Item 1. Report to Shareholders
T. Rowe Price Spectrum Funds
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Certified Financials
T. Rowe Price Spectrum Growth Fund
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Certified Financials (Unaudited)
Financial Highlights For a share outstanding throughout each period
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6 Months Year
Ended Ended
6/30/03 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
NET ASSET VALUE
Beginning of
period $ 11.13 $ 14.07 $ 15.72 $ 17.71 $ 16.45 $ 15.93
Investment activities
Net investment
income (loss) 0.02 0.09 0.16 0.13 0.15 0.19
Net realized
and unrealized
gain (loss) 1.42 (2.88) (1.37) (0.15) 3.19 1.88
Total from
investment
activities 1.44 (2.79) (1.21) (0.02) 3.34 2.07
Distributions
Net investment
income -- (0.08) (0.16) (0.12) (0.17) (0.18)
Net realized
gain -- (0.07) (0.28) (1.85) (1.91) (1.37)
Total
distributions -- (0.15) (0.44) (1.97) (2.08) (1.55)
NET ASSET VALUE
End of period $ 12.57 $ 11.13 $ 14.07 $ 15.72 $ 17.71 $ 16.45
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Ratios/Supplemental Data
Total return^ 12.94% (19.83)% (7.63)% (0.11)% 21.20% 13.62%
Ratio of total
expenses to
average
net assets 0.00%*! 0.00% 0.00% 0.00% 0.00% 0.00%
Ratio of net
investment
income
(loss) to
average net
assets 0.32%! 0.68% 1.05% 0.70% 0.85% 1.09%
Portfolio
turnover
rate 1.90%! 3.9% 6.1% 11.6% 20.3% 17.9%
Net assets,
end of period
(in millions) $ 1,912 $ 1,739 $ 2,373 $ 2,889 $ 3,031 $ 2,768
^ 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.
* See Note 4. The annualized weighted average expense ratio of the underlying
funds was 0.90% for the 6 months ended June 30, 2003.
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Income Fund
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Certified Financials (Unaudited)
Financial Highlights For a share outstanding throughout each period
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6 Months Year
Ended Ended
6/30/03 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
NET ASSET VALUE
Beginning of
period $ 10.76 $ 10.60 $ 10.77 $ 10.71 $ 11.50 $ 11.66
Investment activities
Net investment
income (loss) 0.26 0.55 0.63 0.62 0.67 0.72
Net realized
and unrealized
gain (loss) 0.67 0.16 (0.15) 0.14 (0.64) 0.02
Total from
investment
activities 0.93 0.71 0.48 0.76 0.03 0.74
Distributions
Net investment
income (0.25) (0.55) (0.55) (0.70) (0.69) (0.72)
Net realized
gain -- -- (0.02) -- (0.13) (0.18)
Tax return
of capital -- -- (0.08) -- -- --
Total
distributions (0.25) (0.55) (0.65) (0.70) (0.82) (0.90)
NET ASSET VALUE
End of
period $ 11.44 $ 10.76 $ 10.60 $ 10.77 $ 10.71 $ 11.50
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Ratios/Supplemental Data
Total return^ 8.74% 6.86% 4.59% 7.40% 0.26% 6.57%
Ratio of total
expenses to
average net
assets 0.00%*! 0.00% 0.00% 0.00% 0.00% 0.00%
Ratio of net
investment
income
(loss) to
average net
assets 4.57%! 5.17% 5.91% 6.03% 5.95% 6.22%
Portfolio
turnover
rate 2.2%! 14.1% 22.7% 19.3% 18.6% 12.8%
Net assets,
end of period
(in millions) $ 3,262 $ 2,713 $ 2,465 $ 2,471 $ 2,548 $ 2,574
^ 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.
* See Note 4. The annualized weighted average expense ratio of the underlying
funds was 0.80% for the six months ended June 30, 2003.
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum International Fund
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Certified Financials (Unaudited)
Financial Highlights For a share outstanding throughout each period
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6 Months Year
Ended Ended
6/30/03 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
NET ASSET VALUE
Beginning of
period $ 6.40 $ 7.76 $ 10.08 $ 13.53 $ 10.56 $ 9.74
Investment activities
Net investment
income (loss) -- 0.07 0.18 0.12 0.12 0.21
Net realized
and unrealized
gain (loss) 0.63 (1.36) (2.17) (2.10) 3.95 0.97
Total from
investment
activities 0.63 (1.29) (1.99) (1.98) 4.07 1.18
Distributions
Net investment
income -- (0.07) (0.18) (0.12) (0.13) (0.21)
Net realized
gain -- -- (0.15) (1.35) (0.97) (0.15)
Total
distributions -- (0.07) (0.33) (1.47) (1.10) (0.36)
NET ASSET VALUE
End of
period $ 7.03 $ 6.40 $ 7.76 $ 10.08 $ 13.53 $ 10.56
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Ratios/Supplemental Data
Total return^ 9.84% (16.61)% (19.71)% (14.71)% 39.49% 12.28%
Ratio of total
expenses to
average net
assets 0.00%*! 0.00%* 0.00% 0.00% 0.00% 0.00%
Ratio of net
investment income
(loss) to average
net assets 0.13%! 1.01% 2.06% 0.94% 1.14% 1.94%
Portfolio
turnover
rate 66.3%! 94.4% 30.6% 42.5% 20.1% 31.7%
Net assets,
end of period
(in thousands) $ 58,995 $ 52,652 $ 64,153 $ 81,843 $ 82,846 $ 54,752
^ 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.
* See Note 4. The annualized weighted average expense ratio of the underlying
funds was 1.13% for the six months ended June 30, 2003.
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Growth Fund
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Certified Financials (Unaudited) June 30, 2003
Percent of
Statement of Net Assets Net Assets Shares Value
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In thousands
T. Rowe Price International Stock Fund 22.9% 45,742,460 $ 437,755
T. Rowe Price New Horizons Fund * 20.4 19,159,063 390,079
T. Rowe Price Equity Income Fund 11.9 10,545,980 226,949
T. Rowe Price Growth & Income Fund 11.8 11,989,143 225,756
T. Rowe Price Growth Stock Fund 11.3 10,189,565 216,732
T. Rowe Price Blue Chip Growth Fund * 11.2 8,551,425 214,042
T. Rowe Price Mid-Cap Value Fund 8.1 9,179,145 155,770
T. Rowe Price New Era Fund 2.4 2,041,060 45,271
Total Investments
100.0% of Net Assets (Cost $1,869,781) $ 1,912,354
Other Assets Less Liabilities 1
NET ASSETS $ 1,912,355
------------
Net Assets Consist of:
Undistributed net investment income (loss) $ 4,116
Undistributed net realized gain (loss) (98,997)
Net unrealized gain (loss) 42,573
Paid-in-capital applicable to 152,107,681
shares of $0.01 par value capital stock
outstanding; 1,000,000,000 shares of the
Corporation authorized 1,964,663
NET ASSETS $ 1,912,355
------------
NET ASSET VALUE PER SHARE $ 12.57
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* Non-income producing
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Income Fund
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Certified Financials (Unaudited) June 30, 2003
Percent of
Statement of Net Assets Net Assets Shares Value
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In thousands
T. Rowe Price New Income Fund 24.9% 88,371,781 $ 811,253
T. Rowe Price High Yield Fund 23.2 111,256,234 756,543
T. Rowe Price International Bond Fund 17.1 55,821,478 557,657
T. Rowe Price Equity Income Fund 15.4 23,393,556 503,429
T. Rowe Price GNMA Fund 12.5 41,153,816 406,188
T. Rowe Price U.S. Treasury Long-Term Fund 3.3 8,618,046 109,018
T. Rowe Price Emerging Markets Bond Fund 3.3 8,851,707 107,371
T. Rowe Price Short-Term Bond Fund 0.3 2,267,158 11,041
Total Investments
100.0% of Net Assets (Cost $3,142,604) $ 3,262,500
Other Assets Less Liabilities (436)
NET ASSETS $ 3,262,064
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Net Assets Consist of:
Undistributed net investment income (loss) $ (11,365)
Undistributed net realized gain (loss) (4,605)
Net unrealized gain (loss) 119,896
Paid-in-capital applicable to
285,222,377 shares of $0.01
par value capital stock
outstanding; 1,000,000,000
shares of the Corporation
authorized 3,158,138
NET ASSETS $ 3,262,064
------------
NET ASSET VALUE PER SHARE $ 11.44
------------
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum International Fund
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Certified Financials (Unaudited) June 30, 2003
Percent of
Statement of Net Assets Net Assets Shares Value
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In thousands
T. Rowe Price International Stock Fund 46.7% 2,877,406 $ 27,537
T. Rowe Price European Stock Fund 27.8 1,148,904 16,372
T. Rowe Price Emerging Markets Stock Fund 6.7 341,459 3,947
T. Rowe Price Japan Fund * 5.3 591,976 3,114
T. Rowe Price International Discovery Fund * 4.6 141,419 2,741
T. Rowe Price New Asia Fund 4.5 427,270 2,645
T. Rowe Price Emerging Markets Bond Fund 2.0 99,353 1,205
T. Rowe Price Emerging Europe and
Mediterranean Fund * 2.0 131,584 1,193
Total Investments
99.6% of Net Assets (Cost $72,997) $ 58,754
Other Assets Less Liabilities 241
NET ASSETS $ 58,995
------------
Net Assets Consist of:
Undistributed net investment income (loss) $ 67
Undistributed net realized gain (loss) (17,037)
Net unrealized gain (loss) (14,243)
Paid-in-capital applicable
to 8,390,544 shares of $0.01
par value capital stock
outstanding; 1,000,000,000
shares of the Corporation
authorized 90,208
NET ASSETS $ 58,995
------------
NET ASSET VALUE PER SHARE $ 7.03
------------
* Non-income producing
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Funds
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Certified Financials (Unaudited)
Statement of Operations
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In thousands Growth Income International
Fund Fund Fund
6 Months 6 months 6 Months
Ended Ended Ended
6/30/03 6/30/03 6/30/03
Investment Income
Income distributions from
underlying funds $ 2,806 $ 66,854 $ 35
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Sale of underlying funds (44,576) (3,254) (13,627)
Capital gain distributions
from underlying funds 219 452 --
Net realized gain (loss) (44,357) (2,802) (13,627)
Change in net unrealized
gain or loss 262,187 184,537 19,058
Net realized and unrealized
gain (loss) 217,830 181,735 5,431
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 220,636 $ 248,589 $ 5,466
---------------------------------------------
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Growth Fund
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Certified Financials (Unaudited)
Statement of Changes in Net Assets
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In thousands
6 Months Year
Ended Ended
6/30/03 12/31/02
Increase (Decrease) in Net Assets
Operations
Net investment income $ 2,806 $ 13,695
Net realized gain (loss) (44,357) (54,142)
Change in net unrealized
gain or loss 262,187 (416,799)
Increase (decrease) in net
assets from operations 220,636 (457,246)
Distributions to shareholders
Net investment income -- (12,385)
Net realized gain -- (10,837)
Decrease in net assets
from distributions -- (23,222)
Capital share transactions *
Shares sold 104,604 219,126
Distributions reinvested -- 22,708
Shares redeemed (151,804) (395,484)
Increase (decrease) in net assets
from capital share transactions (47,200) (153,650)
Net Assets
Increase (decrease) during period 173,436 (634,118)
Beginning of period 1,738,919 2,373,037
End of period $ 1,912,355 $ 1,738,919
-------------------------------------
*Share information
Shares sold 9,238 17,322
Distributions reinvested -- 2,040
Shares redeemed (13,436) (31,754)
Increase (decrease) in
shares outstanding (4,198) (12,392)
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Income Fund
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Certified Financials (Unaudited)
Statement of Changes in Net Assets
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In thousands
6 Months Year
Ended Ended
6/30/03 12/31/02
Increase (Decrease) in Net Assets
Operations
Net investment income $ 66,854 $ 134,384
Net realized gain (loss) (2,802) (1,451)
Change in net unrealized
gain or loss 184,537 43,007
Increase (decrease) in net
assets from operations 248,589 175,940
Distributions to shareholders
Net investment income (66,854) (134,384)
Capital share transactions *
Shares sold 582,738 764,670
Distributions reinvested 62,372 124,519
Shares redeemed (277,543) (682,723)
Increase (decrease) in net assets
from capital share transactions 367,567 206,466
Net Assets
Increase (decrease) during period 549,302 248,022
Beginning of period 2,712,762 2,464,740
End of period $ 3,262,064 $ 2,712,762
-------------------------------------
*Share information
Shares sold 52,656 72,313
Distributions reinvested 5,623 11,751
Shares redeemed (25,109) (64,526)
Increase (decrease) in shares outstanding 33,170 19,538
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum International Fund
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Certified Financials (Unaudited)
Statement of Changes in Net Assets
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In thousands
6 Months Year
Ended Ended
6/30/03 12/31/02
Increase (Decrease) in Net Assets
Operations
Net investment income $ 35 $ 594
Net realized gain (loss) (13,627) (2,018)
Change in net unrealized
gain or loss 19,058 (8,407)
Increase (decrease) in net
assets from operations 5,466 (9,831)
Distributions to shareholders
Net investment income -- (568)
Capital share transactions *
Shares sold 32,357 89,618
Distributions reinvested -- 547
Shares redeemed (31,480) (91,267)
Increase (decrease) in net assets
from capital share transactions 877 (1,102)
Net Assets
Increase (decrease) during period 6,343 (11,501)
Beginning of period 52,652 64,153
End of period $ 58,995 $ 52,652
-------------------------------------
*Share information
Shares sold 5,114 12,385
Distributions reinvested -- 87
Shares redeemed (4,945) (12,522)
Increase (decrease) in
shares outstanding 169 (50)
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Spectrum Funds
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Certified Financials (Unaudited) June 30, 2003
Notes to Financial Statements
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T. Rowe Price Spectrum Fund, Inc. (the corporation) is registered under the
Investment Company Act of 1940 (the 1940 Act) as a nondiversified, open-end
management investment company. Spectrum Growth Fund, Spectrum Income Fund, and
Spectrum International Fund (collectively, the Spectrum Funds), are three
portfolios established by the corporation. Spectrum Growth and Spectrum Income
Funds commenced operations on June 29, 1990, and Spectrum International Fund
commenced operations on December 31, 1996.
Each Spectrum Fund diversifies its assets within set limits among specific
underlying T. Rowe Price funds (underlying Price funds). Spectrum Growth Fund
seeks long-term capital appreciation and growth of income, with current income a
secondary objective. Spectrum Income Fund seeks a high level of current income
with moderate share price fluctuation. Spectrum International Fund seeks
long-term capital appreciation.
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The accompanying financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America, which
require the use of estimates made by fund management.
Valuation
Investments are valued at the close of the New York Stock Exchange (NYSE),
normally 4 p.m. ET, each day that the NYSE is open for business. Investments in
the underlying Price funds are valued at the closing net asset value per share
of each underlying fund on the day of valuation.
Assets 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.
Distributions
Income and gain distributions from the underlying Price funds and distributions
to the Spectrum Funds' shareholders are recorded on the ex-dividend date.
Other
Income is recorded on the accrual basis. Purchases and sales of the underlying
Price funds are accounted for on the trade date. Realized gains and losses are
reported on the identified cost basis.
NOTE 2 - INVESTMENTS IN UNDERLYING PRICE FUNDS
Purchases and sales of the underlying Price funds for the six months ended June
30, 2003, were as follows:
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Growth Income International
Fund Fund Fund
Purchases $ 16,999,000 $ 339,588,000 $ 18,199,000
Sales 61,164,000 31,957,000 17,563,000
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since each fund intends to
continue to qualify as a regulated investment company and distribute to
shareholders all of its taxable income and gains. Federal income tax regulations
differ from generally accepted accounting principles; therefore, distributions
determined in accordance with tax regulations may differ significantly in amount
or character from net investment income and realized gains for financial
reporting purposes. Financial reporting records are adjusted for permanent
book/tax differences to reflect tax character. Temporary differences are not
adjusted. The amount and character of tax-basis distributions and composition of
net assets are finalized at fiscal year-end; accordingly, tax-basis balances
have not been determined as of June 30, 2003.
For tax purposes, each fund has elected to treat net capital losses realized
between November 1 and December 31 of each year as occurring on the first day of
the following tax year. Consequently, realized losses in the amount of
$6,128,000 for Spectrum Growth Fund, $1,355,000 for Spectrum Income Fund, and
$458,000 for Spectrum International Fund that were recognized for financial
reporting purposes in the year ended December 31, 2002, were recognized for tax
purposes on January 1, 2003. Each fund intends to retain realized gains to the
extent of available capital loss carryforwards. As of December 31, 2002, the
funds' most recent tax year-end, the Spectrum Growth Fund had $48,512,000 of
unused capital loss carryforwards that expire in 2010. The Spectrum Income Fund
had $448,000 of unused capital loss carryforwards that expire in 2010. The
Spectrum International Fund had $1,122,000 of capital loss carryforwards that
expire in 2009, and $1,841,000 that expire in 2010.
At June 30, 2003, the cost of investments for federal income tax purposes and
net unrealized gain (loss) on investments was as follows:
- --------------------------------------------------------------------------------
Growth Income International
Fund Fund Fund
Cost $ 1,869,781,000 $ 3,142,604,000 $ 72,997,000
Unrealized appreciation 165,503,000 199,792,000 227,000
Unrealized depreciation (122,930,000) (79,896,000) (14,470,000)
Net unrealized appreciation
(depreciation) $ 42,573,000 $ 119,896,000 $ (14,243,000)
------------ ------------- -------------
NOTE 4 - RELATED PARTIES
T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of
T. Rowe Price Group, Inc., is the investment manager for Spectrum Growth and
Spectrum Income Funds, and also serves as manager for the domestic underlying
Price funds. T. Rowe Price International, Inc. (Price International), wholly
owned by Price Associates, is the investment manager for Spectrum International
Fund, and also serves as manager for the international underlying Price funds.
Price Associates and its wholly owned subsidiaries provide transfer and dividend
disbursing agent, accounting, shareholder servicing, administrative, marketing,
and certain other services to the Spectrum Funds. Certain officers and directors
of the Spectrum Funds are also officers and directors of Price Associates and
its subsidiaries, and the underlying Price funds.
The Spectrum Funds pay no management fees; however, Price Associates and Price
International receive management fees for managing the underlying Price funds.
The Spectrum Funds recognize no expenses, pursuant to the investment management
and special servicing agreements between and among the corporation, the
underlying Price funds, Price Associates, and, in the case of Spectrum
International, Price International. Pursuant to these agreements, expenses
associated with the operation of the Spectrum Funds are borne by each underlying
Price fund to the extent of estimated savings to it and in proportion to the
average daily value of its shares owned by the Spectrum Funds. Therefore, each
Spectrum Fund operates at a zero expense ratio. However, each Spectrum Fund
indirectly bears its proportionate share of the management fees and operating
costs of the underlying Price funds in which it invests.
The Spectrum Funds do not invest in the underlying Price funds for the purpose
of exercising management or control; however, investments by the Spectrum Funds
may represent a significant portion of an underlying Price fund's net assets. At
June 30, 2003, the Spectrum Growth Fund and Spectrum International Fund each
held less than 25% of the outstanding shares of any underlying Price fund;
Spectrum Income Fund held approximately 46.2% of the outstanding shares of the
International Bond Fund, 40.4% of the Emerging Markets Bond Fund, 36.8% of the
U.S. Treasury Long-Term Fund, 35.6% of the New Income Fund and 27.9% of the GNMA
Fund.
Additionally, Spectrum Income Fund is one of several mutual funds in which
certain college savings plans managed by Price Associates may invest.
Shareholder servicing costs associated with each college savings plan are
allocated to Spectrum Income Fund in proportion to the average daily value of
its shares owned by the college savings plan and, in turn, are borne by the
underlying Price funds in accordance with the terms of the investment management
and special servicing agreements. At June 30, 2003, approximately 6% of the
outstanding shares of Spectrum Income Fund were held by the college savings
plans.
Item 2. Code of Ethics.
Not required at this time.
Item 3. Audit Committee Financial Expert.
Not required at this time.
Item 4. Principal Accountant Fees and Services.
Not required at this time.
Item 5. Audit Committee of Listed Registrants.
Not required at this time.
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. [Reserved]
Item 9. Controls and Procedures
(a) The registrant's principal executive officer and principal financial officer
have evaluated the registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the registrant's disclosure controls
and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer
are aware of no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 10. Exhibits.
(a)(1) Not required at this time.
(a)(2) Separate certifications by the registrant's principal executive officer
and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of
1940, are attached.
(b) A certification by the registrant's principal executive officer and
principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940,
is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Spectrum Fund, Inc.
By /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date August 22, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date August 22, 2003
By /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date August 22, 2003