June 19, 2000
To the Board of Directors of T. Rowe Price Personal Strategy Funds, Inc.
and Shareholders of T. Rowe Price Personal Strategy Balanced Fund,
T. Rowe Price Personal Strategy Growth Fund and T. Rowe Price
Personal Strategy Income Fund
In planning and performing our audits of the financial statements
of T. Rowe Price Personal Strategy Balanced Fund, T. Rowe Price
Personal Strategy Growth Fund and T. Rowe Price Personal Strategy
Income Fund (hereafter referred to as the "Funds") for the year ended
May 31, 2000, we considered their internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that controls may become inadequate because of changes in
conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of May 31, 2000.
This report is intended solely for the information and use of management,
the Board of Directors of T. Rowe Price Personal Strategy Funds,
Inc., and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other then
these specified parties.
PRICEWATERHOUSECOOPERS LLP
PricewaterhouseCoopers LLP
Baltimore, Maryland
