

Synchrony

Card

Funding

Series 2023-A1,

Class

A

5.54%,

7/15/29 

585,000‌

593‌

TPIC

SPV

I

Series 2024-1A,

Class

A

7.131%,

11/30/44,

Acquisition

Date:

12/10/24,

Cost $1,685 (2)

1,685,000‌

1,685‌

U.S.

Bank

Series 2023-1,

Class

B

6.789%,

8/25/32 (1)

133,853‌

136‌

Verdant

Receivables

Series 2023-1A,

Class

A2

6.24%,

1/13/31 (1)

317,110‌

322‌

Verdant

Receivables

Series 2024-1A,

Class

A2

5.68%,

12/12/31 (1)

170,000‌

172‌

Total

Asset-Backed

Securities

(Cost

$69,412)

68,705‌

BOND

MUTUAL

FUNDS

 5.2%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

3.22% (3)(4)

2,211,631‌

22,426‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.73% (3)(4)

27,701,490‌

216,903‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.91% (3)(4)

102,720‌

474‌

Total

Bond

Mutual

Funds

(Cost

$256,228)

239,803‌

T.

ROWE

PRICE

Balanced

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 61.3%

COMMUNICATION

SERVICES

 4.9%

Diversified

Telecommunication

Services

 0.4%

AT&T 

19,531‌

445‌

BT

Group

(GBP) (5)

2,927,022‌

5,276‌

KT

(KRW) 

131,837‌

3,923‌

Nippon

Telegraph

&

Telephone

(JPY) 

8,780,100‌

8,770‌

18,414‌

Entertainment

 0.5%

Netflix (6)

22,694‌

20,228‌

Sea,

ADR (6)

20,691‌

2,195‌

Spotify

Technology (6)

1,400‌

627‌

Walt

Disney 

12,800‌

1,425‌

24,475‌

Interactive

Media

&

Services

 3.2%

Alphabet,

Class

A 

106,572‌

20,174‌

Alphabet,

Class

C 

304,061‌

57,906‌

LY

(JPY) 

754,600‌

1,995‌

Meta

Platforms,

Class

A 

101,705‌

59,549‌

NAVER

(KRW) 

24,952‌

3,330‌

Pinterest,

Class

A (6)

19,700‌

571‌

Tencent

Holdings

(HKD) 

38,200‌

2,039‌

145,564‌

Media

 0.4%

Charter

Communications,

Class

A (6)

4,700‌

1,611‌

Comcast,

Class

A 

212,511‌

7,975‌

CyberAgent

(JPY) 

379,100‌

2,609‌

WPP

(GBP) 

598,871‌

6,173‌

18,368‌

Wireless

Telecommunication

Services

 0.4%

T-Mobile

U.S. 

81,764‌

18,048‌

18,048‌

Total

Communication

Services

224,869‌

CONSUMER

DISCRETIONARY

 7.0%

Automobile

Components

 0.4%

Autoliv,

SDR

(SEK) 

48,151‌

4,484‌

Denso

(JPY) 

365,000‌

5,032‌

Dowlais

Group

(GBP) 

1,184,819‌

996‌

Magna

International (5)

92,604‌

3,870‌

T.

ROWE

PRICE

Balanced

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stanley

Electric

(JPY) 

103,800‌

1,702‌

16,084‌

Automobiles

 1.2%

Subaru

(JPY) 

106,500‌

1,892‌

Suzuki

Motor

(JPY) 

357,700‌

4,008‌

Tesla (6)

91,685‌

37,026‌

Toyota

Motor

(JPY) 

546,800‌

10,677‌

53,603‌

Broadline

Retail

 2.1%

Alibaba

Group

Holding,

ADR 

17,123‌

1,452‌

Amazon.com (6)

394,517‌

86,553‌

Isetan

Mitsukoshi

Holdings

(JPY) 

243,600‌

4,183‌

Next

(GBP) 

52,285‌

6,202‌

98,390‌

Hotels,

Restaurants

&

Leisure

 1.3%

Airbnb,

Class

A (6)

1,577‌

207‌

Amadeus

IT

Group

(EUR) 

71,314‌

5,034‌

Booking

Holdings 

2,988‌

14,845‌

Chipotle

Mexican

Grill (6)

127,509‌

7,689‌

Compass

Group

(GBP) 

313,461‌

10,430‌

Domino's

Pizza 

858‌

360‌

DoorDash,

Class

A (6)

14,759‌

2,476‌

Hilton

Worldwide

Holdings 

4,756‌

1,175‌

Las

Vegas

Sands 

18,590‌

955‌

Marriott

International,

Class

A 

4,588‌

1,280‌

McDonald's 

41,536‌

12,041‌

Norwegian

Cruise

Line

Holdings (6)

12,482‌

321‌

Royal

Caribbean

Cruises 

5,579‌

1,287‌

Starbucks 

5,161‌

471‌

Wingstop 

1,151‌

327‌

Wynn

Resorts 

3,504‌

302‌

59,200‌

Household

Durables

 0.4%

NVR (6)

190‌

1,554‌

Panasonic

Holdings

(JPY) 

475,100‌

4,856‌

Persimmon

(GBP) 

161,305‌

2,409‌

Sony

Group

(JPY) 

461,200‌

9,720‌

18,539‌

Specialty

Retail

 1.2%

AutoZone (6)

2,624‌

8,402‌

Bath

&

Body

Works 

4,441‌

172‌

T.

ROWE

PRICE

Balanced

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Burlington

Stores (6)

2,476‌

706‌

Carvana (6)

55,004‌

11,186‌

Home

Depot 

28,770‌

11,191‌

Kingfisher

(GBP) 

1,633,519‌

5,078‌

Lowe's 

7,282‌

1,797‌

O'Reilly

Automotive (6)

1,057‌

1,253‌

Ross

Stores 

60,003‌

9,077‌

TJX 

35,258‌

4,259‌

Tractor

Supply 

62,505‌

3,316‌

Ulta

Beauty (6)

714‌

311‌

56,748‌

Textiles,

Apparel

&

Luxury

Goods

 0.4%

Cie

Financiere

Richemont,

Class

A

(CHF) 

29,412‌

4,449‌

Deckers

Outdoor (6)

2,600‌

528‌

Kering

(EUR) 

9,910‌

2,448‌

Lululemon

Athletica (6)

7,082‌

2,708‌

Moncler

(EUR) 

75,821‌

4,003‌

NIKE,

Class

B 

5,127‌

388‌

Samsonite

International

(HKD) 

768,000‌

2,118‌

Tapestry 

13,673‌

893‌

17,535‌

Total

Consumer

Discretionary

320,099‌

CONSUMER

STAPLES

 3.8%

Beverages

 0.8%

Coca-Cola 

189,184‌

11,779‌

Constellation

Brands,

Class

A 

2,285‌

505‌

Diageo

(GBP) 

165,882‌

5,271‌

Heineken

(EUR) 

71,609‌

5,103‌

Keurig

Dr

Pepper 

309,453‌

9,940‌

Kirin

Holdings

(JPY) (5)

123,200‌

1,600‌

Monster

Beverage (6)

6,444‌

339‌

PepsiCo 

17,870‌

2,717‌

37,254‌

Consumer

Staples

Distribution

&

Retail

 0.7%

Costco

Wholesale 

6,014‌

5,510‌

Dollar

General 

11,472‌

870‌

Dollar

Tree (6)

30,092‌

2,255‌

Seven

&

i

Holdings

(JPY) 

502,700‌

7,881‌

Sysco 

2,379‌

182‌

Target 

6,535‌

883‌

Walmart 

162,070‌

14,643‌

T.

ROWE

PRICE

Balanced

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Welcia

Holdings

(JPY) 

66,900‌

872‌

33,096‌

Food

Products

 0.6%

Barry

Callebaut

(CHF) (5)

1,094‌

1,457‌

Lamb

Weston

Holdings 

1,800‌

120‌

Mondelez

International,

Class

A 

81,437‌

4,864‌

Nestle

(CHF) 

202,812‌

16,639‌

Wilmar

International

(SGD) 

1,739,800‌

3,949‌

27,029‌

Household

Products

 0.6%

Clorox 

3,000‌

487‌

Colgate-Palmolive 

123,163‌

11,197‌

Kimberly-Clark 

4,825‌

632‌

Procter

&

Gamble 

91,902‌

15,408‌

27,724‌

Personal

Care

Products

 1.0%

Kenvue 

919,488‌

19,631‌

L'Oreal

(EUR) 

16,934‌

5,995‌

Puig

Brands,

Class

B

(EUR) (6)

88,485‌

1,631‌

Unilever

(GBP) 

292,801‌

16,637‌

43,894‌

Tobacco

 0.1%

Altria

Group 

13,058‌

683‌

Philip

Morris

International 

32,775‌

3,944‌

4,627‌

Total

Consumer

Staples

173,624‌

ENERGY

 2.5%

Energy

Equipment

&

Services

 0.3%

Schlumberger 

265,040‌

10,162‌

TechnipFMC 

59,500‌

1,722‌

11,884‌

Oil,

Gas

&

Consumable

Fuels

 2.2%

Chevron 

73,847‌

10,696‌

ConocoPhillips 

126,531‌

12,548‌

Diamondback

Energy 

35,827‌

5,870‌

EOG

Resources 

10,658‌

1,306‌

EQT 

134,382‌

6,196‌

Equinor

(NOK) 

374,381‌

8,880‌

Expand

Energy 

26,485‌

2,637‌

Exxon

Mobil 

153,687‌

16,532‌

Hess 

1,916‌

255‌

T.

ROWE

PRICE

Balanced

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Marathon

Petroleum 

7,207‌

1,005‌

Phillips

66 

35,689‌

4,066‌

Range

Resources 

235,437‌

8,471‌

Shell,

ADR 

129,936‌

8,141‌

Suncor

Energy 

7,569‌

270‌

Targa

Resources 

6,160‌

1,100‌

Texas

Pacific

Land 

300‌

332‌

TotalEnergies

(EUR) 

198,061‌

11,035‌

Valero

Energy 

7,401‌

907‌

Williams 

54,362‌

2,942‌

103,189‌

Total

Energy

115,073‌

FINANCIALS

 10.8%

Banks

 3.4%

ANZ

Group

Holdings

(AUD) 

202,633‌

3,570‌

Bank

of

America 

468,071‌

20,572‌

Citigroup 

103,147‌

7,261‌

DBS

Group

Holdings

(SGD) 

173,600‌

5,563‌

DNB

Bank

(NOK) 

486,717‌

9,717‌

Fifth

Third

Bancorp 

19,797‌

837‌

HDFC

Bank

(INR) 

249,614‌

5,162‌

Huntington

Bancshares 

176,114‌

2,865‌

ING

Groep

(EUR) 

565,148‌

8,857‌

Intesa

Sanpaolo

(EUR) 

1,086,239‌

4,357‌

JPMorgan

Chase 

135,870‌

32,569‌

KeyCorp 

241,581‌

4,141‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

712,000‌

8,312‌

National

Bank

of

Canada

(CAD) 

83,285‌

7,592‌

Popular 

3,400‌

320‌

Skandinaviska

Enskilda

Banken,

Class

A

(SEK) 

243,657‌

3,339‌

Societe

Generale

(EUR) 

106,990‌

3,003‌

Standard

Chartered

(GBP) 

548,508‌

6,753‌

Sumitomo

Mitsui

Trust

Group

(JPY) 

117,308‌

2,740‌

Truist

Financial 

5,386‌

234‌

UniCredit

(EUR) 

134,609‌

5,391‌

United

Overseas

Bank

(SGD) 

287,900‌

7,646‌

Wells

Fargo 

41,489‌

2,914‌

Western

Alliance

Bancorp 

4,063‌

339‌

154,054‌

Capital

Markets

 1.6%

Ares

Management,

Class

A 

4,625‌

819‌

Bank

of

New

York

Mellon 

14,793‌

1,137‌

T.

ROWE

PRICE

Balanced

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Blackrock 

1,834‌

1,880‌

Blackstone 

3,461‌

597‌

Bridgepoint

Group

(GBP) 

706,060‌

3,158‌

Brookfield

(CAD) 

106,467‌

6,119‌

Cboe

Global

Markets 

2,463‌

481‌

Charles

Schwab 

225,611‌

16,698‌

CME

Group 

29,480‌

6,846‌

CVC

Capital

Partners

(EUR) (6)

178,368‌

3,944‌

Goldman

Sachs

Group 

15,555‌

8,907‌

Julius

Baer

Group

(CHF) 

88,765‌

5,758‌

KKR 

11,683‌

1,728‌

Macquarie

Group

(AUD) 

33,008‌

4,514‌

Moody's 

800‌

379‌

Morgan

Stanley 

38,742‌

4,871‌

MSCI 

212‌

127‌

S&P

Global 

9,703‌

4,832‌

State

Street 

9,000‌

883‌

TPG 

6,500‌

408‌

Tradeweb

Markets,

Class

A 

5,022‌

658‌

74,744‌

Consumer

Finance

 0.3%

American

Express 

41,162‌

12,216‌

Capital

One

Financial 

4,000‌

713‌

Synchrony

Financial 

14,100‌

917‌

13,846‌

Financial

Services

 2.8%

Adyen

(EUR) (6)

2,245‌

3,336‌

Apollo

Global

Management 

7,697‌

1,271‌

Berkshire

Hathaway,

Class

B (6)

68,719‌

31,149‌

Block (6)

4,800‌

408‌

Challenger

(AUD) 

332,393‌

1,234‌

Corebridge

Financial 

213,516‌

6,391‌

Corpay (6)

19,660‌

6,653‌

Edenred

(EUR) 

61,311‌

2,016‌

Equitable

Holdings 

20,449‌

965‌

Fiserv (6)

94,797‌

19,473‌

Global

Payments 

9,628‌

1,079‌

Mastercard,

Class

A 

41,358‌

21,778‌

Mitsubishi

HC

Capital

(JPY) 

307,800‌

2,028‌

Visa,

Class

A 

102,050‌

32,252‌

Voya

Financial 

12,434‌

856‌

130,889‌

T.

ROWE

PRICE

Balanced

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Insurance

 2.6%

AIA

Group

(HKD) 

726,000‌

5,215‌

Allstate 

42,806‌

8,253‌

American

International

Group 

22,036‌

1,604‌

AXA

(EUR) 

377,350‌

13,430‌

Axis

Capital

Holdings 

4,644‌

411‌

Chubb 

46,441‌

12,832‌

Definity

Financial

(CAD) 

75,609‌

3,074‌

Great-West

Lifeco

(CAD) 

90,015‌

2,985‌

Hartford

Financial

Services

Group 

12,224‌

1,337‌

Mandatum

(EUR) 

412,976‌

1,921‌

Marsh

&

McLennan 

20,632‌

4,382‌

MetLife 

55,340‌

4,531‌

Muenchener

Rueckversicherungs-Gesellschaft

(EUR) 

30,442‌

15,389‌

Progressive 

11,401‌

2,732‌

RenaissanceRe

Holdings 

3,913‌

974‌

Sampo,

Class

A

(EUR) 

158,103‌

6,458‌

Storebrand

(NOK) 

520,374‌

5,549‌

Sun

Life

Financial

(CAD) 

83,950‌

4,985‌

Tokio

Marine

Holdings

(JPY) 

300,700‌

10,792‌

Travelers 

28,878‌

6,956‌

Zurich

Insurance

Group

(CHF) 

10,626‌

6,320‌

120,130‌

Mortgage

Real

Estate

Investment

Trusts

 0.1%

Annaly

Capital

Management,

REIT 

215,316‌

3,940‌

3,940‌

Total

Financials

497,603‌

HEALTH

CARE

 7.1%

Biotechnology

 0.5%

AbbVie 

20,821‌

3,700‌

Amgen 

6,499‌

1,694‌

Argenx,

ADR (6)

7,973‌

4,903‌

BeiGene,

ADR (6)

2,800‌

517‌

Biogen (6)

4,642‌

710‌

Genmab

(DKK) (6)

11,381‌

2,377‌

Gilead

Sciences 

13,062‌

1,206‌

Regeneron

Pharmaceuticals (6)

9,083‌

6,470‌

Vertex

Pharmaceuticals (6)

2,428‌

978‌

22,555‌

Health

Care

Equipment

&

Supplies

 1.3%

Abbott

Laboratories 

10,022‌

1,134‌

Alcon

(CHF) 

45,233‌

3,835‌

T.

ROWE

PRICE

Balanced

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Becton

Dickinson

&

Company 

28,044‌

6,362‌

Boston

Scientific (6)

16,657‌

1,488‌

Cooper (6)

7,800‌

717‌

Edwards

Lifesciences (6)

10,200‌

755‌

Elekta,

Class

B

(SEK) 

364,500‌

2,013‌

EssilorLuxottica

(EUR) 

22,178‌

5,410‌

GE

HealthCare

Technologies 

28,249‌

2,209‌

Intuitive

Surgical (6)

26,234‌

13,693‌

Koninklijke

Philips

(EUR) (6)

271,255‌

6,871‌

Medtronic 

9,339‌

746‌

Siemens

Healthineers

(EUR) 

135,296‌

7,145‌

Stryker 

15,976‌

5,752‌

Zimmer

Biomet

Holdings 

12,291‌

1,298‌

59,428‌

Health

Care

Providers

&

Services

 1.6%

Cencora 

47,508‌

10,674‌

Cigna

Group 

18,153‌

5,013‌

CVS

Health 

12,600‌

566‌

Elevance

Health 

40,510‌

14,944‌

HCA

Healthcare 

5,259‌

1,579‌

Humana 

6,441‌

1,634‌

McKesson 

2,050‌

1,168‌

Molina

Healthcare (6)

9,110‌

2,651‌

Quest

Diagnostics 

4,800‌

724‌

Tenet

Healthcare (6)

50,745‌

6,406‌

UnitedHealth

Group 

57,922‌

29,300‌

74,659‌

Life

Sciences

Tools

&

Services

 0.8%

Danaher 

48,683‌

11,175‌

ICON (6)

1,695‌

356‌

Mettler-Toledo

International (6)

877‌

1,073‌

Repligen (6)

5,116‌

736‌

Revvity 

64,956‌

7,250‌

Thermo

Fisher

Scientific 

30,291‌

15,758‌

36,348‌

Pharmaceuticals

 2.9%

Astellas

Pharma

(JPY) 

387,600‌

3,764‌

AstraZeneca,

ADR 

367,225‌

24,061‌

Bayer

(EUR) 

98,640‌

1,970‌

Bristol-Myers

Squibb 

6,894‌

390‌

Chugai

Pharmaceutical

(JPY) 

97,500‌

4,298‌

Eli

Lilly 

42,221‌

32,595‌

T.

ROWE

PRICE

Balanced

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Johnson

&

Johnson 

72,164‌

10,436‌

Merck 

26,806‌

2,667‌

Novartis

(CHF) 

119,946‌

11,678‌

Novo

Nordisk,

Class

B

(DKK) 

127,066‌

10,963‌

Pfizer 

40,770‌

1,082‌

Roche

Holding

(CHF) 

40,669‌

11,371‌

Sanofi

(EUR) 

128,661‌

12,507‌

Sanofi,

ADR 

11,900‌

574‌

Shionogi

(JPY) 

113,600‌

1,593‌

Viatris 

74,282‌

925‌

Zoetis 

1,769‌

288‌

131,162‌

Total

Health

Care

324,152‌

INDUSTRIALS

&

BUSINESS

SERVICES

 6.4%

Aerospace

&

Defense

 1.2%

Boeing (6)

47,748‌

8,451‌

General

Dynamics 

16,971‌

4,472‌

General

Electric 

71,646‌

11,950‌

Howmet

Aerospace 

8,965‌

981‌

L3Harris

Technologies 

29,572‌

6,218‌

Lockheed

Martin 

689‌

335‌

Melrose

Industries

(GBP) 

978,383‌

6,761‌

Northrop

Grumman 

11,388‌

5,344‌

RTX 

8,089‌

936‌

Safran

(EUR) 

36,321‌

7,958‌

TransDigm

Group 

2,030‌

2,573‌

55,979‌

Air

Freight

&

Logistics

 0.0%

FedEx 

2,564‌

721‌

721‌

Building

Products

 0.1%

Carrier

Global 

14,174‌

968‌

Johnson

Controls

International 

7,505‌

592‌

Owens

Corning 

12,600‌

2,146‌

Trane

Technologies 

2,990‌

1,104‌

Trex (6)

1,000‌

69‌

4,879‌

Commercial

Services

&

Supplies

 0.4%

Cintas 

13,152‌

2,403‌

Copart (6)

13,492‌

774‌

Element

Fleet

Management

(CAD) 

421,764‌

8,527‌

T.

ROWE

PRICE

Balanced

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Republic

Services 

29,567‌

5,948‌

Veralto 

4,598‌

469‌

Waste

Connections 

3,317‌

569‌

Waste

Management 

3,738‌

754‌

19,444‌

Construction

&

Engineering

 0.1%

Worley

(AUD) 

416,461‌

3,521‌

3,521‌

Electrical

Equipment

 1.2%

ABB

(CHF) 

203,568‌

10,992‌

AMETEK 

55,454‌

9,996‌

Emerson

Electric 

5,292‌

656‌

GE

Vernova 

11,146‌

3,666‌

Hubbell 

2,430‌

1,018‌

Legrand

(EUR) 

66,898‌

6,507‌

Mitsubishi

Electric

(JPY) 

403,400‌

6,812‌

Prysmian

(EUR) 

140,449‌

8,988‌

Rockwell

Automation 

29,167‌

8,336‌

Vertiv

Holdings,

Class

A 

3,802‌

432‌

57,403‌

Ground

Transportation

 0.8%

Central

Japan

Railway

(JPY) 

140,900‌

2,644‌

CSX 

145,491‌

4,695‌

Norfolk

Southern 

41,781‌

9,806‌

Old

Dominion

Freight

Line 

47,340‌

8,351‌

Saia (6)

1,964‌

895‌

Uber

Technologies (6)

27,310‌

1,647‌

Union

Pacific 

30,884‌

7,043‌

35,081‌

Industrial

Conglomerates

 0.7%

DCC

(GBP) 

55,962‌

3,586‌

Honeywell

International 

9,478‌

2,141‌

Roper

Technologies 

8,982‌

4,669‌

Siemens

(EUR) 

116,956‌

22,806‌

33,202‌

Machinery

 1.1%

Caterpillar 

2,413‌

875‌

Cummins 

19,762‌

6,889‌

Deere 

27,405‌

11,611‌

Dover 

5,400‌

1,013‌

Esab 

4,189‌

502‌

T.

ROWE

PRICE

Balanced

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fortive 

16,500‌

1,238‌

IDEX 

3,564‌

746‌

Ingersoll

Rand 

7,932‌

718‌

KION

Group

(EUR) 

66,820‌

2,206‌

Parker-Hannifin 

7,400‌

4,707‌

Sandvik

(SEK) 

250,744‌

4,496‌

SMC

(JPY) 

5,000‌

1,942‌

Stanley

Black

&

Decker 

20,773‌

1,668‌

THK

(JPY) 

101,700‌

2,346‌

Westinghouse

Air

Brake

Technologies 

56,005‌

10,618‌

Xylem 

1,000‌

116‌

51,691‌

Passenger

Airlines

 0.0%

Delta

Air

Lines 

4,645‌

281‌

United

Airlines

Holdings (6)

5,910‌

574‌

855‌

Professional

Services

 0.3%

Booz

Allen

Hamilton

Holding 

1,900‌

245‌

Equifax 

2,810‌

716‌

Paylocity

Holding (6)

2,700‌

539‌

Recruit

Holdings

(JPY) 

110,800‌

7,701‌

TechnoPro

Holdings

(JPY) 

168,900‌

3,158‌

Teleperformance

(EUR) 

19,787‌

1,697‌

Verisk

Analytics 

2,705‌

745‌

14,801‌

Trading

Companies

&

Distributors

 0.5%

Ashtead

Group

(GBP) 

26,552‌

1,643‌

Bunzl

(GBP) 

119,326‌

4,913‌

Fastenal 

9,893‌

711‌

Ferguson

Enterprises 

23,342‌

4,051‌

Mitsubishi

(JPY) 

199,400‌

3,263‌

SiteOne

Landscape

Supply (6)

3,901‌

514‌

Sumitomo

(JPY) 

273,100‌

5,910‌

WW

Grainger 

400‌

422‌

21,427‌

Total

Industrials

&

Business

Services

299,004‌

INFORMATION

TECHNOLOGY

 14.2%

Communications

Equipment

 0.2%

Arista

Networks (6)

8,896‌

983‌

Cisco

Systems 

38,682‌

2,290‌

T.

ROWE

PRICE

Balanced

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

LM

Ericsson,

Class

B

(SEK) 

711,130‌

5,759‌

9,032‌

Electronic

Equipment,

Instruments

&

Components

 0.8%

Amphenol,

Class

A 

62,027‌

4,308‌

Hamamatsu

Photonics

(JPY) 

159,000‌

1,768‌

Keysight

Technologies (6)

85,106‌

13,671‌

Largan

Precision

(TWD) 

19,000‌

1,547‌

Murata

Manufacturing

(JPY) 

152,100‌

2,413‌

Omron

(JPY) 

58,500‌

1,970‌

TE

Connectivity 

63,386‌

9,062‌

Teledyne

Technologies (6)

2,696‌

1,251‌

Zebra

Technologies,

Class

A (6)

2,836‌

1,095‌

37,085‌

IT

Services

 0.3%

Accenture,

Class

A 

11,964‌

4,209‌

Gartner (6)

600‌

291‌

International

Business

Machines 

6,564‌

1,443‌

MongoDB (6)

2,443‌

569‌

Nomura

Research

Institute

(JPY) 

132,100‌

3,878‌

Shopify,

Class

A (6)

47,315‌

5,031‌

Snowflake,

Class

A (6)

686‌

106‌

15,527‌

Semiconductors

&

Semiconductor

Equipment

 6.0%

Advanced

Micro

Devices (6)

42,137‌

5,090‌

Analog

Devices 

29,667‌

6,303‌

ASML

Holding

(EUR) 

20,439‌

14,316‌

ASML

Holding 

7,303‌

5,061‌

BE

Semiconductor

Industries

(EUR) 

19,105‌

2,619‌

Broadcom 

211,655‌

49,070‌

First

Solar (6)

2,200‌

388‌

KLA 

3,433‌

2,163‌

Lam

Research 

2,579‌

186‌

Marvell

Technology 

22,814‌

2,520‌

Micron

Technology 

41,300‌

3,476‌

Monolithic

Power

Systems 

4,245‌

2,512‌

NVIDIA 

956,630‌

128,466‌

NXP

Semiconductors 

29,962‌

6,228‌

QUALCOMM 

22,230‌

3,415‌

Renesas

Electronics

(JPY) 

208,400‌

2,637‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

681,969‌

22,164‌

Taiwan

Semiconductor

Manufacturing,

ADR 

15,218‌

3,005‌

Texas

Instruments 

55,068‌

10,326‌

T.

ROWE

PRICE

Balanced

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tokyo

Electron

(JPY) 

27,900‌

4,194‌

274,139‌

Software

 4.2%

Adobe (6)

5,897‌

2,622‌

Atlassian,

Class

A (6)

1,555‌

378‌

Autodesk (6)

4,144‌

1,225‌

BILL

Holdings (6)

12,595‌

1,067‌

Cadence

Design

Systems (6)

7,337‌

2,204‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $668 (2)(6)

(7)

392‌

519‌

Confluent,

Class

A (6)

19,455‌

544‌

Crowdstrike

Holdings,

Class

A (6)

7,514‌

2,571‌

Datadog,

Class

A (6)

7,686‌

1,098‌

Descartes

Systems

Group (6)

1,587‌

180‌

Dynatrace (6)

9,366‌

509‌

Fair

Isaac (6)

461‌

918‌

Fortinet (6)

29,623‌

2,799‌

Gen

Digital 

43,262‌

1,185‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $216 (2)(6)(7)

7,517‌

140‌

HubSpot (6)

614‌

428‌

Intuit 

10,506‌

6,603‌

Microsoft 

287,214‌

121,061‌

Oracle 

21,972‌

3,661‌

Palo

Alto

Networks (6)

3,920‌

713‌

Salesforce 

18,798‌

6,285‌

SAP

(EUR) 

58,146‌

14,302‌

ServiceNow (6)

16,420‌

17,407‌

Synopsys (6)

13,080‌

6,349‌

Zscaler (6)

1,800‌

325‌

195,093‌

Technology

Hardware,

Storage

&

Peripherals

 2.7%

Apple 

471,641‌

118,108‌

Pure

Storage,

Class

A (6)

6,600‌

406‌

Samsung

Electronics

(KRW) 

145,185‌

5,181‌

Western

Digital (6)

12,465‌

743‌

124,438‌

Total

Information

Technology

655,314‌

MATERIALS

 2.2%

Chemicals

 1.2%

Air

Liquide

(EUR) 

43,243‌

7,030‌

Akzo

Nobel

(EUR) 

58,233‌

3,495‌

Asahi

Kasei

(JPY) 

317,800‌

2,190‌

T.

ROWE

PRICE

Balanced

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BASF

(EUR) 

75,673‌

3,318‌

CF

Industries

Holdings 

9,023‌

770‌

Covestro

(EUR) (6)

62,745‌

3,770‌

Johnson

Matthey

(GBP) 

142,464‌

2,390‌

Linde 

30,934‌

12,951‌

Mosaic 

125,966‌

3,096‌

PPG

Industries 

25,522‌

3,049‌

RPM

International 

1,312‌

161‌

Sherwin-Williams 

34,634‌

11,773‌

Umicore

(EUR) (5)

115,352‌

1,191‌

55,184‌

Construction

Materials

 0.1%

Martin

Marietta

Materials 

5,801‌

2,996‌

Vulcan

Materials 

3,238‌

833‌

3,829‌

Containers

&

Packaging

 0.2%

Ball 

11,942‌

659‌

International

Paper 

167,546‌

9,017‌

Packaging

Corp.

of

America 

3,562‌

802‌

10,478‌

Metals

&

Mining

 0.6%

Antofagasta

(GBP) 

246,877‌

4,891‌

BHP

Group

(AUD) 

115,963‌

2,829‌

BHP

Group

(GBP) (5)

175,793‌

4,285‌

Franco-Nevada 

38,986‌

4,584‌

Freeport-McMoRan 

83,548‌

3,182‌

South32

(AUD) 

824,353‌

1,729‌

Southern

Copper 

16,855‌

1,536‌

Steel

Dynamics 

6,833‌

780‌

Wheaton

Precious

Metals 

28,119‌

1,581‌

25,397‌

Paper

&

Forest

Products

 0.1%

Stora

Enso,

Class

R

(EUR) 

252,930‌

2,546‌

West

Fraser

Timber (5)

8,299‌

718‌

3,264‌

Total

Materials

98,152‌

REAL

ESTATE

 0.8%

Health

Care

Real

Estate

Investment

Trusts

 0.0%

Welltower,

REIT 

10,117‌

1,275‌

1,275‌

T.

ROWE

PRICE

Balanced

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Industrial

Real

Estate

Investment

Trusts

 0.1%

Prologis,

REIT 

14,515‌

1,534‌

Rexford

Industrial

Realty,

REIT 

25,370‌

981‌

Segro

(GBP) 

168,060‌

1,474‌

3,989‌

Office

Real

Estate

Investment

Trusts

 0.0%

Great

Portland

Estates

(GBP) 

253,703‌

915‌

915‌

Real

Estate

Management

&

Development

 0.2%

CBRE

Group,

Class

A (6)

4,434‌

582‌

CoStar

Group (6)

3,959‌

284‌

Mitsui

Fudosan

(JPY) 

773,000‌

6,182‌

7,048‌

Residential

Real

Estate

Investment

Trusts

 0.1%

American

Homes

4

Rent,

Class

A,

REIT 

8,019‌

300‌

AvalonBay

Communities,

REIT 

2,008‌

442‌

Camden

Property

Trust,

REIT 

1,158‌

134‌

Equity

LifeStyle

Properties,

REIT 

23,853‌

1,589‌

Essex

Property

Trust,

REIT 

2,193‌

626‌

Sun

Communities,

REIT 

5,260‌

647‌

3,738‌

Retail

Real

Estate

Investment

Trusts

 0.1%

Kimco

Realty,

REIT 

17,421‌

408‌

Regency

Centers,

REIT 

4,961‌

367‌

Scentre

Group

(AUD) 

2,236,111‌

4,733‌

Simon

Property

Group,

REIT 

2,738‌

472‌

5,980‌

Specialized

Real

Estate

Investment

Trusts

 0.3%

American

Tower,

REIT 

8,051‌

1,477‌

CubeSmart,

REIT 

6,407‌

274‌

Equinix,

REIT 

5,265‌

4,964‌

Public

Storage,

REIT 

24,879‌

7,450‌

14,165‌

Total

Real

Estate

37,110‌

UTILITIES

 1.6%

Electric

Utilities

 0.9%

Constellation

Energy 

29,372‌

6,571‌

Duke

Energy 

1,012‌

109‌

Entergy 

10,698‌

811‌

Evergy 

6,900‌

425‌

T.

ROWE

PRICE

Balanced

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Exelon 

239,315‌

9,008‌

FirstEnergy 

7,819‌

311‌

NextEra

Energy 

73,274‌

5,253‌

PG&E 

110,370‌

2,227‌

Redeia

(EUR) 

144,289‌

2,464‌

Southern 

11,198‌

922‌

Xcel

Energy 

170,962‌

11,543‌

39,644‌

Gas

Utilities

 0.1%

Atmos

Energy 

38,287‌

5,332‌

5,332‌

Independent

Power

&

Renewable

Electricity

Producers

 0.1%

Electric

Power

Development

(JPY) 

198,200‌

3,235‌

Vistra 

4,287‌

591‌

3,826‌

Multi-Utilities

 0.5%

Ameren 

101,216‌

9,022‌

CMS

Energy 

7,900‌

526‌

Engie

(EUR) 

457,627‌

7,258‌

National

Grid

(GBP) 

628,238‌

7,464‌

Sempra 

900‌

79‌

24,349‌

Total

Utilities

73,151‌

Total

Common

Stocks

(Cost

$1,341,946)

2,818,151‌

CONVERTIBLE

PREFERRED

STOCKS

 0.0%

INFORMATION

TECHNOLOGY

 0.0%

Software

 0.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $43 (2)(6)(7)

25‌

33‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $3 (2)(6)(7)

2‌

2‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $229 (2)

(6)(7)

3,879‌

359‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $625 (2)

(6)(7)

8,505‌

787‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $112 (2)

(6)(7)

1,526‌

141‌

T.

ROWE

PRICE

Balanced

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $317 (2)(6)(7)

10,431‌

194‌

Total

Information

Technology

1,516‌

Total

Convertible

Preferred

Stocks

(Cost

$1,329)

1,516‌

CORPORATE

BONDS

 8.3%

AbbVie,

2.95%,

11/21/26 

920,000‌

893‌

AbbVie,

3.20%,

5/14/26 (5)

420,000‌

413‌

AbbVie,

4.50%,

5/14/35 

1,900,000‌

1,769‌

AbbVie,

4.70%,

5/14/45 

915,000‌

802‌

AbbVie,

4.80%,

3/15/29 

1,260,000‌

1,258‌

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)

940,000‌

937‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

935,000‌

894‌

AerCap

Ireland

Capital,

5.75%,

6/6/28 (5)

1,840,000‌

1,875‌

AerCap

Ireland

Capital,

6.15%,

9/30/30 

225,000‌

235‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

365,000‌

368‌

AHS

Hospital,

5.024%,

7/1/45 

1,600,000‌

1,480‌

AIB

Group,

VR,

6.608%,

9/13/29 (1)(5)(8)

650,000‌

679‌

Alcon

Finance,

2.60%,

5/27/30 (1)

1,300,000‌

1,144‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 (5)

655,000‌

644‌

Allstate,

5.55%,

5/9/35 

1,000,000‌

1,010‌

Ally

Financial,

2.20%,

11/2/28 

700,000‌

625‌

Altria

Group,

2.35%,

5/6/25 

415,000‌

411‌

Amazon.com,

3.875%,

8/22/37 

1,645,000‌

1,451‌

Ameren,

5.70%,

12/1/26 

1,820,000‌

1,851‌

America

Movil,

2.875%,

5/7/30 (5)

2,525,000‌

2,257‌

America

Movil,

6.375%,

3/1/35 

300,000‌

317‌

American

Express,

VR,

6.489%,

10/30/31 (8)

2,785,000‌

2,973‌

American

Honda

Finance,

5.65%,

11/15/28 (5)

1,655,000‌

1,700‌

Amgen,

2.77%,

9/1/53 

447,000‌

258‌

Amphenol,

5.05%,

4/5/29 

895,000‌

896‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

2,120,000‌

2,094‌

APA

Infrastructure,

4.25%,

7/15/27 (1)

620,000‌

615‌

Appalachian

Power,

4.45%,

6/1/45 

2,450,000‌

1,992‌

Arthur

J

Gallagher,

4.85%,

12/15/29 

360,000‌

358‌

AT&T,

2.25%,

2/1/32 

1,400,000‌

1,155‌

AT&T,

3.50%,

6/1/41 (5)

680,000‌

521‌

Athene

Global

Funding,

4.86%,

8/27/26 (1)

2,935,000‌

2,931‌

Atlassian,

5.25%,

5/15/29 

575,000‌

579‌

Atmos

Energy,

4.15%,

1/15/43 

1,500,000‌

1,251‌

AutoZone,

3.125%,

4/21/26 (5)

650,000‌

637‌

AutoZone,

5.05%,

7/15/26 

2,690,000‌

2,704‌

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

3,175,000‌

3,213‌

T.

ROWE

PRICE

Balanced

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Banco

Santander,

3.49%,

5/28/30 

200,000‌

182‌

Banco

Santander,

5.439%,

7/15/31 

3,600,000‌

3,593‌

Banco

Santander

Chile,

2.70%,

1/10/25 (1)

1,322,000‌

1,321‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,110,000‌

1,110‌

Bank

of

America,

6.11%,

1/29/37 

900,000‌

930‌

Bank

of

America,

6.75%,

6/1/28 

700,000‌

740‌

Bank

of

America,

VR,

2.299%,

7/21/32 (8)

2,240,000‌

1,869‌

Bank

of

America,

VR,

2.676%,

6/19/41 (5)(8)

3,450,000‌

2,380‌

Bank

of

America,

Series N,

VR,

2.651%,

3/11/32 (8)

2,325,000‌

2,002‌

Bank

of

Montreal,

2.65%,

3/8/27 (5)

2,035,000‌

1,952‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34 (8)

1,885,000‌

2,024‌

Banner

Health,

1.897%,

1/1/31 

670,000‌

552‌

Barclays,

VR,

2.852%,

5/7/26 (8)

1,880,000‌

1,869‌

Barclays,

VR,

5.674%,

3/12/28 (8)

750,000‌

758‌

BAT

Capital,

4.39%,

8/15/37 

1,385,000‌

1,197‌

BAT

Capital,

5.834%,

2/20/31 

810,000‌

827‌

Bayer

U.S.

Finance,

6.375%,

11/21/30 (1)

1,540,000‌

1,586‌

Baylor

Scott

&

White

Holdings,

3.967%,

11/15/46 

1,850,000‌

1,476‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

1,380,000‌

1,231‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,956,000‌

1,908‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 (5)

1,350,000‌

1,290‌

BlackRock

Funding,

4.70%,

3/14/29 (5)

785,000‌

786‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(8)

1,315,000‌

1,296‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)(8)

3,100,000‌

2,638‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

385,000‌

381‌

Booking

Holdings,

3.65%,

3/15/25 

1,515,000‌

1,511‌

Boston

Properties,

3.65%,

2/1/26 

1,165,000‌

1,147‌

BPCE,

4.50%,

3/15/25 (1)

1,000,000‌

998‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)(5)

1,110,000‌

1,059‌

Bristol-Myers

Squibb,

5.10%,

2/22/31 

490,000‌

493‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

565,000‌

553‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

1,220,000‌

1,207‌

Broadcom,

5.05%,

7/12/29 (5)

3,600,000‌

3,607‌

Burlington

Northern

Santa

Fe,

4.375%,

9/1/42 

1,400,000‌

1,208‌

Burlington

Northern

Santa

Fe,

6.15%,

5/1/37 

650,000‌

695‌

Cadence

Design

Systems,

4.30%,

9/10/29 

965,000‌

945‌

Cameron

LNG,

2.902%,

7/15/31 (1)

575,000‌

500‌

Cameron

LNG,

3.701%,

1/15/39 (1)

475,000‌

380‌

Canadian

National

Railway,

5.85%,

11/1/33 

1,155,000‌

1,208‌

Canadian

Natural

Resources,

2.95%,

7/15/30 

1,700,000‌

1,511‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

930,000‌

880‌

Canadian

Pacific

Railway,

3.50%,

5/1/50 

1,695,000‌

1,200‌

T.

ROWE

PRICE

Balanced

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capital

One

Financial,

3.65%,

5/11/27 

1,215,000‌

1,181‌

Capital

One

Financial,

VR,

6.051%,

2/1/35 (8)

365,000‌

371‌

Cardinal

Health,

3.41%,

6/15/27 

1,570,000‌

1,520‌

Cardinal

Health,

3.75%,

9/15/25 (5)

1,005,000‌

998‌

Carvana,

12.00%,

12/1/28,

(9.00%

Cash

or

12.00%

PIK) (1)(9)

245,959‌

263‌

Carvana,

13.00%,

6/1/30,

(11.00%

Cash

or

13.00%

PIK) (1)(9)

433,180‌

475‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)(9)

516,762‌

618‌

Caterpillar

Financial

Services,

5.00%,

5/14/27 

3,320,000‌

3,354‌

CBRE

Services,

5.50%,

4/1/29 

555,000‌

564‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30 (1)(5)

505,000‌

469‌

Charter

Communications

Operating,

3.70%,

4/1/51 

1,425,000‌

891‌

Charter

Communications

Operating,

4.908%,

7/23/25 

569,000‌

568‌

Citigroup,

VR,

2.976%,

11/5/30 (5)(8)

2,750,000‌

2,471‌

Citigroup,

VR,

4.075%,

4/23/29 (8)

2,000,000‌

1,941‌

CMS

Energy,

4.70%,

3/31/43 

840,000‌

716‌

CMS

Energy,

4.875%,

3/1/44 

1,200,000‌

1,072‌

CNO

Global

Funding,

2.65%,

1/6/29 (1)

3,255,000‌

2,943‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

2,400,000‌

2,238‌

Comcast,

4.15%,

10/15/28 

2,455,000‌

2,395‌

CommonSpirit

Health,

2.782%,

10/1/30 

755,000‌

665‌

Corebridge

Financial,

4.40%,

4/5/52 (5)

4,505,000‌

3,612‌

Cox

Communications,

2.95%,

10/1/50 (1)

2,775,000‌

1,608‌

CRH

America

Finance,

3.95%,

4/4/28 (1)

2,600,000‌

2,514‌

Crown

Castle,

2.25%,

1/15/31 

1,440,000‌

1,212‌

Crown

Castle,

2.90%,

3/15/27 

735,000‌

705‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

485,000‌

482‌

Cummins,

4.90%,

2/20/29 

320,000‌

322‌

CVS

Health,

1.875%,

2/28/31 (5)

1,745,000‌

1,414‌

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27 (1)(5)

2,155,000‌

2,097‌

Danske

Bank,

VR,

5.705%,

3/1/30 (1)(8)

395,000‌

401‌

Discover

Bank,

2.70%,

2/6/30 

2,000,000‌

1,764‌

Discover

Financial

Services,

3.75%,

3/4/25 

590,000‌

589‌

DTE

Energy,

5.10%,

3/1/29 

2,570,000‌

2,572‌

Duke

Energy,

2.65%,

9/1/26 (5)

640,000‌

619‌

Duke

Energy,

3.75%,

9/1/46 

500,000‌

369‌

Duke

Energy,

4.85%,

1/5/27 

2,660,000‌

2,667‌

Elevance

Health,

4.65%,

1/15/43 

915,000‌

786‌

Enbridge,

4.25%,

12/1/26 

590,000‌

585‌

Enbridge,

5.625%,

4/5/34 (5)

770,000‌

772‌

Enbridge,

6.20%,

11/15/30 

345,000‌

362‌

Enbridge

Energy

Partners,

5.50%,

9/15/40 

245,000‌

235‌

Energy

Transfer,

3.75%,

5/15/30 

765,000‌

712‌

Energy

Transfer,

5.25%,

4/15/29 

1,225,000‌

1,230‌

T.

ROWE

PRICE

Balanced

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Eni,

5.50%,

5/15/34 (1)

735,000‌

728‌

Enterprise

Products

Operating,

4.60%,

1/11/27 

2,830,000‌

2,827‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)(5)

780,000‌

767‌

ERAC

USA

Finance,

4.50%,

2/15/45 (1)

505,000‌

430‌

Essex

Portfolio,

2.65%,

3/15/32 

1,430,000‌

1,218‌

Exelon,

5.15%,

3/15/29 

590,000‌

594‌

Fidelity

National

Financial,

4.50%,

8/15/28 

2,065,000‌

2,030‌

Fifth

Third

Bancorp,

VR,

4.895%,

9/6/30 (8)

595,000‌

584‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (8)

460,000‌

478‌

FirstEnergy

Transmission,

5.00%,

1/15/35 (1)

270,000‌

260‌

Fiserv,

3.20%,

7/1/26 

1,100,000‌

1,076‌

Fiserv,

5.45%,

3/15/34 

2,035,000‌

2,040‌

Ford

Motor

Credit,

5.125%,

11/5/26 

1,265,000‌

1,263‌

Ford

Motor

Credit,

7.122%,

11/7/33 

640,000‌

668‌

Foundry

JV

Holdco,

6.15%,

1/25/32 (1)

705,000‌

709‌

GATX,

6.05%,

3/15/34 

1,675,000‌

1,739‌

General

Motors,

4.00%,

4/1/25 

1,120,000‌

1,117‌

General

Motors

Financial,

2.40%,

4/10/28 

3,205,000‌

2,941‌

George

Washington

University,

Series 2014,

4.30%,

9/15/44 

975,000‌

834‌

Georgia

Power,

5.004%,

2/23/27 

685,000‌

690‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

700,000‌

752‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (5)(8)

1,300,000‌

1,107‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (8)

1,710,000‌

1,187‌

Goldman

Sachs

Group,

VR,

4.692%,

10/23/30 (8)

2,115,000‌

2,070‌

HCA,

4.125%,

6/15/29 

1,895,000‌

1,803‌

HCA,

4.375%,

3/15/42 

775,000‌

625‌

Health

Care

Service

A

Mutual

Legal

Reserve,

5.45%,

6/15/34 (1)

1,020,000‌

1,010‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

1,075,000‌

1,022‌

Healthpeak

OP,

2.125%,

12/1/28 

655,000‌

587‌

Healthpeak

OP,

2.875%,

1/15/31 

360,000‌

315‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (1)

1,800,000‌

1,730‌

HSBC

Bank

USA,

5.875%,

11/1/34 

950,000‌

959‌

HSBC

Holdings,

VR,

5.719%,

3/4/35 (5)(8)

1,145,000‌

1,151‌

HSBC

Holdings,

VR,

7.399%,

11/13/34 (8)

1,445,000‌

1,566‌

Humana,

2.15%,

2/3/32 (5)

1,145,000‌

912‌

Humana,

3.70%,

3/23/29 

1,120,000‌

1,054‌

Humana,

5.95%,

3/15/34 (5)

830,000‌

831‌

Hyundai

Capital

America,

2.00%,

6/15/28 (1)(5)

2,435,000‌

2,188‌

Hyundai

Capital

America,

5.35%,

3/19/29 (1)

240,000‌

241‌

Hyundai

Capital

America,

6.50%,

1/16/29 (1)

420,000‌

438‌

Iberdrola

International,

6.75%,

9/15/33 

1,000,000‌

1,067‌

Icon

Investments

Six,

5.849%,

5/8/29 

290,000‌

295‌

T.

ROWE

PRICE

Balanced

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Illinois

Tool

Works,

3.90%,

9/1/42 

1,200,000‌

975‌

Ingersoll

Rand,

5.176%,

6/15/29 (5)

3,515,000‌

3,547‌

Intercontinental

Exchange,

5.25%,

6/15/31 

1,500,000‌

1,515‌

IQVIA,

6.25%,

2/1/29 

730,000‌

752‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

3,430,000‌

3,426‌

JDE

Peet's,

1.375%,

1/15/27 (1)

2,240,000‌

2,076‌

John

Deere

Capital,

2.125%,

3/7/25 

1,955,000‌

1,946‌

John

Deere

Capital,

4.40%,

9/8/31 (5)

2,230,000‌

2,160‌

John

Deere

Capital,

4.50%,

1/8/27 (5)

1,330,000‌

1,330‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (8)

3,820,000‌

3,407‌

JPMorgan

Chase,

VR,

5.299%,

7/24/29 (8)

3,125,000‌

3,151‌

Kilroy

Realty,

4.375%,

10/1/25 

480,000‌

477‌

Kroger,

5.00%,

9/15/34 

630,000‌

609‌

L3Harris

Technologies,

3.832%,

4/27/25 

570,000‌

568‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

1,700,000‌

1,474‌

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (8)

1,015,000‌

1,024‌

MassMutual

Global

Funding

II,

5.10%,

4/9/27 (1)(5)

2,340,000‌

2,363‌

Mayo

Clinic,

Series 2013,

4.00%,

11/15/47 

1,500,000‌

1,212‌

McDonald's,

1.45%,

9/1/25 

940,000‌

920‌

MedStar

Health,

Series 20A,

3.626%,

8/15/49 

905,000‌

646‌

Microchip

Technology,

5.05%,

3/15/29 (5)

805,000‌

804‌

Micron

Technology,

4.185%,

2/15/27 

880,000‌

867‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (1)

2,640,000‌

2,563‌

Mississippi

Power,

3.95%,

3/30/28 

1,435,000‌

1,398‌

Mitsubishi

UFJ

Financial

Group,

2.193%,

2/25/25 

2,200,000‌

2,189‌

Mohawk

Industries,

5.85%,

9/18/28 

1,385,000‌

1,414‌

Mondelez

International,

4.75%,

2/20/29 (5)

2,970,000‌

2,955‌

Moody's,

2.00%,

8/19/31 (5)

2,195,000‌

1,817‌

Morgan

Stanley,

4.30%,

1/27/45 

1,150,000‌

945‌

Morgan

Stanley,

6.25%,

8/9/26 (5)

755,000‌

772‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (8)

1,445,000‌

1,065‌

Morgan

Stanley,

VR,

5.656%,

4/18/30 (5)(8)

3,540,000‌

3,592‌

Motorola

Solutions,

5.00%,

4/15/29 

800,000‌

799‌

National

Bank

of

Canada,

5.60%,

12/18/28 

2,560,000‌

2,599‌

New

York

State

Electric

&

Gas,

5.30%,

8/15/34 (1)

1,075,000‌

1,063‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

1,895,000‌

1,579‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

680,000‌

684‌

NiSource,

3.49%,

5/15/27 

1,730,000‌

1,683‌

NiSource,

3.95%,

3/30/48 

1,775,000‌

1,352‌

Nucor,

2.70%,

6/1/30 

455,000‌

406‌

Nucor,

3.95%,

5/1/28 

1,996,000‌

1,939‌

Nutrien,

4.00%,

12/15/26 

830,000‌

812‌

Occidental

Petroleum,

5.375%,

1/1/32 (5)

1,285,000‌

1,257‌

T.

ROWE

PRICE

Balanced

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Omnicom

Group,

3.60%,

4/15/26 

830,000‌

816‌

O'Reilly

Automotive,

3.60%,

9/1/27 

1,825,000‌

1,771‌

O'Reilly

Automotive,

5.00%,

8/19/34 

2,165,000‌

2,098‌

O'Reilly

Automotive,

5.75%,

11/20/26 

390,000‌

397‌

Owens

Corning,

5.70%,

6/15/34 

995,000‌

1,011‌

PACCAR

Financial,

5.00%,

5/13/27 (5)

2,885,000‌

2,916‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 (5)

1,340,000‌

1,249‌

Perrigo

Finance

Unlimited,

4.90%,

6/15/30 

1,510,000‌

1,414‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

755,000‌

728‌

PPL

Capital

Funding,

3.10%,

5/15/26 

2,200,000‌

2,148‌

Principal

Financial

Group,

3.40%,

5/15/25 

2,460,000‌

2,447‌

Public

Storage

Operating,

1.95%,

11/9/28 

1,210,000‌

1,089‌

Realty

Income,

3.10%,

12/15/29 

2,130,000‌

1,952‌

Realty

Income,

3.95%,

8/15/27 

1,490,000‌

1,462‌

RELX

Capital,

3.00%,

5/22/30 

945,000‌

855‌

Republic

Services,

3.375%,

11/15/27 (5)

1,045,000‌

1,010‌

Republic

Services,

5.00%,

12/15/33 

2,235,000‌

2,190‌

RGA

Global

Funding,

5.448%,

5/24/29 (1)(5)

1,630,000‌

1,651‌

Rogers

Communications,

3.625%,

12/15/25 

610,000‌

603‌

Rogers

Communications,

4.50%,

3/15/42 

2,935,000‌

2,477‌

Roper

Technologies,

2.95%,

9/15/29 

380,000‌

347‌

Roper

Technologies,

3.80%,

12/15/26 (5)

1,085,000‌

1,068‌

Ross

Stores,

1.875%,

4/15/31 

450,000‌

371‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

1,335,000‌

1,303‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

560,000‌

542‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (8)

1,365,000‌

1,294‌

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (8)

725,000‌

732‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28 (8)

1,605,000‌

1,519‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

1,135,000‌

1,134‌

Sempra,

3.30%,

4/1/25 

835,000‌

831‌

Simon

Property

Group,

2.65%,

2/1/32 

1,810,000‌

1,542‌

Simon

Property

Group,

3.80%,

7/15/50 

1,865,000‌

1,372‌

Skandinaviska

Enskilda

Banken,

5.125%,

3/5/27 (1)

2,800,000‌

2,824‌

Solventum,

5.40%,

3/1/29 (1)

1,660,000‌

1,666‌

South

Bow

USA

Infrastructure

Holdings,

5.026%,

10/1/29 (1)

420,000‌

412‌

Southern,

5.70%,

3/15/34 

1,540,000‌

1,581‌

Southern

California

Edison,

5.15%,

6/1/29 

2,775,000‌

2,797‌

Southern

Gas

Capital,

4.95%,

9/15/34 

1,525,000‌

1,482‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

480,000‌

469‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(8)

1,000,000‌

952‌

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(8)

640,000‌

647‌

T-Mobile

USA,

5.75%,

1/15/34 

1,860,000‌

1,911‌

Tampa

Electric,

6.15%,

5/15/37 

1,000,000‌

1,035‌

T.

ROWE

PRICE

Balanced

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Targa

Resources,

5.50%,

2/15/35 

745,000‌

735‌

Targa

Resources

Partners,

5.00%,

1/15/28 

1,168,000‌

1,155‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

1,800,000‌

1,608‌

Texas

Instruments,

1.375%,

3/12/25 

650,000‌

646‌

Thomson

Reuters,

3.35%,

5/15/26 

405,000‌

397‌

Time

Warner

Cable,

6.55%,

5/1/37 

450,000‌

433‌

Time

Warner

Cable,

6.75%,

6/15/39 

530,000‌

521‌

TJX,

1.60%,

5/15/31 (5)

375,000‌

307‌

Toronto-Dominion

Bank,

4.994%,

4/5/29 (5)

2,795,000‌

2,792‌

TotalEnergies

Capital

International,

2.986%,

6/29/41 

2,630,000‌

1,891‌

Toyota

Motor

Credit,

4.80%,

1/5/26 (5)

2,935,000‌

2,943‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

1,645,000‌

1,375‌

Transurban

Finance,

2.45%,

3/16/31 (1)

1,445,000‌

1,220‌

Transurban

Finance,

3.375%,

3/22/27 (1)

395,000‌

381‌

Transurban

Finance,

4.125%,

2/2/26 (1)

335,000‌

332‌

Travelers,

6.25%,

6/15/37 

750,000‌

804‌

Trinity

Health,

4.125%,

12/1/45 

725,000‌

594‌

Uber

Technologies,

4.30%,

1/15/30 

2,395,000‌

2,319‌

United

Airlines

PTT,

Series 2019-1,

Class

AA,

4.15%,

8/25/31 

861,096‌

817‌

UnitedHealth

Group,

3.75%,

7/15/25 

645,000‌

642‌

UnitedHealth

Group,

4.70%,

4/15/29 

3,125,000‌

3,098‌

Verizon

Communications,

2.10%,

3/22/28 

460,000‌

422‌

Verizon

Communications,

2.65%,

11/20/40 

2,470,000‌

1,684‌

Verizon

Communications,

4.00%,

3/22/50 

2,000,000‌

1,521‌

VMware,

1.40%,

8/15/26 

3,125,000‌

2,960‌

Vodafone

Group,

4.25%,

9/17/50 

775,000‌

602‌

Vodafone

Group,

4.875%,

6/19/49 

2,045,000‌

1,760‌

Volkswagen

Group

of

America

Finance,

3.35%,

5/13/25 (1)

1,395,000‌

1,387‌

Volkswagen

Group

of

America

Finance,

6.45%,

11/16/30 (1)

2,015,000‌

2,084‌

Vulcan

Materials,

4.50%,

6/15/47 

590,000‌

492‌

Walt

Disney,

3.70%,

10/15/25 

525,000‌

521‌

Waste

Connections,

3.20%,

6/1/32 

2,315,000‌

2,024‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (8)

3,915,000‌

3,672‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (8)

3,995,000‌

2,887‌

Wells

Fargo,

VR,

6.303%,

10/23/29 (8)

905,000‌

941‌

Westpac

New

Zealand,

5.195%,

2/28/29 (1)

1,855,000‌

1,862‌

Williams,

5.10%,

9/15/45 

1,735,000‌

1,567‌

Williams,

5.15%,

3/15/34 

245,000‌

239‌

Willis

North

America,

4.50%,

9/15/28 (5)

1,370,000‌

1,346‌

Woodside

Finance,

3.70%,

9/15/26 (1)

738,000‌

722‌

Woodside

Finance,

3.70%,

3/15/28 (1)

1,187,000‌

1,133‌

Workday,

3.70%,

4/1/29 

750,000‌

714‌

T.

ROWE

PRICE

Balanced

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

WP

Carey,

3.85%,

7/15/29 (5)

1,470,000‌

1,396‌

Total

Corporate

Bonds

(Cost

$408,543)

382,628‌

EQUITY

MUTUAL

FUNDS

 4.2%

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (4)

13,885,627‌

192,455‌

Total

Equity

Mutual

Funds

(Cost

$173,302)

192,455‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

 0.4%

Autoridad

del

Canal

de

Panama,

4.95%,

7/29/35 (1)

510,000‌

480‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29 (1)

2,645,000‌

2,353‌

Province

of

Alberta

Canada,

4.50%,

1/24/34 (5)

2,760,000‌

2,673‌

Province

of

British

Columbia,

4.20%,

7/6/33 

2,648,000‌

2,520‌

Province

of

Manitoba

Canada,

4.30%,

7/27/33 

2,595,000‌

2,486‌

Republic

of

Panama,

3.298%,

1/19/33 

2,100,000‌

1,585‌

Republic

of

Peru,

5.375%,

2/8/35 

660,000‌

636‌

Republic

of

Poland,

3.25%,

4/6/26 

1,030,000‌

1,013‌

United

Mexican

States,

2.659%,

5/24/31 

3,439,000‌

2,799‌

United

Mexican

States,

3.50%,

2/12/34 

2,315,000‌

1,847‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$20,600)

18,392‌

MUNICIPAL

SECURITIES

 0.7%

California

 0.2%

Bay

Area

Toll

Auth.,

Series S-10,

3.176%,

4/1/41 

2,900,000‌

2,224‌

California,

Build

America,

GO,

7.625%,

3/1/40 

2,200,000‌

2,592‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series B,

5.50%,

3/1/33 (10)

695,000‌

697‌

Los

Angeles

Airport,

Series C,

Build

America,

7.053%,

5/15/40 

1,000,000‌

1,123‌

Univ.

of

California

Regents,

Series J,

4.131%,

5/15/45 

365,000‌

320‌

6,956‌

Georgia

 0.1%

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39 

2,665,000‌

2,608‌

2,608‌

Illinois

 0.0%

Chicago

O'Hare

Int'l

Airport,

Series B,

Build

America,

6.395%,

1/1/40 

755,000‌

794‌

Chicago

O'Hare

Int'l

Airport,

Senior

Lien,

Series D,

2.346%,

1/1/30 

975,000‌

872‌

Illinois

Toll

Highway

Auth.,

Series A,

Build

America,

6.184%,

1/1/34 

470,000‌

489‌

T.

ROWE

PRICE

Balanced

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Metropolitan

Water

Reclamation

Dist.

of

Greater

Chicago,

Build

America,

GO,

5.72%,

12/1/38 

500,000‌

502‌

2,657‌

Maryland

 0.0%

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

4.665%,

7/1/36 

1,800,000‌

1,713‌

1,713‌

Michigan

 0.1%

Detroit

City

School

Dist.,

Qualified

School

Construction

Bonds,

GO,

6.645%,

5/1/29 

2,000,000‌

2,132‌

2,132‌

New

Jersey

 0.0%

New

Jersey

Turnpike

Auth.,

Series F,

Build

America,

7.414%,

1/1/40 

415,000‌

475‌

475‌

New

York

 0.0%

Metropolitan

Transportation

Auth.,

Build

America,

7.336%,

11/15/39 

210,000‌

245‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.508%,

8/1/37 

950,000‌

937‌

New

York

City

Water

&

Sewer

System,

Build

America,

6.011%,

6/15/42 

245,000‌

248‌

New

York

State

Dormitory

Auth.,

Series F,

Build

America,

5.628%,

3/15/39 

1,300,000‌

1,301‌

Port

Auth.

of

New

York

&

New

Jersey,

3.139%,

2/15/51 

800,000‌

565‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 182,

5.31%,

8/1/46 

1,400,000‌

1,337‌

4,633‌

Ohio

 0.0%

JobsOhio

Beverage

System,

Liquid

Profits,

Series B,

3.985%,

1/1/29 

845,000‌

836‌

836‌

Pennsylvania

 0.0%

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

405,000‌

402‌

402‌

South

Carolina

 0.1%

South

Carolina

Public

Service

Auth.,

Series C,

5.784%,

12/1/41 

2,000,000‌

2,011‌

2,011‌

Texas

 0.0%

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41 

1,820,000‌

1,344‌

Dallas/Fort

Worth

Int'l

Airport,

Series A,

2.994%,

11/1/38 

1,155,000‌

948‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Series A,

4.366%,

11/15/47 

1,200,000‌

1,008‌

T.

ROWE

PRICE

Balanced

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49 

1,900,000‌

1,503‌

4,803‌

Virginia

 0.1%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51 

3,675,000‌

2,238‌

Virginia

Public

Building

Auth.,

Series B-2,

Build

America,

5.90%,

8/1/30 

695,000‌

707‌

2,945‌

Wisconsin

 0.1%

PFA,

Bayhealth

Medical

Center,

Series B,

3.405%,

7/1/51 

2,910,000‌

2,001‌

2,001‌

Total

Municipal

Securities

(Cost

$38,832)

34,172‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

 1.3%

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A2,

CMO,

ARM,

1.518%,

5/25/65 (1)

224,523‌

202‌

Angel

Oak

Mortgage

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

786,109‌

654‌

Angel

Oak

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

775,298‌

659‌

Angel

Oak

Mortgage

Trust,

Series 2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (1)

1,742,929‌

1,713‌

BANK5,

Series 2024-5YR12,

Class

A3,

ARM,

5.902%,

12/15/57 

705,000‌

726‌

BANK5,

Series 2024-5YR8,

Class

A3,

5.884%,

8/15/57 

1,155,000‌

1,187‌

Barclays

Mortgage

Loan

Trust,

Series 2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (1)

796,958‌

710‌

Bayview

Financing

Trust,

Series 2024-2F,

Class

A,

CMO,

ARM,

8.10%,

9/25/29,

Acquisition

Date:

8/29/24,

Cost $1,682 (2)(7)

1,681,586‌

1,682‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

6.671%,

11/15/34 (1)

605,000‌

9‌

BBCMS

Mortgage

Trust,

Series 2024-5C27,

Class

A3,

6.014%,

7/15/57 

285,000‌

294‌

BIG

Commercial

Mortgage

Trust,

Series 2022-BIG,

Class

A,

ARM,

1M

TSFR

+

1.342%,

5.739%,

2/15/39 (1)

3,098,681‌

3,092‌

BMO

Mortgage

Trust,

Series 2024-5C4,

Class

A3,

ARM,

6.526%,

5/15/57 

455,000‌

478‌

BMO

Mortgage

Trust,

Series 2024-5C5,

Class

A3,

5.857%,

2/15/57 

3,135,000‌

3,211‌

BMO

Mortgage

Trust,

Series 2024-C9,

Class

A5,

5.759%,

7/15/57 

3,295,000‌

3,408‌

Citigroup

Mortgage

Loan

Trust,

Series 2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

788,999‌

664‌

T.

ROWE

PRICE

Balanced

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

A4,

3.708%,

7/10/48 

3,700,000‌

3,679‌

Connecticut

Avenue

Securities

Trust,

Series 2024-R04,

Class

1A1,

CMO,

ARM,

SOFR30A

+

1.00%,

5.569%,

5/25/44 (1)

631,961‌

632‌

Cross

Mortgage

Trust,

Series 2024-H4,

Class

A1,

CMO,

STEP,

6.147%,

7/25/69 (1)

349,220‌

351‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

119,763‌

115‌

Ellington

Financial

Mortgage

Trust,

Series 2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (1)

545,231‌

508‌

Ellington

Financial

Mortgage

Trust,

Series 2021-2,

Class

A1,

CMO,

ARM,

0.931%,

6/25/66 (1)

488,951‌

399‌

Extended

Stay

America

Trust,

Series 2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

5.891%,

7/15/38 (1)

1,078,969‌

1,080‌

Flagstar

Mortgage

Trust,

Series 2021-5INV,

Class

A2,

CMO,

ARM,

2.50%,

7/25/51 (1)

2,191,177‌

1,747‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

73,772‌

65‌

GS

Mortgage

Securities

Trust,

Series 2015-GC32,

Class

A4,

3.764%,

7/10/48 

950,000‌

944‌

GS

Mortgage

Securities

Trust,

Series 2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

1,250,000‌

1,206‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.912%,

10/25/50 (1)

259,518‌

217‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series 2015-C31,

Class

A3,

3.801%,

8/15/48 

1,986,290‌

1,968‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2020-609M,

Class

A,

ARM,

1M

TSFR

+

1.734%,

6.132%,

10/15/33 (1)

2,510,000‌

2,485‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2022-OPO,

Class

B,

3.377%,

1/5/39 (1)

760,000‌

680‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

469,306‌

414‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

543,689‌

479‌

MHC

Commercial

Mortgage

Trust,

Series 2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

5.612%,

4/15/38 (1)

2,876,000‌

2,871‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

1,375,000‌

1,330‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-C27,

Class

AS,

4.068%,

12/15/47 

2,775,000‌

2,707‌

Morgan

Stanley

Capital

I

Trust,

Series 2014-150E,

Class

A,

3.912%,

9/9/32 (1)

2,140,000‌

1,878‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2021-

2,

Class

A9,

CMO,

ARM,

2.50%,

5/25/51 (1)

446,221‌

355‌

T.

ROWE

PRICE

Balanced

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

New

Residential

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (1)

1,625,703‌

1,345‌

OBX

Trust,

Series 2019-EXP3,

Class

1A9,

CMO,

ARM,

3.50%,

10/25/59 (1)

125,777‌

111‌

OBX

Trust,

Series 2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

5.553%,

10/25/59 (1)

41,822‌

42‌

Provident

Funding

Mortgage

Trust,

Series 2019-1,

Class

B1,

CMO,

ARM,

3.18%,

12/25/49 (1)

1,221,000‌

1,024‌

PSMC

Trust,

Series 2021-2,

Class

A3,

CMO,

ARM,

2.50%,

5/25/51 (1)

1,741,396‌

1,540‌

SDR

Commercial

Mortgage

Trust,

Series 2024-DSNY,

Class

A,

ARM,

1M

TSFR

+

1.392%,

5.789%,

5/15/39 (1)

1,060,000‌

1,060‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

145,186‌

133‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

4,927‌

5‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

336,829‌

333‌

Starwood

Mortgage

Residential

Trust,

Series 2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (1)

221,798‌

210‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-

DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.419%,

11/25/41 (1)

781,475‌

780‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-DNA2,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

5.819%,

5/25/44 (1)

918,869‌

922‌

Towd

Point

Mortgage

Trust,

Series 2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

72,600‌

71‌

Towd

Point

Mortgage

Trust,

Series 2024-1,

Class

A1,

CMO,

ARM,

4.707%,

3/25/64 (1)

2,160,370‌

2,157‌

Towd

Point

Mortgage

Trust,

Series 2024-3,

Class

A1B,

CMO,

ARM,

5.153%,

7/25/65 (1)

91,522‌

89‌

TX

Trust,

Series 2024-HOU,

Class

A,

ARM,

1M

TSFR

+

1.591%,

5.988%,

6/15/39 (1)

170,000‌

170‌

Verus

Securitization

Trust,

Series 2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (1)

299,278‌

295‌

Verus

Securitization

Trust,

Series 2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (1)

359,646‌

316‌

Verus

Securitization

Trust,

Series 2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (1)

928,683‌

931‌

Verus

Securitization

Trust,

Series 2024-INV1,

Class

A2,

CMO,

STEP,

6.318%,

3/25/69 (1)

1,398,306‌

1,407‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$61,217)

57,740‌

T.

ROWE

PRICE

Balanced

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PREFERRED

STOCKS

 0.1%

CONSUMER

DISCRETIONARY

 0.1%

Automobiles

 0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) (5)

49,990‌

3,029‌

Total

Consumer

Discretionary

3,029‌

Total

Preferred

Stocks

(Cost

$4,241)

3,029‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 8.1%

U.S.

Government

Agency

Obligations

 6.4%

Federal

Home

Loan

Mortgage 

2.50%,

5/1/30 

491,109‌

469‌

3.00%,

1/1/29

-

8/1/43 

2,729,950‌

2,422‌

3.50%,

3/1/42

-

3/1/46 

4,479,861‌

4,072‌

4.00%,

9/1/40

-

6/1/42 

1,373,175‌

1,296‌

4.50%,

6/1/39

-

5/1/42 

803,254‌

780‌

5.00%,

12/1/35

-

8/1/40 

357,344‌

354‌

5.50%,

1/1/38

-

12/1/39 

116,722‌

118‌

6.00%,

2/1/28

-

8/1/38 

11,902‌

12‌

6.50%,

8/1/32 

5,035‌

5‌

7.00%,

6/1/32 

10,342‌

10‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

7.079%,

10/1/36 

2,885‌

3‌

RFUCCT1Y

+

1.726%,

7.597%,

7/1/35 

11,341‌

12‌

RFUCCT1Y

+

1.75%,

6.125%,

2/1/35 

11,856‌

12‌

RFUCCT1Y

+

1.916%,

6.291%,

2/1/37 

12,042‌

12‌

RFUCCT1Y

+

1.944%,

6.579%,

12/1/36 

30,241‌

31‌

RFUCCT1Y

+

2.031%,

6.796%,

11/1/36 

19,376‌

20‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36 

712,058‌

615‌

2.00%,

8/1/36

-

5/1/52 

20,588,908‌

16,365‌

2.50%,

3/1/42

-

5/1/52 

28,829,231‌

23,716‌

3.00%,

11/1/34

-

1/1/52 

3,034,416‌

2,624‌

3.50%,

6/1/33 

204,239‌

198‌

4.00%,

12/1/49

-

2/1/50 

1,551,986‌

1,436‌

4.50%,

9/1/37

-

11/1/52 

2,843,982‌

2,681‌

5.00%,

10/1/51

-

7/1/54 

3,661,630‌

3,543‌

5.50%,

8/1/53

-

10/1/54 

7,006,501‌

6,946‌

6.00%,

8/1/54 

3,638,036‌

3,656‌

6.50%,

10/1/53

-

9/1/54 

3,788,547‌

3,886‌

7.00%,

6/1/54 

394,564‌

411‌

T.

ROWE

PRICE

Balanced

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC 

2.206%,

6/25/25 

78,276‌

78‌

2.952%,

2/25/27 

465,778‌

458‌

4.40%,

10/25/30 

6,100,000‌

5,981‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

ARM 

2.347%,

11/25/31 

10,510,000‌

8,966‌

3.71%,

9/25/32 

4,580,000‌

4,228‌

4.43%,

2/25/33 

3,645,000‌

3,531‌

Federal

National

Mortgage

Assn. 

3.50%,

6/1/42

-

1/1/44 

1,884,094‌

1,708‌

4.00%,

11/1/40 

530,284‌

504‌

4.50%,

7/1/40 

378,674‌

364‌

Federal

National

Mortgage

Assn.,

ARM 

RFUCCT1Y

+

1.539%,

6.835%,

7/1/35 

7,302‌

7‌

RFUCCT1Y

+

1.855%,

6.105%,

1/1/37 

2,622‌

3‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

6,819,348‌

5,707‌

2.00%,

5/1/36

-

5/1/52 

68,082,122‌

54,582‌

2.50%,

10/1/31

-

5/1/52 

31,568,743‌

26,395‌

3.00%,

1/1/27

-

3/1/52 

25,421,747‌

22,440‌

3.50%,

11/1/26

-

1/1/52 

15,472,565‌

14,027‌

4.00%,

11/1/40

-

9/1/52 

11,717,058‌

10,892‌

4.50%,

4/1/37

-

7/1/53 

9,875,963‌

9,402‌

5.00%,

2/1/34

-

7/1/53 

5,022,930‌

4,889‌

5.50%,

2/1/35

-

7/1/54 

10,115,556‌

10,041‌

6.00%,

3/1/28

-

8/1/54 

14,331,108‌

14,502‌

6.50%,

1/1/28

-

1/1/55 

8,113,596‌

8,313‌

7.00%,

9/1/25

-

3/1/54 

408,881‌

426‌

7.50%,

9/1/26 

38‌

—‌

8.00%,

7/1/26 

44‌

—‌

UMBS,

TBA,

5.00%,

1/1/55 (11)

9,430,000‌

9,101‌

292,250‌

U.S.

Government

Obligations

 1.7%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

742,619‌

642‌

2.00%,

1/20/51

-

3/20/52 

17,278,907‌

13,836‌

2.50%,

8/20/50

-

1/20/52 

17,731,093‌

14,820‌

3.00%,

9/15/42

-

6/20/52 

13,471,954‌

11,738‌

3.50%,

9/15/41

-

1/20/49 

8,467,401‌

7,688‌

4.00%,

2/15/41

-

10/20/52 

8,267,935‌

7,683‌

4.50%,

6/15/39

-

4/20/53 

5,747,671‌

5,488‌

5.00%,

12/20/34

-

8/20/52 

4,977,688‌

4,904‌

5.50%,

2/20/34

-

9/20/54 

2,436,227‌

2,440‌

T.

ROWE

PRICE

Balanced

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

6.00%,

8/20/34

-

11/20/52 

1,684,839‌

1,708‌

6.50%,

3/15/26 

89‌

—‌

7.50%,

9/15/25

-

9/15/26 

624‌

—‌

8.00%,

8/15/25

-

11/15/25 

975‌

1‌

8.50%,

6/20/26 

367‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

127,583‌

115‌

3.50%,

10/20/50 

1,010,000‌

812‌

Government

National

Mortgage

Assn.,

TBA (11)

2.50%,

1/20/55 

1,305,000‌

1,090‌

5.00%,

1/20/55 

650,000‌

631‌

5.50%,

1/20/55 

6,260,000‌

6,208‌

6.00%,

1/20/55 

845,000‌

851‌

80,655‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$403,417)

372,905‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

 7.9%

U.S.

Treasury

Obligations

 7.9%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,715,000‌

1,032‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

2,415,000‌

1,178‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

4,815,000‌

3,116‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

8,550,000‌

4,759‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

28,385,000‌

16,490‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

6,795,000‌

3,884‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

4,225,000‌

2,563‌

U.S.

Treasury

Bonds,

2.375%,

5/15/51 

3,665,000‌

2,307‌

U.S.

Treasury

Bonds,

2.50%,

2/15/46 

2,975,000‌

2,033‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

16,080,000‌

11,311‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 (12)

4,185,000‌

3,086‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

3,200,000‌

2,429‌

U.S.

Treasury

Bonds,

3.00%,

5/15/45 

10,640,000‌

8,040‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

11,185,000‌

8,410‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

1,150,000‌

852‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

2,000,000‌

1,467‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

3,905,000‌

2,853‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,565,000‌

1,124‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

1,320,000‌

1,073‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

15,630,000‌

12,721‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

1,500,000‌

1,324‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,985,000‌

3,474‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54 

4,025,000‌

3,676‌

T.

ROWE

PRICE

Balanced

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Bonds,

4.25%,

8/15/54 

5,635,000‌

5,154‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

9,170,000‌

9,080‌

U.S.

Treasury

Notes,

0.625%,

5/15/30 (12)

16,700,000‌

13,707‌

U.S.

Treasury

Notes,

0.75%,

3/31/26 

3,200,000‌

3,065‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

1,185,000‌

1,065‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

16,410,000‌

15,615‌

U.S.

Treasury

Notes,

0.875%,

11/15/30 

5,770,000‌

4,722‌

U.S.

Treasury

Notes,

1.125%,

2/15/31 

7,555,000‌

6,235‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

24,230,000‌

23,053‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

7,175,000‌

6,038‌

U.S.

Treasury

Notes,

2.25%,

8/15/27 

27,540,000‌

26,176‌

U.S.

Treasury

Notes,

2.75%,

8/15/32 

16,360,000‌

14,517‌

U.S.

Treasury

Notes,

2.875%,

5/15/32 

2,930,000‌

2,633‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

29,365,000‌

28,723‌

U.S.

Treasury

Notes,

3.625%,

8/31/29 

12,095,000‌

11,717‌

U.S.

Treasury

Notes,

3.875%,

8/15/34 

9,970,000‌

9,434‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

4,225,000‌

4,188‌

U.S.

Treasury

Notes,

4.00%,

6/30/28 

8,590,000‌

8,503‌

U.S.

Treasury

Notes,

4.00%,

2/15/34 (5)

14,380,000‌

13,776‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

8,000,000‌

7,970‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

19,030,000‌

18,959‌

U.S.

Treasury

Notes,

4.125%,

11/30/29 

6,605,000‌

6,533‌

U.S.

Treasury

Notes,

4.25%,

2/28/29 

8,065,000‌

8,030‌

U.S.

Treasury

Notes,

4.25%,

6/30/29 

4,835,000‌

4,810‌

U.S.

Treasury

Notes,

4.50%,

5/31/29 

2,200,000‌

2,211‌

U.S.

Treasury

Notes,

4.50%,

11/15/33 

6,450,000‌

6,424‌

361,540‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$413,350)

361,540‌

SHORT-TERM

INVESTMENTS

 1.3%

Money

Market

Funds

 1.3%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.52% (4)(13)

60,755,770‌

60,756‌

Total

Short-Term

Investments

(Cost

$60,756)

60,756‌

T.

ROWE

PRICE

Balanced

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

 1.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.3%

Money

Market

Funds 0.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (4)(13)

14,818,833‌

14,819‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

14,819‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.7%

Money

Market

Funds 0.7%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (4)(13)

32,864,177‌

32,864‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

32,864‌

Total

Securities

Lending

Collateral

(Cost

$47,683)

47,683‌

Total

Investments

in

Securities

101.3%

of

Net

Assets

(Cost

$3,300,856)

$

4,659,475‌

‡

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

$164,769

and

represents

3.6%

of

net

assets.

(2)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$5,542

and

represents

0.1%

of

net

assets.

(3)

SEC

30-day

yield

(4)

Affiliated

Companies

(5)

See

Note

4.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2024.

(6)

Non-income

producing

T.

ROWE

PRICE

Balanced

Fund

42

.

.

.

.

.

.

.

.

.

.

(7)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(8)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(9)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(10)

Insured

by

Assured

Guaranty

Municipal

Corporation

(11)

See

Note

4

.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$17,881

and

represents

0.4%

of

net

assets.

(12)

At

December

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(13)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RFUCCT1Y

Twelve

month

FTSE

USD

IBOR

Consumer

Cash

Fallback

T.

ROWE

PRICE

Balanced

Fund

43

.

.

.

.

.

.

.

.

.

.

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Balanced

Fund

44

(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-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

27,500

627

592

35‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S43,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

25,000

566

573

(7‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

28‌

Total

Centrally

Cleared

Swaps

28‌

Net

payments

(receipts)

of

variation

margin

to

date

(17‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

11‌

T.

ROWE

PRICE

Balanced

Fund

45

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

456

U.S.

Treasury

Notes

five

year

contracts

3/25

48,475

$

(207‌)

Long,

30

U.S.

Treasury

Notes

ten

year

contracts

3/25

3,263

(33‌)

Long,

279

U.S.

Treasury

Notes

two

year

contracts

3/25

57,365

(5‌)

Short,

21

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/25

(2,338)

33‌

Net

payments

(receipts)

of

variation

margin

to

date

164‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(48‌)

T.

ROWE

PRICE

Balanced

Fund

46

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,

2024.

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,

3.22% 

$

—‌

$

(477‌)

$

887‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.73% 

(312‌)

158‌

14,136‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.91% 

438‌

12‌

83‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

(21‌)

(2,198‌)

3,657‌

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.52%

—‌

—‌

3,840‌

Totals

$

105‌#

$

(2,505‌)

$

22,603‌+

T.

ROWE

PRICE

Balanced

Fund

47

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

3.22% 

$

15‌

$

22,888‌

$

—‌

$

22,426‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.73% 

203,169‌

17,038‌

3,462‌

216,903‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.91% 

111‌

10,573‌

10,222‌

474‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

179,767‌

15,907‌

1,021‌

192,455‌

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

47,322‌

 ¤

 ¤

47,683‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.52%

62,473‌

 ¤

 ¤

60,756‌

Total

$

540,697‌^

#

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

$22,603

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

$537,969.

T.

ROWE

PRICE

Balanced

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

48

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$3,300,856)

$

4,659,475‌

Interest

and

dividends

receivable

11,386‌

Receivable

for

shares

sold

2,652‌

Receivable

for

investment

securities

sold

968‌

Foreign

currency

(cost

$488)

483‌

Variation

margin

receivable

on

centrally

cleared

swaps

11‌

Other

assets

4,984‌

Total

assets

4,679,959‌

Liabilities

Obligation

to

return

securities

lending

collateral

47,683‌

Payable

for

investment

securities

purchased

25,849‌

Payable

for

shares

redeemed

4,476‌

Investment

management

fees

payable

1,536‌

Due

to

affiliates

273‌

Variation

margin

payable

on

futures

contracts

48‌

Payable

to

directors

4‌

Other

liabilities

291‌

Total

liabilities

80,160‌

NET

ASSETS

$

4,599,799‌

T.

ROWE

PRICE

Balanced

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

49

($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)

$

1,366,893‌

Paid-in

capital

applicable

to

175,090,079

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

3,232,906‌

NET

ASSETS

$

4,599,799‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$2,483,959;

Shares

outstanding:

94,516,035)

$

26.28‌

I

Class

(Net

assets:

$2,115,840;

Shares

outstanding:

80,574,044)

$

26.26‌

T.

ROWE

PRICE

Balanced

Fund

Statement

of

Operations

50

($000s)

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$2,277)

$

69,888‌

.

  Interest

50,601‌

Securities

lending

160‌

Other

7‌

Total

income

120,656‌

Expenses

Investment

management

20,054‌

Shareholder

servicing

Investor

Class

$

3,907‌

I

Class

380‌

4,287‌

Prospectus

and

shareholder

reports

Investor

Class

62‌

I

Class

14‌

76‌

Custody

and

accounting

442‌

Legal

and

audit

93‌

Registration

89‌

Directors

15‌

Miscellaneous

47‌

Waived

/

paid

by

Price

Associates

(

2,334‌

)

Total

expenses

22,769‌

Net

investment

income

97,887‌

T.

ROWE

PRICE

Balanced

Fund

Statement

of

Operations

51

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

287,329‌

Futures

(

129‌

)

Swaps

358‌

Foreign

currency

transactions

(

18‌

)

Net

realized

gain

287,540‌

Change

in

net

unrealized

gain

/

loss

Securities

131,543‌

Futures

(

2,011‌

)

Swaps

28‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(

392‌

)

Change

in

net

unrealized

gain

/

loss

129,168‌

Net

realized

and

unrealized

gain

/

loss

416,708‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

514,595‌

T.

ROWE

PRICE

Balanced

Fund

Statement

of

Changes

in

Net

Assets

52

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

97,887‌

$

91,856‌

Net

realized

gain

287,540‌

138,160‌

Change

in

net

unrealized

gain

/

loss

129,168‌

459,323‌

Increase

in

net

assets

from

operations

514,595‌

689,339‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

175,314‌

)

(

94,011‌

)

I

Class

(

148,720‌

)

(

72,647‌

)

Decrease

in

net

assets

from

distributions

(

324,034‌

)

(

166,658‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

311,663‌

250,084‌

I

Class

334,485‌

180,759‌

Distributions

reinvested

Investor

Class

168,852‌

90,614‌

I

Class

143,275‌

69,982‌

Shares

redeemed

Investor

Class

(

597,897‌

)

(

469,857‌

)

I

Class

(

330,257‌

)

(

251,684‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

30,121‌

(

130,102‌

)

Net

Assets

Increase

during

period

220,682‌

392,579‌

Beginning

of

period

4,379,117‌

3,986,538‌

End

of

period

$

4,599,799‌

$

4,379,117‌

*Share

information

(000s)

Shares

sold

Investor

Class

11,622‌

10,489‌

I

Class

12,393‌

7,582‌

Distributions

reinvested

Investor

Class

6,381‌

3,702‌

I

Class

5,418‌

2,862‌

Shares

redeemed

Investor

Class

(

22,215‌

)

(

19,757‌

)

I

Class

(

12,226‌

)

(

10,600‌

)

Increase

(decrease)

in

shares

outstanding

1,373‌

(

5,722‌

)

T.

ROWE

PRICE

Balanced

Fund

NOTES

TO

FINANCIAL

STATEMENTS

53

T.

Rowe

Price

Balanced

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. 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

(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

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

T.

ROWE

PRICE

Balanced

Fund

54

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

T.

ROWE

PRICE

Balanced

Fund

55

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Balanced

Fund

56

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Balanced

Fund

57

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Balanced

Fund

58

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2024,

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

$

—‌

$

1,238,342‌

$

—‌

$

1,238,342‌

Bond

Mutual

Funds

239,803‌

—‌

—‌

239,803‌

Common

Stocks

2,046,170‌

771,322‌

659‌

2,818,151‌

Convertible

Preferred

Stocks

—‌

—‌

1,516‌

1,516‌

Equity

Mutual

Funds

192,455‌

—‌

—‌

192,455‌

Non-U.S.

Government

Mortgage-Backed

Securities

—‌

56,058‌

1,682‌

57,740‌

Preferred

Stocks

—‌

3,029‌

—‌

3,029‌

Short-Term

Investments

60,756‌

—‌

—‌

60,756‌

Securities

Lending

Collateral

47,683‌

—‌

—‌

47,683‌

Total

Securities

2,586,867‌

2,068,751‌

3,857‌

4,659,475‌

Swaps*

—‌

35‌

—‌

35‌

Futures

Contracts*

33‌

—‌

—‌

33‌

Total

$

2,586,900‌

$

2,068,786‌

$

3,857‌

$

4,659,543‌

Liabilities

Swaps*

$

—‌

$

7‌

$

—‌

$

7‌

Futures

Contracts*

245‌

—‌

—‌

245‌

Total

$

245‌

$

7‌

$

—‌

$

252‌

1

Includes

Asset-Backed

Securities,

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

59

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,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

T.

ROWE

PRICE

Balanced

Fund

60

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

33‌

Credit

derivatives

Centrally

Cleared

Swaps

35‌

*

Total

$

68‌

*

Liabilities

Interest

rate

derivatives

Futures

$

245‌

Credit

derivatives

Centrally

Cleared

Swaps

7‌

Total

$

252‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

(129‌)

$

—‌

$

(129‌)

Credit

derivatives

—‌

358‌

358‌

Total

$

(129‌)

$

358‌

$

229‌

T.

ROWE

PRICE

Balanced

Fund

61

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2024,

securities

valued

at $2,339,000

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,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration. 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

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

(2,011‌)

$

—‌

$

(2,011‌)

Credit

derivatives

—‌

28‌

28‌

Total

$

(2,011‌)

$

28‌

$

(1,983‌)

T.

ROWE

PRICE

Balanced

Fund

62

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,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

4%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

T.

ROWE

PRICE

Balanced

Fund

63

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,

2024,

the

notional

amount

of

protection

sold

by

the

fund

totaled $52,500,000

(1.1%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2024,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

2%

of

net

assets.

T.

ROWE

PRICE

Balanced

Fund

64

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,

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. 

T.

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PRICE

Balanced

Fund

65

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

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,

2024,

no

collateral

was

pledged

by

the

fund

or

counterparties

for

MSFTA

Transactions.

T.

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PRICE

Balanced

Fund

66

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

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,

2024,

the

value

of

loaned

securities

was

$46,243,000;

the

value

of

cash

collateral

and

related

investments

was

$47,683,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $1,090,711,000 and

$1,286,468,000,

respectively,

for

the

year ended

December

31,

2024. Purchases

and

sales

of

U.S.

government

securities

aggregated $691,153,000 and

$677,982,000,

respectively,

for

the

year ended

December

31,

2024.

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.

T.

ROWE

PRICE

Balanced

Fund

67

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.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

($000s)

December

31,

2024

December

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

110,666‌

$

91,897‌

Long-term

capital

gain

213,368‌

74,761‌

Total

distributions

$

324,034‌

$

166,658‌

($000s)

Cost

of

investments

$

3,332,928‌

Unrealized

appreciation

$

1,582,972‌

Unrealized

depreciation

(255,374‌)

Net

unrealized

appreciation

(depreciation)

$

1,327,598‌

T.

ROWE

PRICE

Balanced

Fund

68

At

December

31,

2024,

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.

NOTE

6

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

($000s)

Undistributed

long-term

capital

gain

$

39,295‌

Net

unrealized

appreciation

(depreciation)

1,327,598‌

Total

distributable

earnings

(loss)

$

1,366,893‌

T.

ROWE

PRICE

Balanced

Fund

69

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

0.260%

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,

2024,

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.

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

T.

ROWE

PRICE

Balanced

Fund

70

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,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$119,000

for

Price

Associates;

$1,872,000

for

T.

Rowe

Price

Services,

Inc.;

and

$909,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

0.79%

0.05%

Repayment

date

04/30/26

04/30/26

(Waived)/repaid

during

the

period

($000s)

$—

$—

T.

ROWE

PRICE

Balanced

Fund

71

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’s

net

assets.

Each

underlying

Price

Fund

is

an

open-

end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

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,

2024,

are

as

follows:

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$1,299,000

and

$1,035,000 for

the

Investor

Class

and

I

Class,

respectively,

for

the

year ended

December

31,

2024. 

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

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class

0.17%

$

15‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

1,050‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class

0.25%

23‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

0.64%

1,246‌

Total

Management

Fee

Waived

$

2,334‌

T.

ROWE

PRICE

Balanced

Fund

72

security.

During

the

year

ended

December

31,

2024,

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,

2024.

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

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

NOTE

9

-

INTERFUND

LENDING

PROGRAM

Price

Associates

has

developed

and

manages

an

interfund

lending

program

that

provides

temporary

liquidity

to

the

T.

Rowe

Price-sponsored

mutual

funds.

The

program

permits

the

borrowing

and

lending

of

cash

between

the

fund

and

other

T.

Rowe

Price-sponsored

mutual

funds

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Pursuant

to

program

guidelines,

the

fund

may

lend

up

to

15%

of

its

net

assets,

and

no

more

than

5%

of

its

net

assets

may

be

lent

to

any

one

borrower.

Loans

totaling

10%

or

more

of

a

borrowing

fund’s

total

assets

require

collateralization

at

102%

of

the

value

of

the

loan;

loans

of

T.

ROWE

PRICE

Balanced

Fund

73

less

than

10%

are

unsecured.

During

the

year ended

December

31,

2024,

the

fund

earned $2,000

in

interest

income

related

to

loans

made

to

other

funds

on

one day

in

the

average

amount

of

$11,400,000

and

at

an

average

annual

rate

of

6.93%.

At

December

31,

2024,

there

were

no

loans

outstanding.

NOTE

10

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

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.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

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,

2024,

the

related

statement

of

operations

for

the

year

ended

December

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024

(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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024

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,

2024

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,

2025

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 12/31/24

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:

$229,937,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

nonresident

alien

shareholders,

100%

of

short-term

capital

gain

dividends

distributed

by

the

fund

for

the

fiscal

year

are

qualified

short-term

capital

gains. 

For

taxable

non-corporate

shareholders,

$43,644,000

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,

$20,765,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$55,756,000

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,

$2,235,000

of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F68-050

2/25

 

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

Not applicable.

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

Not applicable.

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

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

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

If applicable, see Item 7.

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

Not applicable.

 

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

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

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

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

 

SIGNATURES

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

T. Rowe Price Balanced Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 18, 2025

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 18, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 18, 2025