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Previous: PRICE T ROWE INDEX TRUST INC, N-30D, 2000-08-17 |
Next: PRICE T ROWE INDEX TRUST INC, N-30D, 2000-08-17 |
<PAGE>
Semiannual Report - Financial Statements
T. ROWE PRICE
TOTAL EQUITY MARKET
INDEX FUND
JUNE 30, 2000
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
--------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
----------------------------------------------------------------------------------------
6 Months Year 1/30/98
Ended Ended Through
6/30/00 12/31/99 12/31/98
<S> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 14.77 $ 12.19 $ 10.00
Investment activities
Net investment income (loss) 0.06 0.12 0.11
Net realized and unrealized gain (loss) (0.16) 2.69 2.20
Total from investment activities (0.10) 2.81 2.31
Distributions
Net investment income - (0.11) (0.12)
Net realized gain - (0.12) -
Total distribtutions - (0.23) (0.12)
NET ASSET VALUE
End of period $ 14.67 $ 14.77 $ 12.19
---------------------------------------
<CAPTION>
Ratios/Supplemental Data
<S> <C> <C> <C>
Total return* (0.68)% 23.25% 23.19%
Ratio of total expenses to average net assets 0.40%+ 0.40% 0.40%+
Ratio of net investment income (loss) to
average net assets 0.82%+ 0.98% 1.33%+
Portfolio turnover rate 5.0%+ 3.2% 1.9%+
Net assets, end of period (in thousands) $ 224,712 $ 199,427 $ 61,210
</TABLE>
* Total return reflects the rate that an investor would have earned on an
investment in the fund during the period, assuming reinvestment of all
distributions and payment of no redemption or account fees.
+ Annualized
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Unaudited June 30, 2000
<TABLE>
<CAPTION>
-----------------------
STATEMENT OF NET ASSETS Shares Value
------------------------------------------------------------------------------------
In thousands
COMMON STOCKS 97.0%
BASIC MATERIALS 2.4%
<S> <C> <C>
Chemicals 1.4%
DuPont 14,209 $ 622
3M 5,100 421
Dow Chemical 8,400 254
Rohm & Haas 3,400 117
PPG Industries 2,400 106
Avery Dennison 1,500 101
Air Products and Chemicals 3,000 92
Union Carbide 1,800 89
Ecolab 2,200 86
Praxair 2,100 79
Vulcan Materials 1,600 68
TETRA Technologies * 4,200 60
Eastman Chemical 1,200 57
Sealed Air * 1,000 52
FMC * 900 52
Sherwin-Williams 2,400 51
Lyondell Petrochemical 2,800 47
Engelhard 2,600 44
NL Industries 2,700 41
Great Lakes Chemical 1,300 41
Cabot 1,500 41
Goodyear Tire & Rubber 2,000 40
Sybron * 1,800 36
Ashland 1,000 35
H.B. Fuller 600 27
Carlisle Companies 600 27
Hercules 1,800 25
Valspar 700 24
Crompton 1,900 23
Hawkins Chemical 2,800 22
Millennium Chemicals 1,300 22
Solutia 1,600 22
Cytec * 800 20
</TABLE>
3
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
IMC Global 1,500 $ 20
RPM 1,900 19
Ionics * 600 18
Airgas * 3,100 18
W. R. Grace * 1,400 17
A. Schulman 1,300 16
Lubrizol 700 15
Ivex Packaging * 1,200 13
Arch Chemicals 600 13
OMNOVA Solutions 1,800 11
SPARTECH 400 11
SurModics * 400 11
International Specialty Products * 1,700 10
MacDermid 400 9
Uniroyal Technology * 600 7
Myers Industries 600 6
Terra Nitrogen * 900 4
Tenneco Automotive 440 2
3,064
Forest and Paper Products 0.6%
Kimberly-Clark 7,500 431
Paper 5,984 178
Weyerhaeuser 3,100 133
Fort James 2,800 65
Georgia-Pacific 2,100 55
Westvaco 1,700 42
Sonoco Products 2,000 41
Willamette Industries 1,500 41
Consolidated Papers 1,100 40
Bowater 900 40
Smurfit-Stone Container * 2,990 38
Mead 1,400 35
Quipp * 1,800 35
Temple-Inland 800 34
Chesapeake 1,000 30
Boise Cascade 1,100 29
Baltek * 3,700 27
Bemis 700 24
</TABLE>
4
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Pactiv * 2,700 $ 21
Universal Forest Products 1,300 18
Louisiana-Pacific 1,400 15
Packaging Corp. of America * 1,400 14
FiberMark * 1,000 12
Badger Paper Mills * 2,600 11
Schweitzer-Mauduit 800 10
EarthShell * 3,000 9
1,428
Gold 0.0%
Newmont Mining 2,700 58
Homestake Mining 4,600 32
Freeport McMoRan Copper & Gold (Class B) * 1,800 17
Coeur d'Alene Mines * 3,900 9
116
Metals and Mining 0.4%
Alcoa 11,720 340
Phelps Dodge 1,228 46
US Can * 2,400 42
USX-U.S. Steel Group 2,000 37
Nucor 1,100 36
Commercial Metals 1,300 36
Crown Cork & Seal 2,300 34
Allegheny Technologies 1,850 33
CONSOL Energy 1,900 29
Worthington Industries 2,700 28
Ampco Pittsburgh 2,500 28
Wolverine Tube * 1,600 27
Ball 700 22
Carpenter Technology 900 19
Ryerson Tull 1,800 19
Stillwater Mining * 500 14
AK Steel 1,500 12
Arch Coal 1,246 10
Titanium Metals 1,500 7
819
Total Basic Materials 5,427
</TABLE>
5
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
In thousands
BUSINESS SERVICES 1.4%
<S> <C> <C>
Advertising 0.3%
Omnicom 2,400 $ 214
Interpublic Group 3,600 155
TMP Worldwide * 1,100 81
Young & Rubicam 1,200 69
Harte-Hanks 2,300 58
True North Communications 1,100 48
Valassis Communications * 1,200 46
Lamar Advertising * 700 30
Getty Images * 600 22
NetCreations * 400 18
Catalina Marketing * 100 10
751
Business Services 0.6%
Paychex 5,287 222
IMS Health 4,500 81
Dun & Bradstreet 2,600 74
Ceridian * 2,200 53
Peekskill Financial 2,200 48
Wireless Facilities * 700 36
Bell & Howell * 1,400 34
PMC Capital 3,300 32
Marchfirst * 1,751 32
Snyder Communications * 1,300 31
A.C. Nielson * 1,400 31
Curagen * 800 31
Netcentives * 1,500 28
R.H. Donnelley * 1,440 28
Diamond Technology Partner * 300 26
ProBusiness Services * 1,000 26
West TeleServices * 1,000 25
Startek * 500 25
Teletech Holdings * 800 25
SEI 600 24
NOVA Corporation * 800 22
CTC Communications Group * 600 22
Quintiles Transnational * 1,500 21
BioReliance * 4,200 21
</TABLE>
6
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
SBA Communcations * 400 21
Corporate Executive Board * 300 18
iBEAM Broadcasting * 1,000 18
Thomas Group * 2,100 18
Abington Bancorp 1,900 17
Medical Manager * 500 17
Exelixis * 500 17
Teledyne Technologies * 900 15
Sotheby's (Class A) 800 14
National Data 600 14
F. Y. I. * 400 14
Sylvan Learning Systems * 868 12
Maximus * 500 11
eLoyalty * 800 10
The Profit Recovery Group International * 600 10
ICT Group * 1,000 10
Corrpro * 2,900 9
Source Information Management * 600 9
Braun Consulting * 400 8
Metricom * 300 8
Staff Leasing * 2,100 8
Modem Media * 400 5
Racotek * 800 4
Navigant Consulting * 1,000 4
Coast Dental Services * 2,000 4
Ventiv Health * 266 3
--------
1,296
--------
Environmental Services 0.1%
Waste Management 7,660 145
Energy Research * 750 52
Republic Services (Class A) * 2,300 37
Allied Waste Industries * 3,260 33
Ogden 1,900 17
--------
284
--------
Industrial Services 0.4%
Cintas 2,100 77
Robert Half International * 2,600 74
Manpower 1,700 54
Dollar Thrifty Auto Group * 2,600 48
ServiceMaster 4,000 45
</TABLE>
7
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
---------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Apria Healthcare * 3,700 $ 45
Ryder System 2,300 44
Republic Industries * 6,100 43
Devry * 1,600 42
Viad 1,500 41
Heidrick & Struggles International * 600 38
Learning Tree International * 500 31
Korn/Ferry International * 900 28
Edison Schools * 1,200 28
Apollo Group (Class A) * 900 25
GATX 700 24
RemedyTemp (Class A) * 1,900 23
Interim Services * 1,200 21
Hertz 700 20
Central Parking 800 19
Rollins 1,200 18
United Rentals * 900 15
Wackenhut Corrections * 2,000 15
Modis Professional Services * 1,400 12
Gentiva Health Services * 1,475 12
NationsRent * 2,800 11
Reckson Services Industries * 400 9
862
----------
Total Business Services 3,193
----------
CONSUMER DISCRETIONARY 5.2%
Entertainment 0.8%
Viacom (Class B) * 20,658 1,409
Carnival (Class A) 7,500 146
Metro Goldwyn Mayer * 3,800 99
SFX Entertainment (Class A) * 1,050 48
Royal Caribbean Cruises 2,400 44
Cedar Fair 1,900 37
GC Companies * 1,100 25
Pixar * 600 21
Premier Parks * 700 16
VDI MultiMedia * 600 4
----------
1,849
----------
</TABLE>
8
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Hotels 0.2%
Marriott (Class A) 3,600 $ 130
Starwood Hotels & Resorts Worldwide, REIT 3,300 107
MGM Grand 2,200 71
Park Place Entertainment * 5,600 68
Hilton 5,372 50
Harrah's Entertainment * 2,400 50
Argosy Gaming * 1,300 19
John Q. Hammons Hotels (Class A) * 1,600 8
Interstate Hotels * 176 1
------------
504
------------
Leisure 0.4%
Eastman Kodak 4,400 262
Harley-Davidson 4,000 154
Mattel 5,900 78
Callaway Golf 2,500 41
Hasbro 2,600 39
Arctic Cat 3,300 39
Polaris Industries 1,200 38
Speedway (Class A) 900 37
Blyth Industries 1,000 30
International Game Technology * 1,100 29
WMS Industries * 1,700 26
Brunswick 1,400 23
GTECH Holdings * 1,000 23
Rawlings Sporting Goods * 2,900 19
Harman 300 18
SCP Pool * 750 18
Concord Camera * 800 17
Speedway Motorsports * 600 14
Action Performance * 1,300 9
Tickets.com * 1,200 4
------------
918
------------
Media 2.9%
Time Warner 18,000 1,368
Disney 28,000 1,087
Comcast (Class A Special) * 12,280 498
Clear Channel Communications * 4,541 341
Cox Communications (Class A) * 7,200 328
</TABLE>
9
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
General Motors (Class H) * 3,064 $ 269
Gannett 3,600 215
Infinity Broadcasting (Class A) * 5,175 189
AMFM * 2,600 179
Tribune 4,322 151
Univision Communications * 1,300 135
Cablevision Systems (Class A) * 1,600 109
EchoStar Communications (Class A) * 3,000 99
Washington Post (Class B) 200 96
TV Guide * 2,600 89
USA Networks * 3,700 80
Adelphia Communications * 1,634 77
Fox Entertainment Group (Class A) * 2,300 70
E. W. Scripps 1,400 69
Price Communications 2,762 65
BHC Communications (Class A) 400 61
Westwood One * 1,600 55
Hispanic Broadcasting * 1,600 53
A. H. Belo (Class A) 2,900 50
UnitedGlobalCom * 1,000 47
TiVo * 1,200 42
XM Satellite Radio Holdings * 1,000 37
Charter Communications (Class A) * 2,100 35
Chris-Craft 515 34
Mediacom Communications (Class A) * 2,200 34
Sirius Satellite Radio * 700 31
Pegasus Communications * 600 29
Entercom Communications * 600 29
Meredith 800 27
Spanish Broadcasting Systems * 1,300 27
Loral Space & Communications * 3,800 26
RCN * 1,000 25
Emmis Broadcasting (Class A) * 600 25
Citadel Communications * 700 24
Insight Communications * 1,500 23
Adaptive Broadband * 600 22
Media General 400 19
Granite Broadcasting * 2,400 17
Regent Communications * 1,700 15
Paxson Communications * 1,800 14
</TABLE>
10
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
TCI Satellite Entertainment * 1,600 $ 14
United Television 100 13
Motient * 800 13
Young Broadcasting (Class A) * 400 10
Liberty Digital * 300 9
Cumulus Media * 600 5
----------
6,379
----------
Publishing 0.4%
McGraw-Hill 2,600 140
Dow Jones 1,300 95
New York Times (Class A) 2,200 87
PRIMEDIA * 3,300 75
Central Newspapers (Class A) 1,100 70
Reader's Digest (Class A) 1,600 64
Harcourt General 1,100 60
Knight-Ridder 900 48
Hollinger (Class A) 3,400 46
R.R. Donnelley 1,900 43
Scholastic * 500 30
Deluxe 1,100 26
American Greetings (Class A) 1,200 23
Reynolds & Reynolds 1,200 22
McClatchy (Class A) 500 16
John H. Harland 1,100 16
Franklin Covey * 2,100 15
Ziff-Davis * 1,400 13
New England Business Service 400 6
Impreso.com * 1,300 5
Women Common Networks * 400 1
----------
901
----------
Restaurants 0.5%
McDonald's 18,800 619
Starbucks * 2,500 96
Tricon Global Restaurants * 2,400 68
Wendys 2,500 44
Darden Restaurants 2,700 44
Brinker * 1,300 38
Applebee's 1,100 33
Outback Steakhouse * 1,100 32
Papa John's * 1,300 32
</TABLE>
11
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Bob Evans Farms 2,000 $ 30
P. F. Chang's China Bistro * 500 16
1,052
Total Consumer Discretionary 11,603
CONSUMER NONDURABLES 4.7%
Beverages 1.2%
Coca-Cola 33,300 1,913
PepsiCo 20,000 889
TRIARC COMPANIES * 900 18
Pure World * 3,480 9
2,829
Food 1.2%
Bestfoods 3,700 256
Heinz 4,700 206
Kellogg 6,100 182
Sysco 4,300 181
Quaker Oats 2,100 158
Campbell 5,300 154
General Mills 3,900 149
ConAgra 6,840 130
Nabisco Group 4,700 122
Wrigley 1,500 120
Coca-Cola Enterprises 5,800 95
Archer-Daniels-Midland 8,530 84
Hershey Foods 1,700 82
Home Foods * 3,600 75
Pepsi Bottling Group 2,300 67
Nabisco (Class A) 1,000 53
Flowers Industries 2,200 44
Whitman 3,200 40
Supervalu 2,000 38
Keebler Foods 1,000 37
McCormick 1,100 36
Smithfield Foods * 1,200 34
Hormel Foods 2,000 34
IBP 2,100 32
Tyson Foods (Class A) 3,500 31
Corn Products 1,100 29
</TABLE>
12
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Owens-Illinois * 2,200 $ 26
Hain Celestial Group * 500 18
Dean Foods 500 16
Universal Foods 800 15
Ralcorp Holdings * 1,100 13
Del Monte Foods * 1,900 13
Agribrands International * 300 13
Fresh Del Monte Produce * 1,700 12
Interstate Bakeries 800 11
Multifoods 600 10
American Italian Pasta * 500 10
United Natural Foods * 700 10
Aurora Foods * 1,600 6
Vlasic Foods * 2,560 4
2,646
Home Products 1.3%
Procter & Gamble 17,600 1,008
Gillette 14,100 493
Colgate-Palmolive 7,700 461
Clorox 2,900 130
Avon 2,900 129
Newell Rubbermaid 3,976 102
Ralston Purina 4,200 84
Estee Lauder 1,400 69
Alberto Culver (Class B) 2,200 67
Fortune Brands 2,200 51
Tupperware 2,300 51
Flavors & Fragrances 1,300 39
Block Drug (Class A) 733 31
Energizer * 1,400 25
Playtex Products * 2,100 24
Carter Wallace 1,000 20
Allou Health & Beauty * 2,300 16
Dial Corp 1,400 14
National Service Industries 700 14
Lancaster Colony 500 10
Revlon (Class A) * 1,300 8
Dixon Ticonderoga * 1,700 5
Carson * 800 4
2,855
</TABLE>
13
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Liquor 0.3%
Anheuser-Busch 6,100 $ 456
Brown-Forman (Class B) 900 48
Canandaigua Brands (Class A) * 800 40
Robert Mondavi (Class A) 900 28
Todhunter International * 1,500 12
584
Textiles and Apparel 0.3%
Sara Lee 12,100 234
NIKE (Class B) 3,800 151
V. F. 2,200 52
Jones Apparel Group * 1,700 40
Liz Claiborne 1,100 39
Kellwood 1,500 32
Russell 1,100 22
Columbia Sportswear * 800 21
Reebok * 1,300 21
WestPoint Stevens 1,800 20
Rocky Shoes & Boots * 3,300 17
Unifi * 1,300 16
Polo Ralph Lauren * 1,100 16
Polymer Group 1,600 15
Warnaco Group (Class A) 1,800 14
K-Swiss (Class A) 400 6
bebe Stores * 700 6
Worldtex * 3,100 1
723
Tobacco 0.4%
Philip Morris 32,100 853
R.J. Reynolds Tobacco 1,733 49
UST 2,000 29
Universal Corporation 1,100 23
Vector Group Limited 1,575 23
DiMon 4,200 9
986
Total Consumer Nondurables 10,623
DURABLE GOODS 2.0%
Construction & Real Property 0.3%
Masco 6,000 108
</TABLE>
14
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Lennar 2,100 $ 43
Quanta Services * 750 41
Pulte 1,900 41
Fluor 1,100 35
Southdown 600 35
Walter Industries 2,900 33
Catellus Development * 2,000 30
Johns Manville 2,200 29
Mastec * 750 29
Centex 1,200 28
D.R. Horton 2,000 27
USG 800 24
Martin Marietta Materials 600 24
Georgia Pacific Timber Group 1,100 24
Kaufman & Broad 1,200 24
Dal-Tile International * 2,700 22
Lafarge 900 19
Clayton Homes 2,300 18
Granite Construction 700 17
Insituform Technologies (Class A) * 600 17
Trammell Crow * 1,400 15
Jacobs Engineering Group * 400 13
Skyline, REIT 600 13
Trendwest Resorts * 800 13
Syntroleum * 700 12
Armstrong World 700 11
Owens Corning 1,000 9
Encompass Services * 779 5
Huttig Building Productions * 244 1
760
----------
Consumer Durables 0.2%
Black & Decker 1,600 63
Maytag 1,600 59
Whirlpool 1,000 47
W. W. Grainger 1,500 46
HON Industries 1,900 45
Leggett & Platt 2,500 41
U.S. Industries 2,900 35
Shaw Industries 2,600 33
Mohawk Industries * 1,300 28
</TABLE>
15
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Applied Power (Class A) 600 $ 20
Stanley Furniture * 400 9
Interface (Class A) 2,200 8
Water Pik Technologies * 1,005 6
440
----------
Equity REIT 0.8%
Equity Office Properties, REIT 4,266 118
Equity Residential Properties Trust, REIT 1,800 83
Vornado Realty Trust, REIT 1,700 59
Simon Property Group, REIT 2,500 55
ProLogis Trust, REIT 2,600 55
Crescent Real Estate Equities, REIT 2,500 51
Spieker Properties, REIT 1,100 51
Archstone Communities Trust, REIT 2,400 51
Avalonbay Communities, REIT 1,207 50
Kimco Realty, REIT 1,200 49
Apartment Investment & Management, REIT 1,100 48
Camden Property Trust, REIT 1,600 47
Duke-Weeks Realty, REIT 2,000 45
Public Storage, REIT 1,900 45
Chateau Communities, REIT 1,400 40
AMB Property 1,700 39
Boston Properties, REIT 1,000 39
Health Care Property Investors 1,400 38
Pinnacle Holdings * 700 38
Rouse 1,500 37
Brandywine Reality Trust 1,900 36
Arden Realty, REIT 1,500 35
General Growth Properties, REIT 1,100 35
Developers Diversified Realty, REIT 2,300 34
CarrAmerica Realty, REIT 1,100 29
Host Marriott 3,100 29
Highwoods Properties, REIT 1,200 29
FelCor Suite Hotels, REIT 1,548 29
Federal Realty Investment Trust, REIT 1,400 28
Post Properties, REIT 600 26
Manufactured Home Communities, REIT 1,100 26
Liberty Property Trust, REIT 1,000 26
Mack-Cali Realty, REIT 1,000 26
iStar Financial 1,217 25
</TABLE>
16
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Hospitality Properties Trust, REIT 1,100 $ 25
Parkway Properties, REIT 800 24
Nationwide Health Properties, REIT 1,700 24
CBL & Associates Properties, REIT 900 22
New Plan Excel Reality Trust 1,600 21
First Industrial Realty 700 21
Cousins Properties, REIT 500 19
Franchise Finance 800 18
BRE Properties 600 17
IndyMac Mortgage Holdings, REIT 1,200 16
Kilroy Realty, REIT 600 16
Bradley Real Estate 700 15
Storage USA, REIT 500 15
Wyndham International (Class A) * 5,290 13
JP Realty, REIT 700 12
Prison Realty 2,575 8
1,737
----------
Motor Vehicles & Parts 0.7%
Ford Motor 16,700 718
GM 7,854 456
Delphi Automotive Systems 7,914 115
Johnson Controls 1,300 67
PACCAR 1,400 56
Dana 2,400 51
Modine Manufacturing 1,000 27
Gentex * 1,000 25
Navistar * 800 25
Lear * 1,200 24
Shiloh Industries * 2,400 23
Tower Automotive * 1,200 15
Hayes Lemmerz * 1,100 13
Meritor Automotive 1,200 13
Cooper Tire & Rubber 1,100 12
Federal-Mogul 1,000 10
Winnebago 600 8
Arvin Industries 400 7
Fidelity Holdings * 900 1
1,666
----------
Total Durable Goods 4,603
----------
</TABLE>
17
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
ENERGY 4.6%
Energy Reserves & Production 3.2%
Exxon Mobil 47,681 $ 3,743
Chevron 8,700 738
Enron 9,500 613
Williams Companies 5,700 238
Phillips Petroleum 3,400 172
Devon Energy 2,300 129
Unocal 3,600 119
Vastar Resources 1,400 115
Union Pacific Resources 5,100 112
Burlington Resources 2,800 107
Occidental Petroleum 5,000 105
Apache 1,700 100
Anadarko Petroleum 2,000 99
Amerada Hess 1,400 86
EOG Resources 2,300 77
Kerr-McGee 1,279 75
Tosco 2,400 68
Grant Prideco * 1,900 48
Belco Oil & Gas * 4,900 42
Murphy Oil 700 42
Noble Affiliates 1,100 41
Ocean Energy * 2,800 40
Stone Energy Corporation * 600 36
Mitchell Energy & Development (Class A) 1,000 32
Newfield Exploration * 800 31
Spinnaker Exploration Company * 900 23
Pogo Producing 1,000 22
EEX * 3,533 21
Forest Oil * 1,200 19
Nuevo Energy * 800 15
Southwestern Energy 1,400 9
Chesapeake Energy * 308 2
Harken Energy * 1,800 1
7,120
Oil Refining Distribution 0.5%
Texaco 7,100 378
Conoco (Class B) 7,937 195
</TABLE>
18
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Coastal 2,700 $ 164
USX-Marathon 4,300 108
Western Gas Resources 2,700 57
Sunoco 1,500 44
Valero Energy 900 29
Ultramar Diamond Shamrock 1,100 27
Buckeye Partners LP 1,000 27
Hugoton Royalty Trust, REIT 2,100 26
Teppco Partners * 900 21
Pennzoil-Quaker State 1,700 21
1,097
----------
Oil Service 0.9%
Schlumberger 7,572 565
Halliburton 6,300 297
Baker Hughes 4,100 131
Nabors Industries * 2,030 84
Diamond Offshore Drilling 2,200 77
Santa Fe Snyder 2,200 77
Weatherford * 1,900 76
ENSCO 2,100 75
Noble Drilling * 1,800 74
Varco * 2,453 57
BJ Services * 900 56
Oceaneering * 2,900 55
Rowan * 1,800 55
R & B Falcon * 2,300 54
Global Marine * 1,900 54
Smith * 700 51
Tidewater 1,200 43
Cooper Cameron * 500 33
Superior Energy * 2,400 25
UTI Energy * 600 24
Newpark Resources * 2,500 24
Atwood Oceanics * 400 18
McDermott 2,000 18
Key Energy * 1,700 16
2,039
----------
Total Energy 10,256
----------
</TABLE>
19
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
FINANCIAL 12.5%
Banks 5.3%
Citigroup 46,125 $ 2,779
Bank of America 23,029 990
Wells Fargo 22,000 852
Chase Manhattan 16,800 774
Bank of New York 9,700 451
FleetBoston Financial 11,990 408
Bank One 15,236 405
First Union 12,748 316
Firstar 13,672 288
Fifth Third Bancorp 4,192 265
Mellon Financial 6,800 248
J. P. Morgan 2,200 242
State Street 2,000 212
Northern Trust 3,200 208
U.S. Bancorp 10,400 200
PNC Financial Services Group 4,200 197
SunTrust 4,168 190
Wachovia 2,800 152
National City 8,440 144
BB&T 4,900 117
KeyCorp 6,600 116
Silicon Valley Bancshares * 2,500 107
Comerica 2,250 101
AmSouth 6,167 97
Synovus Financial 4,000 71
Charter One Financial 3,056 70
Zions Bancorp 1,400 64
Regions Financial 3,200 64
SouthTrust 2,700 61
Summit Bancorp 2,400 59
Marshall & Ilsley 1,400 58
Union Planters 1,800 50
Old Kent Financial 1,858 50
M&T Bank 110 50
Huntington Bancshares 3,060 48
Cullen/Frost Bankers 1,700 45
Old National Bancorp 1,521 45
</TABLE>
20
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
One Valley Bancorp 1,400 $ 44
North Fork Bancorporation 2,800 42
Popular 2,100 40
UnionBancal 2,000 37
CCB Financial 1,000 37
TCF Financial 1,400 36
Community Bank System 1,600 36
First Virginia Banks 1,000 35
AMCORE 1,900 35
Compass Bancshares 2,000 34
BOK Financial 1,878 33
Mercantile Bankshares 1,100 33
First Security 2,400 33
National Commerce Bancorporation 2,000 32
WesBanco 1,300 32
WestAmerica 1,200 31
First Tennessee National 1,800 30
FirstMerit 1,300 28
Community First Bankshares 1,700 28
Niagara Bancorp 3,000 28
Peoples Heritage Financial * 1,800 27
Independence Community Bank 2,000 27
Imperial Bancorp 1,632 26
UMB Financial 770 25
Commerce Bancshares 840 25
Hibernia (Class A) 2,300 25
Wintrust Financial 1,600 25
Trustmark 1,400 24
City National 700 24
Associated Banc-Corp 1,100 24
Omega Financial 900 23
Community Bankshares of Indiana 1,600 23
Pacific Capital Bancorp 900 23
Area Bancshares 1,000 22
Wilmington Trust 500 21
First Midwest Bancorp 900 21
BancWest 1,200 20
Provident Bankshares 1,433 19
Sky Financial 1,200 19
Banco Santander Puerto Rico 1,500 19
</TABLE>
21
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Merchants New York Bancorp 1,100 $ 19
United Bankshares 1,000 18
National City Bancorporation 1,300 18
National City Bankshares 1,071 18
Valley National Bancorp 740 18
Pacific Century Financial 1,200 18
Susquehanna Bancshares 1,200 17
Centura Banks 500 17
Irwin Financial 1,100 16
Provident Financial Group 600 14
InterCept Group * 600 10
11,923
Financial Services 2.1%
American Express 18,000 938
Fannie Mae 13,700 715
Freddie Mac 9,500 385
Marsh & McLennan 3,650 381
MBNA 10,950 297
Household 6,313 262
Associates First Capital (Class A) 9,342 208
Providian Financial 2,050 185
Cendant * 9,400 132
Capital One Financial 2,800 125
Aon 3,650 113
Concord EFS * 2,750 72
SLM Holding 1,800 67
The CIT Group (Class A) 3,400 55
Erie Indemnity 1,700 54
Countrywide Credit 1,700 52
Equifax 1,900 50
Comdisco 2,100 47
H&R Block 1,300 42
AmeriCredit * 2,200 37
Express Scripts (Class A) * 600 37
CompuCredit * 1,100 33
White Mountains Insurance Group 200 32
ADVANTA 2,555 31
Metris 1,200 30
Medallion Financial 1,900 29
Choicepoint * 600 27
</TABLE>
22
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Arthur J. Gallagher 600 $ 25
Student Loan Corporation 600 25
Allied Capital 1,400 24
Security Capital Group (Class B) * 1,200 20
NCO Group * 800 19
WFS Financial * 1,000 17
FINOVA Group 1,200 16
UICI * 2,100 14
Heller Financial 600 12
NextCard * 1,100 9
4,617
Life & Health Insurance 0.5%
CIGNA 2,400 224
American General 3,100 189
AFLAC 3,700 170
Aetna 2,200 141
Lincoln National 2,900 105
UNUMProvident 3,476 70
Torchmark 1,900 47
Conseco 4,700 46
MetLife * 2,000 42
MONY Group 1,100 37
Protective Life 900 24
American Annuity Group 1,300 23
Presidential Life 1,600 22
FBL Financial Group 800 13
InterContinental Life * 1,400 12
1,165
Property & Casualty Insurance 2.4%
American International Group 21,023 2,470
Berkshire Hathaway (Class A) * 21 1,130
Allstate 11,100 247
Hartford Financial Services Group 3,300 185
Chubb 2,500 154
St. Paul 3,400 116
CNA Financial * 2,500 85
Jefferson Pilot 1,500 85
Loews 1,400 84
MGIC Investment 1,700 77
MBIA 1,600 77
</TABLE>
23
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Cincinnati Financial 2,400 $ 76
Progressive 1,000 74
AMBAC 1,000 55
Transatlantic Holdings 600 50
Radian Group 900 47
Unitrin 1,500 44
Allmerica Financial 800 42
Professionals Group 1,705 42
Risk Capital Holdings * 2,700 40
SAFECO 1,800 36
Financial Security Assurance 400 30
PMI Group 600 28
Old Republic 1,700 28
American Financial Group 1,100 27
American National Insurance 500 26
Mercury General 1,000 24
Horace Mann Educators 1,400 21
Wesco Financial 100 20
21st Century Industries 1,100 17
Zenith National 800 17
SCPIE Holdings 600 12
Baldwin & Lyons (Class B) 700 12
Medical Assurance 924 10
Acceptance Insurance * 1,500 8
Symons International Group * 1,000 1
5,497
---------
Securities & Asset Management 1.9%
Morgan Stanley Dean Witter 15,600 1,299
Charles Schwab 19,206 646
Merrill Lynch 5,000 575
Equitable Companies 5,900 201
Lehman Brothers 1,600 151
Goldman Sachs Group 1,500 142
Alliance Capital Management 2,600 123
Franklin Resources 3,700 112
John Hancock Financial Services * 4,000 95
Paine Webber 1,800 82
TD Waterhouse Group * 4,200 73
Eaton Vance 1,500 69
</TABLE>
24
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Waddell & Reed Financial (Class A) 1,951 $ 64
Donaldson, Lufkin & Jenrette 1,500 64
Bear Stearns 1,527 63
ReliaStar Financial 1,100 58
Pioneer Group * 1,300 55
A.G. Edwards 1,400 55
Federated Investors (Class B) 1,300 46
Knight Trading Group * 1,400 42
Phoenix Investment Partners 3,500 37
Legg Mason 700 35
Affiliated Managers Group * 500 23
LaBranche & Company * 1,500 21
John Nuveen (Class A) 500 21
American Capital Strategies 900 20
Investment Technology Group * 400 17
B&L Financial 1,600 17
National Discount Brokers Group * 300 9
4,215
------------
Thrift Institutions 0.3%
Washington Mutual 8,126 235
Golden West Financial 2,400 98
Staten Island Bancorp 2,600 46
Golden State Bancorp * 2,300 41
Greenpoint Financial 2,200 41
Washington Federal 2,130 39
Sovereign Bancorp 4,320 30
Downey Financial 1,000 29
FSF Financial 2,300 28
Astoria Financial 1,075 28
Dime Bancorp 1,700 27
First Financial Bancorp 1,210 24
St. Francis Capital 1,500 23
Harris Financial 3,200 20
ISB Financial 1,200 18
People's Bank 1,000 18
F.N.B. 840 17
Roslyn Bancorp 1,000 17
779
------------
Total Financial 28,196
------------
</TABLE>
25
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
HEALTH CARE 11.1%
Drugs 8.0%
Pfizer 85,525 $ 4,105
Merck 31,700 2,429
Bristol-Myers Squibb 27,200 1,584
Eli Lilly 15,100 1,508
American Home Products 17,700 1,040
Schering-Plough 20,200 1,020
Amgen * 14,000 984
Pharmacia 17,000 879
Immunex * 6,600 327
Cardinal Health 3,822 283
MedImmune * 2,800 207
Genentech * 1,100 189
Allergan 2,000 149
Biogen * 2,100 135
Millennium Pharmaceuticals * 1,200 134
Forest Laboratories * 1,300 131
Chiron * 2,700 128
Sepracor * 1,000 121
Affymetrix * 700 116
Alexion Pharmaceutical * 1,600 114
IVAX * 2,700 112
Human Genome Sciences * 800 107
McKesson HBOC 4,551 95
Celera Genomics * 1,000 94
Watson Pharmaceuticals * 1,700 91
Andrx * 1,300 83
Gilead Sciences * 960 68
Protein Design Labs * 400 66
Genzyme * 1,100 65
King Pharmaceuticals * 1,405 62
Abegenix * 500 60
Celgene * 900 53
Jones Pharma 1,300 52
ICOS * 1,100 48
Aviron * 1,500 46
Transkaryotic Therapies * 1,200 44
Sigma Aldrich 1,500 44
</TABLE>
26
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
United Therapeutics * 400 $ 43
Enzon * 1,000 42
Medarex * 500 42
Alkermes * 800 38
Priority Healthcare (Class B) * 500 37
Mylan Laboratories 2,000 37
CV Therapeutics * 500 35
Medicis Pharmaceutical * 600 34
Incyte Genomics * 400 33
Vertex Pharmaceuticals * 300 32
AmeriSource Health * 1,000 31
ICN Pharmaceuticals 1,100 31
Myriad Genetics * 200 30
Tanox * 600 28
Maxygen * 500 28
Trimeris * 400 28
Praecis Pharmaceuticals * 1,000 28
Albany Molecular Research * 500 27
Barr Laboratories * 600 27
COR Therapeutics * 300 26
Pharmacyclics * 400 24
Cephalon * 400 24
Immune Response * 2,100 23
Cambrex 500 23
OXiGENE * 2,200 22
Titan Pharmaceuticals * 500 22
ILEX Oncology * 600 21
Enzo Biochem * 300 21
Maxim Pharmaceuticals * 400 21
Bio-Technology General * 1,500 20
BioMarin Pharmaceutical * 1,100 19
IDEXX Laboratories * 800 18
Creative Biomolecules * 1,300 18
Noven Pharmaceuticals 600 18
Neurocrine Biosciences * 500 18
BioCryst Pharmaceuticals * 600 17
Corixa * 400 17
Bergen Brunswig 3,000 17
Digene * 400 16
Cerus * 300 15
</TABLE>
27
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Biopure * 800 $ 15
Tularik * 500 15
Supergen * 400 15
Hyseq * 300 14
Sequenom * 300 14
Serologicals * 2,550 13
ONYX Pharmaceuticals * 1,000 12
Ligand Pharmaceuticals * 900 12
Valentis * 1,000 12
Allscripts * 500 11
Gene Logic * 300 11
Coulter Pharmaceutical * 500 10
Triangle Pharmaceuticals * 1,100 10
Chirex * 400 8
Ventana Medical Systems * 300 7
Hemispherx Biopharma * 1,100 6
D&K Healthcare * 500 5
Vion Pharmaceuticls * 700 5
Progenics Pharmaceuticals * 300 4
Diversa * 100 3
18,026
Medical Products 2.6%
Johnson & Johnson 19,002 1,936
Abbott Laboratories 20,900 931
Medtronic 16,220 808
Baxter 4,000 281
Guidant * 4,000 198
Boston Scientific * 5,600 123
Stryker 2,600 114
Becton, Dickinson 3,700 106
Techne * 800 105
Waters * 800 100
ALZA * 1,600 95
Patterson Dental * 1,400 71
IDEC Pharmaceuticals * 600 70
Biomet 1,800 69
Arrow 2,000 67
Bausch & Lomb 800 62
Mallinckrodt 1,400 61
Minimed * 500 59
</TABLE>
28
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
C.R. Bard 1,200 $ 58
St. Jude Medical * 1,200 55
Aradigm * 3,100 54
VISX * 1,600 45
Varian Associates * 900 35
Genzyme Surgical Products * 3,096 31
Imclone Systems * 400 31
PSS World Medical * 4,100 27
Beckman Coulter 400 23
Cytyc * 400 21
ResMed * 600 16
Analogic 400 16
Steris * 1,700 15
Wesley Jessen VisionCare * 400 15
Edwards Lifesciences * 760 14
Vital Signs 600 11
Aspect Medical Systems * 400 11
Thoratec Laboratories * 600 10
Nitinol Medical Technology * 2,400 7
5,751
Medical Providers & Services 0.5%
HCA Healthcare Company 8,100 246
UnitedHealth Group 2,300 197
Tenet Healthcare 4,300 116
Wellpoint Health Networks * 1,000 73
First Health Group * 2,100 69
Health Management (Class A) * 5,000 65
PacifiCare Health Systems (Class A) * 900 54
Universal Health Services * 800 52
Quest Diagnostics * 700 50
Triad Hospitals * 1,831 45
HealthSouth * 6,038 43
LifePoint Hospitals * 1,631 37
Hillenbrand 1,000 31
Lincare * 1,100 27
Total Renal Care Holdings * 3,033 18
Curative Technologies * 2,400 15
Manor Care * 2,000 14
Accredo Health * 400 14
</TABLE>
29
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Humana * 2,600 $ 13
Service Corp. International 3,800 12
Omnicare 1,100 10
1,201
Total Health Care 24,978
INDUSTRIAL 5.1%
Defense and Aerospace 0.6%
Boeing 11,700 489
Honeywell 10,225 344
General Dynamics 3,000 157
Lockheed Martin 5,500 136
Raytheon (Class B) 4,700 91
Northrop Grumman 1,200 80
TRW 1,700 74
B.F. Goodrich 1,840 63
Precision Castparts 1,200 54
United Industrial 2,300 21
Gencorp 1,800 14
1,523
Heavy Electrical Equipment 3.6%
GE 134,800 7,144
Emerson Electric 5,900 356
American Power Conversion * 3,500 143
Rockwell 2,600 82
Cooper Industries 1,700 55
Plug Power * 600 37
Spectra Physics Lasers * 500 35
UCAR * 2,200 29
Commscope * 700 29
Hubbell (Class B) 1,000 25
Optical Cable * 800 24
Thomas & Betts 1,100 21
Cummins Engine 700 19
Regal-Beloit 1,000 16
Baldor Electric 700 13
LSI Industries 500 8
Ultrak * 800 7
8,043
</TABLE>
30
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Heavy Machinery 0.1%
Deere 3,300 $ 122
Trinity Industries 1,500 28
Tennant 300 11
JLG Industries 900 11
NACCO Industries (Class A) 300 11
Titan 1,600 8
Terex * 400 6
------------
197
------------
Industrial Parts 0.8%
United Technologies 6,302 371
Illinois Tool Works 3,950 225
Caterpillar 5,000 169
Textron 1,900 103
Ingersoll-Rand 2,100 85
AAON * 3,400 84
Parker Hannifin 2,119 73
Genuine Parts 2,900 58
ITT Industries 1,800 55
Genlyte Group * 2,200 46
American Standard * 1,000 41
Thomas Industries 2,100 37
EMCORE * 300 36
Pentair 1,000 35
Pall 1,900 35
Tecumseh Products 900 34
Snap-On 1,100 29
Stanley Works 1,200 28
Briggs & Stratton 800 27
Lennox 2,000 27
Cymer * 500 24
Mark IV 1,000 21
Watts Industries (Class A) 1,500 19
Manitowoc 700 19
Graco 500 16
Helix Technology 400 16
Zoltek * 1,600 14
Mattson Technology * 400 13
Kennametal 500 11
Semitool * 600 10
</TABLE>
31
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Nordson 200 $ 10
Aviation Sales * 1,200 7
CIRCOR 800 7
Tokheim * 2,900 5
Waterlink * 300 1
1,791
-------
Total Industrial 11,554
-------
RETAIL 4.9%
Clothing Stores 0.5%
The Gap 11,750 367
The Limited 6,400 138
Intimate Brands 6,850 135
TJX 4,600 86
Nordstrom 2,300 56
Footstar * 1,200 40
Neiman Marcus Group * 1,000 30
Talbots 500 27
Venator Group * 2,500 26
Ross Stores 1,400 24
Gadzooks * 1,800 21
Abercrombie & Fitch (Class A) * 1,616 20
Payless Shoesource * 302 15
AnnTaylor Stores * 400 13
Too * 357 9
Goody's Family Clothing * 1,600 9
Burlington Coat Factory 800 9
American Eagle Outfitters * 500 7
-------
1,032
-------
Department Stores 2.1%
Wal-Mart 60,600 3,492
Target 6,200 360
Kohl's * 4,400 245
Sears 5,000 163
May Department Stores 4,750 114
Federated Department Stores * 3,000 101
J.C. Penney 3,400 63
Kmart * 6,800 46
Family Dollar Stores 2,300 45
</TABLE>
32
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Value City Dept Stores * 2,200 $ 21
Saks * 1,875 20
Dillards 1,500 18
ShopKo Stores * 900 14
Ames Department Stores * 700 5
-------
4,707
-------
Grocery Stores 0.4%
Safeway * 6,800 307
Kroger * 11,500 254
Albertson's 5,890 196
Whole Foods Market * 1,100 45
Delhaize America 2,434 43
Hannaford Brothers 500 36
Winn-Dixie 1,800 26
Weis Markets 700 23
Ruddick Corporation 1,000 12
A&P 600 10
-------
952
-------
Specialty Retail 1.9%
Home Depot 30,950 1,546
Walgreen 13,600 438
CVS 5,200 208
Lowes 5,000 205
Costco Wholesale * 5,900 195
Best Buy * 2,700 171
RadioShack 2,400 114
CDW Computer Centers * 1,600 100
Circuit City Stores 2,900 96
Staples * 5,950 92
Dollar General 4,550 89
Bed Bath & Beyond * 2,000 72
Tiffany & Company 1,000 67
PC Connection * 1,050 60
Dollar Tree Stores * 1,500 59
PriceSmart * 1,500 57
BJ's Wholesale Club * 1,600 53
Toys "R" Us * 3,300 48
Cost Plus * 1,500 43
AutoZone * 1,900 42
Lands' End * 1,100 37
</TABLE>
33
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Consolidated Stores * 2,700 $ 32
Insight Enterprises * 500 30
Direct Focus * 600 29
Office Depot * 4,400 28
Barnes & Noble * 1,200 27
O'Reilly Automotive * 1,900 26
Williams-Sonoma * 800 26
Fastenal 500 25
Linens `n Things * 900 24
Rite Aid 3,700 24
Bandag 1,000 24
Michaels Stores * 500 23
Duane Reade * 800 21
Tuesday Morning * 1,800 19
Zale * 500 18
Jo Ann Stores * 2,200 15
Tweeter Home Entertainment Group * 500 15
Spiegel (Class A) 1,700 14
Drugstore.com * 1,800 14
OfficeMax * 2,600 13
ValueVision International (Class A) * 500 12
Webvan Group * 1,500 11
eToys * 1,500 9
Ventro * 400 8
Gymboree * 2,000 6
Alloy Online * 500 6
Stamps.com * 400 3
E-Stamp * 600 1
4,295
-------
Total Retail 10,986
-------
TECHNOLOGY 33.7%
Communications Equipment 3.0%
Lucent Technologies 43,985 2,606
Motorola 29,140 847
QUALCOMM * 10,200 612
ADC Telecommunications * 4,876 409
Tellabs * 5,800 397
Sycamore Networks * 3,300 364
</TABLE>
34
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
CIENA * 1,700 $ 283
Comverse Technology * 2,200 205
Scientific-Atlanta 2,400 179
Plantronics * 600 69
Aspect Telecommunications * 1,700 67
Advanced Fibre Communications * 1,200 54
Terayon Communication Systems * 800 51
Polycom * 500 47
Harris 1,300 43
Powerwave Technologies * 900 40
Tekelec * 800 39
Digital Microwave * 1,000 38
Ditech Communications * 400 38
Sawtek * 600 35
Harmonic Lightwaves * 1,359 34
Natural MicroSystems * 300 34
Inter-Tel 2,100 34
Cognitronics * 2,400 31
ADTRAN * 500 30
VYYO * 900 24
P-COM * 4,300 24
InteliData Technologies * 2,100 22
Allen Telecom * 1,200 21
ANTEC * 500 21
Ulticom * 700 17
C-COR.net * 500 13
Com21 * 500 12
MCK Communications * 300 7
InterVoice * 969 6
Glenayre Technologies * 600 6
------------
6,759
------------
Computer Communications Equipment 3.0%
Cisco Systems * 96,068 6,103
Brocade Communications Systems * 1,480 271
Extreme Networks * 700 74
Emulex * 1,100 72
Alteon WebSystems * 700 70
Cabletron Systems * 2,400 61
Adaptec * 2,300 52
Proxim * 300 30
</TABLE>
35
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Echelon * 400 $ 23
Extended Systems * 200 19
Electronics for Imaging * 700 18
Apex 400 18
Paradyne Corporation * 500 16
Ancor Communications * 400 14
Gadzoox Networks * 600 8
------------
6,849
------------
Computer Makers 3.0%
Sun Microsystems * 21,700 1,974
Dell Computer * 35,100 1,732
Hewlett-Packard 13,700 1,711
COMPAQ Computer 23,178 592
Gateway 2000 * 4,300 244
Apple Computer * 4,600 241
MMC Networks * 1,000 53
Digital Lightwave * 400 40
Micron Electronics * 1,500 19
Silicon Graphics * 3,700 14
Concurrent Computer * 900 12
Palm * 200 7
XATA * 1,200 5
------------
6,644
------------
Computer Software 8.0%
Microsoft * 71,895 5,749
Oracle * 38,800 3,260
IBM 24,400 2,673
VERITAS Software * 5,375 607
Siebel Systems * 2,800 458
Computer Associates 7,957 407
Redback Networks * 1,900 341
TIBCO Software * 2,500 268
i2 Technologies * 2,495 260
Adobe Systems 1,700 221
BEA Systems * 4,000 198
BMC Software * 3,500 128
Vignette * 2,400 125
Rational Software * 1,200 111
Intuit * 2,500 103
Mercury Interactive * 1,000 97
</TABLE>
36
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Sapient * 900 $ 96
Peregrine Systems * 2,275 79
Cadence Design Systems * 3,800 77
Wind River Systems * 1,972 75
PeopleSoft * 4,200 70
ISS Group * 700 69
Unisys * 4,600 67
Micromuse * 400 66
Compuware * 6,300 65
SABRE Group Holdings 2,200 63
NCR * 1,600 62
Electronic Arts * 800 58
Safeguard Scientifics * 1,800 58
Informix * 7,500 56
Quest Software * 1,000 56
Mentor Graphics * 2,800 55
Parametric Technology * 4,900 54
Network Associates * 2,600 53
J. D. Edwards * 3,300 50
Cerner * 1,800 49
Citrix Systems * 2,500 47
National Instruments * 1,000 44
Agile Software * 600 42
Entrust Technologies * 500 41
Synopsys * 1,200 41
Novell * 4,400 41
NetIQ * 676 40
Ansoft * 4,000 40
Macrovision * 600 38
Autodesk 1,100 38
Symantec * 700 38
LHS Group * 1,100 38
Checkfree Holdings * 700 36
National Computer Systems 700 34
Informatica * 400 33
Advent Software * 500 32
Hyperion Solutions * 970 31
Software Technologies * 1,000 31
Manugistics Group * 600 28
Acxiom * 1,000 28
37
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Momentum Business Applications * 3,746 $ 28
WatchGuard Technologies * 500 27
Legato Systems * 1,800 27
Titan * 600 27
MetaCreations * 2,200 26
SeaChange International * 900 26
Sybase * 1,100 25
MapInfo * 600 25
Numerical Technologies * 500 24
Corsair Communications * 800 23
Midway Games * 2,739 22
VA Linux Systems * 500 22
Actuate * 400 21
Mercator Software * 300 21
Concord Communications * 500 20
Retek * 600 19
AremisSoft * 600 19
HNC Software * 300 19
Progress Software * 1,000 18
Predictive Systems * 500 18
MicroStrategy (Class A) * 600 18
Accrue Software * 500 18
MetaSolv Software * 400 18
Daleen Technologies * 1,100 17
New Era of Networks * 400 17
Policy Management Systems * 1,100 17
Netsolve * 600 16
Allaire * 400 15
Indus International * 1,700 15
SPSS * 500 15
Lightbridge * 600 14
Complete Busines Solutions * 800 14
Mercury Computer Systems * 400 13
Sagent Technology * 900 13
viaLink Company * 1,200 12
Evans & Sutherland Computer * 1,900 12
WebTrends * 300 12
SilverStream Software * 200 12
FileNet * 600 11
Puma Technology * 400 11
38
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Exchange Applications * 400 $ 11
ACTV * 700 10
Extensity * 300 10
Unify * 1,200 10
TenFold * 600 10
Witness Systems * 400 10
4Front Technology * 800 10
Bindview Development * 800 10
Latitude Communications * 800 9
SAGA SYSTEMS * 700 9
Visual Networks * 300 9
NetScout Systems * 600 8
Bluestone Software * 300 8
NetZero * 1,400 7
Phoenix Technologies * 2,400 7
Eclipsys * 800 6
Great Plains Software * 300 6
CFI * 1,400 6
Norstan * 1,000 4
Concur Technologies * 800 3
eSoft 400 3
INSO * 500 3
-------
17,941
-------
Electronic Equipment 2.5%
Corning 3,970 1,071
Agilent Technologies * 6,987 515
Level 3 Communications * 4,500 396
Solectron * 7,840 328
Metromedia Fiber Network * 5,800 230
PE Biosystems 3,000 198
Teradyne * 2,300 169
Sanmina * 1,900 162
Molex 3,250 157
KLA-Tencor * 2,400 141
Jabil Circuit * 2,600 129
Vishay Intertechnology * 2,805 106
Dover 2,500 101
Danaher 2,000 99
Amphenol * 1,400 93
Thermo Electron * 4,100 86
39
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Power-One * 750 $ 85
Andrew * 2,300 77
American Tower Systems (Class A) * 1,800 75
KEMET * 2,600 65
SCI Systems * 1,600 63
Eaton 900 60
New Focus * 700 58
TeleCorp PCS * 1,400 57
MRV Communications * 800 54
Sensormatic Electronics * 3,400 54
Cognex * 1,000 52
AVX 2,200 50
Meade Instruments * 2,000 50
Netro * 800 46
Zygo * 500 45
Millipore 600 45
Plexus * 400 45
ACT Manufacturing * 950 44
Newport 400 43
Varian * 900 41
ACLARA BioSciences * 800 41
Ultratech Stepper * 2,600 39
Tektronix 500 37
SPX * 300 36
Advanced Energy Industries * 600 35
Litton Industries * 800 34
Coherent * 400 34
Credence Systems * 600 33
Kimball 2,100 31
EMS Technologies * 1,600 29
General Cable 3,400 28
X-Rite 3,000 28
Crane 1,100 27
DDi * 800 23
Molecular Devices * 300 21
Thermo Instrument Systems * 1,000 19
United Dominion Industries 1,100 19
Cobalt Networks * 300 17
JPM * 3,100 17
Unique Mobility * 2,100 17
40
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Caliper Technologies * 300 $ 14
Wink Communications * 400 12
Somera Communications * 800 11
Robotic Vision Systems * 400 7
Napco Security Systems * 1,800 7
Bioanalytical Systems * 1,400 4
------
5,710
------
Information Services 1.0%
Automatic Data Processing 8,600 461
First Data 5,700 283
Electronic Data Systems 6,200 256
Computer Sciences * 2,500 187
Convergys * 2,400 124
Fiserv * 1,650 71
DST Systems * 900 69
Internap Network Services * 1,600 66
SunGard Data Systems * 1,900 59
Red Hat * 1,800 49
Total Systems Services 2,900 46
Shared Medical Systems 600 44
Primark * 1,000 37
Healtheon * 2,400 35
CSG Systems * 600 34
Galileo 1,500 31
Keynote Systems * 400 28
HomeStore.com * 900 26
BISYS Group * 400 25
Keane * 1,000 22
Sykes Enterprises * 1,600 21
Cognizant Technology Solutions * 600 20
Affiliated Computer Services (Class A) * 600 20
CoStar Group * 700 18
PurchasePro.com * 400 16
American Management Systems * 500 16
Interliant * 700 16
Breakaway Solutions * 600 16
SAVVIS Communications * 1,200 16
Calico Commerce * 900 15
Data Return * 500 15
MP3.com * 1,000 13
41
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
BSQUARE * 600 $ 13
CIBER * 1,000 13
Multex.com * 500 13
Perot Systems * 1,100 12
AnswerThink * 720 12
Agency.com * 600 11
Student Advantage * 1,400 10
HotJobs.com * 700 10
Pivotal * 400 9
C-bridge Internet Solutions * 500 9
iGATE Capital * 600 8
U.S. Interactive * 630 8
QRS * 300 7
Cambridge Technology Partners * 800 7
National Information Consortium * 600 7
Metro Information * 600 6
Technology Solutions * 800 5
Pegasus Solutions * 450 5
Loislaw * 500 4
PFSweb * 500 2
Circle.com * 500 2
Opus360 * 30 0
------
2,328
------
Internet 4.2%
America Online * 32,120 1,694
Yahoo! * 7,552 936
Juniper Networks * 4,200 611
VeriSign * 2,675 472
Broadcom * 1,400 307
3Com 5,000 288
Ariba * 2,600 255
Exodus Communications * 5,000 230
e-bay * 3,400 185
Broadvision * 3,519 178
Inktomi * 1,500 177
InfoSpace.com * 3,200 177
CMGI * 3,846 176
Amazon.com * 4,600 167
Portal Software * 2,200 141
Vitria Technology * 1,800 110
42
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
GlobeSpan * 900 $ 110
RealNetworks * 2,100 106
Macromedia * 1,000 97
Commerce One * 2,100 96
At Home * 4,550 94
Priceline.com * 2,300 87
Kana Communications * 1,332 82
Art Technology Group * 800 81
Software.com * 600 78
Lycos * 1,400 76
Phone.com * 1,000 65
webMethods * 400 63
E*TRADE * 3,600 59
DoubleClick * 1,530 58
Nuance Communications * 700 58
Verio * 1,000 55
Efficient Networks * 740 54
Digital Island * 1,100 53
Copper Mountain * 600 53
Infonet Services (Class B) * 4,300 51
PSINet * 1,900 48
Critical Path * 800 47
Interwoven * 400 44
Clarent * 600 43
Liberate Technologies * 1,300 38
Inet Technologies * 700 38
E.piphany * 350 38
Scient * 800 36
Sonicwall * 400 35
EarthLink * 2,230 34
Navisite * 800 34
Verticalnet * 900 33
Choice One Communications * 800 33
Active Software * 400 31
Internet Capital Group * 820 30
Proxicom * 600 29
Tut Systems * 500 29
USInternetworking * 1,350 28
AXENT Technologies * 1,100 27
CNET Networks * 1,100 27
43
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
AmeriTrade * 2,300 $ 27
Akamai Technologies * 219 26
Engage * 2,000 26
Appnet Systems * 700 25
Go2Net * 500 25
Luminex * 600 25
Cacheflow * 400 25
Ondisplay * 300 25
Broadbase Software * 800 25
Looksmart * 1,300 24
IDT * 700 24
Viant * 800 24
Saba Software * 1,100 23
AsiaInfo Holdings * 500 22
CareInsite * 1,200 21
Internet Pictures * 1,400 21
S1 * 900 21
Intertrust Technologies * 1,000 21
NetRatings * 800 21
Digex * 300 20
Tumbleweed Communications * 400 20
MatrixOne * 500 20
FreeMarkets * 400 19
HomeGrocer.com * 3,000 18
Digitas * 1,100 18
ORATEC Interventions * 500 16
F5 Networks * 300 16
Netopia * 400 16
Razorfish * 1,000 16
Net Perceptions * 1,000 16
About.com * 500 16
Vicinity * 800 16
Intranet Solutions * 400 15
MarketWatch.com * 800 15
Lifeminders * 500 15
iXL Enterprises * 1,000 15
FirePond * 400 14
DigitalThink * 400 14
Lante * 700 14
44
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Loudeye Technologies * 800 $ 14
GoTo.com * 900 14
Expedia * 900 13
StarMedia Network * 700 13
Ibasis * 300 13
Rhythms NetConnections * 1,000 13
Telescan * 1,700 13
VIA Net.Works * 800 12
Netpliance * 1,300 12
Packeteer * 400 12
Mediaplex * 600 12
Be Free * 1,200 11
Quintus * 500 10
Xpedior * 700 10
Primus Knowledge Solutions * 200 9
AppliedTheory * 600 9
Ebenx * 400 8
Open Market * 600 8
InterWorld * 400 8
Lionbridge Technologies * 800 8
internet.com * 400 8
Rare Medium Group * 500 8
Pilot Network Services * 500 7
Inforte * 200 7
Emerge Interactive * 400 7
CyberSource * 500 7
SportsLine USA * 400 7
NetObjects * 700 6
Ticketmaster Online-Citysearch * 400 6
OTG Software * 200 6
Organic * 600 6
Lightspan * 1,000 6
Ask Jeeves * 300 5
GRIC Communications * 300 5
High Speed Access * 800 5
Preview Systems * 400 5
IVillage * 600 5
Neoforma.com * 700 5
eGain Communications * 400 5
45
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Intraware * 300 $ 5
Sciquest * 300 3
Caldera Systems * 200 3
RoweCom * 300 2
--------
9,413
--------
Miscellaneous Computer Hardware 1.9%
EMC * 29,586 2,276
Network Appliance * 4,200 338
Xerox 8,600 178
Seagate Technology * 2,900 159
Foundry Networks * 1,400 154
Pitney Bowes 3,800 152
Symbol Technologies 2,500 135
Lexmark Group (Class A) * 1,600 108
RSA Security * 1,400 97
Zebra Technologies (Class A) * 1,500 66
Tech Data * 1,300 57
Advanced Digital Information * 3,400 54
Sandisk * 800 49
Franklin Electric * 4,800 43
Black Box * 500 40
Ingram Micro * 1,600 28
Netegrity * 300 23
Diebold 800 22
Quantum * 2,200 21
NYFIX * 500 21
Procom Technology * 400 21
Globix * 600 18
Osicom Technologies * 200 17
Interlink Electronics * 400 17
Storage Technology * 1,400 15
Quantum * 1,150 13
SmartDisk * 400 11
Western Digital * 2,100 10
Crossroads Systems * 380 10
Ikon Office Solutions 2,200 8
Daisytek * 700 7
Lanier Worldwide * 1,400 1
--------
4,169
--------
46
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Semiconductor Capital Equipment 0.6%
Applied Materials * 10,689 $ 969
Novellus Systems * 2,700 153
Varian Semiconductor Equipment * 900 56
Lam Research * 1,500 56
PRI Automation * 500 33
Applied Science & Technology * 800 21
Kulicke & Soffa * 300 18
Electroglas * 500 11
-------
1,317
-------
Semiconductors 6.5%
Intel 45,445 6,074
Texas Instruments 22,000 1,511
JDS Uniphase * 8,642 928
Micron Technology * 7,200 634
Analog Devices * 4,600 350
Xilinx * 4,200 347
SDL * 1,000 285
Altera * 2,600 265
Maxim Integrated Products * 3,700 251
Linear Technology 3,800 243
E-Tek Dynamics * 900 237
LSI Logic * 4,200 227
Vitesse Semiconductor * 2,300 169
Advanced Micro Devices * 2,000 154
Conexant Systems * 2,930 143
Applied Micro Circuits * 1,400 138
National Semiconductor * 2,400 136
Rambus * 1,200 124
RF Micro Devices * 1,300 114
Atmel * 3,000 111
Rectifier * 1,900 106
Burr Brown * 1,200 104
Supertex * 1,800 90
Arrow Electronics * 2,800 87
Richardson Electronics 5,400 87
Rainbow Technologies * 1,500 73
Integrated Device Technology * 1,100 66
Amkor Technology * 1,800 63
Finistar * 2,400 63
47
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
PerkinElmer 900 $ 60
Cypress Semiconductor * 1,400 59
Cree * 400 53
QLogic * 800 53
Fairchild Semiconductor * 1,300 53
NVIDIA * 800 51
TriQuint Semiconductor * 500 48
Virata * 800 48
Semtech * 600 45
Silicon Storage Technology * 500 44
Microchip Technology * 750 44
Micrel * 1,000 43
Intersil Holding * 800 43
Lattice Semiconductor * 600 41
Avnet 600 36
Elantec Semiconductor * 500 35
TranSwitch * 450 35
Kopin * 500 35
Integrated Silicon Solution * 900 34
Dallas Semiconductor 800 33
MEMC Electronic Materials * 1,700 31
Oak Technology * 1,300 28
Pericom Semiconductor * 400 27
Siliconix * 400 27
Micro Linear * 3,800 27
Alpha Industries * 600 26
Zoran * 400 26
REMEC * 600 25
TelCom Semiconductor * 600 24
Microsemi * 700 24
Actel * 500 23
Quantum Effect Devices * 400 23
S3 * 1,400 21
Silicon Image * 400 20
Avanex * 200 19
JNI 600 19
CTS 400 18
Brush Engineered Materials 900 14
DuPont Photomasks * 200 14
48
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
ANADIGICS * 400 $ 14
Power Integrations * 500 12
QuickLogic * 500 11
Blue Wave Systems * 700 7
Cohu 200 5
14,558
--------
Total Technology 75,688
--------
TELECOMMUNICATIONS 6.3%
Telephone 5.2%
SBC Communications 46,497 2,011
WorldCom * 38,340 1,760
AT&T 51,268 1,621
BellSouth 25,200 1,074
Bell Atlantic 21,100 1,072
GTE 13,000 809
Sprint 11,800 602
U S West 6,838 586
Qwest Communications * 10,000 497
McLeod USA * 7,802 162
NEXTLINK Communications * 3,029 115
NTL * 1,762 106
Next Level Communications * 1,200 103
Allegiance Telecom * 1,500 96
Citizens Utilities * 5,040 87
Broadwing 2,948 76
Centurytel 2,275 65
Intermedia Communications * 2,100 62
Commonwealth Telephone Enterprises * 1,100 52
Winstar Communications * 1,150 39
Williams Communications Group * 1,100 37
Turnstone Systems * 200 33
Focal Communications * 900 33
GTS * 2,600 31
Covad Communications Group * 1,800 29
General Communication * 5,400 27
American Communications * 4,000 27
Time Warner Telecom (Class A) * 400 26
Illuminet Holdings * 500 25
49
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------
In thousands
MGC Communications * 400 $ 24
Global Crossing Limited * 828 22
Northpoint Communications Holdings * 1,700 19
NorthEast Optic Network * 300 19
Dycom Industries * 400 18
ITC DeltaCom * 800 18
ITXC * 500 18
Talk.com * 3,000 17
Viatel * 600 17
CT Communications 600 17
Pac-West Telecomm * 760 15
CFW Communications 400 15
Net2000 * 900 15
Adelphia Business Solutions 619 14
ICG Communications * 600 13
Net2Phone * 300 11
Allied Riser Communications * 700 10
Network Plus * 700 10
CapRock Communications * 500 10
US LEC * 500 9
Z-Tel Technologies * 500 6
-------
11,580
-------
Wireless Communications 1.1%
Sprint PCS * 12,200 726
Nextel Communications * 10,300 630
VoiceStream Wireless * 2,486 289
ALLTEL 4,300 266
Aether Systems * 450 92
Telephone and Data Systems 900 90
U.S. Cellular * 1,300 82
Western Wireless * 900 49
Triton PCS Holdings * 800 46
Spectrasite Holdings * 1,600 45
Tritel * 1,500 45
Powertel * 600 43
Rural Cellular (Class A) * 400 31
Dobson Communications (Class A) * 1,000 19
Boston Communications Group * 1,300 18
Alamosa PCS Holdings * 600 13
50
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
Teligent (Class A) * 500 $ 12
Centinal Communications * 800 11
2,507
-------
Total Telecommunications 14,087
-------
TRANSPORTATION 0.7%
Airlines 0.2%
Southwest Airlines 6,625 125
Delta 1,700 86
AMR * 1,900 50
Continental Airlines * 900 42
Atlas Air * 1,100 40
USAir * 900 35
UAL 500 29
Alaska Air Group * 1,000 27
Mesaba Holdings * 2,550 24
SkyWest 500 19
Northwest Airlines * 400 12
TWA * 3,500 8
-------
497
-------
Railroads 0.3%
Kansas City Southern Industries 1,700 151
Burlington Northern Santa Fe 6,100 140
Union Pacific 3,500 130
CSX 3,600 76
Norfolk Southern 5,100 76
Wisconsin Central Transport * 2,000 26
St. Joe 600 18
Wabtec 825 9
-------
626
-------
Trucking, Shipping, Air Freight 0.2%
FedEx * 4,100 156
UPS 1,300 77
C.H. Robinson Worldwide 1,100 54
Overseas Shipholding Group 1,400 35
Expeditors International of Washington 700 33
U.S. Xpress Enterprises * 3,900 32
Forward Air * 600 24
Werner Enterprises 2,025 23
51
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
M.S. Carriers * 1,100 $ 19
Iron Mountain * 500 17
Alexander & Baldwin 700 16
Circle International Group 600 15
EGL * 450 14
USA Truck * 2,200 13
CNF Transportation 500 11
Airbourne Freight 600 11
550
--------
Total Transportation 1,673
--------
UTILIITES 2.1%
Electric Utilities 1.7%
AES * 6,000 274
Duke Energy 4,600 259
Southern 8,200 191
Dynegy (Class A) 2,418 165
American Electric Power 4,640 137
Dominion Resources 2,727 117
TXU 3,900 115
PECO Energy 2,800 113
PG&E 4,400 108
Calpine * 1,600 105
Unicom 2,700 104
FPL Group 2,100 104
Edison International 4,300 88
Public Service Enterprise 2,500 87
FirstEnergy 3,700 87
Constellation Energy Group 2,600 85
Consolidated Edison 2,800 83
Entergy 2,800 76
DTE Energy 2,300 70
Northeast Utilities 3,100 67
Carolina Power & Light 1,900 61
CINergy 2,300 59
Unisource Energy 3,900 59
Sempra Energy 3,351 57
Montana Power 1,600 57
Florida Progress 1,200 56
52
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
In thousands
DQE 1,400 $ 55
GPU 2,000 54
Ameren 1,500 51
PPL 2,200 48
Teco Energy 2,400 48
WPS Resources 1,600 48
New Century Energies 1,600 48
Allegheny Energy 1,700 47
Northern States Power 2,200 44
Pinnacle West Capital 1,300 44
DPL 2,000 44
Niagara Mohawk * 3,100 43
IPALCO Enterprises 2,000 40
CMS Energy 1,700 38
Potomac Electric Power 1,400 35
NiSource 1,800 34
New York State Electric & Gas 1,700 32
Kansas City Power & Light 1,400 32
NSTAR 700 28
Wisconsin Energy 1,400 28
Western Resources 1,700 26
Interstate Energy 1,000 26
UNITIL 900 24
IDACORP 700 23
UtiliCorp United 1,100 22
Conectiv 1,300 20
Rochester Gas & Electric 800 18
SCANA 568 14
Sierra Pacific Resources 900 11
Avista 500 9
------
3,818
------
Gas Utilities 0.4%
El Paso Energy 3,200 163
Marketspan 2,200 68
Kinder Morgan 1,700 59
Columbia Energy Group 850 56
LG&E Energy 2,301 55
MCN 2,300 49
National Fuel Gas 1,000 49
American Water Works 1,800 45
53
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Equitable Resources 800 $ 38
NICOR 1,100 36
Peoples Energy 900 29
Questar 1,300 25
Washington Gas Light Company 1,000 24
Vectren 1,200 21
Laclede Gas 1,000 19
Eastern Enterprises 300 19
Southern Union 1,098 17
Azurix * 2,300 16
California Water Service Group 500 12
800
--------
Total Utiliites 4,618
--------
MISCELLANEOUS 0.3%
Miscellaneous 0.3%
Transocean Sedco Forex 2,975 159
Reliant Energy 4,400 130
Crown Castle International * 2,200 80
Santa Fe Snyder * 2,500 28
C-Cube Microsystems * 1,400 27
Vornado Operating * 3,435 27
Visteon * 2,186 27
Sodexho Marriott Services 1,350 22
MeriStar Hospitality 1,000 21
MIPS Technologies (Class B) * 512 20
Miami Computer Supply * 750 19
Evercel * 1,332 18
Cabot Microelectronics * 300 14
--------
Total Miscellaneous 592
--------
Total Common Stocks (Cost $188,431) 218,077
--------
SHORT TERM INVESTMENTS 2.8%
U.S. Government Obligations 0.2%
United States Treasury Bills, 5.60%, 9/7/00 450,000 445
--------
445
--------
Money Market Funds 2.6%
Reserve Investment Fund, 6.68% # 5,726,373 5,726
--------
5,726
--------
54
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
-------------------------------------------------------------------------------------------
Unaudited
Shares Value
-------------------------------------------------------------------------------------------
In thousands
<S> <C> <C> <C> <C>
Total Short-Term Investments (Cost $6,171) 6,171
------------
Total Investments in Securities
99.8% of Net Assets (Cost $194,602) $ 224,248
Futures Contracts
In thousands
Contract Unrealized
Expiration Value Gain (Loss)
---------- ----------- -----------
Long, 1 S&P MidCap 400 Index contracts,
$20,000 of U.S. Treasury Bills
pledged as initial margin 9/00 $ 244 $ (8)
Long, 1 Nasdaq 100 Index contracts,
$35,000 of U.S. Treasury Bills
pledged as initial margin 9/00 382 (1)
Long, 4 Russell 2000 Index contracts,
$70,000 of U.S. Treasury Bills
pledged as initial margin 9/00 1,045 (17)
Long, 13 S&P 500 Index contracts,
$265,000 of U.S. Treasury Bills
pledged as initial margin 9/00 4,771 (83)
Net payments (receipts) of variation
margin to date 160
-----------
Variation margin receivable
(payable) on open futures contracts 51
Other Assets Less Liabilities 413
------------
NET ASSETS $ 224,712
------------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 900
Accumulated net realized gain/loss - net of distributions 1,503
Net unrealized gain (loss) 29,537
Paid-in-capital applicable to 15,320,357 shares of $0.0001 par
value capital stock outstanding; 1,000,000,000 shares of the
Corporation authorized 192,772
------------
NET ASSETS $ 224,712
------------
NET ASSET VALUE PER SHARE $ 14.67
------------
</TABLE>
# Seven-day yield
* Non-income producing
REIT Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
55
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Unaudited
-----------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
In thousands
6 Months
Ended
6/30/2000
Investment Income (Loss)
Income
Dividend $ 1,068
Interest 218
------------
Total income 1,286
Expenses
Investment management and administrative 421
------------
Net investment income (loss) 865
------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 1,134
Futures 8
------------
Net realized gain (loss) 1,142
------------
Change in net unrealized gain or loss
Securities (3,025)
Futures (438)
------------
Change in net unrealized gain or loss (3,463)
------------
Net realized and unrealized gain (loss) (2,321)
------------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ (1,456)
------------
The accompanying notes are an integral part of these financial statements.
56
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
Unaudited
----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
6/30/00 12/31/99
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 865 $ 1,254
Net realized gain (loss) 1,142 1,631
Change in net unrealized gain or loss (3,463) 26,722
---------- -----------
Increase (decrease) in net assets from operations (1,456) 29,607
---------- -----------
Distributions to shareholders
Net investment income - (1,186)
Net realized gain - (1,380)
---------- -----------
Decrease in net assets from distributions - (2,566)
---------- -----------
Capital share transactions *
Shares sold 76,301 142,153
Distributions reinvested - 2,464
Shares redeemed (49,594) (33,469)
Redemption fees received 34 28
---------- -----------
Increase (decrease) in net assets from capital
share transactions 26,741 111,176
---------- -----------
Net Assets
Increase (decrease) during period 25,285 138,217
Beginning of period 199,427 61,210
---------- -----------
End of period $ 224,712 $ 199,427
---------- -----------
* Share information
Shares sold 5,239 10,836
Distributions reinvested - 182
Shares redeemed (3,425) (2,535)
---------- -----------
Increase (decrease) in shares outstanding 1,814 8,483
The accompanying notes are an integral part of these financial statements.
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T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
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Unaudited June 30, 2000
-----------------------------
NOTES TO FINANCIAL STATEMENTS
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NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Index Trust, Inc. (the corporation) is registered under the
Investment Company Act of 1940. The Total Equity Market Index Fund (the
fund), a diversified, open-end management investment company, is one of the
portfolios established by the corporation and commenced operations on
January 30, 1998. The fund seeks to match the performance of the entire
U.S. stock market by investing in a broad spectrum of small-, mid-, and
large-cap stocks representative of the Wilshire 5000 Index.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company
industry; these principles may require the use of estimates by fund
management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price on the day the
valuations are made. A security which is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the
primary market for such security. Listed securities not traded on a
particular day and securities regularly traded in the over-the-counter
market are valued at the mean of the latest bid and asked prices. Other
equity securities are valued at a price within the limits of the latest
bid and asked prices deemed by the Board of Directors, or by persons
delegated by the Board, best to reflect fair value.
Short-term debt securities are valued at amortized cost which, when
combined with accrued interest, approximates fair value.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation. Financial futures
contracts are valued at closing settlement prices.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair
value as determined in good faith by or under the supervision of the
officers of the fund, as authorized by the Board of Directors.
Premiums and Discounts Premiums and discounts on debt securities are
amortized for both financial reporting and tax purposes.
Other Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and
losses are
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T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
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 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.
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, 2000, the fund was a party to futures
contracts, which provide for the future sale by one party and purchase by
another of a specified amount of a specific financial instrument at an
agreed upon price, date, time, and place. Risks arise from possible
illiquidity of the futures market and from movements in security values.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $34,586,000 and $5,174,000, respectively, for the
six months ended June 30, 2000.
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, 2000, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled
$194,602,000. Net unrealized gain aggregated $29,646,000 at period-end, of
which $51,912,000 related to appreciated investments and $22,266,000 to
depreciated investments.
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T. ROWE PRICE TOTAL 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, of which $76,000 was payable at June 30, 2000.
The fee, computed daily and paid monthly, is equal to 0.40% of the fund's
average daily net assets. Pursuant to the agreement, investment
management, shareholder servicing, transfer agency, accounting, and
custody services are provided to the fund, and interest, taxes, brokerage
commissions, and extraordinary expenses are paid directly by the fund.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and
other accounts managed by T. Rowe Price and its affiliates and are not
available to the public. The Reserve Funds pay no investment management
fees. Distributions from the Reserve Funds to the fund for the six months
ended June 30, 2000, totaled $203,000 and are reflected as interest income
in the accompanying Statement of Operations.
60
<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 July 2000 survey for representative-assisted stock
trades. Services vary by firm, and commissions may vary
depending on size of order.
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<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
Tax-Efficient 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.
+ 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, which contains complete information, including
fees and expenses. Read it carefully before investing.
The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security
Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued by
First Security Benefit Life Insurance Company of New York, White Plains, NY.
T. Rowe Price refers to the underlying portfolios' investment managers and the
distributors, T. Rowe Price Investment Services, Inc.; T. Rowe Price Insurance
Agency, Inc.; and T. Rowe Price Insurance Agency of Texas, Inc. The Security
Benefit Group of Companies and the T. Rowe Price companies are not affiliated.
The variable annuity may not be available in all states. The contract has
limitations. Call a representative for costs and complete details of the
coverage.
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T. ROWE PRICE ADVISORY SERVICES AND RETIREMENT RESOURCES
--------------------------------------------------------------------------------
ADVISORY SERVICES, RETIREMENT RESOURCES
T. Rowe Price is your full-service retirement specialist. We have developed
unique advisory services that can help you meet the most difficult
retirement challenges. Our broad array of retirement plans is suitable for
individuals, the self-employed, small businesses, corporations, and
nonprofit organizations. We also provide recordkeeping, communications, and
investment management services, and our educational materials, self-help
planning guides, and software tools are recognized as among the industry's
best. For information or to request literature, call us at 1-800-638-5660,
or visit our Web site at www.troweprice.com.
ADVISORY SERVICES
T. Rowe Price Retirement Income Manager(SM) helps retirees or those within
two years of retirement determine how much income they can take in
retirement. The program uses extensive statistical analysis and the input
of financial planning professionals to suggest an income plan that best
meets your objectives.
T. Rowe Price Rollover Investment Service offers asset allocation advice to
those planning a major change in their qualified retirement plans, such as
a 401(k) rollover from a previous employer or an IRA transfer.
RETIREMENT RESOURCES AT T. ROWE PRICE
Traditional, Roth, and Rollover IRAs
SEP-IRA and SIMPLE IRA
Profit Sharing
Money Purchase Pension
"Paired" Plans (Money Purchase
Pension and Profit Sharing Plans)
401(k) and 403(b)
457 Deferred Compensation
Planning and Informational Guides
Minimum Required Distributions Guide
Retirement Planning Kit
Retirees Financial Guide
Tax Considerations for Investors
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.
T. Rowe Price Immediate Variable
Annuity (Income Account)
Investment Kits
We will be happy to send you one of our easy-to-follow investment kits when
you are ready to invest in any T. Rowe Price retirement vehicle, including
IRAs, qualified plans, small-business plans, or our no-load variable
annuities.
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<PAGE>
For fund and account information
or to conduct transactions,
24 hours, 7 days a week
By touch-tone telephone
Tele*Access 1-800-638-2587
By Account Access on the Internet
www.troweprice.com/access
For assistance
with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132
To open a brokerage account
or obtain information, call:
1-800-638-5660
Internet address:
www.troweprice.com
Plan Account Lines for retirement plan participants:
The appropriate 800 number appears on your retirement account statement.
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.
Walk-In Investor Centers:
For directions, call 1-800-225-5132
or visit our Web site.
Baltimore Area
Downtown
101 East Lombard Street
Owings Mills
Three Financial Center
4515 Painters Mill Road
Boston Area
386 Washington Street
Wellesley
Colorado Springs
4410 ArrowsWest Drive
Los Angeles Area
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills
Tampa
4200 West Cypress Street
10th Floor
Washington, D.C.
900 17th Street N.W.
Farragut Square
[LOGO OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor. F23-051 6/30/00
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