0000923084 trppsf:S000002137Member trppsf:C000005532Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member trppsf:C000005534Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member trppsf:C000005533Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002137Member 2011-10-02 2012-10-01 0000923084 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member trppsf:LipperMixedAssetTargetAllocationGrowthFundsIndexMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member trppsf:CombinedIndexPortfolioMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member trppsf:MorningstarModeratelyAggressiveTargetRiskMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member rr:AfterTaxesOnDistributionsAndSalesMember trppsf:C000005533Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002138Member rr:AfterTaxesOnDistributionsMember trppsf:C000005533Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member rr:AfterTaxesOnDistributionsMember trppsf:C000005534Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member trppsf:MorningstarModeratelyConservativeTargetRiskMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member rr:AfterTaxesOnDistributionsAndSalesMember trppsf:C000005534Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member trppsf:CombinedIndexPortfolioMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002139Member trppsf:LipperMixedAssetTargetAllocationConservativeFundsIndexMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002137Member rr:AfterTaxesOnDistributionsMember trppsf:C000005532Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002137Member trppsf:MorningstarModerateTargetRiskMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002137Member rr:AfterTaxesOnDistributionsAndSalesMember trppsf:C000005532Member 2011-10-02 2012-10-01 0000923084 trppsf:S000002137Member trppsf:CombinedIndexPortfolioMember 2011-10-02 2012-10-01 0000923084 trppsf:S000002137Member trppsf:LipperMixedAssetTargetAllocationModerateFundsIndexMember 2011-10-02 2012-10-01 pure iso4217:USD 2012-06-30 2012-06-30 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesTRowePricePersonalStrategyIncomeFund column period compact * ~</div> 2012-06-30 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesTRowePricePersonalStrategyGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesTRowePricePersonalStrategyBalancedFund column period compact * ~</div> 460 0.2927 417 351 0.1858 Example Example Example <div style="color:#004f7c; font-family:Serif; font-size:14.0pt; font-style:normal; font-weight:bold; text-align:left">SUMMARY</div> <div style="font-family:Sans-Serif; font-size:16.0pt; font-style:normal; font-weight:bold; text-align:left">T. Rowe Price Personal Strategy Income Fund</div> <div style="color:#004f7c; font-family:Serif; font-size:14.0pt; font-style:normal; font-weight:bold; text-align:left">SUMMARY</div> <div style="font-family:Sans-Serif; font-size:16.0pt; font-style:normal; font-weight:bold; text-align:left">T. Rowe Price Personal Strategy Growth Fund</div> <div style="color:#004f7c; font-family:Serif; font-size:14.0pt; font-style:normal; font-weight:bold; text-align:left">SUMMARY</div> <div style="font-family:Sans-Serif; font-size:16.0pt; font-style:normal; font-weight:bold; text-align:left">T. Rowe Price Personal Strategy Balanced Fund</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesTRowePricePersonalStrategyGrowthFund column period compact * ~</div> 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 transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 51.3% of the average value of its portfolio. 0.2438 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesTRowePricePersonalStrategyIncomeFund column period compact * ~</div> 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 transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 65.5% of the average value of its portfolio. 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 transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 62.0% of the average value of its portfolio. 0.0682 0.0564 0.0774 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesTRowePricePersonalStrategyBalancedFund column period compact * ~</div> troweprice.com troweprice.com troweprice.com 85 T. Rowe Price Personal Strategy Funds, Inc. 0 <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</center> 0 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</center> <div style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold; text-align:normal">Fees and Expenses of the Fund </div> <div style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold; text-align:center">Shareholder fees (fees paid directly from your investment)</div> 77 64 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsT.RowePricePersonalStrategyGrowthFundBarChart column period compact * ~</div> 0 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsT.RowePricePersonalStrategyIncomeFundBarChart column period compact * ~</div> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The figure shown under Total annual fund operating expenses after fee waiver/expense reimbursement does not match the Ratio of expenses to average net assets shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses. The figure shown under Total annual fund operating expenses after fee waiver/expense reimbursement does not match the Ratio of expenses to average net assets shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 <center><table border="0"><tr><td></td><td>      </td><td>Quarter Ended</td><td>    </td><td>   </td><td>Total Return</td></tr><tr><td>Best Quarter</td><td>      </td><td>6/30/09</td><td>   </td><td>   </td><td>17.18%</td></tr><tr><td>Worst Quarter</td><td>      </td><td>12/31/08</td><td>      </td><td>   </td><td>-16.51%</td></tr></table></center> <center>The funds return for the six months ended 6/30/12 was 6.82%.</center> <center><table border="0"><tr><td></td><td>     </td><td>Quarter Ended</td><td>    </td><td>  </td><td>Total Return</td></tr><tr><td>Best Quarter</td><td>     </td><td>6/30/09</td><td>   </td><td>  </td><td>13.03%</td></tr><tr><td>Worst Quarter</td><td>     </td><td>12/31/08</td><td>     </td><td>   </td><td>-10.97%</td></tr></table></center> <center>The funds return for the six months ended 6/30/12 was 5.64%.</center> <center><table border="0"><tr><td></td><td>     </td><td>Quarter Ended</td><td>    </td><td>  </td><td>Total Return</td></tr><tr><td>Best Quarter</td><td>     </td><td>6/30/09</td><td>   </td><td>  </td><td>20.31%</td></tr><tr><td>Worst Quarter</td><td>     </td><td>12/31/08</td><td>     </td><td>   </td><td>-22.24%</td></tr></table></center> <center>The funds return for the six months ended 6/30/12 was 7.74%.</center> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsT.RowePricePersonalStrategyBalancedFundBarChart column period compact * ~</div> The figure shown under Total annual fund operating expenses after fee waiver/expense reimbursement does not match the Ratio of expenses to average net assets shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses. <div style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold; text-align:normal">Fees and Expenses of the Fund </div> <div style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold; text-align:center">Shareholder fees (fees paid directly from your investment)</div> <div style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold; text-align:normal">Fees and Expenses of the Fund </div> <div style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold; text-align:center">Shareholder fees (fees paid directly from your investment)</div> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</center> Investment Objective -0.001 265 485BPOS 2012-05-31 Investment Objective 2012-09-27 Investment Objective 0 -0.1237 -0.0189 0 -0.0015 0.0444 0.0455 0.0588 0.045 0.0476 0.053 -0.0012 240 202 -0.0337 0.0089 -0.0774 -0.0021 0.0578 0.0476 0.0576 0.045 0.0462 0.0437 0 0.0584 0.0498 0.06 0.0473 0.0465 0.0406 <div style="color:#004f7c; font-family:Sans-Serif; font-size:9.5pt;font-style:normal; font-weight:bold; text-align:left">Investments, Risks, and Performance</div> <div style="font-family:Serif;font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left">Principal Investment Strategies <div style="color:#004f7c; font-family:Sans-Serif; font-size:9.5pt;font-style:normal; font-weight:bold; text-align:left">Investments, Risks, and Performance</div> <div style="font-family:Serif;font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left">Principal Investment Strategies This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="color:#004f7c; font-family:Sans-Serif; font-size:9.5pt;font-style:normal; font-weight:bold; text-align:left">Investments, Risks, and Performance</div> <div style="font-family:Serif;font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left">Principal Investment Strategies The funds share price fluctuates, which means you could lose money by investing in the fund. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. The funds share price fluctuates, which means you could lose money by investing in the fund. In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. Average Annual Total Returns <center>Periods ended December 31, 2011</center> In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. 2009-06-30 0.1718 2008-12-31 Average Annual Total Returns <center>Periods ended December 31, 2011</center> 2009-06-30 0.2031 2008-12-31 0.1303 2008-12-31 Average Annual Total Returns <center>Periods ended December 31, 2011</center> The funds share price fluctuates, which means you could lose money by investing in the fund. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.006 0 0.0023 0.0093 0.0083 The fund seeks the highest total return over time consistent with a primary emphasis on income and 1025 0000923084 false 2012-10-01 2012-10-01 The fund seeks the highest total return over time consistent with a primary emphasis on capital growth and a secondary emphasis on income. Fees and Expenses 0 20 Fees and Expenses Fees and Expenses 0.1499 0.0764 0.1412 0.0784 -0.3758 0.3747 0.1538 0 20 0.0045 0 0.0018 -0.0189 -0.022 -0.0097 -0.0198 -0.0034 -0.0054 0.0093 0.0029 0.0067 0.0166 0.0078 0.0055 0.0063 0 0.002 0.0087 0.0075 930 786 <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedTRowePricePersonalStrategyGrowthFund column period compact * ~</div> 0.0995 0.0519 0.0964 0.0726 -0.2038 0.2547 0.1168 0.1255 0.0644 0.1192 0.077 -0.2932 0.3261 0.1379 0.0089 0.0011 0.007 0.0251 0.0238 0.0253 0 -0.0021 -0.0072 0.0005 0.0053 0.0107 0.0037 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedTRowePricePersonalStrategyGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedTRowePricePersonalStrategyIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedTRowePricePersonalStrategyIncomeFund column period compact * ~</div> Portfolio Turnover Portfolio Turnover Principal Risks Performance The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. Principal Risks The fund pursues its objective by investing in a diversified portfolio typically consisting of approximately 80% stocks and 20% bonds and money market securities. Domestic stocks are drawn from the overall U.S. market. International stocks are selected primarily from large companies in developed markets but may also include investments in emerging markets. Bonds, which can include foreign issues, are primarily investment grade (i.e., assigned one of the four highest credit ratings) and are chosen across the entire government, corporate, and mortgage-backed bond markets. Maturities reflect the managers outlook for interest rates.T. Rowe Price may decide to overweight or underweight a particular asset class based on our outlook for the economy and financial markets. Under normal conditions, the funds allocation to the broad asset classes will be within the following ranges: stocks (70%-90%) and bonds and money markets (10-30%). When deciding upon allocations within these prescribed limits, we may favor fixed income securities if the economy is expected to slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, we may favor stocks. And when selecting particular stocks, we will examine relative values and prospects among growth- and value-oriented stocks, domestic and international stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. This process draws heavily upon T. Rowe Prices proprietary stock research expertise. While the fund maintains a well-diversified portfolio, its portfolio manager may at a particular time shift stock selection toward markets or market sectors that appear to offer attractive value and appreciation potential. Much the same security selection process applies to bonds. For example, when deciding whether to adjust allocations among high yield junk bonds, international bonds, and emerging market bonds, we weigh such factors as the outlook for the economy and corporate earnings, currency valuations, and the yield advantage that lower-rated bonds may offer over investment-grade bonds. Securities may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising opportunities. Performance The fund pursues its objective by investing in a diversified portfolio typically consisting of approximately 60% stocks, 30% bonds, and 10% money market securities. Domestic stocks are drawn from the overall U.S. market. International stocks are selected primarily from large companies in developed markets but may also include investments in emerging markets. Bonds, which can include foreign issues, are primarily investment grade (i.e., assigned one of the four highest credit ratings) and are chosen across the entire government, corporate, and mortgage-backed bond markets. Maturities reflect the managers outlook for interest rates.T. Rowe Price may decide to overweight or underweight a particular asset class based on our outlook for the economy and financial markets. Under normal conditions, the funds allocation to the broad asset classes will be within the following ranges: stocks (50-70%); bonds (20-40%); and money markets (0-20%). When deciding upon allocations within these prescribed limits, we may favor fixed income securities if the economy is expected to slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, we may favor stocks. And when selecting particular stocks, we will examine relative values and prospects among growth- and value-oriented stocks, domestic and international stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. This process draws heavily upon T. Rowe Prices proprietary stock research expertise. While the fund maintains a well-diversified portfolio, its portfolio manager may at a particular time shift stock selection toward markets or market sectors that appear to offer attractive value and appreciation potential.Much the same security selection process applies to bonds. For example, when deciding whether to adjust allocations among high yield junk bonds, international bonds, and emerging market bonds, we weigh such factors as the outlook for the economy and corporate earnings, currency valuations, and the yield advantage that lower-rated bonds may offer over investment-grade bonds.Securities may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising opportunities. Portfolio Turnover The fund pursues its objective by investing in a diversified portfolio typically consisting of approximately 40% stocks, 40% bonds, and 20% money market securities. Domestic stocks are drawn from the overall U.S. market. International stocks are selected primarily from large companies in developed markets but may also include investments in emerging markets. Bonds, which can include foreign issues, are primarily investment grade (i.e., assigned one of the four highest credit ratings) and are chosen across the entire government, corporate, and mortgage-backed bond markets. Maturities reflect the managers outlook for interest rates.T. Rowe Price may decide to overweight or underweight a particular asset class based on our outlook for the economy and financial markets. Under normal conditions, the funds allocation to the broad asset classes will be within the following ranges: stocks (30%-50%); bonds (30%-50%); and money markets (0-30%). When deciding upon allocations within these prescribed limits, we may favor fixed income securities if the economy is expected to slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, we may favor stocks. And when selecting particular stocks, we will examine relative values and prospects among growth- and value-oriented stocks, domestic and international stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. This process draws heavily upon T. Rowe Prices proprietary stock research expertise. While the fund maintains a well-diversified portfolio, its portfolio manager may at a particular time shift stock selection toward markets or market sectors that appear to offer attractive value and appreciation potential.Much the same security selection process applies to bonds. For example, when deciding whether to adjust allocations among high yield junk bonds, international bonds, and emerging market bonds, we weigh such factors as the outlook for the economy and corporate earnings, currency valuations, and the yield advantage that lower-rated bonds may offer over investment-grade bonds. Securities may be sold for a variety of reasons, such as to effect a change in asset allocation, secure a gain, limit a loss, or redeploy assets into more promising opportunities. The funds past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance (before and after taxes) is not necessarily an indication of future performance. The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The fund has partial exposure to a variety of risks in proportion to the amount it invests in stocks, bonds, and money market securities. The principal risks of investing in this fund are summarized as follows: Asset allocation risk The funds overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the fund to underperform other funds with a similar investment objective. Risks of stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry. Small- and medium-sized companies often have less experienced management, more limited financial resources, and less publicly available information than larger companies. Stocks of smaller companies may have limited trading markets and tend to be more sensitive to changes in overall economic conditions. To the extent the fund invests in companies that derive their profits from commodities and other real assets, it is subject to the risk that periods of low inflation will lessen relative returns and cause the fund to underperform other comparable stock funds. Risks of bond and money market investing Bonds and money market securities have three main sources of risk. Interest rate risk is the risk that a rise in interest rates will cause the price of a debt security held by the fund to fall. Securities with longer maturities typically suffer greater declines than those with shorter maturities. Mortgage-backed securities can react somewhat differently to interest rate changes because falling rates can cause losses of principal due to increased mortgage prepayments and rising rates can lead to decreased prepayments and greater volatility. Credit risk is the risk that an issuer of a debt security will default (fail to make scheduled interest or principal payments), potentially reducing the funds income level and share price. This risk is increased when a security is downgraded or the perceived creditworthiness of the issuer deteriorates. Liquidity risk is the risk that the fund may not be able to sell a holding in a timely manner or at a desired price. While the funds 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 suffer an 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 funds exposure to credit risk, in particular, is increased to the extent it invests in high yield bonds. Foreign investing risk This is the risk that the funds investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the funds investments in emerging markets. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance (before and after taxes) is not necessarily an indication of future performance. The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The fund has partial exposure to a variety of risks in proportion to the amount it invests in stocks, bonds, and money market securities. The principal risks of investing in this fund are summarized as follows: Asset allocation risk The funds overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the fund to underperform other funds with a similar investment objective. Risks of stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry. Small- and medium-sized companies often have less experienced management, more limited financial resources, and less publicly available information than larger companies. Stocks of smaller companies may have limited trading markets and tend to be more sensitive to changes in overall economic conditions. To the extent the fund invests in companies that derive their profits from commodities and other real assets, it is subject to the risk that periods of low inflation will lessen relative returns and cause the fund to underperform other comparable stock funds. Risks of bond and money market investing Bonds and money market securities have three main sources of risk. Interest rate risk is the risk that a rise in interest rates will cause the price of a debt security held by the fund to fall. Securities with longer maturities typically suffer greater declines than those with shorter maturities. Mortgage-backed securities can react somewhat differently to interest rate changes because falling rates can cause losses of principal due to increased mortgage prepayments and rising rates can lead to decreased prepayments and greater volatility. Credit risk is the risk that an issuer of a debt security will default (fail to make scheduled interest or principal payments), potentially reducing the funds income level and share price. This risk is increased when a security is downgraded or the perceived creditworthiness of the issuer deteriorates. Liquidity risk is the risk that the fund may not be able to sell a holding in a timely manner or at a desired price. While the funds 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 suffer an 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 funds exposure to credit risk, in particular, is increased to the extent it invests in high yield bonds. Foreign investing risk This is the risk that the funds investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the funds investments in emerging markets. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance (before and after taxes) is not necessarily an indication of future performance. The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The fund has some exposure to the risks of investing in bonds and money market securities, but stock investing presents greater risks for the fund. The principal risks of investing in this fund are summarized as follows: Asset allocation risk The funds overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the fund to underperform other funds with a similar investment objective. Risks of stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry. Small- and medium-sized companies often have less experienced management, more limited financial resources, and less publicly available information than larger companies. Stocks of smaller companies may have limited trading markets and tend to be more sensitive to changes in overall economic conditions. To the extent the fund invests in companies that derive their profits from commodities and other real assets, it is subject to the risk that periods of low inflation will lessen relative returns and cause the fund to underperform other comparable stock funds. Risks of bond and money market investing Bonds and money market securities have three main sources of risk. Interest rate risk is the risk that a rise in interest rates will cause the price of a debt security held by the fund to fall. Securities with longer maturities typically suffer greater declines than those with shorter maturities. Mortgage-backed securities can react somewhat differently to interest rate changes because falling rates can cause losses of principal due to increased mortgage prepayments and rising rates can lead to decreased prepayments and greater volatility. Credit risk is the risk that an issuer of a debt security will default (fail to make scheduled interest or principal payments), potentially reducing the funds income level and share price. This risk is increased when a security is downgraded or the perceived creditworthiness of the issuer deteriorates. Liquidity risk is the risk that the fund may not be able to sell a holding in a timely manner or at a desired price. Because the fund maintains some exposure to bonds, during upswings in the stock market the funds returns could lag the performance of the overall stock market and funds that invest substantially all of their assets in stocks. Foreign investing risk This is the risk that the funds investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the funds investments in emerging markets. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. The funds return for the six months ended Best Quarter Worst Quarter -0.1651 The funds return for the six months ended Best Quarter Worst Quarter -0.2224 The funds return for the six months ended <center>Personal Strategy Balanced Fund Calendar Year Returns</center> Best Quarter 2009-06-30 <center>Personal Strategy Growth Fund Calendar Year Returns</center> Worst Quarter -0.1097 <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedTRowePricePersonalStrategyBalancedFund column period compact * ~</div> <center>Personal Strategy Income Fund Calendar Year Returns</center> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedTRowePricePersonalStrategyBalancedFund column period compact * ~</div> a secondary emphasis on capital growth. The funds past performance (before and after taxes) is not necessarily an indication of future performance. The funds past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Principal Risks Performance 20 0.001 0.0015 0.0101 0.0132 0.0012 0.0384 0.0278 0.0277 0.0403 0.0304 0.0369 0.0277 0.0184 0.0203 0.0307 0.021 0.0138 0.655 0.513 0.62 Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. 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. The T. Rowe Price funds would be required to seek regulatory approval in order to terminate this arrangement. The figure shown under "Total annual fund operating expenses after fee waiver/expense reimbursement" does not match the "Ratio of expenses to average net assets" shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses. Combined Index Portfolio is an unmanaged portfolio composed of 40% stocks (32%-34% Wilshire 5000 Index and 6%-8% MSCI EAFE Index), 40% bonds (Barclays Capital U.S. Aggregate Index), and 20% money market securities (Citigroup 3-Month Treasury Bill Index) through 6/30/08. From 7/1/08, the portfolio is composed of 40% stocks (28%-32% Russell 3000 Index and 8%-12% MSCI All-Country World Ex-USA Index), 40% bonds (Barclays U.S. Aggregate Index), and 20% money market securities (Citigroup 3-Month Treasury Bill Index). The indices and percentages may vary over time. Combined Index Portfolio is an unmanaged portfolio composed of 60% stocks (51%-48% Wilshire 5000 Index and 9%-12% MSCI EAFE Index), 30% bonds (Barclays Capital U.S. Aggregate Index), and 10% money market securities (Citigroup 3-Month Treasury Index) through 6/30/08. From 7/1/08, the portfolio is composed of 60% stocks (42%-48% Russell 3000 Index and 12%-18% MSCI All-Country World Ex-USA Index), 30% bonds (Barclays U.S. Aggregate Index), and 10% money market securities (Citigroup 3-Month Treasury Index). The indices and percentages may vary over time. Combined Index Portfolio is an unmanaged portfolio composed of 80% stocks (68%-64% Wilshire 5000 Index and 12%-16% MSCI EAFE Index) and 20% bonds (Barclays Capital U.S. Aggregate Index) through 6/30/08. From 7/1/08, the portfolio is composed of 80% stocks (56%-64% Russell 3000 Index and 16%-24% MSCI All-Country World Ex-USA Index) and 20% bonds (Barclays U.S. Aggregate Index). The indices and percentages may vary over time.