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T. Rowe Price
100 East Pratt Street
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This report is authorized for distri-bution only to shareholders and to others
who have received a copy of the prospectus of the T. Rowe Price Personal
Strategy Funds, Inc.
SemiAnnual Report
Personal Strategy
Funds, Inc.
November 30, 1994
PSF
Fellow Shareholders
This is our first report since the inception of the Personal Strategy Funds on
July 29, and we welcome you as shareholders. The Fund's fiscal year ends on
May 31, so this semiannual report covers the four months ended November 30,
1994. You will be receiving four reports a year, one for each fiscal quarter.
Annual and semiannual reports contain complete portfolio holdings; the
quarterly reports are less comprehensive, but include a portfolio summary and
other pertinent data.
The Personal Strategy Funds invest in a broad variety of equity and
fixed-income securities. The percentage of assets each Fund allocates to these
investments varies within established ranges. The actual allocations as of
November 30 are shown in the Performance and Strategy Review section of this
report. The Funds' investment committee meets regularly to review economic and
market conditions and may recommend changes in these percentages or
"weightings" consistent with each Fund's investment objectives. The tendency
is to cut back on sectors that have performed well and invest more heavily in
areas that appear to offer better value, when this approach seems justified.
Market Review
The past year has been challenging for stock and bond markets throughout much
of the world. The Federal Reserve has been raising the important federal funds
rate throughout the year in an effort to slow the economy to a rate of growth
that will not lead to higher inflation. Yields on U.S. bonds rose sharply in
the past year, putting downward pressure on prices. The Lehman Brothers
Aggregate Bond Index, a broad measure of U.S. bonds, turned in a negative 3.6%
performance for the first 11 months of the year through November 30. Bond
markets in Europe, Japan, and elsewhere generally followed the U.S. lead.
Stock market performances were more mixed. U.S stocks produced a total
return of -0.2% for the year through November 30, as measured by the unmanaged
Standard & Poor's 500 Stock Index. The unmanaged EAFE Index, which measures
European, Australian, and Far Eastern stock markets, enjoyed a total return of
7.4% for the same period. Latin American stocks rallied in late 1993 and early
this year, declined sharply in the spring, and rallied strongly in the latter
part of the year.
The dollar's value against the currencies of 10 major trading partners
is now down to the middle of its range of the late 1980s, and far below its
peak of the mid 1980s. A weak dollar makes investments in this country less
attractive for foreign investors, but increases returns on foreign securities
for U.S. investors.
Performance and Strategy Review
Personal Strategy Income Fund
This Fund's investment goal is to generate the highest total return consistent
with an emphasis on income first and capital appreciation second. The typical
mix of securities for the Fund is 40% bonds, 40% stocks, and 20% money market
securities, although these percentages can vary by as much as 10% above or
below these levels for each asset class.
Chart 1 - Asset Allocation
As of November 30, your Fund was invested 50% in bonds, 36% in stocks,
and the rest in money market securities, as shown in the chart. We invested
the maximum allowable percentage in bonds since we believe that fixed-income
securities, particularly government-backed bonds, appear to offer good value.
We also liked high-yield bonds, although we cut back on this sector late in
the quarter.
We extended the duration of bonds in the portfolio since we believe that
long-term interest rates may be nearing a peak. Duration is an effective way
of measuring a portfolio's price sensitivity to changes in interest rates. For
example, if interest rates decline, portfolios with long durations will rise
in value more than those with short durations. U.S. bonds are more attractive
than foreign bonds now, as the dollar appears to be stabilizing after a long
period of weakness.
Your Fund's performance for the quarter and four months since inception
was modestly negative, as shown below, although it compared favorably with the
benchmark portfolio for both periods.
Performance Comparison
Periods Ended 11/30/94
Since
Inception
3 Months (7/29/94)
_________________________
Personal Strategy
Income Fund -2.0% -0.6%
Combined Index Portfolio* -2.6 -1.0
*An unmanaged portfolio composed of 40% stocks (S&P 500) and 60% bonds (Lehman
Brothers Aggregate Bond Index).
We are not happy with negative returns even in difficult markets, but bonds
have fallen more sharply than stocks during the past year. Barring a major
rally, 1994 will be the first calendar year in which the Lehman Brothers
Aggregate Bond Index had a negative return. Therefore, we are faced with the
irony of unusual volatility in a Fund designed for relative stability. If
history is any guide, however, a Fund with this type of asset allocation
should be less volatile over the long term.
Personal Strategy Balanced Fund
The objective of this Fund is to provide the highest total return consistent
with an emphasis on both income and capital appreciation. The typical asset
mix for this Fund is 60% stocks, 30% bonds, and 10% money market
securities-with 10% variations permitted for each asset class. This asset
allocation structure offers higher risk but also a higher return potential
than the Income Fund.
Chart 2 - Asset Allocation
On November 30, your Fund had 55% of its assets in stocks (primarily growth
stocks), 36% in bonds, and 9% in cash reserves. As in the Income Fund, we were
on the low side of the range in the stock sector and on the high side of the
bond range. We believe we have reached that point in the economic cycle where
growth may begin to slow and stock price advances may be less robust than in
some previous years. Interest rates have been rising and long-term rates may
be near a peak, providing an opportunity to capture attractive income with
less risk to the Fund's share price. Higher yields on fixed-income securities
offer more competition for stocks, which were providing comparatively low
dividend yields at the end of the quarter.
Our strategy resulted in a better performance than that of the benchmark
portfolio for the periods shown below, but it was modestly negative overall.
Performance Comparison
Periods Ended 11/30/94
Since
Inception
3 Months (7/29/94)
__________________________
Personal Strategy
Balanced Fund -2.5% -0.3%
Combined Index Portfolio* -3.1 -0.6
*An unmanaged portfolio composed of 60% stocks (S&P 500) and 40% bonds (Lehman
Brothers Aggregate Bond Index).
Our comments about performance for the Income Fund apply here as well. We
are never satisfied with negative returns no matter how challenging the market
environment. Historically, an asset mix such as the one designed for the
Balanced Fund has resulted in less share price volatility than we have seen
lately. This past year has been unusual, particularly regarding the sharp drop
in bond prices.
Personal Strategy Growth Fund
Your Fund seeks capital appreciation by investing primarily in common stocks,
with a secondary emphasis on income. The typical asset mix is 80% stocks and
20% bonds and money market securities with 10% variations permitted.
As of November 30, we were underweighted in stocks at 73% of assets and
overweighted in bonds at 27%. (The bond segment includes an extremely small
cash position.) This asset mix reflected our belief that bonds provided strong
competition for stocks. The yield curve has flattened to a point where yields
on five- to 10-year securities are almost as high as for 30-year bonds,
allowing investors to lock in relatively high income with reduced risk.
Among equities, we appear to be at a stage in the economic cycle where
growth stocks typically outperform value stocks. When interest rates rise in
response to strong economic growth and fears of inflation, the long-term
earnings potential of growth stocks becomes increasingly important. We were
also attracted to various foreign stock markets. Europe, in particular, is
lagging behind the U.S. in economic growth, and some foreign stocks appeared
to offer greater potential for capital growth. The stock portion of the
portfolio was further divided among small, medium, and large companies, and we
leaned slightly toward stocks in the medium-capitalization range during the
quarter.
Chart 3 - Asset Allocation
Your Fund's performance compared favorably with the benchmark portfolio for
the periods shown in the table on the next page, and achieved a small positive
return for the four months since inception.
Performance Comparison
Periods Ended 11/30/94
Since
Inception
3 Months (7/29/94)
__________________________
Personal Strategy
Growth Fund -2.7% 0.1%
Combined Index Portfolio* -3.5 -0.3
*An unmanaged portfolio composed of 80% stocks (S&P 500) and 20% bonds (Lehman
Brothers Aggregate Bond Index).
Your Fund seeks to achieve a high total return over time. We do not feel
that its first four months are representative of its long-term potential.
Outlook
We anticipate prosperity throughout the coming year. While the Federal Reserve
will most likely continue to tighten to reduce the threat of rising inflation,
we believe long-term interest rates will be more stable than in 1994,
resulting in better conditions for the financial markets. Over the past year,
both stocks and bonds were adversely affected by rising interest rates. Much
of this negative impact now seems to be behind us. We look forward to improved
conditions here and abroad, with various stock and bond markets influenced
more by strong economic fundamentals than by concerns about inflation.
Again, we welcome you as shareholders and thank you for investing with the
Personal Strategy Funds.
Respectfully submitted,
Peter Van Dyke
Chairman of the Investment
Advisory Committee
December 16, 1994
Total Return Components
Period Ended 11/30/94 (Since Inception on 7/29/94)
Income + Principal Change = Total Return
________________________________________________________
Personal Strategy
Income Fund 0.79% -1.40% -0.61%
Personal Strategy
Balanced Fund 0.69 -1.00 -0.31
Personal Strategy
Growth Fund - 0.10 0.10
Portfolio Overview
Personal Personal Personal
Strategy Strategy Strategy
Income Fund Balanced Fund Growth Fund
_______________ _______________ _______________
Percent of Net Assets
________________________________________________________
Top 10 Stocks 7.2% 10.9% 14.6%
Abbott Laboratories 0.9 1.4 2.0
____________________________________________________________________________
Fannie Mae 0.8 1.1 1.5
____________________________________________________________________________
General Electric 0.8 1.3 1.8
____________________________________________________________________________
Pfizer 0.8 1.1 1.6
____________________________________________________________________________
Freddie Mac 0.8 1.2 1.4
____________________________________________________________________________
PepsiCo 0.8 1.1 1.3
____________________________________________________________________________
Schlumberger 0.6 1.1 1.4
____________________________________________________________________________
Coca-Cola 0.6 0.9 1.2
____________________________________________________________________________
Sara Lee Corporation 0.6 0.9 1.1
____________________________________________________________________________
UST 0.5 - -
____________________________________________________________________________
Johnson & Johnson - 0.8 1.3
____________________________________________________________________________
Bonds 49.9 36.5 22.8
U.S. Government
Obligations 3.0 4.1 2.0
____________________________________________________________________________
Mortgage-Backed 16.1 12.9 8.4
____________________________________________________________________________
Corporate 23.1 14.6 10.1
____________________________________________________________________________
Other - Foreign
Government Bonds 7.7 4.9 2.3
____________________________________________________________________________
Money Market
Securities/Other 13.8 8.6 3.8
Commercial Paper 11.0 10.8 8.1
____________________________________________________________________________
Other (Assets Less
Liabilities) 2.8 -2.2 -4.3
Portfolio of Investments
T. Rowe Price Personal Strategy Funds, Inc. / November 30, 1994 (Unaudited)
Income Fund
Common Stocks - 36.3%
FINANCIAL - 4.4%
Value
______
BANK & TRUST - 1.0%
400 shs. Chemical Banking. . . . . . . . . . . . $ 14,550
430 J. P. Morgan. . . . . . . . . . . . . . 25,263
350 Keycorp . . . . . . . . . . . . . . . . 8,531
150 Mellon Bank . . . . . . . . . . . . . . 4,969
53,313
INSURANCE - 1.2%
200 American International Group. . . . . . 18,325
1,000 Continental . . . . . . . . . . . . . . 14,500
500 * Transnational Re (Class A). . . . . . . 10,000
300 UNUM. . . . . . . . . . . . . . . . . . 10,950
600 Willis-Corroon, ADR . . . . . . . . . . 6,675
60,450
FINANCIAL SERVICES - 2.2%
600 American Express. . . . . . . . . . . . 17,775
600 Fannie Mae. . . . . . . . . . . . . . . 42,675
800 Freddie Mac . . . . . . . . . . . . . . 39,900
300 H&R Block . . . . . . . . . . . . . . . 10,387
150 Sallie Mae. . . . . . . . . . . . . . . 5,138
115,875
Total Financial 229,638
UTILITIES - 1.6%
ELECTRIC UTILITIES - 0.9%
900 Centerior Energy. . . . . . . . . . . . 7,875
500 Entergy . . . . . . . . . . . . . . . . 11,250
400 PacifiCorp. . . . . . . . . . . . . . . 7,400
200 Texas Utilities . . . . . . . . . . . . 6,525
500 Unicom. . . . . . . . . . . . . . . . . 11,687
44,737
TELEPHONE - 0.7%
250 AT&T. . . . . . . . . . . . . . . . . . 12,281
450 Pacific Telesis . . . . . . . . . . . . 13,050
300 Southwestern Bell . . . . . . . . . . . 12,413
37,744
Total Utilities 82,481
CONSUMER NONDURABLES - 11.6%
BEVERAGES - 1.6%
200 shs. Anheuser-Busch. . . . . . . . . . . . . $ 9,825
600 Coke. . . . . . . . . . . . . . . . . . 30,675
1,100 PepsiCo . . . . . . . . . . . . . . . . 38,913
79,413
FOOD PROCESSING - 1.7%
200 Campbell. . . . . . . . . . . . . . . . 8,600
260 CPC International . . . . . . . . . . . 13,325
260 General Mills . . . . . . . . . . . . . 13,975
600 McCormick . . . . . . . . . . . . . . . 11,400
300 Ralston Purina. . . . . . . . . . . . . 12,862
1,200 Sara Lee. . . . . . . . . . . . . . . . 29,250
89,412
PHARMACEUTICALS - 3.4%
400 * ALZA. . . . . . . . . . . . . . . . . . 7,700
240 American Home Products. . . . . . . . . 15,630
200 * Amgen . . . . . . . . . . . . . . . . . 11,675
200 Bristol-Myers Squibb. . . . . . . . . . 11,550
300 Eli Lilly . . . . . . . . . . . . . . . 18,788
500 Johnson & Johnson . . . . . . . . . . . 26,687
530 Pfizer. . . . . . . . . . . . . . . . . 41,009
700 SmithKline Beecham, equity
units, ADR. . . . . . . . . . . . . . 21,787
200 Upjohn. . . . . . . . . . . . . . . . . 6,425
200 Warner-Lambert. . . . . . . . . . . . . 15,475
176,726
MISCELLANEOUS CONSUMER
PRODUCTS - 3.2%
600 American Greetings (Class A). . . . . . 16,650
250 Colgate-Palmolive . . . . . . . . . . . 15,000
300 * CUC International . . . . . . . . . . . 9,225
500 Harcourt General. . . . . . . . . . . . 17,938
300 Hasbro. . . . . . . . . . . . . . . . . 8,850
400 Newell. . . . . . . . . . . . . . . . . 8,600
450 Philip Morris . . . . . . . . . . . . . 26,887
250 Reebok. . . . . . . . . . . . . . . . . 9,594
700 Sunbeam-Oster . . . . . . . . . . . . . 16,975
240 Tambrands . . . . . . . . . . . . . . . 9,270
1,000 UST . . . . . . . . . . . . . . . . . . 27,625
166,614
HOSPITAL SUPPLIES & MANAGEMENT - 1.7%
1,500 Abbott Laboratories . . . . . . . . . . 47,812
400 Baxter International. . . . . . . . . . 10,300
600 Columbia / HCA Healthcare . . . . . . . 22,725
100 shs. * SciMed Life Systems . . . . . . . . . . $ 4,888
85,725
Total Consumer Nondurables 597,890
CONSUMER SERVICES - 5.4%
GENERAL MERCHANDISERS - 0.6%
600 * Carson Pirie Scott. . . . . . . . . . . 11,250
200 Sears . . . . . . . . . . . . . . . . . 9,450
500 Wal-Mart. . . . . . . . . . . . . . . . 11,563
32,263
SPECIALTY MERCHANDISERS - 0.9%
400 * Federated Department Stores . . . . . . 8,200
200 Nordstrom . . . . . . . . . . . . . . . 9,650
700 * Toys "R" Us . . . . . . . . . . . . . . 25,637
43,487
ENTERTAINMENT & LEISURE - 1.4%
500 Disney. . . . . . . . . . . . . . . . . 21,812
100 * GC Companies. . . . . . . . . . . . . . 2,688
300 * King World Productions. . . . . . . . . 10,462
400 McDonald's. . . . . . . . . . . . . . . 11,350
240 Reader's Digest (Class B) . . . . . . . 10,530
124 * Viacom (Class A). . . . . . . . . . . . 4,945
281 * Viacom (Class B). . . . . . . . . . . . 10,818
900 wts. * Viacom. . . . . . . . . . . . . . . . . 1,350
73,955
MEDIA & COMMUNICATIONS - 2.5%
440 shs. Dun & Bradstreet. . . . . . . . . . . . 23,265
400 Gaylord Entertainment
(Class A) . . . . . . . . . . . . . . 9,050
500 * Multimedia. . . . . . . . . . . . . . . 14,375
400 Reuters, ADR. . . . . . . . . . . . . . 18,350
600 Time Warner . . . . . . . . . . . . . . 20,250
400 Times Mirror. . . . . . . . . . . . . . 12,350
400 Turner Broadcasting Systems
(Class B) . . . . . . . . . . . . . . 6,150
500 Vodafone, ADR . . . . . . . . . . . . . 16,250
40 Washington Post (Class B) . . . . . . . 9,790
129,830
Total Consumer Services 279,535
CONSUMER CYCLICALS - 0.3%
MISCELLANEOUS CONSUMER DURABLES - 0.3%
300 Eastman Kodak . . . . . . . . . . . . . 13,688
Total Consumer Cyclicals 13,688
TECHNOLOGY - 2.1%
ELECTRONIC COMPONENTS - 0.1%
100 shs. Motorola. . . . . . . . . . . . . . . . $ 5,638
ELECTRONIC SYSTEMS - 0.3%
450 Honeywell . . . . . . . . . . . . . . . 13,163
INFORMATION PROCESSING - 0.3%
230 IBM . . . . . . . . . . . . . . . . . . 16,272
TELECOMMUNICATIONS - 0.7%
500 * AirTouch Communications . . . . . . . . 13,562
400 * DSC Communications. . . . . . . . . . . 12,500
400 Northern Telecom. . . . . . . . . . . . 12,800
38,862
AEROSPACE & DEFENSE - 0.7%
240 Allied-Signal . . . . . . . . . . . . . 7,830
500 Boeing. . . . . . . . . . . . . . . . . 22,375
100 United Technologies . . . . . . . . . . 5,850
36,055
Total Technology 109,990
CAPITAL EQUIPMENT - 1.4%
ELECTRICAL EQUIPMENT - 0.8%
900 GE. . . . . . . . . . . . . . . . . . . 41,400
MACHINERY - 0.6%
100 Caterpillar . . . . . . . . . . . . . . 5,400
1,200 * Coltec Industries . . . . . . . . . . . 19,650
80 Deere . . . . . . . . . . . . . . . . . 5,140
30,190
Total Capital Equipment 71,590
BUSINESS SERVICES & TRANSPORTATION - 5.0%
DISTRIBUTION SERVICES - 0.7%
200 Alco Standard . . . . . . . . . . . . . 11,200
500 Cardinal Health . . . . . . . . . . . . 22,750
33,950
MISCELLANEOUS BUSINESS SERVICES - 0.8%
360 Browning-Ferris . . . . . . . . . . . . 9,720
400 Deluxe. . . . . . . . . . . . . . . . . 11,100
860 WMX Technologies. . . . . . . . . . . . 22,145
42,965
AIRLINES - 0.2%
240 * AMR . . . . . . . . . . . . . . . . . . 12,180
INTEGRATED PETROLEUM-DOMESTIC - 1.1%
200 Atlantic Richfield. . . . . . . . . . . 20,700
240 British Petroleum, ADR. . . . . . . . . 19,050
BUSINESS SERVICES & TRANSPORTATION (cont'd)
400 shs. Unocal. . . . . . . . . . . . . . . . . $ 10,650
400 USX-Marathon. . . . . . . . . . . . . . 7,200
57,600
INTEGRATED PETROLEUM-
INTERNATIONAL - 0.7%
230 Exxon . . . . . . . . . . . . . . . . . 13,886
200 Mobil . . . . . . . . . . . . . . . . . 17,050
100 Texaco. . . . . . . . . . . . . . . . . 6,213
37,149
COMPUTER SERVICES/SOFTWARE - 1.5%
400 Autodesk. . . . . . . . . . . . . . . . 15,050
300 Automatic Data Processing . . . . . . . 16,762
200 * Intuit. . . . . . . . . . . . . . . . . 13,950
200 * Microsoft . . . . . . . . . . . . . . . 12,575
200 * Oracle Systems. . . . . . . . . . . . . 8,250
200 * Sybase. . . . . . . . . . . . . . . . . 9,750
76,337
Total Business Services & Transportation 260,181
ENERGY - 1.1%
ENERGY SERVICES - 1.1%
600 Halliburton . . . . . . . . . . . . . . 20,925
630 Schlumberger. . . . . . . . . . . . . . 33,469
54,394
Total Energy 54,394
PROCESS INDUSTRIES - 1.4%
DIVERSIFIED CHEMICALS - 0.1%
70 Monsanto. . . . . . . . . . . . . . . . 5,040
SPECIALTY CHEMICALS - 1.0%
300 3M. . . . . . . . . . . . . . . . . . . 15,375
440 Great Lakes Chemical. . . . . . . . . . 23,320
500 Pall. . . . . . . . . . . . . . . . . . 8,875
100 Rohm & Haas . . . . . . . . . . . . . . 5,575
53,145
PAPER & PAPER PRODUCTS - 0.2%
200 Mead. . . . . . . . . . . . . . . . . . 9,150
FOREST PRODUCTS - 0.1%
100 Georgia-Pacific . . . . . . . . . . . . 7,150
Total Process Industries 74,485
BASIC MATERIALS - 1.5%
METALS - 1.3%
200 Alcoa . . . . . . . . . . . . . . . . . 16,325
800 shs. Alumax. . . . . . . . . . . . . . . . . $ 21,000
200 Cyprus Amax Minerals. . . . . . . . . . 5,000
500 De Beers, ADR . . . . . . . . . . . . . 10,773
500 Inco. . . . . . . . . . . . . . . . . . 13,750
66,848
MINING - 0.2%
100 Amax Gold . . . . . . . . . . . . . . . 613
397 American Barrick Resources. . . . . . . 8,287
8,900
Total Basic Materials 75,748
MISCELLANEOUS - 0.5%
600 SPDR Trust. . . . . . . . . . . . . . . 27,356
Total Miscellaneous 27,356
Total Common Stocks (Cost - $1,894,463) 1,876,976
Corporate Bonds - 23.1%
$ 50,000 Agriculture Minerals and
Chemicals, 10.75%, 9/30/03. . . . . . 50,125
10,000 Ametek, 9.75%, 3/15/04. . . . . . . . . 10,125
60,000 Associates Corporation North
America, 5.25%, 3/30/00 . . . . . . . 52,154
80,000 Bank Nova Scotia New York
Agency, 6.25%, 9/15/08. . . . . . . . 64,010
150,000 Coltec Industries, 10.25%,
4/1/02. . . . . . . . . . . . . . . . 147,000
50,000 Container Corporation of
America, 9.75%, 4/1/03. . . . . . . . 46,500
150,000 Continental Cablevision,
9.00%, 9/1/08 . . . . . . . . . . . . 132,750
31,672 Daimler-Benz Auto Grantor
Trust, 3.90%, 10/15/98. . . . . . . . 30,762
30,000 Embassy Suites, 10.875%,
4/15/02 . . . . . . . . . . . . . . . 30,750
15,000 Firstfed Financial Corporation
Delaware, 11.75%, 10/1/04 . . . . . . 14,812
10,000 IMO Industries, 12.00%,
11/1/01 . . . . . . . . . . . . . . . 10,187
20,000 Long Island Lighting, 8.75%,
2/15/97 . . . . . . . . . . . . . . . 20,070
150,000 Maxus Energy, 9.875%,
10/15/02. . . . . . . . . . . . . . . 130,500
10,000 Methanex, 8.875%, 11/15/01. . . . . . . 9,550
10,000 Owens-Illinois, 11.00%,
12/1/03 . . . . . . . . . . . . . . . 10,250
110,000 Principal Mutual Life
Insurance, 8.00%, 3/1/44. . . . . . . 91,987
$ 60,000 Rouse, 8.50%, 1/15/03 . . . . . . . . . $ 57,809
60,000 Shawmut National, 7.20%,
4/15/03 . . . . . . . . . . . . . . . 54,734
60,000 Stone Container, 10.75%,
10/1/02 . . . . . . . . . . . . . . . 57,750
60,000 Tenneco, 8.00%, 11/15/99. . . . . . . . 58,798
120,000 Texas Utilities Electric
Company, 7.375%, 10/1/25. . . . . . . 97,482
20,000 Wal Mart Stores, 7.25%,
6/1/13. . . . . . . . . . . . . . . . 17,672
Total Corporate Bonds (Cost - $1,246,038) 1,195,777
Foreign Government
Obligations/Agencies - 7.7%
10,000 (AUD) Australia Commonwealth
Government Bonds, 9.50%,
8/15/03 . . . . . . . . . . . . . . . 7,279
30,000 (CAD) Canadian Government Bonds,
6.50%, 6/1/04 . . . . . . . . . . . . 18,189
5,000 (CAD) Canadian Government Bonds,
9.75%, 6/1/21 . . . . . . . . . . . . 3,806
120,000 (DKK) Danish Government Bonds,
7.00%, 12/15/04 . . . . . . . . . . . 17,472
220,000 (FRF) French Government Bonds,
8.25%, 2/27/04. . . . . . . . . . . . 41,696
145,000 (DEM) Germany Federal Government
Bonds, 8.50%, 8/21/00 . . . . . . . . 98,300
6,000,000 (JPY) International Bank for
Reconstruction &
Development, 6.75%, 3/15/00 . . . . . . 67,143
10,500,000 (JPY) Japanese Government Bonds,
4.50%, 6/20/03. . . . . . . . . . . . 105,520
25,000 (GBP) United Kingdom Treasury
Note, 9.00%, 3/3/00 . . . . . . . . . 40,123
Total Foreign Government Obligations/Agencies
(Cost - $396,603) 399,528
U.S. Govt. Mortgage-Backed
Securities - 16.1%
$ 866,579 Government National
Mortgage Assn., I, 8.00%,
1/15/22 - 11/15/24. . . . . . . . . . 829,165
Total U.S. Govt. Mortgage-Backed Securities
(Cost - $852,371) 829,165
U.S. Government
Obligations/Agencies - 3.0%
$ 165,000 Tennessee Valley Authority,
8.25%, 4/15/42 . . . . . . . . . . . . $ 156,239
Total U.S. Government Obligations/Agencies
(Cost - $156,319) 156,239
Short-Term Investments - 11.0%
COMMERCIAL PAPER - 11.0%
193,000 Harvard University, 5.75%,
12/1/94 . . . . . . . . . . . . . . . 192,969
125,000 SmithKline Beecham, 5.52%,
12/13/94. . . . . . . . . . . . . . . 124,521
250,000 UBS Finance (Delaware),
5.75%, 12/1/94. . . . . . . . . . . . 249,960
Total Short-Term Investments
(Cost - $567,450) 567,450
Total Investments in Securities - 97.2%
of Net Assets (Cost $5,113,244) $5,025,135
* Non-income producing
(AUD) Australian dollar denominated
(CAD) Canadian dollar denominated
(DKK) Danish krone denominated
(DEM) Germany deuschemark denominated
(FRF) French franc denominated
(GBP) British sterling denominated
(JPY) Japanese yen denominated
The accompanying notes are an integral part of these financial statements.
Balanced Fund / Portfolio of Investments
Common Stocks - 54.9%
FINANCIAL - 6.3%
BANK & TRUST - 1.5%
700 shs. Chemical Banking. . . . . . . . . . . . $ 25,463
930 J. P. Morgan. . . . . . . . . . . . . . 54,638
750 Keycorp . . . . . . . . . . . . . . . . 18,281
450 Mellon Bank . . . . . . . . . . . . . . 14,906
113,288
INSURANCE - 1.6%
400 American International Group. . . . . . 36,650
1,700 Continental . . . . . . . . . . . . . . 24,650
900 * Transnational Re (Class A). . . . . . . 18,000
600 UNUM. . . . . . . . . . . . . . . . . . 21,900
1,900 Willis-Corroon, ADR . . . . . . . . . . 21,137
122,337
FINANCIAL SERVICES - 3.2%
1,100 American Express. . . . . . . . . . . . 32,587
1,200 Fannie Mae. . . . . . . . . . . . . . . 85,350
1,800 Freddie Mac . . . . . . . . . . . . . . 89,775
700 H&R Block . . . . . . . . . . . . . . . 24,237
450 Sallie Mae. . . . . . . . . . . . . . . 15,413
247,362
Total Financial 482,987
UTILITIES - 2.5%
ELECTRIC UTILITIES - 1.3%
2,000 Centerior Energy. . . . . . . . . . . . 17,500
1,100 Entergy . . . . . . . . . . . . . . . . 24,750
1,000 PacifiCorp. . . . . . . . . . . . . . . 18,500
500 Texas Utilities . . . . . . . . . . . . 16,313
1,100 Unicom. . . . . . . . . . . . . . . . . 25,712
102,775
TELEPHONE - 1.2%
550 AT&T. . . . . . . . . . . . . . . . . . 27,019
1,050 Pacific Telesis . . . . . . . . . . . . 30,450
800 Southwestern Bell . . . . . . . . . . . 33,100
90,569
Total Utilities 193,344
CONSUMER NONDURABLES - 17.6%
BEVERAGES - 2.3%
400 Anheuser-Busch. . . . . . . . . . . . . 19,650
1,400 Coke. . . . . . . . . . . . . . . . . . 71,575
2,400 PepsiCo . . . . . . . . . . . . . . . . 84,900
176,125
FOOD PROCESSING - 2.8%
600 shs. Campbell. . . . . . . . . . . . . . . . $ 25,800
560 CPC International . . . . . . . . . . . 28,700
560 General Mills . . . . . . . . . . . . . 30,100
1,200 McCormick . . . . . . . . . . . . . . . 22,800
900 Ralston Purina. . . . . . . . . . . . . 38,588
2,800 Sara Lee. . . . . . . . . . . . . . . . 68,250
214,238
PHARMACEUTICALS - 5.1%
1,000 * ALZA. . . . . . . . . . . . . . . . . . 19,250
540 American Home Products. . . . . . . . . 35,167
500 * Amgen . . . . . . . . . . . . . . . . . 29,188
400 Bristol-Myers Squibb. . . . . . . . . . 23,100
500 Eli Lilly . . . . . . . . . . . . . . . 31,313
1,200 Johnson & Johnson . . . . . . . . . . . 64,050
1,130 Pfizer. . . . . . . . . . . . . . . . . 87,434
1,500 SmithKline Beecham, equity
units, ADR. . . . . . . . . . . . . . 46,687
600 Upjohn. . . . . . . . . . . . . . . . . 19,275
500 Warner-Lambert. . . . . . . . . . . . . 38,687
394,151
MISCELLANEOUS CONSUMER PRODUCTS - 4.9%
1,400 American Greetings (Class A). . . . . . 38,850
550 Colgate-Palmolive . . . . . . . . . . . 33,000
900 * CUC International . . . . . . . . . . . 27,675
1,000 Harcourt General. . . . . . . . . . . . 35,875
1,000 Hasbro. . . . . . . . . . . . . . . . . 29,500
1,100 Newell. . . . . . . . . . . . . . . . . 23,650
1,050 Philip Morris . . . . . . . . . . . . . 62,737
450 Reebok. . . . . . . . . . . . . . . . . 17,269
1,600 Sunbeam-Oster . . . . . . . . . . . . . 38,800
440 Tambrands . . . . . . . . . . . . . . . 16,995
2,000 UST . . . . . . . . . . . . . . . . . . 55,250
379,601
HOSPITAL SUPPLIES & MANAGEMENT - 2.5%
3,400 Abbott Laboratories . . . . . . . . . . 108,375
1,100 Baxter International. . . . . . . . . . 28,325
1,100 Columbia / HCA Healthcare . . . . . . . 41,662
300 * SciMed Life Systems . . . . . . . . . . 14,663
193,025
Total Consumer Nondurables 1,357,140
CONSUMER SERVICES - 8.1%
GENERAL MERCHANDISERS - 0.8%
1,100 * Carson Pirie Scott. . . . . . . . . . . 20,625
400 Sears . . . . . . . . . . . . . . . . . 18,900
800 Wal-Mart. . . . . . . . . . . . . . . . 18,500
58,025
SPECIALTY MERCHANDISERS - 1.2%
900 shs. * Federated Department Stores . . . . . . $ 18,450
600 Nordstrom . . . . . . . . . . . . . . . 28,950
1,300 * Toys "R" Us . . . . . . . . . . . . . . 47,613
95,013
ENTERTAINMENT & LEISURE - 1.9%
900 Disney. . . . . . . . . . . . . . . . . 39,262
100 * GC. . . . . . . . . . . . . . . . . . . 2,688
600 * King World Productions. . . . . . . . . 20,925
1,000 McDonald's. . . . . . . . . . . . . . . 28,375
440 Reader's Digest (Class B) . . . . . . . 19,305
148 * Viacom (Class A). . . . . . . . . . . . 5,902
763 * Viacom (Class B). . . . . . . . . . . . 29,375
1,800 wts. * Viacom . . . . . . . . . . . . . . . . 2,700
148,532
MEDIA & COMMUNICATIONS - 4.2%
940 shs. Dun & Bradstreet. . . . . . . . . . . . 49,702
1,000 Gaylord Entertainment . . . . . . . . . 22,625
1,200 * Multimedia. . . . . . . . . . . . . . . 34,500
1,000 Reuters, ADR. . . . . . . . . . . . . . 45,875
1,500 Time Warner . . . . . . . . . . . . . . 50,625
900 Times Mirror. . . . . . . . . . . . . . 27,787
1,500 Turner Broadcasting Systems
(Class B) . . . . . . . . . . . . . . 23,063
1,200 Vodafone, ADR . . . . . . . . . . . . . 39,000
140 Washington Post (Class B) . . . . . . . 34,265
327,442
Total Consumer Services 629,012
CONSUMER CYCLICALS - 0.5%
MISCELLANEOUS CONSUMER DURABLES - 0.5%
800 Eastman Kodak . . . . . . . . . . . . . 36,500
Total Consumer Cyclicals 36,500
TECHNOLOGY - 3.1%
ELECTRONIC COMPONENTS - 0.2%
300 Motorola. . . . . . . . . . . . . . . . 16,913
ELECTRONIC SYSTEMS - 0.4%
950 Honeywell . . . . . . . . . . . . . . . 27,788
INFORMATION PROCESSING - 0.4%
430 IBM . . . . . . . . . . . . . . . . . . 30,422
TELECOMMUNICATIONS - 1.0%
1,000 * AirTouch Communications . . . . . . . . 27,125
600 * DSC Communications. . . . . . . . . . . 18,750
1,000 Northern Telecom. . . . . . . . . . . . 32,000
77,875
AEROSPACE & DEFENSE - 1.1%
540 shs. Allied-Signal . . . . . . . . . . . . . $ 17,617
1,100 Boeing. . . . . . . . . . . . . . . . . 49,225
300 United Technologies . . . . . . . . . . 17,550
84,392
Total Technology 237,390
CAPITAL EQUIPMENT - 2.2%
ELECTRICAL EQUIPMENT - 1.2%
2,100 GE. . . . . . . . . . . . . . . . . . . 96,600
MACHINERY - 1.0%
300 Caterpillar . . . . . . . . . . . . . . 16,200
2,600 * Coltec Industries . . . . . . . . . . . 42,575
280 Deere . . . . . . . . . . . . . . . . . 17,990
76,765
Total Capital Equipment 173,365
BUSINESS SERVICES & TRANSPORTATION - 5.0%
COMPUTER SERVICE & SOFTWARE - 2.2%
1,000 Autodesk. . . . . . . . . . . . . . . . 37,625
600 Automatic Data Processing . . . . . . . 33,525
300 * Intuit. . . . . . . . . . . . . . . . . 20,925
500 * Microsoft . . . . . . . . . . . . . . . 31,438
500 * Oracle Systems. . . . . . . . . . . . . 20,625
500 * Sybase. . . . . . . . . . . . . . . . . 24,375
168,513
DISTRIBUTION SERVICES - 1.1%
600 Alco Standard . . . . . . . . . . . . . 33,600
1,200 Cardinal Health . . . . . . . . . . . . 54,600
88,200
MISCELLANEOUS BUSINESS SERVICES - 1.4%
1,060 Browning-Ferris . . . . . . . . . . . . 28,620
900 Deluxe. . . . . . . . . . . . . . . . . 24,975
2,060 WMX Technologies. . . . . . . . . . . . 53,045
106,640
AIRLINES - 0.3%
440 * AMR . . . . . . . . . . . . . . . . . . 22,330
Total Business Services & Transportation 385,683
ENERGY - 4.6%
ENERGY SERVICES - 1.8%
1,700 Halliburton . . . . . . . . . . . . . . 59,288
1,530 Schlumberger. . . . . . . . . . . . . . 81,281
140,569
INTEGRATED PETROLEUM-DOMESTIC - 1.7%
400 Atlantic Richfield. . . . . . . . . . . 41,400
540 shs. British Petroleum, ADR. . . . . . . . . $ 42,862
900 Unocal. . . . . . . . . . . . . . . . . 23,963
1,200 USX-Marathon. . . . . . . . . . . . . . 21,600
129,825
INTEGRATED PETROLEUM-
INTERNATIONAL - 1.1%
530 Exxon . . . . . . . . . . . . . . . . . 31,999
400 Mobil . . . . . . . . . . . . . . . . . 34,100
300 Texaco. . . . . . . . . . . . . . . . . 18,637
84,736
Total Energy 355,130
PROCESS INDUSTRIES - 2.3%
DIVERSIFIED CHEMICALS - 0.3%
270 Monsanto. . . . . . . . . . . . . . . . 19,440
SPECIALTY CHEMICALS - 1.5%
700 3M. . . . . . . . . . . . . . . . . . . 35,875
840 Great Lakes Chemical. . . . . . . . . . 44,520
1,200 Pall. . . . . . . . . . . . . . . . . . 21,300
300 Rohm & Haas . . . . . . . . . . . . . . 16,725
118,420
PAPER & PAPER PRODUCTS - 0.2%
400 Mead. . . . . . . . . . . . . . . . . . 18,300
FOREST PRODUCTS - 0.3%
300 Georgia-Pacific . . . . . . . . . . . . 21,450
Total Process Industries 177,610
BASIC MATERIALS - 2.2%
METALS - 1.9%
400 Alcoa . . . . . . . . . . . . . . . . . 32,650
1,600 Alumax. . . . . . . . . . . . . . . . . 42,000
500 Cyprus Amax Minerals. . . . . . . . . . 12,500
1,300 De Beers, ADR . . . . . . . . . . . . . 28,011
1,000 Inco. . . . . . . . . . . . . . . . . . 27,500
142,661
MINING - 0.3%
200 Amax Gold . . . . . . . . . . . . . . . 1,225
1,229 American Barrick Resources. . . . . . . 25,655
26,880
Total Basic Materials 169,541
MISCELLANEOUS - 0.5%
800 shs. SPDR Trust. . . . . . . . . . . . . . . $ 36,475
Total Miscellaneous 36,475
Total Common Stocks (Cost - $4,306,748) 4,234,177
Corporate Bonds - 14.6%
$ 100,000 Agriculture Minerals and
Chemicals, 10.75%,
9/30/03 . . . . . . . . . . . . . . . 100,250
20,000 Ametek, 9.75%, 3/15/04. . . . . . . . . 20,250
25,000 Associates Corporation North
America, 5.25%, 3/30/00 . . . . . . . 21,731
37,000 Bank Nova Scotia New York
Agency, 6.25%, 9/15/08. . . . . . . . 29,605
75,000 Coltec Industries, 10.25%,
4/1/02. . . . . . . . . . . . . . . . 73,500
100,000 Container Corporation of
America, 9.75%, 4/1/03. . . . . . . . 93,000
75,000 Continental Cablevision,
9.00%, 9/1/08 . . . . . . . . . . . . 66,375
40,499 Daimler-Benz Auto Grantor
Trust, 3.90%, 10/15/98. . . . . . . . 39,335
30,000 Embassy Suites, 10.875%,
4/15/02 . . . . . . . . . . . . . . . 30,750
40,000 Firstfed Financial Corporation
Delaware, 11.75%, 10/1/04 . . . . . . 39,500
20,000 IMO Industries, 12.00%,
11/1/01 . . . . . . . . . . . . . . . 20,375
50,000 Long Island Lighting, 8.75%,
2/15/97 . . . . . . . . . . . . . . . 50,174
75,000 Maxus Energy, 9.875%,
10/15/02. . . . . . . . . . . . . . . 65,250
90,000 Methanex, 8.875%, 11/15/01. . . . . . . 85,950
20,000 Owens-Illinois, 11.00%,
12/1/03 . . . . . . . . . . . . . . . 20,500
100,000 Principal Mutual Life
Insurance, 8.00%, 3/1/44. . . . . . . 83,625
25,000 Rouse, 8.50%, 1/15/03 . . . . . . . . . 24,087
25,000 Shawmut National, 7.20%,
4/15/03 . . . . . . . . . . . . . . . 22,806
100,000 Stone Container, 10.75%,
10/1/02 . . . . . . . . . . . . . . . 96,250
25,000 Tenneco, 8.00%, 11/15/99. . . . . . . . 24,499
50,000 Texas Utilities Electric
Company, 7.375%, 10/1/25. . . . . . . 40,617
30,000 Texas Utilities Electric
Company, 7.875%, 4/1/24 . . . . . . . 25,849
$ 60,000 Wal Mart Stores, 7.25%,
6/1/13. . . . . . . . . . . . . . . . $ 53,015
Total Corporate Bonds (Cost - $1,160,534) 1,127,293
Foreign Government
Obligations/Agencies - 4.9%
9,000 (CAD) Canadian Government Bonds,
6.50%, 6/1/04 . . . . . . . . . . . . 5,456
15,000 (CAD) Canadian Government Bonds,
9.75%, 6/1/21 . . . . . . . . . . . . 11,420
10,000 (AUD) Commonwealth of
Australia, 9.50%, 8/15/03 . . . . . . 7,279
55,000 (DKK) Danish Government Bonds,
7.00%, 12/15/04 . . . . . . . . . . . 8,008
246,000 (FRF) French Government Bonds,
8.25%, 2/27/04. . . . . . . . . . . . 46,623
80,000 (DEM) German Federal Government
Bonds, 6.50%, 7/15/03 . . . . . . . . 48,016
65,000 (DEM) German Federal Government
Bonds, 8.50%, 8/21/00 . . . . . . . . 44,066
2,000,000 (JPY) International Bank for
Reconstruction &
Development, 6.75%,
3/15/00 . . . . . . . . . . . . . . . 22,381
14,700,000 (JPY) Japanese Government Bonds,
4.50%, 6/20/03. . . . . . . . . . . . 147,728
24,000 (GBP) United Kingdom Treasury
Notes, 9.00%, 3/3/00. . . . . . . . 38,518
Total Foreign Government
Obligations/Agencies (Cost - $378,227) 379,495
U.S. Govt. Mortgage-Backed
Securities - 12.9%
$1,044,205 Government National Mortgage
Assn., I, 8.00%, 3/15/22 -
11/15/24. . . . . . . . . . . . . . . 994,779
Total U.S. Govt. Mortgage-Backed Securities
(Cost - $1,011,582) 994,779
U.S. Government
Obligations/Agencies - 4.1%
$ 330,000 Tennessee Valley Authority,
8.25%, 4/15/42. . . . . . . . . . . . $ 312,477
Total U.S. Government Obligations/Agencies
(Cost - $312,639) 312,477
Short-Term Investments - 10.8%
COMMERCIAL PAPER - 10.8%
360,000 Harvard University, 5.75%,
12/1/94 . . . . . . . . . . . . . . . 359,943
118,000 PHH, 5.57%, 12/14/94. . . . . . . . . . 117,744
350,000 UBS Finance (Delaware),
5.75%, 12/1/94. . . . . . . . . . . . 349,944
Total Short-Term Investments
(Cost - $827,631) 827,631
Total Investments in Securities - 102.2%
of Net Assets (Cost $7,997,361) $7,875,852
* Non-income producing
(AUD) Australian dollar denominated
(CAD) Canadian dollar denominated
(DEM) German deutschemark denominated
(DKK) Danish krone denominated
(FRF) French franc denominated
(GBP) British sterling denominated
(JPY) Japanese yen denominated
The accompanying notes are an integral part of these financial statements.
Growth Fund / Portfolio of Investments
Common Stocks - 73.4%
FINANCIAL - 8.4%
BANK & TRUST - 2.0%
600 shs. Chemical Banking. . . . . . . . . . . . $ 21,825
830 J. P. Morgan. . . . . . . . . . . . . . 48,763
950 Keycorp . . . . . . . . . . . . . . . . 23,156
450 Mellon Bank . . . . . . . . . . . . . . 14,906
108,650
INSURANCE - 2.1%
400 American International Group. . . . . . 36,650
1,800 Continental . . . . . . . . . . . . . . 26,100
1,000 * Transnational Re (Class A). . . . . . . 20,000
600 UNUM. . . . . . . . . . . . . . . . . . 21,900
1,300 Willis-Corroon, ADR . . . . . . . . . . 14,463
119,113
FINANCIAL SERVICES - 4.3%
1,000 American Express. . . . . . . . . . . . 29,625
1,200 Fannie Mae. . . . . . . . . . . . . . . 85,350
1,600 Freddie Mac . . . . . . . . . . . . . . 79,800
700 H&R Block . . . . . . . . . . . . . . . 24,237
550 Sallie Mae. . . . . . . . . . . . . . . 18,838
237,850
Total Financial 465,613
UTILITIES - 3.1%
TELEPHONE - 1.3%
450 AT&T. . . . . . . . . . . . . . . . . . 22,106
850 Pacific Telesis . . . . . . . . . . . . 24,650
600 Southwestern Bell . . . . . . . . . . . 24,825
71,581
ELECTRIC UTILITIES - 1.8%
1,800 Centerior Energy. . . . . . . . . . . . 15,750
900 Entergy . . . . . . . . . . . . . . . . 20,250
1,000 PacifiCorp. . . . . . . . . . . . . . . 18,500
600 Texas Utilities . . . . . . . . . . . . 19,575
1,000 Unicom. . . . . . . . . . . . . . . . . 23,375
97,450
Total Utilities 169,031
CONSUMER NONDURABLES - 23.2%
BEVERAGES - 3.0%
500 Anheuser-Busch. . . . . . . . . . . . . 24,563
1,300 Coke. . . . . . . . . . . . . . . . . . 66,462
2,100 PepsiCo . . . . . . . . . . . . . . . . 74,287
165,312
FOOD PROCESSING - 3.6%
500 shs. Campbell. . . . . . . . . . . . . . . . $ 21,500
460 CPC International . . . . . . . . . . . 23,575
560 General Mills . . . . . . . . . . . . . 30,100
1,300 McCormick . . . . . . . . . . . . . . . 24,700
800 Ralston Purina. . . . . . . . . . . . . 34,300
2,600 Sara Lee. . . . . . . . . . . . . . . . 63,375
197,550
HOSPITAL SUPPLIES & MANAGEMENT - 3.5%
3,500 Abbott Laboratories . . . . . . . . . . 111,562
900 Baxter International. . . . . . . . . . 23,175
1,100 Columbia / HCA Healthcare . . . . . . . 41,662
300 * SciMed Life Systems . . . . . . . . . . 14,663
191,062
PHARMACEUTICALS - 6.8%
1,300 * ALZA. . . . . . . . . . . . . . . . . . 25,025
440 American Home Products. . . . . . . . . 28,655
400 * Amgen . . . . . . . . . . . . . . . . . 23,350
300 Bristol-Myers Squibb. . . . . . . . . . 17,325
400 Eli Lilly . . . . . . . . . . . . . . . 25,050
1,300 Johnson & Johnson . . . . . . . . . . . 69,387
1,130 Pfizer. . . . . . . . . . . . . . . . . 87,434
1,400 SmithKline Beecham, equity
units, ADR. . . . . . . . . . . . . . 43,575
600 Upjohn. . . . . . . . . . . . . . . . . 19,275
500 Warner-Lambert. . . . . . . . . . . . . 38,688
377,764
MISCELLANEOUS CONSUMER PRODUCTS - 6.3%
1,200 American Greetings (Class A). . . . . . 33,300
450 Colgate-Palmolive . . . . . . . . . . . 27,000
1,000 * CUC International . . . . . . . . . . . 30,750
1,000 Harcourt General. . . . . . . . . . . . 35,875
800 Hasbro. . . . . . . . . . . . . . . . . 23,600
1,100 Newell. . . . . . . . . . . . . . . . . 23,650
850 Philip Morris . . . . . . . . . . . . . 50,788
450 Reebok. . . . . . . . . . . . . . . . . 17,269
1,500 Sunbeam-Oster . . . . . . . . . . . . . 36,375
440 Tambrands . . . . . . . . . . . . . . . 16,995
1,900 UST . . . . . . . . . . . . . . . . . . 52,487
348,089
Total Consumer Nondurables 1,279,777
CONSUMER SERVICES - 10.9%
GENERAL MERCHANDISERS - 1.0%
900 * Carson Pirie Scott. . . . . . . . . . . 16,875
300 Sears . . . . . . . . . . . . . . . . . 14,175
1,000 shs. Wal-Mart. . . . . . . . . . . . . . . . $ 23,125
54,175
SPECIALTY MERCHANDISERS - 1.6%
800 * Federated Department Stores . . . . . . 16,400
500 Nordstrom . . . . . . . . . . . . . . . 24,125
1,300 * Toys "R" Us . . . . . . . . . . . . . . 47,613
88,138
ENTERTAINMENT & LEISURE - 2.6%
900 Disney. . . . . . . . . . . . . . . . . 39,262
100 * GC Companies. . . . . . . . . . . . . . 2,688
500 * King World Productions. . . . . . . . . 17,438
800 McDonald's. . . . . . . . . . . . . . . 22,700
540 Reader's Digest (Class B) . . . . . . . 23,692
148 * Viacom (Class A). . . . . . . . . . . . 5,902
763 * Viacom (Class B). . . . . . . . . . . . 29,375
1,800 wts. * Viacom . . . . . . . . . . . . . . . . 2,700
143,757
MEDIA & COMMUNICATIONS - 5.7%
940 shs. Dun & Bradstreet. . . . . . . . . . . . 49,702
1,000 Gaylord Entertainment . . . . . . . . . 22,625
1,000 * Multimedia. . . . . . . . . . . . . . . 28,750
900 Reuters, ADR. . . . . . . . . . . . . . 41,287
1,400 Time Warner . . . . . . . . . . . . . . 47,250
900 Times Mirror. . . . . . . . . . . . . . 27,788
1,400 Turner Broadcasting Systems
(Class B) . . . . . . . . . . . . . . 21,525
1,300 Vodafone, ADR . . . . . . . . . . . . . 42,250
140 Washington Post (Class B) . . . . . . . 34,265
315,442
Total Consumer Services 601,512
CONSUMER CYCLICALS - 0.5%
MISCELLANEOUS CONSUMER DURABLES - 0.5%
600 Eastman Kodak . . . . . . . . . . . . . 27,375
Total Consumer Cyclicals 27,375
TECHNOLOGY - 4.2%
ELECTRONIC SYSTEMS - 0.4%
750 Honeywell . . . . . . . . . . . . . . . 21,938
INFORMATION PROCESSING - 0.5%
430 IBM . . . . . . . . . . . . . . . . . . 30,423
AEROSPACE & DEFENSE - 1.6%
340 Allied-Signal . . . . . . . . . . . . . 11,092
1,300 Boeing. . . . . . . . . . . . . . . . . 58,175
300 shs. United Technologies . . . . . . . . . . $ 17,550
86,817
TELECOMMUNICATIONS - 1.4%
900 * AirTouch Communications . . . . . . . . 24,412
600 * DSC Communications. . . . . . . . . . . 18,750
1,000 Northern Telecom. . . . . . . . . . . . 32,000
75,162
ELECTRONIC COMPONENTS - 0.3%
300 Motorola. . . . . . . . . . . . . . . . 16,913
Total Technology 231,253
CAPITAL EQUIPMENT - 3.3%
ELECTRICAL EQUIPMENT - 1.8%
2,200 GE. . . . . . . . . . . . . . . . . . . 101,200
MACHINERY - 1.5%
300 Caterpillar . . . . . . . . . . . . . . 16,200
2,800 * Coltec Industries . . . . . . . . . . . 45,850
280 Deere . . . . . . . . . . . . . . . . . 17,990
80,040
Total Capital Equipment 181,240
BUSINESS SERVICES & TRANSPORTATION - 6.4%
COMPUTER SERVICE & SOFTWARE - 2.9%
1,000 Autodesk. . . . . . . . . . . . . . . . 37,625
500 Automatic Data Processing . . . . . . . 27,938
300 * Intuit. . . . . . . . . . . . . . . . . 20,925
500 * Microsoft . . . . . . . . . . . . . . . 31,437
400 * Oracle Systems. . . . . . . . . . . . . 16,500
500 * Sybase. . . . . . . . . . . . . . . . . 24,375
158,800
DISTRIBUTION SERVICES - 1.4%
500 Alco Standard . . . . . . . . . . . . . 28,000
1,100 Cardinal Health . . . . . . . . . . . . 50,050
78,050
MISCELLANEOUS BUSINESS SERVICES - 1.7%
860 Browning-Ferris . . . . . . . . . . . . 23,220
600 Deluxe. . . . . . . . . . . . . . . . . 16,650
2,060 WMX Technologies. . . . . . . . . . . . 53,045
92,915
AIRLINES - 0.4%
440 * AMR . . . . . . . . . . . . . . . . . . 22,330
Total Business Services & Transportation 352,095
ENERGY - 5.5%
ENERGY SERVICES - 2.4%
1,600 shs. Halliburton . . . . . . . . . . . . . . $ 55,800
1,430 Schlumberger. . . . . . . . . . . . . . 75,969
131,769
INTEGRATED PETROLEUM-DOMESTIC - 1.9%
300 Atlantic Richfield. . . . . . . . . . . 31,050
440 British Petroleum, ADR. . . . . . . . . 34,925
900 Unocal. . . . . . . . . . . . . . . . . 23,962
800 USX-Marathon. . . . . . . . . . . . . . 14,400
104,337
INTEGRATED PETROLEUM-INTERNATIONAL - 1.2%
430 Exxon . . . . . . . . . . . . . . . . . 25,961
300 Mobil . . . . . . . . . . . . . . . . . 25,575
300 Texaco. . . . . . . . . . . . . . . . . 18,638
70,174
Total Energy 306,280
PROCESS INDUSTRIES - 3.1%
DIVERSIFIED CHEMICALS - 0.4%
270 Monsanto. . . . . . . . . . . . . . . . 19,440
SPECIALTY CHEMICALS - 2.0%
600 3M. . . . . . . . . . . . . . . . . . . 30,750
840 Great Lakes Chemical. . . . . . . . . . 44,520
1,100 Pall. . . . . . . . . . . . . . . . . . 19,525
300 Rohm & Haas . . . . . . . . . . . . . . 16,725
111,520
PAPER & PAPER PRODUCTS - 0.3%
400 Mead. . . . . . . . . . . . . . . . . . 18,300
FOREST PRODUCTS - 0.4%
300 Georgia-Pacific . . . . . . . . . . . . 21,450
Total Process Industries 170,710
BASIC MATERIALS - 2.8%
METALS - 2.3%
300 Alcoa . . . . . . . . . . . . . . . . . 24,488
1,500 Alumax. . . . . . . . . . . . . . . . . 39,375
400 Cyprus Amax Minerals. . . . . . . . . . 10,000
1,000 De Beers, ADR . . . . . . . . . . . . . 21,547
1,100 Inco. . . . . . . . . . . . . . . . . . 30,250
125,660
MINING - 0.5%
200 Amax Gold . . . . . . . . . . . . . . . 1,225
1,229 shs. American Barrick Resources. . . . . . . $ 25,655
26,880
Total Basic Materials 152,540
MISCELLANEOUS - 2.0%
2,400 shs. SPDR Trust. . . . . . . . . . . . . . . $ 109,425
Total Miscellaneous 109,425
Total Common Stocks
(Cost - $4,113,915) 4,046,851
Corporate Bonds - 10.1%
$ 50,000 Agriculture Minerals and
Chemicals, 10.75%,
9/30/03 . . . . . . . . . . . . . . . 50,125
10,000 Ametek, 9.75%, 3/15/04. . . . . . . . . 10,125
15,000 Associates Corporation North
America, 5.25%, 3/30/00 . . . . . . . 13,038
15,000 Bank Nova Scotia New York
Agency, 6.25%, 9/15/08. . . . . . . . 12,002
25,000 Coltec Industries, 10.25%,
4/1/02. . . . . . . . . . . . . . . . 24,500
25,000 Continental Cablevision,
9.00%, 9/1/08 . . . . . . . . . . . . 22,125
44,653 Daimler-Benz Auto Grantor
Trust, 3.90%, 10/15/98. . . . . . . . 43,369
10,000 Embassy Suites, 10.875%,
4/15/02 . . . . . . . . . . . . . . . 10,250
45,000 Firstfed Financial Corporation
Delaware, 11.75%, 10/1/04 . . . . . . 44,438
10,000 IMO Industries, 12.00%,
11/1/01 . . . . . . . . . . . . . . . 10,188
30,000 Long Island Lighting, 8.75%,
2/15/97 . . . . . . . . . . . . . . . 30,104
25,000 Maxus Energy, 9.875%,
10/15/02. . . . . . . . . . . . . . . 21,750
40,000 Methanex, 8.875%, 11/15/01. . . . . . . 38,200
40,000 Owens-Illinois, 11.00%,
12/1/03 . . . . . . . . . . . . . . . 41,000
90,000 Principal Mutual Life
Insurance, 8.00%, 3/1/44. . . . . . . 75,263
15,000 Rouse, 8.50%, 1/15/03 . . . . . . . . . 14,452
15,000 Shawmut National, 7.20%,
4/15/03 . . . . . . . . . . . . . . . 13,683
15,000 Tenneco, 8.00%, 11/15/99. . . . . . . . 14,699
30,000 Texas Utilities Electric
Company, 7.375%, 10/1/25. . . . . . . 24,370
$ 20,000 Texas Utilities Electric
Company, 7.875%, 4/1/24 . . . . . . . $ 17,233
30,000 Wal Mart Stores, 7.25%,
6/1/13. . . . . . . . . . . . . . . . 26,508
Total Corporate Bonds
(Cost - $572,144) 557,422
Foreign Government
Obligations/Agencies - 2.3%
3,000 (CAD) Canadian Government Bonds,
6.50%, 6/1/04 . . . . . . . . . . . . 1,819
5,000 (CAD) Canadian Government Bonds,
9.75%, 6/1/21 . . . . . . . . . . . . 3,806
74,000 (FRF) French Government Bonds,
8.25%, 2/27/04. . . . . . . . . . . . 14,025
30,000 (DEM) German Federal Government
Bonds, 6.50%, 7/15/03 . . . . . . . . 18,006
23,000 (DEM) German Federal Government
Bonds, 8.50%, 8/21/00 . . . . . . . . 15,592
1,000,000 (JPY) International Bank for
Reconstruction &
Development, 6.75%,
3/15/00 . . . . . . . . . . . . . . . 11,190
4,900,000 (JPY) Japanese Government Bonds,
4.50%, 6/20/03. . . . . . . . . . . . 49,243
8,000 (GBP) United Kingdom Treasury
Notes, 9.00%, 3/3/00. . . . . . . . . 12,840
Total Foreign Government
Obligations/Agencies (Cost - $126,028) 126,521
U.S. Govt. Mortgage-Backed
Securities - 8.4%
$ 485,404 Government National Mortgage
Assn., I, 8.00%,
1/15/22 - 9/15/24 . . . . . . . . . . 463,588
Total U.S. Govt. Mortgage-Backed Securities
(Cost - $468,871) 463,588
U.S. Government
Obligations/Agencies - 2.0%
$ 115,000 Tennessee Valley Authority,
8.25%, 4/15/42. . . . . . . . . . . . $ 108,894
Total U.S. Government Obligations/Agencies
(Cost - $109,215) 108,894
Short-Term Investments - 8.1%
COMMERCIAL PAPER - 8.1%
199,000 Harvard University, 5.75%,
12/1/94 . . . . . . . . . . . . . . . 198,968
250,000 UBS Finance (Delaware),
5.75%, 12/1/94. . . . . . . . . . . . 249,960
Total Short-Term Investments
(Cost - $448,928) 448,928
Total Investments in Securities - 104.3%
of Net Assets (Cost $5,839,101) $5,752,204
* Non-income producing
(CAD) Canadian dollar denominated
(DEM) German deutschemark denominated
(FRF) French franc denominated
(GBP) British sterling denominated
(JPY) Japanese yen denominated
The accompanying notes are an integral part of these financial statements.
Statement of Assets and Liabilities
T. Rowe Price Personal Strategy Funds / November 30, 1994 (Unaudited)
Income Balanced Growth
Fund Fund Fund
______ ________ ______
ASSETS
Investments in securities
at value (Cost -
$5,113,244,
$7,997,361 and
$5,839,101). . . . . . . . . .$5,025,135 $7,875,852 $5,752,204
Other assets . . . . . . . . . . 514,072 619,423 324,325
__________ __________ __________
Total assets . . . . . . . . . . 5,539,207 8,495,275 6,076,529
__________ __________ __________
LIABILITIES
Payable for investment
securities purchased . . . . . 266,710 630,127 464,199
Other liabilities. . . . . . . . 105,012 156,766 95,750
__________ __________ __________
Total liabilities. . . . . . . . 371,722 786,893 559,949
__________ __________ __________
NET ASSETS . . . . . . . . . . .$5,167,485 $7,708,382 $5,516,580
__________ __________ __________
__________ __________ __________
Net Assets Consisting of::
Accumulated net investment
income - net of
distributions . . . . . . . . 45,146 51,772 60,554
Accumulated realized
gain/loss - net of
distributions. . . . . . . . . (6,988) (11,297) (5,696)
Net unrealized loss . . . . . . (95,068) (129,656) (89,891)
Paid-in-capital applicable to
523,999, 778,900 and
550,869 shares of
$0.0001 par value capital
stock outstanding;
1,000,000,000 shares
authorized . . . . . . . . . . 5,224,395 7,797,563 5,551,613
__________ __________ __________
Net Assets . . . . . . . . . . .$5,167,485 $7,708,382 $5,516,580
__________ __________ __________
__________ __________ __________
Net Asset Value Per
Share. . . . . . . . . . . . . $9.86 $9.90 $10.01
_____ _____ ______
_____ _____ ______
The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price Personal Strategy Funds / From July 29, 1994 (Commencement of
Operations) to November 30, 1994 (Unaudited)
Income Balanced Growth
Fund Fund Fund
______ ________ ______
INVESTMENT INCOME
Income
Dividends . . . . . . . . . . $ 12,583 $ 21,199 $ 19,975
Interest . . . . . . . . . . . 61,487 49,256 24,671
________ ________ ________
Total income . . . . . . . . . 74,070 70,455 44,646
________ ________ ________
Expenses
Custodian and accounting
fees & expenses. . . . . . . 28,833 28,286 40,632
Shareholder servicing
fees & expenses. . . . . . . 18,012 17,632 12,718
Legal & auditing
fees . . . . . . . . . . . . 6,511 6,511 6,511
Organizational
expenses . . . . . . . . . . 2,833 2,833 2,833
Directors' fees
& expenses . . . . . . . . . 1,256 1,257 1,256
Prospectus & shareholder
reports. . . . . . . . . . . 521 539 532
Registration fees
& expenses . . . . . . . . . 406 543 403
Miscellaneous expenses . . . . 5 184 5
Less: Expenses reimbursed
by Manager . . . . . . . . . (46,450) (43,086) (53,282)
________ ________ ________
Total expenses . . . . . . . . 11,927 14,699 11,608
________ ________ ________
Net investment income. . . . . . 62,143 55,756 33,038
________ ________ ________
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss
Securities . . . . . . . . . . (6,586) (11,094) (5,626)
Foreign currency
transactions . . . . . . . . (402) (203) (70)
________ ________ ________
Net realized loss. . . . . . . (6,988) (11,297) (5,696)
________ ________ ________
Change in unrealized
gain or loss
Securities . . . . . . . . . . (88,109) (121,509) (86,897)
Other assets and liabilities
denominated in foreign
currencies. . . . . . . . . . (6,959) (8,147) (2,994)
________ ________ ________
Change in unrealized
gain or loss . . . . . . . . . (95,068) (129,656) (89,891)
________ ________ ________
Net loss . . . . . . . . . . . . (102,056) (140,953) (95,587)
________ ________ ________
DECREASE IN NET ASSETS FROM
OPERATIONS . . . . . . . . . . $ (39,913) $ (85,197) $ (62,549)
________ ________ ________
________ ________ ________
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
T. Rowe Price Personal Strategy Funds / From July 29, 1994 (Commencement of
Operations) to November 30, 1994 (Unaudited)
Income Balanced Growth
Fund Fund Fund
______ ________ ______
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income. . . . . $ 62,143 $ 55,756 $ 33,038
Net realized loss. . . . . . . (6,988) (11,297) (5,696)
Change in net unrealized
gain or loss . . . . . . . . (95,068) (129,656) (89,891)
_________ _________ _________
Decrease in net assets
from operations. . . . . . . (39,913) (85,197) (62,549)
_________ _________ _________
Distributions to shareholders
Net investment
income . . . . . . . . . . . . (27,684) (26,509) -
_________ _________ _________
Capital share transactions
Sold 520,420, 788,390,
and 564,927 shares . . . . . . 5,188,511 7,891,319 5,694,391
Distributions reinvested
of 2,707, 2,594, and
0 shares . . . . . . . . . . 27,068 26,067 -
Redeemed 3,128, 15,084,
and 17,058 shares. . . . . . (31,184) (149,823) (172,778)
_________ _________ _________
Increase in net assets from
capital share
transactions . . . . . . . . . 5,184,395 7,767,563 5,521,613
_________ _________ _________
Net equalization . . . . . . . . 10,687 22,525 27,516
_________ _________ _________
Total increase . . . . . . . . . 5,127,485 7,678,382 5,486,580
NET ASSETS
Beginning of period. . . . . . 40,000 30,000 30,000
_________ _________ _________
End of period. . . . . . . . .$5,167,485 $7,708,382 $5,516,580
_________ _________ _________
_________ _________ _________
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
T. Rowe Price Personal Strategy Funds/ November 30, 1994 (Unaudited)
Note 1 - Significant Accounting Policies
T. Rowe Price Personal Strategy Funds, Inc. (the Corporation) is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The Personal Strategy Income Fund (the Income Fund), the
Personal Strategy Balanced Fund (the Balanced Fund) and the Personal Strategy
Growth Fund (the Growth Fund), are the three portfolios established by the
Corporation.
A) Valuation - Equity securities listed or regularly traded on a securities
exchange (including Nasdaq) are valued at the last quoted sales price on the
day the valuations are made. A security which is listed or traded on more
than one exchange is valued at the quotation on the exchange determined to be
the primary market for such security. Other equity securities and those listed
securities that are not traded on a particular day are valued at a price
within the limits of the latest bid and asked prices deemed by the Board of
Directors, or by persons delegated by the Board, best to reflect fair value.
Debt securities are generally traded in the over-the-counter market and
are valued at a price deemed best to reflect fair value as quoted by dealers
who make markets in these securities or by an independent pricing service.
Short-term debt securities are valued at their cost which, when combined with
accrued interest, approximates fair value.
For purposes of determining the Fund's net asset value per share, all
assets and liabilities initially expressed in foreign currencies are converted
into U.S. dollars at the mean of the bid and offer prices of such currencies
against U.S. dollars quoted by a major bank.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by, or under the supervision of, the officers of
the Fund, as authorized by the Board of Directors.
B) Currency translation - Foreign currency amounts are translated into U.S.
dollars at prevailing exchange rates as follows: assets and liabilities at the
rate of exchange at the end of the respective period, purchases and sales of
securities and income and expenses at the rate of exchange prevailing on the
dates of such transactions. The effect of changes in foreign exchange rates on
realized and unrealized security gains or losses is reflected as a component
of such gains or losses.
C) Discounts and Premiums - Discounts and premiums on debt securities are
amortized for both financial and tax reporting purposes.
D) Other - Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on an identified cost basis. Dividend income and distributions to
shareholders are recorded by the Fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income
tax regulations which may differ from generally accepted accounting
principles. The Fund follows the practice of equalization under which
undistributed net investment income per share is unaffected by Fund shares
sold or redeemed.
Note 2 - Organization
The Corporation was organized on May 21, 1994 and had no operations prior to
July 29, 1994 other than those related to organizational matters, including
the following sale of shares of the Funds' capital stock on July 25, 1994, to
T. Rowe Price Associates, Inc.:
Income Balanced Growth
Fund Fund Fund
______ ________ _______
Shares Sold 4,000 3,000 3,000
Net Asset Value
Per Share $10.00 $10.00 $10.00
Note 3 - Portfolio Transactions
Purchases and sales of portfolio securities and U.S. Government securities,
other than short-term, for the period ended November 30, 1994 were as follows:
Income Balanced Growth
Fund Fund Fund
______ ________ _______
Portfolio Securities
Purchases $4,401,477 $6,921,892 $5,272,121
Sales 139,385 381,854 113,029
U.S. Government
Purchases $591,149 $911,223 $363,276
Sales 300,128 269,169 125,293
Note 4 - Federal Income Taxes
No provision for federal income taxes is required since each Fund intends to
qualify as a regulated investment company and distribute all of its taxable
income.
At November 30, 1994, the aggregate costs of investments for the Income,
Balanced and Growth Funds for federal income tax and financial reporting
purposes were $5,113,244, $7,997,361, and $5,839,101, respectively. Net
unrealized loss was as follows:
Income Balanced Growth
Fund Fund Fund
______ ________ _______
Appreciated
Investments $ 63,410 $ 92,587 $ 92,536
Depreciated
Investments (151,519) (214,096) (179,433)
________ _________ ________
Net Unrealized
Loss $ (88,109) $(121,509) $ (86,897)
________ _________ ________
________ _________ ________
Note 5 - Related Party Transactions
The investment management agreement between each Fund and T. Rowe Price
Associates, Inc. (the Manager) provides for an annual investment management
fee, computed daily and paid monthly, consisting of an Individual Fund Fee
equal to 0.15% for the Income Fund, 0.25% for the Balanced Fund and 0.30% for
the Growth Fund, of average daily net assets and a Group Fee. The Group Fee is
based on the combined assets of certain mutual funds sponsored by the Manager
or Rowe Price-Fleming International, Inc. (the Group). The Group Fee rate
ranges from 0.48% for the first $1 billion of assets to 0.31% for assets in
excess of $34 billion. The effective annual Group Fee rate at November 30,
1994 and for the period then ended was 0.34%. The Funds pays a pro rata
portion of the Group Fee based on the ratio of each Fund's net assets to those
of the Group.
Under the terms of the investment management agreement, the Manager is
required to bear any expenses through May 31, 1996, which would cause the
ratio of expenses to average net assets to exceed 0.95% for the Income Fund,
1.05% for the Balanced Fund and 1.10% for the Growth Fund. Thereafter, each
Fund is required to reimburse the Manager for these expenses, provided average
net assets have grown or expenses have declined sufficiently so as to cause
each Fund's ratio of expenses to average net assets not to exceed the
limitation in any month, and that no such reimbursement shall be made to the
Manager after May 31, 1998. Pursuant to this agreement, $6,139, $8,170 and
$6,681 of management fees were not accrued for the period ended November 30,
1994, and $46,450, $43,086 and $53,282 of other expenses were borne by the
Manager for the Income Fund, the Balanced Fund and the Growth Fund,
respectively.
T. Rowe Price Services, Inc. (TRPS) and Retirement Plan Services, Inc.
(RPS) are wholly owned subsidiaries of the Manager. TRPS provides transfer and
dividend disbursing agent functions and shareholder services for all accounts.
RPS provides subaccounting and recordkeeping services for certain retirement
accounts invested in the Fund. The Manager, under a separate agreement,
calculates the daily share price and maintains the financial records of the
Fund. For the period ended November 30, 1994, the Income Fund, Balanced Fund
and Growth Fund incurred fees totalling approximately $32,890, $32,339 and
$27,493, respectively, for these services provided by related parties. At
November 30, 1994, these service fees payable were $1,556, $4,933 and $4,788,
respectively.
Financial Highlights
T. Rowe Price Personal Strategy Funds / From July 29, 1994 (Commencement of
Operations) to November 30, 1994 (Unaudited)
For a share outstanding throughout the period
_______________________________________________
Income Balanced Growth
Fund Fund Fund
______ ________ ______
NET ASSET VALUE,
BEGINNING OF
PERIOD . . . . . . . . $10.00 $10.00 $10.00
______ ______ ______
Investment Activities
Net investment
income. . . . . . . . 0.17* 0.14* 0.11*
Net realized and
unrealized
loss. . . . . . . . . (0.23) (0.17) (0.10)
______ ______ ______
Total from Investment
Activities . . . . . . (0.06) (0.03) 0.01
Distributions
Net investment
income. . . . . . . . (0.08) (0.07) -
______ ______ ______
NET ASSET VALUE,
END OF
PERIOD . . . . . . . . $ 9.86 $ 9.90 $ 10.01
______ ______ ______
______ ______ ______
RATIOS/SUPPLEMENTAL DATA
Total Return . . . . . . (0.61) % (0.31)% 0.10%
Ratio of Expenses to
Average Net
Assets . . . . . . . . 0.95%!* 1.05%!* 1.10%!*
Ratio of Net Investment
Income to
Average Net
Assets . . . . . . . . 4.96%! 3.99%! 3.14%!
Portfolio Turnover
Rate . . . . . . . . . 36.3%! 43.7%! 20.5%!
Net Assets, End of
Period . . . . . . . .$5,167,485 $7,708,382 $5,516,580
! Annualized.
* Excludes expenses in excess of a 0.95%, 1.05%, and 1.10% voluntary
expense limitation in effect through May 31, 1996.
Chart 1 - Asset Allocation
Shows Stocks 36%, Bonds 50%, and Money Market and Reserves 14% in Income Fund
as of 11/30/94.
Chart 2 - Asset Allocation
Shows Stocks 55%, Bonds 36%, and Money Market and Reserves 9% in Balanced Fund
as of 11/30/94.
Chart 3 - Asset Allocation
Shows Stocks 73%, Bonds, Money Market and Reserves 27% in Growth Fund as of
11/30/94.
