Morningstar rated the Personal Strategy Income Fund among
Allocation--30% to 50% Equity
funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable)
ending 11/30/2016, respectively.
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. The
weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year
rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating
for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most
weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is
included in all three rating periods.
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
Combined Index Portfolio - Personal Strategy Income is a blended index portfolio
consisting of 40% stocks (32%-28% Russell 3000 Index, 8%-12% MSCI All
Country World ex-U.S. Index), 40% bonds (Barclays Capital U.S. Aggregate Index),
and 20% money market securities (Citigroup 3-Month Treasury Bill Index).
1 The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds,
variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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. The weights are: 100% three-year rating for 36-59 months of
total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30%
five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating
formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest
impact because it is included in all three rating periods.
The fund seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth.
Average Annual Total Returns2
July 29, 1994
Gross Expense Ratio^
Net Expense Ratio^
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.
2 Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.
^ 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 as stated in the fee table of the
fund's prospectus after the deduction of any waiver or reimbursement. If a fund
has an active expense ratio limitation, the expiration date is shown in the table
above. Expense ratios are based on the most recent fiscal year-end data available.
^ 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.
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