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Semiannual Report
PERSONAL
STRATEGY
FUNDS
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NOVEMBER 30, 2000
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[LOGO OF T. ROWE PRICE]
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REPORT HIGHLIGHTS
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Personal Strategy Funds
. Stocks fell in a volatile market, but bonds rallied as intermediate-and
long-term interest rates declined.
. The Personal Strategy Income and Balanced Funds provided narrow gains for
the six months ended November 30, while the Growth Fund posted a small
loss.
. The funds benefited from their bond holdings, but large-cap growth stocks
hampered returns.
. The possibility of lower interest rates should help bonds, while a soft
landing should support corporate earnings and stock prices.
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
Stocks fell sharply over the past six months, led by technology and
telecommunications issues. The tech sell-off that began in March continued
through November. Large-cap growth stocks eventually joined in the decline, but
value stocks held up better and small-cap stocks resisted the trend for much of
the period. Meanwhile, bonds turned in solid returns as the markets breathed a
sigh of relief at the end of the Federal Reserve's most recent rate-hike cycle.
Your funds' bond portfolios helped temper the effects of the stock market
decline.
MARKET ENVIRONMENT
At the time of our report six months ago, the Federal Reserve had just
raised short-term interest rates for the sixth time in a year.
Concerned that the sizzling U.S. economy and low unemployment would
trigger higher inflation, the Fed hoped to engineer a soft
landing--that is, a sustainable, noninflationary level of growth. The
May 16 rate hike turned out to be the Fed's last as the economy soon
began to show signs of slowing. Investors briefly cheered the news
with a stock market rally, but quickly began to fear that the economy
would slow too much, perhaps threatening a recession. Stocks then
began a roller-coaster ride with increasingly lower lows. Earnings
warnings, especially among tech companies, added to the gloom.
For the six months, the S&P 500 Index of large-cap stocks fell nearly
7% while the tech-heavy Nasdaq Composite Index lost almost 24%. Small-
cap stocks, which rebounded for most of the year after prolonged
underperformance, gave back much of their gains in the final three
months of the period. After chasing tech highfliers, investors began
to look more closely at company fundamentals, and value stocks held up
well. For the six months, the large-cap Russell 1000 Value Index rose
1.55% versus the Russell 1000 Growth Index's sizable decline of
17.32%.
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INTEREST RATE LEVELS
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[GRAPH]
[PLOT POINTS TO COME]
The slowing economy, restrained inflation, and the Fed's interest rate
inactivity heartened bond investors, and equity investors turned increasingly to
bonds as stock volatility rose toward year-end. These trends boosted bond prices
and correspondingly pushed yields down. Treasury securities outperformed most
other bonds, spurred by the Treasury buyback program that is reducing the supply
of long-term government bonds. High-quality bonds were particularly strong
during the last six months, but as concerns about slowing economic growth became
more widespread, corporate bonds, especially lower-rated issues, lagged.
Overall, the Lehman Brothers U.S. Aggregate Index, a broad, unmanaged measure of
the domestic bond market, rose 7.58% for the six-month period, easily
outdistancing stocks.
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. The stock allocation in the Income Fund ended
the period slightly lower, and the Balanced and Growth Funds also remained
underweighted in stocks. We continued to overweight bonds relative to each
fund's neutral position.
Our allocation to below investment-grade bonds fell along with the
high-yield market. High-yield bonds faced rising pressure in recent months
due to credit concerns among wireline telecom companies, especially
competitive local exchange carriers. The biggest losers were bonds from
lower-rated CCC and B issuers. The portfolio's declining high-yield
allocation resulted in a slightly higher cash position in the Income and
Balanced Funds.
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Investment-grade bonds were the top-performing sector over the last six
months. Our emphasis on long-term Treasuries contributed to a slightly
longer duration than the Lehman U.S. Aggregate Index, which helped us to
marginally outperform as long-term interest rates declined. (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.)
Value and small-cap stocks were the top contributors for the 12-month
period. Value stocks have been steady performers throughout the year, but
small-caps gave back much of their gains in the period's final three
months. Our large-cap growth holdings posted negative returns for the six
months, but outperformed both the S&P Barra Growth and the S&P 500 indexes.
Financial stocks and consumer nondurables were the strongest sectors, both
within the large- and small-cap segments, while technology and
telecommunications stocks lagged.
Our foreign allocation reduced overall performance, due in large part to
the weakness in Europe's fledgling currency, the euro. Our international
portfolio outperformed the MSCI EAFE (Europe, Australasia, Far East) Index
of developed markets, however, benefiting from a focus on valuation at a
time when growth stocks were hardest hit. We continue to favor
international stocks and believe European stocks are especially undervalued
relative to U.S. equities.
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 allocations can vary by
as much as 10 percentage points above or below these levels.
The fund posted modest returns for the 6- and
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PERFORMANCE COMPARISON
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Periods Ended 11/30/00 6 Months 12 Months
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Personal Strategy
Income Fund 2.46% 5.66%
Combined Index Portfolio * 0.84 3.31
Lehman Brothers
U.S. Aggregate Index 7.58 9.06
* An unmanaged portfolio composed of 40% stocks (S&P 500), 40% bonds (Lehman
Brothers U.S. Aggregate Index), and 20% money market securities (90-Day
Treasury Bills).
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12-month periods ended November 30, outperforming its Combined Index
Portfolio benchmark for both periods but lagging the Lehman Brothers U.S.
Aggregate Index. The fund's equity exposure hampered performance relative
to the Lehman index, which of course has no stock component, but our
above-neutral allocation to bonds proved beneficial. Although our stock
holdings were negative for the period, our preference for companies with
strong fundamentals helped us dodge the worst of the tech sell-off.
Declining long-term interest rates led to strong bond performance,
particularly in the investment-grade sector, which boosted fund returns.
High-yield bonds (below investment grade) held back the bond portfolio
somewhat, but our high-yield portfolio is concentrated in the two highest
tiers of the market, BB and B rated issues. Most of the damage occurred in
the lowest-rated segment of that market.
During the past six months, the fund's stock component fell to 39% from
41%, while the bond allocation rose one percentage point to 48%, with 13%
invested in money markets. Among equities, we continue to favor value over
growth, and believe that foreign stocks are attractive relative to
domestic stocks, despite poor returns this year. The bond allocation marks
an overweighted position relative to the fund's neutral (40%) weighting,
with a bias toward investment-grade securities.
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ASSET ALLOCATION
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Personal Strategy Income Fund
[GRAPH]
Bonds 48%
Stocks 39%
Money Markets 13%
Based on net assets as of 11/30/00.
PERSONAL STRATEGY BALANCED FUND
The objective of this fund is to provide the highest total return consis-
tent 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 above and below these levels permitted for each asset class.
This asset allocation offers higher risk but also a higher potential return
over the long term than the Income Fund.
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PERFORMANCE COMPARISON
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Periods Ended 11/30/00 6 Months 12 Months
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Personal Strategy
Balanced Fund 1.15% 4.73%
Combined Index Portfolio * -1.61 0.96
Merrill Lynch-Wilshire Capital
Market Index -3.83 -1.99
* An unmanaged portfolio composed of 60% stocks (S&P 500), 30% bonds (Lehman
Brothers U.S. Aggregate Index), and 10% money market securities (90-Day
Treasury Bills).
The fund gained only 1.15% for the six months ended November 30, but
nevertheless topped both of its benchmarks in a difficult environment for
stocks. Its 4.73% one-year return exceeded both the Combined Index Portfolio and
the Merrill Lynch-Wilshire Capital Market Index. Our slightly higher-than-normal
allocation to bonds boosted returns, as bonds significantly outperformed stocks
during the past six months.
While large-cap stocks posted negative returns for the last six months, the
portfolio benefited from an overweighting in value versus growth among our
large-cap holdings. Our allocation to small-cap stocks was also a positive
contributor to performance among domestic equities. Both value and small-caps
were also strong contributors to 12-month performance. (For a closer look at
some of the fund's largest holdings, please read the section of this letter on
the Growth Fund.) Foreign stock holdings were a drag on returns, although we
remain convinced that foreign, especially European, stocks offer greater value
than domestic equities going forward. European companies should see gains from
restructurings similar to those in the U.S. in the first half of the `90s,
although of a lesser magnitude. We expect greater shareholder value to be
unlocked as more companies merge across borders and gain economies of scale.
As of November 30, your fund had 57% of its assets in stocks, slightly lower
than at the end of May, and 38% in bonds,
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ASSET ALLOCATION
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Personal Strategy Balanced Fund
[GRAPH]
Bonds 38%
Money Markets 5%
Stocks 57%
Based on net assets as of 11/30/00.
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unchanged from the previous period, with the remaining 5% in money market
securities. Our higher-than-normal position in bonds reflects our desire to
moderate portfolio volatility given the heightened fluctuations in stocks.
International holdings accounted for 16% of the Balanced Fund's overall
portfolio at the end of November, down from 18% at the end of May. This
represents a rebalancing back to our targets rather than a change in our
strategy.
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 allocation variations from these
levels permitted.
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PERFORMANCE COMPARISON
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Periods Ended 11/30/00 6 Months 12 Months
Personal Strategy
Growth Fund -0.41% 4.15%
Combined Index Portfolio * -4.06 -1.46
Merrill Lynch-Wilshire Capital
Market Index -3.83 -1.99
* An unmanaged portfolio composed of 80% stocks (S&P 500) and 20% bonds
(Lehman Brothers U.S. Aggregate Index).
The fund posted a narrow loss for the six months ended November 30, but
gained 4.15% for the year, as shown in the chart. The fund did much better
than its benchmarks, the Combined Index Portfolio and the Merrill
Lynch-Wilshire Capital Market Index, for both the 6- and 12-month periods.
As with the other Personal Strategy Funds, our bond holdings performed
well, and although bonds compose a smaller share of the Growth Fund, they
nevertheless helped mitigate the losses from stock holdings. We entered the
period with a slightly higher allocation to bonds and money markets than
normal and a slightly lower allocation to stocks, which also worked to our
advantage.
Despite the weakness in the stock market, several of the fund's largest
holdings provided gains as financial and consumer nondurables bucked the
negative trends. Fannie Mae bounced back strongly over the past six months.
The government-sponsored buyer of mortgages
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benefited as a regulatory threat evaporated and lower mortgage rates
spurred home buying. Pfizer and American Home Products performed in line
with the generally strong pharmaceutical sector. Pfizer's 12-month returns
were strong despite recent weakness related to its Warner-Lambert
acquisition. We remain positive on Pfizer's ability to improve margins and
contain costs as it completes the integration of Warner-Lambert's business
units. BP Amoco was the laggard among the funds' top five. Shares fell to
$47 at the end of the period from just over $60 in November 1999 as
investors focused on integration costs related to several acquisitions,
including Arco. Although BP Amoco has slumped due to a slowdown in current
production levels, the company has been increasing spending on oil
exploration to ensure long-term production growth.
The fund's stock allocation was 77% of assets at the end of November,
unchanged from six months earlier and three percentage points below the
typical allocation. The balance of the fund's assets was in bonds and money
market securities.
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ASSET ALLOCATION
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Personal Strategy Growth Fund
[GRAPH]
Bonds and Money Markets 23%
Stocks 77%
Based on net assets as of 11/30/00.
OUTLOOK
With the economy slowing and inflation under control, the Fed appears to
have ended its rate-hike program. The likely scenario now is for lower
rates in the first half of 2001, as the Fed pursues a soft landing for the
economy. Lower interest rates should benefit the fixed-income markets and
should also help support corporate earnings and give a boost to stocks.
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In this environment, we remain optimistic about the long-term prospects for
stock and bond returns. Nevertheless, this year's heightened stock market
volatility and rapid shifts in market leadership reinforce the need for the
broadly diversified investment strategy that the Personal Strategy Funds offer.
Respectfully submitted,
/s/ Edmund M. Notzon III
Edmund M. Notzon III
Chairman of the fund's Investment Advisory Committee
December 20, 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
11/30/00 11/30/00
<S> <C> <C> <C>
Personal Strategy Income Fund
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Money Market Securities 13.4% Stocks 39.0%
Five Largest Holdings:
Bonds 47.6% American Home Products 0.7
Treasuries/Agencies 16.5 BP Amoco 0.6
Mortgage-Backed 9.7 Fannie Mae 0.6
Corporate 18.0 Exxon Mobil 0.5
Foreign 3.4 Pfizer 0.5
2.9%
Personal Strategy Balanced Fund
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Money Market Securities 4.7% Stocks 57.3%
Five Largest Holdings:
Bonds 38.0% American Home Products 1.1
Treasuries/Agencies 11.6 BP Amoco 1.0
Mortgage-Backed 9.5 Fannie Mae 0.8
Corporate 15.0 Exxon Mobil 0.8
Foreign 1.9 Pfizer 0.7
4.4%
Personal Strategy Growth Fund
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Money Market Securities 1.2% Stocks 77.1%
Five Largest Holdings:
Bonds 21.7% American Home Products 1.4
Treasuries/Agencies 7.1 BP Amoco 1.3
Mortgage-Backed 5.4 Fannie Mae 1.1
Corporate 8.0 Exxon Mobil 1.0
Foreign 1.2 Pfizer 1.0
5.8%
</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
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[GRAPH]
As of 11/30/00
Combined Index Lehman Brothers Personal Strategy
Portfolio U.S. Aggregate Index Income Fund
7/29/94 10,000 10,000 10,000
Nov-94 9,972 9,834 9,939
Nov-95 12,214 11,569 12,338
Nov-96 13,959 12,272 14,125
Nov-97 16,097 13,198 15,883
Nov-98 18,459 14,446 17,631
Nov-99 20,135 14,440 18,519
Nov-00 20,802 15,749 19,567
PERSONAL STRATEGY BALANCED FUND
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[GRAPH]
As of 11/30/00
Combined Index Merrill Lynch Wilshire Personal Strategy
Portfolio Capital Market Index Balanced Fund
7/29/94 10,000 10,000 10,000
Nov-94 9,974 9,943 9,969
Nov-95 12,728 12,681 12,710
Nov-96 15,111 14,800 14,904
Nov-97 18,093 17,744 17,124
Nov-98 21,349 20,439 19,254
Nov-99 24,077 23,504 20,839
Nov-00 24,309 23,036 21,825
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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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[GRAPH]
As of 11/30/00
Combined Index Merrill Lynch Wilshire Personal Strategy
Portfolio Capital Market Index Growth Fund
7/29/94 10,000 10,000 10,000
Nov-94 9,974 9,943 10,010
Nov-95 13,258 12,681 13,111
Nov-96 16,344 14,800 15,844
Nov-97 20,302 17,744 18,598
Nov-98 24,600 20,439 21,161
Nov-99 28,666 23,504 23,497
Nov-00 28,249 23,036 24,473
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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 11/30/00 1 Year 3 Years 5 Years Inception Date
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<S> <C> <C> <C> <C> <C>
Personal Strategy Income Fund 5.66% 7.20% 9.66% 11.17% 7/29/94
Personal Strategy Balanced Fund 4.73 8.42 11.42 13.10 7/29/94
Personal Strategy Growth Fund 4.15 9.58 13.29 15.16 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.
11
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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 July 2000 survey for representative-assisted stock
trades. Services vary by firm, and commissions may vary depending
on size of order.
12
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T. ROWE PRICE MUTUAL FUNDS
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STOCK FUNDS BOND FUNDS
Domestic Domestic Taxable
Blue Chip Growth Corporate Income
Capital Appreciation GNMA
Capital Opportunity High Yield
Developing Technologies New Income
Diversified Small-Cap Growth Short-Term Bond
Dividend Growth Spectrum Income
Equity Income Summit GNMA
Equity Index 500 U.S. Bond Index
Extended Equity Market Index U.S. Treasury Intermediate
Financial Services U.S. Treasury Long-Term
Growth & Income
Growth Stock Domestic Tax-Free
Health Sciences California Tax-Free Bond
Media & Telecommunications Florida Intermediate Tax-Free
Mid-Cap Growth Georgia Tax-Free Bond
Mid-Cap Value Maryland Short-Term Tax-Free Bond
New America Growth Maryland Tax-Free Bond
New Era New Jersey Tax-Free Bond
New Horizons* New York Tax-Free Bond
Real Estate Summit Municipal Income
Science & Technology Summit Municipal Intermediate
Small-Cap Stock Tax-Free High Yield
Small-Cap Value Tax-Free Income
Spectrum Growth Tax-Free Intermediate Bond
Tax-Efficient Growth Tax-Free Short-Intermediate
Total Equity Market Index Virginia Tax-Free Bond
Value
BLENDED ASSET FUNDS MONEY MARKET FUNDS+
Balanced Taxable
Personal Strategy Balanced Prime Reserve
Personal Strategy Growth Summit Cash Reserves
Personal Strategy Income U.S. Treasury Money
Tax-Efficient Balanced
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
INTERNATIONAL/GLOBAL
FUNDS
Stock
Emerging Europe &
Mediterranean
Emerging Markets Stock
European Stock
Global Stock
Global Technology
International Discovery*
International Equity Index
International Growth & Income
International Stock
Japan
Latin America
New Asia
Spectrum International
Bond
Emerging Markets Bond
International Bond
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, which contains complete information, including
fees and expenses. 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.
13
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For fund and account information
or to conduct transactions,
24 hours, 7 days a week
By touch-tone telephone
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For assistance
with your existing
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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.
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or visit our Web site at
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[LOGO OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor. C11-051 11/30/00
