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Balanced Fund

Invests approximately 65% of total assets in U.S. and foreign common stocks and 35% in fixed-income securities. At least 25% of total assets will be invested in fixed-income senior securities.

Stock prices can fall because of weakness in the broad market, a particular industry, or specific holdings. Bonds may decline due to rising interest rates, a credit rating downgrade, or failure of the issuer to make timely payments of interest or principal. Foreign investments are subject to risks, including adverse political and economic developments overseas, greater volatility, less liquidity, and the possibility that foreign currencies will decline against the dollar.

RPBAXCUSIP 77954G108
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Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Allocation--50% to 70% Equity
  (721 funds)

Data as of 04/30/2017

Data as of 04/30/2017

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$3.9b

Data as of 04/30/2017

Data as of 04/30/2017

Price
(USD)

Daily Price Change

$23.79
$0.00

Data as of 05/23/2017

Data as of 05/23/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Charles M.  Shriver
Charles M. Shriver, Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Balanced and Target Risk Strategies. Mr. Shriver is a vice president of T. Rowe Price Group, Inc. In addition he is cochairman of the Asset Allocation Committee.

Strategy

Investment Objective

The fund seeks to provide capital growth, current income, and preservation of capital through a portfolio of stocks and fixed income securities.

Morningstar Equity Style

Large Growth

Data as of 04/30/2017

Morningstar Fixed Income Style

Mid / Moderate

Data as of 04/30/2017

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Rank Funds In Category (Allocation--50% to 70% Equity)
Overall N/A 721
3 Years 166 721
5 Years 137 619
10 Years 88 426

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR
11.04%
Benchmark
10.22%
Value
0.82% 1.37%

Data as of 03/31/2017

3 YR
5.50%
Benchmark
5.95%
Value
-0.45% -0.12%
5 YR
8.13%
Benchmark
8.20%
Value
-0.07% -0.02%
10 YR
5.91%
Benchmark
5.70%
Value
0.21% 0.24%

Expense Ratio

Gross
0.68%
Net
0.64%

Benchmark: Combined Index Portfolio

Fund Inception: 12/31/1939

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense ratio limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

Current Year Performance (Investor Class)

Daily YTD
8.66%
Benchmark
7.05%
Value
1.61%

Data as of 05/23/2017

Monthly YTD
7.06%
Benchmark
5.78%
Value
1.28%

Data as of 04/30/2017

One Month
1.65%
Benchmark
1.25%
Value
0.40%
Three Months
4.72%
Benchmark
4.22%
Value
0.50%

Benchmark: Combined Index Portfolio

Fund Inception: 12/31/1939

Asset Allocation

Net Assets
(USD)
$3.9b
Largest US Stock 41.25% $1.6b
Other View complete Asset Allocation

Data as of 04/30/2017

Holdings

Total
Holdings
1471
Largest Holding TRP Institutional High Yield - Inst 3.96%
Other View complete Full Holdings
Top 10 Holdings 10.92% View the latest Top 10 Holdings

Data as of 03/31/2017

Sectors

Total Sectors - Equity only
12
Largest - Equity only Information Technology 18.64% Was (03/31/2017) 18.32%
Other View complete Sector Diversification

Data as of 04/30/2017

Benchmark: S&P 500 Index

Over - Equity only

Financials
By 4.17%
Fund 18.25%
Benchmark 14.09%

Under - Equity only

Information Technology
By -3.80%
Fund 18.64%
Benchmark 22.43%

Data as of 04/30/2017

Team (As of )

Charles M.  Shriver

Charles M. Shriver
Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Balanced and Target Risk Strategies. Mr. Shriver is a vice president of T. Rowe Price Group, Inc. In addition he is cochairman of the Asset Allocation Committee.

  • Fund manager
    since 2011
  • Years at
    T. Rowe Price 25
  • Years investment
    experience 18

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) Redemption Fee 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77954G108
$2,500 $100 N/A 0.00% 0.68% 0.64% N/A N/A
I Class
Cusip 77954G207
$1,000,000* N/A N/A 0.00% 0.50% 0.46% Contractual
04/30/2018

* Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.

1

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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