<PAGE>
- -----------------------------------------------------------------------------
Annual Report - Financial Statements
- -----------------------------------------------------------------------------
T. Rowe Price
----
Extended Equity
Market Index
Fund
------------------
December 31, 1998
------------------
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
- ---------------------
Financial Highlights For a share outstanding throughout the period
- --------------------------------------------------------------------------------
1/30/98
Through
12/31/98
NET ASSET VALUE
Beginning of period $ 10.00
.............
Investment activities
Net investment income 0.08
Net realized and
unrealized gain (loss) 1.13
.............
Total from
investment activities 1.21
.............
Distributions
Net investment income (0.08)
Net realized gain (0.11)
.............
Total distributions (0.19)
.............
NET ASSET VALUE
End of period $ 11.02
-------------
Ratios/Supplemental Data
Total return* 12.29%
..............................................................................
Ratio of expenses to
average net assets 0.40%+
..............................................................................
Ratio of net investment
income to average
net assets 1.15%+
..............................................................................
Portfolio turnover rate 26.3%+
..............................................................................
Net assets, end of period
(in thousands) $ 20,743
..............................................................................
* 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 Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
December 31, 1998
- --------------------------
Portfolio of Investments Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Common Stocks 92.6%
BASIC MATERIALS 0.8%
Aluminum 0.1%
MAXXAM * 300 $ 17
................................................................................
17
.............
Iron & Steel 0.2%
AK Steel 800 19
................................................................................
Gibraltar Steel * 500 11
................................................................................
Texas Industries 400 11
................................................................................
Huntco 900 4
................................................................................
NS Group * 700 3
................................................................................
48
.............
Miscellaneous Mining, Metals 0.4%
Martin Marietta Materials 500 31
................................................................................
Belden 600 13
................................................................................
General Cable 600 12
................................................................................
Cable Design Technologies * 600 11
................................................................................
Titanium Metals 1,200 10
................................................................................
Alpine Group * 600 9
................................................................................
Metal Management * 600 2
................................................................................
Pittston Minerals 600 2
................................................................................
90
.............
Precious Metals 0.1%
Royal Gold * 2,000 7
................................................................................
7
.............
Total Basic Materials 162
.............
BUSINESS SERVICES AND
TRANSPORTATION 8.3%
Advertising 0.4%
CMG Information Services * 200 21
................................................................................
Harte-Hanks 700 20
................................................................................
Young & Rubicam * 600 20
................................................................................
TMP Worldwide * 400 17
................................................................................
78
.............
3
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Airlines 0.7%
Amtran * 800 $ 21
................................................................................
Northwest Airlines * 800 20
................................................................................
Airbourne Freight 500 18
................................................................................
UAL * 300 18
................................................................................
CNF Transportation 400 15
................................................................................
Comair Holdings 400 14
................................................................................
Continental Airlines * 400 13
................................................................................
Atlantic Coast Airlines * 400 10
................................................................................
Offshore Logistics * 800 10
................................................................................
ASA Holdings 300 9
................................................................................
Mesa Air Group * 1,100 9
................................................................................
157
...............
Engineering Services 0.1%
Tetra Tech * 500 14
................................................................................
Ecology and Environment (Class A) 1,000 9
................................................................................
23
...............
Pollution Control 0.4%
Allied Waste Industries * 1,500 35
................................................................................
Us Liquids * 600 14
................................................................................
Superior Services * 600 12
................................................................................
Newpark Resources * 1,200 8
................................................................................
Harding Lawson Associates * 800 5
................................................................................
Aquagenix * 900 0
................................................................................
74
...............
Railroads 0.5%
Kansas City Southern Industries 900 44
................................................................................
St. Joe 1,000 23
................................................................................
GATX 600 23
................................................................................
RailAmerica * 1,100 9
................................................................................
Greenbrier Companies 600 9
................................................................................
Rural Metro * 200 2
................................................................................
110
...............
Service 5.3%
Cintas 900 63
................................................................................
Republic Industries * 3,800 56
................................................................................
ServiceMaster 2,350 52
................................................................................
Outdoor Systems * 1,500 45
................................................................................
4
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Robert Half International * 900 $ 40
................................................................................
Quintiles Transnational * 700 37
................................................................................
Apollo Group (Class A) * 900 30
................................................................................
SEI 300 30
................................................................................
Snyder Communications * 800 27
................................................................................
Express Scripts * 400 27
................................................................................
United Rentals * 800 27
................................................................................
Devry * 800 25
................................................................................
NOVA * 700 24
................................................................................
Hertz 500 23
................................................................................
Manpower 900 23
................................................................................
Stewart Enterprises (Class A) 1,000 22
................................................................................
Leucadia National 700 22
................................................................................
Erie Indemnity 700 22
................................................................................
Sylvan Learning Systems * 700 21
................................................................................
Gartner Group (Class A) * 1,000 21
................................................................................
Covance * 700 20
................................................................................
Policy Management Systems * 400 20
................................................................................
National Data 400 20
................................................................................
ABM Industries 500 17
................................................................................
Alternative Living Services * 500 17
................................................................................
UICI * 700 17
................................................................................
A.C. Nielson * 600 17
................................................................................
United Stationers * 600 16
................................................................................
Modis Professional Services * 1,100 16
................................................................................
Corrections Corp. of America * 900 16
................................................................................
Avis Rent A Car * 600 15
................................................................................
Wackenhut Corrections * 500 14
................................................................................
West TeleServices * 1,400 14
................................................................................
Boise Cascade Office Products * 1,000 14
................................................................................
Arthur J. Gallagher 300 13
................................................................................
First Health Group * 800 13
................................................................................
Borg Warner Security * 700 13
................................................................................
Dollar Thrifty Auto Group * 1,000 13
................................................................................
Hanover Compressor * 500 13
................................................................................
Pinkertons * 600 13
................................................................................
Tuboscope Vetco * 1,500 12
................................................................................
5
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Rent Way * 500 $ 12
................................................................................
Caribiner International * 1,300 12
................................................................................
Labor Ready * 600 12
................................................................................
Olsten 1,600 12
................................................................................
Staff Leasing * 1,000 12
................................................................................
UniFirst 500 11
................................................................................
Information Resources * 1,100 11
................................................................................
Budget Group * 700 11
................................................................................
Morrison Knudsen * 1,100 11
................................................................................
Automobile Protection * 900 11
................................................................................
International Telecommunication Data Systems * 700 10
................................................................................
C.H. Heist * 1,000 7
................................................................................
Opinion Research * 1,200 6
................................................................................
APAC TeleServices * 1,200 5
................................................................................
SITEL * 900 2
................................................................................
1,105
...............
Transport by Water 0.4%
Royal Caribbean Cruises 1,400 52
................................................................................
Overseas Shipholding Group 900 14
................................................................................
Trico Marine Services * 1,600 8
................................................................................
Hvide Marine * 500 3
................................................................................
77
...............
Trucking, Freight 0.5%
C.H. Robinson Worldwide 600 15
................................................................................
Eagle USA Air Freight * 600 15
................................................................................
Werner Enterprises 800 14
................................................................................
Swift Transportation * 500 14
................................................................................
American Freightways * 1,100 13
................................................................................
Roadway Express 800 12
................................................................................
Forward Air 500 9
................................................................................
U.S. Xpress Enterprises * 600 9
................................................................................
KLLM Transport * 800 6
................................................................................
107
...............
Total Business Services and Transportation 1,731
...............
6
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
CAPITAL EQUIPMENT 3.7%
Industrial Manufacturing 1.9%
Viad 900 $ 27
................................................................................
American Standard * 700 25
...............................................................................
Applied Power (Class A) 625 24
...............................................................................
U.S. Industries 1,100 20
...............................................................................
Newport News Shipbuilding 600 20
...............................................................................
Coltec Industries * 1,000 20
...............................................................................
Trinity Industries 500 19
...............................................................................
Tecumseh Products 400 19
...............................................................................
Valhi 1,600 18
...............................................................................
Precision Castparts 400 18
...............................................................................
Specialty Equipment * 600 16
...............................................................................
Pentair 400 16
...............................................................................
MSC * 700 16
...............................................................................
Furon 900 15
...............................................................................
Harsco 500 15
...............................................................................
UNOVA * 800 15
...............................................................................
Tennant 300 12
...............................................................................
Sequa (Class A) * 200 12
...............................................................................
O'Sullivan 1,200 12
...............................................................................
Wolverine Tube * 500 11
...............................................................................
Tremont 300 10
...............................................................................
AEP Industries * 400 9
...............................................................................
Zoltek * 900 8
...............................................................................
Kaman 500 8
...............................................................................
Washington Scientific Industries * 1,400 7
...............................................................................
392
............
Producers Goods 1.8%
American Power Conversion * 900 44
...............................................................................
Leggett & Platt 1,800 40
...............................................................................
U.S. Filter * 1,500 34
...............................................................................
Teleflex 500 23
...............................................................................
Howmet International * 1,300 21
...............................................................................
Premark International 600 21
...............................................................................
York International 500 20
...............................................................................
SPX * 300 20
...............................................................................
7
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Manitowoc 400 $ 18
................................................................................
Energy Conversion Devices * 1,700 12
...............................................................................
Fisher Scientific * 600 12
...............................................................................
MagneTek * 1,000 12
...............................................................................
PEC Israel Economic * 400 11
...............................................................................
AAON * 1,200 11
...............................................................................
National Oilwell * 1,000 11
...............................................................................
UCAR International * 600 11
...............................................................................
Thomas Industries 500 10
...............................................................................
Lindsay Manufacturing * 650 10
...............................................................................
Powell Industries * 800 8
...............................................................................
CTB International * 900 7
...............................................................................
Anicom * 600 5
...............................................................................
AGCO 700 5
...............................................................................
Key Technology * 700 5
...............................................................................
Waterlink * 800 3
...............................................................................
374
............
Total Capital Equipment 766
............
CONSUMER CYCLICALS 8.4%
Construction 1.1%
Lafarge 700 28
...............................................................................
Johns Manville 1,600 26
...............................................................................
USG 500 26
...............................................................................
Granite Construction 750 25
...............................................................................
Southdown 400 24
...............................................................................
Clayton Homes 1,650 23
...............................................................................
Elcor 600 19
...............................................................................
Lennar 700 18
...............................................................................
Oakwood Homes 800 12
...............................................................................
Genlyte Group * 500 9
...............................................................................
Comfort Systems USA * 500 9
...............................................................................
Baltek * 700 7
...............................................................................
American Residential * 800 3
...............................................................................
229
............
8
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Consumer Durables 1.1%
Shaw Industries 1,400 $ 34
...............................................................................
American Locker Group * 1,200 30
...............................................................................
Williams-Sonoma * 600 24
...............................................................................
Herman Miller 900 24
...............................................................................
HON Industries 700 17
...............................................................................
La-Z-Boy 900 16
...............................................................................
Knoll * 500 15
...............................................................................
WestPoint Stevens * 400 13
...............................................................................
Mikasa 800 10
...............................................................................
Rival 700 9
...............................................................................
Sunbeam 1,300 9
...............................................................................
Mohawk Industries * 200 9
...............................................................................
O'Sullivan Industries * 700 7
...............................................................................
Bush Industries 500 6
...............................................................................
223
............
Drugs 0.1%
Mcdermott J Ray * 700 17
...............................................................................
Rock Of Ages * 600 9
...............................................................................
26
............
Motor Vehicles 1.0%
Harley-Davidson 1,200 57
...............................................................................
Federal-Mogul 600 36
...............................................................................
Lear * 700 27
...............................................................................
Polaris Industries 500 20
...............................................................................
Standard Motor Products 700 17
...............................................................................
Hayes Lemmerz International * 500 15
...............................................................................
Coachmen Industries 500 13
...............................................................................
Dura Automotive Systems * 300 10
...............................................................................
Aftermarket Technology * 700 5
...............................................................................
200
............
Real Estate 5.0%
Equity Office Properties, REIT 2,100 50
...............................................................................
Simon DeBartolo Group, REIT 1,300 37
...............................................................................
Equity Residential Properties Trust, REIT 900 36
...............................................................................
Starwood Hotels & Resorts, REIT 1,500 34
...............................................................................
Public Storage, REIT 1,000 27
...............................................................................
Archstone Communities Trust, REIT 1,300 26
...............................................................................
9
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Santa Anita Realty Enterprises 1,632 $ 25
...............................................................................
Kimco Realty, REIT 600 24
...............................................................................
Vornado Realty Trust, REIT 700 24
...............................................................................
Avalonbay Communities, REIT 684 23
...............................................................................
Crescent Real Estate Equities, REIT 1,000 23
...............................................................................
Prologis Trust, REIT 1,100 23
...............................................................................
Mack-Cali Realty, REIT 700 22
...............................................................................
Boston Properties, REIT 700 21
...............................................................................
Spieker Properties, REIT 600 21
...............................................................................
D.R. Horton 900 21
...............................................................................
New Plan Excel Reality Trust 900 20
...............................................................................
AMB Property 900 20
...............................................................................
HRPT Properties Trust, REIT 1,400 20
...............................................................................
Rouse 700 19
...............................................................................
Catellus Development * 1,300 19
...............................................................................
Duke Realty Investments, REIT 800 19
...............................................................................
Apartment Investment & Management, REIT 500 19
...............................................................................
Highwoods Properties, REIT 700 18
...............................................................................
Starwood Financial Trust 300 18
...............................................................................
Liberty Property, REIT 700 17
...............................................................................
CarrAmerica Realty, REIT 700 17
...............................................................................
Trammell Crow * 600 17
...............................................................................
Felcor Suite Hotels, REIT 700 16
...............................................................................
First Industrial Realty, REIT 600 16
...............................................................................
Cornerstone Properties, REIT 1,000 16
...............................................................................
Camden Property Trust, REIT 600 16
...............................................................................
MDC Holdings 700 15
...............................................................................
Franchise Finance, REIT 600 14
...............................................................................
Chelsea GCA, REIT 400 14
...............................................................................
Federal Realty Investment Trust, REIT 600 14
...............................................................................
Weeks, REIT 500 14
...............................................................................
Sun Communities, REIT 400 14
...............................................................................
Weingarten Realty Investors, REIT 300 13
...............................................................................
Colonial Properties Trust, REIT 500 13
...............................................................................
Nationwide Health Properties, REIT 600 13
...............................................................................
Manufactured Home Communities, REIT 500 12
...............................................................................
Parkway Properties, REIT 400 12
...............................................................................
10
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Koger Equity, REIT 700 $ 12
...............................................................................
Patriot American Hospitality, REIT 1,900 11
...............................................................................
EastGroup Properties, REIT 600 11
...............................................................................
Brandywine Reality Trust, REIT 600 11
...............................................................................
Developers Diversified Realty, REIT 600 11
...............................................................................
CCA Prison Reality Trust, REIT 500 10
...............................................................................
Macerich, REIT 400 10
...............................................................................
Glenborough Realty Trust, REIT 500 10
...............................................................................
Crown American Reality, REIT 1,300 10
...............................................................................
Beazer Homes * 400 10
...............................................................................
Cousins Properties, REIT 300 10
...............................................................................
Meridian Industrial Trust, REIT 400 9
...............................................................................
Lexford Residential Trust, REIT 500 9
...............................................................................
Lasalle Partners * 300 9
...............................................................................
Lexington Corporate Properties, REIT 600 8
...............................................................................
BP Prudhoe Bay Royalty Trust 1,200 6
...............................................................................
Crestline Capital 200 3
...............................................................................
Price Enterprises, REIT 124 1
...............................................................................
1,033
............
Tire & Rubber 0.1%
Bandag 400 16
...............................................................................
Safeskin * 300 7
...............................................................................
23
............
Total Consumer Cyclicals 1,734
............
CONSUMER NONDURABLES 4.6%
Agriculture 1.7%
Tyson Foods (Class A) 1,600 34
...............................................................................
Flowers Industries 1,100 26
...............................................................................
Nabisco Holdings (Class A) 600 25
...............................................................................
Hormel Foods 700 23
...............................................................................
Keebler Foods * 600 23
...............................................................................
Universal Foods 800 22
...............................................................................
Dole Food 700 21
...............................................................................
Dean Foods 500 20
...............................................................................
IBP 700 20
...............................................................................
Suiza Foods * 400 20
...............................................................................
11
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
McCormick 600 $ 20
...............................................................................
Interstate Bakeries 600 16
...............................................................................
Fresh Del Monte Produce * 700 15
...............................................................................
International Home Foods * 700 12
...............................................................................
Ralcorp Holdings * 600 11
...............................................................................
Worthington Foods 500 10
...............................................................................
Imperial Holly 1,000 8
...............................................................................
American Italian Pasta * 300 8
...............................................................................
Delta Pine & Land 200 7
...............................................................................
Green Mountain Coffee * 1,000 6
...............................................................................
347
.............
Beverages 0.2%
Whitman 1,100 28
...............................................................................
National Beverage * 1,100 11
...............................................................................
Pure World * 400 3
...............................................................................
42
.............
Container 0.2%
Sonoco Products 1,060 32
...............................................................................
Rock-Tenn 600 10
...............................................................................
42
.............
Cosmetics 0.3%
Estee Lauder 300 26
...............................................................................
Revlon (Class A) * 700 11
...............................................................................
Guest Supply * 900 11
...............................................................................
French Fragrances * 600 4
...............................................................................
Enamelon * 500 3
...............................................................................
55
.............
Leisure, Luxury 0.9%
International Game Technology 1,100 27
...............................................................................
Blyth Industries * 600 19
...............................................................................
Cedar Fair 700 18
...............................................................................
Premier Parks * 600 18
...............................................................................
Circus Circus * 1,400 16
...............................................................................
Callaway Golf 1,300 13
...............................................................................
Steinway Musical Instruments * 500 13
...............................................................................
Oneida Limited 800 12
...............................................................................
Hollywood Park * 1,400 12
...............................................................................
Aztar * 2,200 11
...............................................................................
12
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
WMS Industries 1,200 $ 9
...............................................................................
Lazare Kaplan International * 1,100 8
...............................................................................
Play By Play Toys & Novelties * 900 6
...............................................................................
Primadonna Resorts * 600 5
...............................................................................
Penn National Gaming * 700 5
...............................................................................
192
...........
Liquor 0.1%
Robert Mondavi (Class A) * 300 12
...............................................................................
Canandaigua Wine * 200 12
...............................................................................
Todhunter * 600 5
...............................................................................
29
...........
Photographic, Optical 0.1%
Panavision * 700 9
...............................................................................
Concord Camera * 1,300 6
...............................................................................
Seattle Filmworks * 600 3
...............................................................................
18
...........
Soaps, Housewares 0.3%
Dial Corp 1,000 29
...............................................................................
Lancaster Colony 500 16
...............................................................................
American Safety Razor * 700 8
...............................................................................
Ekco Group * 1,100 4
...............................................................................
57
..........
Textiles and Apparel 0.7%
Jones Apparel Group * 1,000 22
...............................................................................
Warnaco Group (Class A) 700 18
...............................................................................
Unifi 900 18
...............................................................................
Kellwood 500 12
...............................................................................
Quicksilver * 400 12
...............................................................................
Polo Ralph Lauren * 600 11
...............................................................................
Hartmarx * 2,000 11
...............................................................................
Polymer Group * 900 9
...............................................................................
Culp 1,100 9
...............................................................................
Haggar 700 8
...............................................................................
Nautica Enterprises * 500 7
...............................................................................
R. G. Barry * 600 7
...............................................................................
144
..........
13
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Tobacco 0.1%
Brooke Group 600 $ 15
...............................................................................
Universal 300 10
...............................................................................
25
...........
Total Consumer Nondurables 951
...........
CONSUMER SERVICES 11.2%
Hotels & Restaurants 1.1%
Host Marriott 2,000 28
...............................................................................
Promus Hotel * 800 26
...............................................................................
Consolidated Products * 1,000 21
...............................................................................
Cracker Barrel 800 19
...............................................................................
Papa Johns * 400 18
...............................................................................
MGM Grand * 600 16
...............................................................................
CKE Restaurants 550 16
...............................................................................
Outback Steakhouse * 400 16
...............................................................................
Sbarro* 500 13
...............................................................................
Brinker * 400 12
...............................................................................
Marcus 700 11
...............................................................................
Sodexho Marriott Services * 400 11
...............................................................................
Buffets * 800 9
...............................................................................
Avado Brands 1,100 9
...............................................................................
Cooker Restaurant 1,200 7
...............................................................................
Ark Restaurants * 600 6
...............................................................................
238
...........
Media 3.4%
Cox Communications (Class A) * 1,900 131
...............................................................................
Tele-Communications TCI Ventures * 2,700 64
...............................................................................
Washington Post (Class B) 100 58
...............................................................................
Chancellor Media * 1,100 53
...............................................................................
Cablevision Systems (Class A) * 800 40
...............................................................................
USA Networks * 1,100 36
...............................................................................
E. W. Scripps 700 35
...............................................................................
Adelphia Communications * 600 28
...............................................................................
Century Communications (Class A) * 800 25
...............................................................................
Handleman * 1,800 25
...............................................................................
BHC Communications (Class A) 200 24
...............................................................................
14
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Metromedia Fiber Network * 600 $ 20
...............................................................................
A. H. Belo (Class A) 1,000 20
...............................................................................
Chris-Craft * 406 20
...............................................................................
Jacor Communications * 300 19
...............................................................................
Telecom Liberty Media (Series A) * 406 19
...............................................................................
Pulitzer Publishing 200 17
...............................................................................
United International Holdings (Class A) * 800 15
...............................................................................
Pixar * 400 14
...............................................................................
Univision Communications * 300 11
...............................................................................
Electromagnetic Sciences * 700 10
...............................................................................
Metro Goldwyn Mayer * 700 9
...............................................................................
T NETIX * 700 4
...............................................................................
697
...........
Publishing 1.0%
Reader's Digest (Class A) 1,000 25
...............................................................................
Central Newspapers (Class A) 300 21
...............................................................................
McClatchy (Class A) 600 21
...............................................................................
Valassis Communications * 400 21
...............................................................................
Reynolds & Reynolds 900 21
...............................................................................
PRIMEDIA * 1,600 19
...............................................................................
Wallace Computer Services 700 18
...............................................................................
World Color Press * 600 18
...............................................................................
Merrill 700 14
...............................................................................
American Business Products 500 12
...............................................................................
Franklin Covey * 500 8
...............................................................................
Daily Journal * 200 8
...............................................................................
Successories * 1,700 6
...............................................................................
TST/ Impreso * 600 1
...............................................................................
213
...........
Retail - All Other 2.4%
Amazon.com * 400 128
...............................................................................
Office Depot * 1,900 70
...............................................................................
Bed Bath & Beyond * 1,200 41
...............................................................................
CDW Computer Centers * 400 39
...............................................................................
Creative Computers * 1,200 38
...............................................................................
Barnes & Noble * 600 25
...............................................................................
Borders Group * 900 22
...............................................................................
Fastenal 500 22
...............................................................................
15
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
OfficeMax * 1,700 $ 21
................................................................................
Genovese Drug Stores (Class A) 700 20
................................................................................
Micro Warehouse * 400 13
................................................................................
Lands' End * 500 13
................................................................................
Finishmaster * 1,600 11
................................................................................
Hibbett Sporting Goods * 400 10
................................................................................
NCS HealthCare * 400 10
................................................................................
Corporate Express * 1,500 8
................................................................................
Hancock Fabrics 900 8
................................................................................
West Marine * 600 6
................................................................................
U.S. Office Products 572 2
................................................................................
507
............
Retail - Clothing 1.0%
Intimate Brands 2,000 60
................................................................................
Abercrombie & Fitch (Class A) * 500 35
................................................................................
Ross Stores 600 24
................................................................................
Payless Shoesource * 400 19
................................................................................
Talbots 400 13
................................................................................
The Dress Barn * 700 11
................................................................................
Stein Mart * 1,300 9
................................................................................
Stage Stores * 900 8
................................................................................
Syms * 900 8
................................................................................
Brauns Fashions * 800 8
................................................................................
Harold's Stores * 1,000 7
................................................................................
Gadzooks * 300 2
................................................................................
204
............
Retail - Computer/Electric 0.6%
Best Buy * 800 49
................................................................................
Tech Data * 400 16
................................................................................
Scansource * 700 15
................................................................................
CompUSA * 1,100 14
................................................................................
Ingram Micro * 400 14
................................................................................
Good Guys * 1,400 9
................................................................................
SED International Holdings * 600 3
................................................................................
120
............
16
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Retail - Food 1.0%
Starbucks * 700 $ 39
................................................................................
Food Lion 3,100 33
................................................................................
Hannaford Brothers 500 26
................................................................................
Weis Markets 500 19
................................................................................
Richfood Holdings 900 19
................................................................................
U.S. Foodservice * 300 15
................................................................................
Whole Foods Market * 300 15
................................................................................
General Nutrition * 800 13
................................................................................
United Natural Foods * 300 7
................................................................................
Fleming Companies 600 6
................................................................................
Standard Commercial 600 5
................................................................................
Rocky Mountain Chocolate Factory * 900 5
................................................................................
202
............
Retail - General Department 0.7%
Saks * 1,175 37
................................................................................
Family Dollar Stores 1,600 35
................................................................................
Dollar Tree Stores * 550 24
................................................................................
CSK Auto * 600 16
................................................................................
Neiman-Marcus * 600 15
................................................................................
Fred's (Class A) 700 11
................................................................................
Bon-Ton Stores * 300 2
................................................................................
140
............
Total Consumer Services 2,321
............
ENERGY 3.7%
Coal & Uranium 0.0%
Arch Coal 400 7
................................................................................
7
............
Domestic Petroleum Reserve 1.0%
Vastar Resources 900 39
................................................................................
Enron Oil & Gas 1,600 28
................................................................................
Santa Fe Energy Resources * 2,100 15
................................................................................
Noble Affiliates 600 15
................................................................................
Dynegy 1,100 12
................................................................................
Houston Exploration * 600 12
................................................................................
Pogo Producing 900 12
................................................................................
17
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Ocean Energy * 1,700 $ 11
................................................................................
Pioneer Natural Resources 1,200 10
................................................................................
Forest Oil * 1,200 10
................................................................................
Leviathan Gas Pipeline 500 10
................................................................................
Southwestern Energy 1,000 7
................................................................................
Brigham Exploration * 900 5
................................................................................
Costilla Energy * 800 3
................................................................................
Meridian Resource * 800 3
................................................................................
Howell 1,200 2
................................................................................
Chesapeake Energy 1,200 1
................................................................................
195
...............
Gas Utilities 1.1%
Keyspan Energy 1,240 38
................................................................................
LG&E Energy 1,268 36
................................................................................
National Fuel Gas 500 23
................................................................................
UtiliCorp United 600 22
................................................................................
KN Energy 500 18
................................................................................
MCN 900 17
................................................................................
Colonial Gas 400 14
................................................................................
WICOR 600 13
................................................................................
Energen 600 12
................................................................................
Yankee Energy System 400 12
................................................................................
EnergyNorth 400 12
................................................................................
Western Gas Resources 1,600 9
................................................................................
Roanoke Gas 400 8
................................................................................
234
...............
Oil Refining Distribution 0.6%
El Paso Energy 700 24
................................................................................
Northwestern Public Service 800 21
................................................................................
Tosco 800 21
................................................................................
Murphy Oil 500 21
................................................................................
Valero Energy 700 15
................................................................................
Ultramar Diamond Shamrock 500 12
................................................................................
World Fuel Services 400 4
................................................................................
118
...............
Oil Service 1.0%
Transocean Offshore 900 24
................................................................................
Noble Drilling * 1,600 21
................................................................................
18
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Diamond Offshore Drilling 800 $ 19
................................................................................
Weatherford International * 790 15
................................................................................
Global Marine * 1,400 13
................................................................................
Smith International * 500 13
................................................................................
ENSCO International 1,000 11
................................................................................
Santa Fe International 700 10
................................................................................
Cooper Cameron * 400 10
................................................................................
Teppco Partners 400 10
................................................................................
Nabors Industries * 700 9
................................................................................
R & B Falcon * 1,240 9
................................................................................
Tidewater 400 9
................................................................................
Kaneb Services * 1,900 8
................................................................................
Global Industries * 1,200 7
................................................................................
BJ Services * 400 6
................................................................................
Dawson Geophysical * 800 6
................................................................................
UTI Energy * 400 3
................................................................................
203
...............
Total Energy 757
...............
FINANCIAL 17.4%
Bank and Trust 5.8%
Marshall & Ilsley 900 52
................................................................................
M & T Bank 100 52
................................................................................
SouthTrust 1,300 48
................................................................................
UnionBancal 1,400 48
................................................................................
AmSouth 1,000 46
................................................................................
Zions Bancorp 700 44
................................................................................
Old Kent Financial 925 43
................................................................................
First Tennessee National 1,100 42
................................................................................
First American 934 41
................................................................................
Popular 1,200 41
................................................................................
Charter One Financial 1,435 40
................................................................................
First Security 1,589 37
................................................................................
North Fork Bancorporation 1,350 32
................................................................................
Hibernia Corp. (Class A) 1,600 28
................................................................................
Mercantile Bankshares 700 27
................................................................................
Compass Bancshares 700 27
................................................................................
19
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Commerce Bancshares 625 $ 26
................................................................................
Associated Banc-Corp 775 26
................................................................................
Wilmington Trust 400 25
................................................................................
TCF Financial 1,000 24
................................................................................
First Virginia Banks 500 24
................................................................................
CCB Financial 400 23
................................................................................
Old National Bancorp 400 22
................................................................................
Centura Banks 300 22
................................................................................
Keystone Financial 600 22
................................................................................
Peoples Heritage Financial Group 1,100 22
................................................................................
Pacific Century Financial 900 22
................................................................................
FirstMerit 800 21
................................................................................
City National 500 21
................................................................................
CNB Bancshares 410 19
................................................................................
Provident Financial Group 500 19
................................................................................
Fulton Financial 850 19
................................................................................
National Commerce Bancorporation 1,000 19
................................................................................
Commercial Federal 800 19
................................................................................
Trustmark 800 18
................................................................................
UST 700 16
................................................................................
First Midwest Bancorp 430 16
................................................................................
Valley National Bancorp 575 16
................................................................................
Trustco Bank 460 14
................................................................................
Susquehanna Bancshares 650 13
................................................................................
USBANCORP 600 12
................................................................................
Silicon Valley Bancshares * 700 12
................................................................................
Arrow Financial 440 11
................................................................................
First United Bancshares 600 11
................................................................................
Reliance Bancshares * 1,000 10
................................................................................
NS & L Bancorp 600 8
................................................................................
Merchants Bancshares 300 8
................................................................................
1,208
...............
Life Insurance 0.7%
ReliaStar Financial 800 37
................................................................................
American National Insurance 300 25
................................................................................
Protective Life 600 24
................................................................................
Reinsurance Group America 300 21
................................................................................
Liberty Financial Companies 700 19
................................................................................
20
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Kansas City Life Insurance 200 $ 16
................................................................................
Guarantee Life 500 9
................................................................................
151
...............
Miscellaneous Finance 3.0%
Equitable Companies 1,700 98
................................................................................
Paine Webber 1,200 46
................................................................................
Donaldson, Lufkin & Jenrette 1,100 45
................................................................................
The CIT Group (Class A) 1,400 44
................................................................................
Concord EFS * 900 38
................................................................................
Alliance Capital 1,400 36
................................................................................
FINOVA Group 600 32
................................................................................
A.G. Edwards 800 30
................................................................................
E * Trade Group * 600 28
................................................................................
United Asset Management 800 21
................................................................................
Federated Investments 1,100 20
................................................................................
Fremont General 800 20
................................................................................
Legg Mason 600 19
................................................................................
Raymond James Financial 800 17
................................................................................
Eaton Vance 800 17
................................................................................
AmeriCredit * 1,200 17
................................................................................
Value Line 400 16
................................................................................
John Nuveen (Class A) 400 15
................................................................................
Cash America Investments 900 14
................................................................................
Morgan Keegan 700 13
................................................................................
Peoples Bancorp 1,147 12
................................................................................
ADVANTA 766 10
................................................................................
Perry County Financial 400 8
................................................................................
FIRSTPLUS Financial * 400 1
................................................................................
617
...............
Mortgage Finance 0.1%
Litchfield Financial 600 11
................................................................................
Matrix Capital * 500 7
................................................................................
Aames Financial 900 3
................................................................................
21
...............
Other Insurance 6.2%
Berkshire Hathaway (Class A) * 8 560
................................................................................
AFLAC 1,900 84
................................................................................
CNA Financial * 1,500 60
................................................................................
21
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
AMBAC 600 $ 36
................................................................................
Wesco Financial 100 36
................................................................................
Old Republic International 1,350 30
................................................................................
Transatlantic Holdings 400 30
................................................................................
Allmerica Financial 500 29
................................................................................
Unitrin 400 29
................................................................................
American Financial Group 600 26
................................................................................
Mercury General 600 26
................................................................................
First American 700 23
................................................................................
Financial Security Assurance 400 22
................................................................................
PMI Group 400 20
................................................................................
Everest Reinsurance Holdings 500 20
................................................................................
American Bankers 400 19
................................................................................
Reliance Group Holdings 1,500 19
................................................................................
Travelers Property Casualty (Class A) 600 19
................................................................................
Horace Mann Educators 600 17
................................................................................
Acceptance Insurance * 700 14
................................................................................
Commerce Group 400 14
................................................................................
Frontier Insurance Group 1,030 13
................................................................................
Prepaid Legal Services * 400 13
................................................................................
Trenwick Group 400 13
................................................................................
Harleysville Group 500 13
................................................................................
NYMAGIC 600 12
................................................................................
Midland 500 12
................................................................................
Capital Re 600 12
................................................................................
Highlands Insurance Group * 900 12
................................................................................
Risk Capital Holdings * 500 11
................................................................................
TIG Holdings 700 11
................................................................................
Amwest Insurance Group 660 9
................................................................................
Triad Guaranty * 400 9
................................................................................
State Auto Financial 600 8
................................................................................
Chartwell Re 300 7
................................................................................
BancInsurance * 1,300 7
................................................................................
1,295
..............
Thrift Institutions 1.6%
Dime Bancorp 1,200 32
................................................................................
Greenpoint Financial 800 28
................................................................................
Astoria Financial 600 28
................................................................................
22
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Sovereign Bancorp 1,683 $ 24
................................................................................
People's Bank 700 19
................................................................................
First Bancorp Puerto Rico 600 18
................................................................................
Queens County Bancorp 600 18
................................................................................
St. Paul Bancorp 600 16
................................................................................
Washington Federal 600 16
................................................................................
Staten Island Bancorp 800 16
................................................................................
Golden Sate Bancorp 900 15
................................................................................
Wood Bancorp 800 15
................................................................................
FirstFed Financial * 800 14
................................................................................
1st Bergen Bancorp 600 13
................................................................................
First Indiana 600 12
................................................................................
Ameriana Bancorp 660 12
................................................................................
Home Federal Savings Bank 500 11
................................................................................
PFF Bancorp * 700 11
................................................................................
ISB Financial 400 9
................................................................................
327
...............
Total Financial 3,619
...............
HEALTH CARE 7.2%
Drugs 3.9%
Genentech * 1,000 80
................................................................................
McKesson 800 63
................................................................................
Watson Pharmaceuticals * 800 50
................................................................................
Immunex * 400 50
................................................................................
Biogen * 600 50
................................................................................
Chiron * 1,600 42
................................................................................
Forest Laboratories * 700 37
................................................................................
Bergen Brunswig 1,000 35
................................................................................
Genzyme * 700 35
................................................................................
Mylan Laboratories 1,100 35
................................................................................
Bindley Western Industries 666 33
................................................................................
MedImmune * 300 30
................................................................................
Centocor * 600 27
................................................................................
ICOS * 800 24
................................................................................
D&K Healthcare * 800 22
................................................................................
Gilead Sciences * 500 20
................................................................................
23
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
ICN Pharmaceuticals 900 $ 20
................................................................................
Roberts Pharmaceutical * 900 19
................................................................................
Human Genome Sciences * 500 18
................................................................................
Dura Pharmaceuticals * 1,000 15
................................................................................
Techne * 700 15
................................................................................
Rexall Sundown * 1,000 14
................................................................................
K-V Pharmaceutical * 600 12
................................................................................
Geron * 1,000 11
................................................................................
Capstone Pharmacy Services * 1,700 10
................................................................................
Sugen * 600 9
................................................................................
Digene * 1,400 8
................................................................................
Imclone Systems * 800 7
................................................................................
ONYX Pharmaceuticals * 900 6
................................................................................
Cygnus * 1,200 6
................................................................................
Interneuron Pharmaceuticals * 1,400 5
................................................................................
Advanced Tissue Sciences * 1,100 3
................................................................................
Genzyme Molecular Biology * 75 0
................................................................................
811
...............
Health-Care (non-drug) 1.7%
Stryker 800 44
................................................................................
Hillenbrand Industries 600 34
................................................................................
Omnicare 900 31
................................................................................
Arterial Vascular Engineering * 500 26
................................................................................
Sofamor/Danek Group * 200 24
................................................................................
Allegiance 500 23
................................................................................
Steris * 800 23
................................................................................
CONMED * 500 17
................................................................................
Dentsply International 600 16
................................................................................
Res-Care * 600 15
................................................................................
Mentor 600 14
................................................................................
Ocular Sciences * 500 14
................................................................................
Affymetrix * 500 12
................................................................................
Wesley Jessen VisionCare * 400 11
................................................................................
Merit Medical Systems * 1,500 10
................................................................................
Collagen 1,000 9
................................................................................
ABIOMED * 700 7
................................................................................
Cardima * 2,000 6
................................................................................
Resound * 1,000 4
................................................................................
24
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
VIVUS * 900 $ 2
................................................................................
342
...............
HMO/Hospital Management 1.6%
Health Management (Class A) * 2,100 45
................................................................................
Wellpoint Health Networks * 500 44
................................................................................
PacifiCare Health Systems (Class B) * 400 32
................................................................................
Lincare * 600 24
................................................................................
Universal Health Services * 400 21
................................................................................
Total Renal Care Holdings * 700 21
................................................................................
Foundation Health Systems * 1,700 20
................................................................................
Trigon Healthcare * 500 19
................................................................................
Quorum Health Group * 1,100 14
................................................................................
Orthodontic Centers of America * 700 14
................................................................................
Concentra Managed Care * 1,200 13
................................................................................
Lab Holdings 700 12
................................................................................
Ventas 1,000 12
................................................................................
American Oncology Resources * 700 10
................................................................................
Medpartners * 1,700 9
................................................................................
Apria Healthcare * 800 7
................................................................................
Vencor * 1,200 5
................................................................................
National Healthcare 300 5
................................................................................
Continucare * 1,300 2
................................................................................
American HomePatient * 700 1
................................................................................
330
...............
Total Health Care 1,483
...............
PROCESS INDUSTRIES 2.5%
Chemicals 1.6%
Vulcan Materials 300 39
................................................................................
Sybron International * 1,000 27
................................................................................
IMC Global 1,200 26
................................................................................
Solutia 1,100 25
................................................................................
Olin 700 20
................................................................................
Lyondell Petrochemical 1,000 18
................................................................................
Cabot 600 17
................................................................................
Crompton & Knowles 800 16
................................................................................
Lubrizol 600 15
................................................................................
25
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Lawter 1,300 $ 15
................................................................................
Millennium Chemicals 600 12
................................................................................
Witco 700 11
................................................................................
M.A. Hanna 900 11
................................................................................
Catalytica * 600 11
................................................................................
Cytec Industries * 500 11
................................................................................
Terra Nitrogen 1,000 10
................................................................................
NL Industries 700 10
................................................................................
Mississippi Chemical 700 10
................................................................................
Georgia Gulf 600 10
................................................................................
Airgas * 900 8
................................................................................
Valley National Gases * 1,100 6
................................................................................
Tuscarora 400 5
................................................................................
ICO 1,900 4
................................................................................
Summa Industries * 400 4
................................................................................
341
...............
Forest Products 0.2%
Mail-Well * 1,100 13
................................................................................
Universal Forest Products 500 10
................................................................................
Pope & Talbot 600 5
................................................................................
Tufco Technologies * 900 4
................................................................................
ABT Building Products * 400 4
................................................................................
36
...............
Paper 0.7%
Georgia Pac Timber 1,100 26
................................................................................
Bowater 600 25
................................................................................
Consolidated Papers 900 25
................................................................................
Wausau-Mosinee Paper 1,000 18
................................................................................
Ivex Packaging * 500 12
................................................................................
Gaylord Container (Class A) * 1,400 9
................................................................................
FiberMark * 600 8
................................................................................
Badger Paper Mills * 900 7
................................................................................
Jefferson Smurfit * 400 6
................................................................................
Crown Vantage * 1,000 2
................................................................................
138
...............
Total Process Industries 515
...............
26
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
TECHNOLOGY 18.5%
Aerospace 0.6%
Loral Space & Communications * 1,600 $ 28
................................................................................
Gulfstream Aerospace * 500 27
................................................................................
Sundstrand 400 21
................................................................................
Heico 400 13
................................................................................
United Industrial 1,000 10
................................................................................
Kellstrom Industries * 300 9
................................................................................
GRC International ADS * 700 4
................................................................................
Heico (Class A) 50 1
................................................................................
113
...............
Analytical Equipment 1.0%
Teradyne * 900 38
................................................................................
Litton Industries * 500 33
................................................................................
Waters * 300 26
................................................................................
Orbital Sciences * 500 22
................................................................................
Sepracor * 200 18
................................................................................
Thermo Instrument Systems * 1,100 17
................................................................................
EDO 1,500 12
................................................................................
Input/Output * 1,500 11
................................................................................
Bio-Rad Laboratories * 500 10
................................................................................
Cytyc * 400 10
................................................................................
Cyberoptics * 700 10
................................................................................
Perceptron * 800 5
................................................................................
212
...............
Business Machines 0.4%
NCR * 900 38
................................................................................
Diebold 700 25
................................................................................
Micron Electronics * 1,100 19
................................................................................
Gradco Systems * 1,425 4
................................................................................
Ultradata Systems * 1,200 3
................................................................................
Zitel * 600 2
................................................................................
91
...............
Communication Equipment 1.5%
ADC Telecommunications * 1,000 35
................................................................................
QUALCOMM * 600 31
................................................................................
Comverse Technology * 400 28
................................................................................
American Tower Systems (Class A) * 800 24
................................................................................
27
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
CIENA * 1,300 $ 19
................................................................................
Polycom * 800 18
................................................................................
RELTEC * 800 18
................................................................................
Plantronics * 200 17
................................................................................
ANTEC * 800 16
................................................................................
Electronics for Imaging * 400 16
................................................................................
Aspect Telecommunications * 800 14
................................................................................
ADTRAN * 700 13
................................................................................
California Microwave * 1,200 11
................................................................................
Checkpoint Systems * 900 11
................................................................................
Advanced Fibre Communications * 1,000 11
................................................................................
DSP Group * 400 8
................................................................................
CMC Industries * 1,100 6
................................................................................
P-COM * 1,300 5
................................................................................
Premisys Communications * 500 5
................................................................................
306
...............
Computer Communications 0.5%
FORE Systems * 1,200 22
................................................................................
Adaptec * 1,100 19
................................................................................
Mylex * 1,300 16
................................................................................
Intermedia Communications * 800 14
................................................................................
Digi International * 1,000 11
................................................................................
Microdyne * 1,100 5
................................................................................
Network Peripherals * 1,100 5
................................................................................
Splash Technology * 600 4
................................................................................
96
...............
Computer Peripherals 1.1%
Symbol Technologies 700 45
................................................................................
Lexmark International Group (Class A) * 400 40
................................................................................
Network Appliance * 800 36
................................................................................
Storage Technology * 900 32
................................................................................
Quantum * 1,400 30
................................................................................
Iomega * 2,100 15
................................................................................
Dataram * 1,200 11
................................................................................
Zebra Technologies (Class A) * 300 9
................................................................................
Exabyte * 1,000 6
................................................................................
Western Digital * 300 5
................................................................................
Stratasys * 900 4
................................................................................
233
...............
28
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Computer Services 4.7%
Yahoo! * 600 $ 142
................................................................................
At Home * 1,000 74
................................................................................
EBAY * 300 72
................................................................................
Total Systems Services 1,700 40
................................................................................
SunGard Data Systems * 1,000 40
................................................................................
Galileo International 900 39
................................................................................
FIserv * 750 39
................................................................................
Convergys * 1,400 31
................................................................................
Broadvision * 900 29
................................................................................
Comdisco 1,700 29
................................................................................
DST Systems * 500 29
................................................................................
International Network Services * 400 27
................................................................................
Inktomi * 200 26
................................................................................
Acxiom * 800 25
................................................................................
Keane * 600 24
................................................................................
Medquist * 600 24
................................................................................
Affiliated Computer Services (Class A) * 500 22
................................................................................
Sykes Enterprises * 700 21
................................................................................
American Management Systems * 500 20
................................................................................
CIBER * 700 20
................................................................................
Cambridge Technology Partners * 800 18
................................................................................
Avt * 600 17
................................................................................
ICG Communications * 800 17
................................................................................
Excite * 400 17
................................................................................
Lycos * 300 17
................................................................................
GTECH * 600 15
................................................................................
Incyte Pharmaceuticals * 400 15
................................................................................
Data Transmission Network * 500 14
................................................................................
Superior Consultant Holdings * 300 13
................................................................................
Usweb * 450 12
................................................................................
Lightbridge * 1,500 8
................................................................................
HBO 290 8
................................................................................
Intergraph * 1,400 8
................................................................................
UBICS * 1,400 7
................................................................................
DecisionOne Holdings * 1,500 7
................................................................................
Avert 1,100 5
................................................................................
29
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
JDA Software Group * 500 $ 5
................................................................................
Eltrax Systems * 1,000 5
................................................................................
Aztec Technology Partners * 538 2
................................................................................
983
...............
Computer Software 3.7%
Network Associates * 1,000 66
................................................................................
Netscape Communications * 900 54
................................................................................
Cadence Design Systems * 1,500 45
................................................................................
Intuit * 500 36
................................................................................
Sterling Commerce * 800 36
................................................................................
Citrix Systems * 350 34
................................................................................
Electronic Arts * 600 34
................................................................................
Synopsys * 600 32
................................................................................
Siebel Systems * 900 31
................................................................................
Rational Software * 1,000 26
................................................................................
Legato Systems * 400 26
................................................................................
LHS Group * 500 26
................................................................................
J. D. Edwards * 900 26
................................................................................
i2 Technologies * 800 24
................................................................................
VERITAS Software * 400 24
................................................................................
Pegrine Systems * 500 23
................................................................................
Sterling Software * 800 22
................................................................................
The Learning Company * 800 21
................................................................................
PLATINUM technology * 1,000 19
................................................................................
Boole & Babbage * 650 19
................................................................................
Visio * 500 18
................................................................................
IDX Systems * 400 18
................................................................................
Wang Laboratories * 600 17
................................................................................
Bea Systems * 1,100 13
................................................................................
Midway Games * 1,079 12
................................................................................
Summit Design * 1,200 11
................................................................................
GT Interactive Software * 2,000 10
................................................................................
Harbinger * 1,200 10
................................................................................
SPSS * 400 8
................................................................................
Cybercash * 500 7
................................................................................
Industri-Matematik * 900 5
................................................................................
Applix * 1,000 4
................................................................................
757
...............
30
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Electronic Manufacturing Equipment 0.4%
Veeco * 400 $ 21
................................................................................
Novellus Systems * 400 20
................................................................................
Photronics * 600 15
................................................................................
Esterline Technologies * 600 13
................................................................................
Kulicke & Soffa * 700 12
................................................................................
Watkins-Johnson 500 10
................................................................................
91
...............
Electronics 4.6%
Qwest Communications International * 2,299 115
................................................................................
Level 3 Communications * 2,000 86
................................................................................
Linear Technology 600 54
................................................................................
Molex 1,300 49
................................................................................
Altera * 800 49
................................................................................
Maxim Integrated Products * 1,100 48
................................................................................
Analog Devices * 1,300 41
................................................................................
Xilinx * 600 39
................................................................................
General Motors (Class H) * 900 36
................................................................................
SCI Systems * 600 35
................................................................................
Vitesse Semiconductor * 700 32
................................................................................
Uniphase * 400 28
................................................................................
Arrow Electronics * 1,000 27
................................................................................
Hubbell (Class B) 700 26
................................................................................
Sanmina * 400 25
................................................................................
Avnet 400 24
................................................................................
Jabil Circuit * 300 22
................................................................................
Rambus * 200 19
................................................................................
AVX 1,100 19
................................................................................
Microchip Technology * 500 18
................................................................................
Atmel * 1,200 18
................................................................................
Unitrode * 1,000 17
................................................................................
Park Electrochemical 600 17
................................................................................
SMART Modular Technologies * 600 17
................................................................................
Vishay Intertechnology * 1,120 16
................................................................................
Technitrol 500 16
................................................................................
Brightpoint * 1,000 14
................................................................................
DuPont Photomasks * 300 13
................................................................................
Burr Brown * 500 12
................................................................................
31
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Kimball International 600 $ 11
................................................................................
Amphenol * 300 9
................................................................................
Hutchinson Technology * 200 7
................................................................................
TelCom Semiconductor * 1,100 4
................................................................................
963
...............
Total Technology 3,845
...............
UTILITIES 5.4%
Electric Utilities 3.4%
Allegheny Energy 1,000 35
................................................................................
Teco Energy 1,200 34
................................................................................
Florida Progress 700 31
................................................................................
Pinnacle West Capital 700 30
................................................................................
CMS Energy 600 29
................................................................................
Wisconsin Energy 900 28
................................................................................
Montana Power 500 28
................................................................................
Energy East 500 28
................................................................................
IPALCO Enterprises 500 28
................................................................................
DQE 600 26
................................................................................
DPL 1,200 26
................................................................................
Conectiv 1,000 25
................................................................................
CalEnergy * 700 24
................................................................................
OGE Energy 800 23
................................................................................
SCANA 700 23
................................................................................
Pugets Sound Energy 800 22
................................................................................
NIPSCO 700 21
................................................................................
Kansas City Power & Light 700 21
................................................................................
Interstate Energy 600 19
................................................................................
Potomac Electric Power 700 18
................................................................................
CMP Group 900 17
................................................................................
BEC Energy 400 17
................................................................................
United Illuminating 300 16
................................................................................
New England Electric System 300 15
................................................................................
Northeast Utilities * 900 14
................................................................................
SIGCORP 400 14
................................................................................
WPS Resources 400 14
................................................................................
Western Resources 400 13
................................................................................
32
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Illinova 500 $ 13
................................................................................
Public Service of New Mexico 600 12
................................................................................
Unisource Energy * 800 11
................................................................................
St. Joseph Light & Power 600 11
................................................................................
Maine Public Service 600 9
................................................................................
Trigen Energy 700 8
................................................................................
703
...............
Telephone and Telegraph 1.8%
Century Telephone Enterprises 650 44
................................................................................
Cincinnati Bell 1,000 38
................................................................................
Telephone and Data Systems 600 27
................................................................................
U. S. Cellular * 700 27
................................................................................
Price Communications * 1,750 23
................................................................................
Teleglobe Inc 619 22
................................................................................
GTS * 400 22
................................................................................
McLeod USA * 600 19
................................................................................
Associated Group * 400 17
................................................................................
NTL * 300 17
................................................................................
IXC Communications * 500 17
................................................................................
Citizens Utilities * 1,734 14
................................................................................
Boston Communications Group * 1,100 14
................................................................................
Hickory Technology 900 11
................................................................................
Western Wireless * 500 11
................................................................................
COMSAT 300 11
................................................................................
Vanguard Cellular (Class A) * 400 10
................................................................................
Tel-Save Holdings * 600 10
................................................................................
Cellullar Communications 400 7
................................................................................
GST Telecommunications * 1,000 7
................................................................................
General Communication * 1,600 6
................................................................................
Omnipoint * 600 6
................................................................................
380
...............
Water Utilities 0.2%
American Water Works 700 24
................................................................................
E'town 400 19
................................................................................
43
...............
Total Utilities 1,126
...............
33
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
MISCELLANEOUS 0.9%
Miscellaneous 0.9%
Conoco (Class A) * 1,200 $ 25
................................................................................
Republic Services * 1,100 20
................................................................................
Ziff-Davis * 1,200 19
................................................................................
USEC 1,200 17
................................................................................
Fox Entertainment Group * 500 13
................................................................................
Leap Wireless International * 1,700 12
................................................................................
Peekskill Financial 700 11
................................................................................
Vornado Operating Company * 1,335 11
................................................................................
School Specialty * 476 10
................................................................................
Resource Asset Investment Trust, REIT 900 10
................................................................................
Midwest Banc Holdings 600 9
................................................................................
Landair * 1,200 9
................................................................................
Navigant * 1,069 8
................................................................................
Workflow Management * 1,192 8
................................................................................
MPW Industrial Services Group * 600 7
................................................................................
Silicon Gaming * 2,100 3
................................................................................
Cohesion Technologies * 600 2
................................................................................
Total Miscellaneous 194
..........
Total Common Stocks (Cost $19,026) 19,204
..........
Short-Term Investments 4.7%
U. S. Government Obligations 0.2%
U. S. Treasury Bills
3.86%-D4.28%, 1/7-1/14/99 $ 40,000 40
................................................................................
40
..........
Money Market Funds 4.5%
Reserve Investment Fund, 5.42% # 935,929 936
................................................................................
936
..........
Total Short-Term Investments (Cost $976) 976
..........
34
<PAGE>
<TABLE>
<CAPTION>
T. Rowe Price Extended Equity Market Index Fund
- ----------------------------------------------------------------------------------------------------------------------------
Value
- ----------------------------------------------------------------------------------------------------------------------------
In thousands
<S> <C>
Total Investments in Securities
97.3% of Net Assets (Cost $20,002) $ 20,180
Futures Contracts
In thousands
<CAPTION>
Contract Unrealized
Expiration Value Gain (Loss)
<S> <C> <C> <C>
Long, 3 Russell 2000 Stock Index
contracts, $24,000 of U.S. Treasury securities
and money market funds pledged as
initial margin 3/99 $ 638 33
Long, 4 Midcap 400 Stock Index contracts,
$36,000 of U.S. Treasury securities and
money market funds pledged as
initial margin 3/99 784 39
Net payments (receipts) of variation
margin to date (53)
...........
Variation margin receivable
(payable) on open futures contracts 19
Other Assets Less Liabilities 544
............
NET ASSETS $ 20,743
------------
</TABLE>
# Seven-day yield
* Non-Income producing
ADS American depository share
REIT Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
December 31, 1998
- -----------------------------------
Statement of Assets and Liabilities
- --------------------------------------------------------------------------------
In thousands
Assets
Investments in securities, at value (cost $20,002) $ 20,180
Other assets 1,092
...........
Total assets 21,272
...........
Liabilities
Other liabilities 529
...........
NET ASSETS $ 20,743
-----------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 2
Accumulated net realized gain/loss - net of distributions 629
Net unrealized gain (loss) 250
Paid-in-capital applicable to 1,881,638 shares of
$0.0001 par value capital stock outstanding;
1,000,000,000 shares of the corporation authorized 19,862
...........
NET ASSETS $ 20,743
-----------
NET ASSET VALUE PER SHARE $ 11.02
-----------
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
- -----------------------
Statement of Operations
- --------------------------------------------------------------------------------
In thousands
1/30/98
Through
12/31/98
Investment Income
Income
Dividend $ 158
Interest 34
.............
Total income 192
.............
Expenses
Investment management and administrative 49
.............
Net investment income 143
.............
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 853
Futures (31)
.............
Net realized gain (loss) 822
.............
Change in net unrealized gain or loss
Securities 178
Futures 72
.............
Change in net unrealized gain or loss 250
.............
Net realized and unrealized gain (loss) 1,072
.............
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 1,215
-------------
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
- ----------------------------------
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
In thousands
1/30/98
Through
12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income $ 143
Net realized gain (loss) 822
Change in net unrealized gain or loss 250
............
Increase (decrease) in net assets from operations 1,215
............
Distributions to shareholders
Net investment income (141)
Net realized gain (193)
............
Decrease in net assets from distributions (334)
............
Capital share transactions *
Shares sold 23,207
Distributions reinvested 327
Shares redeemed (3,679)
Redemption fees received 7
............
Increase (decrease) in net assets from capital
share transactions 19,862
............
Net Assets
Increase (decrease) during period 20,743
Beginning of period -
............
End of period $ 20,743
------------
* Share information
Shares sold 2,226
Distributions reinvested 33
Shares redeemed (377)
............
Increase (decrease) in shares outstanding 1,882
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
December 31, 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 amorted 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
39
<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 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 December 31, 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 and
U.S. government securities, aggregated $21,540,000 and $3,381,000, respectively,
for the period ended December 31, 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 December 31, 1998, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled $20,002,000.
Net unrealized gain aggregated $178,000 at period end, of which $2,548,000
related to appreciated investments and $2,370,000 to depreciated investments.
40
<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 period ended December 31, 1998, totaled
$33,000 and are reflected as interest income in the accompanying Statement of
Operations.
41
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
- ---------------------------------
Report of Independent Accountants
- --------------------------------------------------------------------------------
To the Board of Directors of T. Rowe Price Equity Market Index Funds, Inc.
and Shareholders of T. Rowe Price Extended Equity Market Index Fund
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of T. Rowe Price Extended Equity
Market Index Fund (one of the portfolios comprising T. Rowe Price Equity Market
Index Trust, Inc., hereafter referred to as the "Fund") at December 31, 1998,
and the results of its operations, the changes in its net assets and the
financial highlights for the fiscal period presented through December 31, 1998,
in conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audit. We
conducted our audit of these financial statements in accordance with generally
accepted auditing standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities at December 31, 1998 by
correspondence with custodians, provides a reasonable basis for the opinion
expressed above.
PricewaterhouseCoopers LLP
Baltimore, Maryland
January 21, 1999
42
<PAGE>
T. Rowe Price Extended Equity Market Index Fund
- --------------------------------------------------------------------------------
- -----------------------------------------------------------
Tax Information (Unaudited) for the Tax Year Ended 12/31/98
- --------------------------------------------------------------------------------
We are providing this information as required by the Internal Revenue Service.
The amounts shown may differ from those elsewhere in this report because of
differences between tax and financial reporting requirements.
The Fund's distributions to shareholders included $193,000 from short-term
capital gains.
For corporate shareholders, $121,000 of the fund's distributed income and
short-term capital gains qualified for the dividends-received deduction.
- --------------------------------------------------------------------------------
43
<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
BROKERAGE SERVICES*
Individual Investments Stocks, bonds, options, precious metals, and other
securities at a savings over full-service commission rates.
INVESTMENT INFORMATION
Combined Statement Overview of all your accounts with T. Rowe Price.
Shareholder Reports Fund managers' reviews of their strategies and results.
T. Rowe Price Report Quarterly investment newsletter discussing markets and
financial strategies.
Performance Update Quarterly review of all T. Rowe Price fund results.
Insights Educational reports on investment strategies and financial markets.
Investment Guides Asset Mix Worksheet, College Planning Kit, Diversifying
Overseas: A Guide to International Investing, Personal Strategy Planner,
Retirees Financial Guide, and Retirement Planning Kit.
* T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services,
Inc.,
Member NASD/SIPC.
44
<PAGE>
T. Rowe Price Mutual Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK FUNDS BOND FUNDS
............................ ............................ ..........................
<S> <C> <C>
Domestic Domestic Taxable International/Global
Blue Chip Growth Corporate Income Emerging Markets Bond
Capital Appreciation GNMA Global Bond++
Capital Opportunity High Yield International Bond
Diversified Small-Cap Growth New Income
Dividend Growth Short-Term Bond MONEY MARKET FUNDS
Equity Income Short-Term U.S. Government
Equity Index 500* Spectrum Income Taxable
Extended Equity Market Index Summit GNMA
Financial Services Summit Limited-Term Bond Prime Reserve
Growth & Income U.S. Treasury Intermediate Summit Cash Reserves
Growth Stock U.S. Treasury Long-Term U.S. Treasury Money
Health Sciences
Media & Telecommunications Domestic Tax-Free Tax-Free
Mid-Cap Growth
Mid-Cap Value California Tax-Free Bond California Tax-Free Money
New America Growth Florida Intermediate Tax-Free*** New York Tax-Free Money
New Era Georgia Tax-Free Bond Summit Municipal
New Horizons** Maryland Short-Term Money Market
Real Estate Tax-Free Bond Tax-Exempt Money
Science & Technology Maryland Tax-Free Bond
Small-Cap Stock New Jersey Tax-Free Bond BLENDED ASSET FUNDS
Small-Cap Value New York Tax-Free Bond
Spectrum Growth Summit Municipal Income Balanced
Total Equity Market Index Summit Municipal Intermediate Personal Strategy Balanced
Value Tax-Free High Yield Personal Strategy Growth
Tax-Free Income Personal Strategy Income
International/Global Tax-Free Intermediate Bond+ Tax-Efficient Balanced
Tax-Free Short-Intermediate
Emerging Markets Stock Virginia Short-Term T. ROWE PRICE NO-LOAD
European Stock Tax-Free Bond VARIABLE ANNUITY
Global Stock Virginia Tax-Free Bond
International Discovery Equity Income Portfolio
International Growth & Income International Stock Portfolio
International Stock Limited-Term Bond Portfolio
Japan Mid-Cap Growth Portfolio
Latin America New America Growth Portfolio
New Asia Personal Strategy Balanced
Spectrum International Portfolio
Prime Reserve Portfolio
</TABLE>
* Formerly named Equity Index.
** Closed to new investors.
*** Formerly named Florida Insured Intermediate Tax-Free.
+ Formerly named Tax-Free Insured Intermediate Bond.
++ Formerly named Global Government Bond.
+++ Neither the funds nor their share prices are insured or guaranteed by the
U.S. government.
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.
45
<PAGE>
T. Rowe Price Retirement Plans and Resources
- --------------------------------------------------------------------------------
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
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
Investing for Retirement in Your 403(b) Account
The T. Rowe Price No-Load Variable Annuity Information 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.
46
<PAGE>
T. Rowe Price Insights Reports
- --------------------------------------------------------------------------------
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 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.
47
<PAGE>
For yield, price, last transaction, Investor Centers:
current balance, or to conduct 101 East Lombard St.
transactions, 24 hours, 7 days Baltimore, MD 21202
a week, 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 brokerage account ARCO Tower
or obtain information, call: 31st Floor
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. F24-050 12/31/98
