<PAGE> PAGE 1
000 A000000 06/30/96
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
018 000000 Y
019 A000000 Y
019 B000000 73
019 C000000 TROWEPRICE
020 A000001 ROBERT FLEMING
020 B000001 13-3298866
020 C000001 53
020 A000002 MORGAN STANLEY
020 B000002 13-2655998
020 C000002 22
020 A000003 INVESTMENT TECHNOLOGY
020 B000003 95-4339369
020 C000003 19
020 A000004 NOMURA SECURITIES
020 B000004 13-2642206
020 C000004 18
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005 12
020 A000006 ALFRED BERG
020 C000006 9
020 A000007 JAMES CAPEL
020 B000007 52-1348224
020 C000007 9
020 A000008 SAFIAN INVESTMENTS
020 C000008 4
020 A000009 JACKSON PARTNERS
020 B000009 58-1732983
020 C000009 3
<PAGE> PAGE 2
020 A000010 INSTINET
020 B000010 13-3443395
020 C000010 3
021 000000 163
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 342216
022 D000001 22939
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 138347
022 D000002 22041
022 A000003 FIRST BOSTON
022 B000003 13-5659485
022 C000003 136574
022 D000003 19952
022 A000004 GMAC
022 B000004 38-0572512
022 C000004 156298
022 D000004 0
022 A000005 JP MORGAN
022 B000005 13-3224016
022 C000005 113153
022 D000005 6643
022 A000006 DEUTSCHE BANK
022 B000006 13-6124068
022 C000006 106291
022 D000006 1044
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 47709
022 D000007 2491
022 A000008 CHEMICAL SECURITIES
022 B000008 13-4995650
022 C000008 47574
022 D000008 235
022 A000009 BANKERS TRUST
022 B000009 13-4941247
022 C000009 46989
022 D000009 354
022 A000010 CHASE
022 B000010 13-3112953
022 C000010 20067
022 D000010 10657
023 C000000 1341439
023 D000000 115000
025 A000001 CHASE MANHATTAN
025 B000001 13-3112953
025 C000001 E
025 D000001 3887
025 A000002 DEUTSCHE BANK
<PAGE> PAGE 3
025 B000002 13-6124068
025 C000002 E
025 D000002 890
025 A000003 JP MORGAN
025 B000003 13-3224016
025 C000003 E
025 D000003 1692
025 A000004 BANKERS TRUST
025 B000004 13-4941247
025 C000004 D
025 D000004 126
025 A000005 LEHMAN BROTHERS
025 B000005 13-2518466
025 C000005 D
025 D000005 1603
025 A000006 MORGAN STANLEY
025 B000006 13-2655998
025 C000006 D
025 D000006 9994
025 A000007 DEUTSCHE BANK
025 B000007 13-6124068
025 C000007 E
025 D000007 15
025 D000008 0
028 A010000 99411
028 A020000 0
028 A030000 0
028 A040000 15260
028 B010000 15304
028 B020000 0
028 B030000 0
028 B040000 9292
028 C010000 19218
028 C020000 7227
028 C030000 0
028 C040000 18831
028 D010000 71135
028 D020000 0
028 D030000 0
028 D040000 19776
028 E010000 24638
028 E020000 0
028 E030000 0
028 E040000 17512
028 F010000 16044
028 F020000 7356
028 F030000 0
028 F040000 21290
028 G010000 245750
028 G020000 14583
028 G030000 0
<PAGE> PAGE 4
028 G040000 101961
028 H000000 0
049 000000 N
050 000000 N
051 000000 N
052 000000 Y
053 A000000 N
062 A000000 N
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 Y
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 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
<PAGE> PAGE 5
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 244091
071 B000000 77430
071 C000000 650773
071 D000000 12
072 A000000 6
072 B000000 13586
072 C000000 4049
072 D000000 0
072 E000000 0
072 F000000 1777
072 G000000 0
072 H000000 0
072 I000000 1106
072 J000000 82
072 K000000 9
072 L000000 22
072 M000000 9
072 N000000 40
072 O000000 0
072 P000000 0
072 Q000000 51
072 R000000 9
072 S000000 2
072 T000000 0
072 U000000 3
072 V000000 0
072 W000000 4
072 X000000 3114
072 Y000000 0
072 Z000000 14521
072AA000000 4788
072BB000000 0
072CC010000 18552
072CC020000 0
072DD010000 14394
072DD020000 0
072EE000000 1584
073 A010000 0.2600
073 A020000 0.0000
073 B000000 0.0300
073 C000000 0.0000
<PAGE> PAGE 6
074 A000000 961
074 B000000 0
074 C000000 49022
074 D000000 313955
074 E000000 1685
074 F000000 418339
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 10755
074 K000000 0
074 L000000 8672
074 M000000 142
074 N000000 803531
074 O000000 12992
074 P000000 101
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2095
074 S000000 0
074 T000000 788343
074 U010000 57838
074 U020000 0
074 V010000 13.63
074 V020000 0.00
074 W000000 0.0000
074 X000000 19586
074 Y000000 30456
075 A000000 0
075 B000000 740752
076 000000 0.00
077 A000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 60000
081 A000000 Y
081 B000000 128
082 A000000 N
082 B000000 0
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000871839
<NAME> T. ROWE PRICE BALANCED FUND, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 671018
<INVESTMENTS-AT-VALUE> 783001
<RECEIVABLES> 19426
<ASSETS-OTHER> 1104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 803531
<PAYABLE-FOR-SECURITIES> 12992
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2196
<TOTAL-LIABILITIES> 15188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 671308
<SHARES-COMMON-STOCK> 57838
<SHARES-COMMON-PRIOR> 45992
<ACCUMULATED-NII-CURRENT> 276
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4688
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 112071
<NET-ASSETS> 788343
<DIVIDEND-INCOME> 4049
<INTEREST-INCOME> 13586
<OTHER-INCOME> 0
<EXPENSES-NET> 3114
<NET-INVESTMENT-INCOME> 14521
<REALIZED-GAINS-CURRENT> 4788
<APPREC-INCREASE-CURRENT> 18552
<NET-CHANGE-FROM-OPS> 37861
<EQUALIZATION> 74
<DISTRIBUTIONS-OF-INCOME> 14394
<DISTRIBUTIONS-OF-GAINS> 1584
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18311
<NUMBER-OF-SHARES-REDEEMED> 7549
<SHARES-REINVESTED> 1084
<NET-CHANGE-IN-ASSETS> 180255
<ACCUMULATED-NII-PRIOR> 75
<ACCUMULATED-GAINS-PRIOR> 1484
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 93519
<GROSS-ADVISORY-FEES> 1777
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3114
<AVERAGE-NET-ASSETS> 740752
<PER-SHARE-NAV-BEGIN> 13.22
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .44
<PER-SHARE-DIVIDEND> .26
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>