<PAGE>
Annual Report
PERSONAL
STRATEGY
FUNDS
MAY 31, 2000
[LOGO OF T. ROWE PRICE]
T. ROWE PRICE
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REPORT HIGHLIGHTS
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Personal Strategy Funds
. Stocks posted moderate gains in a volatile environment; bonds struggled as
rates rose.
. The Personal Strategy Income, Balanced, and Growth Funds outperformed their
benchmarks for the six-month period, but modestly underperformed for the
year.
. Our small-company stock holdings sparked returns, which were also aided by
a rebound in large-company value stocks over the last three months.
. We expect bonds to perform well as interest rates level off, and our
diversification should help weather the increasing volatility of world
markets.
UPDATES AVAILABLE
For updates on T. Rowe Price funds following the end of each calendar quarter,
please see our Web site at www.troweprice.com.
<PAGE>
FELLOW SHAREHOLDERS
The Federal Reserve set the tone for both stocks and bonds over the past year.
Concerned that a red-hot U.S. economy could spark rising inflation, the Fed
raised rates six times, driving short-term bond prices lower and yields higher.
Stocks soared through much of the period, propelled by investors' enthusiasm for
technology, especially Internet-related companies. Tech stocks corrected sharply
in the spring, however, as rising rates and concerns about excessive valuations
prompted investors to move from the so-called New Economy stocks to companies
with stronger fundamentals and real earnings. Your funds' asset allocation
strategies and broad diversification helped them post solid returns during this
volatile period.
MARKET ENVIRONMENT
The Federal Reserve has raised short-term interest rates three times
so far in 2000--including a half-percentage-point hike in
May--continuing the tightening policy it began in June 1999. Although
inflation itself remains subdued, the Fed is concerned about the
economy's robust growth, accelerating producer prices, and low
unemployment. By raising short-term rates, the Fed hopes to contain
these inflationary pressures and lower the growth rate to a
sustainable level. Although the Fed may raise rates again, the economy
began to show signs of slowing as the period ended.
The past few months have been marked by increased volatility in the
equity markets. Investors appeared to ignore the Fed's actions for
much of the past year, driving stocks to strong gains before stumbling
in mid-March. New Economy stocks, especially those of Internet-related
companies, were the primary beneficiaries of investor enthusiasm,
while Old Economy blue chips languished. Because of their high
valuations, technology-related stocks took the biggest fall when the
markets finally succumbed to the Fed's strong medicine. The tech-heavy
Nasdaq Composite Index, which gained 38% for the year, plunged 28%
from March through May. After mid-March, investors
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appeared to become more focused on company fundamentals, and the
long-ignored large-cap value stocks rebounded. The S&P 500 Index rose
4% during the final three months of the period and ended up 10% for
the year ended May 31.
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INTEREST RATE LEVELS
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[GRAPH]
30-Year Treasury Bond 5-Year Treasury Note 90-Day Treasury Bill
5/31/99 5.8 5.51 4.65
6.03 5.76 4.77
6.05 5.75 4.71
Aug-99 5.93 5.71 4.97
6.09 5.81 4.88
6.3 6.09 5.13
Nov-99 6.22 6.03 5.28
6.46 6.33 5.33
6.57 6.63 5.59
2/29/00 6.13 6.59 5.81
5.94 6.42 5.88
5.95 6.42 5.78
5/31/00 6.14 6.65 5.92
Fixed-income investors had more to think about than short-term rate
hikes. Because of the growing federal surplus, the Treasury Department
announced plans to reduce government borrowing by cutting back on the
sale of new Treasuries and buying back some outstanding debt.
Investors rushed to buy long-term Treasuries, which drove prices
higher and yields lower. The result was an inverted yield curve, as
short-term Treasury yields rose above those on long-term issues.
Normally, long-term bonds offer higher yields than shorter-term bonds
to compensate for their higher risk. Holders of long-term Treasuries,
including your funds, benefited from the higher prices. Overall, bonds
were weak, as the Lehman Aggregate Bond Index rose about 1% for the
past six months and 2% for the year.
PERFORMANCE AND STRATEGY REVIEW
The funds' investment committee meets once a month to adjust the
weightings of stocks, bonds, and money market securities within the
appropriate ranges for each fund, based on market conditions and
economic fundamentals. The committee made no significant changes to the
overall allocation to stocks during the past six months, maintaining a
small underweighting in the Balanced and Growth Funds and a slight
overweighting in the Income Fund. We also continued to overweight bonds
relative to each fund's neutral position.
Although the overall allocations to stocks and bonds in the funds
remained roughly the same, we made some changes within those
allocations. To protect against rising interest rates, we shortened
the duration of the bond portfolio by shifting some assets out of
long-term
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bonds and into investment-grade bonds, such as corporate and
mortgage-backed securities. (Duration is a measure of a bond or bond
fund's sensitivity to interest rates. For example, a fund with a
duration of five years would fall or rise about 5% in price in
response to a one-percentage-point rise or fall in rates.) At the end
of May, we remained overweighted in investment-grade bonds, which
generally performed well in an uncertain environment. Although
high-yield (below investment-grade) bonds were a drag on performance,
we maintained a slight bias toward this sector, which offered
surprisingly attractive yields and valuations given the continued
strength of the economy. Our bond holdings, especially the
investment-grade exposure, helped buffer the portfolio from stock
market gyrations late in the period.
Last fall we shifted some assets away from domestic stocks into
international stocks because we believed that foreign markets offered
more attractive valuations, and we continue to favor international
equities. Among domestic stocks, our heavier allocation to small-caps
contributed significantly to fund returns over the past year. Both our
growth and value holdings performed strongly during the past six
months, although value stocks lagged for the period as a whole.
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% stocks, 40%
bonds, and 20% money market securities, although these figures can
vary by as much as 10 percentage points above or below these levels.
The fund posted modest returns for the 6- and 12-month periods ended
May 31, but outperformed both the Lehman Brothers Aggregate Bond Index
and the Combined Index Portfolio over the past six months. For the
year, results topped the Lehman index but trailed the Combined index.
Strong
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PERFORMANCE COMPARISON
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Periods Ended 5/31/00 6 Months 12 Months
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Personal Strategy Income Fund 3.12% 4.39%
Combined Index Portfolio* 2.45 6.32
Lehman Aggregate Bond Index 1.38 2.11
*An unmanaged portfolio composed of 40% stocks (S&P 500), 40% bonds (Lehman
Brothers Aggregate Bond Index), and 20% money market securities (90-Day Treasury
Bills).
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small-cap returns and a rebound in large-cap value stocks were key to six-month
results, while earlier weakness among large value stocks was the main reason for
mixed relative returns over the 12-month period. Our international holdings have
trailed domestic equities so far this year after outperforming them in 1999.
Although returns were positive for the year, our foreign stocks lagged the MSCI
EAFE (Europe, Australasia, Far East) Index.
On the fixed-income side, returns on higher-quality investments, particularly
longer-duration U.S. Treasuries, outpaced lower-quality bonds, which suffered
from poor liquidity. The strong performance in long-term bonds helped to offset
some of the poor returns among high-yield holdings. Overall, our fixed-income
returns lagged the Lehman Aggregate Bond Index over the last six months.
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ASSET ALLOCATION
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Personal Strategy Income Fund
[GRAPH]
Stocks 41%
Money Markets 12%
Bonds 47%
Based on net assets as of 5/31/00.
During the past six months, the fund's stock component remained unchanged at
41%, while the bond allocation dropped one percentage point to 47%, with 12%
allocated to money markets. Among equities, we continue to favor value over
growth, and remain convinced that foreign stocks offer attractive growth
possibilities relative to domestic stocks. The bond allocation marks an
overweighted position relative to the fund's neutral (40%) weighting, with a
bias toward investment-grade securities.
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 is 60% stocks, 30% bonds, and 10% cash, with
10-percentage-point variations permitted for each asset class. This
asset allocation offers higher risk but also a higher potential return
than the Income Fund.
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PERFORMANCE COMPARISON
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Periods Ended 5/31/00 6 Months 12 Months
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Personal Strategy
Balanced Fund 3.54% 5.68%
Combined Index Portfolio* 2.61 7.68
Merrill Lynch-Wilshire Capital
Market Index 1.92 7.85
*An unmanaged portfolio composed of 60% stocks (S&P 500), 30% bonds (Lehman
Brothers Aggregate Bond Index), and 10% money market securities (90-Day Treasury
Bills).
The fund delivered a 3.54% gain for the six months ended May 31,
topping its benchmarks in a difficult environment, but its 5.68%
one-year return trailed both the Combined Index Portfolio and the
Merrill Lynch-Wilshire Capital Market Index. Our commitment to
large-cap value stocks hampered returns for the 12-month period,
although the performance of this sector improved significantly
beginning in March. Our small-cap allocation, which contains both
growth and value stocks, provided the major source of returns for the
fund over the past six months. Our international holdings (18% of fund
assets) performed well in 1999, but the weak euro held foreign stock
returns somewhat in check during the last six months. The euro rallied
late in May, however, and a larger-than-expected half-percentage-point
interest rate hike by the European Central Bank in early June should
further bolster the currency.
The fund benefited from strong returns by two of its top holdings,
Disney and Baker Hughes. Disney's stock rose from about $28 per share
at the end of November to just over $42 on the strength of its
top-rated ABC television network and its stake in such cable-TV
channels as ESPN and A&E. Oil services firm Baker Hughes rallied from
a low of under $20 per share in December to $36 per share at the end
of May. The company is benefiting from a resurgence in spending by oil
and gas companies and a restructuring that should improve its
financial performance.
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ASSET ALLOCATION
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Personal Strategy Balanced Fund
[GRAPH]
Stocks 58%
Money Markets 4%
Bonds 38%
Based on net assets as of 5/31/00.
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As of May 31, your fund had 58% of its assets in stocks, unchanged
from the end of November, and 38% in bonds, up two percentage points,
with the remaining 4% in money market securities. We have made no
significant changes in the equity mix since increasing our exposure to
international stocks last fall. On the fixed-income side, we favor
investment-grade bonds, but have added some high-yield (below
investment-grade) bonds.
PERSONAL STRATEGY GROWTH FUND
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PERFORMANCE COMPARISON
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Periods Ended 5/31/00 6 Months 12 Months
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Personal Strategy
Growth Fund 4.58% 7.49%
Combined Index Portfolio* 2.71 8.96
Merrill Lynch-Wilshire Capital
Market Index 1.92 7.85
*An unmanaged portfolio composed of 80% stocks (S&P 500) and 20% bonds (Lehman
Brothers Aggregate Bond Index).
Your fund seeks capital appreciation by investing primarily in common
stocks. The typical asset mix is 80% stocks and 20% bonds and money
market securities, with 10-percentage-point allocation variations
permitted.
Your fund rose 4.58% for the six months ended May 31 and 7.49% for the
year, outperforming both the Combined Index Portfolio and the Merrill
Lynch-Wilshire Capital Market Index for the six-month period, but
trailing its benchmarks for the full 12 months. Despite recent
volatility, small-company stocks were the primary contributors to fund
performance over the past six months. Although large-cap value stocks
hurt returns over the 12-month period, this sector rebounded to help
six-month returns. Two of the fund's five largest holdings, Disney and
Baker Hughes, also contributed significantly to fund results. (For a
detailed look at these two companies, please read the section of this
letter on the Balanced Fund.)
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ASSET ALLOCATION
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Personal Strategy Growth Fund
[GRAPH]
Stocks 77%
Bonds and Money Markets 23%
Based on net assets as of 5/31/00.
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The fund's stock allocation was 77% of assets at the end of May,
unchanged from six months earlier and three percentage points below
the typical allocation. The balance of the fund's assets were in bonds
and money market securities. The fund's slight tilt toward bonds
helped lessen the effects of stock market volatility on performance
during the period.
OUTLOOK
U.S. economic growth appears to be moderating to a more sustainable
level, although we anticipate further interest rate hikes through the
end of the summer. Bonds should perform well as the Fed nears the end
of its tightening cycle and interest rates begin to level off. We
believe high-yield bonds are attractive given the continued strength
of the U.S. economy, but liquidity remains a concern and weaker
issuers could be hurt in an economic slowdown.
Stocks continue to face challenges from rising short-term rates and
valuation concerns, but we are encouraged by the strong performance of
small-caps for much of the period and the rebound in large value
stocks. We believe that small- and mid-cap stocks offer attractive
long-term potential, but earnings growth remains the key to
reestablishing outperformance in these sectors relative to large-caps.
The increasing volatility in world equity markets and the rapid shifts
in market leadership reinforce the advantages of the Personal Strategy
Funds' broadly diversified approach.
Respectfully submitted,
/s/ Edmund M. Notzon III
Edmund M. Notzon III
Chairman of the Investment Advisory Committee
June 15, 2000
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T. ROWE PRICE PERSONAL STRATEGY FUNDS
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PORTFOLIO HIGHLIGHTS
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<TABLE>
<CAPTION>
PORTFOLIO OVERVIEW
Percent of Percent of
Net Assets Net Assets
5/31/00 5/31/00
Personal Strategy Income Fund
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<S> <C> <C> <C>
Money Market Securities 11.9% Stocks 41.5%
Five Largest Holdings:
Bonds 46.6% BP Amoco 0.8
Treasuries/Agencies 14.4 American Home Products 0.7
Mortgage-Backed 13.3 Exxon Mobil 0.5
Corporate 18.9 Disney 0.5
Baker Hughes 0.4
2.9%
<CAPTION>
Personal Strategy Balanced Fund
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<S> <C> <C> <C>
Money Market Securities 4.2% Stocks 58.2%
Five Largest Holdings:
Bonds 37.6% BP Amoco 1.1
Treasuries/Agencies 15.6 American Home Products 0.9
Mortgage-Backed 8.9 Disney 0.7
Corporate 13.1 Exxon Mobil 0.7
Baker Hughes 0.6
4.0%
<CAPTION>
Personal Strategy Growth Fund
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<S> <C> <C> <C>
Money Market Securities 1.8% Stocks 76.8%
Five Largest Holdings:
Bonds 21.4% BP Amoco 1.5
Treasuries/Agencies 6.8 American Home Products 1.3
Mortgage-Backed 5.4 Disney 0.9
Corporate 9.2 Exxon Mobil 0.9
Baker Hughes 0.8
5.4%
</TABLE>
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T. ROWE PRICE PERSONAL STRATEGY FUNDS
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PERFORMANCE COMPARISON
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These charts show the value of a hypothetical $10,000 investment in
each fund over the past 10 fiscal year periods or since inception (for
funds lacking 10-year records). The result is compared with
benchmarks, which may include a broad-based market index and a peer
group average or index. Market indexes do not include expenses, which
are deducted from fund returns as well as mutual fund averages and
indexes.
PERSONAL STRATEGY INCOME FUND
----------------------------------------------------------------------
As of 5/31/00
[GRAPH]
Combined Lehman Aggregate Personal Strategy
Index Portfolio Bond Index Income Fund
7/29/94 10,000 10,000 10,000
May-95 11,237 10,955 11,290
May-96 12,782 11,436 12,852
May-97 14,808 12,387 14,741
May-98 17,407 13,738 17,189
May-99 19,402 14,337 18,294
May-00 20,628 14,639 19,098
PERSONAL STRATEGY INCOME FUND
----------------------------------------------------------------------
As of 5/31/00
[GRAPH]
Merrill Lynch
Combined Wilshire Capital Personal Strategy
Index Portfolio Market Index Balanced Fund
Personal Strategy
7/29/94 10,000 10,000 10,000
May-95 11,483 11,383 11,435
May-96 13,600 13,565 13,490
May-97 16,379 15,883 15,812
May-98 19,990 19,592 18,841
May-99 22,944 22,212 20,414
May-00 24,706 23,955 21,577
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T. ROWE PRICE PERSONAL STRATEGY FUNDS
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PERFORMANCE COMPARISON
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PERSONAL STRATEGY GROWTH FUND
----------------------------------------------------------------------
[GRAPH]
Merrill Lynch
Combined Index Wilshire Capital Personal Strategy Personal Strategy
Portfolio Market Index Balanced Fund Balanced Fund
7/29/94 10,000 10,000 10,000 10,000
May-95 11,483 11,383 11,435 11,435
May-96 13,600 13,565 13,490 13,490
May-97 16,379 15,883 15,812 15,812
May-98 19,990 19,592 18,841 18,841
May-99 22,944 22,212 20,414 20,414
May-00 24,706 23,955 21,577 21,577
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AVERAGE ANNUAL COMPOUND TOTAL RETURN
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This table shows how each fund would have performed each year if its
actual (or cumulative) returns for the periods shown had been earned
at a constant rate.
<TABLE>
<CAPTION>
Since Inception
Periods Ended 5/31/00 1 Year 3 Years 5 Years Inception Date
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Personal Strategy Income Fund 4.39% 9.02% 11.09% 11.72% 7/29/94
Personal Strategy Balanced Fund 5.68 10.92 13.54 14.08 7/29/94
Personal Strategy Growth Fund 7.49 13.00 16.27 16.65 7/29/94
</TABLE>
Investment return and principal value represent past performance and will vary.
Shares may be worth more or less at redemption than at original purchase.
10
<PAGE>
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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T. ROWE PRICE MUTUAL FUNDS
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STOCK FUNDS
Domestic
Blue Chip Growth
Capital Appreciation
Capital Opportunity
Diversified Small-Cap Growth
Dividend Growth
Equity Income
Equity Index 500
Extended Equity Market Index
Financial Services
Growth & Income
Growth Stock
Health Sciences
Media & Telecommunications
Mid-Cap Growth
Mid-Cap Value
New America Growth
New Era
New Horizons*
Real Estate
Science & Technology
Small-Cap Stock
Small-Cap Value
Spectrum Growth
Tax-Efficient Growth
Total Equity Market Index
Value
International/Global
Emerging Markets Stock
European Stock
Global Stock
International Discovery*
International Growth & Income
International Stock
Japan
Latin America
New Asia
Spectrum International
BOND FUNDS
Domestic Taxable
Corporate Income
GNMA
High Yield
New Income
Short-Term Bond
Short-Term U.S. Government
Spectrum Income
Summit GNMA
Summit Limited-Term Bond
U.S. Treasury Intermediate
U.S. Treasury Long-Term
Domestic Tax-Free
California Tax-Free Bond
Florida Intermediate Tax-Free
Georgia Tax-Free Bond
Maryland Short-Term Tax-Free Bond
Maryland Tax-Free Bond
New Jersey Tax-Free Bond
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Free High Yield
Tax-Free Income
Tax-Free Intermediate Bond
Tax-Free Short-Intermediate
Virginia Short-Term
Tax-Free Bond
Virginia Tax-Free Bond
International/Global
Emerging Markets Bond
Global Bond
International Bond
MONEY MARKET FUNDS+
Taxable
Prime Reserve
Summit Cash Reserves
U.S. Treasury Money
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
Balanced
Personal Strategy Balanced
Personal Strategy Growth
Personal Strategy Income
Tax-Efficient Balanced
T. ROWE PRICE NO-LOAD
VARIABLE ANNUITY
Equity Income Portfolio
International Stock Portfolio
Limited-Term Bond Portfolio
Mid-Cap Growth Portfolio
New America Growth Portfolio
Personal Strategy Balanced
Portfolio
Prime Reserve Portfolio
* Closed to new investors.
+ Investments in the funds are not insured or guaranteed by the FDIC or any
other government agency. Although the funds seek to preserve the value of
your investment at $1.00 per share, it is possible to lose money by
investing in the funds.
Please call for a prospectus. Read it carefully before investing.
The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security
Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued
by First Security Benefit Life Insurance Company of New York, White Plains,
NY. T. Rowe Price refers to the underlying portfoliosO investment managers
and the distributors, T. Rowe Price Investment Services, Inc.; T. Rowe
Price Insurance Agency, Inc.; and T. Rowe Price Insurance Agency of Texas,
Inc. The Security Benefit Group of Companies and the T. Rowe Price
companies are not affiliated. The variable annuity may not be available in
all states. The contract has limitations. Call a representative for costs
and complete details of the coverage.
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T. ROWE PRICE ADVISORY SERVICES AND RETIREMENT RESOURCES
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ADVISORY SERVICES, RETIREMENT RESOURCES
T. Rowe Price is your full-service retirement specialist. We have
developed unique advisory services that can help you meet the most
difficult retirement challenges. Our broad array of retirement plans
is suitable for individuals, the self-employed, small businesses,
corporations, and nonprofit organizations. We also provide
recordkeeping, communications, and investment management services, and
our educational materials, self-help planning guides, and software
tools are recognized as among the industry's best. For information or
to request literature, call us at 1-800-638-5660, or visit our Web
site at www.troweprice.com.
ADVISORY SERVICES
T. Rowe Price Retirement Income ManagerSM helps retirees or those
within two years of retirement determine how much income they can take
in retirement. The program uses extensive statistical analysis and the
input of financial planning professionals to suggest an income plan
that best meets your objectives.
T. Rowe Price Rollover Investment Service offers asset allocation
advice to those planning a major change in their qualified retirement
plans, such as a 401(k) rollover from a previous employer or an IRA
transfer.
RETIREMENT RESOURCES AT T. ROWE PRICE
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Planning and Informational Guides
Minimum Required Distributions Guide
Retirement Planning Kit
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Tax Considerations for Investors
Insights Reports
The Challenge of Preparing for Retirement
Financial Planning After Retirement
The Roth IRA: A Review
Software Packages
T. Rowe Price Retirement Planning AnalyzerTM CD-ROM or diskette
$19.95. To order, please call 1-800-541-5760. Also available on the
Internet for $9.95.
T. Rowe Price Variable Annuity AnalyzerTM CD-ROM or diskette,
free. To order, please call 1-800-469-5304.
T. Rowe Price Immediate Variable Annuity (Income Account)
Investment Kits
We will be happy to send you one of our easy-to-follow investment kits
when you are ready to invest in any T. Rowe Price retirement vehicle,
including IRAs, qualified plans, small-business plans, or our no-load
variable annuities.
13
<PAGE>
For fund and account information Walk-In Investor Centers:
or to conduct transactions, For directions, call 1-800-225-5132
or visit our Web site
24 hours, 7 days a week
By touch-tone telephone
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For assistance
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with your existing
fund account, call:
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386 Washington Street
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To open a brokerage account
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or obtain information, call:
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Internet address:
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21800 Oxnard Street, Suite 270
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Plan Account Lines for retirement
plan participants:
Tampa
The appropriate 800 number appears
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on your retirement account statement.
10th Floor
T. Rowe Price Associates
Washington, D.C.
100 East Pratt Street
900 17th Street N.W.
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Farragut Square
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.
[LOGO OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor. C11-050 5/31/00
