1529 portfolios managed by T. Rowe Price invest in I Class shares of the underlying mutual funds where available and have access to closed T. Rowe Price funds, regardless of participation or status in the Summit Program.
2As of 03/31/22. This calculation is based on a hypothetical $500,000 investment in Investor Classes with an average expense ratio of 0.64% (for an annual cost of $3,200) versus I Classes with an average expense ratio of 0.51% (for an annual cost of $2,550). These expense ratios are net of fee waivers. Fund expenses change over time; please refer to our mutual fund prospectuses for complete information about expenses, fees, and other information to consider before investing.
3Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars and 22.5% get 4 stars) based on their risk adjusted returns. The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. As of 03/31/22, 5 of 6 of our closed funds (Investor Class only) rated by Morningstar received an overall rating of 5 or 4 stars. Past performance cannot guarantee future results.
The Morningstar Rating™ for funds, or "star rating," is calculated for funds with at least a 3-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.
Source for Morningstar data: © 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Summit Program benefits may be provided through T. Rowe Price Services, Inc., or its affiliates.
T. Rowe Price Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.