<PAGE>
Semiannual Report - Financial Statements
T. ROWE PRICE
EQUITY
INDEX 500
FUND
June 30, 1999
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
Financial Highlights For a share outstanding throughout each period
- ------------------------------------------------------------------------------------------------------------------------------------
6 Months Year
Ended Ended
6/30/99 12/31/98 12/31/97 12/31/96 12/31/95 12/31/94
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 33.38 $ 26.38 $ 20.34 $ 17.21 $ 13.09 $ 13.48
Investment activities
Net investment income 0.17* 0.33* 0.35* 0.38* 0.39* 0.36*
Net realized and
unrealized gain (loss) 3.88 7.10 6.28 3.47 4.43 (0.23)
Total from
investment activities 4.05 7.43 6.63 3.85 4.82 0.13
Distributions
Net investment income (0.16) (0.34) (0.34) (0.38) (0.40) (0.36)
Net realized gain (0.12) (0.09) (0.25) (0.34) (0.30) (0.09)
In excess of net
realized gain - - - - - (0.07)
Total distributions (0.28) (0.43) (0.59) (0.72) (0.70) (0.52)
NET ASSET VALUE
End of period $ 37.15 $ 33.38 $ 26.38 $ 20.34 $ 17.21 $ 13.09
Ratios/Supplemental Data
Total return++ 12.17%* 28.31%* 32.87%* 22.65%* 37.16%* 1.01%*
Ratio of total expenses to
average net assets 0.40%*+ 0.40%* 0.40%* 0.40%* 0.45%* 0.45%*
Ratio of net investment
income to average
net assets 1.03%*+ 1.17%* 1.49%* 2.05%* 2.54%* 2.73%*
Portfolio turnover rate 6.4%+ 4.7% 0.7% 1.3% 1.3% 1.3%
Net assets, end of period
(in millions) $ 4,531 $ 3,347 $ 1,908 $ 808 $ 457 $ 270
</TABLE>
++ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions and payment of no redemption or account fees.
* Excludes expenses in excess of a 0.45% voluntary expense limitation in effect
through 12/31/95 and a 0.40% voluntary expense limitation in effect through
12/31/99.
+ Annualized
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Unaudited June 30, 1999
STATEMENT OF NET ASSETS Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
COMMON STOCKS 98.5%
BASIC MATERIALS 3.9%
Chemicals 2.3%
DuPont 444,452 $ 30,362
3M 158,164 13,750
Dow Chemical 87,469 11,098
Illinois Tool Works 97,983 8,035
PPG Industries 68,698 4,057
Air Products and Chemicals 90,002 3,622
Rohm & Haas 83,028 3,560
Praxair 61,447 3,007
Occidental Petroleum 135,895 2,871
Avery Dennison 46,124 2,785
Union Carbide 52,222 2,546
Ecolab 51,207 2,234
Sealed Air * 32,249 2,092
Sherwin-Williams 67,130 1,863
Eastman Chemical 31,231 1,616
Tenneco 67,481 1,611
Hercules 39,586 1,556
Nalco Chemical 27,413 1,422
Engelhard 55,676 1,260
Ashland 30,242 1,213
Vulcan Materials 22,100 1,066
Great Lakes Chemical 22,831 1,052
FMC * 13,154 899
W. R. Grace * 28,734 528
104,105
-------------
Forest Products and Paper 0.9%
Kimberly-Clark 213,138 12,149
International Paper 160,952 8,128
Weyerhaeuser 77,988 5,362
Georgia-Pacific 69,092 3,273
Fort James 85,656 3,244
Willamette Industries 43,355 1,997
Champion International 37,538 1,797
3
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- -------------------------------------------------------------------------------
June 30, 1999
Shares/Par Value
- -------------------------------------------------------------------------------
In thousands
Mead 39,817 $ 1,663
Westvaco 39,332 1,141
Louisiana Pacific 41,725 991
Boise Cascade 22,631 970
Bemis 21,325 848
Potlatch 12,547 551
42,114
-------------
Gold 0.2%
Barrick Gold 148,483 2,877
Placer Dome 127,239 1,503
Newmont Mining 64,905 1,290
Freeport McMoRan Copper & Gold (Class B) 64,977 1,165
Homestake Mining 91,816 752
Battle Mountain Gold 91,204 222
7,809
-------------
Mining and Metals 0.5%
Alcoa 145,143 8,981
Alcan Aluminum 89,983 2,874
Owens-Illinois * 60,641 1,982
Allegheny Teledyne 77,922 1,763
Nucor 34,401 1,632
Reynolds Metals 25,382 1,497
Crown Cork & Seal 48,029 1,369
Inco 70,067 1,261
USX-U.S. Steel 34,543 932
Worthington Industries 36,572 600
Cyprus Amax Minerals 38,395 583
Ball 12,515 529
Bethlehem Steel * 54,896 422
ASARCO 14,980 282
24,707
-------------
Total Basic Materials 178,735
-------------
BUSINESS SERVICES 0.8%
Advertising 0.2%
Omnicom 70,687 5,655
Interpublic Group 55,032 4,767
10,422
-------------
4
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Unaudited June 30, 1999
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Business Services 0.2%
IMS Health 126,033 $ 3,938
Paychex 95,170 3,028
Dun & Bradstreet 64,141 2,273
Ceridian * 56,132 1,835
11,074
-------------
Environmental Services 0.4%
Waste Management 240,702 12,938
Browning-Ferris 62,098 2,670
15,608
-------------
Industrial Services 0.0%
Ryder System 27,778 722
722
-------------
Total Business Services 37,826
-------------
CONSUMER DISCRETIONARY 4.8%
Entertainment 0.3%
Carnival (Class A) 242,158 11,745
King World Productions * 28,789 1,002
12,747
-------------
Hotels 0.1%
Hilton 100,015 1,419
Mirage Resorts * 77,192 1,293
Harrah's Entertainment * 48,904 1,076
3,788
-------------
Leisure 0.4%
Eastman Kodak 127,779 8,657
Mattel 165,717 4,381
Hasbro 76,816 2,146
Brunswick 35,517 990
Polaroid 19,119 528
16,702
-------------
Media 2.8%
Time Warner 483,553 35,541
Disney 815,176 25,118
Media One Group * 239,230 17,793
CBS * 281,706 12,237
5
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Unaudited June 30, 1999
Shares/Par Value
- --------------------------------------------------------------------------------
In thousand
Viacom (Class B) * 274,872 $ 12,094
Comcast (Class A Special) 291,446 11,202
Clear Channel Communications * 131,207 9,045
Tribune 46,456 4,047
Meredith 20,186 699
127,776
-------------
Publishing 0.5%
Gannett 110,525 7,889
McGraw-Hill 77,662 4,189
New York Times (Class A) 71,248 2,623
R.R. Donnelley 52,777 1,956
Dow Jones 36,328 1,928
Knight-Ridder 31,315 1,720
Times Mirror (Class A) 28,582 1,693
Harcourt General 28,292 1,459
Deluxe Corp. 30,862 1,202
American Greetings (Class A) 26,907 810
Jostens 13,473 284
25,753
-------------
Restaurants 0.7%
McDonald's 537,529 22,207
Marriott (Class A) 96,357 3,601
Tricon Global Restaurants * 59,247 3,207
Wendys 48,044 1,360
Darden Restaurants 52,703 1,150
31,525
-------------
Total Consumer Discretionary 218,291
-------------
CONSUMER NONDURABLES 7.8%
Beverages 1.8%
Coca-Cola 976,862 61,054
PepsiCo 583,990 22,593
83,647
-------------
Food 2.0%
Unilever NV 225,412 15,723
Campbell 175,359 8,132
Sara Lee 357,241 8,105
6
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Heinz 141,610 $ 7,098
Bestfoods 113,388 5,613
Kellogg 159,399 5,260
ConAgra 192,723 5,131
Coca-Cola Enterprises 165,898 4,936
General Mills 60,639 4,874
Wrigley 45,785 4,121
Sysco 131,336 3,915
Pioneer Hi-Bred 94,891 3,695
Archer Daniels Midland 233,225 3,600
Quaker Oats 53,879 3,576
Hershey Foods 56,898 3,378
RJR Nabisco 128,182 2,508
Supervalu 47,570 1,222
90,887
-------------
Home Products 2.3%
Procter & Gamble 525,235 46,877
Gillette 435,845 17,870
Colgate-Palmolive 115,195 11,375
Avon 103,238 5,730
Newell Rubbermaid 111,079 5,165
Clorox 46,354 4,951
Ralston Purina 129,972 3,956
Fortune Brands 67,436 2,790
International Flavors & Fragrances 42,257 1,875
Alberto Culver (Class B) 23,801 634
National Service Industries 16,214 584
Tupperware 22,178 566
102,373
-------------
Liquor 0.5%
Anheuser-Busch 188,728 13,388
Seagram 168,182 8,472
Brown-Forman (Class B) 27,164 1,771
Coors (Class B) 13,774 682
24,313
-------------
Textiles and Apparel 0.3%
NIKE (Class B) 110,808 7,015
V. F. 47,382 2,026
7
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Liz Claiborne 25,894 $ 945
Reebok * 24,087 449
Springs Industries 6,567 286
Fruit of the Loom (Class A) * 27,425 267
Russell 12,398 242
11,230
-------------
Tobacco 0.9%
Philip Morris 958,861 38,534
UST 74,192 2,170
40,704
-------------
Total Consumer Nondurables 353,154
-------------
DURABLE GOODS 1.7%
Construction & Real Property 0.2%
Masco 133,354 3,851
Fluor 30,426 1,232
Armstrong World 15,926 921
Centex 23,528 884
Owens Corning 21,470 738
Kaufman & Broad 18,757 466
Pulte 16,909 390
8,482
-------------
Consumer Durables 0.1%
Maytag 34,876 2,430
Black & Decker 34,690 2,190
Whirlpool 29,347 2,172
6,792
-------------
Motor Vehicles and Parts 1.4%
Ford Motor 479,337 27,053
GM 258,113 17,035
Delphi Automotive Systems 224,425 4,166
Goodyear Tire & Rubber 61,838 3,637
Dana 65,949 3,038
TRW 47,071 2,583
Genuine Parts 69,862 2,445
PACCAR 30,806 1,645
Navistar * 26,314 1,316
8
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Cooper Tire 29,017 $ 685
Fleetwood 13,502 357
63,960
-------------
Total Durable Goods 79,234
-------------
ENERGY 6.2%
Energy Reserves & Production 5.0%
Exxon 965,258 74,446
Royal Dutch Petroleum ADR 848,878 51,145
Mobil 309,355 30,626
Chevron 259,034 24,657
Texaco 210,270 13,142
Atlantic Richfield 128,743 10,758
Phillips Petroleum 100,540 5,058
Unocal 95,153 3,770
Burlington Resources 69,561 3,009
Amerada Hess 35,974 2,141
Anadarko Petroleum 49,198 1,811
Kerr-McGee 34,676 1,740
Apache 43,231 1,686
Union Pacific Resources 98,157 1,601
225,590
-------------
Oil Refining 0.6%
Enron 138,301 11,306
Williams Companies 169,191 7,201
USX-Marathon 119,950 3,906
Coastal 82,998 3,320
Sonat 43,652 1,446
Sunoco 36,795 1,111
28,290
-------------
Oil Services 0.6%
Schlumberger 215,258 13,709
Halliburton 173,249 7,840
Baker Hughes 129,177 4,327
Rowan * 33,096 610
Helmerich & Payne 21,827 520
27,006
-------------
Total Energy 280,886
-------------
9
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
FINANCIAL 16.0%
Banks 8.1%
Citigroup 1,337,647 $ 63,538
Bank of America 690,720 50,638
Chase Manhattan 334,732 28,996
Wells Fargo 652,780 27,906
Bank One 467,475 27,844
First Union 390,435 18,350
Bank of New York 299,237 10,978
Fleet Financial Group 224,802 9,976
J. P. Morgan 70,212 9,865
U.S. Bancorp 288,192 9,799
SunTrust 126,750 8,801
National City 127,935 8,380
Firstar 270,485 7,574
Mellon Bank 206,268 7,503
Fifth Third Bancorp 105,332 7,015
Wachovia 79,771 6,825
PNC Bank 118,154 6,809
BankBoston 116,020 5,932
KeyCorp 179,172 5,756
State Street 63,275 5,402
BB&T 122,663 4,500
Northern Trust 43,467 4,218
Comerica 61,751 3,670
Mercantile Bancorporation 63,086 3,604
Regions Financial 87,028 3,329
Huntington Bancshares 83,289 2,915
Summit Bancorp 68,686 2,872
Republic New York 42,022 2,865
SouthTrust 64,671 2,480
Union Planters 53,224 2,378
Synovus Financial 103,879 2,065
AmSouth 69,916 1,621
364,404
-------------
Financial Services 3.1%
Fannie Mae 407,687 27,876
10
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
American Express 178,306 $ 23,202
Freddie Mac 274,537 15,923
Associates First Capital (Class A) 287,448 12,738
MBNA 315,107 9,650
Household International 190,942 9,046
Marsh & McLennan 104,134 7,862
Cendant * 311,949 6,395
Providian Financial 56,158 5,251
Capital One Financial 76,989 4,287
Aon 100,869 4,161
SLM Holding 65,071 2,981
Kansas City Southern Industries 42,500 2,712
Equifax 57,290 2,044
H&R Block 38,716 1,936
Countrywide Credit 44,225 1,891
Temple-Inland 21,530 1,469
139,424
----------
Life & Health Insurance 1.0%
American General 98,947 7,458
CIGNA 81,367 7,242
Aetna 55,868 4,997
AFLAC 104,000 4,979
Lincoln National 79,702 4,169
Conseco 126,844 3,861
Transamerica 49,139 3,685
UNUM 54,258 2,971
Jefferson Pilot 41,856 2,770
Provident 52,849 2,114
Torchmark 54,925 1,874
46,120
----------
Property & Casualty Insurance 2.2%
American International Group 490,457 57,414
Allstate 323,182 11,594
Hartford Financial Services Group 91,764 5,351
Chubb 64,060 4,452
Progressive 28,545 4,139
Loews 45,003 3,561
St. Paul Companies 92,331 2,937
11
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
MBIA 39,414 $ 2,552
Cincinnati Financial 65,535 2,458
SAFECO 53,245 2,349
MGIC Investment 43,488 2,115
98,922
----------
Securities & Asset Management 1.4%
Morgan Stanley Dean Witter 227,322 23,300
Charles Schwab 161,403 17,734
Merrill Lynch 145,402 11,623
Franklin Resources 99,878 4,058
Lehman Brothers 46,966 2,924
Paine Webber 56,300 2,632
Bear Stearns 44,150 2,064
64,335
----------
Thrifts 0.2%
Washington Mutual 233,879 8,273
Golden West Financial 22,518 2,207
10,480
----------
Total Financial 723,685
----------
HEALTH CARE 11.6%
Drugs 7.6%
Merck 937,938 69,407
Pfizer 512,367 56,232
Bristol-Myers Squibb 785,876 55,355
Eli Lilly 435,701 31,207
Schering-Plough 582,710 30,884
American Home Products 519,153 29,851
Warner-Lambert 336,714 23,360
Amgen * 200,143 12,178
Pharmacia & Upjohn 199,378 11,327
Monsanto 249,907 9,856
Cardinal Health 106,686 6,841
McKesson HBOC 109,678 3,523
Allergan 25,964 2,882
ALZA * 39,776 2,024
Sigma Aldrich 40,205 1,386
Watson Pharmaceuticals * 36,600 1,283
347,596
----------
12
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Medical Products 3.5%
Johnson & Johnson 534,790 $ 52,409
Tyco International 324,222 30,720
Abbott Laboratories 601,835 27,384
Medtronic 230,579 17,956
Baxter International 115,311 6,991
Boston Scientific * 154,363 6,782
Guidant 118,281 6,084
Becton, Dickinson 97,145 2,914
Biomet 43,692 1,734
Bausch & Lomb 22,359 1,710
St. Jude Medical * 33,867 1,207
Mallinkrodt 27,368 996
C. R. Bard 20,426 977
157,864
----------
Medical Providers & Services 0.5%
Columbia/HCA Healthcare 255,838 5,836
United HealthCare 72,942 4,568
HealthSouth * 167,479 2,502
Wellpoint Health Networks * 26,600 2,258
Tenet Healthcare * 120,989 2,246
Service Corp. International * 106,069 2,042
HCR Manor Care * 43,457 1,051
Humana * 64,715 837
21,340
----------
Total Health Care 526,800
----------
INDUSTRIAL 6.0%
Defense and Aerospace 1.3%
Boeing 384,230 16,978
AlliedSignal 219,110 13,804
Raytheon (Class B) 132,948 9,356
Lockheed Martin 154,175 5,743
Textron 62,279 5,126
General Dynamics 50,079 3,431
Northrop 27,313 1,811
B. F. Goodrich 28,884 1,228
57,477
----------
13
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Heavy Electrical Equipment 3.8%
GE 1,300,772 $ 146,987
Emerson Electric 172,059 10,818
Rockwell International 74,625 4,534
W. W. Grainger 37,429 2,014
Cooper Industries 37,420 1,946
Phelps Dodge 22,830 1,414
Thomas & Betts 21,891 1,034
Cummins Engine 16,169 924
Foster Wheeler 16,097 227
169,898
----------
Heavy Machinery 0.3%
Caterpillar 140,589 8,435
Deere 92,840 3,679
Case 29,336 1,412
NACCO Industries (Class A) 3,774 277
13,803
----------
Industrial Parts 0.6%
United Technologies 190,324 13,644
Ingersoll-Rand 65,379 4,225
Dover 87,543 3,064
Parker Hannifin 42,351 1,938
Pall 52,307 1,161
Stanley Works 34,441 1,109
Snap-On 25,789 933
Crane 27,032 850
McDermott International 24,111 681
Briggs & Stratton 9,207 532
Timken 24,067 469
Milacron 16,997 314
28,920
----------
Total Industrial 270,098
----------
RETAIL 6.4%
Clothing Stores 0.6%
The Gap 340,164 17,136
TJX 128,082 4,267
14
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
The Limited 85,021 $ 3,858
Nordstrom 56,434 1,890
27,151
Department Stores 3.0%
Wal-Mart 1,769,250 85,366
Dayton Hudson 173,808 11,298
Costco Companies * 85,622 6,853
Sears 151,685 6,760
May Department Stores 137,281 5,611
J.C. Penney 103,728 5,037
Kohl's * 64,411 4,972
Federated Department Stores * 82,217 4,352
Kmart * 195,056 3,206
Dillards 41,943 1,473
134,928
----------
Grocery Stores 0.7%
Safeway * 196,315 9,718
Kroger * 323,278 9,031
Albertson's 164,979 8,507
Winn-Dixie 58,600 2,164
A & P 15,930 539
29,959
----------
Specialty Retailers 2.1%
Home Depot 585,617 37,736
Walgreen 394,589 11,591
Lowes 145,697 8,259
CVS 153,161 7,773
Staples * 181,553 5,611
Tandy 77,520 3,789
Circuit City Stores 39,801 3,702
Best Buy * 53,900 3,638
Office Depot * 147,900 3,263
Dollar General 86,309 2,503
Rite Aid 101,196 2,492
Toys "R" Us * 97,550 2,018
AutoZone * 58,125 1,751
Consolidated Stores * 42,135 1,138
15
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Longs Drug Stores 15,199 $ 525
Pep Boys 22,023 476
96,265
----------
Total Retail 288,303
----------
TECHNOLOGY 21.5%
Communications Equipment 3.2%
Lucent Technologies 1,208,551 81,502
Nortel Networks 262,753 22,810
Motorola 238,303 22,579
Tellabs * 153,642 10,385
General Instrument * 65,820 2,798
Harris 30,821 1,208
Scientific-Atlanta 30,611 1,102
142,384
----------
Computer Communications Equipment 1.9%
Cisco Systems * 1,269,998 81,796
3Com * 140,896 3,756
Cabletron Systems * 66,252 861
86,413
----------
Computer Makers 4.8%
IBM 726,964 93,960
Hewlett-Packard 401,790 40,380
Dell Computer * 1,002,597 37,065
Sun Microsystems * 306,322 21,108
COMPAQ Computer 672,997 15,942
Gateway 2000 * 61,296 3,616
Apple Computer * 62,415 2,894
Silicon Graphics * 73,684 1,207
Data General * 18,686 272
216,444
----------
Computer Software 5.3%
Microsoft * 2,029,054 182,868
Oracle * 569,716 21,151
Computer Associates 213,036 11,717
BMC Software * 92,881 5,013
Compuware * 145,570 4,626
16
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Unisys * 106,762 $ 4,157
Novell * 132,846 3,520
Adobe Systems 24,173 1,986
PeopleSoft * 90,027 1,556
Parametric Technology * 103,488 1,439
Autodesk 23,208 687
238,720
----------
Electronic Equipment 0.8%
Corning 95,732 6,713
Solectron * 98,613 6,576
Honeywell 49,778 5,768
Danaher 52,939 3,077
Eaton 28,027 2,578
Perkin-Elmer 19,921 2,286
Johnson Controls 32,964 2,285
KLA-Tencor * 34,701 2,250
ITT Industries 35,948 1,371
Thermo Electron * 62,788 1,260
Raychem 30,199 1,117
Millipore 17,327 703
Andrew * 32,352 614
Tektronix 17,639 532
37,130
----------
Information Services 1.8%
America Online * 430,090 47,525
Electronic Data Systems 194,159 10,982
Automatic Data Processing 243,526 10,715
First Data 173,498 8,491
Computer Sciences * 62,819 4,346
Shared Medical Systems 10,408 679
82,738
----------
Miscellaneous Computer Hardware 1.1%
EMC * 400,114 22,006
Xerox 261,499 15,445
Pitney Bowes 107,385 6,899
Seagate Technology * 95,728 2,453
Network Appliance * 28,400 1,588
Ikon Office Solutions 56,683 850
49,241
----------
17
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Semiconductors 2.4%
Intel 1,319,166 $ 78,449
Texas Instruments 154,921 22,464
Micron Technology * 96,582 3,894
LSI Logic * 54,677 2,522
National Semiconductor * 64,911 1,643
Advanced Micro Devices * 56,095 1,013
EG&G 17,492 623
110,608
----------
Semiconductor Capital Equipment 0.2%
Applied Materials * 147,519 10,893
10,893
----------
Total Technology 974,571
----------
TELECOMMUNICATIONS 8.6%
Telephones 7.8%
AT&T 1,265,133 70,610
MCI WorldCom * 739,783 63,644
SBC Communications 776,195 45,019
Bell Atlantic 614,498 40,173
BellSouth 768,117 36,006
Ameritech 435,124 31,982
GTE 384,121 29,097
Sprint 351,996 18,590
U S West * 197,050 11,577
Frontier 67,749 3,997
Century Telephone Enterprises 54,150 2,152
352,847
----------
Wireless Telecommunications 0.8%
Vodafone ADR 61,411 12,098
Sprint PCS 172,406 9,849
ALLTEL 111,227 7,953
Nextel Communications * 117,013 5,876
35,776
----------
Total Telecommunications 388,623
----------
18
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
TRANSPORTATION 0.9%
Air Transport 0.3%
AMR * 71,397 $ 4,873
Southwest Airlines 131,320 4,087
Delta 55,639 3,206
USAir * 33,619 1,465
13,631
----------
Railroads 0.4%
Burlington Northern Santa Fe 183,905 5,701
Union Pacific 97,484 5,685
Norfolk Southern 149,001 4,489
CSX 86,278 3,909
19,784
----------
Trucking, Shipping and Air Freight 0.2%
FDX * 116,086 6,297
Laidlaw 129,475 955
7,252
----------
Total Transportation 40,667
----------
Utilities 2.2%
Electric Utilities 2.0%
Duke Energy 141,762 7,708
Southern 274,722 7,280
PG&E 150,264 4,884
Texas Utilities 111,761 4,610
AES * 74,751 4,345
Consolidated Edison 92,200 4,172
FPL Group 71,936 3,930
PECO Energy 88,388 3,701
Edison International 138,168 3,696
Public Service Enterprise 88,132 3,602
Dominion Resources 76,648 3,320
Unicom 85,460 3,296
Entergy 97,561 3,049
FirstEnergy 93,180 2,889
American Electric Power 75,780 2,847
19
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Carolina Power & Light 59,498 $ 2,547
DTE Energy 56,288 2,252
PacifiCorp 116,381 2,139
GPU 50,567 2,133
Ameren 52,952 2,032
CINergy 62,853 2,011
Central and South West 82,929 1,938
CMS Energy 46,000 1,926
PP&L Resources 60,809 1,870
Constellation Energy Group 58,545 1,734
New Century Energies 43,993 1,707
Florida Progress 38,300 1,582
Northern States Power 61,099 1,478
Niagara Mohawk * 71,933 1,155
89,833
----------
Gas Utilities 0.2%
Consolidated Natural Gas 37,313 2,267
Sempra Energy 93,180 2,108
Columbia Gas System 33,399 2,094
NICOR 19,455 740
Peoples Energy 15,023 566
Eastern Enterprises 10,076 401
ONEOK 12,075 383
8,559
----------
Total Utilities 98,392
----------
MISCELLANEOUS 0.1%
Reliant Energy 117,243 3,239
Total Miscellaneous 3,239
----------
Total Common Stocks (Cost $2,976,141) 4,462,504
----------
SHORT-TERM INVESTMENTS 1.6%
U.S. Government Obligations 0.1%
U.S. Treasury Bills, 4.10 - 4.36%, 7/22/99 $5,500,000 5,486
5,486
----------
20
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE EQUITY INDEX 500 FUND
- -----------------------------------------------------------------------------------------------
Value
- --------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Money Market Funds 1.5%
Reserve Investment Fund, 5.05% # 69,569,733 69,570
69,570
--------------
Total Short-Term Investments (Cost $75,056) 75,056
--------------
Total Investments in Securities
100.1% of Net Assets (Cost $3,051,197) $ 4,537,560
Futures Contracts
In thousands
Contract Unrealized
Expiration Value Gain (Loss)
---------- -------- ------------
Long, 205 Standard & Poor's 500 Stock Index
contracts, $5,500,000 of U.S. Treasury Bills
pledged as initial margin 9/99 $ 68,110 $ 2,703
Net payments (receipts) of variation
margin to date (1,347)
---------
Variation margin receivable
(payable) on open futures contracts 1,356
Other Assets Less Liabilities (7,484)
--------------
NET ASSETS $ 4,531,432
--------------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 1,080
Accumulated net realized gain/loss - net of distributions 29,628
Net unrealized gain (loss) 1,489,066
Paid-in-capital applicable to 121,985,513 shares of $0.01 par
value capital stock outstanding; 1,000,000,000 shares of the
Corporation authorized 3,011,658
NET ASSETS $ 4,531,432
--------------
NET ASSET VALUE PER SHARE $ 37.15
--------------
</TABLE>
# Seven-day yield
* Non-income producing of net assets
ADR American Depository Receipt
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- ------------------------------------------------------------------------------
Unaudited
- -----------------------
STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------
In thousand
6 Months
Ended
6/30/99
Investment Income
Income
Dividend $ 26,580
Interest 1,813
------------
Total income 28,393
------------
Expenses
Shareholder servicing 3,831
Investment management 3,420
Prospectus and shareholder reports 291
Custody and accounting 145
Registration 138
Legal and audit 8
Directors 8
Miscellaneous 98
------------
Total expenses 7,939
Expenses paid indirectly (5)
------------
Net expenses 7,934
------------
Net investment income 20,459
------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 26,073
Futures 5,280
------------
Net realized gain (loss) 31,353
------------
Change in net unrealized gain or loss
Securities 407,843
Futures 122
------------
Change in net unrealized gain or loss 407,965
------------
Net realized and unrealized gain (loss) 439,318
------------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 459,777
------------
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Unaudited
- ----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
6/30/99 12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income $ 20,459 $ 29,963
Net realized gain (loss) 31,353 63,528
Change in net unrealized gain or loss 407,965 548,331
----------------------------
Increase (decrease) in net assets from operations 459,777 641,822
----------------------------
Distributions to shareholders
Net investment income (19,017) (30,728)
Net realized gain (13,801) (8,434)
----------------------------
Decrease in net assets from distributions (32,818) (39,162)
----------------------------
Capital share transactions*
Shares sold 1,399,450 1,652,651
Distributions reinvested 32,107 38,253
Shares redeemed (674,733) (854,675)
Redemption fees received 156 283
----------------------------
Increase (decrease) in net assets from capital
share transactions 756,980 836,512
----------------------------
Net Assets
Increase (decrease) during period 1,183,939 1,439,172
Beginning of period 3,347,493 1,908,321
----------------------------
End of period $ 4,531,432 $ 3,347,493
----------------------------
*Share information
Shares sold 40,032 55,811
Distributions reinvested 901 1,237
Shares redeemed (19,224) (29,114)
----------------------------
Increase (decrease) in shares outstanding 21,709 27,934
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Unaudited June 30, 1999
- -----------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Index Trust, Inc. (the corporation) is registered under the
Investment Company Act of 1940. The Equity Index 500 Fund (the fund), a
diversified, open-end management investment company, is one of the portfolios
established by the corporation and commenced operations on March 30, 1990.
The accompanying financial statements are prepared in accordance with generally
accepted accounting principles for the investment company industry; these
principles may require the use of estimates by fund management.
Valuation Equity securities listed or regularly traded on a securities exchange
are valued at the last quoted sales price on the day the valuations are made. A
security which is listed or traded on more than one exchange is valued at the
quotation on the exchange determined to be the primary market for such security.
Listed securities not traded on a particular day and securities regularly traded
in the over-the-counter market are valued at the mean of the latest bid and
asked prices. Other equity securities are valued at a price within the limits of
the latest bid and asked prices deemed by the Board of Directors, or by persons
delegated by the Board, best to reflect fair value.
Short-term debt securities are valued at amortized cost which, when combined
with accrued interest, approximates fair value.
Investments in mutual funds are valued at the closing net asset value per share
of the mutual fund on the day of valuations. Financial futures contracts are
valued at closing settlement prices.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
Premiums and Discounts Premiums and discounts on debt securities are amortized
for both financial reporting and tax purposes.
Other Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses are
reported on the identified cost basis. Dividend income and distributions to
shareholders are recorded by the fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income tax
24
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
regulations and may differ from those determined in accordance with generally
accepted accounting principles. Payments ("variation margin") made or received
by the fund to settle the daily fluctuations in the value of futures contracts
are recorded as unrealized gains or losses until the contracts are closed.
Unrealized gains and losses on futures contracts are included in Change in net
unrealized gain or loss in the accompanying financial statements. Expenses paid
indirectly reflect credits earned on daily, uninvested cash balances at the
custodian, used to reduce the fund's custody charges.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Futures Contracts At June 30, 1999, the fund was a party to futures contracts,
which provide for the future sale by one party and purchase by another of a
specified amount of a specific financial instrument at an agreed upon price,
date, time, and place. Risks arise from possible illiquidity of the futures
market and from movements in security values.
Securities Lending The fund lends its securities to approved brokers to earn
additional income and receives cash and U.S. government securities as collateral
against the loans. Cash collateral received is invested in a money market pooled
account by the fund's lending agent. Collateral is maintained over the life of
the loan in an amount not less than 100% of the value of loaned securities.
Although risk is mitigated by the collateral, the fund could experience a delay
in recovering its securities and a possible loss of income or value if the
borrower fails to return them. At June 30, 1999, the value of loaned securities
was $67,472,000; aggregate collateral consisted of $70,971,000 in the securities
lending collateral pool.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $830,150,000 and $124,534,000, respectively, for the six
months ended June 30, 1999.
25
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of its
taxable income.
At June 30, 1999, the cost of investments for federal income tax purposes was
substantially the same as for financial reporting and totaled $3,051,197,000.
Net unrealized gain aggregated $1,486,363,000 at period end, of which
$1,528,052,000 related to appreciated investments and $41,689,000 to depreciated
investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and T. Rowe Price
Associates, Inc. (the manager) provides for an annual investment management fee,
of which $545,000 was payable at June 30, 1999. The fee, computed daily and paid
monthly, is equal to 0.20% of the fund's average daily net assets.
Under the terms of the investment management agreement, the manager is required
to bear any expenses through December 31, 1999, which would cause the fund's
ratio of total expenses to average net assets to exceed 0.40%. Thereafter,
through December 31, 2001, the fund is required to reimburse the manager for
these expenses, provided that average net assets have grown or expenses have
declined sufficiently to allow reimbursement without causing the fund's ratio of
total expenses to average net assets to exceed 0.40%. Pursuant to this
agreement, $543,000 of management fees were not accrued by the fund for the six
months ended June 30, 1999, and $955,000 remains unaccrued from prior periods.
Additionally, $653,000 of unaccrued management fees related to a previous
expense limitation are subject to reimbursement through December 31, 1999.
In addition, the fund has entered into agreements with the manager and two
wholly owned subsidiaries of the manager, pursuant to which the fund receives
certain other services. The manager computes the daily share price and maintains
the financial records of the fund. T. Rowe Price Services, Inc. is the fund's
transfer and dividend disbursing agent and provides shareholder and
administrative services to the fund. T. Rowe Price Retirement Plan Services,
Inc. provides subaccounting and recordkeeping services for certain retirement
accounts invested in the fund. The fund incurred expenses pursuant to these
related
26
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
party agreements totaling approximately $3,423,000 for the six months ended June
30, 1999, of which $699,000 was payable at period-end.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve Funds
are offered as cash management options only to mutual funds and other accounts
managed by T. Rowe Price and its affiliates and are not available to the public.
The Reserve Funds pay no investment management fees. Distributions from the
Reserve Funds to the fund for the six months ended June 30, 1999, totaled
$1,720,000 and are reflected as interest income in the accompanying Statement of
Operations.
27
<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.
** Based on a January 1999 survey for representative-assisted stock trades.
Services vary by firm, and commissions may vary depending on size of
order.
28
<PAGE>
T. ROWE PRICE MUTUAL FUNDS
- --------------------------------------------------------------------------------
STOCK FUNDS
Domestic
Blue Chip Growth
Capital Appreciation
Capital Opportunity
Diversified Small-Cap Growth
Dividend Growth
Equity Income
Equity Index 500
Extended Equity Market Index
Financial Services
Growth & Income
Growth Stock
Health Sciences
Media & Telecommunications
Mid-Cap Growth
Mid-Cap Value
New America Growth
New Era
New Horizons*
Real Estate
Science & Technology
Small-Cap Stock
Small-Cap Value
Spectrum Growth
Total Equity Market Index
Value
International/Global
Emerging Markets Stock
European Stock
Global Stock
International Discovery
International Growth & Income
International Stock
Japan
Latin America
New Asia
Spectrum International
BOND FUNDS
Domestic Taxable
Corporate Income
GNMA
High Yield
New Income
Short-Term Bond
Short-Term U.S. Government
Spectrum Income
Summit GNMA
Summit Limited-Term Bond
U.S. Treasury Intermediate
U.S. Treasury Long-Term
Domestic Tax-Free
California Tax-Free Bond
Florida Intermediate Tax-Free**
Georgia Tax-Free Bond
Maryland Short-Term
Tax-Free Bond
Maryland Tax-Free Bond
New Jersey Tax-Free Bond
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Free High Yield
Tax-Free Income
Tax-Free Intermediate Bond***
Tax-Free Short-Intermediate
Virginia Short-Term
Tax-Free Bond
Virginia Tax-Free Bond
International/Global
Emerging Markets Bond
Global Bond
International Bond
MONEY MARKET FUNDS+
Taxable
Prime Reserve
Summit Cash Reserves
U.S. Treasury Money
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
Balanced
Personal Strategy Balanced
Personal Strategy Growth
Personal Strategy Income
Tax-Efficient Balanced
T. ROWE PRICE NO-LOAD
VARIABLE ANNUITY
Equity Income Portfolio
International Stock Portfolio
Limited-Term Bond Portfolio
Mid-Cap Growth Portfolio
New America Growth Portfolio
Personal Strategy Balanced Portfolio
Prime Reserve Portfolio
* Closed to new investors. ** Formerly named Florida Insured Intermediate Tax-
Free. *** Formerly named Tax-Free Insured Intermediate Bond.
+ Investments in the funds are not insured or guaranteed by the FDIC or any
other government agency. Although the funds seek to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
funds.
Please call for a prospectus. Read it carefully before investing.
The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security
Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued by
First Security Benefit Life Insurance Company of New York, White Plains, NY.
T. Rowe Price refers to the underlying portfolios' investment managers and the
distributors, T. Rowe Price Investment Services, Inc.; T. Rowe Price Insurance
Agency, Inc.; and T. Rowe Price Insurance Agency of Texas, Inc. The Security
Benefit Group of Companies and the T. Rowe Price companies are not affiliated.
The variable annuity may not be available in all states. The contract has
limitations. Call a representative for costs and complete details of the
coverage.
29
<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.
30
<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 Y2K
The ABCs of Giving
Back to Basics: The ABCs of Investing
The Challenge of Preparing for Retirement
Financial Planning After Retirement
Getting Started: Investing With Mutual Funds
The Roth IRA: A Review
Tax Information for Mutual Fund Investors
Investment Strategies
Conservative Stock Investing
Dollar Cost Averaging
Equity Index Investing
Growth Stock Investing
Investing for Higher Yield
Managing Risk Through Diversification
The Power of Compounding
Value Investing
Types of Securities
The Basics of International Stock Investing
The Basics of Tax-Free Investing
The Fundamentals of Fixed Income Investing
Global Bond Investing
Investing in Common Stocks
Investing in Emerging Growth Stocks
Investing in Financial Services Stocks
Investing in Health Care Stocks
Investing in High-Yield Municipal Bonds
Investing in Money Market Securities
Investing in Mortgage-Backed Securities
Investing in Natural Resource Stocks
Investing in Science and Technology Stocks
Investing in Small-Company Stocks
Understanding Derivatives
Understanding High-Yield "Junk" Bonds
Brokerage Insights
Combining Individual Securities With Mutual Funds
Getting Started: An Introduction to Individual Securities
What You Should Know About Bonds
What You Should Know About Margin and Short-Selling
What You Should Know About Options
What You Should Know About Stocks
T.Rowe Price Insights are also available for reading or downloading on the
Internet at www.troweprice.com.
31
<PAGE>
For yield, price, last transaction,
current balance, or to conduct
transactions, 24 hours, 7 days
a week, call Tele*Access(R):
1-800-638-2587 toll free
For assistance
with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
410-625-6500 Baltimore area
To open a brokerage account
or obtain information, call:
1-800-638-5660 toll free
Internet address:
www.troweprice.com
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for
distribution only to shareholders
and to others who have received
a copy of the prospectus appropriate
to the fund or funds covered in this
report.
Investor Centers:
101 East Lombard St.
Baltimore, MD 21202
T. Rowe Price
Financial Center
10090 Red Run Blvd.
Owings Mills, MD 21117
Farragut Square
900 17th Street, N.W.
Washington, D.C. 20006
4200 West Cypress St.
10th Floor
Tampa, FL 33607
4410 ArrowsWest Drive
Colorado Springs, CO 80907
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills, CA 91367
[LOGO OF T. ROWE PRICE APPEARS HERE]
T. Rowe Price Investment Services, Inc., Distributor.
