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Previous: PRICE T ROWE PERSONAL STRATEGY FUNDS INC, N-30D, 2001-01-16 |
Next: PRICE T ROWE PERSONAL STRATEGY FUNDS INC, N-30D, 2001-01-16 |
<PAGE>
--------------------------------------------------------------------------------
Semiannual Report - Financial Statements
--------------------------------------------------------------------------------
T. ROWE PRICE
PERSONAL STRATEGY
GROWTH FUND
------------------
NOVEMBER 30, 2000
------------------
1
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
--------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
----------------------------------------------------------------------------------------------
6 Months Year
Ended Ended
11/30/00 5/31/00 5/31/99 5/31/98 5/31/97 5/31/96
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 19.57 $ 19.02 $ 18.05 $ 15.20 $ 13.69 $ 11.44
Investment activities
Net investment
income (loss) 0.17 0.33* 0.34* 0.29* 0.27* 0.30*
Net realized and
unrealized gain (loss) (0.25) 1.06 1.40 3.01 2.37 2.29
Total from
investment activities (0.08) 1.39 1.74 3.30 2.64 2.59
Distributions
Net investment income - (0.32) (0.32) (0.26) (0.24) (0.27)
Net realized gain - (0.52) (0.45) (0.19) (0.89) (0.07)
Total distributions - (0.84) (0.77) (0.45) (1.13) (0.34)
NET ASSET VALUE
End of period $ 19.49 $ 19.57 $ 19.02 $ 18.05 $ 15.20 $ 13.69
===============================================================
Ratios/Supplemental Data
Total returno (0.41)% 7.49%* 10.01%* 22.02%* 19.89%* 22.83%*
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 (loss) to average
net assets 1.83%+ 1.93%* 2.00%* 2.15%* 2.24%* 2.27%*
Portfolio turnover rate 53.9%+ 42.6% 36.1% 33.3% 39.6% 39.5%
Net assets, end of period
(in thousands) $283,426 $270,663 $213,631 $147,347 $ 67,552 $ 24,954
</TABLE>
o 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 5/31/02.
+ Annualized
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Unaudited November 30, 2000
PORTFOLIO OF INVESTMENTS Shares/Par Value
--------------------------------------------------------------------------------
In thousands
COMMON STOCKS 77.1%
FINANCIAL 14.4%
Bank and Trust 5.6%
Abbey National (GBP) 41,100 $ 648
ABN Amro Holding (EUR) 10,000 210
Allied Irish Banks (EUR) 15,500 168
Australia & New Zealand Banking Group (AUD) 12,000 95
Australia & New Zealand Banking Group ADR 3,600 140
Banca Commerciale Italiana (EUR) 36,500 228
Banca Intesa (EUR) 64,200 280
Banca Popolare di Milano (EUR) 8,200 52
Banco Bradesco ADR 31,500 219
Banco de Bilbao Vizcaya Argentaria ADR 37,700 500
Banco Frances del Rio de la Plata ADR 12,200 236
Banco Santiago ADR 16,300 326
Bank of America 25,000 998
Bank of New York 16,500 911
Bank One 26,440 947
Bankgesellschaft Berlin (EUR) 8,100 107
Barclays Group (GBP) 17,700 497
BNP Paribas (EUR) 1,800 139
Charter One Financial 2,783 67
Chase Manhattan 17,050 629
Chittenden 11,500 309
Citizens Banking 7,200 169
Commonwealth Bank of Australia (AUD) 18,000 300
Downey Financial 11,300 514
Dresdner Bank (EUR) 12,700 469
DSB Group Holdings (SGD) 20,304 230
First Bell Bancorp 1,400 18
First Mariner Bancorp 600 3
Firstar 8,300 161
Frankfort First Bancorp 1,800 23
Glacier Bancorp 5,731 68
KBC Bancassurance Holding (EUR) 3,400 133
Marshall & Ilsley 600 26
Mellon Financial 44,900 2,105
3
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Overseas Chinese Bank (SGD) 28,060 $ 189
Societe Generale (EUR) 1,404 76
Southwest Bancorp * 10,100 360
State Street 5,500 709
Sumitomo Bank (JPY) 49,000 488
Summit Bancorp 3,000 112
Svenska Handelsbanken (Series A) (SEK) 18,500 295
UniCredito Italiano (EUR) 63,900 319
Valley National Bancorp 9,000 263
Wells Fargo 16,800 797
Westamerica 8,800 299
-----------
15,832
-----------
Insurance 3.8%
ACE Limited 18,900 747
Aegon (EUR) 6,200 255
American General 10,000 749
American International Group 3,593 348
AMP (AUD) 9,600 95
Brown and Brown 10,600 335
Harleysville Group 2,700 67
Hartford Financial Services Group 3,100 219
Istituto Nazionale delle Assicurazioni (EUR) * 66,116 189
London Pacific Group ADR 7,100 83
Marsh & McLennan 6,400 737
PartnerRe Holdings 5,700 301
Selective Insurance 2,600 52
St. Paul 31,000 1,554
Sumitomo Marine & Fire Insurance (JPY) 89,000 596
Swiss Re (CHF) 210 467
UNUMProvident 65,000 1,755
W. R. Berkley 3,600 129
XL Capital (Class A) 25,000 1,995
-----------
10,673
-----------
Financial Services 5.0%
American Express 23,800 1,308
Amvescap (GBP) 19,800 317
Associates First Capital (Class A) 9,100 321
AXA (EUR) 2,400 336
Banacci (MXN) 350,400 482
4
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Capital One Financial 10,600 $ 592
Charles Schwab 4,350 120
Citigroup 41,630 2,074
Credit Lyonnais (EUR) 2,300 78
Delta Financial * 2,300 1
Fannie Mae 40,400 3,192
Financial Federal * 3,200 74
Freddie Mac 31,700 1,916
GIMV (EUR) 2,300 91
Goldman Sachs Group 2,300 189
HSBC Holdings (GBP) 54,501 719
ING Groep (EUR) 7,950 572
ITLA Capital * 4,800 71
Morgan Stanley Dean Witter 7,200 456
Nomura Securities (JPY) 15,000 315
Pearson (GBP) 11,700 259
Providian Financial 5,200 468
Stilwell Financial 10,500 341
14,292
-------------
Total Financial 40,797
-------------
UTILITIES 5.2%
Telephone 3.1%
AT&T 15,974 314
AT&T Liberty Media (Class A) * 14,900 202
BellSouth 15,000 627
British Telecommunications ADR 2,900 250
KPN (EUR) 4,833 65
Nextel Communications (Class A) * 6,100 189
Nippon Telegraph & Telephone (JPY) 90 775
Portugal Telecom (EUR) 5,500 45
Rural Cellular (Class A) * 1,000 36
SBC Communications 25,900 1,423
Sprint 20,000 460
Sprint PCS * 6,400 145
Swisscom (CHF) 467 112
Tele Danmark (DKK) 700 28
Telebras ADR 5,400 312
5
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
------------------------------------------------------------------------------
Shares/Par Value
------------------------------------------------------------------------------
In thousands
Telecom Corp. of New Zealand (NZD) 20,000 $ 47
Telecom Corp. of New Zealand ADR 5,100 93
Telecom Italia (EUR) 39,040 452
Telecom Italia Mobile (EUR) 66,800 527
Telefonica ADR * 9,923 469
Telefonos de Mexico (Telmex) (Class L) ADR 18,100 848
Vodafone 36,600 1,254
Western Wireless * 1,700 67
WorldCom * 3,327 50
XO Communications * 4,800 71
-----------
8,861
-----------
Electric Utilities 1.9%
Cleco 9,800 459
E.On (EUR) 7,120 403
Electrobras 18,200 151
Empresa Nacional de Electricidad Chile ADR* 25,924 261
Exelon 22,825 1,512
FirstEnergy 21,737 641
GPU 5,800 204
Hong Kong Electric Holdings (HKD) 42,000 145
Iberdrola (EUR) 30,500 365
National Grid Group (GBP) 11,200 98
Powergen (GBP) 13,300 109
Sony (JPY) 6,000 452
TXU 16,000 639
Unisource Energy 1,100 16
-----------
5,455
-----------
Water Utilities 0.2%
Suez Lyonnaise des Eaux (EUR) 3,100 525
525
-----------
Total Utilities 14,841
-----------
CONSUMER NONDURABLES 14.9%
Cosmetics 0.7%
Chattem * 4,600 22
Gillette 25,000 847
6
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
------------------------------------------------------------------------------
Shares/Par Value
------------------------------------------------------------------------------
In thousands
International Flavors & Fragrances 49,300 $ 921
Kao (JPY) 10,000 307
-----------
2,097
-----------
Beverages 1.2%
Anheuser-Busch 28,600 1,357
Coca-Cola 11,200 701
Diageo ADR 6,519 272
Femsa UBD, Units (Represents 1 Series B and
4 Series D shares) (MXN) 66,900 230
LVMH (EUR) 1,690 112
PepsiCo 14,600 663
-----------
3,335
-----------
Food Processing 2.2%
American Italian Pasta * 3,200 73
Associated British Foods (GBP) 43,800 301
Cadbury Schweppes (GBP) 24,400 170
Cadbury Schweppes ADR 3,800 109
Campbell 30,000 1,001
Carrefour (EUR) 8,000 482
Casino Guich-Perrachon (EUR) 1,200 115
Danisco (DKK) 600 23
Eridania Beghin-Say (EUR) 1,400 140
G.I.B. Group (EUR) 3,200 134
General Mills 31,120 1,280
International Multifoods 11,300 218
Nestle (CHF) 219 475
Quaker Oats 800 70
Ralston Purina 34,900 918
Sara Lee 14,600 350
Seneca Foods (Class A) * 1,200 15
Seneca Foods (Class B) * 1,300 17
Unilever 6,639 412
-----------
6,303
-----------
Hospital Supplies/Hospital Management 0.9%
Airgas * 5,900 44
Allergan 1,000 93
Baxter International 10,000 866
Cephalon * 3,705 172
7
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Guidant * 300 $ 16
Hooper Holmes 8,100 81
Lincare Holdings * 6,900 304
Mentor 10,600 192
Molecular Devices * 2,300 112
Renal Care Group * 5,250 114
Smith & Nephew (GBP) 67,136 303
Steris * 6,400 96
Terumo (JPY) 10,000 198
-----------
2,591
-----------
Pharmaceuticals 5.4%
American Home Products 67,160 4,038
Amgen * 4,400 280
Arena Pharmaceuticals * 600 12
AstraZeneca Group (GBP) 10,095 515
AstraZeneca Group ADR 11,000 566
AtheroGenics 2,200 14
Aurora Biosciences * 1,700 54
Genentech * 6,000 408
Glaxo Wellcome ADR 12,600 722
IDEC Pharmaceuticals * 800 139
Immunex * 2,500 93
Incyte Genomics * 1,400 37
Johnson & Johnson 6,500 650
MedImmune * 6,300 335
Merck 6,900 640
Novartis (CHF) 811 1,315
Noven Pharmaceuticals * 800 21
Novo Nordisk (DKK) 100 19
NPS Pharmaceuticals * 2,300 89
Pfizer 64,785 2,871
Pharmacia 18,259 1,114
Schering-Plough 11,500 645
Syngenta (CHF) * 202 9
Syngenta (London Exchange) (GBP) * 250 11
Takeda Chemical Industries (JPY) 9,000 557
Triangle Pharmaceuticals * 8,000 43
-----------
15,197
-----------
8
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Biotechnology 0.3%
Abgenix * 900 $ 44
Alkermes * 2,800 84
COR Therapeutics * 2,600 92
Cubist Pharmaceuticals * 1,300 42
Deltagen * 1,300 16
Eden Bioscience * 1,300 46
Edwards Lifesciences * 5,000 80
Genaissance Pharmaceuticals 900 17
Gilead Sciences * 200 16
Inhale Therapeutic Systems * 6,000 233
Neose Technologies * 200 6
Neurocrine Biosciences * 1,400 41
Serologicals * 7,200 69
Viropharma * 800 12
-----------
798
-----------
Health Care Services 0.8%
AmeriPath * 8,500 141
Boron LePore & Associates * 800 8
Bruker Daltonics 100 2
CIGNA 4,200 553
Orthodontic Centers of America * 3,200 97
Packard BioScience * 2,600 25
UnitedHealth Group 7,400 868
Wellpoint Health Networks * 3,600 388
Wilson Greatbatch Technologies * 4,300 103
-----------
2,185
-----------
Miscellaneous Consumer Products 3.4%
Bridgestone (JPY) 6,000 74
Coach * 1,000 22
Colgate-Palmolive 25,800 1,516
Cone Mills * 14,100 47
Culp 4,500 12
Dan River * 12,500 27
Electrolux (Class B) (SEK) 4,600 64
Energizer Holdings * 11,633 225
Harcourt General 20,000 1,105
Lion Nathan (NZD) 71,500 157
Mattel 60,000 757
9
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Mitsui (JPY) 60,000 $ 372
Newell Rubbermaid 20,000 389
Nintendo (JPY) 2,800 419
Philip Morris 61,350 2,343
Philips Electronics ADR 12,204 400
Polymer Group 3,800 21
QuickSilver * 3,300 69
Reebok International * 3,000 64
Sola International * 14,100 51
Stride Rite 13,400 80
Tomkins (GBP) 83,100 177
Unifi * 8,100 69
UST 37,700 895
Wacoal (JPY) 14,000 125
WestPoint Stevens 3,000 19
Yue Yuen Industrial (HKD) 87,000 167
-----------
9,666
-----------
Total Consumer Nondurables 42,172
-----------
CONSUMER SERVICES 6.9%
Restaurants 0.2%
Applebee's 2,300 76
Buca * 10,000 158
PJ America * 3,700 26
Ruby Tuesday 7,700 117
Uno Restaurant * 4,900 41
-----------
418
-----------
General Merchandisers 1.0%
Bon-Ton Stores * 11,500 34
Casey's General Stores 17,900 209
Columbia Sportswear * 4,000 165
Marui (JPY) 7,000 90
Neiman Marcus Group * 5,800 175
Target 11,200 337
Tesco (GBP) 157,080 635
Wal-Mart 15,300 798
Wal-Mart de Mexico (MXN) 116,200 252
-----------
2,695
-----------
10
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Specialty Merchandisers 2.5%
Albertson's 35,000 $ 895
CVS 12,712 723
Home Depot 11,750 460
Kroger * 25,100 665
Loew's 1,100 44
Nordstrom 40,000 643
O' Charley's * 12,900 223
PurchasePro.com 4,200 58
Safeway * 17,800 1,049
Toys "R" Us * 70,000 1,326
Tupperware 50,700 925
Urban Outfitters * 6,400 50
Wild Oats Markets * 5,400 23
-----------
7,084
-----------
Entertainment and Leisure 1.5%
Disney * 69,700 2,017
Houghton Mifflin 3,700 135
Hutchison Whampoa (HKD) 73,200 875
Papa John's International * 5,000 133
Sharp (JPY) 8,000 95
Sonic 2,500 98
Viacom (Class B) * 17,683 904
-----------
4,257
-----------
Media and Communications 1.6%
American Tower Systems (Class A) * 800 24
Asatsu (JPY) 3,300 84
Classic Communications (Class A) * 4,000 14
Clear Channel Communications * 10,778 544
Comcast (Class A Special) * 6,300 242
Crown Castle International * 4,900 116
Elsevier (EUR) 5,900 75
Emmis Broadcasting (Class A) * 5,300 125
Infinity Broadcasting (Class A) * 12,000 363
McGraw-Hill 4,100 218
Mediaset (EUR) 14,600 190
News Corporation ADR 5,500 192
Pegasus Communications * 1,900 51
Publishing & Broadcasting (AUD) 32,000 215
11
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
R.R. Donnelley 85,400 $ 1,911
Sinclair Broadcast Group (Class A) * 13,900 122
Young Broadcasting (Class A) * 3,700 101
-----------
4,587
-----------
Printing and Publishing 0.1%
Reed International (GBP) 43,200 387
-----------
387
-----------
Total Consumer Services 19,428
-----------
CONSUMER CYCLICALS 3.9%
Automobiles and Related 0.6%
A.O. Smith (Class B) 12,250 204
Cycle & Carriage (SGD) 10,000 20
DaimlerChrysler (EUR) 3,400 130
Fiat (EUR) 2,600 63
Honda Motor (JPY) 4,000 140
Honda Motor ADR 2,700 187
Keystone Automotive * 2,600 15
Littelfuse * 9,900 253
Peugeot (EUR) 1,605 331
Strattec Security * 1,900 63
Volkswagen (EUR) 6,400 316
Volvo (Class B) (SEK) 1,800 27
-----------
1,749
-----------
Building and Real Estate 2.5%
Apartment Investment & Management, REIT 2,300 106
Arden Realty, REIT 7,200 176
Capitaland (SGD) * 24,000 38
Cemex, Participating Certificates (Represents 2
Series A and 1 Series B shares) (MXN) 57,824 229
Cheung Kong Holdings (HKD) 48,000 540
City Developments (SGD) 19,000 87
EastGroup Properties, REIT 8,200 163
Federal Realty Investment Trust, REIT 51,300 988
First Washington Realty Trust, REIT 4,200 107
Glenborough Realty Trust, REIT 4,800 73
JP Realty, REIT 6,000 92
12
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Parkway Properties, REIT 8,200 $ 229
Reckson Associates Realty (Class B), REIT 1,992 47
Reckson Associates Realty, REIT 50,000 1,172
RMC (GBP) 7,200 58
Simco (EUR) 1,400 88
Simon Property Group, REIT 41,640 955
Singapore Land (SGD) 39,000 78
Slough Estates (GBP) 39,100 216
Starwood Hotels & Resorts Worldwide, REIT 40,000 1,280
Westfield Trust (AUD) 113,300 190
Woodhead Industries 7,200 158
----------
7,070
----------
Miscellaneous Consumer Durables 0.8%
CompX 5,100 62
Eastman Kodak 35,000 1,470
Harman International 12,600 460
Intranet Solutions * 2,800 104
OCE (EUR) 1,000 15
2,111
----------
Total Consumer Cyclicals 10,930
----------
TECHNOLOGY 7.2%
Electronic Components 1.9%
Altera * 15,300 367
American Superconductor * 1,800 42
Analog Devices * 7,600 377
Analogic 5,000 175
Artesyn Technologies * 6,300 216
ASM Lithography Holding (EUR) * 1,500 32
ATMI * 4,900 76
Benchmark Electronics * 4,600 133
EMC * 6,100 454
Epcos (EUR) * 200 16
Exar * 3,400 85
Flextronics International * 20,100 503
Intel 17,700 674
Kyocera (JPY) 2,000 261
13
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
LSI Logic * 9,200 $ 166
Maxim Integrated Products * 6,600 336
Methode Electronics (Class A) 8,400 173
MKS Instruments * 200 3
Motorola 5,100 102
PMC-Sierra * 1,400 129
QLogic * 2,000 162
QuickLogic * 5,200 36
Sez Holding (CHF) 93 54
SIPEX * 4,000 101
Spirent (GBP) 33,600 245
Texas Instruments 9,400 351
Xilinx * 6,100 238
-----------
5,507
-----------
Electronic Systems 1.0%
Agilent Technologies * 800 42
Applied Biosystems Group 2,400 198
Applied Materials * 9,500 384
Applied Micro Circuits * 2,600 126
Armor Holdings * 13,000 206
Black Box * 4,500 251
Hewlett-Packard 8,400 266
KLA-Tencor * 4,000 110
Lifeline Systems * 3,900 51
Lo-Jack * 5,500 41
Solectron * 11,500 322
STMicroelectronics (EUR) 6,000 253
Waters * 10,300 662
-----------
2,912
-----------
Information Processing 0.4%
Dell Computer * 19,900 383
F. Y. I. * 6,000 175
Hitachi (JPY) 10,000 95
Hitachi ADR 5,200 493
-----------
1,146
-----------
Office Automation 0.0%
Technitrol 3,400 127
-----------
127
-----------
14
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Specialized Computer 0.2%
Activision * 2,200 $ 23
Sun Microsystems * 6,200 472
Symbol Technologies 800 32
Virata * 1,000 14
-----------
541
-----------
Aerospace and Defense 0.2%
DONCASTERS ADR * 1,500 25
Harsco 7,200 154
United Technologies 2,500 177
Woodward Governor 2,200 83
-----------
439
-----------
Telecommunications 3.5%
Airgate PCS * 1,400 32
Airnet Communications * 300 2
Alcatel (EUR) 8,120 402
Avaya * 1,250 15
China Mobile (Hong Kong) ADR * 4,200 111
Cisco Systems * 38,300 1,832
Corning 24,300 1,422
Deutsche Telekom (EUR) 18,900 593
Ditech Communications * 1,600 25
Eircom (EUR) 15,800 36
France Telecom (EUR) 1,200 101
France Telecom ADR 5,400 459
Harmonic Lightwaves * 6,300 47
JDS Uniphase * 3,300 166
LM Ericsson (Class B) ADR 54,400 621
Lucent Technologies 15,000 233
Marconi (GBP) 16,100 151
Nokia ADR 43,600 1,864
Nortel Networks 13,900 525
Pacific Century CyberWorks ADR 7,186 42
Peco II * 2,600 37
QUALCOMM * 600 48
SDL * 2,300 418
Singapore Telecommunications (SGD) 125,000 208
Sonera Group (EUR) 7,100 136
15
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Tellabs * 1,000 $ 53
Telstra (AUD) 52,600 172
Vyyo * 1,200 11
West TeleServices * 3,200 86
9,848
-----------
Total Technology 20,520
-----------
EDUCATION 0.0%
ITT Educational Services * 600 12
Societe BIC (EUR) 2,100 75
-----------
Total Education 87
-----------
CAPITAL EQUIPMENT 2.0%
Electrical Equipment 1.5%
ABB (CHF) 3,187 290
Bang & Olufsen (Class B) (DKK) 2,400 103
Canon (JPY) 9,000 353
GE 37,600 1,863
Getronics (EUR) 3,000 16
hi/fn * 2,300 75
LSI Industries 4,700 100
Matsushita Electric Industrial (JPY) 22,000 551
Mitsubishi Electric (JPY) 45,000 292
Tyco International 14,198 749
-----------
4,392
-----------
Machinery 0.5%
Actuant 11,900 43
Alstom (EUR) 4,400 103
Brooks Automation * 2,900 66
Danaher 9,300 606
Deere 10,000 407
GKN (GBP) 7,200 79
NN Ball & Roller 4,500 38
Saurer (CHF) * 162 71
-----------
1,413
-----------
Total Capital Equipment 5,805
-----------
16
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
BUSINESS SERVICES AND
TRANSPORTATION 6.7%
Computer Service and Software 3.0%
724 Solutions * 100 $ 2
Actuate * 2,200 45
America Online * 23,700 962
Analysts International 7,500 38
Ariba * 3,000 187
Automatic Data Processing 13,100 865
BISYS Group * 5,200 223
Cambridge Technology Partners * 2,700 6
Concord Communications * 2,300 15
Digital Impact * 5,400 16
Electronic Arts * 1,000 36
First Data 14,270 730
Fujitsu (JPY) 18,000 287
Genomica * 200 2
Great Plains Software * 1,600 75
iGATE Capital * 5,300 21
Interact Commerce * 3,000 24
Intuit * 5,000 228
Jack Henry & Associates 700 38
Juniper Networks * 1,600 199
Keynote Systems * 3,000 55
Loislaw.com * 1,200 1
Macromedia * 2,300 147
Microsoft * 28,300 1,624
net.Genesis * 3,300 10
NetIQ * 2,800 225
Oracle * 29,300 777
Packeteer * 2,300 29
Peregrine Systems * 800 13
Pixelworks * 1,200 29
Progress Software * 17,100 221
PSINet * 4,380 5
Quest Software * 700 19
Register.com * 3,300 20
17
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
SAP (EUR) 1,941 $ 204
Sema (GBP) 4,600 19
Siebel Systems * 5,000 349
Softbank (JPY) 1,900 99
Sonicwall * 1,100 18
SPSS * 2,800 45
SunGard Data Systems * 900 44
Telecommunication Systems * 200 2
USinternetworking * 12,900 36
Verisign * 400 35
VERITAS Software * 2,925 285
Verity * 2,000 29
WebTrends * 4,400 111
Zebra Technologies (Class A) * 1,900 79
-----------
8,529
-----------
Distribution Services 0.2%
MSC Industrial Direct * 4,100 63
Primesource 1,500 7
SCP Pool * 10,200 276
SunSource * 9,800 31
TNT Post Group (EUR) 2,200 53
United Stationers * 6,800 175
Watsco (Class A) 7,300 79
-----------
684
-----------
Environmental 0.1%
CUNO * 4,600 132
IT Group * 6,100 24
Rentokil Initial (GBP) 32,100 91
Waterlink * 4,700 3
-----------
250
-----------
Transportation Services 0.6%
Bergesen (Class A) (NOK) 8,600 148
C.H. Robinson Worldwide 2,100 119
Comfort Systems USA * 12,900 40
EGL * 3,550 122
Expeditors International of Washington 3,800 197
Heartland Express * 2,200 45
Hub Group (Class A) * 1,000 7
18
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
International Shipholding 2,200 $ 16
Mitsubishi Heavy Industries (JPY) 165,000 720
Seacor Smit * 5,500 231
UTI Worldwide 2,500 41
-----------
1,686
-----------
Miscellaneous Business Services 2.2%
AnswerThink * 2,500 14
British Airport Authorities (GBP) 12,799 109
Concord EFS * 1,600 70
Corio * 500 2
Electro Rent * 6,400 72
Exodus Communications * 3,800 86
G&K Services 4,500 121
H&R Block 39,500 1,390
Hays (GBP) 18,600 95
Herman Miller 2,800 66
Insituform Technologies (Class A) * 7,800 266
Iron Mountain * 7,900 262
Ivex Packaging * 9,700 85
Kforce.com * 8,000 38
Maximus * 8,700 246
McGrath RentCorp 3,800 68
MPW Industrial Services Group * 5,700 11
New England Business Service 11,600 183
Omnicom Group 6,500 511
Strayer Education 4,800 120
Tetra Tech * 8,212 287
Vedior (EUR) 4,100 46
Waste Management 88,643 2,122
-----------
6,270
-----------
Airlines 0.1%
Midwest Express Holdings * 5,500 87
Singapore Airlines (SGD) 27,000 260
-----------
347
-----------
Railroads 0.5%
Norfolk Southern 82,000 1,179
Railtrack Group (GBP) 8,000 108
-----------
1,287
-----------
Total Business Services and Transportation 19,053
-----------
19
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
ENERGY 7.5%
Energy Services 1.4%
Atwood Oceanics * 3,100 $ 98
Baker Hughes 69,800 2,308
BJ Services * 4,300 229
Cooper Cameron * 900 49
Grant Prideco * 1,500 21
Hydril * 2,600 46
Johnson Electric Holdings (HKD) 368,000 691
Kansai Electric Power (JPY) 10,000 168
Smith International * 1,400 81
Tokyo Electric Power (JPY) 7,000 165
Weatherford International * 1,900 63
-----------
3,919
-----------
Exploration and Production 1.1%
Barrett Resources * 7,300 282
Chieftain International * 7,200 160
Cross Timbers Oil 13,200 262
Forest Oil * 11,600 144
Key Energy Services * 10,800 78
National Oilwell * 4,100 131
Noble Affiliates 7,000 261
Santos (EUR) 40,600 132
Unocal 50,500 1,723
-----------
3,173
-----------
Integrated Petroleum - Domestic 0.9%
Amerada Hess 3,500 214
Conoco (Class B) 19,865 498
USX-Marathon 73,700 1,944
-----------
2,656
-----------
Integrated Petroleum - International 4.0%
BP Amoco ADR 75,894 3,600
Chevron 9,000 737
ENI (EUR) 22,500 135
ENI SPA ADR 4,700 287
Exxon Mobil 33,302 2,931
Petroleo Brasileiro (Petrobras) ADR 19,000 455
20
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Repsol ADR 8,300 $ 136
Royal Dutch Petroleum 23,100 1,379
Shell Transport & Trading ADR 7,100 338
Texaco 9,800 569
TotalFinaElf (Class B) (EUR) 3,033 433
TotalFinaElf ADR 3,648 258
-----------
11,258
-----------
Gas Transmission 0.1%
El Paso Energy 3,300 198
198
-----------
Total Energy 21,204
-----------
PROCESS INDUSTRIES 3.6%
Diversified Chemicals 0.9%
Arch Chemicals 10,100 182
Cabot Microelectronics * 2,400 88
Dow Chemical 34,000 1,039
DuPont 7,061 299
Hercules 52,000 988
-----------
2,596
-----------
Specialty Chemicals 1.5%
3M 14,100 1,408
Akzo Nobel (EUR) 1,500 71
BASF (EUR) 8,750 330
Great Lakes Chemical 25,640 896
Imperial Chemical ADR 2,400 65
MacDermid 2,200 41
Norsk Hydro 5,200 208
Pall 46,100 919
Sumitomo Chemicals (JPY) 38,000 167
-----------
4,105
-----------
Paper and Paper Products 0.6%
Buckeye Technologies * 7,200 91
Jefferson Smurfit (GBP) 368 0
Kimberly-Clark 18,600 1,301
Kimberly-Clark de Mexico (Class A) (MXN) 102,800 257
Smurfit-Stone Container * 2,600 33
-----------
1,682
-----------
21
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Forest Products 0.5%
Georgia-Pacific 17,503 $ 441
Rio Tinto (GBP) 4,700 70
Weyerhaeuser 20,000 875
-----------
1,386
-----------
Building and Construction 0.1%
Dal-Tile International * 4,300 53
Eiffage (EUR) 1,800 91
Layne Christensen * 6,100 24
Simpson Manufacturing * 2,100 99
Trex * 800 18
U.S. Aggregates 4,700 41
326
-----------
Total Process Industries 10,095
-----------
BASIC MATERIALS 1.4%
Metals 1.2%
Alcoa 47,064 1,327
Gibraltar Steel 3,300 45
Material Sciences * 7,800 76
Matthews International (Class A) 10,700 309
Pechiney (EUR) 1,800 70
Phelps Dodge 35,000 1,719
-----------
3,546
-----------
Mining 0.2%
Battle Mountain Gold * 26,400 41
Lihir Gold (AUD) * 102,240 31
Rio Tinto (EUR) 21,100 292
Union Miniere (EUR) 3,600 127
491
Miscellaneous Materials 0.0%
Malayan Cement (MYR) 20,250 7
7
-----------
Total Basic Materials 4,044
-----------
22
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
MISCELLANEOUS 0.0%
Miscellaneous 0.0%
Syngenta ADR (GBP) * 1,368 $ 12
Miscellaneous Other Common Stocks 3,000 42
-----------
54
-----------
Conglomerates 0.0%
Orkla (Class A) (NOK) 2,485 45
-----------
45
-----------
Total Miscellaneous 99
-----------
FOREIGN 3.4%
Europe 1.9%
Aventis (EUR) 6,900 541
Bank of Scotland (GBP) 47,700 461
BG Group (GBP) 39,644 162
BNL (EUR) 17,600 54
Brembo (EUR) * 6,400 54
Cap Gemini (EUR) 900 124
Credit Suisse Group (CHF) 3,000 523
CSM (EUR) 2,900 72
Deutz (EUR) * 20,400 51
DnB Holding (NOK) 11,800 54
EM.TV (EUR) 1,200 20
Essilor International (EUR) 307 89
Fortis B (EUR) 4,700 138
Granada Compass (GBP) * 19,464 184
Ifil (EUR) 3,600 29
Lafarge (EUR) 1,000 75
Lattice Group (GBP) * 39,644 84
Merck KGaA (EUR) 4,100 159
Metro (EUR) 1,300 56
Munich Re (EUR) 2,360 767
Nordic Baltic Holding (SEK) * 46,841 334
Novozymes (B Shares) (DKK) * 100 2
OMV (EUR) 200 14
Prosegur Seguridad (EUR) 7,000 72
23
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
------------------------------------------------------------------------------
Shares/Par Value
------------------------------------------------------------------------------
In thousands
Publicis Groupe (EUR) 3,800 $ 113
Radiometer (DKK) 1,900 47
Rolls Royce (GBP) 73,478 217
Sandvik (SEK) 3,600 77
Seat Pagine Gialle (EUR) 2,186 5
Securitas (Class B) (SEK) 5,500 89
SGL Carbon (EUR) * 800 39
Sodexho Alliance (EUR) 900 161
Svenska Cellulosa (SEK) 7,200 141
Swatch (CHF) 325 77
Tullow Oil (EUR) * 228 0
-----------
5,085
-----------
Far East 1.1%
Advantest (JPY) 1,200 141
Asahi Breweries (JPY) 17,000 180
Ashikaga Bank (JPY) * 78,000 143
Daiei (JPY) * 37,000 73
Fujikura (JPY) 64,000 550
Maeda Road Construction (JPY) 43,000 184
Mitsubishi Chemical (JPY) 75,000 210
Mizuho Holdings (JPY) 76 491
Nissan Motor (JPY) * 55,000 336
Showa Shell Sekiyu (JPY) 12,000 59
Singapore Press Holdings (SGD) 12,000 187
Takashimaya (JPY) 15,000 108
Teijin (JPY) 65,000 302
Toho (JPY) 2,000 268
Yakult Honsha (JPY) 10,000 114
-----------
3,346
-----------
Other Foreign 0.4%
San Paolo IMI (EUR) 1,126 18
Siemens (EUR) 4,500 511
Unibanco GDR 9,100 203
ValiCert * 4,700 31
Woolworths (AUD) 80,400 328
-----------
1,091
-----------
Total Foreign 9,522
-----------
Total Common Stocks (Cost $198,629) 218,597
-----------
24
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
CORPORATE BONDS 9.2%
Abitibi Consolidated, Sr. Notes, 8.55%, 8/1/10 250,000 $ 244
Acme Television, Sr. Notes, 10.875%, 9/30/04 25,000 22
AFC Enterprises, Sr. Sub. Notes, 10.25%, 5/15/07 100,000 92
Agrosy Gaming, Sr. Notes, 10.75%, 6/1/09 75,000 77
AIG Sunamerica Global Financing, Sr. Notes
(144a), 7.60%, 6/15/05 + 400,000 413
Alaska Communications, Sr. Sub. Notes, 9.375%, 5/15/09 100,000 82
Allied Holdings, Sr. Notes, 8.625%, 10/1/07 100,000 77
American Builders & Contractors Supply
Sr. Sub. Notes, 10.625%, 5/15/07 100,000 81
American Standard, 9.25%, 12/1/16 20,000 20
Amerigas Partners, Sr. Notes, 10.125%, 4/15/07 50,000 50
Amkor Technology, Sr. Notes, 9.25%, 5/1/06 100,000 94
Anteon, Sr. Sub. Notes, 12.00%, 5/15/09 50,000 45
Associated Materials, Sr. Sub. Notes, 9.25%, 3/1/08 100,000 96
AT&T, Sr. Notes, 6.00%, 3/15/09 250,000 223
Avis Group Holdings, Sr. Sub. Notes, 11.00%, 5/1/09 100,000 107
B&G Foods, Sr. Sub. Notes, 9.625%, 8/1/07 100,000 66
Bally Total Fitness, Sr. Sub. Notes, 9.875%, 10/15/07 200,000 182
Bethlehem Steel, Sr. Notes, 10.375%, 9/1/03 50,000 35
BWAY, Sr. Sub. Notes, 10.25%, 4/15/07 100,000 91
California Special Purpose Trust, 6.42%, 9/25/08 425,000 423
Capital One Bank, Sr. Notes, 8.25%, 6/15/05 250,000 246
Capital One Master Trust, 7.90%, 10/15/10 250,000 254
Case Equipment Loan Trust, 5.83%, 2/15/05 339,989 337
Chancellor Media
Sr. Notes, 8.00%, 11/1/08 50,000 50
Sub. Notes, 8.125%, 12/15/07 50,000 51
Charter Communications, Sr. Notes, 8.25%, 4/1/07 100,000 87
Chattem, Sr. Sub. Notes, 12.75%, 6/15/04 100,000 100
Cinemark USA, Sr. Sub. Notes, 8.50%, 8/1/08 50,000 31
CIT Equipment Collateral Trust, 6.93%, 7/20/11 400,000 403
CIT RV Trust, 6.09%, 2/15/12 650,000 645
Classic Cable, Sr. Sub. Notes, 9.375%, 8/1/09 100,000 50
CMS Energy, Sr. Notes, 9.875%, 10/15/07 100,000 103
Coinmach, Sr. Sub. Notes, 11.75%, 11/15/05 50,000 50
25
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
COMM 2000
7.416%, 4/15/10 $ 250,000 $ 252
7.494%, 4/15/10 200,000 205
Comstock Resources, Sr. Notes, 11.25%, 5/1/07 75,000 76
Consolidated Container, Sr. Sub. Notes, 10.125%, 7/15/09 100,000 86
Container Corp. of America, Gtd. Notes, 10.75%, 5/1/02 25,000 25
Cott, Sr. Notes
8.50%, 5/1/07 50,000 46
9.375%, 7/1/05 50,000 49
Courtyard by Marriott II, Sr. Notes, 10.75%, 2/1/08 100,000 99
CSC Holdings, Sr. Notes, 7.875%, 12/15/07 100,000 98
DaimlerChrysler Auto Trust, 6.66%, 1/8/05 500,000 503
Dan River, Sr. Sub. Notes, 10.125%, 12/15/03 100,000 70
Dealer Auto Receivables Trust, 7.12%, 3/15/05 375,000 381
Delta Mills, Sr. Notes, 9.625%, 9/1/07 25,000 22
Deutsche Telekom, 8.00%, 6/15/10 300,000 304
Doane Pet Care, Sr. Sub. Notes, 9.75%, 5/15/07 62,000 45
Dobson Communications, Sr. Notes, 10.875%, 7/1/10 100,000 96
Dyersburg, Sr. Sub. Notes, 9.75%, 9/1/07 50,000 3
Dyncorp, Sr. Sub. Notes, 9.50%, 3/1/07 25,000 20
Energy Corp. of America, Sr. Sub. Notes, 9.50%, 5/15/07 50,000 39
Exodus Communications, Sr. Notes, 10.75%, 12/15/09 100,000 79
Fairfax Financial, Sr. Notes, 8.25%, 10/1/15 1,550,000 1,300
Flextronics International
Sr. Sub. Notes, (144a), 9.875%, 7/1/10 + 100,000 95
Focal Communications, Sr. Notes, 11.875%, 1/15/10 50,000 26
Ford Motor Credit, Sr. Notes, 5.80%, 1/12/09 600,000 530
Frontiervision, Sr. Notes
11.00%, 10/15/06 100,000 86
11.875%, 9/15/07 100,000 78
Geophysique, Sr. Notes, 10.625%, 11/15/07 75,000 75
Global Crossing Holdings, Sr. Notes, 9.50%, 11/15/09 125,000 106
Global Imaging, Sr. Sub. Notes, 10.75%, 2/15/07 50,000 38
Goldman Sachs Group, Sr. Notes, 7.80%, 1/28/10 500,000 505
Harrahs, Sr. Sub. Notes, 7.875%, 12/15/05 200,000 194
Hawk, Sr. Notes, 10.25%, 12/1/03 150,000 142
Hercules, Sr. Notes, (144a), 11.125%, 11/15/07 + 50,000 48
Hewlett Packard, 7.15%, 6/15/05 250,000 254
</TABLE>
26
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
------------------------------------------------------------------------------------------
Shares/Par Value
------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Hexcel, Sr. Sub. Notes, 9.75%, 1/15/09 $ 50,000 $ 46
HMH Properties, Sr. Notes, 7.875%, 8/1/08 50,000 46
Hollinger International Publishing
Sr. Sub. Notes, 9.25%, 3/15/07 200,000 197
Insight Midwest, Sr. Notes, (144a), 10.50%, 11/1/10 + 200,000 199
Intermedia Communications of Florida, Sr. Disc. Notes
STEP, 0%, 7/15/07 100,000 80
International Cabletel, Sr. Notes, STEP, 0%, 2/1/06 50,000 43
International Game Technology, Sr. Notes, 8.375%, 5/15/09 200,000 195
International Wire, Sr. Sub. Notes, 11.75%, 6/1/05 100,000 98
Intertek Finance, Sr. Notes, 10.25%, 11/1/06 50,000 25
Isle of Capri Casinos, Sr. Sub. Notes, 8.75%, 4/15/09 75,000 64
ISP Holdings, Sr. Notes, 9.75%, 2/15/02 50,000 42
Jack in the Box, Sr. Notes, 9.75%, 11/1/03 50,000 50
Jitney-Jungle Stores, Sr. Sub. Notes, 12.00%, 3/1/06 * 75,000 1
JP Morgan Commercial Mortgage Finance, 7.6795%, 8/15/32 250,000 256
KPN, Sr. Notes, (144a), 8.00%, 10/1/10 + 500,000 484
L3 Communications, Sr. Sub. Notes, 10.375%, 5/1/07 + 50,000 51
LB Commercial Conduit Mortgage Trust, 6.78%, 4/15/09 425,000 415
Lear, Sr. Notes, 7.96%, 5/15/05 50,000 47
Lehman Brothers Holdings, 7.875%, 8/15/10 250,000 248
Lennar, Sr. Notes, 9.95%, 5/1/10 75,000 74
LifePoint Hospitals, Sr. Sub. Notes, 10.75%, 5/15/09 200,000 208
Mastec, Sr. Sub. Notes, 7.75%, 2/1/08 75,000 70
MBNA, Sr. Notes, 7.75%, 9/15/05 250,000 246
McLeod USA, Sr. Notes, Zero Coupon, 3/1/07 75,000 57
Metromedia Fiber Network, Sr. Notes, 10.00%, 11/15/08 100,000 77
Metronet Communications, Sr. Disc. Notes
STEP, 0%, 6/15/08 250,000 200
Mohegan Tribal Gaming Authority, Sr. Notes, 8.125%, 1/1/06 175,000 171
Morgan Stanley Dean Witter, 7.75%, 6/15/05 300,000 308
Nextel Communications, Sr. Disc. Notes
STEP, 0%, 10/31/07 275,000 190
Nextlink Communications, Sr. Disc. Notes
STEP, 0%, 6/1/09 175,000 59
Niagara Mohawk, 1st Mtg., 7.75%, 5/15/06 1,000,000 1,026
Nissan Auto Receivables Owner Trust, 6.72%, 8/16/04 250,000 251
Nortek, Sr. Sub. Notes, 9.875%, 3/1/04 75,000 69
</TABLE>
27
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
------------------------------------------------------------------------------------------
Shares/Par Value
------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Northern Trust, 6.65%, 11/9/04 $ 1,000,000 $ 996
Northland Cable Television, Sr. Sub. Notes, 10.25%,
11/15/07 50,000 37
NTL Communications, Sr. Notes, (144a), 11.875%, 10/1/10 + 50,000 41
Ocean Energy, Sr. Sub. Notes, 8.375%, 7/1/08 100,000 99
Omnicare, Conv. Bnd., 5.00%, 12/1/07 75,000 56
Orange, Sr. Notes, 9.00%, 6/1/09 200,000 206
Orion Power Holdings, Sr. Notes, (144a), 12.00%, 5/1/10 + 100,000 107
Owens & Minor, Sr. Sub. Notes, 10.875%, 6/1/06 50,000 52
Packaging Corp. of America, Sr. Sub. Notes, 9.625%, 4/1/09 200,000 205
Pegasus Communications, Sr. Notes, 9.625%, 10/15/05 100,000 92
Premier Parks
Sr. Disc. Notes, STEP, 0%, 4/1/08 100,000 67
Sr. Notes
8.875%, 4/1/06 100,000 92
9.75%, 6/15/07 50,000 47
Price Communications Wireless, Sr. Notes, 9.125%, 12/15/06 100,000 103
Pride Petroleum Services, Sr. Notes, 9.375%, 5/1/07 50,000 50
Principal Mutual, (144a), 8.00%, 3/1/44 + 1,550,000 1,366
Quest Diagnostics, Sr. Sub. Notes, 10.75%, 12/15/06 50,000 53
Qwest Capital Funding, (144a), 7.90%, 8/15/10 + 500,000 508
Qwest Communications
Sr. Disc. Notes, STEP, 0%, 10/15/07 100,000 90
Sr. Notes, 7.50%, 11/1/08 25,000 25
R & B Falcon, Sr. Notes, 6.95%, 4/15/08 250,000 231
Raytheon, Sr. Notes, 5.70%, 11/1/03 300,000 291
Repap New Brunswick, Sr. Sec. Notes, 11.50%, 6/1/04 25,000 28
Riverwood, Sr. Notes, 10.25%, 4/1/06 200,000 196
Rogers Cablesystems, Sr. Sec. 2nd Priority Notes
10.00%, 3/15/05 50,000 53
Salomon Brothers Mortgage Securities VII, 7.455%, 4/18/10 200,000 206
Scotland International Finance, Sub. Notes
(144a), 6.50%, 2/15/11 + 100,000 93
Securitized Asset Sales, 7.41%, 9/25/24 300,000 297
Sinclair Broadcast Group, Sr. Sub. Notes, 8.75%, 12/15/07 100,000 86
Speedway Motorsports, Sr. Sub. Notes, 8.50%, 8/15/07 200,000 187
Sprint, Sr. Notes, 6.125%, 11/15/08 250,000 223
State Street, Sr. Sub. Notes, 7.65%, 6/15/10 225,000 230
Station Casinos, Sr. Sub. Notes, 10.125%, 3/15/06 100,000 102
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
-------------------------------------------------------------------------------------------
Shares/Par Value
-------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Telefonica Europe, Gtd. Notes, 7.75%, 9/15/10 $ 200,000 $ 199
Tenet Healthcare, Sr. Notes, 8.00%, 1/15/05 150,000 148
Textron, Sr. Notes, 6.375%, 7/15/04 400,000 394
Time Warner Telecom, Sr. Notes, 9.75%, 7/15/08 25,000 21
Toyota Auto Receivables Owner Trust, 6.80%, 4/15/07 400,000 403
Triton PCS, Zero Coupon, 5/1/08 275,000 203
United International Holdings, Sr. Disc. Notes
STEP, 0%, 2/15/08 125,000 51
Universal Compression, Sr. Disc. Notes
STEP, 0%, 2/15/08 350,000 280
Venture Holdings Trust, Sr. Sub. Notes, 9.50%, 7/1/05 50,000 24
VoiceStream Wireless, Sr. Notes, 10.375%, 11/15/09 200,000 214
Waste Management, Sr. Notes, 7.70%, 10/1/02 250,000 247
Wells Fargo, Sr. Notes, 7.25%, 8/24/05 200,000 204
Western Wireless, Sr. Sub. Notes, 10.50%, 2/1/07 50,000 52
Westinghouse Air Brake, Sr. Notes, 9.375%, 6/15/05 100,000 96
Westpoint Stevens, Sr. Notes, 7.875%, 6/15/05 75,000 53
Worldcom, 8.25%, 5/15/10 350,000 364
Yankeenets Capital, Sr. Notes, (144a), 12.75%, 3/1/07 + 50,000 49
Ziff Davis Media, Sr. Sub. Notes, (144a), 12.00%, 7/15/10 + 50,000 42
-------------
Total Corporate Bonds (Cost $27,585) 26,054
-------------
U.S. GOVERNMENT MORTGAGE-BACKED
SECURITIES 5.4%
Federal Home Loan Mortgage
6.00%, 2/15/11 5,552,100 5,397
7.00%, 11/1/30 775,000 768
Federal National Mortgage Assn
6.50%, 1/1/26 105,520 103
REMIC 6.50%, 3/20/23 406,436 401
Government National Mortgage Assn
6.00%, 5/15/26 - 12/15/28 488,580 467
6.50%, 3/15/26 - 6/15/29 4,705,964 4,595
7.00%, 4/15/26 - 11/20/28 1,056,543 1,053
7.50%, 10/15/22 - 12/15/29 450,581 456
8.00%, 1/15/22 - 10/20/25 165,090 170
</TABLE>
29
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
-----------------------------------------------------------------------------------------------
Shares/Par Value
-----------------------------------------------------------------------------------------------
In thousands
II
<S> <C> <C>
7.00%, 11/20/28 - 4/20/30 $ 1,804,321 $ 1,793
8.00%, 10/20/25 14,756 15
-------------
Total U.S. Government Mortgage-Backed Securities (Cost $15,290) 15,218
-------------
U.S. GOVERNMENT OBLIGATIONS/
AGENCIES 7.1%
Federal National Mortgage Assn
6.50%, 8/15/04 250,000 252
Tennessee Valley Authority
5.88%, 4/1/36 2,095,000 2,070
6.235%, 7/15/45 500,000 501
U.S. Treasury Bonds
6.75%, 8/15/26 1,705,000 1,932
7.50%, 11/15/16 2,150,000 2,543
U.S. Treasury Inflation-Indexed Notes
3.375%, 1/15/07 219,226 214
3.625%, 7/15/02 1,030,236 1,030
U.S. Treasury Notes
5.75%, 8/15/03-8/15/10 815,000 828
5.875%, 11/15/04 8,125,000 8,226
6.125%, 8/15/07 2,275,000 2,355
6.50%, 8/15/05 200,000 208
-------------
Total U.S. Government Obligations/Agencies (Cost $19,650) 20,159
-------------
SHORT-TERM INVESTMENTS 1.3%
Money Market Funds 1.3%
Reserve Investment Fund, 6.70% # 3,819,258 3,819
-------------
Total Short-Term Investments (Cost $3,819) 3,819
-------------
</TABLE>
30
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
-----------------------------------------------------------------------------
Value
-----------------------------------------------------------------------------
In thousands
Total Investments in Securities
100.1% of Net Assets (Cost $264,973) $ 283,847
Other Assets Less Liabilities (421)
NET ASSETS $ 283,426
------------
# Seven-day yield
+ Private Placement
* 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
1.0% of net assets.
AUD Australian dollar
CHF Swiss franc
DKK Danish krone
EUR Euro
GBP British sterling
HKD Hong Kong dollar
JPY Japanese yen
MXN Mexican peso
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.
31
<PAGE>
T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
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Unaudited November 30, 2000
STATEMENT OF ASSETS AND LIABILITIES
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In thousands
Assets
Total investments in securities, at value (cost $264,973) $ 283,847
Securities lending collateral 29,019
Other assets 3,216
------------
Total assets 316,082
------------
Liabilities
Obligation to return securities lending collateral 29,019
Other liabilities 3,637
------------
Total liabilities 32,656
------------
NET ASSETS $ 283,426
------------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 4,832
Accumulated net realized gain/loss - net of distributions 16,439
Net unrealized gain (loss) 18,848
Paid-in-capital applicable to 14,539,418 shares of
$0.0001 par value capital stock outstanding;
1,000,000,000 shares of the Corporation authorized 243,307
NET ASSETS $ 283,426
------------
NET ASSET VALUE PER SHARE $ 19.49
------------
The accompanying notes are an integral part of these financial statements.
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
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Unaudited
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
In thousands
Six Months
Ended
11/30/00
Investment Income (Loss)
Income
Interest $ 2,303
Dividend 1,810
Other 32
--------
Total income 4,145
--------
Expenses
Investment management 907
Shareholder servicing 497
Custody and accounting 98
Prospectus and shareholder reports 28
Registration 14
Legal and audit 6
Directors 3
Miscellaneous 2
--------
Total expenses 1,555
Expenses paid indirectly (1)
--------
Net expenses 1,554
--------
Net investment income (loss) 2,591
--------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 6,930
Foreign currency transactions (23)
--------
Net realized gain (loss) 6,907
--------
Change in net unrealized gain or loss
Securities (11,213)
Other assets and liabilities
denominated in foreign currencies (18)
--------
Change in net unrealized gain or loss (11,231)
--------
Net realized and unrealized gain (loss) (4,324)
--------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ (1,733)
--------
The accompanying notes are an integral part of these financial statements.
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
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Unaudited
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
11/30/00 5/31/00
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 2,591 $ 4,696
Net realized gain (loss) 6,907 13,783
Change in net unrealized gain or loss (11,231) (1,128)
----------------------
Increase (decrease) in net assets from operations (1,733) 17,351
Distributions to shareholders ----------------------
Net investment income - (4,136)
Net realized gain - (6,721)
----------------------
Decrease in net assets from distributions - (10,857)
----------------------
Capital share transactions *
Shares sold 52,737 133,209
Distributions reinvested - 10,837
Shares redeemed (38,241) (93,508)
----------------------
Increase (decrease) in net assets from capital
share transactions 14,496 50,538
----------------------
Net Assets
Increase (decrease) during period 12,763 57,032
Beginning of period 270,663 213,631
----------------------
End of period $ 283,426 $ 270,663
----------------------
*Share information
Shares sold 2,611 6,893
Distributions reinvested - 577
Shares redeemed (1,903) (4,868)
----------------------
Increase (decrease) in shares outstanding 708 2,602
The accompanying notes are an integral part of these financial statements.
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
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Unaudited November 30, 2000
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 fund seeks the highest total return over time,
consistent with a primary emphasis on capital growth and a secondary
emphasis on income, by investing in a diversified portfolio typically
consisting of about 80% stocks and 20% bonds and money market securities.
The accompanying financial statements were prepared in accordance with
generally accepted accounting principles, which require the use of
estimates made by fund management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price at the time the
valuations are made. A security that 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.
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 denominated in foreign
currencies are translated into U.S. dollar values each day at the
prevailing exchange rate, using the mean of the bid and offer prices of
such currencies against U.S. dollars quoted by a major bank. Purchases and
sales of securities and income and expenses are translated into U.S.
dollars at the prevailing exchange rate on the
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
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.
In November, 2000, the American Institute of Certified Public Accountants
issued a revised Audit and Accounting Guide - Audits of Investment
Companies (the guide), which will be adopted by the fund as of June 1,
2001. The guide requires all premiums and discounts on debt securities to
be amortized and gain/loss on paydowns of MBS to be accounted for as
interest income. Upon adoption, the fund will adjust the cost of its debt
securities, and corresponding unrealized gain/loss thereon, in the amount
of the cumulative amortization that would have been recognized had
amortization been in effect from the purchase date of each holding. This
adjustment will have no effect on the fund's net assets or results of
operations.
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 net investment
income and realized gains determined in accordance with generally accepted
accounting principles. Expenses paid indirectly reflect credits earned on
daily uninvested cash balances at the custodian and 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
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
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. It receives as collateral cash and U.S. government
securities valued at 102%-105% of the value of the securities on loan. Cash
collateral 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 the value of loaned securities, as determined at the
close of fund business each day; any additional collateral required due to
changes in security values is delivered to the fund the next business day.
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 borrower fails to return the securities. At November 30, 2000, the
value of loaned securities was $27,765,000; aggregate collateral consisted
of $29,019,000 in the securities lending collateral pool.
Other Purchases and sales of portfolio securities, other than short-term
and U.S. government securities, aggregated $71,262,000 and $53,680,000,
respectively, for the six months ended November 30, 2000. Purchases and
sales of U.S. government securities aggregated $20,872,000 and $20,320,000,
respectively, for the six months ended November 30, 2000.
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, 2000, the cost of investments for federal income tax
purposes was substantially the same as for financial reporting and totaled
$264,973,000. Net unrealized gain aggregated $18,874,000 at period-end, of
which $42,525,000 related to appreciated investments and $23,651,000 to
depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price
Associates). The investment management agreement between the fund and the
manager provides for an annual investment management fee, of which $151,000
was payable at November 30, 2000. The fee is computed daily and
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T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND
--------------------------------------------------------------------------------
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 T. Rowe
Price 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, 2000, 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, 2002, which would cause the
fund's ratio of total expenses to average net assets to exceed 1.10%.
Thereafter, through May 31, 2004, the fund is required to reimburse the
manager for these 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 and a prior agreement, $37,000 of previously unaccrued
management fees were accrued as expenses of the fund during the six months
ended November 30, 2000. At November 30, 2000, unaccrued fees in the amount
of $50,000 remain subject to reimbursement by the fund through May 31,
2002.
In addition, the fund has entered into agreements with Price Associates and
two wholly owned subsidiaries of Price Associates, pursuant to which the
fund receives certain other services. Price Associates 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 $482,000 for the six months ended November 30, 2000, of which
$81,000 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 Price Associates. The Reserve Funds are
offered as cash management options only to mutual funds and other accounts
managed by Price Associates or T. Rowe Price International, 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, 2000, totaled $193,000 and are reflected as interest
income in the accompanying Statement of Operations.
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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.
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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
For the hearing impaired, call: 1-800-367-0763
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 at
www.troweprice.com/investorcenters
Baltimore Area
Downtown - new address
105 East Lombard Street
Owings Mills
Three Financial Center
4515 Painters Mill Road
Boston Area
386 Washington Street
Wellesley
Colorado Springs
2260 Briargate Parkway
Los Angeles Area
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills
San Francisco Area
1990 North California Boulevard
Suite 100
Walnut Creek
Tampa
4200 West Cypress Street
10th Floor
Washington, D.C.
900 17th Street N.W.
Farragut Square
T. Rowe Price Investment Services, Inc., Distributor. C11-057 11/30/00
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