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Semiannual Report
PERSONAL STRATEGY FUNDS
NOVEMBER 30, 1999
T. ROWE PRICE
[LOGO OF T. ROWE PRICE]
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REPORT HIGHLIGHTS
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Personal Strategy Funds
. Stocks rose and bonds slipped as the Fed raised short-term rates to curb
potential inflation.
. The Personal Strategy Income, Balanced, and Growth Funds provided
respectable returns for the 6- and 12-month periods ended November 30,
1999.
. The funds' results were hampered versus the benchmarks by their small-cap
and value holdings, while international and large-cap growth stocks made
positive contributions.
. We believe foreign stocks still offer better value than U.S. equities and
high-yield bonds are particularly attractive among fixed income
investments.
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.
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FELLOW SHAREHOLDERS
During the past six months, the domestic economy continued to grow strongly
while overseas economies picked up steam. Third quarter GDP was revised upward
to 5.5% and unemployment was at a 30-year low of 4.1%. With the dwindling supply
of available workers increasing the prospects for higher inflation, the Federal
Reserve raised the fed funds target rate three times. In this uncertain
environment, stocks advanced but bonds lost ground.
MARKET ENVIRONMENT
While overall inflation remains benign, there are signs of inflationary
pressures in several areas of the U.S. economy, including higher import prices,
the weakening dollar, and accelerating producer prices. Oil prices increased
150% during the past 12 months and reached a nine-year high of almost $27 per
barrel in November before finishing the month a bit lower.
International economies continued to strengthen. In Asia, corporate
restructuring boosted investor confidence and, consequently, stocks and
currencies. The Japanese yen gained ground against the U.S. dollar and finished
November near its four-year high of 101 versus the greenback. In Europe,
economies also improved without threat of inflation, although European central
bankers are sending stronger signals that rate hikes may lie ahead. Despite the
prospect of higher interest rates, the euro slid toward parity with the U.S.
dollar, losing about 16% in value over its 11-month existence.
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INTEREST RATE LEVELS
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[GRAPH]
30-Year Treasury Bond 5-Year-Treasury Note 90-Day Treasury Bill
11/30/98 5.21 4.62 4.58
5.12 4.59 4.55
5.12 4.56 4.47
Feb-99 5.49 5.11 4.65
5.63 5.12 4.47
5.58 5.15 4.51
May-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
11/30/99 6.22 6.03 5.28
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U.S. corporations reported very strong profits in the third quarter. After-tax
profits rose 3% to post an 11.7% growth rate through September, the strongest
since third quarter 1997. The improvement in earnings growth relative to nominal
GDP suggests at least marginal improvement in pricing power for domestic
companies.
Growth stocks returned to dominance in domestic equity markets, as value stocks
faltered after rallying in the spring. International equity markets,
particularly in Asia, Japan, Hong Kong, and South Korea, showed surprising
strength. Japan and the rest of Asia tend to be large net importers of
commodities, and strength in those economies has driven commodity prices higher.
In the fixed income markets, yields rose and prices fell as concerns about
accelerating inflation prompted the Fed to boost the fed funds target rate a
total of three-quarters of a percentage point. The two-year Treasury yield rose
59 basis points while the 30-year yield climbed 46 since the end of May,
hampering bond returns (100 basis points equal one percentage point).
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
maintained a modest underweighting in stocks in the Balanced and Growth Funds
and a slight overweighting in the Income Fund.
Valuation disparities between growth and value stocks grew even more pronounced.
In August we redirected some profits from our growth stocks into the value
sector. Although we made no changes to the small-cap allocation, we believe
small-cap stocks continue to offer compelling valuations given their growth
potential. We also feel that foreign markets currently offer more attractive
valuations than domestic equities. Accordingly, in October we shifted away from
domestic stocks into international stocks.
Domestic fixed income markets have been declining, partly a result of record
levels of new bond issuance. While we think that improved liquidity over the
next few months should favor bonds in general, we believe the attractive income
offered by high-yield bonds (below investment grade) makes this sector
particularly appealing, and we currently favor high-yield over investment-grade
securities.
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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 figures can vary by as much as 10 percentage points
above or below these levels.
During the past six months, the fund's stock component fell one percentage point
to 41%, with 48% allocated to bonds (the same as in May) and 11% to cash. Our
equity focus favored value over growth. We made no change to our percentage of
small-cap stocks. We continue to believe that foreign equities offer more
attractive growth potential than U.S. stocks and increased our commitment to
them. Among our fixed income holdings, we maintained our allocation of
investment-grade bonds and high-yield securities. Liquidity has begun to improve
in the high-yield market, and we expect the yields in this sector to narrow the
gap with high-quality bond yields, benefiting high-yield investors.
The fund's returns for the 6- and 12-month periods ended November 30 were
modest. The fund outperformed the Lehman Aggregate Bond Index but trailed the
Combined Index Portfolio, as shown in the table. Rising interest rates limited
returns for investment-grade long-term bonds, while poor liquidity and a huge
supply of new bonds through September hurt the high-yield area.
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ASSET ALLOCATION
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[CHART]
Personal Strategy Income Fund
Bonds 48%
Reserves 11%
Stocks 41%
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PERFORMANCE COMPARISON
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Periods Ended 11/30/99 6 Months 12 Months
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Personal Strategy
Income Fund 1.23% 5.04%
Combined Index Portfolio* 3.78 9.08
Lehman Aggregate
Bond Index 0.72 -0.04
*An unmanaged portfolio composed of 40% stocks (S&P 500), 40% bonds (Lehman
Aggregate Bond Index), and 20% money market securities (90-Day Treasury Bills).
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Our allocation of international and large-cap growth stocks contributed
positively to returns among the equity component, but our positions in small-cap
and value stocks hampered results over the last six months. For both periods,
large-cap growth stocks provided the major share of fund performance.
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 structure offers higher
risk but also a higher potential return than the Income Fund.
On November 30, your fund had 58% of its assets in stocks, down slightly from
the end of May; 36% in bonds, three percentage points lower; and the balance in
money market securities. Among equity holdings we lowered our allocation to
growth and increased our value and international stocks. Our current fixed
income bias favors high-yield over investment-grade corporate bonds.
One of the strongest performers among the fund's top holdings was Corning, whose
stock rose in recent months after the company proposed doubling its worldwide
production capacity for liquid crystal displays used in portable computers and
hand-held information devices. Electronics and defense conglomerate GE, another
top position, benefited from the high valuations afforded large-cap growth
shares. Among our other major equity holdings, BP Amoco participated in the
energy stocks rally. The firm proposed a $27 billion buy-out of ARCO that is
currently under review by the Federal Trade Commission. The combined company
would offer economies of scale
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ASSET ALLOCATION
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Personal Startegy Balanced Fund
[CHART]
Bonds 36%
Reserves 6%
Stocks 58%
Based on net assets as of 11/30/99.
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in its competition against newly merged Exxon and Mobil. In addition to general
market weakness in the pharmaceutical sector, American Home Products' share
price declined as Pfizer threatened to derail AHP's proposed acquisition of
Warner-Lambert. Sprint, another key holding and the third-largest U.S. long
distance company, soared following the October announcement of its takeover by
MCI WorldCom, the second-largest U.S. provider. The $129 billion deal would rank
as one of the largest in U.S. history.
The fund's six-month return trailed the Combined Index Portfolio and the Merrill
Lynch-Wilshire Capital Market Index, as large-cap value and small-cap holdings
hampered performance. Results for the 12-month period also lagged the
benchmarks. Recent returns were driven by strength in large-cap growth and
international stocks while value and small-cap shares limped along for most of
the period after rallying last spring. Our fixed income holdings were mostly
flat to slightly negative in a rising-interest-rate environment during the last
six months. However, high-yield bonds have shown recent signs of improvement,
and bonds in general helped limit volatility in the third quarter when stocks
delivered negative returns.
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PERFORMANCE COMPARISON
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Periods Ended 11/30/99 6 Months 12 Months
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Personal Strategy
Balanced Fund 2.07% 8.23%
Combined Index Portfolio* 4.94 12.78
Merrill Lynch-Wilshire Capital
Market Index 5.81 14.99
*An unmanaged portfolio composed of 60% stocks (S&P 500), 30% bonds (Lehman
Aggregate Bond Index), and 10% money market securities (90-Day Treasury Bills).
PERSONAL STRATEGY GROWTH FUND
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 variations permitted.
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ASSET ALLOCATION
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Personal Strategy Growth Fund
[CHART]
Bonds and Reserves 23%
Stocks 77%
Based on net assets as of 11/30/99.
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As of November 30, the fund's stock allocation was 77% of net assets, two
percentage points lower than six months ago, and 23% was invested in bonds and
cash equivalents. The portfolio's five-largest stock holdings were BP Amoco,
American Home Products, Corning, GE, and Sprint. (For a detailed writeup on
these stocks, please read our report on the Balanced Fund.) In recent months,
the fund benefited from its positions in domestic large-cap growth stocks and
international equities, while our domestic large-cap value and small-cap stocks
had a negative impact on performance and hampered results relative to our
benchmarks, as shown in the table.
Despite the lagging relative performance, the fund delivered respectable returns
in a difficult environment and surpassed the Balanced and Income funds in both
the 6- and 12-month periods, since stocks in general far outpaced fixed income
securities. These results are to be expected given the higher risk associated
with the Growth Fund's larger stock component.
PERFORMANCE COMPARISON
Periods Ended 11/30/99 6 Months 12 Months
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Personal Strategy
Growth Fund 2.79% 11.04%
Combined Index Portfolio* 6.08 16.53
Merrill Lynch-Wilshire Capital
Market Index 5.81 14.99
*An unmanaged portfolio composed of 80% stocks (S&P 500) and 20% bonds (Lehman
Aggregate Bond Index).
OUTLOOK
Overall, we foresee a lessening of volatility in the financial markets and an
improvement in bond liquidity compared with 1999. Accordingly, we believe bonds
offer an attractive opportunity for investors searching for income and long-term
appreciation. On the equity side of the ledger, we expect corporate profit
growth to remain strong, getting a boost from continuing high demand from
domestic and, increasingly, international consumers. In this environment, we
remain optimistic about the prospects for attractive stock and bond returns over
the long term.
Respectfully submitted,
/s/ Edmund M. Notzon III
Edmund M. Notzon III
Chairman of the Investment Advisory Committee
December 17, 1999
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T. ROWE PRICE PERSONAL STRATEGY FUNDS
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PORTFOLIO HIGHLIGHTS
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PORTFOLIO OVERVIEW
Percent of Percent of
Net Assets Net Assets
11/30/99 11/30/99
Personal Strategy Income Fund
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Reserves 10.7% Stocks 41.5%
Five Largest Holdings:
Bonds 47.8% BP Amoco 0.8
Treasuries/Agencies 13.0 Corning 0.6
Mortgage-Backed 12.7 American Home Products 0.5
Corporate 22.1 GE 0.5
Sprint 0.4
2.8%
Personal Strategy Balanced Fund
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Reserves 5.9% Stocks 58.1%
Five Largest Holdings:
Bonds 36.0% BP Amoco 1.1
Treasuries/Agencies 14.6 Corning 0.8
Mortgage-Backed 8.5 American Home Products 0.8
Corporate 12.9 GE 0.7
Sprint 0.6
4.0%
Personal Strategy Growth Fund
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Reserves 4.2% Stocks 76.7%
Five Largest Holdings:
Bonds 19.1% BP Amoco 1.5
Treasuries/Agencies 5.0 American Home Products 1.1
Mortgage-Backed 6.0 Corning 1.1
Corporate 8.1 GE 1.0
Sprint 0.9
5.6%
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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
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As of 11/30/99
Combined Index Lehman Aggregate Personal Strategy
Date Portfolio Bond Index Income Fund
- ---- --------- ---------- -----------
7/29/94 10,000 10,000 10,000
11/94 9,972 9,834 9,939
11/95 12,214 11,569 12,338
11/96 13,959 12,272 14,125
11/97 16,097 13,198 15,883
11/98 18,459 14,446 17,631
11/99 20,135 14,440 18,519
PERSONAL STRATEGY BALANCED FUND
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As of 11/30/99
Combined Index Merrill Lynch-Wilshire Personal Strategy
Date Portfolio Capital Market Index Balanced Fund
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7/29/94 10,000 10,000 10,000
11/94 9,974 9,943 9,969
11/95 12,728 12,681 12,710
11/96 15,111 14,800 14,904
11/97 18,093 17,744 17,124
11/98 21,349 20,439 19,254
11/99 24,077 23,504 20,839
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T. ROWE PRICE PERSONAL STRATEGY FUNDS
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PERFORMANCE COMPARISON
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PERSONAL STRATEGY GROWTH FUND
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As of 11/30/99
Combined Index Merrill Lynch-Wilshire Personal Strategy
Date Portfolio Capital Market Index Growth Fund
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7/29/94 10,000 10,000 10,000
11/94 9,974 9,943 10,010
11/95 13,258 12,681 13,111
11/96 16,344 14,800 15,844
11/97 20,302 17,744 18,598
11/98 24,600 20,439 21,161
11/99 28,666 23,504 23,497
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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 11/30/99 1 Year 3 Years 5 Years Inception Date
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<S> <C> <C> <C> <C> <C>
Personal Strategy Income Fund 5.04% 9.45% 13.25% 12.23% 7/29/94
Personal Strategy Balanced Fund 8.23 11.82 15.89 14.74 7/29/94
Personal Strategy Growth Fund 11.04 14.04 18.61 17.35 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.
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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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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 portfolios 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 RETIREMENT PLANS AND RESOURCES
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RETIREMENT PLANS AND RESOURCES
We recognize that saving for retirement is the number one investment goal for
most Americans. We can help you meet your retirement needs, whether you are
starting an IRA or designing a retirement program for your employees. T. Rowe
Price offers an assortment of retirement plans for individuals, the self-
employed, small businesses, corporations, and nonprofit organizations. We
provide recordkeeping, communications, and investment management services, as
well as a variety of educational materials, self-help planning guides, and
software tools to help you choose and implement a retirement plan appropriate
for you. For information or to request literature, call us at 1-800-638-5660.
<TABLE>
<CAPTION>
IRAs AND QUALIFIED PLANS
<S> <C>
Traditional IRA Money Purchase Pension
Roth IRA "Paired" Plans (Money Purchase
Rollover IRA Pension and Profit Sharing Plans)
SEP-IRA 401(k)
SIMPLE IRA 403(b)
Profit Sharing 457 Deferred Compensation
RETIREMENT RESOURCES AT T. ROWE PRICE
Planning and Informational Guides Investing for Retirement in Your 403(b)
Minimum Required Distributions Guide Account
Retirement Planning Kit The T. Rowe Price No-Load Variable
Retirees Financial Guide Annuity Information Kit
Tax Considerations for Investors
Insights Reports
Investment Kits The Challenge of Preparing for
The IRA Investing Kit Retirement
Roth IRA Conversion Kit Financial Planning After Retirement
Rollover IRA Kit The Roth IRA: A Review
The T. Rowe Price SIMPLE IRA Plan Kit
The T. Rowe Price SEP-IRA Plan Software Packages
The Simplified Keogh Plan(R) From T. Rowe Price Retirement Planning
T. Rowe Price Analyzer(TM) CD-ROM or diskette
The T. Rowe Price 401(k) Century $19.95. To order, please call
Plan(R) (for small businesses) 1-800-541-5760. Also available
Money Purchase Pension/Profit Sharing on the Internet for $9.95.
Plan Kit T. Rowe Price Variable Annuity
Analyzer(TM) CD-ROM or diskette, free.
To order, please call 1-800-469-5304.
</TABLE>
Many of these resources are also available for viewing or ordering on the
Internet at www.troweprice.com.
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T. ROWE PRICE RETIREMENT PLANS AND RESOURCES
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THE FUNDAMENTALS OF INVESTING
Whether you are unsure how to get started or are saving for a specific goal,
such as retirement or college, the T. Rowe Price Insights series can help you
make informed investment decisions. These reports, written in plain English
about fundamental investment topics, can be useful at every stage of your
investment journey. They cover a range of topics, from the basic, such as
getting started with mutual funds, to the more advanced, such as managing risk
through diversification or buying individual securities through a broker. To
request one or more Insights, call us at 1-800-638-5660.
<TABLE>
<CAPTION>
INSIGHTS REPORTS
<S> <C>
General Information Investing in Common Stocks
The ABCs of Giving Investing in Emerging Growth Stocks
Back to Basics: The ABCs of Investing Investing in Financial Services Stocks
The Challenge of Preparing for Investing in Health Care Stocks
Retirement Investing in High-Yield Municipal
Financial Planning After Retirement Bonds
Getting Started: Investing With Mutual Investing in Money Market Securities
Funds Investing in Mortgage-Backed Securities
The Roth IRA: A Review Investing in Natural Resource Stocks
Tax Information for Mutual Fund Investing in Science and Technology
Investors Stocks
Investing in Small-Company Stocks
Investment Strategies Understanding Derivatives
Conservative Stock Investing Understanding High-Yield "Junk"
Dollar Cost Averaging Bonds
Equity Index Investing
Growth Stock Investing Brokerage Insights
Investing for Higher Yield Combining Individual Securities With
Managing Risk Through Diversification Mutual Funds
The Power of Compounding Getting Started: An Introduction to
Value Investing Individual Securities
What You Should Know About Bonds
Types of Securities What You Should Know About Margin
The Basics of International Stock and Short-Selling
Investing What You Should Know About Options
The Basics of Tax-Free Investing What You Should Know About Stocks
The Fundamentals of Fixed Income
Investing
Global Bond Investing
</TABLE>
T. Rowe Price Insights are also available for reading or downloading on the
Internet at www.troweprice.com.
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For fund and account information Walk-In Investor Centers:
or to conduct transactions, For directions, call
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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. C11-051 11/30/99
