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| SUMMARYPROSPECTUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| RPBAX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| May 1,2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
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| T. Rowe Price

BalancedFund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| A fund seeking capital growth and currentincome through a portfolio of approximately 65% stocks and 35% fixed income securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Before you invest, you may want to review the fund’s prospectus,which contains more information about the fund and its risks. You can find the fund’s prospectusand other information about the fund online at troweprice.com/prospectus. You can also get this information at no cost by calling1-800-225-5132or by sending an e-mail request to info@troweprice.com. This Summary Prospectus incorporates by reference the fund’sprospectus, dated May 1, 2014, and Statement of Additional Information, dated May 1, 2014.

The Securities and Exchange Commission has not approved or disapproved these securitiesor passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. |
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| Summary | 1      |

Investment Objective

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

Fees and Expenses

This table describes the feesand expenses that you may pay if you buy and hold shares of the fund. 

Fees and Expenses of the Fund

|                                                                                                          |     |
|---------------------------------------------------------------------------------------------------------------|----------|
| Shareholder fees (fees paiddirectly from your investment)                                                     |
| Maximum sales charge (load) imposed on purchases                                                              | NONE     |
|                                                                                                          |     |
| Maximum deferred sales charge (load)                                                                          | NONE     |
|                                                                                                          |     |
| Redemption fee                                                                                                | NONE     |
|                                                                                                          |     |
| Maximum account fee                                                                                           | $20a     |
| Annual fund operating expenses(expenses that you pay each yearas apercentage of the value of your investment) |
| Management fees                                                                                               | 0.45%    |
|                                                                                                          |     |
| Distribution and service (12b-1) fees                                                                         | 0.00%    |
|                                                                                                          |     |
| Other expenses                                                                                                | 0.19%    |
|                                                                                                          |     |
| Acquired fund fees and expenses                                                                               | 0.04%    |
|                                                                                                          |     |
| Total annual fund operating expenses                                                                          | 0.68%b   |
|                                                                                                          |     |
| Fee waiver/expense reimbursement                                                                              | (0.04)%c |
|                                                                                                          |     |
| Total annual fund operating expenses after fee waiver/expense reimbursement                                   | 0.64%b   |

a Subject to certain exceptions,accounts with a balance of less than $10,000 are charged an annual $20 fee.

b Thefigures shown in the fee table do not match the “Ratio of expenses to average net assets” shownin the Financial Highlights table, as that figure does not include acquired fund fees and expenses andexcludes expenses permanently waived as a result of investments in other T. Rowe Price mutual funds.

c T. Rowe Price Associates,Inc. is required to permanently waive a portion of its management fee charged to the fund in an amountsufficient to fully offset any acquired fund fees and expenses related to investments in other T. RowePrice mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount investedin other T. Rowe Price mutual funds. The T. Rowe Price funds would be required to seek regulatoryapproval in order to terminate this arrangement.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investingin other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicatedand then redeem all of your shares at the end of those periods. The example also assumes that your investmenthas a 5% return each year and that the fund’s operating expenses remain the same. 

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| T.Rowe Price | 2      |

Although your actual costs may be higher or lower, based on theseassumptions your costs would be:

|   |   |   |     |
|--------|--------|--------|----------|
| 1 year | 3years | 5years | 10 years |
| $65    | $205   | $357   | $798     |

PortfolioTurnover  The fund pays transaction costs, such as commissions, when it buys and sells securities(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactioncosts and may result in higher taxes when fund shares are held in a taxable account. These costs, whichare not reflected in annual fund operating expenses or in the example, affect the fund’s performance.During the most recent fiscal year, the fund’s portfolio turnover rate was 54.1% of the averagevalue of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies  The fund normally investsapproximately 65% of its total assets in common stocks and 35% in fixed income securities. The fund willinvest at least 25% of total assets in fixed income senior securities and may invest up to 35% of itstotal assets in foreign securities.

When deciding upon overall allocations between stocks and fixedincome securities, the portfolio manager may favor fixed income securities if the economy is expectedto slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, the portfoliomanager may favor stocks. The fund will invest in bonds, including foreign issues, which are primarilyinvestment grade (i.e, assigned one of the four highest credit ratings) and are chosen from across theentire government, corporate, and asset- and mortgage-backed securities markets. Maturities generallyreflect the portfolio manager’s outlook for interest rates.

When selecting particular stocks, the managerwill examine relative values and prospects among growth- and value-oriented stocks, domestic and internationalstocks, small- to large-cap stocks, and stocks of companies involved in activities related to commoditiesand other real assets. Domestic stocks are drawn from the overall U.S. market and international stocksare selected primarily from large companies in developed countries, although stocks in emerging marketsmay also be purchased. This process draws heavily upon T. Rowe Price’s proprietary stock researchexpertise. While the fund maintains a well-diversified portfolio, its portfolio manager may at a particulartime shift stock selection toward markets or market sectors that appear to offer attractive value andappreciation potential.

Much the same security selection process applies to bonds. When deciding whether toadjust duration, credit risk exposure, or allocations among the various sectors (for example, high yield“junk” bonds, mortgage- and asset-backed securities, international bonds and emerging marketbonds), we weigh such factors as the outlook for inflation and the economy, corporate earnings, expectedinterest rate 

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| Summary | 3      |

movementsand currency valuations, and the yield advantage that lower-rated bonds may offer over investment-gradebonds. 

Inpursuing its investment objective, the fund has the discretion to deviate from its normal investmentcriteria, as previously described, and purchase securities that the fund’s management believes willprovide an opportunity for substantial appreciation. These situations might arise when the fund’smanagement believes a security could increase in value for a variety of reasons, including an extraordinarycorporate event, a new product introduction or innovation, a favorable competitive development, or achange in management.

Securities may be sold for a variety of reasons, such as to effect a change in assetallocation, secure a gain, limit a loss, or redeploy assets into more promising opportunities.

Principal Risks  As with anymutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share pricefluctuates, which means you could lose money by investing in the fund. The principal risks of investingin this fund are summarized as follows:

Activemanagement risk  The fund is subject to the risk that the investment adviser’s judgmentsabout the attractiveness, value, or potential appreciation of the fund’s investments may prove tobe incorrect. The fund could underperform other funds with similar objectives and investment strategiesif the fund’s overall asset allocation or security selection strategies fail to produce the intendedresults.

Risks of stock investing  Stocksgenerally fluctuate in value more than bonds and may decline significantly over short time periods. Thereis a chance that stock prices overall will decline because stock markets tend to move in cycles, withperiods of rising prices and falling prices. The value of a stock in which the fund invests may declinedue to general weakness in the stock market or because of factors that affect a company or a particularindustry. 

Tothe extent the fund invests in small- and mid-capitalization stocks, its share price is likely to bemore volatile than that of a fund that invests only in larger companies. Small- and medium-sized companiesoften have less experienced management, more limited financial resources, and less publicly availableinformation than larger companies. Stocks of smaller companies may have limited trading markets and tendto be more sensitive to changes in overall economic conditions. To the extent the fund invests in companiesthat derive their profits from commodities and other real assets, it is subject to the risk that periodsof low inflation will lessen relative returns and cause the fund to underperform other comparable stockfunds.

Risks of bond investing  Bondshave three main sources of risk. Interestrate risk is the risk that a rise in interest rates will cause the price of a debt security heldby the fund to fall. Securities with longer maturities typically suffer greater declines than those withshorter maturities. Mortgage-backed securities can react somewhat differently to 

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| T.Rowe Price | 4      |

interest rate changes because falling rates can cause losses ofprincipal due to increased mortgage prepayments and rising rates can lead to decreased prepayments andgreater volatility. Credit riskis the risk that an issuer of a debt security will default (fail to make scheduled interest or principalpayments), potentially reducing the fund’s income level and share price. This risk is increasedwhen a security is downgraded or the perceived creditworthiness of the issuer deteriorates. Liquidity riskis the risk that the fund may not be able to sell a holding in a timely manneror at a desired price.

While the fund’s direct bond investments are expected to primarily be investment-grade,the fund may invest in bonds that are rated below investment-grade, also known as high yield or “junk”bonds, including those with the lowest credit rating. High yield bond issuers are more likely to sufferan adverse change in financial condition that would result in the inability to meet a financial obligation.Accordingly, the securities they issue carry a higher risk of default and should be considered speculative.The fund’s exposure to credit risk, in particular, is increased to the extent it invests in highyield bonds.

International investingrisk  Investing in the securities of non-U.S. issuers involves special risks not typically associatedwith investing in U.S. issuers. International securities tend to be more volatile and less liquid thaninvestments in U.S. securities, and may lose value because of adverse political, social, or economicdevelopments overseas, or due to changes in the exchange rates between foreign currencies and the U.S.dollar. In addition, international investments are subject to settlement practices, and regulatory andfinancial reporting standards, that differ from those of the U.S. 

Emerging markets risk  The risks of international investing are heightened forsecurities of issuers in emerging market countries. Emerging market countries tend to have economic structuresthat are less diverse and mature, and political systems that are less stable, than those of developedcountries. In addition to all of the risks of investing in international developed markets, emergingmarkets are more susceptible to governmental interference, local taxes being imposed on internationalinvestments, restrictions on gaining access to sales proceeds, and less liquid and efficient tradingmarkets.

Performance  The bar chart showingcalendar year returns and the average annual total returns table indicate risk by illustrating how muchreturns can differ from one year to the next and how fund performance compares with that of a comparablemarket index. The fund’s past performance (before and after taxes) is not necessarily an indicationof future performance.

The fund can also experience short-term performance swings, as shown by the best andworst calendar quarter returns during the years depicted.

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| Summary | 5      |

In addition, the average annual total returns table shows hypothetical after-tax returnsto suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated usingthe historical highest individual federal marginal income tax rates and do not reflect the impact ofstate and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differfrom those shown. After-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements, such as a 401(k) account or individual retirement account.

|                         |                                                                                 |                                 |              |   |        |          |       |       |           |   |   |   |
|------------------------------|--------------------------------------------------------------------------------------|--------------------------------------|-------------------|--------|-------------|---------------|------------|------------|----------------|--------|--------|--------|
| Average Annual Total Returns |                                                                                 |                                 |              |   |        |          |       |       |           |   |
|                         |                                                                                 |                                 | Periodsended      |   |
|                         |                                                                                 |                                 | December 31, 2013 |   |
|                         |                                                                                 |                                 | 1 Year       |   |        | 5 Years  |       |       | 10 Years  |   |   |   |
|                         | Balanced Fund                                                                        |                                 |              |   |        |          |       |       |           |   |   |
|                         |                                                                                 | Returnsbefore taxes                  | 19.25        | %      | 14.63  | %             | 7.23  | %          |           |
|                         |                                                                                 | Returns after taxes on distributions | 17.37        |   |        | 13.64    |       |       | 6.14      |   |   |   |
|                         |                                                                                 | Returns after taxes on distributions |              |   |        |          |       |       |           |   |   |   |
|                         |                                                                                 | and sale of fund shares              | 11.87        |   |        | 11.60    |       |       | 5.65      |   |   |   |
|                         | Morningstar Moderate TargetRisk (reflects no deduction for fees, expenses, or taxes) | 14.29                           |              |   | 12.00  |          |       | 7.22  |           |   |   |
|                         | Combined Index Portfolio (reflectsno deduction for fees, expenses, or taxes)a        | 16.75                           |              |   | 12.27  |          |       | 6.58  |           |   |   |
|                         | LipperBalanced Funds Index                                                           | 16.39                           |              |   | 12.62  |          |       | 6.19  |           |   |   |

a CombinedIndex Portfolio is an unmanaged portfolio composed of 50% domestic stocks (S&P 500 Index), 40% bonds(Barclays U.S. Aggregate Index), and 10% international stocks (MSCI EAFE Index) through 4/30/08. From5/1/08 through 4/30/11, the portfolio was composed of 52% domestic stocks (S&P 500 Index), 35% bonds(Barclays U.S. Aggregate Index), and 13% international stocks (MSCI EAFE Index). From 5/1/11 through7/31/12, the portfolio was composed of 52%-45.5% domestic stocks (S&P 500 Index), 35% bonds (BarclaysU.S. Aggregate Index), and 13%-19.5% international stocks (MSCI EAFE Index). Since 8/1/12, the portfoliohas been 

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| T.Rowe Price | 6      |

composed of 45.5% domestic stocks (S&P500 Index), 35% bonds (Barclays U.S. Aggregate Index), and 19.5% international stocks (MSCI EAFE Index).The indices and percentages may vary over time.

Updated performance information is available through troweprice.com or may be obtainedby calling 1-800-225-5132.

Management

Investment Adviser  T. Rowe Price Associates, Inc. (T. Rowe Price)

|              |                                        |               |                      |
|-------------------|---------------------------------------------|--------------------|---------------------------|
| Portfolio Manager | Title                                       | Managed Fund Since | Joined Investment Adviser |
| CharlesM. Shriver | Chairman of Investment

 Advisory Committee | 2011               | 1999                      |

Purchaseand Sale of Fund Shares

The fund’s investment minimums generally are as follows (if you hold shares througha financial intermediary, the intermediary may impose different investment minimums):

|                                                                                                                                               |                     |                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|----------------------------|
| Type of Account                                                                                                                                    | Minimum initial purchase | Minimum subsequentpurchase |
| Individualretirement accounts, small business retirement plan accounts, and Uniform Gifts to Minors Act or UniformTransfers to Minors Act accounts | $1,000                   | $100                       |
|                                                                                                                                               |                     |                       |
| All other accounts                                                                                                                                 |   2,500        |    100      |

Youmay purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open forbusiness by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by writtenrequest. If you hold shares through a financial intermediary, you must purchase, redeem, and exchangeshares through your intermediary.

Tax Information

Any dividends are declaredand paid quarterly in March, June, September, and December. Any capital gains are declared and paid annually,usually in December. Distributions by the fund, whether or not you reinvest these amounts in additionalfund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferredaccount. A redemption or exchange of fund shares may be taxable. 

Payments to Broker-Dealers andOther Financial Intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary(such as a bank), the fund and its related companies may pay the intermediary for the sale of fund sharesand related services. These payments may create a conflict of interest by influencing the broker-dealeror other intermediary 

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| Summary | 7      |

andyour salesperson to recommend the fund over another investment. Ask your salesperson or visit your financialintermediary’s website for more information.

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| T.Rowe Price Associates, Inc.100 East Pratt StreetBaltimore, MD 21202 | F68-045 5/1/14 |