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.

Morningstar (Category)

Morningstar
(Overall Rating)1

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

Data as of 03/31/2021

Data as of 03/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

9yrs
$5.2b

Data as of 03/31/2021

Data as of 03/31/2021

Price
(USD)

Daily Price Change

$29.29
$+0.18

Data as of 05/07/2021

Data as of 05/07/2021

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, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Pri...

Toby M. Thompson, CFA, CAIA
Toby M. Thompson, CFA, CAIA, Co-Portfolio Manager

Toby Thompson is a portfolio manager in the Multi-Asset Division. He is a co-portfolio manager of the Balanced Fund, Global Allocation Funds, Moderate Allocation Portfolio, Spectrum Funds, Act...

View more

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 Blend

Data as of 03/31/2021

Morningstar Fixed Income Style

Mid / Moderate

Data as of 03/31/2021

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 Funds In Category (Allocation--50% to 70% Equity)
Overall 641
3 Years 641
5 Years 574
10 Years 412

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
38.24%
Benchmark
32.59%
Value
5.65% 5.65%

Data as of 03/31/2021

3 YR
10.72%
Benchmark
10.75%
Value
-0.03% -0.03%

Data as of 03/31/2021

5 YR
11.04%
Benchmark
10.39%
Value
0.65% 0.65%

Data as of 03/31/2021

10 YR
9.07%
Benchmark
8.84%
Value
0.23% 0.23%

Data as of 03/31/2021

Benchmark: Combined Index Portfolio

Fund Inception: 12/31/1939

Expense Ratio

Gross
0.61%
Net
0.58%
Limitation Type
Contractual
expires 04/30/2021

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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

Effective December 1, 2019, the "net" version of the international benchmark in the Combined Index Portfolio replaced the "gross" version of the international benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes. Prior performance of the international benchmark component has been restated to show net of withholding taxes.

The Combined Index Portfolio is composed of the S&P 500 Index, Bloomberg Barclays U.S. Aggregate Bond Index, and MSCI EAFE Index Net. Effective August 1, 2012, the Combined Index Portfolio consisted of 45.5% S&P 500 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 19.5% MSCI EAFE Index Net. From May 1, 2011, until July 31, 2012, the Combined Index Portfolio contained a range of 45.5%-52% S&P 500 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13%-19.5% MSCI EAFE Index Net. From May 1, 2008, until April 30, 2011, the Combined Index Portfolio consisted of 52% S&P 500 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index, and 13% MSCI EAFE Index Net. From inception until April 30, 2008, the Combined Index Portfolio consisted of 50% S&P 500 Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, and 10% MSCI EAFE Index Net. Each index is weighted at the appropriate strategic neutral allocation of its respective asset class, which is predetermined and changes over time. Historical benchmark representations were not restated to reflect the component benchmark changes.

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 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
7.79%
Benchmark
6.88%
Value
0.91%

Data as of 05/07/2021

Monthly YTD
3.16%
Benchmark
2.27%
Value
0.89%

Data as of 03/31/2021

One Month
1.70%
Benchmark
2.00%
Value
-0.30%

Data as of 03/31/2021

Three Months
3.16%
Benchmark
2.27%
Value
0.89%

Data as of 03/31/2021

Benchmark: Combined Index Portfolio

Fund Inception: 12/31/1939

Asset Allocation

Net Assets
(USD)
$5.2b

Data as of 03/31/2021

Largest US Stock 43.60% $2.3b
Other View complete

Holdings

Total
Holdings
1476

Data as of 03/31/2021

Largest Holding TRP Institutional High Yield - Inst 4.74% Was (12/31/2020) 4.56%
Other View complete
Top 10 Holdings 13.90% View the latest

Sectors

Total Sectors - Equity only
12

Data as of 03/31/2021

Benchmark: S&P 500 Index

Largest - Equity only Information Technology 21.30% Was (02/28/2021) 22.36%
Other View complete

Over - Equity only

Materials
By 3.63%
Fund 6.32%
Benchmark 2.70%

Under - Equity only

Information Technology
By -5.35%
Fund 21.30%
Benchmark 26.65%

Data as of 03/31/2021

Team (As of )

Charles M.  Shriver, CFA

Charles M. Shriver, CFA
Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2011
  • Years at
    T. Rowe Price 29
  • Years investment
    experience 22
Toby M. Thompson, CFA, CAIA

Toby M. Thompson, CFA, CAIA
Co-Portfolio Manager

Toby Thompson is a portfolio manager in the Multi-Asset Division. He is a co-portfolio manager of the Balanced Fund, Global Allocation Funds, Moderate Allocation Portfolio, Spectrum Funds, ActivePlus® Portfolios, and Managed Volatility Strategies. Toby is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 10
  • Years investment
    experience 27
Matthew Ko, CFA

Matthew Ko, CFA
Portfolio Specialist

Matthew Ko is a portfolio specialist in the Multi-Asset Division. He is the proxy portfolio manager for the suite of target risk asset allocation products and communicates the firm's global capital markets outlook and asset allocation viewpoints. Matt is a vice president of T. Rowe Price Group, Inc. 

  • Years at
    T. Rowe Price 4
  • Years investment
    experience 19

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) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77954G108
$2,500 $100 0.00% 0.61% 0.58% Contractual 04/30/2021
I Class
Cusip 77954G207
$1,000,000* N/A 0.00% 0.49% 0.46% Contractual
04/30/2021

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 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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