<PAGE>
- --------------------------------------------------------------------------------
Semiannual Report - Financial Statements
- --------------------------------------------------------------------------------
T. ROWE PRICE
EXTENDED EQUITY
MARKET INDEX
FUND
-------------
JUNE 30, 1998
-------------
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Unaudited
- --------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
- --------------------------------------------------------------------------------
1/30/98
Through
6/30/98
NET ASSET VALUE
Beginning of period $ 10.00
.............
Investment activities
Net investment income 0.04
Net realized and unrealized gain (loss) 1.20
.............
Total from investment activities 1.24
.............
NET ASSET VALUE
End of period $ 11.24
-------------
Ratios/Supplemental Data
Total return* 12.40%
................................................................................
Ratio of expenses to
average net assets 0.40%+
................................................................................
Ratio of net investment
income to average
net assets 0.94%+
................................................................................
Portfolio turnover rate 9.3%
................................................................................
Net assets, end of period
(in thousands) $ 14,969
................................................................................
* 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 and payment of no redemption or account fees.
+ Annualized.
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Unaudited June 30, 1998
- -----------------------
Statement of Net Assets Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Common Stocks and Warrants 96.9%
BASIC MATERIALS 1.0%
Aluminum 0.1%
MAXXAM 100 $ 6
..............................................................................
Alumax * 87 4
..............................................................................
10
........
Iron & Steel 0.3%
AK Steel 600 11
..............................................................................
Texas Industries 200 11
..............................................................................
Gibraltar Steel * 500 10
..............................................................................
Huntco 600 7
..............................................................................
NS Group * 700 7
..............................................................................
Steel of West Virginia * 600 5
..............................................................................
51
........
Miscellaneous Mining, Metals 0.4%
Martin Marietta Materials 400 18
..............................................................................
General Cable 400 12
..............................................................................
Belden 300 9
..............................................................................
Titanium Metals 300 7
..............................................................................
Metal Management * 600 6
..............................................................................
Alpine Group * 300 6
..............................................................................
Cable Design Technologies * 200 4
..............................................................................
Pittston Minerals 600 4
..............................................................................
66
........
Precious Metals 0.2%
Newmont Gold 800 20
..............................................................................
Royal Gold * 2,000 10
..............................................................................
30
........
Total Basic Materials 157
........
BUSINESS SERVICES AND TRANSPORTATION 8.8%
Advertising 0.2%
CMG Information Services * 200 14
..............................................................................
TMP Worldwide * 400 14
..............................................................................
CKS Group * 300 5
..............................................................................
33
........
3
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
in thousands
- --------------------------------------------------------------------------------
In thousands
Airlines 1.0%
Amtran * 800 $ 20
..............................................................................
Northwest Airlines * 500 19
..............................................................................
Continental Airlines * 300 18
..............................................................................
CNF Transportation 400 17
..............................................................................
UAL * 200 16
..............................................................................
Offshore Logistics * 800 14
..............................................................................
Atlantic Coast Airlines * 400 12
..............................................................................
Airborne Freight 300 11
..............................................................................
ASA Holdings 200 10
..............................................................................
Comair Holdings 300 9
..............................................................................
Mesa Air Group * 1,100 9
..............................................................................
155
.......
Engineering Services 0.1%
Tetra Tech * 400 10
..............................................................................
Ecology and Environment (Class A) 700 7
..............................................................................
17
.......
Pollution Control 0.6%
USA Waste Services * 1,000 49
..............................................................................
Superior Services * 600 18
..............................................................................
Allied Waste Industries * 700 17
..............................................................................
Newpark Resources * 500 5
..............................................................................
Harding Lawson Associates 400 4
..............................................................................
Aquagenix * 900 1
..............................................................................
94
.......
Railroads 0.6%
Kansas City Southern Industries 600 30
..............................................................................
GATX 400 17
..............................................................................
St. Joe 600 16
..............................................................................
Canadian National Railway 126 7
..............................................................................
RailAmerica * 1,100 7
..............................................................................
Greenbrier Companies 300 5
..............................................................................
Rural Metro * 200 3
..............................................................................
85
.......
Service 5.5%
Republic Industries * 2,200 55
..............................................................................
4
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
ServiceMaster 1,100 $ 42
................................................................................
Paychex 900 37
................................................................................
Cintas 700 36
................................................................................
Robert Half International * 600 34
................................................................................
Quintiles Transnational * 600 29
................................................................................
Gartner Group (Class A) * 800 28
................................................................................
Outdoor Systems * 900 25
................................................................................
Snyder Communications * 500 22
................................................................................
AccuStaff * 700 22
................................................................................
Erie Indemnity 700 20
................................................................................
Apollo Group (Class A) * 600 20
................................................................................
Devry * 800 18
................................................................................
First Health Group * 600 17
................................................................................
Corrections Corp of America * 700 16
................................................................................
Stewart Enterprises (Class A) 600 16
................................................................................
Borg Warner Security * 700 16
................................................................................
Morrison Knudsen * 1,100 15
................................................................................
Avis Rent A Car * 600 15
................................................................................
Staff Leasing * 500 15
................................................................................
Manpower 500 14
................................................................................
ABM Industries 500 14
................................................................................
Alternative Living Services 500 13
................................................................................
Arthur J. Gallagher 300 13
................................................................................
Dollar Thrifty Auto Group * 1,000 13
................................................................................
National Data 300 13
................................................................................
United Stationers * 200 13
................................................................................
PCA International 500 13
................................................................................
United Rentals * 300 13
................................................................................
UniFirst 500 12
................................................................................
Pinkertons * 600 12
................................................................................
Boise Cascade Office Products * 800 12
................................................................................
SEI 200 12
................................................................................
West TeleServices * 1,000 12
................................................................................
BT Office Products Intl * 900 12
................................................................................
Wackenhut Corrections * 500 12
................................................................................
Olsten 1,000 11
................................................................................
UICI * 400 11
................................................................................
Tuboscope Vetco * 500 10
................................................................................
5
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Budget Group * 300 $ 10
..............................................................................
Information Resources * 500 9
..............................................................................
Automobile Protection * 900 9
..............................................................................
Hertz 200 9
..............................................................................
International Telecommunication Data Systems * 300 9
..............................................................................
Hanover Compressor * 300 8
..............................................................................
Caribiner International * 400 7
..............................................................................
Leucadia National 200 7
..............................................................................
Rent Way * 200 6
..............................................................................
SITEL * 900 6
..............................................................................
Opinion Research * 700 6
..............................................................................
APAC TeleServices * 600 4
..............................................................................
823
.......
Transport by Water 0.4%
Royal Caribbean Cruises 400 32
..............................................................................
C. H. Robinson Worldwide 400 10
..............................................................................
Hvide Marine * 500 7
..............................................................................
Trico Marine Services * 300 4
..............................................................................
Overseas Shipholding Group 200 4
..............................................................................
57
.......
Trucking, Freight 0.4%
Landair Services * 400 12
..............................................................................
American Freightways * 1,100 11
..............................................................................
Eagle USA Air Freight * 300 11
..............................................................................
KLLM Transport * 800 10
..............................................................................
Roadway Express 500 9
..............................................................................
U.S. Xpress Enterprises * 200 3
..............................................................................
56
.......
Total Business Services and Transportation 1,320
.......
CAPITAL EQUIPMENT 3.9%
Industrial Manufacturing 2.0%
Danaher 900 33
..............................................................................
Harsco 500 23
..............................................................................
Viad 700 19
..............................................................................
Tremont 300 17
..............................................................................
Trinity Industries 400 17
..............................................................................
Furon 900 16
..............................................................................
6
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- -------------------------------------------------------------------------------
Shares/Par Value
- -------------------------------------------------------------------------------
In thousands
Newport News Shipbuilding 600 $ 16
...............................................................................
Precision Castparts 300 16
...............................................................................
Coltec Industries * 800 16
...............................................................................
MSC * 500 14
...............................................................................
Specialty Equipment * 600 14
...............................................................................
Sequa (Class A) * 200 13
...............................................................................
Tennant 300 13
...............................................................................
U.S. Industries * 500 12
...............................................................................
O'Sullivan * 1,200 12
...............................................................................
Washington Scientific Industries * 1,400 10
...............................................................................
Kaman 500 10
...............................................................................
ZERO 300 9
...............................................................................
Wolverine Tube * 200 8
...............................................................................
Zoltek * 300 6
...............................................................................
Tecumseh Products 100 5
...............................................................................
AEP Industries * 200 4
...............................................................................
303
..............
Producers Goods 1.9%
Leggett & Platt 800 20
...............................................................................
U.S. Filter * 700 20
...............................................................................
Premark International 600 19
...............................................................................
American Power Conversion * 600 18
...............................................................................
Howmet International * 1,000 15
...............................................................................
WICOR 600 14
...............................................................................
York International 300 13
...............................................................................
Zebra Technologies * 300 13
...............................................................................
MagneTek * 800 12
...............................................................................
Thomas Industries 500 12
...............................................................................
Lindsay Manufacturing * 450 12
...............................................................................
Manitowoc 300 12
...............................................................................
AAON * 1,200 12
...............................................................................
UCAR International * 400 12
...............................................................................
AGCO 500 10
...............................................................................
Powell Industries * 800 10
...............................................................................
Energy Conversion Devices * 1,000 10
...............................................................................
PEC Israel Economic * 400 9
...............................................................................
Anicom * 600 9
...............................................................................
Fisher Scientific 600 9
...............................................................................
7
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Key Technology * 700 $ 7
................................................................................
Waterlink * 800 7
................................................................................
275
..............
Total Capital Equipment 578
..............
CONSUMER CYCLICALS 9.3%
Construction 1.5%
Qwest Communications International * 699 24
................................................................................
Lafarge 600 24
................................................................................
American Standard * 500 22
................................................................................
USG 400 22
................................................................................
Clayton Homes 1,000 19
................................................................................
Granite Construction 500 15
................................................................................
Elcor 600 15
................................................................................
Lennar 500 15
................................................................................
Johns Manville 900 14
................................................................................
Genlyte Group * 500 13
................................................................................
Comfort Systems USA * 500 12
................................................................................
American Residential * 800 9
................................................................................
Oakwood Homes 300 9
................................................................................
Centex 200 7
................................................................................
Baltek Corp * 700 6
................................................................................
226
..............
Consumer Durables 1.1%
American Locker Group * 1,200 36
................................................................................
Shaw Industries 1,100 19
................................................................................
Herman Miller 700 17
................................................................................
La-Z-Boy 300 17
................................................................................
WestPoint Stevens * 400 13
................................................................................
Williams-Sonoma * 400 13
................................................................................
HON Industries 300 10
................................................................................
O'Sullivan Industries * 700 10
................................................................................
Knoll * 300 9
................................................................................
Mikasa 600 8
................................................................................
Bush Industries 300 7
................................................................................
8
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Rival 400 $ 5
................................................................................
Sunbeam 500 5
................................................................................
Zenith Electronics * 1,000 0
................................................................................
169
..............
Motor Vehicles 1.0%
Harley-Davidson 900 35
................................................................................
Federal-Mogul 400 27
................................................................................
Lear * 500 26
................................................................................
Polaris Industries 400 15
................................................................................
Coachmen Industries * 500 13
................................................................................
Hayes Lemmerz International * 300 12
................................................................................
Standard Motor Products 500 11
................................................................................
Aftermarket Technology * 500 9
................................................................................
148
..............
Real Estate 5.5%
Starwood Hotels & Resorts, REIT 1,000 48
................................................................................
Equity Office Properties, REIT 1,400 40
................................................................................
Equity Residential Properties Trust, REIT 700 33
................................................................................
Avalon Bay Communities, REIT 684 26
................................................................................
Vornado Realty Trust, REIT 600 24
................................................................................
Crescent Real Estate Equities, REIT 700 24
................................................................................
Public Storage, REIT 800 22
................................................................................
AMB Property 900 22
................................................................................
CarrAmerica Realty, REIT 700 20
................................................................................
Meditrust 700 20
................................................................................
Simon DeBartolo Group, REIT 600 19
................................................................................
Catellus Development * 1,100 19
................................................................................
Patriot American Hospitality, REIT 800 19
................................................................................
Duke Realty Investments, REIT 800 19
................................................................................
Rouse 600 19
................................................................................
Security Capital Industrial Trust, REIT 700 17
................................................................................
Boston Properties, REIT 500 17
................................................................................
Mack-Cali Realty, REIT 500 17
................................................................................
Health & Retirement Properties, REIT 900 17
................................................................................
Chelsea GCA, REIT 400 16
................................................................................
Apartment Investment & Management, REIT 400 16
................................................................................
SECURITY CAPITAL PACIFIC TRUST, REIT 700 16
................................................................................
Spieker Properties, REIT 400 16
................................................................................
9
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Colonial Properties Trust, REIT 500 $ 15
................................................................................
D.R. Horton 700 15
................................................................................
Koger Equity, REIT 700 14
................................................................................
MDC Holdings 700 14
................................................................................
Trammell Crow * 400 13
................................................................................
Lasalle Partners * 300 13
................................................................................
First Industrial Realty 400 13
................................................................................
Weingarten Realty Investors, REIT 300 13
................................................................................
Manufactured Home Communities, REIT 500 12
................................................................................
EastGroup Properties 600 12
................................................................................
Camden Property Trust, REIT 400 12
................................................................................
Parkway Properties, REIT 400 12
................................................................................
Developers Diversified Realty, REIT 300 12
................................................................................
Macerich, REIT 400 12
................................................................................
Price Enterprises 600 11
................................................................................
Beazer Homes * 400 10
................................................................................
Sun Communities, REIT 300 10
................................................................................
Federal Realty Investment Trust, REIT 400 10
................................................................................
Nationwide Health Properties, REIT 400 10
................................................................................
Weeks, REIT 300 9
................................................................................
Meridian Industrial Trust, REIT 400 9
................................................................................
CCA Prison Reality Trust, REIT 300 9
................................................................................
Cousins Properties, REIT 300 9
................................................................................
Brandywine Reality Trust 400 9
................................................................................
Lexington Corporate Properties 600 9
................................................................................
Glenborough Realty Trust, REIT 300 8
................................................................................
Crown American Reality 800 8
................................................................................
BP Prudhoe Bay Royalty Trust 600 6
................................................................................
Lexford Residential Trust, REIT * 300 6
................................................................................
821
..............
Tire & Rubber 0.2%
Safeskin * 300 12
................................................................................
Bandag 300 12
................................................................................
24
..............
Total Consumer Cyclicals 1,388
..............
CONSUMER NONDURABLES 6.5%
Agriculture 2.1%
10
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
RJR Nabisco 1,300 $ 31
................................................................................
Dole Food 500 25
................................................................................
Tyson Foods (Class A) 1,000 22
................................................................................
DEKALB Genetics (Class B) 200 19
................................................................................
Flowers Industries 900 18
................................................................................
Universal Foods 800 18
................................................................................
Hormel Foods 500 17
................................................................................
Keebler Foods * 600 17
................................................................................
Nabisco Holdings (Class A) 400 14
................................................................................
McCormick 400 14
................................................................................
Interstate Bakeries 400 13
................................................................................
IBP 700 13
................................................................................
Suiza Foods * 200 12
................................................................................
International Home Foods * 500 11
................................................................................
American Italian Pasta * 300 11
................................................................................
Dean Foods 200 11
................................................................................
Worthington Foods 500 11
................................................................................
Imperial Holly 1,000 9
................................................................................
Delta Pine & Land 200 9
................................................................................
Ralcorp Holdings * 400 8
................................................................................
Mycogen * 300 7
................................................................................
Green Mountain Coffee * 700 4
................................................................................
314
..............
Beverages 0.7%
Coca-Cola Enterprises 1,700 67
................................................................................
Whitman 700 16
................................................................................
National Beverage * 1,100 12
................................................................................
Pure World * 400 6
................................................................................
101
..............
Container 0.2%
Sonoco Products 660 20
................................................................................
Rock-Tenn 600 7
................................................................................
27
..............
Cosmetics 0.3%
Estee Lauder 200 14
................................................................................
Revlon (Class A) * 200 10
................................................................................
French Fragrances * 600 9
................................................................................
Guest Supply * 400 7
................................................................................
Enamelon * 500 4
................................................................................
44
..............
11
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Leisure, Luxury 1.7%
Carnival (Class A) 2,800 $ 111
................................................................................
International Game Technology 700 17
................................................................................
Steinway Musical Instruments * 500 16
................................................................................
Oneida Limited 500 15
................................................................................
Circus Circus * 900 15
................................................................................
Premier Parks * 200 13
................................................................................
Callaway Golf 600 12
................................................................................
Hollywood Park * 900 12
................................................................................
Lazare Kaplan International * 900 10
................................................................................
Primadonna Resorts * 600 9
................................................................................
Aztar * 1,000 7
................................................................................
Penn National Gaming * 700 5
................................................................................
Play By Play Toys & Novelties * 500 5
................................................................................
WMS Industries 1,200 5
................................................................................
252
..............
Liquor 0.0%
Robert Mondavi (Class A) * 200 6
................................................................................
6
..............
Photographic, Optical 0.1%
Panavision 300 8
................................................................................
Concord Camera * 1,300 7
................................................................................
Seattle Filmworks * 600 5
................................................................................
20
..............
Soaps, Housewares 0.3%
Dial Corp 1,000 26
................................................................................
Lancaster Colony 400 15
................................................................................
Ekco Group * 600 5
................................................................................
American Safety Razor * 300 4
................................................................................
50
..............
Textiles and Apparel 1.0%
Warnaco Group (Class A) 600 25
................................................................................
Jones Apparel Group * 600 22
................................................................................
Unifi 400 14
................................................................................
Nautica Enterprises * 500 13
................................................................................
Polo Ralph Lauren * 400 11
................................................................................
Kellwood 300 11
................................................................................
Polymer Group * 900 10
................................................................................
R. G. Barry * 600 10
................................................................................
12
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Hartmarx * 1,200 $ 9
................................................................................
Haggar * 700 9
................................................................................
Quicksilver * 400 8
................................................................................
Culp 600 8
................................................................................
150
..............
Tobacco 0.1%
Brooke Group 600 7
................................................................................
7
..............
Total Consumer Nondurables 971
..............
CONSUMER SERVICES 11.7%
Hotels & Restaurants 1.4%
Host Marriott * 1,200 21
................................................................................
CKE Restaurants 500 21
................................................................................
Promus Hotel * 500 19
................................................................................
Cracker Barrel 600 19
................................................................................
MGM Grand * 500 16
................................................................................
Outback Steakhouse * 400 16
................................................................................
Sbarro 500 13
................................................................................
Consolidated Products * 600 13
................................................................................
La Quinta Inns 600 13
................................................................................
Buffets * 800 12
................................................................................
Marcus 700 12
................................................................................
Cooker Restaurant 1,000 10
................................................................................
Apple South 600 8
................................................................................
Ark Restaurants * 600 7
................................................................................
200
..............
Media 3.1%
Washington Post (Class B) 100 58
................................................................................
Cox Communications (Class A) * 1,000 49
................................................................................
Tele-Communications TCI Ventures * 2,300 46
................................................................................
Chancellor Media * 600 30
................................................................................
BHC Communications (Class A) 200 28
................................................................................
A. H. Belo (Class A) 1,000 24
................................................................................
Adelphia Communications * 600 22
................................................................................
E. W. Scripps 400 22
................................................................................
Handleman * 1,800 21
................................................................................
13
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Pixar * 300 $ 18
................................................................................
Pulitzer Publishing 200 18
................................................................................
Jacor Communications * 300 18
................................................................................
Metro Goldwyn Mayer * 700 15
................................................................................
Price Communications * 875 13
................................................................................
United International Holdings (Class A) * 800 13
................................................................................
Chris-Craft * 206 11
................................................................................
Univision Communications * 300 11
................................................................................
USA Networks * 400 10
................................................................................
Tele-Communications International (Class A) * 500 10
................................................................................
Electromagnetic Sciences * 400 8
................................................................................
T NETIX * 700 6
................................................................................
Telemundo Group (Class A) * 100 4
................................................................................
455
..............
Publishing 0.9%
Central Newspapers (Class A) 300 21
................................................................................
Wallace Computer Services 700 17
................................................................................
Reader's Digest (Class A) 600 16
................................................................................
Merrill 700 16
................................................................................
Plenum Publishing 200 15
................................................................................
PRIMEDIA * 1,000 14
................................................................................
McClatchy (Class A) 300 10
................................................................................
Franklin Covey * 500 10
................................................................................
Daily Journal * 200 7
................................................................................
Successories * 1,700 6
................................................................................
American Business Products 200 4
................................................................................
TST/ Impreso * 600 2
................................................................................
138
..............
Retail - All Other 2.1%
Staples * 1,400 41
................................................................................
Amazon.com * 300 30
................................................................................
Bed Bath & Beyond * 500 26
................................................................................
Office Depot * 800 25
................................................................................
Barnes & Noble * 500 19
................................................................................
Borders Group * 500 18
................................................................................
Hibbett Sporting Goods * 400 16
................................................................................
Lands' End * 500 16
................................................................................
CDW Computer Centers * 300 15
................................................................................
14
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
OfficeMax * 900 $ 15
................................................................................
Fastenal 300 14
................................................................................
Viking Office Products * 400 12
................................................................................
NCS HealthCare * 400 11
................................................................................
West Marine * 600 11
................................................................................
Corporate Express * 800 10
................................................................................
Creative Computers * 1,400 10
................................................................................
Finishmaster * 800 8
................................................................................
Genovese Drug Stores (Class A) 400 8
................................................................................
Micro Warehouse * 400 6
................................................................................
Hancock Fabrics 300 4
................................................................................
U.S. Office Products 172 3
................................................................................
318
............
Retail - Clothing 0.9%
Intimate Brands 1,200 33
................................................................................
Payless Shoesource * 300 22
................................................................................
Ross Stores 400 17
................................................................................
Stage Stores * 300 14
................................................................................
Stein Mart * 800 11
................................................................................
Talbots 400 10
................................................................................
Brauns Fashions * 800 9
................................................................................
Syms * 600 9
................................................................................
Gadzooks * 300 8
................................................................................
Harold's Stores * 800 6
................................................................................
139
............
Retail - Computer/Electric 0.5%
Good Guys * 1,400 19
................................................................................
Best Buy * 500 18
................................................................................
Tech Data * 300 13
................................................................................
CompUSA * 700 12
................................................................................
Scansource * 500 10
................................................................................
Southern Electronics * 600 5
................................................................................
77
............
Retail - Food 1.5%
Safeway * 2,300 94
................................................................................
Food Lion 2,500 27
................................................................................
Starbucks * 400 21
................................................................................
General Nutrition * 600 19
................................................................................
15
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
Weis Markets 500 $ 18
................................................................................
Hannaford Brothers 400 18
................................................................................
Richfood Holdings 700 14
................................................................................
Rocky Mountain Chocolate Factory * 900 6
................................................................................
Fleming Companies 200 4
................................................................................
Penn Traffic * 1,000 3
................................................................................
Standard Commercial * 300 3
................................................................................
227
............
Retail - General Department 1.3%
Kohl's * 800 41
................................................................................
Fred Meyer * 770 33
................................................................................
Dollar General 700 28
................................................................................
Proffitt's * 475 19
................................................................................
Dollar Tree Stores * 450 18
................................................................................
Family Dollar Stores 800 15
................................................................................
Neiman-Marcus * 300 13
................................................................................
Fred's (Class A) 400 10
................................................................................
CSK Auto * 400 10
................................................................................
Bon-Ton Stores * 300 5
................................................................................
Consolidated Stores * 100 4
................................................................................
196
............
Total Consumer Services 1,750
............
- ---------------------------------------
ENERGY 4.8%
- ---------------------------------------
Coal & Uranium 0.0%
Arch Coal 200 5
................................................................................
5
............
Domestic Petroleum Reserve 1.3%
Vastar Resources 700 31
................................................................................
Enron Oil & Gas 1,100 22
................................................................................
Santa Fe Energy Resources 1,500 16
................................................................................
Noble Affiliates 400 15
................................................................................
NGC 1,100 14
................................................................................
Pogo Producing 400 10
................................................................................
Forest Oil * 700 10
................................................................................
Ocean Energy * 500 10
................................................................................
Pioneer Natural Resources 400 9
................................................................................
Southwestern Energy 1,000 9
................................................................................
16
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
Houston Exploration * 400 $ 9
................................................................................
Leviathan Gas 300 9
................................................................................
Brigham Exploration * 900 8
................................................................................
Howell 700 8
................................................................................
Chesapeake Energy 1,200 5
................................................................................
Costilla Energy * 400 4
................................................................................
Meridian Resource * 500 3
................................................................................
192
............
Gas Utilities 1.0%
LG&E Energy 1,068 29
................................................................................
Marketspan * 740 22
................................................................................
KN Energy 300 16
................................................................................
El Paso Natural Gas 400 15
................................................................................
Energen 600 12
................................................................................
Colonial Gas 400 11
................................................................................
EnergyNorth 400 11
................................................................................
Yankee Energy System 400 10
................................................................................
Western Gas Resources 600 9
................................................................................
Roanoke Gas 400 8
................................................................................
UtiliCorp United 200 8
................................................................................
151
............
Oil Refining Distribution 0.7%
Tosco 700 21
................................................................................
Northwestern Public Service 800 20
................................................................................
Ultramar Diamond Shamrock 500 16
................................................................................
Valero Energy 400 13
................................................................................
FINA 200 13
................................................................................
MCN 500 12
................................................................................
World Fuel Services 400 7
................................................................................
Star Gas Partners 200 4
................................................................................
106
............
Oil Service 1.8%
Camco International 300 23
................................................................................
Santa Fe International 700 21
................................................................................
Diamond Offshore Drilling 500 20
................................................................................
Noble Drilling * 800 19
................................................................................
EVI * 490 18
................................................................................
Transocean Offshore 400 18
................................................................................
17
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
Cooper Cameron * 300 $ 15
................................................................................
R & B Falcon * 600 14
................................................................................
BJ Services * 400 12
................................................................................
Global Marine * 600 11
................................................................................
Teppco Partners 200 11
................................................................................
National Oilwell * 400 11
................................................................................
Kaneb Services * 1,900 10
................................................................................
Nabors Industries * 500 10
................................................................................
Tidewater 300 10
................................................................................
ENSCO International 500 9
................................................................................
Dawson Geophysical * 400 8
................................................................................
Smith International * 200 7
................................................................................
Cliffs Drilling * 200 7
................................................................................
UTI Energy * 400 5
................................................................................
Global Industries * 200 3
................................................................................
262
............
Total Energy 716
............
FINANCIAL 18.5%
Bank and Trust 6.6%
M & T Bank 100 55
................................................................................
Star Banc 600 38
................................................................................
Firstar 900 34
................................................................................
First Security 1,589 34
................................................................................
Crestar Financial 600 33
................................................................................
Union Planters 500 29
................................................................................
UnionBancal 300 29
................................................................................
Regions Financial 700 29
................................................................................
Popular 400 27
................................................................................
SouthTrust 600 26
................................................................................
First American 534 26
................................................................................
Wilmington Trust 400 24
................................................................................
Mercantile Bankshares 700 24
................................................................................
AmSouth 600 24
................................................................................
North Fork Bancorporation 950 23
................................................................................
First Tennessee National 700 22
................................................................................
Zions Bancorp 400 21
................................................................................
CCB Financial 200 21
................................................................................
18
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
Marshall & Ilsley 400 $ 20
................................................................................
Charter One Financial 600 20
................................................................................
Peoples Heritage Financial Group 800 19
................................................................................
Old Kent Financial 525 19
................................................................................
Centura Banks 300 19
................................................................................
Hibernia Corp. (Class A) 900 18
................................................................................
Compass Bancshares 400 18
................................................................................
TCF Financial 600 18
................................................................................
Fulton Financial 650 16
................................................................................
USBANCORP 200 16
................................................................................
First Virginia Banks 300 15
................................................................................
Keystone Financial 400 15
................................................................................
First United Bancshares 300 15
................................................................................
Commerce Bancshares 300 15
................................................................................
Summit Bancorp 300 14
................................................................................
Associated Banc-Corp 375 14
................................................................................
First Commercial 200 14
................................................................................
Provident Financial Group 300 14
................................................................................
UST 500 13
................................................................................
Trustmark 600 13
................................................................................
Commercial Federal 400 13
................................................................................
National Commerce Bancorporation 300 13
................................................................................
Pacific Century Financial 500 12
................................................................................
FirstMerit 400 12
................................................................................
Susquehanna Bancshares 300 11
................................................................................
Valley National Bancorp 375 11
................................................................................
NS & L Bancorp 600 11
................................................................................
Silicon Valley Bancshares * 300 11
................................................................................
Trustco Bank 400 11
................................................................................
Heritage Financial Services 300 10
................................................................................
Arrow Financial * 300 9
................................................................................
Reliance Bancshares * 1,000 8
................................................................................
Merchants Bancshares 200 7
................................................................................
First Union 117 7
................................................................................
990
..............
Life Insurance 1.2%
Equitable Companies 1,100 83
................................................................................
ReliaStar Financial 500 24
................................................................................
19
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
Protective Life 500 $ 18
................................................................................
Life Re 200 16
................................................................................
Liberty Financial Companies 400 14
................................................................................
Allied Life Financial 400 12
................................................................................
Kansas City Life Insurance 100 9
................................................................................
Guarantee Life 300 7
................................................................................
183
..............
Miscellaneous Finance 2.3%
Donaldson, Lufkin & Jenrette 800 41
................................................................................
The CIT Group (Class A) 900 34
................................................................................
Paine Webber 700 30
................................................................................
Alliance Capital 1,000 25
................................................................................
Concord EFS * 900 23
................................................................................
A.G. Edwards 500 21
................................................................................
Eaton Vance 400 18
................................................................................
FINOVA Group 300 17
................................................................................
Fremont General 300 16
................................................................................
Raymond James Financial 500 15
................................................................................
AmeriCredit * 400 14
................................................................................
Cash America Investments 900 14
................................................................................
Morgan Keegan 500 13
................................................................................
John Nuveen (Class A) 300 12
................................................................................
Value Line 300 12
................................................................................
Peoples Bancorp 1,147 12
................................................................................
Perry County Financial 400 9
................................................................................
FIRSTPLUS Financial * 200 7
................................................................................
ADVANTA 166 4
................................................................................
337
..............
Mortgage Finance 0.2%
Matrix Capital * 500 14
................................................................................
Litchfield Financial 400 8
................................................................................
Aames Financial 600 8
................................................................................
Southern Pacific Funding * 300 5
................................................................................
35
..............
Other Insurance 6.4%
Berkshire Hathaway (Class A) * 6 470
................................................................................
CNA Financial * 900 42
................................................................................
AFLAC 1,100 33
................................................................................
20
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
AMBAC 500 $ 29
................................................................................
Allmerica Financial 400 26
................................................................................
Old Republic International 750 22
................................................................................
American National Insurance 200 21
................................................................................
Unitrin 300 21
................................................................................
Provident 600 21
................................................................................
Mercury General 300 19
................................................................................
Everest Reinsurance Holdings 500 19
................................................................................
Travelers Property Casualty (Class A) 400 17
................................................................................
Transatlantic Holdings 200 15
................................................................................
PMI Group 200 15
................................................................................
Reliance Group Holdings 800 14
................................................................................
American Financial Group 300 13
................................................................................
Prepaid Legal Services * 400 13
................................................................................
Risk Capital Holdings * 500 12
................................................................................
Acceptance Insurance * 500 12
................................................................................
American Bankers 200 12
................................................................................
Financial Security Assurance 200 12
................................................................................
Trenwick Group 300 12
................................................................................
TIG Holdings 500 12
................................................................................
NYMAGIC 400 11
................................................................................
Harleysville Group 500 10
................................................................................
Amwest Insurance Group 660 10
................................................................................
BancInsurance * 1,300 8
................................................................................
Frontier Insurance Group 330 7
................................................................................
Horace Mann Educators 200 7
................................................................................
Triad Guaranty * 200 7
................................................................................
Midland 300 7
................................................................................
State Auto Financial 200 6
................................................................................
Highlands Insurance Group * 300 6
................................................................................
961
..............
Thrift Institutions 1.8%
Dime Bancorp 800 24
................................................................................
Greenpoint Financial 600 22
................................................................................
Sovereign Bancorp 1,183 19
................................................................................
People's Bank 500 17
................................................................................
Washington Federal 600 17
................................................................................
First Indiana 600 16
................................................................................
21
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
in thousands
Firstbank Puerto Rico 600 $ 16
................................................................................
FirstFed Financial * 300 16
................................................................................
Home Federal Savings Bank 500 15
................................................................................
Golden Sate Bancorp * 500 15
................................................................................
St. Paul Bancorp 600 13
................................................................................
Queens County Bancorp 300 13
................................................................................
PFF Bancorp * 700 13
................................................................................
Ameriana Bancorp 600 11
................................................................................
1st Bergen Bancorp 600 11
................................................................................
ISB Financial 400 11
................................................................................
Staten Island Bancorp 400 9
................................................................................
Wood Bancorp 500 8
................................................................................
Golden State Bancorp, Warrants, 1/1/01 300 2
................................................................................
268
..............
Total Financial 2,774
..............
HEALTH CARE 7.0%
Drugs 3.5%
................................................................................
Genentech * 600 41
................................................................................
McKesson 500 41
................................................................................
Biogen * 500 24
................................................................................
Mylan Laboratories 800 24
................................................................................
Watson Pharmaceuticals * 500 23
................................................................................
ICN Pharmaceuticals 500 23
................................................................................
Bindley Western Industries 666 22
................................................................................
Roberts Pharmaceutical * 900 21
................................................................................
Immunex * 300 20
................................................................................
Chiron * 1,200 19
................................................................................
Forest Laboratories * 500 18
................................................................................
R.P. Scherer * 200 18
................................................................................
ICOS * 800 15
................................................................................
Centocor * 400 14
................................................................................
Capstone Pharmacy Services * 1,200 14
................................................................................
Human Genome Sciences * 400 14
................................................................................
Rexall Sundown * 400 14
................................................................................
Bergen Brunswig 300 14
................................................................................
Digene * 1,400 14
................................................................................
K-V Pharmaceutical * 600 13
................................................................................
22
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Techne * 700 $ 13
................................................................................
D&K Healthcare * 600 13
................................................................................
Genzyme * 500 13
................................................................................
Life Technologies 400 12
................................................................................
Gilead Sciences * 300 10
................................................................................
Dura Pharmaceuticals * 400 9
................................................................................
CN Biosciences * 300 8
................................................................................
Imclone Systems * 500 6
................................................................................
Geron * 600 6
................................................................................
ONYX Pharmaceuticals * 900 6
................................................................................
Cygnus * 500 5
................................................................................
Interneuron Pharmaceuticals * 1,400 5
................................................................................
Advanced Tissue Sciences * 1,100 5
................................................................................
517
.....
Health Care (non-drug) 1.7%
Hillenbrand Industries 500 30
................................................................................
Stryker 600 23
................................................................................
Allegiance 400 21
................................................................................
Omnicare 500 19
................................................................................
Sofamor/Danek Group * 200 17
................................................................................
DePuy * 600 17
................................................................................
Dentsply International 600 15
................................................................................
Arterial Vascular Engineering * 400 14
................................................................................
Merit Medical Systems * 1,500 13
................................................................................
Steris * 200 13
................................................................................
Affymetrix * 500 12
................................................................................
CONMED * 500 12
................................................................................
Res-Care * 600 11
................................................................................
Marquette Medical Systems * 400 10
................................................................................
ABIOMED * 700 10
................................................................................
Collagen 400 7
................................................................................
Resound * 1,000 7
................................................................................
Cardima * 2,000 6
................................................................................
VIVUS * 900 5
................................................................................
262
.....
HMO/Hospital Management 1.8%
Health Management (Class A) * 1,000 33
................................................................................
Wellpoint Health Networks * 400 29
................................................................................
Foundation Health Systems * 900 24
................................................................................
23
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Total Renal Care Holdings * 600 $ 21
................................................................................
Quorum Health Group * 700 18
................................................................................
PacifiCare Health Systems (Class B) * 200 18
................................................................................
Lincare * 400 17
................................................................................
Orthodontic Centers of America * 700 15
................................................................................
Ventas 1,000 14
................................................................................
Medpartners * 1,700 14
................................................................................
American HomePatient * 700 13
................................................................................
Concentra Managed Care * 500 13
................................................................................
Lab Holdings 500 12
................................................................................
National Healthcare 300 10
................................................................................
Continucare * 1,300 6
................................................................................
Apria Healthcare * 800 5
................................................................................
American Oncology Resources * 400 5
................................................................................
Vencor * 500 4
................................................................................
271
......
Total Health Care 1,050
......
PROCESS INDUSTRIES 3.0%
Chemicals 2.2%
ARCO 500 29
................................................................................
Vulcan Materials 200 21
................................................................................
Millennium Chemicals 600 20
................................................................................
Sybron International * 800 20
................................................................................
Solutia 700 20
................................................................................
Crompton & Knowles 600 15
................................................................................
IMC Global 500 15
................................................................................
Lawter 1,300 14
................................................................................
Georgia Gulf 600 14
................................................................................
Cytec Industries * 300 13
................................................................................
Airgas * 900 13
................................................................................
Olin 300 13
................................................................................
Terra Nitrogen 500 13
................................................................................
Valley National Gases * 1,100 12
................................................................................
Lyondell Petrochemical 400 12
................................................................................
Catalytica * 600 12
................................................................................
M.A. Hanna 600 11
................................................................................
Cabot 300 10
................................................................................
24
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Witco 300 $ 9
................................................................................
Mississippi Chemical 500 8
................................................................................
ICO 1,900 8
................................................................................
NL Industries 400 8
................................................................................
Special Devices * 200 7
................................................................................
Tuscarora 400 6
................................................................................
Lubrizol 200 6
................................................................................
Summa Industries * 400 5
................................................................................
334
.....
Forest Products 0.3%
Triangle Pacific * 300 17
................................................................................
Pope & Talbot 600 7
................................................................................
ABT Building Products * 400 7
................................................................................
Tufco Technologies * 900 6
................................................................................
Universal Forest Products 300 5
................................................................................
42
.....
Paper 0.5%
Wausau-Mosinee Paper 600 14
................................................................................
Consolidated Papers 400 11
................................................................................
Crown Vantage * 1,000 10
................................................................................
FiberMark * 600 10
................................................................................
Ivex Packaging * 300 7
................................................................................
Georgia Pac Timber 300 7
................................................................................
Jefferson Smurfit * 400 6
................................................................................
Gaylord Container, (Class A) * 600 5
................................................................................
Badger Paper Mills * 500 4
................................................................................
74
.....
Total Process Industries 450
.....
TECHNOLOGY 16.3%
Aerospace 0.6%
Loral Space & Communications * 1,000 28
................................................................................
Gulfstream Aerospace * 400 19
................................................................................
United Industrial 1,000 13
................................................................................
Sundstrand 200 12
................................................................................
Kellstrom Industries * 300 9
................................................................................
GRC International * 700 7
................................................................................
25
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Heico 200 $ 5
................................................................................
Heico (Class A) * 50 1
................................................................................
94
.....
Analytical Equipment 0.9%
Litton Industries * 400 24
................................................................................
Thermo Instrument Systems * 800 21
................................................................................
Fluke 600 20
................................................................................
Teradyne * 500 13
................................................................................
Orbital Sciences * 300 11
................................................................................
EDO 1,100 10
................................................................................
Perceptron * 800 10
................................................................................
Bio-Rad Laboratories * 300 9
................................................................................
Input/Output * 500 9
................................................................................
Cytyc * 400 6
................................................................................
Cyberoptics * 400 6
................................................................................
139
.....
Business Machines 0.4%
NCR * 800 26
................................................................................
Diebold 500 14
................................................................................
Gradco Systems * 1,425 10
................................................................................
UNOVA * 400 9
................................................................................
Ultradata Systems * 1,200 5
................................................................................
Zitel * 600 3
................................................................................
67
.....
Communication Equipment 1.5%
CIENA * 500 35
................................................................................
QUALCOMM * 400 22
................................................................................
ADC Telecommunications * 600 22
................................................................................
Comverse Technology * 400 21
................................................................................
Advanced Fibre Communications * 500 20
................................................................................
ANTEC * 800 19
................................................................................
RELTEC * 300 13
................................................................................
ADTRAN * 500 13
................................................................................
Premisys Communications * 500 12
................................................................................
California Microwave * 700 12
................................................................................
Checkpoint Systems * 800 11
................................................................................
DSP Group * 400 8
................................................................................
P-COM * 600 6
................................................................................
CMC Industries * 600 5
................................................................................
219
.....
26
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Computer Communications 0.5%
FORE Systems * 700 $ 18
................................................................................
Intermedia Communications * 300 13
................................................................................
Mylex * 1,300 9
................................................................................
Adaptec * 600 9
................................................................................
Digi International * 300 6
................................................................................
Network Peripherals * 1,100 5
................................................................................
Splash Technology * 300 5
................................................................................
Microdyne 1,100 5
................................................................................
70
.....
Computer Peripherals 0.9%
Storage Technology * 600 26
................................................................................
Symbol Technologies 500 19
................................................................................
Lexmark International * 300 18
................................................................................
Quantum * 600 12
................................................................................
Network Appliance * 300 12
................................................................................
Iomega * 1,500 9
................................................................................
Exabyte * 1,000 8
................................................................................
Stratasys * 900 7
................................................................................
Dataram * 600 7
................................................................................
Nimbus CD International * 600 7
................................................................................
Western Digital * 300 4
................................................................................
129
.....
Computer Services 4.1%
America Online 1,000 106
................................................................................
Electronic Data Systems 2,300 92
................................................................................
Yahoo! * 200 32
................................................................................
At Home * 600 28
................................................................................
Keane * 500 28
................................................................................
Cambridge Technology Partners * 500 27
................................................................................
SunGard Data Systems * 700 27
................................................................................
Total Systems Services 1,100 23
................................................................................
Galileo International 500 23
................................................................................
DST Systems * 400 22
................................................................................
Broadvision * 900 21
................................................................................
FIserv * 450 19
................................................................................
Comdisco 1,000 19
................................................................................
Excite * 200 19
................................................................................
27
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Medquist * 600 $ 17
................................................................................
Data Transmission Network * 400 16
................................................................................
CIBER * 400 15
................................................................................
ICG Communications * 400 15
................................................................................
GTECH * 400 13
................................................................................
Sykes Enterprises * 500 10
................................................................................
JDA Software Group * 200 9
................................................................................
Eltrax Systems * 1,000 8
................................................................................
Avert 1,100 8
................................................................................
Intergraph * 900 8
................................................................................
DecisionOne Holdings * 300 6
................................................................................
Lightbridge * 700 6
................................................................................
UBICS * 300 4
................................................................................
621
.....
Computer Software 4.4%
BMC Software * 1,000 52
................................................................................
PeopleSoft * 1,100 52
................................................................................
Compuware * 1,000 51
................................................................................
Sterling Commerce * 700 34
................................................................................
Cadence Design Systems * 1,000 31
................................................................................
Network Associates * 600 29
................................................................................
Electronic Arts * 500 27
................................................................................
J. D. Edwards * 600 26
................................................................................
Intuit * 400 24
................................................................................
Synopsys * 500 23
................................................................................
Siebel Systems * 700 22
................................................................................
LHS Group * 300 20
................................................................................
The Learning Company * 600 18
................................................................................
Sterling Software * 600 18
................................................................................
PLATINUM technology * 600 17
................................................................................
Citrix Systems * 250 17
................................................................................
Midway Games * 1,079 17
................................................................................
VERITAS Software * 400 17
................................................................................
Boole & Babbage * 650 16
................................................................................
Pegrine Systems * 500 14
................................................................................
i2 Technologies * 400 14
................................................................................
Applied Voice Technology * 600 14
................................................................................
IDX Systems * 300 14
................................................................................
28
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
IN THOUSANDS
Netscape Communications * 500 $ 13
................................................................................
Rational Software * 800 12
................................................................................
Harbinger * 500 12
................................................................................
Legato Systems * 300 12
................................................................................
Wang Laboratories * 400 10
................................................................................
GT Interactive Software * 1,300 10
................................................................................
SPSS * 400 9
................................................................................
Applix * 1,000 4
................................................................................
Industri-Matematik * 300 3
................................................................................
652
.....
Electronic Manufacturing Equipment 0.3%
Esterline Technologies * 600 12
................................................................................
Veeco * 400 10
................................................................................
Photronics * 400 9
................................................................................
Watkins-Johnson 300 8
................................................................................
Kulicke & Soffa * 400 7
................................................................................
46
.....
Electronics 2.7%
Linear Technology 500 30
................................................................................
Solectron * 700 29
................................................................................
General Motors (Class H) 500 24
................................................................................
Maxim Integrated Products * 700 22
................................................................................
Hubbell (Class B) 500 21
................................................................................
Analog Devices * 800 20
................................................................................
Uniphase * 300 19
................................................................................
Vitesse Semiconductor * 600 19
................................................................................
Molex 700 17
................................................................................
Avnet 300 16
................................................................................
SCI Systems * 400 15
................................................................................
Altera * 500 15
................................................................................
Xilinx * 400 14
................................................................................
Technitrol 300 12
................................................................................
Amphenol * 300 12
................................................................................
AVX 700 11
................................................................................
Atmel * 800 11
................................................................................
Kimball International 600 11
................................................................................
Burr Brown * 500 11
................................................................................
DuPont Photomasks * 300 10
................................................................................
29
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Brightpoint * 700 $ 10
................................................................................
SMART Modular Technologies * 600 9
................................................................................
Arrow Electronics * 400 9
................................................................................
Park Electrochemical 400 8
................................................................................
BENCHMARQ Microelectronics * 700 8
................................................................................
Vishay Intertechnology * 420 7
................................................................................
TelCom Semiconductor * 1,100 6
................................................................................
Hutchinson Technology * 200 5
................................................................................
401
..............
Total Technology 2,438
..............
UTILITIES 5.8%
Electric Utilities 3.4%
AES * 700 37
................................................................................
Florida Progress 600 25
................................................................................
New Century Energies 500 23
................................................................................
Pinnacle West Capital 500 22
................................................................................
CMS Energy 500 22
................................................................................
CalEnergy * 700 21
................................................................................
NIPSCO 700 20
................................................................................
Wisconsin Energy 600 18
................................................................................
DPL 1,000 18
................................................................................
SCANA 600 18
................................................................................
Central Maine Power 900 17
................................................................................
Potomac Electric Power 700 17
................................................................................
Energy East 400 17
................................................................................
OGE Energy 600 16
................................................................................
Teco Energy 600 16
................................................................................
Allegheny Energy 500 15
................................................................................
Montana Power 400 14
................................................................................
Public Service of New Mexico 600 14
................................................................................
WPS Resources 400 13
................................................................................
Interstate Energy 400 13
................................................................................
SIGCORP 400 13
................................................................................
Western Resources 300 12
................................................................................
St. Joseph Light & Power 600 11
................................................................................
Northeast Utilities * 600 10
................................................................................
United Illuminating 200 10
................................................................................
30
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Trigen Energy 700 $ 10
................................................................................
Illinova 300 9
................................................................................
IPALCO Enterprises 200 9
................................................................................
New England Electric System 200 9
................................................................................
Maine Public Service 600 9
................................................................................
BEC Energy 200 8
................................................................................
Conectiv 400 8
................................................................................
Unisource Energy * 500 8
................................................................................
DQE 200 7
................................................................................
Pugets Sound Energy 200 5
................................................................................
514
..............
Telephone and Telegraph 2.2%
Level 3 Communications * 800 58
................................................................................
Century Telephone Enterprises 550 25
................................................................................
Cincinnati Bell 800 23
................................................................................
Telephone and Data Systems 500 20
................................................................................
McLeod USA * 500 20
................................................................................
GTS * 400 19
................................................................................
360 Communications * 600 19
................................................................................
U. S. Cellular * 600 18
................................................................................
Citizens Utilities * 1,720 17
................................................................................
EXCEL Communications * 700 16
................................................................................
Vanguard Cellular (Class A) * 800 15
................................................................................
Hickory Technology 300 12
................................................................................
Corecomm * 400 10
................................................................................
GST Telecommunications * 700 10
................................................................................
Boston Communications Group * 1,100 10
................................................................................
General Communication * 1,600 10
................................................................................
Omnipoint * 400 9
................................................................................
Western Wireless * 300 6
................................................................................
Tel-Save Holdings * 400 6
................................................................................
323
..............
Water Utilites 0.2%
American Water Works 500 16
................................................................................
E'town 300 11
................................................................................
27
..............
Total Utilities 864
..............
31
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
MISCELLANEOUS 0.3%
Peekskill Financial 700 $ 12
................................................................................
Silicon Gaming * 1,000 10
................................................................................
Rock Of Ages * 600 9
................................................................................
CTB International * 600 8
................................................................................
Midwest Banc Holdings 300 5
................................................................................
MPW Industrial Services Group * 200 3
................................................................................
School Specialty * 76 1
................................................................................
Aztec Consulting * 138 1
................................................................................
Workflow Management * 92 1
................................................................................
Navigant International * 69 1
................................................................................
Total Miscellaneous 51
..............
Total Common Stocks and Warrants (Cost $13,934) 14,507
..............
SHORT-TERM INVESTMENTS 4.1%
U.S. Government Obligations 0.3%
U.S. Treasury Bills, 4.94 - 5.05%, 8/6 - 10/15/98 $ 40,000 40
................................................................................
40
..............
Money Market Funds 3.8%
Reserve Investment Fund, 5.69% # 567,248 567
................................................................................
567
..............
Total Short-Term Investments (Cost $607) 607
..............
Total Investments in Securities
101.0% of Net Assets (Cost $14,541) $ 15,114
32
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
- ---------------------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C> <C>
Futures Contracts
In thousands
CONTRACT UNREALIZED
EXPIRATION VALUE GAIN (LOSS)
Long, 1 Russell 2000 Stock Index
contract, $30,000 of U.S. Treasury Bills
pledged as initial margin 9/98 $ 231 $ 1
Long, 1 Midcap 400 Stock Index
contract, $10,000 of U.S. Treasury Bills
pledged as initial margin 9/98 182 6
Net payments (receipts) of variation
margin to date (6)
Variation margin receivable
(payable) on open futures contracts 1
Other Assets Less Liabilities (146)
---------
NET ASSETS $ 14,969
---------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 50
Accumulated net realized gain/loss - net of distributions 160
Net unrealized gain (loss) 580
Paid-in-capital applicable to 1,331,270 shares of $0.0001 par
value capital stock outstanding; 1,000,000,000 shares authorized 14,179
---------
NET ASSETS $ 14,969
---------
NET ASSET VALUE PER SHARE $ 11.24
---------
</TABLE>
* NON-INCOME PRODUCING
# SEVEN-DAY YIELD
REIT REAL ESTATE INVESTMENT TRUST
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
33
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Unaudited
Statement of Operations
- --------------------------------------------------------------------------------
In thousands
1/30/98
Through
6/30/98
Investment Income
Income
Dividend $ 53
Interest 15
-----------------
Total income 68
-----------------
Expenses
Custody and accounting 56
Shareholder servicing 12
Registration 5
Legal and audit 3
Directors 2
Prospectus and shareholder reports 2
Reimbursed by manager (62)
-----------------
Total expenses 18
-----------------
Net investment income 50
-----------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 166
Futures (6)
-----------------
Net realized gain (loss) 160
-----------------
Change in net unrealized gain or loss
Securities 573
Futures 7
-----------------
Change in net unrealized gain or loss 580
-----------------
Net realized and unrealized gain (loss) 740
-----------------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 790
-----------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- -------------------------------------------------------------------
Unaudited
- -----------------------------------
Statement of Changes in Net Assets
- -------------------------------------------------------------------
In thousands
1/30/98
Through
6/30/98
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income $ 50
Net realized gain (loss) 160
Change in net unrealized gain or loss 580
---------
Increase (decrease) in net assets from operations 790
---------
Capital share transactions *
Shares sold 14,576
Shares redeemed (398)
Redemption fees received 1
---------
Increase (decrease) in net assets from capital
share transactions 14,179
---------
NET ASSETS
Increase (decrease) during period 14,969
Beginning of period -
---------
End of period $ 14,969
---------
*Share information
Shares sold 1,367
Shares redeemed (36)
---------
Increase (decrease) in shares outstanding 1,331
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
35
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Unaudited June 30, 1998
- -----------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Equity Market Index Funds Inc., (the corporation) is registered
under the Investment Company Act of 1940. The Extended Equity Market Index
Fund (the fund), a diversified, open-end management investment company, is one
of the portfolios established by the corporation and commenced operations on
January 30, 1998.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company industry;
these principles may require the use of estimates by fund management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price on the day the valuations
are made. A security which 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.
Short-term debt securities are valued at amortized cost which, when combined
with accrued interest, approximates fair value.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation. Financial futures contracts
are valued at closing settlement prices.
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.
Premiums and Discounts Premiums and discounts on debt securities are amortized
for both financial reporting and tax purposes.
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
36
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
capital gain distributions are determined in accordance with federal income
tax regulations and may differ from those determined in accordance with
generally accepted accounting principles. Payments ("variation margin")
made or received by the fund to settle the daily fluctuations in the value
of futures contracts are recorded as unrealized gains or losses until the
contracts are closed. Unrealized gains and losses on contracts are included
in Change in net unrealized gain or loss in the accompanying financial
statements.
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
described more fully in the fund's prospectus and Statement of Additional
Information.
Futures Contracts At June 30, 1998, the fund was a party to futures
contracts, which provide for the future sale by one party and purchase by
another of a specified amount of a specific financial instrument at an
agreed upon price, date, time, and place. Risks arise from possible
illiquidity of the futures market and from movements in security values.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $14,708,000 and $945,000, respectively, for the six
months ended June 30, 1998.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
qualify as a regulated investment company and distribute all of its taxable
income.
At June 30, 1998, the aggregate cost of investments for federal income tax
and financial reporting purposes was $14,541,000, and net unrealized gain
aggregated $573,000, of which $1,380,000 related to appreciated investments
and $807,000 to depreciated investments.
37
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management and administrative agreement between the fund and T.
Rowe Price Associates, Inc. (the manager) provides for an all-inclusive annual
fee. The fee, computed daily and paid monthly, is equal to 0.40% of the fund's
average daily net assets. Pursuant to the agreement, investment management,
shareholder servicing, transfer agency, accounting, and custody services are
provided to the fund, and interest, taxes, brokerage commissions, and
extraordinary expenses are paid directly by the fund.
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 T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and other
accounts managed by T. Rowe Price and its affiliates 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 June 30, 1998,
totaled $14,000 and are reflected as interest income in the accompanying
Statement of Operations.
38
<PAGE>
T. Rowe Price Shareholder Services
- --------------------------------------------------------------------------------
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
DISCOUNT BROKERAGE*
Individual Investments Stocks, bonds, options, precious metals,
and other securities at a savings over regular 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.
*A division of T. Rowe Price Investment Services, Inc. Member NASD/SIPC.
39
<PAGE>
For yield, price, last transaction, Investor Centers:
current balance, or to conduct 101 East Lombard St.
transactions 24 hours, 7 days a week, Baltimore, MD 21202
call Tele*Access(R):
1-800-638-2587 toll free T. Rowe Price
Financial Center
For assistance 10090 Red Run Blvd.
with your existing Owings Mills, MD 21117
fund account, call:
Shareholder Service Center Farragut Square
1-800-225-5132 toll free 900 17th Street, N.W.
410-625-6500 Baltimore area Washington, D.C. 20006
To open a Discount Brokerage ARCO Tower
account or obtain information, 31st Floor
call: 1-800-638-5660 toll free 515 South Flower St.
Los Angeles, CA 90071
Internet address:
www.troweprice.com 4200 West Cypress St.
10th Floor
T. Rowe Price Associates Tampa, FL 33607
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 of the
T. Rowe Price Equity Market
Index Funds.
[LOGO OF T. ROWE PRICE APPEARS HERE]
T. Rowe Price Investment Services, Inc., Distributor. F24-051 6/30/98
