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Previous: PRICE T ROWE INDEX TRUST INC, N-30D, 1999-08-11 |
Next: PRICE T ROWE INDEX TRUST INC, N-30D, 1999-08-11 |
<PAGE>
Semiannual Report - Financial Statements
T. ROWE PRICE
TOTAL EQUITY MARKET
INDEX FUND
June 30, 1999
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Unaudited
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
- --------------------------------------------------------------------------------
6 Months 1/30/98
Ended Through
6/30/99 12/31/98
NET ASSET VALUE
Beginning of period $ 12.19 $ 10.00
Investment activities
Net investment income 0.06 0.11
Net realized and unrealized gain (loss) 1.38 2.20
Total from investment activities 1.44 2.31
Distributions
Net investment income (0.05) (0.12)
Net realized gain (0.03) --
Total distributions (0.08) (0.12)
NET ASSET VALUE
End of period $ 13.55 $ 12.19
-----------------------
Ratios/Supplemental Data
Total return++ 11.85% 23.19%
Ratio of total expenses to average net assets 0.40%+ 0.40%+
Ratio of net investment income to average net assets 1.03%+ 1.33%+
Portfolio turnover rate 3.1%+ 1.9%+
Net assets, end of period (in thousands) $138,713 $ 61,210
++ Total return reflects the rate that an investor would have earned on an
investment in the fund during the 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 TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Unaudited June 30, 1999
- -------------------------
STATEMENT OF NET ASSETS Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
COMMON STOCKS AND RIGHTS 97.1%
BASIC MATERIALS 3.8%
Chemicals 2.2%
DuPont 10,600 $ 724
3M 3,600 313
Dow Chemical 2,000 254
Illinois Tool Works 2,400 197
Air Products and Chemicals 2,500 101
PPG Industries 1,700 100
Praxair 1,900 93
Rohm & Haas 2,100 90
Occidental Petroleum 4,200 89
Avery Dennison 1,200 72
Ecolab 1,500 65
Sealed Air * 1,000 65
Union Carbide 1,300 63
FMC * 900 62
Great Lakes Chemical 1,300 60
Vulcan Materials 1,200 58
Hercules 1,400 55
Sherwin-Williams 1,900 53
Tenneco 2,200 53
Eastman Chemical 900 47
Gencorp 1,800 45
Ashland 1,000 40
Airgas * 3,100 38
Crompton & Knowles 1,900 37
Cabot 1,500 36
RPM 2,200 31
Millennium Chemicals 1,300 31
NL Industries 2,700 30
Ivex Packaging * 1,200 26
Engelhard 1,000 23
Hawkins Chemical 2,800 23
A. Schulman 1,300 22
Carlisle Companies 400 19
3
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
International Specialty Products * 1,700 $ 17
Terra Nitrogen * 900 9
3,041
-------------
Forest Products 0.9%
Kimberly-Clark 4,600 262
International Paper 3,236 163
Weyerhaeuser 1,700 117
Fort James 2,400 91
Georgia-Pacific 1,700 81
Willamette Industries 1,600 74
Westvaco 2,000 58
Champion International 1,100 53
Boise Cascade 1,100 47
Smurfit-Stone Container * 2,190 45
Sonoco Products 1,300 39
Louisiana Pacific 1,600 38
Chesapeake 1,000 37
Baltek * 3,700 35
Universal Forest Products 1,300 28
Mead 600 25
Quipp 1,800 24
Badger Paper Mills * 2,600 18
Miami Computer Supply * 750 14
FiberMark * 1,000 13
Schweitzer- Mauduit 800 12
1,274
-------------
Gold 0.1%
Newmont Mining 3,100 61
Homestake Mining 4,600 38
Coeur d'Alene Mines * 3,900 18
117
-------------
Metals and Mining 0.6%
Alcoa 3,100 192
Reynolds Metals 1,000 59
USX-U.S. Steel 2,000 54
US Can * 2,400 53
Worthington Industries 2,700 44
Cyprus Amax Minerals 2,800 42
4
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Ryerson Tull 1,800 $ 41
Wolverine Tube * 1,600 40
Commercial Metals 1,300 37
Crown Cork & Seal 1,300 37
Ampco Pittsburgh 2,800 36
Ball 800 34
Nucor 700 33
ASARCO 1,700 32
Easco 2,900 31
Carpenter Technology 900 26
Titanium Metals 1,500 17
Brush Wellman 900 16
Arch Coal 200 3
827
------------
Total Basic Materials 5,259
------------
BUSINESS SERVICES 2.1%
Advertising 0.5%
Omnicom 1,800 144
Interpublic Group 1,600 138
CMG Information Services * 1,000 114
Outdoor Systems * 1,800 66
Harte-Hanks 2,400 65
Valassis Communications * 1,200 44
True North Communications 1,100 33
Doubleclick * 300 27
Young & Rubicam 500 23
654
------------
Business Services 0.7%
IMS Health 3,500 109
Paychex 2,625 84
Dun & Bradstreet 1,800 64
Ceridian * 1,900 62
Concord EFS * 1,400 59
Quintiles Transnational * 1,300 55
NORTHPOINT COMMUNICATIONS * 1,300 47
Sylvan Learning Systems * 1,700 46
5
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
ProBusiness Services * 1,000 $ 36
Gartner Group (Class A) * 1,700 35
Verisign * 400 34
NOVA * 1,300 32
Nielsen Media Research 1,100 32
Viad 1,000 31
Peekskill Financial 2,200 30
R.H. Donnelley 1,440 28
PMC Capital 3,300 28
BioReliance * 4,200 28
Staff Leasing * 2,100 27
Abington Bancorp 1,900 26
CorrPro Companies * 2,900 25
Thomas Group * 2,100 19
Coast Dental Services * 2,000 9
Startek * 300 7
953
------------
Environmental Services 0.4%
Waste Management * 5,260 283
Browning-Ferris 2,000 86
Allied Waste Industries * 3,560 70
Energy Research * 3,400 48
TETRA Technologies * 4,200 39
Republic Services (Class A) * 1,500 37
563
------------
Industrial Services 0.5%
Autonation * 5,100 91
Cintas 1,200 81
ServiceMaster 3,600 67
Apria Healthcare * 3,700 63
Dollar Thrifty Auto Group * 2,600 60
Ryder System 2,300 60
Olsten 6,900 44
Hertz 700 43
Wackenhut Corrections * 2,000 40
Manpower 1,700 38
Central Parking 800 27
RemedyTemp (Class A) * 1,900 26
6
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
NationsRent * 2,800 $ 20
Rollins 1,200 19
GP Strategies * 2,000 18
697
------------
Total Business Services 2,867
------------
CONSUMER DISCRETIONARY 5.6%
Entertainment 0.4%
Carnival (Class A) 5,000 243
Metro Goldwyn Mayer * 4,300 79
Royal Caribbean Cruises 1,600 70
King World Productions * 1,700 59
Cedar Fair 1,900 47
SFX Entertainment (Class A) * 700 45
GC Companies * 1,100 39
582
------------
Hotels 0.2%
Hilton 3,900 55
Park Place Entertainment * 5,600 54
Harrah's Entertainment * 2,400 53
Mirage Resorts * 2,800 47
Promus Hotel * 1,300 40
MGM Grand * 500 24
Bristol Hotels * 2,000 15
John Q. Hammons Hotels (Class A) * 1,600 7
Interstate Hotels * 176 1
296
------------
Leisure 0.5%
Eastman Kodak 2,800 190
Mattel 5,900 156
Harley-Davidson 1,800 98
Hasbro 2,400 67
Polaris Industries 1,200 52
Action Performance * 1,300 43
Meditrust, REIT * 3,190 42
Callaway Golf 2,500 37
Arctic Cat 3,300 30
7
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
WMS Industries * 1,700 $ 29
Rawlings Sporting Goods * 2,900 28
GTECH * 700 16
788
---------------
Media 3.0%
Time Warner 11,400 838
Disney 19,500 601
MediaOne * 5,800 431
CBS * 6,800 295
Viacom (Class B) * 6,500 286
Comcast (Class A Special) 7,100 273
Clear Channel Communications * 3,341 230
Cox Communications (Class A) * 5,000 184
Washington Post (Class B) 200 107
Tribune 1,200 105
Chancellor Media * 1,700 94
Cablevision Systems (Class A) * 1,200 84
Univision Communications * 1,100 73
Broadcast.com * 500 67
E. W. Scripps 1,400 67
Century Communications (Class A) * 1,400 64
Infinity Broadcasting (Class A) * 2,100 62
A. H. Belo (Class A) 2,900 57
Fox Entertainment Group (Class A) * 1,900 51
Hispanic Broadcasting * 600 45
RCN * 1,000 42
BHC Communications (Class A) 300 39
TV Guide (Class A) * 600 22
Granite Broadcasting * 2,400 19
4,136
---------------
Publishing 0.7%
Gannett 2,600 186
McGraw-Hill 1,800 97
New York Times (Class A) 2,200 81
R.R. Donnelley 1,900 70
PRIMEDIA * 3,700 63
Central Newspapers (Class A) 1,600 60
Reader's Digest (Class A) 1,400 56
8
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Dow Jones 1,000 $ 53
Hollinger International (Class A) 3,800 45
American Greetings (Class A) 1,400 42
Knight-Ridder 700 38
Times Mirror (Class A) 600 36
Scholastic * 600 30
Harcourt General 500 26
John H. Harland 1,100 22
Franklin Covey * 2,100 16
TST/ Impreso * 1,300 5
926
------------
Restaurants 0.8%
McDonald's 11,900 492
Marriott (Class A) 2,800 105
Starbucks * 2,500 94
Tricon Global Restaurants * 1,600 86
Wendys 2,500 71
Papa Johns * 1,300 58
Darden Restaurants 1,900 41
Bob Evans Farms 2,000 40
Brinker * 1,300 35
Applebee's 1,100 33
1,055
------------
Total Consumer Discretionary 7,783
------------
CONSUMER NONDURABLES 6.6%
Beverages 1.5%
Coca-Cola 23,400 1,463
PepsiCo 13,500 522
TRIARC COMPANIES * 900 19
Pure World * 3,480 15
2,019
------------
Food 1.7%
Campbell 4,400 204
Sara Lee 8,800 200
Heinz 3,200 160
ConAgra 5,440 145
9
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Bestfoods 2,800 $ 139
General Mills 1,700 137
Kellogg 4,000 132
Coca-Cola Enterprises 4,400 131
Wrigley 1,200 108
Sysco 3,600 107
Quaker Oats 1,600 106
Pioneer Hi-Bred 2,700 105
Archer Daniels Midland 6,505 101
Hershey Foods 1,600 95
RJR Nabisco 3,700 72
International Home Foods * 3,600 66
Whitman 3,500 63
Tyson Foods (Class A) 2,700 61
Pepsi Bottling Group 2,300 53
Nabisco Holdings (Class A) 1,000 43
Hormel Foods 1,000 40
Aurora Foods * 1,600 28
Supervalu 800 21
Vlasic Foods * 2,560 19
Fresh Del Monte Produce * 1,300 18
United Natural Foods * 700 17
2,371
-----------
Home Products 2.0%
Procter & Gamble 12,300 1,098
Gillette 10,300 422
Colgate-Palmolive 2,500 247
Avon 2,200 122
Clorox 1,100 117
Newell Rubbermaid 2,476 115
Ralston Purina 3,700 113
Fortune Brands 1,600 66
Alberto Culver (Class B) 2,300 61
Tupperware 2,300 59
Estee Lauder 1,100 55
Revlon (Class A) * 1,700 51
Premark International 1,300 49
Dial Corp 1,200 45
10
<PAGE>
T. Rowe Price Total Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
Playtex Products * 2,100 $ 33
Block Drug (Class A) 712 30
Nutramax Products * 4,100 22
Dixon Ticonderoga * 1,700 18
Allou Health & Beauty * 2,300 16
Carson * 800 3
2,742
-----------
Liquor 0.3%
Anheuser-Busch 4,100 291
Brown-Forman (Class B) 900 59
Canandaigua Brands (Class A) * 800 42
Robert Mondavi (Class A) * 900 33
Todhunter Intl * 1,500 12
437
-----------
Textiles and Apparel 0.3%
NIKE (Class B) 3,000 190
V. F 1,700 73
WestPoint Stevens 1,800 54
Jones Apparel Group * 1,500 51
Kellwood 1,500 41
Rocky Shoes & Boots * 3,300 28
Polo Ralph Lauren * 1,100 21
K-Swiss (Class A) 400 18
Worldtex * 3,100 7
483
-----------
Tobacco 0.8%
Philip Morris 22,700 912
UST 2,000 59
RJ Reynolds Tobacco * 1,233 39
Universal 1,300 37
Brooke Group 1,500 35
DiMon 1,500 8
1,090
-----------
Total Consumer Nondurables 9,142
-----------
11
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
DURABLE GOODS 2.9%
Construction & Real Property 1.5%
Masco 3,700 $ 107
Equity Residential Properties Trust, REIT 1,800 81
Equity Office Properties, REIT 2,900 74
USG 1,100 62
Starwood Hotels & Resorts, REIT 2,000 61
Vornado Realty Trust, REIT 1,700 60
Crescent Real Estate Equities, REIT 2,500 59
Public Storage, REIT 1,900 53
Archstone Communities Trust, REIT 2,400 53
Centex 1,400 53
Armstrong World 900 52
Lennar 2,100 50
Fluor 1,200 49
Simon DeBartolo Group, REIT 1,900 48
Martin Marietta Materials 800 47
Apartment Investment & Management, REIT 1,100 47
Duke Realty Investments, REIT 2,000 45
Avalonbay Communities, REIT 1,207 45
Camden Property Trust, REIT 1,600 44
Pulte 1,900 44
Spieker Properties, REIT 1,100 43
Starwood Financial Trust (Class A) 700 43
Chateau Communities, REIT 1,400 42
AMB Property 1,700 40
Prologis Trust, REIT 1,900 38
Developers Diversified Realty, REIT 2,300 38
Jacobs Engineering Group * 1,000 38
Brandywine Reality Trust 1,900 38
Walter Industries * 2,900 38
Boston Properties, REIT 1,000 36
Lafarge 1,000 35
TJ International 1,100 34
Nationwide Health Properties, REIT 1,700 32
Felcor Suite Hotels, REIT 1,548 32
Federal Realty Investment Trust, REIT 1,400 32
12
12
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Kimco Realty, REIT 800 $ 31
Catellus Development * 2,000 31
Manufactured Home Communities, REIT 1,100 29
Parkway Properties, REIT 800 27
Southdown 400 26
Prison Realty, REIT 2,575 25
Wyndham International 5,290 24
CBL & Associates Properties, REIT 900 24
Trammell Crow * 1,400 23
D.R. Horton 1,100 18
Skyline, REIT 600 18
Bradley Real Estate 700 15
JP Realty, REIT 700 14
Group Maintenance America * 1,100 14
2,012
------------
Consumer Durables 0.3%
HON Industries 2,000 58
Maytag 800 56
Whirlpool 700 52
Leggett & Platt 1,700 47
O'Sullivan Industries * 2,700 46
Black & Decker 700 44
Shaw Industries * 2,600 43
Mohawk Industries * 1,300 39
Kimball International 2,100 36
Pulaski Furniture 1,700 34
Interface (Class A) 2,200 19
474
------------
Motor Vehicles & Parts 1.1%
Ford Motor 11,400 643
Delphi Automotive Systems 5,614 104
Goodyear Tire & Rubber 1,600 94
TRW 1,700 93
Dana 1,900 88
Genuine Parts 2,400 84
Lear * 1,500 75
General Motors (Class H) * 1,100 62
PACCAR 1,100 59
13
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Navistar * 1,000 $ 50
Modine Manufacturing 1,200 39
Federal-Mogul 700 36
Bandag 1,000 35
Shiloh Industries * 2,400 35
OEA 3,400 30
1,527
------------
Total Durable Goods 4,013
------------
ENERGY 4.7%
Energy Reserves & Production 3.3%
Exxon 23,000 1,774
Mobil 7,300 723
Chevron 5,800 552
Texaco 5,200 325
Atlantic Richfield 2,900 242
Phillips Petroleum 2,700 136
Unocal 2,900 115
Burlington Resources 2,100 91
Union Pacific Resources 5,400 88
Amerada Hess 1,100 65
Pennzenergy Company 3,800 63
Anadarko Petroleum 1,600 59
Apache 1,300 51
Kerr-McGee 879 44
Vastar Resources 800 42
Murphy Oil 800 39
Belco Oil & Gas * 4,900 34
Devon Energy 900 32
EEX * 3,533 25
Dynegy 1,100 22
Enron Oil & Gas 1,000 20
Nuevo Energy * 800 11
Harken Energy * 1,800 3
Chesapeake Energy * 308 1
4,557
------------
14
14
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Oil Refining Distribution 0.6%
Enron 3,400 $ 278
Williams Companies 4,200 179
USX-Marathon 3,500 114
Coastal 2,400 96
Conoco (Class A) 2,100 59
Sonat 1,600 53
Tosco 1,800 47
Sunoco 1,300 39
Pennzoil-Quaker State 1,700 25
Teppco Partners 900 22
912
------------
Oil Service 0.8%
Schlumberger 5,372 342
Halliburton 4,500 204
Baker Hughes 3,800 127
Weatherford International 2,000 73
Diamond Offshore Drilling 1,800 51
Santa Fe International 2,200 50
Nabors Industries * 2,030 50
Oceaneering International * 2,900 47
ENSCO International 2,100 42
Tidewater 1,300 40
Newpark Resources * 2,500 22
Varco International * 1,900 21
Key Energy * 1,700 6
Superior Energy * 600 3
1,078
------------
Total Energy 6,547
------------
FINANCIAL 16.7%
Bank and Trust 7.6%
Citigroup 31,525 1,497
Bank of America 16,629 1,219
Wells Fargo 16,100 688
Chase Manhattan 7,900 684
Bank One 11,136 663
15
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
First Union 9,248 $ 435
Bank of New York 7,200 264
Fleet Financial Group 5,400 240
J. P. Morgan 1,700 239
SunTrust 3,268 227
U.S. Bancorp 6,500 221
National City 3,220 211
Mellon Bank 5,600 204
Firstar 7,100 199
Wachovia 2,100 180
PNC Bank 3,000 173
Fifth Third Bancorp 2,551 170
BankBoston 3,200 164
KeyCorp 4,700 151
State Street 1,700 145
BB&T 3,400 125
Northern Trust 1,200 116
Comerica 1,650 98
Mercantile Bancorporation 1,700 97
Regions Financial 2,500 96
Republic New York 1,400 95
Huntington Bancshares 2,600 91
Marshall & Ilsley 1,400 90
Summit Bancorp 2,100 88
UnionBancal 2,000 72
Charter One Financial 2,530 70
SouthTrust 1,800 69
Union Planters 1,500 67
Zions Bancorp 1,000 64
Synovus Financial 3,200 64
Old Kent Financial * 1,470 62
First American 1,400 58
CCB Financial 1,100 58
First Tennessee National 1,500 57
M & T Bank 100 55
Old National Bancorp 1,830 55
First Virginia Banks 1,100 54
16
<PAGE>
T. Rowe Price Total Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
One Valley Bancorp 1,400 $ 52
Cullen/Frost Bankers 1,800 50
AmSouth 2,100 49
National Commerce Bancorporation 2,200 48
WestAmerica 1,300 47
BOK Financial * 1,824 46
AMCORE 1,900 44
First Security 1,600 43
Community Bank System 1,600 41
Silicon Valley Bancshares * 1,600 40
WesBanco 1,300 39
Popular 1,200 36
National City Bancshares 1,020 33
Niagara Bancorp 3,000 32
Wintrust Financial 1,800 32
Provident Bankshares 1,365 32
Omega Financial 900 31
Imperial Bancorp * 1,512 30
UMB Financial 700 30
Community Bankshares of Indiana 1,600 29
National City Bancorporation 1,300 27
Compass Bancshares 800 22
10,508
------------
Financial Services 2.8%
Fannie Mae 9,500 650
American Express 4,100 534
Freddie Mac 6,600 383
Associates First Capital (Class A) 6,742 299
MBNA 7,450 228
Household International 4,413 209
Marsh & McLennan 2,650 200
Cendant * 8,300 170
Providian Financial 1,550 145
Aon 2,850 118
Capital One Financial 2,100 117
Kansas City Southern Industries 1,700 109
SLM Holding 1,900 87
Countrywide Credit 1,800 77
17
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
H&R Block 1,400 $ 70
FINOVA Group 1,200 63
Equifax 1,700 61
The CIT Group (Class A) 1,900 55
Erie Indemnity 1,800 51
ADVANTA 2,555 46
Waddell & Reed Financial (Class A) 1,434 39
Comdisco 1,500 38
Express Scripts (Class A) * 600 36
Medallion Financial 1,900 36
NCO Group * 800 30
White Mountain Insurance Group 200 28
Temple-Inland 300 20
AMRESCO * 2,700 17
3,916
---------
Life & Health Insurance 1.0%
CIGNA 2,000 178
American General 2,200 166
Lincoln National 2,200 115
AFLAC 2,400 115
Conseco 3,500 107
Aetna 1,100 98
UNUM 1,600 88
Jefferson Pilot 1,300 86
Transamerica 800 60
UICI * 2,100 58
ReliaStar Financial 1,100 48
Provident 1,200 48
Torchmark 1,400 48
Guarantee Life 1,800 45
American Annuity Group 1,300 32
Presidential Life 1,600 31
InterContinental Life * 1,400 13
1,336
---------
Property & Casualty Insurance 2.9%
American International Group 11,719 1,372
Berkshire Hathaway (Class A) * 14 965
Allstate 8,000 287
18
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
Hartford Financial Services Group 2,300 $ 134
Chubb 1,800 125
Progressive 800 116
MGIC Investment 1,900 92
Loews 1,100 87
CNA Financial * 2,100 85
SAFECO 1,900 84
Cincinnati Financial 2,200 82
MBIA 1,200 78
St. Paul Companies 2,200 70
Unitrin 1,700 69
AMBAC 1,000 57
Professionals Group * 1,550 52
Travelers Property Casualty (Class A) 1,300 51
American National Insurance 700 50
Horace Mann Educators 1,400 38
Risk Capital Holdings * 2,700 37
Medical Assurance * 880 25
Acceptance Insurance * 1,500 23
Baldwin & Lyons (Class B) 700 17
Symons International Group * 1,000 5
4,001
--------
Securities & Asset Management 1.9%
Morgan Stanley Dean Witter 5,500 564
Charles Schwab 3,950 434
Goldman Sachs Group * 4,400 318
Merrill Lynch 3,400 272
Equitable Companies 2,300 154
Franklin Resources 2,700 110
E*TRADE Group * 2,600 104
Lehman Brothers 1,400 87
AmeriTrade * 700 74
Knight Trimark Group * 1,200 73
Donaldson, Lufkin & Jenrette * 1,200 72
Alliance Capital 2,200 71
Bear Stearns 1,455 68
Paine Webber 1,400 65
Eaton Vance 1,500 52
19
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
Phoenix Investment Partners 3,500 $ 30
A.G. Edwards 900 29
Pioneer Group 1,300 23
B & L Financial 1,600 19
Waddell & Reed Financial (Class B) 146 4
2,623
Thrift Institutions 0.5%
Washington Mutual 5,726 203
Golden West Financial 800 78
Sovereign Bancorp 4,320 53
Washington Federal 2,130 48
Astoria Financial 1,075 47
Staten Island Bancorp 2,600 47
Greenpoint Financial 1,400 46
Golden Sate Bancorp * 1,600 35
Harris Financial 3,200 34
Dime Bancorp 1,700 34
St. Francis Capital 1,500 33
FSF Financial 2,300 32
ISB Financial 1,200 26
716
---------
Total Financial 23,100
---------
HEALTH CARE 9.7%
Drugs 6.5%
Merck 22,100 1,635
Bristol-Myers Squibb 18,700 1,317
Pfizer 12,000 1,317
Eli Lilly 10,500 752
Schering-Plough 13,700 726
American Home Products 12,600 724
Warner-Lambert 7,900 548
Amgen * 5,100 310
Monsanto 5,900 233
Cardinal Health 2,922 187
McKesson HBOC 3,351 108
Biogen * 1,600 103
20
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Immunex * 800 $ 102
Allergan 700 78
ALZA * 1,200 61
Nexstar Pharmaceuticals * 2,800 55
MedImmune * 800 54
Genzyme * 1,100 53
Centocor * 1,100 51
Forest Laboratories * 1,100 51
Watson Pharmaceuticals * 1,400 49
ICOS * 1,200 49
Mylan Laboratories 1,700 45
Chiron * 2,100 44
Aviron * 1,500 43
Sigma Aldrich 1,200 41
Transkaryotic Therapies * 1,200 40
Affymetrix * 800 39
Alexion Pharmaceutical * 3,600 33
AmeriSource Health * 1,000 26
Rexall Sundown * 1,900 23
Immune Response * 3,800 21
Serologicals * 2,550 21
OXiGENE * 2,200 21
ONYX Pharmaceuticals * 1,000 9
Creative Biomolecules * 1,300 5
8,974
------------
Medical Products 2.6%
Johnson & Johnson 12,500 1,225
Abbott Laboratories 14,800 673
Medtronic 5,560 433
Baxter International 2,900 176
Boston Scientific * 4,000 176
Guidant 3,100 159
Becton, Dickinson 2,800 84
Stryker 1,100 66
C. R. Bard 1,300 62
Biomet 1,500 59
VISX * 700 55
Mallinkrodt 1,500 54
21
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Arrow International 2,000 $ 52
Patterson Dental * 1,400 49
PSS World Medical * 4,100 46
Bausch & Lomb 500 38
Sybron International * 1,300 36
Steris * 1,700 33
ThermoSpectra * 2,000 32
Techne * 1,200 31
Aradigm * 3,400 30
Varian Associates 900 23
St. Jude Medical * 600 21
Nitinol Medical Technology 2,400 7
Cardima * 800 2
3,622
------------
Medical Providers & Services 0.6%
Columbia/HCA Healthcare 6,300 144
United HealthCare 2,100 132
Service Corp. International 4,600 89
HealthSouth * 4,838 72
Wellpoint Health Networks * 800 68
PacifiCare Health Systems (Class A) * 900 65
Tenet Healthcare * 3,300 61
First Health Group * 2,100 45
Universal Health Services * 800 38
Lincare * 1,100 28
PhyCor * 3,400 25
Triad Hospitals * 1,831 25
Health Management (Class A)* 2,000 22
Total Renal Care Holdings * 1,433 22
LifePoint Hospitals 1,631 22
Curative Technologies * 2,400 13
Assisted Living Concepts * 1,700 2
873
------------
Total Health Care 13,469
------------
22
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
INDUSTRIAL 5.4%
Defense and Aerospace 1.2%
Boeing 9,000 $ 397
AlliedSignal 4,900 309
Raytheon (Class B) 3,100 218
Lockheed Martin 3,900 145
Textron 1,600 132
General Dynamics 1,500 103
Northrop 1,100 73
Gulfstream Aerospace * 900 61
Precision Castparts 1,200 51
Howmet International * 2,500 43
Litton Industries * 500 36
United Industrial 2,300 25
1,593
-----------
Heavy Electrical Equipment 3.1%
GE 31,200 3,525
Emerson Electric 3,800 239
Rockwell International 2,300 140
American Power Conversion * 3,600 72
Cooper Industries 1,300 68
Thomas & Betts 1,300 61
UCAR International * 2,400 61
W. W. Grainger 1,100 59
Baldor Electric 1,600 32
Phelps Dodge 400 25
Unique Mobility * 2,100 10
4,292
-----------
Heavy Machinery 0.3%
Caterpillar 3,400 204
Deere 2,900 115
Trinity Industries 1,500 51
Avondale Industries * 800 31
NACCO Industries (Class A) 300 22
Titan International 1,600 19
442
-----------
23
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- ------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
Industrial Parts 0.8%
United Technologies 4,802 $ 344
Ingersoll-Rand 1,700 110
Dover 2,300 81
Parker Hannifin 1,300 59
Tecumseh Products 900 55
Genlyte Group * 2,200 49
U.S. Industries 2,900 49
Aviation Sales * 1,200 47
Commercial Intertech 2,900 46
Briggs & Stratton 800 46
Thomas Industries 2,100 43
AAON * 3,400 39
Stanley Works 1,200 39
Essef * 1,650 33
Tokheim * 2,900 33
Coltec Industries * 1,500 33
Bridgeport Machines * 2,600 26
Zoltek * 2,000 16
Watts Industries (Class A) 800 15
Waterlink * 300 1
1,164
------------
Total Industrial 7,491
------------
RETAIL 6.2%
Clothing Stores 0.7%
The Gap 8,350 421
Intimate Brands * 2,625 124
TJX 3,600 120
The Limited 2,500 113
Abercrombie & Fitch (Class A) * 1,616 78
Nordstrom 1,700 57
Footstar * 1,200 44
Gadzooks * 1,800 29
Venator Group * 2,500 26
Goody's Family Clothing * 1,600 18
1,030
------------
24
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- ------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
Department Stores 2.5%
Wal-Mart 42,500 $ 2,050
Dayton Hudson 4,000 260
Costco Companies * 2,000 160
Sears 3,100 138
J.C. Penney 2,700 131
Kohl's * 1,600 123
Federated Department Stores * 2,300 122
May Department Stores 2,950 120
Kmart * 5,100 84
Saks * 2,075 60
Dillards 1,700 60
Family Dollar Stores 2,200 53
ShopKo Stores * 900 33
Ames Department Stores * 700 32
Value City Dept Stores * 2,200 27
3,453
------------
Grocery Stores 0.7%
Kroger * 8,400 234
Safeway * 4,500 223
Albertson's 4,190 216
Food Lion 7,300 87
Whole Foods Market * 1,100 53
Winn-Dixie 1,400 52
Western Beef * 5,800 36
901
------------
Specialty Retail 2.3%
Home Depot 14,000 902
Walgreen 9,300 273
Lowes 3,800 216
Amazon.com * 1,600 200
CVS 3,800 193
Staples * 4,750 147
Best Buy * 2,000 135
Tandy 2,400 117
Circuit City Stores 1,100 102
Office Depot * 3,900 86
Bed Bath & Beyond * 2,000 77
25
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Dollar General 2,500 $ 73
Rite Aid 2,900 71
USA Networks * 1,700 68
Lands' End * 1,100 53
CDW Computer Centers * 1,200 53
PriceSmart * 1,500 52
BJ's Wholesale Club * 1,700 51
Corporate Express * 7,000 49
AutoZone * 1,600 48
Toys "R" Us * 2,300 48
Cost Plus * 1,000 46
etoys * 1,100 45
Linens `n Things * 1,000 44
Consolidated Stores * 1,400 38
Jo Ann Stores * 2,200 33
OfficeMax * 2,600 31
Gymboree * 2,000 21
3,272
------------
Total Retail 8,656
------------
TECHNOLOGY 22.2%
Communication Equipment 2.7%
Lucent Technologies 28,665 1,933
Motorola 5,400 512
Tellabs * 3,800 257
Qwest Communications International * 7,000 232
QUALCOMM * 1,400 201
General Instrument * 2,400 102
ADC Telecommunications * 1,400 64
Comverse Technology * 800 60
Cognitronics * 3,400 52
Aspect Telecommunications * 4,800 46
Plantronics * 600 39
Inter-Tel 2,100 38
PairGain Technologies * 3,200 37
CIENA * 900 27
Harris 600 24
26
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
P-COM * 4,300 $ 22
CMC Industries * 1,900 13
Brite Voice Systems * 435 6
3,665
------------
Computer Communications Equipment 1.6%
Cisco Systems * 29,800 1,919
3Com * 3,600 96
Adaptec * 2,600 92
Emulux * 800 89
Electronics for Imaging * 500 26
Digital Link * 2,200 17
Mylex * 2,000 11
2,250
------------
Computer Makers 3.8%
IBM 16,900 2,184
Hewlett-Packard 9,800 985
Dell Computer * 23,600 873
Sun Microsystems * 7,100 489
COMPAQ Computer 16,678 395
Gateway 2000 * 1,600 94
Apple Computer * 1,900 88
Silicon Graphics * 4,200 69
Data General * 3,700 54
Sequent Computer Systems * 2,700 48
5,279
------------
Computer Software 5.5%
Microsoft * 48,700 4,389
Oracle * 13,500 501
Computer Associates 5,100 281
priceline.com * 1,400 162
Compuware * 4,600 146
BMC Software * 2,400 130
Inktomi * 800 105
Unisys * 2,600 101
Novell * 3,600 95
VERITAS Software * 800 76
J. D. Edwards * 4,100 76
Siebel Systems * 1,100 73
27
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Intuit * 800 $ 72
NCR * 1,400 68
Cerner * 3,200 67
Synopsys * 1,200 66
BEA Systems * 2,300 66
Adobe Systems 800 66
PeopleSoft * 3,800 66
Legato Systems * 1,100 64
Orcad * 4,000 51
Parametric Technology * 3,500 49
RealNetworks * 700 48
Sterling Commerce * 1,300 47
Ardent Software * 2,200 47
Convergys * 2,400 46
Electronic Arts * 800 43
Macromedia * 1,200 43
Visio * 1,100 42
Citrix Systems * 700 39
Portal Software * 800 37
Mentor Graphics * 2,800 36
Midway Games * 2,739 35
Ansoft * 4,000 33
Policy Management Systems * 1,100 33
Great Plains Software * 700 33
Cadence Design Systems * 2,200 28
Momentum Business Applications * 3,746 28
Network Associates * 1,600 24
LHS Group * 700 23
Concord Communications * 500 22
i2 Technologies * 500 22
Integrated Systems * 1,600 19
Hyperion Solutions * 970 17
H.T.E. * 4,900 16
CFI Proservices * 1,400 16
Phoenix International * 2,400 15
Norstan * 1,000 12
7,574
------------
28
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Electronic Equipment 1.8%
GM * 5,900 $ 389
Level 3 Communications * 2,900 174
Solectron * 2,600 173
Honeywell 1,400 162
Corning 1,800 126
Molex 2,600 96
Perkin-Elmer 800 92
KLA-Tencor * 1,300 84
Thermo Electron * 4,100 82
Danaher 1,400 81
Eaton 800 74
ITT Industries 1,800 69
Meade Instruments * 3,400 59
Jabil Circuit * 1,300 59
Metromedia Fiber Network * 1,600 58
KEMET * 2,500 57
Cognex * 1,800 57
Stimsonite * 3,800 56
General Cable 3,400 54
Vishay Intertechnology * 2,537 53
Johnson Controls 700 49
Sensormatic Electronics * 3,400 47
C-Cube Microsystems * 1,400 44
Andrew * 2,300 44
JPM Company * 3,100 40
Ultratech Stepper * 2,600 39
Perkin-Elmer * 1,900 31
Teradyne * 400 29
Amphenol * 700 28
EMS Technologies * 1,600 23
American Tower Systems (Class A) * 900 22
X-Rite 3,000 19
Varian * 900 12
Napco Security Systems * 1,800 7
Bioanalytical systems * 1,400 5
Robotic Vision Systems * 400 2
2,496
------------
29
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Information Services 2.6%
America Online 10,300 $ 1,138
Yahoo! * 1,900 327
Automatic Data Processing 6,200 273
Electronic Data Systems 4,600 260
First Data 4,500 220
At Home * 3,650 197
e-bay * 1,200 182
Computer Sciences * 1,600 111
Galileo International 1,600 86
Lycos * 700 64
DST Systems * 1,000 63
SunGard Data Systems 1,600 55
Healtheon * 700 54
Sykes Enterprises * 1,600 53
FIserv * 1,650 52
Exodus Communications * 400 48
Total Systems Services 2,400 46
Telescan * 1,700 41
CNET * 700 40
MindSpring Enterprises * 800 36
Affiliated Computer Services (Class A) * 700 35
SABRE Group Holdings * 500 34
Network Solutions (Class A) * 400 32
Abacus Direct * 300 27
Keane * 1,200 27
Infoseek * 500 24
PSINet * 500 22
CIBER * 1,000 19
National Computer Systems 500 17
THINK New Ideas * 600 10
Data Dimensions * 2,500 8
3,601
------------
Miscellaneous Computer Hardware 1.2%
EMC * 9,300 511
Xerox 6,000 354
Pitney Bowes 2,600 167
Advanced Digital Info * 1,700 69
30
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Symbol Technologies 1,800 $ 66
Lexmark International Group (Class A) * 1,000 66
Tech Data * 1,600 61
Zebra Technologies (Class A) * 1,500 57
Bell & Howell * 1,400 53
Seagate Technology * 1,900 49
Safeguard Scientifics * 600 37
Quantum * 1,500 36
Rainbow Technologies * 2,900 34
Ikon Office Solutions 2,200 33
Security Dynamics Technologies * 1,400 30
Evans & Sutherland Computer * 1,900 25
Franklin Electric * 4,800 18
Western Digital * 2,100 14
CHS Electronics * 3,100 14
Ingram Micro * 500 13
1,707
------------
Semiconductor Capital Equipment 0.2%
Applied Materials * 3,400 251
Novellus Systems * 900 61
Varian Semiconductor Equipment * 900 16
328
------------
Semiconductors 2.8%
Intel 31,600 1,879
Texas Instruments 3,800 551
Linear Technology 1,800 121
Xilinx * 2,000 115
LSI Logic * 2,400 111
Micron Technology * 2,700 109
Maxim Integrated Products * 1,600 106
Analog Devices * 2,000 100
Altera * 2,400 88
Uniphase * 500 83
Vitesse Semiconductor * 1,200 81
Conexant Systems * 1,100 64
Arrow Electronics * 3,200 61
Broadcom * 400 58
National Semiconductor * 1,500 38
31
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Level One * 750 $ 37
Richardson Electronics 5,400 37
SMART Modular Technologies * 2,000 35
EG&G 900 32
DuPont Photomasks * 600 29
International Rectifier * 1,900 25
Supertex * 1,800 20
SDL * 400 20
Avnet 400 19
Semtech * 300 16
Micro Linear * 3,800 14
Integrated Silicon Solution * 900 5
3,854
-------------
Total Technology 30,754
-------------
TELECOMMUNICATIONS 7.5%
Telephone 6.5%
AT&T 29,936 1,671
MCI WorldCom * 17,460 1,502
SBC Communications 18,900 1,096
Bell Atlantic 14,800 968
BellSouth 17,300 811
Ameritech 10,000 735
GTE 9,000 682
Sprint 8,400 444
U S West 4,638 272
Frontier 1,900 112
GTS * 1,300 105
NTL * 800 69
Intermedia Communications * 2,100 63
Centurytel 1,575 63
Citizens Utilities * 5,440 60
Cincinnati Bell 2,000 50
Allegiance Telecom * 900 49
Rhythms Netconnections * 800 47
Commonwealth Telephone Enterprises * 1,100 44
Winstar Communications * 900 44
32
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
E Spire * 4,000 $ 42
McLeod USA * 700 38
General Communication * 5,400 37
Emmis Bradcasting * 3,000 34
Teleglobe 442 13
Emmis Broadcasting, Rights, 2/12/00 * 60 0
9,051
------------
Wireless Communications 1.0%
Vodafone ADR 2,100 414
Sprint PCS * 4,200 240
ALLTEL 2,600 186
Nextel Communications * 2,900 146
Omnipoint * 2,500 72
U. S. Cellular * 1,300 70
Telephone and Data Systems 900 66
Aerial Communications * 4,300 58
Associated Group * 700 45
Price Communications * 2,631 39
Voicestream Wireless * 700 20
MetroCal * 2,400 7
1,363
------------
Total Telecommunications 10,414
------------
TRANSPORTATION 1.0%
Airlines 0.3%
AMR * 1,800 123
Delta 1,700 98
Southwest Airlines 2,950 92
Alaska Air Group * 1,000 42
Atlas Air * 1,100 35
Continental Airlines * 900 34
Mesaba Holdings * 2,550 32
USAir * 700 31
TWA * 3,500 17
504
------------
Railroads 0.4%
Union Pacific 2,500 146
Burlington Northern Santa Fe 4,600 143
33
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Norfolk Southern 4,200 $ 126
CSX 2,000 91
Wisconsin Central Transport * 2,000 37
MotivePower * 450 8
551
------------
Trucking, Shipping, Air Freight 0.3%
FDX * 3,200 173
Werner Enterprises 2,025 42
U.S. Xpress Enterprises * 3,900 42
C.H. Robinson Worldwide 1,100 40
M.S. Carriers * 1,100 33
Overseas Shipholding Group 1,600 21
USA Truck * 2,200 20
371
------------
Total Transportation 1,426
------------
UTILITIES 2.6%
Electric Utilities 2.2%
Duke Energy 3,300 179
Southern 6,200 164
PG&E 3,900 127
AES * 2,100 122
Consolidated Edison 2,400 109
Dominion Resources 2,300 100
Texas Utilities 2,400 99
FPL Group 1,800 98
Edison International 3,500 94
PECO Energy 2,200 92
Entergy 2,800 88
Public Service Enterprise 2,100 86
Unicom 2,200 85
Carolina Power & Light 1,900 81
FirstEnergy 2,600 81
Constellation Energy Group 2,600 77
Central and South West 2,900 68
PP&L Resources 2,200 68
American Electric Power 1,700 64
34
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
GPU 1,500 $ 63
CINergy 1,900 61
Teco Energy 2,600 59
Ameren 1,500 58
PacifiCorp 3,100 57
DQE 1,400 56
DTE Energy 1,400 56
Northeast Utilities * 3,100 55
CMS Energy 1,300 54
Northern States Power 2,200 53
Midamerica Energy Holdings * 1,500 52
Niagara Mohawk * 3,100 50
WPS Resources 1,600 48
Unisource Energy * 3,900 47
NiSource 1,800 46
Western Resources 1,700 45
IPALCO Enterprises 2,000 42
Florida Progress 900 37
Montana Power 500 35
UNITIL 1,100 28
Illinova 1,000 27
Cilcorp 400 25
Rochester Gas & Electric 800 21
New Century Energies 500 19
2,976
-----------
Gas Utilities 0.4%
Sempra Energy 2,851 65
Consolidated Natural Gas 1,000 61
American Water Works 1,800 55
Columbia Gas System 850 53
National Fuel Gas 1,000 49
LG&E Energy 2,301 48
MCN 2,300 48
Western Gas Resources 2,700 43
Aquarion 1,050 36
WICOR 1,300 36
Southwestern Energy 3,100 33
El Paso Energy 900 32
35
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- ------------------------------------------------------------------------------
Shares/Par Value
- ------------------------------------------------------------------------------
In thousands
Laclede Gas 1,000 $ 23
Southern Union * 997 22
604
-------------
Total Utilities 3,580
-------------
MISCELLANEOUS 0.1%
Reliant Energy 3,200 88
Vornado Operating * 3,435 28
Sodexho Marriott Services * 1,350 26
Evercel * 666 7
Genzyme Surgical Products * 196 1
Total Miscellaneous 150
-------------
Total Common Stocks (Cost $ 118,078) 134,651
-------------
SHORT-TERM INVESTMENTS 3.8%
Money Market Funds 3.6%
Reserve Investment Fund, 5.05% # 5,003,765 5,004
5,004
-------------
U.S. Government Obligations 0.2%
U.S. Treasury Bills, 4.265 - 4.58%, 7/22 - 10/21/99 245,000 242
242
-------------
Total Short-Term Investments (Cost $5,246) 5,246
-------------
36
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
- --------------------------------------------------------------------------------------------
In thousands
<S> <C> <C> <C> <C>
Total Investments in Securities
100.9% of Net Assets (Cost $123,324) $ 139,897
Futures Contracts
In thousands
Contract Unrealized
Expiration Value Gain (Loss)
---------- -------- -----------
Long, 9 Standard & Poor's 500 Stock Index
contracts, $170,000 of U.S. Treasury Bills
pledged as initial margin 9/99 $ 2,994 $ 115
Long, 2 Mid-Cap 400 Stock Index contracts,
$37,500 of U.S. Treasury Bills pledged as
initial margin 9/99 406 13
Long, 2 Russell 2000 Stock Index contracts,
$37,500 of U.S. Treasury Bills pledged as
initial margin 9/99 447 15
Net payments (receipts) of variation
margin to date (81)
-----------
Variation margin receivable
(payable) on open futures contracts 62
Other Assets Less Liabilities (1,246)
-----------
NET ASSETS $ 138,713
-----------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 15
Accumulated net realized gain/loss - net of distributions 574
Net unrealized gain (loss) 16,716
Paid-in-capital applicable to 10,237,830 shares of $0.0001 par
value capital stock outstanding; 1,000,000,000 shares authorized 121,408
-----------
NET ASSETS $ 138,713
-----------
NET ASSET VALUE PER SHARE $ 13.55
-----------
</TABLE>
# Seven-day yield
* Non-income producing
ADR American Depository Receipt
REIT Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Unaudited
- -----------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
In thousands
6 Months
Ended
6/30/99
Investment Income
Income
Dividend $ 588
Interest 110
--------
Total income 698
--------
Expenses
Investment management and administrative 195
--------
Net investment income 503
--------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 437
Futures 255
--------
Net realized gain (loss) 692
--------
Change in net unrealized gain or loss
Securities 10,407
Futures 31
--------
Change in net unrealized gain or loss 10,438
--------
Net realized and unrealized gain (loss) 11,130
--------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $11,633
--------
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Unaudited
- ----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
6/30/99 12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income $ 503 $ 375
Net realized gain (loss) 692 110
Change in net unrealized gain or loss 10,438 6,278
-------------------
Increase (decrease) in net assets from operations 11,633 6,763
-------------------
Distributions to shareholders
Net investment income (455) (408)
Net realized gain (228) --
-------------------
Decrease in net assets from distributions (683) (408)
-------------------
Capital share transactions*
Shares sold 78,110 62,656
Distributions reinvested 658 395
Shares redeemed (12,229) (8,207)
Redemption fees received 14 11
-------------------
Increase (decrease) in net assets from capital
share transactions 66,553 54,855
-------------------
Net Assets
Increase (decrease) during period 77,503 61,210
Beginning of period 61,210 --
-------------------
End of period $138,713 $ 61,210
-------------------
*Share information
Shares sold 6,121 5,742
Distributions reinvested 51 34
Shares redeemed (957) (753)
-------------------
Increase (decrease) in shares outstanding 5,215 5,023
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Unaudited June 30, 1999
- --------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Index Trust, Inc. (the corporation) is registered under the
Investment Company Act of 1940. The Total 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 valuations. 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
40
<PAGE>
T. ROWE PRICE TOTAL 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 the futures
contracts are recorded as unrealized gains or losses until the contracts are
closed. Unrealized gains or losses on futures 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, 1999, 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 and
U.S. government securities, aggregated $66,745,000 and $1,478,000, respectively,
for the six months ended June 30, 1999.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of its
taxable income.
At June 30, 1999, the cost of investments for federal income tax purposes was
substantially the same as for financial reporting and totaled $123,324,000. Net
unrealized gain aggregated $16,573,000 at period-end, of which $19,952,000
related to appreciated investments and $3,379,000 to depreciated investments.
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T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
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NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management and administrative agreement between the fund and 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, 1999, totaled
$106,000 and are reflected as interest income in the accompanying Statement of
Operations.
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T. ROWE PRICE SHAREHOLDER SERVICES
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INVESTMENT SERVICES AND INFORMATION
KNOWLEDGEABLE SERVICE REPRESENTATIVES
By Phone Shareholder service representatives are available from 8 a.m. to 10
p.m. ET Monday through Friday and from 8:30 a.m. to 5 p.m. ET on weekends. Call
1-800-225-5132 to speak directly with a representative who will be able to
assist you with your accounts.
In Person Visit one of our investor center locations to meet with a
representative who will be able to assist you with your accounts. You can also
drop off applications or obtain prospectuses and other literature at these
centers.
AUTOMATED 24-HOUR SERVICES
Tele*Access(R) Call 1-800-638-2587 to obtain information such as account
balance, date and amount of your last transaction, latest dividend payment, fund
prices, and yields. Additionally, you have the ability to request prospectuses,
statements, and account and tax forms; to reorder checks; and to initiate
purchase, redemption, and exchange orders for identically registered accounts.
Internet. T. Rowe Price Web site: www.troweprice.com All the information and
services available on Tele*Access are available on our Web site, including
transactions in your fund and brokerage accounts (with preauthorized access).
ACCOUNT SERVICES
Checking Write checks for $500 or more on any money market and most bond fund
accounts (except the High Yield and Emerging Markets Bond Funds).
Automatic Investing Build your account over time by investing directly from your
bank account or paycheck with Automatic Asset Builder. Additionally, Automatic
Exchange enables you to set up systematic investments from one fund account into
another, such as from a money fund into a stock fund. A $50 minimum makes it
easy to get started.
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T. ROWE PRICE SHAREHOLDER SERVICES
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Automatic Withdrawal If you need money from your fund account on a regular
basis, you can establish scheduled, automatic redemptions.
Dividend and Capital Gains Payment Options Reinvest all or some of your
distributions, or take them in cash. We give you maximum flexibility and
convenience.
BROKERAGE SERVICES*
Investments Available You can trade stocks, bonds, options, precious metals, and
other securities at a savings over full-service commission rates.**
To Open an Account Call a shareholder service representative for more
information.
INVESTMENT INFORMATION
Combined Statement A comprehensive overview of your T. Rowe Price accounts is
provided. The summary page gives you earnings by tax category, provides total
portfolio value, and lists your investments by type. Detail pages itemize
account transactions.
Shareholder Reports Portfolio managers review the performance of the funds in
plain language and discuss T. Rowe Price's economic outlook.
T. Rowe Price Report This is a quarterly newsletter with relevant articles on
market trends, personal financial planning, and T. Rowe Price's economic
perspective.
Performance Update This quarterly report reviews recent market developments and
provides comprehensive performance information for every T. Rowe Price fund.
Insights These are reports on mutual fund tax issues, investment strategies,
investment fundamentals, and financial markets.
Detailed Investment Guides Our Asset Mix Worksheet, College Planning Kit,
Diversifying Overseas: A Guide to International Investing, Retirees Financial
Guide, and Retirement Planning Kit (also available on disk or CD-ROM for PC use)
can help you determine and reach your investment goals.
* T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services,
Inc., Member NASD/SIPC.
** Based on a January 1999 survey for representative-assisted stock trades.
Services vary by firm, and commissions may vary depending on size of order.
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T. ROWE PRICE MUTUAL FUNDS
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STOCK FUNDS
Domestic
Blue Chip Growth
Capital Appreciation
Capital Opportunity
Diversified Small-Cap Growth
Dividend Growth
Equity Income
Equity Index 500
Extended Equity Market Index
Financial Services
Growth & Income
Growth Stock
Health Sciences
Media & Telecommunications
Mid-Cap Growth
Mid-Cap Value
New America Growth
New Era
New Horizons*
Real Estate
Science & Technology
Small-Cap Stock
Small-Cap Value
Spectrum Growth
Total Equity Market Index
Value
International/Global
Emerging Markets Stock
European Stock
Global Stock
International Discovery
International Growth & Income
International Stock
Japan
Latin America
New Asia
Spectrum International
BOND FUNDS
Domestic Taxable
Corporate Income
GNMA
High Yield
New Income
Short-Term Bond
Short-Term U.S. Government
Spectrum Income
Summit GNMA
Summit Limited-Term Bond
U.S. Treasury Intermediate
U.S. Treasury Long-Term
Domestic Tax-Free
California Tax-Free Bond
Florida Intermediate Tax-Free**
Georgia Tax-Free Bond
Maryland Short-Term
Tax-Free Bond
Maryland Tax-Free Bond
New Jersey Tax-Free Bond
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Free High Yield
Tax-Free Income
Tax-Free Intermediate Bond***
Tax-Free Short-Intermediate
Virginia Short-Term
Tax-Free Bond
Virginia Tax-Free Bond
International/Global
Emerging Markets Bond
Global Bond
International Bond
MONEY MARKET FUNDS+
Taxable
Prime Reserve
Summit Cash Reserves
U.S. Treasury Money
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
Balanced
Personal Strategy Balanced
Personal Strategy Growth
Personal Strategy Income
Tax-Efficient Balanced
T. ROWE PRICE NO-LOAD VARIABLE ANNUITY
Equity Income Portfolio
International Stock Portfolio
Limited-Term Bond Portfolio
Mid-Cap Growth Portfolio
New America Growth Portfolio
Personal Strategy Balanced Portfolio
Prime Reserve Portfolio
* Closed to new investors.
** Formerly named Florida Insured Intermediate Tax-Free.
*** Formerly named Tax-Free Insured Intermediate Bond.
+ Investments in the funds are not insured or guaranteed by the FDIC or any
other government agency. Although the funds seek to preserve the value of
your investment at $1.00 per share, it is possible to lose money by
investing in the funds.
Please call for a prospectus. Read it carefully before investing.
The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security
Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued by
First Security Benefit Life Insurance Company of New York, White Plains, NY. T.
Rowe Price refers to the underlying portfolios' investment managers and the
distributors, T. Rowe Price Investment Services, Inc.; T. Rowe Price Insurance
Agency, Inc.; and T. Rowe Price Insurance Agency of Texas, Inc. The Security
Benefit Group of Companies and the T. Rowe Price companies are not affiliated.
The variable annuity may not be available in all states. The contract has
limitations. Call a representative for costs and complete details of the
coverage.
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T. ROWE PRICE RETIREMENT PLANS AND RESOURCES
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RETIREMENT PLANS AND RESOURCES
We recognize that saving for retirement is the number one investment goal for
most Americans. We can help you meet your retirement needs, whether you are
starting an IRA or designing a retirement program for your employees. T. Rowe
Price offers an assortment of retirement plans for individuals, the
self-employed, small businesses, corporations, and nonprofit organizations. We
provide recordkeeping, communications, and investment management services, as
well as a variety of educational materials, self-help planning guides, and
software tools to help you choose and implement a retirement plan appropriate
for you. For information or to request literature, call us at 1-800-638-5660.
IRAs AND QUALIFIED PLANS
Traditional IRA
Roth IRA
Rollover IRA
SEP-IRA
SIMPLE IRA
Profit Sharing
Money Purchase Pension
"Paired" Plans (Money Purchase Pension and Profit Sharing Plans)
401(k)
403(b)
457 Deferred Compensation
RETIREMENT RESOURCES AT T. ROWE PRICE
Planning and Informational Guides
Minimum Required Distributions Guide
Retirement Planning Kit
Retirees Financial Guide
Tax Considerations for Investors
Investing for Retirement in Your 403(b) Account
The T. Rowe Price No-Load Variable Annuity Information Kit
Investment Kits
The IRA Investing Kit
Roth IRA Conversion Kit
Rollover IRA Kit
The T. Rowe Price SIMPLE IRA Plan Kit
The T. Rowe Price SEP-IRA Plan
The Simplified Keogh Plan(R) From T. Rowe Price
The T. Rowe Price 401(k) Century Plan(R) (for small businesses)
Money Purchase Pension/Profit Sharing Plan Kit
Insights Reports
The Challenge of Preparing for Retirement
Financial Planning After Retirement
The Roth IRA: A Review
Software Packages
T. Rowe Price Retirement Planning Analyzer(TM)
CD-ROM or diskette $19.95.
To order, please call 1-800-541-5760.
Also available on the Internet for $9.95.
T. Rowe Price Variable Annuity Analyzer(TM)
CD-ROM or diskette, free.
To order, please call 1-800-469-5304.
Many of these resources are also available for viewing or ordering on the
Internet at www.troweprice.com.
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T. ROWE PRICE INSIGHTS REPORTS
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THE FUNDAMENTALS OF INVESTING
Whether you are unsure how to get started or are saving for a specific goal,
such as retirement or college, the T. Rowe Price Insights series can help you
make informed investment decisions. These reports, written in plain English
about fundamental investment topics, can be useful at every stage of your
investment journey. They cover a range of topics, from the basic, such as
getting started with mutual funds, to the more advanced, such as managing risk
through diversification or buying individual securities through a broker. To
request one or more Insights, call us at 1-800-638-5660.
INSIGHTS REPORTS
General Information
The ABCs of Y2K
The ABCs of Giving
Back to Basics: The ABCs of Investing
The Challenge of Preparing for Retirement
Financial Planning After Retirement
Getting Started: Investing With Mutual Funds
The Roth IRA: A Review
Tax Information for Mutual Fund Investors
Investment Strategies
Conservative Stock Investing
Dollar Cost Averaging
Equity Index Investing
Growth Stock Investing
Investing for Higher Yield
Managing Risk Through Diversification
The Power of Compounding
Value Investing
Types of Securities
The Basics of International Stock Investing
The Basics of Tax-Free Investing
The Fundamentals of Fixed Income Investing
Global Bond Investing
Investing in Common Stocks
Investing in Emerging Growth Stocks
Investing in Financial Services Stocks
Investing in Health Care Stocks
Investing in High-Yield Municipal Bonds
Investing in Money Market Securities
Investing in Mortgage-Backed Securities
Investing in Natural Resource Stocks
Investing in Science and Technology Stocks
Investing in Small-Company Stocks
Understanding Derivatives
Understanding High-Yield "Junk" Bonds
Brokerage Insights
Combining Individual Securities With Mutual Funds
Getting Started: An Introduction to Individual Securities
What You Should Know About Bonds
What You Should Know About Margin and Short-Selling
What You Should Know About Options
What You Should Know About Stocks
T. Rowe Price Insights are also available for reading or downloading on the
Internet at www.troweprice.com.
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<PAGE>
For yield, price, last transaction,
current balance, or to conduct
transactions, 24 hours, 7 days
a week, call Tele*Access(R):
1-800-638-2587 toll free
For assistance
with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
410-625-6500 Baltimore area
To open a brokerage account
or obtain information, call:
1-800-638-5660 toll free
Internet address:
www.troweprice.com
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for
distribution only to shareholders
and to others who have received
a copy of the prospectus appropriate
to the fund or funds covered in this
report.
Investor Centers:
101 East Lombard St.
Baltimore, MD 21202
T. Rowe Price
Financial Center
10090 Red Run Blvd.
Owings Mills, MD 21117
Farragut Square
900 17th Street, N.W.
Washington, D.C. 20006
4200 West Cypress St.
10th Floor
Tampa, FL 33607
4410 ArrowsWest Drive
Colorado Springs, CO 80907
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills, CA 91367
[LOGO OF T. ROWE PRICE APPEARS HERE]
T. Rowe Price Investment Services, Inc., Distributor.
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