<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 0000871839
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE BALANCED FUND, INC.
001 B000000 811-6275
001 C000000 4105472000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 63
019 C000000 TROWEPRICE
020 A000001 INVESTMENT TECHNOLOGY
020 B000001 95-4339369
020 C000001 51
020 A000002 ROBERT FLEMING
020 C000002 47
020 A000003 INSTINET
020 B000003 13-3443395
020 C000003 24
020 A000004 WARBURG
020 C000004 16
020 A000005 DONALDSON LUFKIN
020 B000005 13-2741729
020 C000005 10
020 A000006 J.P. MORGAN
020 B000006 13-3224016
020 C000006 10
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 7
<PAGE> PAGE 2
020 A000008 COMPAGNIA ITALIANA
020 C000008 7
020 A000009 KLEINWORT BENSON
020 C000009 6
020 A000010 MERRILL LYNCH
020 B000010 13-5674085
020 C000010 5
021 000000 258
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 382757
022 D000001 12611
022 A000002 BANKERS TRUST
022 B000002 13-4941247
022 C000002 285378
022 D000002 0
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 203465
022 D000003 34953
022 A000004 JP MORGAN
022 B000004 13-3224016
022 C000004 128393
022 D000004 1254
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 99893
022 D000005 4346
022 A000006 FIRST BOSTON
022 B000006 13-5659485
022 C000006 51613
022 D000006 0
022 A000007 SMITH BARNEY SHEARSON
022 B000007 13-1912900
022 C000007 19740
022 D000007 835
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008 16969
022 D000008 2625
022 A000009 SALOMON BROTHERS
022 B000009 13-3082694
022 C000009 11350
022 D000009 5663
022 A000010 BP AMERICAN
022 B000010 34-1152832
022 C000010 10554
022 D000010 0
023 C000000 1239421
023 D000000 69902
024 000000 Y
<PAGE> PAGE 3
025 A000001 JP MORGAN
025 B000001 13-3224016
025 C000001 E
025 D000001 1120
025 A000002 AG EDWARDS
025 B000002 43-0875447
025 C000002 E
025 D000002 243
025 A000003 SALOMON BROTHERS
025 B000003 13-3082694
025 C000003 E
025 D000003 255
025 A000004 DELETE
025 D000004 0
025 A000005 DELETE
025 D000005 0
025 A000006 DELETE
025 D000006 0
025 A000007 DELETE
025 D000007 0
025 D000008 0
028 A010000 18845
028 A020000 0
028 A030000 0
028 A040000 4398
028 B010000 10722
028 B020000 0
028 B030000 0
028 B040000 4351
028 C010000 7282
028 C020000 3142
028 C030000 0
028 C040000 6033
028 D010000 7216
028 D020000 0
028 D030000 0
028 D040000 6624
028 E010000 7986
028 E020000 0
028 E030000 0
028 E040000 4821
028 F010000 8560
028 F020000 9630
028 F030000 0
028 F040000 4471
028 G010000 60611
028 G020000 12772
028 G030000 0
028 G040000 30698
028 H000000 0
062 A000000 N
<PAGE> PAGE 4
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
<PAGE> PAGE 5
070 R010000 N
070 R020000 N
071 A000000 163594
071 B000000 116427
071 C000000 349334
071 D000000 33
072 A000000 12
072 B000000 12168
072 C000000 5247
072 D000000 0
072 E000000 19
072 F000000 1969
072 G000000 0
072 H000000 0
072 I000000 1292
072 J000000 122
072 K000000 28
072 L000000 26
072 M000000 15
072 N000000 49
072 O000000 0
072 P000000 0
072 Q000000 106
072 R000000 20
072 S000000 8
072 T000000 0
072 U000000 0
072 V000000 26
072 W000000 21
072 X000000 3682
072 Y000000 0
072 Z000000 13752
072AA000000 9883
072BB000000 0
072CC010000 0
072CC020000 30377
072DD010000 13663
072DD020000 0
072EE000000 7078
073 A010000 0.4300
073 A020000 0.0000
073 B000000 0.2000
073 C000000 0.0000
074 A000000 304
074 B000000 0
074 C000000 35398
074 D000000 143943
074 E000000 370
074 F000000 211903
074 G000000 0
074 H000000 0
<PAGE> PAGE 6
074 I000000 0
074 J000000 4
074 K000000 0
074 L000000 4074
074 M000000 33
074 N000000 396029
074 O000000 2028
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1998
074 S000000 0
074 T000000 392003
074 U010000 35178
074 U020000 0
074 V010000 11.14
074 V020000 0.00
074 W000000 0.0000
074 X000000 17475
074 Y000000 0
075 A000000 0
075 B000000 369273
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 50000000
081 A000000 Y
081 B000000 56
082 A000000 N
082 B000000 0
<PAGE> PAGE 7
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000871839
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 384544
<INVESTMENTS-AT-VALUE> 391614
<RECEIVABLES> 4078
<ASSETS-OTHER> 337
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 396029
<PAYABLE-FOR-SECURITIES> 712
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3314
<TOTAL-LIABILITIES> 4026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 382067
<SHARES-COMMON-STOCK> 35178
<SHARES-COMMON-PRIOR> 28362
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2862
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7074
<NET-ASSETS> 392003
<DIVIDEND-INCOME> 5247
<INTEREST-INCOME> 12168
<OTHER-INCOME> 19
<EXPENSES-NET> 3682
<NET-INVESTMENT-INCOME> 13752
<REALIZED-GAINS-CURRENT> 9883
<APPREC-INCREASE-CURRENT> (30377)
<NET-CHANGE-FROM-OPS> (6742)
<EQUALIZATION> 240
<DISTRIBUTIONS-OF-INCOME> 13663
<DISTRIBUTIONS-OF-GAINS> 7078
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10472
<NUMBER-OF-SHARES-REDEEMED> 5248
<SHARES-REINVESTED> 1592
<NET-CHANGE-IN-ASSETS> 51203
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57
<OVERDISTRIB-NII-PRIOR> 99
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1969
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3682
<AVERAGE-NET-ASSETS> 369273
<PER-SHARE-NAV-BEGIN> 12.02
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> (.68)
<PER-SHARE-DIVIDEND> .43
<PER-SHARE-DISTRIBUTIONS> .20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.14
<EXPENSE-RATIO> 1.0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>