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Previous: PRICE T ROWE PERSONAL STRATEGY FUNDS INC, N-30D, 2000-01-11 |
Next: PRICE T ROWE PERSONAL STRATEGY FUNDS INC, N-30D, 2000-01-11 |
<PAGE>
- --------------------------------------------------------------------------------
Semiannual Report -- Financial Statements
- --------------------------------------------------------------------------------
T. ROWE PRICE
PERSONAL STRATEGY
GROWTH FUND
-----------------
NOVEMBER 30, 1999
-----------------
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
- --------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
- --------------------------------------------------------------------------------------------
6 Months Year 7/29/94
Ended Ended Through
11/30/99 5/31/99 5/31/98 5/31/97 5/31/96 5/31/95
NET ASSET VALUE
<S> <C> <C> <C> <C> <C> <C>
Beginning of period $ 19.02 $ 18.05 $ 15.20 $ 13.69 $ 11.44 $ 10.00
Investment activities
Net investment income 0.16* 0.34* 0.29* 0.27* 0.30* 0.25*
Net realized and
unrealized gain (loss) 0.37 1.40 3.01 2.37 2.29 1.30
Total from
investment activities 0.53 1.74 3.30 2.64 2.59 1.55
Distributions
Net investment income - (0.32) (0.26) (0.24) (0.27) (0.11)
Net realized gain - (0.45) (0.19) (0.89) (0.07) -
Total distributions - (0.77) (0.45) (1.13) (0.34) (0.11)
NET ASSET VALUE
End of period $ 19.55 $ 19.02 $ 18.05 $ 15.20 $ 13.69 $ 11.44
---------------------------------------------------------------
Ratios/Supplemental Data
Total return@ 2.79%* 10.01%* 22.02%* 19.89%* 22.83%* 15.65%*
Ratio of total expenses to
average net assets 1.10%*+ 1.10%* 1.10%* 1.10%* 1.10%* 1.10%*+
Ratio of net investment
income to average
net assets 1.83%*+ 2.00%* 2.15%* 2.24%* 2.27%* 2.76%*+
Portfolio turnover rate 28.8%+ 36.1% 33.3% 39.6% 39.5% 25.7%+
Net assets, end of period
(in thousands) $238,094 $213,631 $147,347 $ 67,552 $ 24,954 $ 10,748
</TABLE>
@ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
* Excludes expenses in excess of a 1.10% voluntary expense limitation in
effect through 5/31/00.
+ Annualized
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Unaudited November 30, 1999
- ------------------------
PORTFOLIO OF INVESTMENTS Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
COMMON STOCKS 76.7%
FINANCIAL 11.9%
Bank and Trust 5.5%
Abbey National (GBP) 18,000 $ 304
ABN Amro (EUR) 17,500 426
Australia & New Zealand Bank Group (EUR) 6,000 43
Australia & New Zealand Banking ADR 3,600 129
Banca Commerciale Italiana (EUR) 40,700 207
Banco de Bilbao Vizcaya ADR 15,500 216
Banco Frances del Rio de la Plata ADR 6,000 141
Bank of America 25,100 1,468
Bank of New York 14,400 574
Bank One 21,440 756
Bankgesellschaft Berlin (EUR) 6,800 106
Barclay's (GBP) 19,200 554
Charter One Financial 3,851 84
Chase Manhattan 11,300 873
Chittenden 4,700 152
Citizens Banking 7,300 185
DBS Group Holdings (SGD) * 14,304 186
Deutsche Bank (EUR) * 6,830 447
Downey Financial 10,900 219
Dresdner Bank (EUR) * 10,000 468
First Bell Bancorp 2,200 35
First Mariner Bancorp 600 5
First Security 3,300 93
Firstar 13,600 354
Frankfort First Bancorp 2,100 32
Glacier Bancorp 7,447 129
KBC Bancassurance Holding (EUR) 3,200 150
Marshall & Ilsley 600 40
Mediobanca (EUR) 23,000 212
Mellon Financial 25,400 926
Overseas Chinese Bank (SGD) 18,060 135
Societe Generale (EUR) 2,129 459
State Street 1,900 140
3
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Sumitomo Bank (JPY) 25,000 $ 384
Summit Bancorp 3,400 111
Svenska Handelsbanken (Series A) (SEK) * 18,000 245
UBS (CHF) 2,214 606
UST 4,300 136
Washington Mutual 13,950 405
Wells Fargo 19,800 921
WestAmerica 1,500 47
Westpac Banking (AUD) 9,000 61
--------------
13,164
--------------
Insurance 2.6%
ACE Limited 9,800 167
Allied Zurich (GBP) 31,500 379
American General 8,500 623
American International Group 2,562 265
Brown and Brown 5,700 222
E.W. Blanch 3,400 197
Harleysville Group 3,000 45
Istituto Nazionale delle Assicurazioni (EUR) 89,700 251
London Pacific Group ADR 2,100 64
Marsh & McLennan 5,000 393
PartnerRe Holdings 6,000 176
Royal&Sun Alliance (GBP) 42,090 257
Schweizerische Rueckversicherungs (CHF) 185 378
Selective Insurance 2,700 47
St. Paul 31,000 936
Sumitomo Marine & Fire Insurance (JPY) 62,000 438
UNUMProvident 400 13
W. R. Berkley 3,600 77
XL Capital (Class A) 24,670 1,258
--------------
6,186
--------------
Financial Services 3.8%
American Express 8,300 1,256
Associates First Capital (Class A) 9,900 329
Assurances Generales de France (EUR) 2,400 132
AXA (EUR) 3,300 445
Capital One Financial 9,000 419
Citigroup 30,848 1,662
4
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Delta Financial * 7,100 $ 33
Fannie Mae * 16,600 1,106
Financial Federal * 5,500 114
Freddie Mac 23,400 1,155
Goldman Sachs Group 700 53
HSBC Holdings (HKD) 45,501 589
ING Groep (EUR) 8,350 470
ITLA Capital * 3,000 44
Morgan Stanley Dean Witter 3,300 398
Pearson (GBP) 18,700 447
Providian Financial 400 32
Unidanmark (Class A) (DKK) 2,700 205
--------------
8,889
--------------
Total Financial 28,239
--------------
UTILITIES 5.2%
Telephone 3.8%
ALLTEL 3,300 285
AT&T 15,974 893
AT&T Liberty Group Media * 3,400 142
BellSouth 10,400 480
British Telecommunications ADR 2,300 470
Cable & Wireless ADR 6,432 171
Compania de Telecomunicaciones de Chile (Class A) ADR 4,050 74
GTE 2,200 161
Nextel Communications * 2,500 248
Nippon Telegraph & Telephone (JPY) 42 755
Rural Cellular (Class A) * 2,100 167
SBC Communications 17,300 899
Sprint 28,500 1,977
Telebras ADR 2,700 245
Telecom Corp. of New Zealand ADR 8,600 288
Telecom Italia (EUR) 31,440 347
Telecom Italia Mobile (EUR) 46,500 366
Telefonica de Espana ADR * 7,001 435
Telefonos de Mexico (Class L) ADR 5,200 481
5
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Western Wireless 2,600 $ 152
--------------
9,036
--------------
Electric Utilities 1.4%
Cleco 6,700 219
Electrabel (EUR) 740 236
Empresa Nacional de Electricidad Chile ADR 3,724 50
Endesa ADR 8,500 168
FirstEnergy 21,737 507
GPU 5,800 186
Hong Kong Electric (HKD) 42,000 132
PECO Energy 8,300 273
Powergen (GBP) 15,600 135
Texas Utilities 16,000 573
Unicom 16,600 530
Veba (EUR) 6,420 317
--------------
3,326
--------------
Water Utilities 0.0%
United Water Resources 1,600 54
--------------
54
--------------
Total Utilities 12,416
--------------
CONSUMER NONDURABLES 14.3%
Cosmetics 0.9%
Chattem * 3,400 66
Gillette 600 24
International Flavors & Fragrances 39,300 1,447
Kao (JPY) 23,000 684
--------------
2,221
--------------
Beverages 1.1%
Anheuser-Busch 14,300 1,070
Bass (GBP) 24,300 273
Coca-Cola 1,600 108
Diageo ADR 8,419 310
LVMH (EUR) 1,655 537
PepsiCo 12,000 415
--------------
2,713
--------------
6
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Food Processing 2.1%
American Italian Pasta * 3,800 $ 114
Associated British Foods (GBP) 24,700 122
Cadbury Schweppes (GBP) 14,400 91
Cadbury Schweppes ADR 11,200 274
Campbell 10,000 446
Carrefour (EUR) 1,800 314
Danisco (DKK) 3,100 127
Eridania Beghin-Say (EUR) 1,500 168
General Mills 21,120 796
International Multifoods 11,900 166
McCormick 12,400 398
Nestle (CHF) 333 600
Quaker Oats 400 26
Ralston Purina 24,900 739
Sara Lee 14,600 354
Seneca Foods (Class A) * 2,800 33
Seneca Foods (Class B) * 1,300 16
Unilever 4,539 247
United Natural Foods * 5,500 46
--------------
5,077
--------------
Hospital Supplies/Hospital Management 0.7%
Baxter International 4,300 291
Cephalon * 500 11
Medtronic 200 8
Mentor 11,300 263
Quorum Health Group * 5,900 53
Renal Care Group * 5,550 113
Smith & Nephew (GBP) 71,600 248
Steris * 5,700 74
Terumo (JPY) 18,000 548
--------------
1,609
--------------
Pharmaceuticals 5.0%
American Home Products 48,360 2,515
Amgen * 5,400 246
AstraZeneca Group ADR 8,700 387
Aurora Biosciences * 1,500 18
Biogen * 1,400 102
7
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Boron Lepore & Associates * 2,700 $ 20
Bristol-Myers Squibb 13,200 964
Daiichi Pharmaceutical (JPY) 19,000 268
Eli Lilly 6,200 445
Emisphere Technologies * 500 9
Gehe (EUR) 8,200 321
Genetech 3,600 309
Glaxo Wellcome ADR 6,500 386
Imclone Systems * 1,000 36
Incyte Pharmaceuticals * 1,600 46
Johnson & Johnson 6,400 664
Liposome * 1,000 12
Merck 9,500 746
Novartis (CHF) 415 647
Noven Pharmaceuticals * 1,300 17
Pfizer 28,960 1,048
Pharmacia & Upjohn 6,360 348
Schering-Plough 10,900 557
Takeda Chemical Industries (JPY) 11,000 651
Triangle Pharmaceuticals * 3,900 77
Warner-Lambert 10,900 978
--------------
11,817
--------------
Biotechnology 0.3%
Abegenix * 500 26
Alkermes * 3,100 132
Anesta * 3,000 44
COR Therapeutics * 1,400 27
Coulter Pharmaceutical * 1,400 24
Gilead Sciences * 900 43
Inhale Therapeutic Systems * 5,400 167
Millennium Pharmaceuticals * 300 29
Neurocrine Biosciences * 3,600 47
Northfield Laboratories * 3,800 45
PathoGenesis * 100 2
Serologicals * 6,300 45
--------------
631
--------------
Health Care Services 0.5%
Altana (EUR) 1,200 86
8
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
AmeriPath * 7,400 $ 60
CIGNA 300 25
IMS Health 5,800 137
Monarch Dental 1,700 3
Orthodontic Centers of America * 5,900 72
ProMedCo 2,100 4
United HealthCare 10,800 561
US Oncology * 8,400 40
Wellpoint Health Networks * 3,200 184
--------------
1,172
--------------
Miscellaneous Consumer Products 3.7%
Benetton Group (EUR) 65,000 132
Bridgestone (JPY) 16,000 396
Coles Myer Limited (EUR) 24,800 126
Colgate-Palmolive 29,400 1,613
Cone Mills * 11,600 57
Culp 2,700 17
Dan River * 12,500 67
Hasbro 6,550 141
Huhtamaki (EUR) 1,700 52
Kuraray (JPY) 34,000 384
Lion Nathan (NZD) 71,500 159
Mattel 50,000 716
Mitsui (JPY) 63,000 481
NIKE (Class B) 4,300 198
Philip Morris 32,350 851
Philips Electronics ADR 4,140 495
Procter & Gamble 3,700 400
Reebok * 2,400 22
Sola * 8,100 115
Stanley Works 20,000 622
Stride Rite 9,900 63
Takkt (EUR) * 8,200 47
Tomkins (GBP) 60,500 210
Tomkins ADR 1,538 22
Unifi * 36,400 482
US Can * 12,500 223
UST 17,700 471
9
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
WestPoint Stevens 2,500 $ 53
Yue Yuen Industrial (HKD) 42,000 105
--------------
8,720
--------------
Total Consumer Nondurables 33,960
--------------
CONSUMER SERVICES 8.3%
Restaurants 0.0%
Buca * 4,700 54
PJ America * 3,700 59
--------------
113
--------------
General Merchandisers 1.3%
Bon-Ton Stores * 11,500 56
Casey's General Stores 15,700 201
Columbia Sportswear * 5,600 114
Dayton Hudson 5,000 353
JUSCO (JPY) 15,000 287
Marui (JPY) 27,000 464
Pinault Printemps Redoute (EUR) 2,050 428
Tesco (GBP) 126,080 342
Wal-Mart 14,900 858
--------------
3,103
--------------
Specialty Merchandisers 2.4%
Christian Dior (EUR) 1,300 234
CompuCom Systems * 14,400 45
CVS 9,312 370
Goody's Family Clothing * 4,600 30
Home Depot 8,300 656
Kroger * 19,100 407
O'Charley's * 6,200 82
Omron (JPY) 17,000 417
Rite Aid 85,000 643
Safeway * 14,800 546
Toys "R" Us * 76,000 1,330
Tupperware 45,700 814
Urban Outfitters * 3,300 67
--------------
5,641
--------------
10
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Entertainment and Leisure 1.8%
Carnival (Class A) 2,700 $ 119
Disney 41,000 1,143
Hutchison Whampoa (HKD) 52,000 641
McDonald's 8,000 360
MediaOne Group * 7,600 602
Reader's Digest (Class A) 36,600 1,062
Sharp (JPY) 13,000 266
-------------
4,193
-------------
Media and Communications 2.8%
American Tower Systems (Class A) * 1,500 39
Asatsu (JPY) * 6,000 289
CBS * 16,200 842
Charter Communications (Class A) * 3,400 79
Clear Channel Communications * 6,078 488
Comcast (Class A Special) 3,500 158
Elsevier (EUR) 8,000 79
Emmis Broadcasting (Class A) * 3,700 299
Fox Entertainment Group (Class A) * 6,900 159
France Telecom ADR 4,100 476
Infinity Broadcasting (Class A) * 9,900 361
Pegasus Communications * 1,600 105
Publishing & Broadcasting (EUR) 19,700 130
R.R. Donnelley 45,400 1,090
Sinclair Broadcast Group (Class A) * 7,200 83
Time Warner 9,700 598
Tribune 5,200 250
Vodafone Airtouch ADR 21,000 991
Young Broadcasting (Class A) * 3,700 149
-------------
6,665
-------------
Total Consumer Services 19,715
-------------
CONSUMER CYCLICALS 5.7%
Automobiles and Related 0.6%
A.O. Smith (Class B) 13,850 305
Cycle & Carriage (SGD) 10,000 36
DaimlerChrysler (EUR) 3,900 267
11
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Honda ADR 5,000 $ 413
Keystone Automotive * 2,600 15
Littelfuse * 7,200 151
SPX * 800 60
Strattec Security * 1,100 39
--------------
1,286
--------------
Building and Real Estate 2.6%
Accor (EUR) 1,300 295
Apartment Investment & Management, REIT 2,400 89
Arden Realty, REIT 5,400 104
Cheung Kong Holdings (HKD) 48,000 541
City Developments (SGD) 8,000 45
DBS Land (SGD) 24,000 47
EastGroup Properties, REIT 8,900 155
Federal Realty Investment Trust, REIT 51,300 923
First Washington Realty Trust, REIT 5,400 97
Glenborough Realty Trust, REIT 4,900 64
JP Realty, REIT 4,600 78
Parkway Properties, REIT 8,600 257
Reckson Associates Realty (Class B), REIT 4,192 88
Reckson Associates Realty, REIT 50,000 1,009
Simon DeBartolo Group, REIT 41,640 971
Singapore Land (SGD) 18,000 42
Slough Estates (GBP) 32,500 180
Starwood Hotels & Resorts, REIT 47,600 1,062
Westfield Trust (AUD) 29,300 56
Woodhead Industries 8,200 109
--------------
6,212
--------------
Miscellaneous Consumer Durables 2.5%
CompX * 5,100 94
Corning 26,600 2,492
Eastman Kodak 27,800 1,720
Harman International 3,200 165
Masco 9,300 235
OCE (EUR) 2,000 35
Ricoh (JPY) 18,000 334
Sony (JPY) 5,000 928
--------------
6,003
--------------
12
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Total Consumer Cyclicals 13,501
--------------
TECHNOLOGY 6.6%
Electronic Components 2.0%
Altera * 5,300 $ 286
American Superconductor * 2,200 42
Analogic 6,000 179
Benchmark Electronics * 5,800 129
Burr Brown * 4,100 182
EMC * 3,100 259
Exar * 1,900 93
Intel 12,500 958
Linear Technology 900 64
Maxim Integrated Products * 8,200 658
Methode Electronics (Class A) 10,100 274
Motorola 2,900 331
Planar Systems * 6,600 43
PMC-Sierra * 1,400 144
QuickLogic * 2,000 35
SIPEX * 1,900 26
Texas Instruments 6,300 605
Xilinx * 4,800 429
--------------
4,737
--------------
Electronic Systems 1.1%
Applied Materials * 4,400 429
Applied Micro Circuits * 2,200 183
Armor Holdings * 7,400 87
EMS Technologies * 3,400 37
Hewlett-Packard 4,600 436
Lifeline Systems * 3,900 59
Lo-Jack * 6,700 52
Nokia ADR 7,400 1,023
Solectron * 4,100 338
--------------
2,644
--------------
Information Processing 0.5%
Dell Computer * 11,900 512
F.Y.I. * 5,000 161
13
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Hitachi ADR 2,800 $ 387
IBM 900 93
Source Information Management * 7,100 108
--------------
1,261
--------------
Office Automation 0.5%
Ceridian * 2,200 48
Technitrol 6,800 291
Xerox 35,000 947
--------------
1,286
--------------
Specialized Computer 0.2%
Sun Microsystems * 3,400 450
Virata * 1,000 32
--------------
482
--------------
Aerospace and Defense 0.3%
Allied-Signal 8,600 514
DONCASTERS ADR * 1,500 13
Woodward Governor 2,100 57
--------------
584
--------------
Telecommunications 2.0%
ADC Telecommunications * 1,861 99
Aether Systems * 200 15
Airgate PCS * 900 36
Avant * 5,200 81
Cacheflow * 200 30
Cisco Systems * 10,800 963
Deutsche Telekom ADR 9,000 512
Ditech Communications * 900 93
LM Ericsson (Class B) ADR 12,900 622
Lucent Technologies 8,690 635
MCI WorldCom * 12,485 1,032
Premisys Communications * 1,900 19
Singapore Telecommunications (SGD) 80,000 151
Tellabs * 1,400 91
Uniphase 400 92
Voicestream Wireless * 1,800 166
West TeleServices * 4,700 81
--------------
4,718
--------------
Total Technology 15,712
--------------
14
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
EDUCATION 0.1%
Education 0.1%
ITT Educational Service * 2,700 $ 47
Wolters Kluwer (EUR) * 9,000 272
--------------
Total Education 319
--------------
CAPITAL EQUIPMENT 2.5%
Electrical Equipment 2.0%
ABB (CHF) 3,387 335
Canon (JPY) 15,000 442
GE 17,000 2,210
LSI Industries 6,600 159
Matsushita Electric Works (JPY) 17,000 165
Mitsubishi Electric (JPY) 27,000 161
Tyco International 31,098 1,246
--------------
4,718
--------------
Machinery 0.5%
Danaher 7,400 363
GKN (GBP) 26,100 409
Kennametal 5,300 176
NN Ball & Roller 8,200 55
S I G Schweis (CHF) 320 176
Toolex Alpha * 1,600 24
--------------
1,203
--------------
Total Capital Equipment 5,921
--------------
BUSINESS SERVICES AND
TRANSPORTATION 6.7%
Computer Service and Software 3.3%
America Online * 12,400 901
Analysts International 5,100 60
Automatic Data Processing 9,500 469
BISYS Group * 1,400 81
BMC Software * 7,500 546
Cambridge Technology Partners * 2,700 39
Citrix Systems * 2,800 266
15
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Computer Associates 6,700 $ 436
Concord Communications * 1,700 91
Digital Impact * 1,100 58
Electronic Arts * 800 84
First Data 7,870 340
Great Plains Software * 2,000 107
Jack Henry & Associates 2,700 107
Loislaw * 1,200 37
Mastech * 4,700 89
Microsoft * 17,800 1,620
MMC Networks * 1,100 22
NetIQ * 2,800 118
Netsolve * 600 16
Oracle * 8,200 556
Parametric Technology * 10,400 235
Peerless Systems * 5,400 47
Phoenix Technologies * 2,700 39
Progress Software * 7,600 303
PSINet * 1,700 85
Quest Software 300 22
Retek * 800 54
SalesLoggix * 2,400 69
Sciquest * 200 7
SPSS * 3,400 78
SunGard Data Systems * 1,000 22
Synopsys * 200 14
Syntel * 100 1
Vantive * 2,500 39
VERITAS Software * 2,750 252
Viasoft * 12,600 78
Visio * 2,300 83
Vitria Technology * 200 20
WebTrends * 1,800 104
Wind River Systems * 2,050 71
Yahoo! * 700 149
Zebra Technologies (Class A) * 1,300 78
-------------
7,893
-------------
16
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Distribution Services 0.4%
Aviation Sales * 3,500 $ 50
MSC * 5,400 49
Performance Food Group * 2,400 60
Primesource 2,200 13
SCP Pool * 7,300 172
SunSource 4,100 20
U.S. Foodservice * 17,270 313
United Stationers * 3,300 77
Watsco (Class A) 7,500 82
Wilmar Industries * 3,500 48
-------------
884
-------------
Environmental 0.1%
CUNO * 4,900 100
IT Group * 2,800 29
Waterlink * 10,900 34
-------------
163
-------------
Transportation Services 0.4%
C.H. Robinson Worldwide 4,100 143
Comfort Systems USA * 11,700 96
Eagle USA Air Freight * 6,850 231
Expeditors International of Washington 3,600 147
Frozen Food Express 3,000 13
Heartland Express * 2,300 34
Hub Group (Class A) * 1,000 17
International Shipholding 2,800 38
Mitsubishi Heavy Industries (JPY) 97,000 315
-------------
1,034
-------------
Miscellaneous Business Services 1.9%
Agilent Technologies * 900 38
British Airport Authorities (GBP) 37,299 264
Concord EFS * 600 16
Consolidated Graphics * 7,400 166
CORT Business Services * 5,400 105
Electro Rent * 7,900 94
H&R Block 14,500 623
Insituform Technologies (Class A) * 8,200 205
Iron Mountain * 3,400 100
17
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Ivex Packaging * 11,600 $ 122
Maximus * 4,700 132
McGrath Rent 3,800 68
Metamor Worldwide * 3,900 103
MPW Industrial Services Group * 6,100 54
New England Business Service 10,900 247
Omnicom 6,100 538
Romac International * 5,400 61
Shorewood Packaging * 19,000 311
Strayer Education 5,100 105
Tetra Tech * 10,312 118
United Parcel Service 1,600 106
Waste Management 67,843 1,102
-------------
4,678
-------------
Airlines 0.2%
KLM (EUR) 2,925 72
Midwest Express Holdings * 4,700 136
Singapore Airlines (SGD) 19,000 192
-------------
400
-------------
Railroads 0.4%
Kansas City Southern Industries 2,500 149
Norfolk Southern 27,000 577
Railtrack Group (GBP) 15,000 231
-------------
957
-------------
Total Business Services and Transportation 16,009
-------------
ENERGY 7.3%
Energy Services 1.5%
Baker Hughes 45,000 1,136
BG (GBP) 31,100 164
Cooper Cameron * 900 39
Halliburton 4,500 174
Johnson Electric (HKD) 84,000 598
Smith International * 1,400 56
Tokyo Electric Power (JPY) 19,000 537
TOTAL ADR 7,748 512
United Utilities (GBP) 32,300 304
18
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Weatherford International 1,900 $ 66
-------------
3,586
-------------
Exploration and Production 0.6%
Key Energy * 13,500 68
National Oilwell * 5,000 71
Santos (EUR) 22,600 60
Unocal 40,500 1,344
-------------
1,543
-------------
Integrated Petroleum - Domestic 1.4%
Amerada Hess 1,700 99
Atlantic Richfield 11,200 1,079
Conoco (Class B) 14,865 389
Occidental Petroleum 25,500 560
USX-Marathon 43,700 1,155
-------------
3,282
-------------
Integrated Petroleum - International 3.8%
BP Amoco ADR 56,826 3,463
Chevron 4,300 381
ENI SPA ADR 4,600 249
Exxon 6,360 504
Mobil 17,000 1,773
Repsol ADR 13,200 287
Royal Dutch Petroleum ADR 17,700 1,027
Shell Transport & Trading ADR 11,600 529
Texaco 9,800 597
Total Fina (Class B) (EUR) * 2,033 271
-------------
9,081
-------------
Total Energy 17,492
-------------
PROCESS INDUSTRIES 5.2%
Diversified Chemicals 1.0%
Arch Chemicals 10,400 162
Dow Chemical 8,000 937
DuPont 7,061 420
Hercules 37,000 879
-------------
2,398
-------------
19
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Specialty Chemicals 2.1%
3M 14,100 $ 1,347
A. Schulman 1,900 30
Air Liquide (EUR) 1,158 170
Akzo Nobel (EUR) 4,900 210
Akzo Nobel ADR 800 34
BASF (EUR) 7,350 339
Bayer (EUR) 7,000 296
Great Lakes Chemical 18,840 625
Hauser * 2,000 5
Imperial Chemical Industries ADR 4,200 172
Pall 41,100 963
Sumitomo Chemicals (JPY) 100,000 563
Technip (EUR) 2,925 280
-------------
5,034
-------------
Paper and Paper Products 1.3%
Dai Nippon Printing (JPY) 28,000 488
Fort James 41,200 1,185
Kimberly-Clark 21,700 1,386
Smurfit-Stone Container * 3,800 73
-------------
3,132
-------------
Forest Products 0.3%
International Paper 3,100 162
Weyerhaeuser 10,000 612
-------------
774
-------------
Building and Construction 0.5%
Blue Circle Industries (GBP) 39,886 230
CBR (EUR) * 900 92
Heidelberg Zement (EUR) 1,900 138
Holderbank Financiere Glarus (CHF) 186 233
Layne Christensen * 6,500 44
Simpson Manufacturing * 1,800 75
Trex * 5,700 147
U.S. Aggregates * 4,800 57
-------------
1,016
-------------
Total Process Industries 12,354
-------------
20
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
BASIC MATERIALS 1.5%
Metals 1.4%
Gibraltar Steel 2,100 $ 50
Inco * 40,000 735
Material Sciences * 9,400 103
Matthews International (Class A) 10,100 229
Phelps Dodge 15,000 780
Reynolds Metals 22,200 1,389
-------------
3,286
-------------
Mining 0.1%
Battle Mountain Gold 26,400 66
Lihir Gold * 25,240 19
Lonrho Africa (GBP) 4,725 3
Rio Tinto (EUR) 9,700 170
-------------
258
-------------
Miscellaneous Materials 0.0%
Malayan Cement (MYR) * 20,250 5
Synthetic Industries * 3,300 108
-------------
113
-------------
Total Basic Materials 3,657
-------------
MISCELLANEOUS 0.1%
Conglomerates 0.1%
Berkshire Hathaway (Class B) * 37 69
Orkla (Class A) (NOK) 8,685 134
-------------
203
-------------
Miscellaneous 0.0%
CSM (EUR) * 7,000 143
Other Miscellaneous Common Stocks 26
-------------
169
-------------
Total Miscellaneous 372
-------------
FOREIGN 1.3%
Europe 0.9%
AstraZeneca Group (GBP) 6,995 312
AXA Colonia Konzern (EUR) 3,900 368
21
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- -------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Bank Of Scotland (GBP) 22,800 $ 270
Man (EUR) 7,400 228
Rhone Poulenc (EUR) 3,100 192
Rolls Royce (GBP) 70,978 210
Schneider Electric (EUR) 2,300 155
Singapore Press (SGD) * 8,000 150
Svenska Cellulosa (SEK) 7,100 197
--------------
2,082
--------------
Far East 0.2%
Nippon Express (JPY) 70,000 406
--------------
406
--------------
Other Foreign 0.2%
Bobst (CHF) 144 167
Pacific Dunlop (EUR) 48,500 65
Siemens (EUR) 2,700 271
Valmet Rauma (EUR) 2,000 22
--------------
525
--------------
Total Foreign 3,013
--------------
Total Common Stocks (Cost $148,922) 182,680
--------------
CORPORATE BONDS 8.1%
Adelphia Communications
7.875%, 5/1/09 $ 25,000 $ 23
9.875%, 3/1/05 175,000 179
Allied Holdings, Gtd. Sr. Sub. Notes, 8.625%, 10/1/07 100,000 87
American Builders & Contractors Supply, Sr. Sub. Notes
10.625%, 5/15/07 100,000 88
American Radio Systems, Sr. Sub. Notes, 9.00%, 2/1/06 25,000 26
American Standard, 9.25%, 12/1/16 28,000 28
Amerigas Partners, Sr. Notes, 10.125%, 4/15/07 50,000 51
Anchor Advanced, Sr. Notes, 11.75%, 4/1/04 200,000 180
APCOA, Sr. Sub. Notes, 9.25%, 3/15/08 100,000 82
Associated Materials, Sr. Sub. Notes, 9.25%, 3/1/08 100,000 94
Aurora Foods, Sr. Sub. Notes, 9.875%, 2/15/07 50,000 51
Avis Rental A Car, Sr. Sub. Notes, 11.00%, 5/1/09 100,000 105
B&G Foods, Sr. Sub. Notes, 9.625%, 8/1/07 100,000 90
Ballys Total Fitness, Sr. Sub. Notes, 9.875%, 10/15/07 75,000 71
</TABLE>
22
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Building Materials, Sr. Notes, 7.75%, 7/15/05 $ 50,000 $ 46
Bway, Sr. Sub. Notes, 10.25%, 4/15/07 100,000 99
Chancellor Media
Sr. Notes, 8.00%, 11/1/08 50,000 50
Sr. Sub. Notes, 8.125%, 12/15/07 50,000 50
Sr. Sub. Notes, 9.00%, 10/1/08 100,000 105
Charter Communication, Sr. Notes, 8.25%, 4/1/07 200,000 189
Chattem, Sr. Sub. Notes, 12.75%, 6/15/04 100,000 107
Cinemark USA, Sr. Sub. Notes, 8.50%, 8/1/08 100,000 86
Classic Cable, Sr. Sub. Notes, 9.375%, 8/1/09 100,000 98
Coach USA, Gtd. Sr. Sub. Notes, 9.375%, 7/1/07 75,000 83
Coinmach, Sr. Sub. Notes, 11.75%, 11/15/05 50,000 52
Comcast Cable Communications, 8.50%, 5/1/27 1,550,000 1,662
Communications & Power, Sr. Sub. Notes, 12.00%, 8/1/05 100,000 80
Consolidated Container, Sr. Sub. Notes, (144a)
10.125%, 7/15/09 100,000 102
Container Corp of America, Gtd., 10.75%, 5/1/02 25,000 26
Courtyard by Marriott II, Sr. Secured Notes,
10.75%, 2/1/08 100,000 96
CSC Holdings, Sr. Notes, 7.875%, 12/15/07 100,000 99
Dade International, Sr. Sub. Notes, 11.125%, 5/1/06 200,000 202
Dan River, Sr. Sub. Notes, 10.125%, 12/15/03 50,000 50
Delta Mills, Sr. Notes, 9.625%, 9/1/07 25,000 16
Doane Pet Care, Sr. Sub. Notes, 9.75%, 5/15/07 87,000 84
Dyersburg, Sr. Sub. Notes, 9.75%, 9/1/07 50,000 20
Dyncorp, Sr. Sub. Notes, 9.50%, 3/1/07 50,000 45
Energy Corporation of America, Sr. Sub. Notes
9.50%, 5/15/07 100,000 58
Fairfax Financial, 8.25%, 10/1/15 1,550,000 1,364
Federal-Mogul, Sr. Notes, 7.75%, 7/1/06 100,000 93
First Federal Financial, 11.75%, 10/1/04 50,000 52
Frontiervision, Sr. Notes, 11.00%, 10/15/06 100,000 106
Group Maintenance America, Sr. Sub. Notes,
9.75%, 1/15/09 100,000 99
Harrahs Operating, 7.875%, 12/15/05 200,000 195
Hawk, Sr. Notes, 10.25%, 12/1/03 200,000 188
Hollinger International Publishing, Gtd. Notes,
9.25%, 3/15/07 200,000 196
Holmes Products, Gtd. Notes, 9.875%, 11/15/07 75,000 60
23
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Host Marriott Travel, Sr. Notes, 9.50%, 5/15/05 $ 200,000 $ 209
Intermedia Communications, Sr. Notes
8.60%, 6/1/08 100,000 91
9.50%, 3/1/09 100,000 96
International Home Foods, Gtd. Sr. Sub. Notes
10.375%, 11/1/06 200,000 208
International Wire, Sr. Sub. Notes, 11.75%, 6/1/05 100,000 103
Intertek Finance, Sr. Sub. Notes, 10.25%, 11/1/06 50,000 47
Iron Mountain, Sr. Sub. Notes, 8.75%, 9/30/09 50,000 48
Isle of Capri Casinos, Sr. Sub. Notes, 8.75%, 4/15/09 175,000 162
ISP Holdings, Sr. Notes, 9.75%, 2/15/02 50,000 51
Jitney-Jungle Stores, Sr. Sub. Notes, 12.00%, 3/1/06 75,000 18
Keebler, Sr. Sub. Notes, 10.75%, 7/1/06 200,000 215
Mastec, Sr. Sub. Notes, 7.75%, 2/1/08 75,000 71
MCI WorldCom, 7.75%, 4/1/07 1,550,000 1,601
Mediacom LLC, Sr. Notes, 7.875%, 2/15/11 200,000 177
Metromedia Fiber Network, Sr. Notes
10.00%, 11/15/08 100,000 101
Metronet Communications, Sr. Disc. Notes, STEP
0%, 6/15/08 250,000 196
Mohegan Tribal Gaming Authority, Sr. Notes
8.125%, 1/1/06 175,000 171
Nextel Communications, Sr. Disc. Notes, STEP
0%, 10/31/07 275,000 199
Nextlink Communications, Sr. Disc. Notes, STEP
0%, 6/1/09 300,000 180
Niagara Mohawk, Sr. Notes, 7.75%, 10/1/08 25,000 25
Northland Cable Television, Sr. Sub. Notes
10.25%, 11/15/07 50,000 50
NTL, Sr. Notes, Zero Coupon, 4/1/08 300,000 207
Orange, Sr. Notes, 9.00%, 6/1/09 200,000 212
Owens & Minor, Sr. Sub. Notes, 10.875%, 6/1/06 50,000 51
Packaging Corporation of America, 9.625%, 4/1/09 200,000 206
Paine Webber, Sr. Notes, 6.55%, 4/15/08 1,550,000 1,439
Paragon Corporate Holdings, Sr. Notes, 9.625%, 4/1/08 25,000 9
Park Place Entertainment, Sr. Sub. Notes
7.875%, 12/15/05 200,000 191
24
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Premier Parks
Sr. Disc. Notes, STEP, 0%, 4/1/08 $ 100,000 $ 67
Sr. Notes, 9.75%, 6/15/07 50,000 50
Price Communications Wireless, 9.125%, 12/15/06 100,000 102
Pride Petroleum Services, Sr. Notes, 9.375%, 5/1/07 50,000 50
Principal Mutual, (144a), 8.00%, 3/1/44 1,550,000 1,444
Protection One, Sr. Sub. Notes, (144a), 8.625%, 1/15/09 50,000 21
Quest Diagnostics, Gtd. Sr. Sub. Notes, 10.75%, 12/15/06 50,000 52
Qwest Communications
Sr. Disc. Notes, STEP, 0%, 10/15/07 100,000 79
Sr. Notes, 7.50%, 11/1/08 25,000 25
R & B Falcon, Sr. Notes, 6.95%, 4/15/08 1,550,000 1,288
Raytheon, 5.70%, 11/1/03 300,000 281
Red Roof Inns, Sr. Notes, 9.625%, 12/15/03 200,000 205
Repap New Brunswick
Sr. Secured 1st Priority Notes
9.00%, 6/1/04 25,000 25
Sr. Sec. Notes, 11.50%, 6/1/04 75,000 77
Rogers Cablesystems, Sr. Sec. 2nd Priority Notes
10.00%, 3/15/05 50,000 53
Scotland International Finance, Sub. Notes, (144a)
6.50%, 2/15/11 100,000 90
Silgan Holdings, Sr. Sub. Deb., 9.00%, 6/1/09 40,000 38
Six Flags Entertainment, Sr. Notes, 8.875%, 4/1/06 100,000 97
Smithfield Foods, Sr. Sub. Notes, 7.625%, 2/15/08 100,000 90
Southern Foods, Sr. Sub. Notes, 9.875%, 9/1/07 50,000 51
Sovereign Speciality, Sr. Sub. Notes, 9.50%, 8/1/07 50,000 50
Sprint, 6.125%, 11/15/08 750,000 691
Stena, Sr. Notes, 10.50%, 12/15/05 75,000 70
Synthetic Industries, Sr. Sub. Notes, 9.25%, 2/15/07 50,000 54
Tenet Healthcare, Sr. Notes, 8.00%, 1/15/05 150,000 144
United International Holdings, Sr. Disc. Notes
STEP, 10.75%, 2/15/08 125,000 78
US Can, Sr. Gtd. Notes, 10.125%, 10/15/06 50,000 51
Venture Holdings Trust, Sr. Notes, (144a), 11.00%, 6/1/07 50,000 49
Voicestream Wire, Sr. Notes, (144a), 10.375%, 11/15/09 200,000 208
25
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Westinghouse Air Brake, Sr. Notes, 9.375%, 6/15/05 $ 200,000 $ 198
Westpoint Stevens, Sr. Notes, 7.875%, 6/15/08 200,000 187
Total Corporate Bonds (Cost $21,277) 19,312
-------------
U.S. GOVERNMENT MORTGAGE-BACKED
SECURITIES 6.0%
Federal Home Loan Mortgage
6.00%, 2/15/11 5,255,701 4,976
6.25%, 12/15/22 3,261,092 3,089
Federal National Mortgage Assn.
6.50%, 1/1/26 118,713 113
Government National Mortgage Assn.
I
6.00%, 12/15/23 - 5/15/26 564,595 525
6.50%, 12/15/23 - 1/15/29 2,350,993 2,238
7.00%, 8/15/23 - 4/15/26 1,042,909 1,020
7.50%, 10/15/22 - 1/15/26 296,619 296
8.00%, 1/15/22 - 9/15/24 182,099 185
II
7.00%, 11/20/28 1,731,216 1,693
8.00%, 10/20/25 17,596 18
-------------
Total U.S. Government Mortgage-Backed Securities (Cost $14,909) 14,153
-------------
U.S. GOVERNMENT OBLIGATIONS/
AGENCIES 5.0%
Tennessee Valley Authority
5.88%, 4/1/36 2,095,000 1,991
6.235%, 7/15/45 500,000 500
U.S. Treasury Bonds
6.75%, 8/15/26 3,205,000 3,296
U.S. Treasury Notes
4.625%, 12/31/00 475,000 469
4.875%, 3/31/01 2,475,000 2,441
5.50%, 7/31/01 3,200,000 3,176
Total U.S. Government Obligations/Agencies (Cost $12,144) 11,873
-------------
26
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
SHORT-TERM INVESTMENTS 3.6%
Money Market Funds 3.6%
Reserve Investment Fund, 5.65% # 8,569,310 $ 8,569
--------------
Total Short-Term Investments (Cost $8,569) 8,569
--------------
Total Investments in Securities
99.4% of Net Assets (Cost $205,821) $ 236,587
Other Assets Less Liabilities 1,507
--------------
NET ASSETS $ 238,094
--------------
# Seven-day yield
* Non-income producing
ADR American Depository Receipt
REIT Real Estate Investment Trust
STEP Stepped coupon note for which the interest rate will adjust on specified
future date(s)
144a Security was purchased pursuant to Rule 144a under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers - total of such securities at period-end amounts to
0.8% of net assets.
AUD Australian dollar
CHF Swiss franc
DKK Danish krone
EUR Euro
GBP British sterling
HKD Hong Kong dollar
JPY Japanese yen
MYR Malaysian ringgit
NOK Norwegian krone
NZD New Zealand dollar
SEK Swedish krona
SGD Singapore dollar
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Unaudited November 30, 1999
- -----------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
In thousands
Assets
Investments in securities, at value (cost $205,821) $ 236,587
Securities lending collateral 21,132
Other assets 2,122
-------------
Total assets 259,841
-------------
Liabilities
Obligation to return securities lending collateral 21,132
Other liabilities 615
-------------
Total liabilities 21,747
-------------
NET ASSETS $ 238,094
-------------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 3,752
Accumulated net realized gain/loss - net of distributions 6,886
Net unrealized gain (loss) 30,763
Paid-in-capital applicable to 12,180,391 shares of
$0.0001 par value capital stock outstanding;
1,000,000,000 shares authorized 196,693
-------------
NET ASSETS $ 238,094
-------------
NET ASSET VALUE PER SHARE $ 19.55
-------------
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Unaudited
- -----------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
In thousands
6 Months
Ended
11/30/99
Investment Income
Income
Interest $ 1,815
Dividend 1,500
-----------
Total income 3,315
-----------
Expenses
Investment management 697
Shareholder servicing 418
Custody and accounting 77
Prospectus and shareholder reports 36
Legal and audit 8
Registration 4
Directors 3
Miscellaneous 2
-----------
Total expenses 1,245
Expenses paid indirectly (1)
-----------
Net expenses 1,244
-----------
Net investment income 2,071
-----------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 4,424
Foreign currency transactions (8)
-----------
Net realized gain (loss) 4,416
-----------
Change in net unrealized gain or loss
Securities (443)
Other assets and liabilities
denominated in foreign currencies (1)
-----------
Change in net unrealized gain or loss (444)
-----------
Net realized and unrealized gain (loss) 3,972
-----------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 6,043
-----------
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Unaudited
- ----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
11/30/99 5/31/99
Increase (Decrease) in Net Assets
Operations
Net investment income $ 2,071 $ 3,505
Net realized gain (loss) 4,416 3,728
Change in net unrealized gain or loss (444) 10,458
------------------------
Increase (decrease) in net assets from operations 6,043 17,691
------------------------
Distributions to shareholders
Net investment income - (2,912)
Net realized gain - (4,096)
------------------------
Decrease in net assets from distributions - (7,008)
------------------------
Capital share transactions*
Shares sold 49,274 107,693
Distributions reinvested - 6,960
Shares redeemed (30,854) (59,052)
------------------------
Increase (decrease) in net assets from capital
share transactions 18,420 55,601
------------------------
Net Assets
Increase (decrease) during period 24,463 66,284
Beginning of period 213,631 147,347
------------------------
End of period $ 238,094 $ 213,631
------------------------
*Share information
Shares sold 2,545 5,921
Distributions reinvested - 398
Shares redeemed (1,594) (3,253)
------------------------
Increase (decrease) in shares outstanding 951 3,066
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
Unaudited November 30, 1999
- -----------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Personal Strategy Funds, Inc. (the corporation) is registered
under the Investment Company Act of 1940. The Personal Strategy Growth Fund (the
fund), a diversified, open-end management investment company, is one of the
portfolios established by the corporation and commenced operations on July 29,
1994.
The accompanying financial statements are prepared in accordance with generally
accepted accounting principles for the investment company industry; these
principles may require the use of estimates by fund management.
Valuation Equity securities listed or regularly traded on a securities exchange
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.
Listed securities not traded on a particular day and securities regularly traded
in the over-the-counter market are valued at the mean of the latest bid and
asked prices. Other equity securities 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.
Investments in mutual funds are valued at the closing net asset value per share
of the mutual fund on the day of valuation.
For purposes of determining the fund's net asset value per share, the U.S.
dollar value of all assets and liabilities initially expressed in foreign
currencies is determined by using 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.
Currency Translation Assets and liabilities are translated into U.S. dollars at
the prevailing exchange rate at the end of the reporting period. Purchases and
sales
31
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
of securities and income and expenses are translated into U.S. dollars at the
prevailing exchange rate on the dates of such transactions. The effect of
changes in foreign exchange rates on realized and unrealized security gains and
losses is reflected as a component of such gains and losses.
Premiums and Discounts Premiums and discounts on debt securities, other than
mortgage-backed securities (MBS), are amortized for both financial reporting and
tax purposes. Premiums and discounts on all MBS are recognized upon disposition
or principal repayment as gain or loss for financial reporting purposes. For tax
purposes, premiums and discounts on MBS acquired on or before June 8, 1997, are
recognized upon disposition or principal repayment as ordinary income. For MBS
acquired after June 8, 1997, premiums are recognized as gain or loss; discounts
are recognized as gain or loss, except to the extent of accrued market discount.
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 the 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 and may differ from those determined in accordance with generally
accepted accounting principles. Expenses paid indirectly reflect credits earned
on daily uninvested cash balances at the custodian, which are used to reduce the
fund's custody charges.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Securities Lending The fund lends its securities to approved brokers to earn
additional income and receives cash and U.S. government securities as collateral
against the loans. Cash collateral received is invested in a money market pooled
account by the fund's lending agent. Collateral is maintained over the life of
the loan in an amount not less than 100% of the value of loaned securities.
Although risk is mitigated by the collateral, the fund could experience a delay
in recovering its securities and a possible loss of income or value if the
32
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
- --------------------------------------------------------------------------------
borrower fails to return them. At November 30, 1999, the value of loaned
securities was $20,300,000; aggregate collateral consisted of $21,132,000 in the
securities lending collateral pool and U.S. government securities valued at
$25,000.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $41,137,000 and $31,792,000, respectively, for the six
months ended November 30, 1999.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of its
taxable income.
At November 30, 1999, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled $205,821,000.
Net unrealized gain aggregated $30,766,000 at period-end, of which $46,014,000
related to appreciated investments and $15,248,000 to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and T. Rowe Price
Associates, Inc. (the manager) provides for an annual investment management fee,
of which $119,000 was payable at November 30, 1999. The fee is computed daily
and paid monthly, and consists of an individual fund fee equal to 0.30% 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 0.295% for assets in excess of $120 billion. At
November 30, 1999, and for the six months then ended, the effective annual group
fee rate was 0.32%. The fund pays a pro-rata share of the group fee based on the
ratio of its 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, 2000, which would cause the fund's ratio of
total expenses to average net assets to exceed 1.10%. Thereafter, through
May 31, 2002, the fund is required to reimburse the manager for these
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
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expenses, provided that average net assets have grown or expenses have declined
sufficiently to allow reimbursement without causing the fund's ratio of total
expenses to average net assets to exceed 1.10%. Pursuant to this agreement,
$24,000 of management fees were not accrued by the fund for the six months ended
November 30, 1999 and $77,000 remains unaccrued from a previous period.
Additionally, $287,000 of unaccrued management fees related to a previous
expense limitation are subject to reimbursement through May 31, 2000.
In addition, the fund has entered into agreements with the manager and two
wholly owned subsidiaries of the manager, pursuant to which the fund receives
certain other services. The manager computes the daily share price and maintains
the financial records of the fund. T. Rowe Price Services, Inc. is the fund's
transfer and dividend disbursing agent and provides shareholder and
administrative services to the fund. T. Rowe Price Retirement Plan Services,
Inc. provides subaccounting and recordkeeping services for certain retirement
accounts invested in the fund. The fund incurred expenses pursuant to these
related party agreements totaling approximately $412,000 for the six months
ended November 30, 1999, of which $80,000 was payable at period-end.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve Funds
are offered as cash management options only to mutual funds and other accounts
managed by T. Rowe Price and its affiliates and are not available to the public.
The Reserve Funds pay no investment management fees. Distributions from the
Reserve Funds to the fund for the six months ended November 30, 1999, totaled
$146,000 and are reflected as interest income in the accompanying Statement of
Operations.
During the six months ended November 30, 1999, the fund, in the ordinary course
of business, placed security purchase and sale orders aggregating $2,000 with
certain affiliates of the manager and paid commissions of $15 related thereto.
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T. ROWE PRICE SHAREHOLDER SERVICES
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INVESTMENT SERVICES AND INFORMATION
KNOWLEDGEABLE SERVICE REPRESENTATIVES
By Phone 1-800-225-5132 Available Monday through Friday from 8 a.m. to 10 p.m.
ET and weekends from 8:30 a.m. to 5 p.m. ET.
In Person Available in T. Rowe Price Investor Centers.
ACCOUNT SERVICES
Checking Available on most fixed income funds ($500 minimum).
Automatic Investing From your bank account or paycheck.
Automatic Withdrawal Scheduled, automatic redemptions.
Distribution Options Reinvest all, some, or none of your distributions.
Automated 24-Hour Services Including Tele*Access(R) and the T. Rowe Price Web
site on the Internet. Address: www.troweprice.com
BROKERAGE SERVICES*
Individual Investments Stocks, bonds, options, precious metals, and other
securities at a savings over full-service commission rates. **
INVESTMENT INFORMATION
Combined Statement Overview of all your accounts with T. Rowe Price.
Shareholder Reports Fund managers' reviews of their strategies and results.
T. Rowe Price Report Quarterly investment newsletter discussing markets and
financial strategies.
Performance Update Quarterly review of all T. Rowe Price fund results.
Insights Educational reports on investment strategies and financial markets.
Investment Guides Asset Mix Worksheet, College Planning Kit, Diversifying
Overseas: A Guide to International Investing, Personal Strategy Planner,
Retirees Financial Guide, and Retirement Planning Kit.
* T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services,
Inc., Member NASD/SIPC.
** Based on a September 1999 survey for representative-assisted stock trades.
Services vary by firm, and commissions may vary depending on size of order.
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For fund and account information or to conduct transactions, 24 hours, 7 days a
week
By touch-tone telephone
Tele*Access 1-800-638-2587
By Account Access on the Internet
www.troweprice.com/access
For assistance with your existing fund account, call:
Shareholder Service Center
1-800-225-5132
To open a brokerage account or obtain information, call:
1-800-638-5660
Internet address:
www.troweprice.com
Plan Account Lines for retirement plan participants:
The appropriate 800 number appears on your retirement account statement.
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distribution only to shareholders and to others
who have received a copy of the prospectus appropriate to the fund or funds
covered in this report.
Walk-In Investor Centers:
For directions, call 1-800-225-5132
or visit our Web site
Baltimore Area
Downtown
101 East Lombard Street
Owings Mills
Three Financial Center
4515 Painters Mill Road
Boston Area
386 Washington Street
Wellesley
Colorado Springs
4410 ArrowsWest Drive
Los Angeles Area
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills
Tampa
4200 West Cypress Street
10th Floor
Washington, D.C.
900 17th Street N.W.
Farragut Square
[LOGO OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor. C11-057 11/30/99
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