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Previous: PRICE T ROWE INDEX TRUST INC, N-30D, 2000-02-22 |
Next: PRICE T ROWE INDEX TRUST INC, N-30D, 2000-02-22 |
<PAGE>
- --------------------------------------------------------------------------------
Annual Report - Financial Statements
- --------------------------------------------------------------------------------
T. ROWE PRICE
TOTAL EQUITY MARKET
INDEX FUND
-----------------
DECEMBER 31, 1999
-----------------
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
- --------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
- --------------------------------------------------------------------------------
Year 1/30/98
Ended Through
12/31/99 12/31/98
NET ASSET VALUE
Beginning of period $ 12.19 $ 10.00
---------------------
Investment activities
Net investment income (loss) 0.12 0.11
Net realized and unrealized gain (loss) 2.69 2.20
---------------------
Total from investment activities 2.81 2.31
---------------------
Distributions
Net investment income (0.11) (0.12)
Net realized gain (0.12) -
Total Distributions (0.23) (0.12)
NET ASSET VALUE
End of period $ 14.77 $ 12.19
=====================
Ratios/Supplemental Data
Total return. 23.25% 23.19%
Ratio of total expenses to average net assets 0.40% 0.40%+
Ratio of net investment income (loss)
to average net assets 0.98% 1.33%+
Portfolio turnover rate 3.2% 1.9%+
Net assets, end of period (in thousands) $199,427 $ 61,210
. Total return reflects the rate that an investor would have earned on an
investment in the fund during the period, assuming reinvestment of all
distributions and payment of no redemption or account fees.
+ Annualized.
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
December 31,1999
- -----------------------
Statement of Net Assets Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Common Stocks and Rights 95.6%
BASIC MATERIALS 3.5%
Chemicals 2.0%
DuPont 12,509 $ 824
3M 4,900 480
Dow Chemical 2,600 347
Illinois Tool Works 3,950 267
Monsanto 7,100 253
PPG Industries 1,900 119
Avery Dennison 1,500 109
Union Carbide 1,600 107
Praxair 2,100 106
Rohm & Haas 2,500 102
Air Products and Chemicals 2,800 94
Kerr-McGee 1,079 67
Ecolab 1,700 66
Eastman Chemical 1,200 57
Goodyear Tire & Rubber 2,000 56
Sealed Air * 1,000 52
FMC * 900 52
Sherwin-Williams 2,400 50
Great Lakes Chemical 1,300 50
Vulcan Materials 1,200 48
Engelhard 2,200 41
NL Industries 2,700 41
Hercules 1,400 39
Medical Manager * 400 34
Ashland 1,000 33
Cabot 1,500 31
TETRA Technologies * 4,200 30
Airgas * 3,100 29
Millennium Chemicals 1,300 26
CK Witco 1,900 25
Solutia 1,600 25
Hawkins Chemical 2,800 24
RPM 2,200 22
Lubrizol 700 22
3
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Carlisle Companies 600 $ 22
A. Schulman 1,300 21
Valspar 500 21
IMC Global 1,200 20
Lyondell Chemical 1,500 19
Cytec * 800 18
International Specialty Products * 1,700 16
OMNOVA Solutions 1,800 14
Spartech 400 13
Arch Chemicals 600 13
W. R. Grace * 900 12
Ivex Packaging * 1,200 12
Tenneco 440 4
Terra Nitrogen * 900 3
-------------
3,936
-------------
Forest Products 0.9%
Kimberly-Clark 6,200 404
International Paper 4,636 262
Weyerhaeuser 2,800 201
Georgia-Pacific 1,700 86
Willamette Industries 1,600 74
Fort James 2,600 71
Smurfit-Stone Container * 2,890 71
Champion International 1,100 68
Westvaco 2,000 65
Mead 1,400 61
Temple-Inland 900 59
Bowater 900 49
Boise Cascade 1,100 45
Consolidated Papers 1,100 35
Chesapeake 1,000 30
Sonoco Products 1,300 30
Baltek * 3,700 29
Quipp 1,800 28
Pactiv * 2,200 23
Louisiana Pacific 1,600 23
Universal Forest Products 1,300 19
Badger Paper Mills * 2,600 14
4
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
FiberMark * 1,000 $ 12
Schweitzer-Mauduit 800 11
-------------
1,770
-------------
Metals and Mining 0.5%
Alcoa 4,400 365
Phelps Dodge 1,228 82
Reynolds Metals 1,000 77
USX-U.S. Steel 2,000 66
Nucor 1,100 60
US Can * 2,400 48
Owens-Illinois * 1,800 45
Worthington Industries 2,700 45
Commercial Metals 1,300 44
Ryerson Tull 1,800 35
Crown Cork & Seal 1,500 33
Ball 800 31
Allegheny Technologies 1,250 28
Carpenter Technology 900 25
Wolverine Tube * 1,600 23
AK Steel 900 17
Brush Wellman 900 15
Arch Coal 600 7
Titanium Metals 1,500 7
-------------
1,053
-------------
Gold 0.1%
Newmont Mining 3,100 76
Homestake Mining 4,600 36
Freeport McMoRan Copper & Gold (Class B) * 1,200 25
Coeur d'Alene Mines * 3,900 14
-------------
151
-------------
Total Basic Materials 6,910
-------------
BUSINESS SERVICES 2.1%
Advertising 0.7%
CMG Information Services * 1,200 332
Omnicom 2,000 200
Interpublic Group 3,200 185
Doubleclick * 715 181
Internet Capital Group * 920 156
5
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Young & Rubicam 1,200 $ 85
Harte-Hanks 2,400 52
Valassis Communications * 1,200 51
True North Communications 1,100 49
TMP Worldwide * 300 43
Lamar Advertising * 200 12
-------------
1,346
-------------
Business Services 0.9%
Verisign * 1,200 229
Paychex 3,025 121
IMS Health 3,700 101
Dun & Bradstreet 2,200 65
ServiceMaster 4,000 49
Digital Island * 500 47
Bell & Howell * 1,400 45
Whittman-Hart * 800 43
Viad 1,500 42
NOVA * 1,300 41
Ceridian * 1,900 41
Infonet Services * 1,500 39
Mediaplex * 600 37
ProBusiness Services * 1,000 36
A.C. Nielson * 1,400 34
FreeMarkets * 100 34
Quintiles Transnational * 1,700 32
Reynolds & Reynolds 1,400 31
GO.com * 1,320 31
Wireless Facilities * 700 31
Startek * 800 29
Braun Consulting * 400 29
CuraGen * 400 28
Peekskill Financial 2,200 28
R.H. Donnelley * 1,440 27
TeleTech Holdings * 800 27
PMC Capital 3,300 27
BSQUARE * 600 25
Snyder Communications * 1,300 25
Netcentives * 400 25
West TeleServices * 1,000 25
6
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
BioReliance * 4,200 $ 24
Sotheby's (Class A) 800 24
Sciquest * 300 24
SEI 200 24
Metricom * 300 24
Thomas Group * 2,100 23
Sylvan Learning Systems * 1,700 22
Expedia * 600 21
Abington Bancorp 1,900 20
National Data 600 20
Staff Leasing * 2,100 20
Splitrock Services * 1,000 20
Corrpro Companies * 2,900 17
MapQuest.com * 700 16
Profit Recovery Group International * 600 16
Modem Media Poppe Tyson * 200 14
F. Y. I. * 400 14
E-Stamp * 600 13
Navigant Consulting * 1,000 11
Data Return * 200 11
Snyder Communications * 500 6
Coast Dental Services * 2,000 5
Teledyne Technologies * 300 3
Ventiv Health 266 2
-------------
1,818
-------------
Environmental Services 0.1%
Waste Management 6,360 109
Energy Research * 3,350 84
Republic Services (Class A) * 2,300 33
Allied Waste * 3,560 32
-------------
258
-------------
Industrial Services 0.4%
Cintas 1,300 69
Olsten 5,900 67
Apria Healthcare * 3,700 66
Manpower 1,700 64
Dollar Thrifty Auto Group * 2,600 62
Autonation * 6,100 57
Ryder System 2,300 56
7
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Robert Half International * 1,300 $ 37
Hertz 700 35
RemedyTemp (Class A) * 1,900 34
Reckson Services Industries * 400 25
Wackenhut Corrections * 2,000 23
GATX 600 20
Modis Professional Services * 1,400 20
Apollo Group (Class A) * 900 18
Rollins 1,200 18
NationsRent * 2,800 16
United Rentals * 900 16
Central Parking 800 15
Devry * 700 13
GP Strategies * 1,600 10
-------------
741
-------------
Total Business Services 4,163
-------------
CONSUMER DISCRETIONARY 5.7%
Entertainment 0.6%
Viacom (Class B) * 8,200 496
Carnival (Class A) 6,900 330
Royal Caribbean Cruises 2,100 104
Metro Goldwyn Mayer * 4,000 94
SFX Entertainment (Class A) * 1,050 38
Cedar Fair 1,900 37
GC Companies * 1,100 28
Pixar * 600 21
Premier Parks * 700 20
VDI Media * 600 8
-------------
1,176
-------------
Hotels 0.2%
Marriott (Class A) 2,800 88
Park Place Entertainment * 5,600 70
Harrah's Entertainment * 2,400 64
Starwood Hotels & Resorts Worldwide, REIT 2,600 61
MGM Grand * 1,100 55
Hilton 5,372 52
Mirage Resorts * 2,800 43
Bristol Hotels and Resorts * 2,000 10
8
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
John Q. Hammons Hotels (Class A) * 1,600 $ 6
Interstate Hotels * 176 1
-------------
450
-------------
Leisure 0.5%
Eastman Kodak 3,800 252
Harley-Davidson 1,800 115
Mattel 5,900 77
Hasbro 2,800 53
Callaway Golf 2,500 44
Polaris Industries 1,200 44
International Speedway (Class A) 700 35
Arctic Cat 3,300 33
Brunswick 1,400 31
Blyth Industries * 1,000 25
International Game Technology * 1,100 22
WMS Industries * 1,700 22
GTECH * 1,000 22
Meditrust, REIT 3,190 18
Rawlings Sporting Goods * 2,900 17
Harman International 300 17
Speedway Motorsports * 600 17
Action Performance * 1,300 15
-------------
859
-------------
Media 3.3%
Time Warner 15,500 1,123
Disney 24,400 714
CBS * 9,177 587
MediaOne Group * 7,400 568
Comcast (Class A Special) 8,700 440
Clear Channel Communications * 4,041 361
Cox Communications (Class A) * 6,500 335
AMFM * 2,500 196
Infinity Broadcasting (Class A) * 4,975 180
Tribune 2,800 154
General Motors (Class H) * 1,400 134
Univision Communications * 1,300 133
EchoStar Communications (Class A) * 1,200 117
TV Guide * 2,600 111
Washington Post (Class B) 200 111
Adelphia Communications * 1,634 107
9
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Cablevision Systems (Class A) * 1,400 $ 106
USA Networks * 1,700 94
Loral Space & Communications * 3,800 92
Price Communications * 2,762 77
Hispanic Broadcasting * 800 74
BHC Communications (Class A) 400 64
E. W. Scripps 1,400 63
Westwood One * 800 61
Unitedglobalcom * 800 56
A. H. Belo (Class A) 2,900 55
Fox Entertainment Group (Class A) * 2,100 52
RCN * 1,000 49
Jones Intercable * 700 48
Chris-Craft * 500 36
Charter Communications (Class A) * 1,400 31
Entercom Communications * 400 26
Citadel Communications * 400 26
Emmis Broadcasting (Class A) * 200 25
Granite Broadcasting * 2,400 24
Liberty Digital * 300 22
Meredith 500 21
Media General 400 21
Young Broadcasting (Class A) * 400 20
Spanish Broadcasting Systems * 500 20
Insight Communications * 600 18
Tivo * 400 13
-------------
6,565
-------------
Publishing 0.6%
Gannett 3,300 269
McGraw-Hill 2,300 142
New York Times (Class A) 2,200 108
Dow Jones 1,300 89
Central Newspapers (Class A) 1,600 63
PRIMEDIA * 3,700 61
Times Mirror (Class A) 900 60
Knight-Ridder 900 54
Hollinger International (Class A) 3,800 49
R.R. Donnelley 1,900 47
Reader's Digest (Class A) 1,400 41
10
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Scholastic * 600 $ 37
American Greetings (Class A) 1,400 33
McClatchy (Class A) 500 22
John H. Harland 1,100 20
Harcourt General 500 20
Deluxe 700 19
Franklin Covey * 2,100 16
New England Business Service 400 10
TST/Impreso * 1,300 5
-------------
1,165
-------------
Restaurants 0.5%
McDonald's 16,100 649
Tricon Global Restaurants * 1,900 73
Starbucks * 2,500 61
Wendys 2,500 52
Darden Restaurants 1,900 34
Papa John's * 1,300 34
Applebee's 1,100 32
Brinker * 1,300 31
Bob Evans Farms 2,000 31
Outback Steakhouse * 1,100 29
-------------
1,026
-------------
Total Consumer Discretionary 11,241
-------------
CONSUMER NONDURABLES 5.1%
Beverages 1.2%
Coca-Cola 29,500 1,718
PepsiCo 17,400 613
TRIARC COMPANIES * 900 17
Pure World * 3,480 11
-------------
2,359
-------------
Food 1.1%
Campbell 5,100 197
Bestfoods 3,300 173
Heinz 4,300 171
Sysco 4,100 162
Kellogg 4,900 151
ConAgra 6,040 136
General Mills 3,600 129
11
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Wrigley 1,500 $ 124
Quaker Oats 1,600 105
Coca-Cola Enterprises 5,100 103
Archer Daniels Midland 7,430 91
Hershey Foods 1,700 81
International Home Foods * 3,600 63
Tyson Foods (Class A) 3,500 57
Whitman 3,500 47
Hormel Foods 1,000 41
RJR Nabisco 3,700 39
Pepsi Bottling Group 2,300 38
Supervalu 1,800 36
Flowers Industries 2,200 35
McCormick 1,100 33
Nabisco Holdings (Class A) 1,000 32
U.S. Foodservice * 1,800 30
Keebler Foods * 1,000 28
Dean Foods 500 20
IBP 1,100 20
Smithfield Foods * 800 19
American Italian Pasta * 500 15
Aurora Foods * 1,600 15
Vlasic Foods * 2,560 15
Interstate Bakeries 800 14
Agribrands International * 300 14
Fresh Del Monte Produce * 1,300 12
Hain Food Group * 500 11
United Natural Foods * 700 8
International Multifoods 600 8
-------------
2,273
-------------
Home Products 1.8%
Procter & Gamble 15,600 1,709
Gillette 12,900 531
Colgate-Palmolive 7,000 455
Clorox 2,900 146
Ralston Purina 3,700 103
Avon 2,900 96
Newell Rubbermaid 2,976 86
Estee Lauder 1,400 71
Fortune Brands 1,900 63
12
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Alberto Culver (Class B) 2,300 $ 59
International Flavors & Fragrances 1,300 49
Dial Corp 1,800 44
Tupperware 2,300 39
Playtex Products * 2,100 32
Block Drug (Class A) 733 23
Allou Health & Beauty * 2,300 15
Revlon (Class A) * 1,700 14
Dixon Ticonderoga * 1,700 11
Carson * 800 3
-------------
3,549
-------------
Liquor 0.2%
Anheuser-Busch 5,100 361
Brown-Forman (Class B) 900 52
Canandaigua Brands (Class A) * 800 41
Robert Mondavi (Class A) * 900 31
Todhunter Intl * 1,500 14
-------------
499
-------------
Textiles and Apparel 0.4%
Sara Lee 10,800 238
NIKE (Class B) 3,500 173
V. F. 1,700 51
Liz Claiborne 1,100 41
Jones Apparel Group * 1,500 41
WestPoint Stevens 1,800 32
Kellwood 1,500 29
Rocky Shoes & Boots * 3,300 25
Warnaco Group (Class A) 1,800 22
Polo Ralph Lauren * 1,100 19
Unifi * 1,300 16
bebe stores * 400 11
Reebok * 1,300 11
K-Swiss (Class A) 400 7
Worldtex * 3,100 5
-------------
721
-------------
Tobacco 0.4%
Philip Morris 26,400 612
UST 2,000 50
R.J. Reynolds Tobacco 1,733 31
Universal Corporation 1,300 30
13
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Brooke Group 1,575 $ 23
DiMon 4,200 14
-------------
760
-------------
Total Consumer Nondurables 10,161
-------------
DURABLE GOODS 2.3%
Consumer Durables 0.3%
Whirlpool 900 59
W. W. Grainger 1,100 53
Black & Decker 1,000 52
Maytag 1,000 48
Leggett & Platt 2,200 47
HON Industries 2,000 44
U.S. Industries 2,900 41
Shaw Industries 2,600 40
Mohawk Industries * 1,300 34
Pulaski Furniture 1,700 25
Applied Power (Class A) 600 22
Interface (Class A) 2,200 12
Water Pik Technologies * 1,005 10
Stanley Furniture * 500 9
-------------
496
-------------
Construction & Real Property 1.1%
Masco 5,400 137
Equity Office Properties, REIT 3,500 86
Equity Residential Properties Trust, REIT 1,800 77
Simon DeBartolo Group, REIT 2,500 57
Vornado Realty Trust, REIT 1,700 55
Fluor 1,200 55
USG 1,100 52
Prologis Trust, REIT 2,600 50
Archstone Communities Trust, REIT 2,400 49
TJ International 1,100 46
Crescent Real Estate Equities, REIT 2,500 46
Camden Property Trust, REIT 1,600 44
Apartment Investment & Management, REIT 1,100 44
Public Storage, REIT 1,900 43
Pulte 1,900 43
Avalonbay Communities, REIT 1,207 41
14
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Kimco Realty, REIT 1,200 $ 41
Spieker Properties, REIT 1,100 40
Duke Realty Investments, REIT 2,000 39
Chateau Communities, REIT 1,400 36
Southdown 700 36
Centex 1,400 35
Lennar 2,100 34
AMB Property 1,700 34
Martin Marietta Materials 800 33
Jacobs Engineering Group * 1,000 33
Rouse 1,500 32
Walter Industries * 2,900 31
Boston Properties, REIT 1,000 31
Brandywine Realty Trust 1,900 31
General Growth Properties, REIT 1,100 31
Johns Manville 2,200 31
Arden Realty, REIT 1,500 30
Armstrong World 900 30
Pinnacle Holdings * 700 30
Developers Diversified Realty, REIT 2,300 30
Highwoods Properties, REIT 1,200 28
D.R. Horton 2,000 28
Lafarge 1,000 28
Felcor Suite Hotels, REIT 1,548 27
Georgia Pac Timber 1,100 27
Manufactured Home Communities, REIT 1,100 27
Federal Realty Investment Trust, REIT 1,400 26
Catellus Development * 2,000 26
Liberty Property, REIT 1,000 24
Nationwide Health Properties, REIT 1,700 23
Parkway Properties, REIT 800 23
Mastec * 500 22
Cornerstone Properties 1,500 22
Host Marriott 2,600 21
Hospitality Properties Trust, REIT 1,100 21
Franchise Finance 800 19
Post Properties, REIT 500 19
CarrAmerica Realty, REIT 900 19
CBL & Associates Properties, REIT 900 19
15
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Clayton Homes 2,000 $ 18
Mack-Cali Realty, REIT 700 18
Cousins Properties, REIT 500 17
Trammell Crow * 1,400 16
Excel Realty Trust, REIT 1,000 16
Wyndham International (Class A) * 5,290 16
Starwood Financial Trust, REIT 917 16
Owens Corning 800 15
Storage USA, REIT 500 15
Skyline, REIT 600 14
Prison Realty * 2,575 13
Bradley Real Estate 700 12
Group Maintenance America * 1,100 12
JP Realty, REIT 700 11
Huttig Building Products * 244 1
-------------
2,252
-------------
Motor Vehicles & Parts 0.9%
Ford Motor 14,500 775
GM 7,500 545
Delphi Automotive Systems 6,814 107
Dana 2,400 72
PACCAR 1,100 49
Lear * 1,500 48
Navistar * 1,000 47
Meritor Automotive 1,700 33
Modine Manufacturing 1,200 30
Gentex * 1,000 28
Shiloh Industries * 2,400 28
Federal-Mogul 1,300 26
Arvin Industries 600 17
OEA * 3,400 17
Cooper Tire 900 14
Winnebago 600 12
-------------
1,848
-------------
Total Durable Goods 4,596
-------------
ENERGY 4.1%
Energy Reserves & Production 2.8%
Exxon Mobil 41,481 3,342
16
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Chevron 7,800 $ 676
Atlantic Richfield 3,800 329
Phillips Petroleum 3,000 141
Unocal 3,100 104
Occidental Petroleum 4,500 97
Burlington Resources 2,600 86
Devon Energy 2,400 79
Vastar Resources 1,200 71
Union Pacific Resources 5,400 69
Amerada Hess 1,200 68
Tosco 2,400 65
Anadarko Petroleum 1,600 54
Apache 1,300 48
Murphy Oil 800 46
Eog Resources 2,400 42
Belco Oil & Gas * 4,900 27
Noble Affiliates 1,200 26
Ocean Energy * 2,800 22
Newfield Exploration * 800 21
Southwestern Energy 3,100 20
Forest Oil * 1,200 16
Nuevo Energy * 800 15
EEX * 3,533 10
Harken Energy * 1,800 1
Chesapeake Energy * 308 1
-------------
5,476
-------------
Oil Refining Distribution 0.7%
Enron 8,600 382
Texaco 6,600 358
Conoco (Class B) 7,137 178
Williams Companies 5,300 162
USX-Marathon 3,900 96
Coastal 2,400 85
Dynegy 2,200 53
Western Gas Resources 2,700 36
Sunoco 1,300 31
Buckeye Partners 1,000 26
Ultramar Diamond Shamrock 1,100 25
Teppco Partners 900 17
17
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Pennzoil-Quaker State 1,700 $ 17
-------------
1,466
-------------
Oil Service 0.6%
Schlumberger 6,072 342
Halliburton 5,000 201
Baker Hughes 3,800 80
Weatherford International * 2,000 80
Nabors Industries * 2,030 63
Santa Fe International 2,200 57
Diamond Offshore Drilling 1,800 55
ENSCO International 2,100 48
Tidewater 1,300 47
Noble Drilling * 1,400 46
Oceaneering International * 2,900 43
Rowan * 1,600 35
BJ Services * 800 33
Global Marine * 1,900 32
R & B Falcon * 2,300 31
Smith International * 500 25
Cooper Cameron * 500 24
Varco International * 1,900 19
Newpark Resources * 2,500 15
Key Energy * 1,700 9
Superior Energy * 600 4
-------------
1,289
-------------
Total Energy 8,231
-------------
FINANCIAL 12.9%
Bank and Trust 5.8%
Citigroup 40,825 2,268
Bank of America 20,629 1,035
Wells Fargo 19,600 793
Chase Manhattan 10,000 777
Bank One 13,936 447
Fleetboston Financial 10,990 383
First Union 11,548 379
Bank of New York 8,900 356
Fifth Third Bancorp 3,692 271
SunTrust 3,868 266
18
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
J. P. Morgan 2,000 $ 253
FirStar 11,972 253
Mellon Financial 6,000 204
U.S. Bancorp 8,100 193
National City 6,940 164
Wachovia 2,400 163
PNC Bank 3,600 160
Northern Trust 2,800 150
State Street 1,900 139
AmSouth 6,167 119
KeyCorp 5,300 117
BB&T 4,000 110
Comerica 2,050 96
Marshall & Ilsley 1,400 88
Republic New York 1,200 86
SouthTrust 2,200 83
Synovus Financial 4,000 80
Silicon Valley Bancshares * 1,600 79
UnionBancal 2,000 79
Union Planters 1,800 71
Huntington Bancshares 2,860 68
Regions Financial 2,700 68
Summit Bancorp 2,100 64
First Security 2,400 61
Old National Bancorp 1,830 59
Zions Bancorp 1,000 59
Popular 2,100 59
Old Kent Financial 1,470 52
Charter One Financial 2,656 51
National Commerce Bancorporation 2,200 50
First Tennessee National 1,700 49
CCB Financial 1,100 48
First Virginia Banks 1,100 47
Cullen/Frost Bankers 1,800 46
AMCORE 1,900 46
One Valley Bancorp 1,400 43
Mercantile Bankshares 1,300 42
M & T Bank 100 41
North Fork Bancorporation 2,200 39
19
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
December 31,1999
Statement of Net Assets Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
BOK Financial * 1,878 $ 38
Associated Banc-Corp 1,100 38
Community Bank System 1,600 37
Imperial Bancorp * 1,512 37
WestAmerica 1,300 36
WesBanco 1,300 33
U.S. Trust 400 32
Compass Bancshares 1,400 31
Niagara Bancorp 3,000 31
FirstMerit 1,300 30
Trustmark 1,400 30
Peoples Heritage Financial Group 2,000 30
Wilmington Trust 600 29
Commerce Bancshares 840 29
Provident Financial Group 800 29
UMB Financial 770 29
National City Bancshares 1,071 28
Wintrust Financial * 1,800 27
Community Bankshares of Indiana 1,600 26
Omega Financial 900 26
TCF Financial 1,000 25
Hibernia Corp. (Class A) 2,300 25
Pacific Century Financial 1,300 24
Sky Financial Group 1,200 24
Provident Bankshares 1,365 24
Bancwest 1,200 23
City National 700 23
Valley National Bancorp 800 22
Centura Banks 500 22
National City Bancorporation 1,300 22
-------------
11,514
-------------
Financial Services 2.3%
American Express 5,400 898
Fannie Mae 12,400 774
Freddie Mac 8,400 395
Marsh & McLennan 3,250 311
MBNA 9,650 263
Associates First Capital (Class A) 8,742 240
Cendant * 8,200 218
20
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Household International 5,613 $ 209
Providian Financial 1,750 159
Aon 3,350 134
Capital One Financial 2,300 111
SLM Holding 1,900 80
Comdisco 2,100 78
The CIT Group (Class A) 3,400 72
Concord EFS * 2,750 71
H&R Block 1,400 61
Erie Indemnity 1,800 58
ADVANTA 2,555 47
Countrywide Credit 1,800 45
Equifax 1,900 45
FINOVA Group 1,200 43
Express Scripts (Class A) * 600 39
Medallion Financial 1,900 34
Duff & Phelps Credit Rating 300 27
White Mountains Insurance Group Limited 200 24
NCO Group * 800 24
UICI * 2,100 22
Nextcard * 700 20
CompuCredit * 500 19
AmeriCredit * 1,000 18
Allied Capital 1,000 18
Heller Financial 600 12
AMRESCO * 2,700 4
-------------
4,573
-------------
Life & Health Insurance 0.5%
American General 3,000 228
CIGNA 2,200 177
AFLAC 3,200 151
Aetna 1,800 101
Lincoln National 2,200 88
UNUMProvident 2,676 86
Conseco 3,900 70
Torchmark 1,900 55
Protective Life 1,000 32
Presidential Life 1,600 29
American Annuity Group 1,300 23
21
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Mony Group 700 $ 21
InterContinental Life * 1,400 13
-------------
1,074
-------------
Property & Casualty Insurance 2.4%
American International Group 18,523 2,003
Berkshire Hathaway (Class A) * 18 1,010
Allstate 9,500 228
Hartford Financial Services Group 2,700 128
Chubb 2,100 118
MGIC Investment 1,900 114
CNA Financial * 2,500 97
Jefferson Pilot 1,400 96
Loews 1,500 91
St. Paul 2,700 91
Progressive 1,000 73
MBIA 1,300 69
Cincinnati Financial 2,200 68
Unitrin 1,700 64
AMBAC 1,000 52
Allmerica Financial 900 50
SAFECO 1,900 47
American National Insurance 700 45
Travelers Property Casualty (Class A) 1,300 45
Professionals Group * 1,705 40
Risk Capital Holdings * 2,700 35
PMI Group 700 34
Transatlantic Holdings 400 31
Horace Mann Educators 1,400 27
Old Republic International 1,900 26
20th Century Industries 1,300 25
Wesco Financial 100 24
Radian Group 500 24
Mercury General 1,000 22
American Financial Group 800 21
Medical Assurance * 880 19
Baldwin & Lyons (Class B) 700 16
Acceptance Insurance * 1,500 9
Symons International Group * 1,000 2
-------------
4,844
-------------
22
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Securities & Asset Management 1.6%
Morgan Stanley Dean Witter 6,700 $ 956
Charles Schwab 9,500 364
Merrill Lynch 4,200 351
Equitable Companies 5,500 186
Goldman Sachs Group 1,600 151
Lehman Brothers 1,400 119
Franklin Resources 3,400 109
Donaldson, Lufkin & Jenrette 1,500 73
Paine Webber 1,800 70
TD Waterhouse Group * 4,200 69
E*TRADE * 2,600 68
Alliance Capital 2,200 66
Bear Stearns 1,527 65
Eaton Vance 1,500 57
Knight Trimark Group * 1,200 55
A.G. Edwards 1,500 48
AmeriTrade * 2,100 46
ReliaStar Financial 1,100 43
Waddell & Reed Financial (Class A) 1,434 39
Federated Investors (Class B) 1,900 38
Phoenix Investment Partners 3,500 28
Legg Mason 700 25
PIMCO Advisors Holdings 600 23
B & L Financial 1,600 22
Pioneer Group * 1,300 20
-------------
3,091
-------------
Thrift Institutions 0.3%
Washington Mutual 6,926 180
Golden West Financial 2,400 80
Staten Island Bancorp 2,600 47
Golden Sate Bancorp * 2,500 43
Washington Federal 2,130 42
Greenpoint Financial 1,400 33
Astoria Financial 1,075 33
Sovereign Bancorp 4,320 32
FSF Financial 2,300 29
St. Francis Capital 1,500 28
Dime Bancorp 1,700 26
23
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
First Financial Bancorp 1,210 $ 25
Harris Financial 3,200 24
People's Bank 1,100 23
Roslyn Bancorp 1,200 22
ISB Financial 1,200 17
Downey Financial 600 12
-------------
696
-------------
Total Financial 25,792
-------------
HEALTH CARE 8.2%
Drugs 5.6%
Merck 27,900 1,871
Bristol-Myers Squibb 23,400 1,502
Pfizer 45,700 1,482
Eli Lilly 12,900 858
Warner-Lambert 10,400 852
Schering-Plough 17,200 726
Amgen * 12,000 720
American Home Products 15,800 623
Immunex * 2,200 241
Perkin-Elmer * 1,200 179
Biogen * 1,900 160
Genentech * 1,100 148
Cardinal Health 3,022 145
Affymetrix * 800 136
MedImmune * 800 133
Chiron * 2,800 119
Alexion Pharmaceutical * 3,200 97
Allergan 1,800 90
McKesson HBOC 3,351 76
Forest Laboratories * 1,100 68
Millennium Pharmaceuticals * 500 61
Gilead Sciences * 1,060 57
Watson Pharmaceuticals * 1,400 50
Sepracor * 500 50
Genzyme * 1,100 49
IVAX * 1,800 46
Transkaryotic Therapies * 1,200 46
24
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Human Genome Sciences * 300 $ 46
Mylan Laboratories 1,700 43
Sigma Aldrich 1,400 42
ICOS * 1,200 35
OXiGENE * 2,200 34
King Pharmaceuticals * 600 34
ICN Pharmaceuticals 1,200 30
Andrx * 700 29
Abgenix * 200 26
Medicis Pharmaceutical * 600 25
Bergen Brunswig 3,000 25
Aviron * 1,500 24
Allscripts 500 22
Jones Pharma 500 22
Enzon * 500 22
Rexall Sundown * 1,900 20
BioCryst Pharmaceuticals * 600 18
Immune Response * 3,800 17
Serologicals * 2,550 15
Albany Molecular Research * 500 15
AmeriSource Health * 1,000 15
Triangle Pharmaceuticals * 1,100 14
Barr Laboratories * 400 13
Noven Pharmaceuticals * 600 11
ONYX Pharmaceuticals * 1,000 10
D&K Healthcare * 500 7
Creative Biomolecules * 1,300 6
ChiRex * 400 6
-------------
11,211
-------------
Medical Products 2.1%
Johnson & Johnson 16,702 1,555
Abbott Laboratories 18,600 675
Medtronic 13,920 507
Baxter International 3,500 220
Guidant * 3,700 174
Boston Scientific * 5,000 109
Stryker 1,400 98
Becton, Dickinson 2,800 75
C. R. Bard 1,300 69
25
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Techne * 1,200 $ 66
Biomet 1,500 60
Patterson Dental * 1,400 60
Arrow International 2,000 57
Bausch & Lomb 800 55
ALZA * 1,400 48
Mallinkrodt 1,500 48
Sybron International * 1,800 44
St. Jude Medical * 1,400 43
VISX * 800 41
IDEC Pharmaceuticals * 400 39
PSS World Medical * 4,100 39
Minimed * 500 37
Aradigm * 3,400 33
Varian Associates 900 27
Beckman Coulter 500 25
Genzyme Surgical Products * 3,096 18
Steris * 1,700 18
Vital Signs 600 14
Analogic 400 13
Nitinol Medical Technology * 2,400 7
-------------
4,274
-------------
Medical Providers & Services 0.5%
Columbia/HCA Healthcare 6,300 185
United HealthCare 2,100 112
Tenet Healthcare * 4,300 101
Health Management (Class A) * 5,200 69
Wellpoint Health Networks * 1,000 66
First Health Group * 2,100 57
PacifiCare Health Systems (Class A) * 900 48
Lincare * 1,100 38
HealthSouth * 6,038 32
Service Corp. International * 4,600 32
Hillenbrand 1,000 32
Universal Health Services * 800 29
Triad Hospitals * 1,831 27
Total Renal Care Holdings * 3,033 20
Curative Technologies * 2,400 19
LifePoint Hospitals * 1,631 19
26
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
HCR Manor Care * 1,100 $ 18
PhyCor * 3,400 6
910
-------------
Total Health Care 16,395
-------------
INDUSTRIAL 5.3%
Defense and Aerospace 0.9%
Honeywell International 9,225 532
Boeing 11,300 470
General Dynamics 2,400 127
Raytheon (Class B) 4,000 106
Lockheed Martin 4,600 101
TRW 1,700 88
Northrop 1,100 59
Howmet International * 2,500 45
Litton Industries * 800 40
B. F. Goodrich 1,340 37
Precision Castparts 1,200 31
United Industrial 2,300 21
Gencorp 1,800 18
-------------
1,675
-------------
Heavy Electrical Equipment 3.5%
GE 9,500 6,113
Emerson Electric 5,200 298
Rockwell International 2,300 110
American Power Conversion * 3,600 95
Cooper Industries 1,300 53
UCAR International * 2,400 43
Thomas & Betts 1,300 41
Cummins Engine 700 34
Hubbell (Class B) 1,100 30
Baldor Electric 1,600 29
Commscope * 700 28
Spectra Physics Lasers * 500 14
LSI Industries 500 11
Regal-Beloit 500 10
Unique Mobility * 2,100 9
-------------
6,918
-------------
27
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Industrial Parts 0.8%
United Technologies 5,802 $ 377
Caterpillar 4,100 193
Textron 1,800 138
Ingersoll-Rand 2,000 110
Parker Hannifin 1,300 67
ITT Industries 1,800 60
Genuine Parts 2,400 60
AAON * 3,400 49
Genlyte Group * 2,200 47
American Standard * 1,000 46
Thomas Industries 2,100 43
Briggs & Stratton 800 43
Tecumseh Products 900 42
Pall 1,900 41
Commercial Intertech 2,900 37
Stanley Works 1,200 36
Ampco Pittsburgh 2,800 28
Pentair 600 23
Cymer * 500 23
Crane 1,100 22
Snap-On 800 21
Aviation Sales * 1,200 20
Graco 500 18
Helix Technology 400 18
Zoltek * 2,000 17
Kennametal 500 17
Watts Industries (Class A) 800 12
Tokheim Corp * 2,900 11
CIRCOR International * 800 8
Waterlink * 300 1
-------------
1,628
-------------
Heavy Machinery 0.1%
Deere 2,900 126
Trinity Industries 1,500 43
NACCO Industries (Class A) 300 17
JLG Industries 900 14
Terex * 400 11
Titan International 1,600 10
28
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Tennant 300 $ 10
231
-------------
Total Industrial 10,452
-------------
RETAIL 5.9%
Clothing Stores 0.6%
The Gap 10,350 476
Intimate Brands 3,025 130
The Limited 2,600 113
TJX 3,900 80
Nordstrom 2,000 52
Abercrombie & Fitch (Class A) * 1,616 43
Footstar * 1,200 37
Neiman Marcus Group * 1,000 28
Ross Stores 1,400 25
American Eagle Outfitters * 500 22
Talbots 500 22
Payless Shoesource * 400 19
Venator Group * 2,500 18
Gadzooks * 1,800 17
AnnTaylor Stores * 400 14
Burlington Coat Factory 800 11
Goody's Family Clothing * 1,600 9
Too * 357 6
-------------
1,122
-------------
Grocery Stores 0.4%
Safeway * 6,200 220
Kroger * 10,100 191
Albertson's 5,290 171
Whole Foods Market * 1,100 51
Food Lion 2,434 49
Winn-Dixie 1,800 43
Weis Markets 500 22
A & P 600 17
Ruddick 1,000 15
-------------
779
-------------
Department Stores 2.4%
Wal-Mart 53,400 3,691
Dayton Hudson 5,300 389
29
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Kohl's * 2,000 $ 145
Sears 4,300 131
Federated Department Stores * 2,300 116
May Department Stores 3,450 111
Kmart * 6,600 67
J.C. Penney 3,100 62
Family Dollar Stores 2,600 43
Dillards 1,700 34
Value City Dept Stores * 2,200 33
Saks * 2,075 32
ShopKo Stores * 900 21
Ames Department Stores * 700 20
Neiman Marcus Group * 150 4
-------------
4,899
-------------
Specialty Retail 2.5%
Home Depot 27,750 1,903
Walgreen 12,100 354
Amazon.com * 4,000 305
Lowes 4,500 269
Costco Wholesale * 2,700 246
CVS 4,700 188
Best Buy * 2,500 125
Tandy 2,400 118
Circuit City Stores 2,500 113
Staples * 5,250 109
CDW Computer Centers * 1,200 94
Tiffany & Company 1,000 89
Dollar General 3,400 77
Bed Bath & Beyond * 2,000 69
AutoZone * 2,000 65
BJ's Wholesale Club * 1,700 62
PriceSmart * 1,500 59
Cost Plus * 1,500 53
Office Depot * 4,600 50
Dollar Tree Stores * 1,000 48
Toys "R" Us * 3,300 47
Rite Aid 4,200 47
Chemdex * 400 44
Lands' End * 1,100 38
Williams-Sonoma * 800 37
30
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Drugstore.com * 1,000 $ 36
etoys * 1,300 34
Linens 'n Things * 1,000 30
ValueVision International (Class A) * 500 29
Miami Computer Supply * 750 28
Bandag 1,000 25
Barnes & Noble * 1,200 25
Jo Ann Stores * 2,200 25
Zale * 500 24
Consolidated Stores * 1,400 23
Insight Enterprises * 500 20
Tweeter Home Entertainment Group * 500 18
Stamps.com * 400 17
Direct Focus * 600 17
O'Reilly Automotive * 700 15
OfficeMax * 2,600 14
RoweCom * 300 14
Spiegel (Class A) * 1,700 12
Gymboree * 2,000 11
Alloy Online * 500 8
5,034
-------------
Total Retail 11,834
-------------
TECHNOLOGY 30.7%
Computer Makers 2.8%
Dell Computer * 30,600 1,560
Sun Microsystems * 18,800 1,455
Hewlett-Packard 12,300 1,401
COMPAQ Computer 20,578 557
Gateway 2000 * 3,700 267
Apple Computer * 2,100 216
Silicon Graphics * 4,200 41
MMC Networks * 1,000 34
Digital Lightwave * 400 26
-------------
5,557
-------------
Communication Equipment 3.8%
Lucent Technologies 37,558 2,810
QUALCOMM * 7,600 1,338
Motorola 7,300 1,075
31
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Qwest Communications International * 8,900 $ 382
Tellabs * 4,800 308
Sycamore Networks * 900 274
General Instrument * 2,400 204
ADC Telecommunications * 1,800 131
Comverse Technology * 800 116
Aspect Telecommunications * 2,600 102
CIENA * 1,700 98
Cognitronics * 5,100 86
Scientific-Atlanta 1,100 61
Inter-Tel 2,100 52
PairGain Technologies * 3,200 45
Advanced Fibre Communications * 1,000 45
Plantronics * 600 43
Sawtek * 600 40
P-COM * 4,300 38
Harmonic Lightwaves * 400 38
Harris 1,400 37
Intervoice * 1,469 34
Efficient Networks * 400 27
ADTRAN * 500 26
Polycom * 400 26
Terayon Communication Systems * 300 19
Tekelec * 700 16
ANTEC * 400 15
Ditech Communications * 100 9
-------------
7,495
-------------
Miscellaneous Computer Hardware 1.5%
EMC * 12,243 1,338
Foundry Networks * 700 211
Xerox 7,600 172
Network Appliance * 2,000 166
Lexmark International Group (Class A) * 1,500 136
Pitney Bowes 2,600 126
Seagate Technology * 2,600 121
Symbol Technologies 1,800 114
RSA Security * 1,400 109
Brocade Communications Systems * 600 106
Advanced Digital Info * 2,100 103
32
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Zebra Technologies (Class A) * 1,500 $ 87
Tech Data * 1,600 43
Sandisk * 300 29
Franklin Electric * 4,800 29
Storage Technology * 1,400 26
Crossroads Systems * 300 25
Interlink Electronics * 400 23
Quantum * 1,500 23
Ingram Micro * 1,600 21
Diebold 800 19
Daisytek International * 700 16
Ikon Office Solutions 2,200 15
Procom Technology * 400 10
Western Digital * 2,100 9
Lanier Worldwide * 1,400 5
Quantum Hard Disk Drive Group * 750 5
-------------
3,087
-------------
Computer Communications Equipment 2.6%
Cisco Systems * 39,100 4,187
3Com * 4,200 197
Juniper Networks * 500 170
Emulux * 1,200 135
Adaptec * 2,600 130
Cabletron Systems * 2,500 65
Electronics for Imaging * 800 47
Extreme Networks * 500 42
Alteon WebSystems * 400 35
Ancor Communications * 400 27
Aironet Wireless Communication * 400 27
Netopia * 400 22
Gadzoox Networks * 400 17
Paradyne Networks * 400 11
-------------
5,112
-------------
Computer Software 9.7%
Microsoft * 62,100 7,248
IBM 21,600 2,333
Oracle * 17,000 1,905
VERITAS Software * 3,050 436
Computer Associates 6,000 420
33
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
i2 Technologies * 1,300 $ 253
BMC Software * 2,900 232
BEA Systems * 3,000 210
Siebel Systems * 2,200 185
Commerce One * 900 177
Compuware * 4,600 171
Broadvision * 1,000 170
Citrix Systems * 1,300 160
Novell * 3,800 152
Intuit * 2,400 144
Inktomi * 1,600 142
Legato Systems * 2,000 138
Liberate Technologies * 500 128
J. D. Edwards * 4,100 123
Vignette * 700 114
Portal Software * 1,100 113
Unisys * 3,400 109
RealNetworks * 900 108
Adobe Systems 1,600 108
TIBCO Software * 700 107
Sapient * 700 99
Safeguard Scientifics * 600 97
Parametric Technology * 3,500 95
Vitria Technology * 400 94
Cadence Design Systems * 3,800 91
Redback Networks * 500 89
Macromedia * 1,200 88
Ardent Software * 2,200 85
Phone.com * 700 81
PeopleSoft * 3,800 81
Synopsys * 1,200 80
Checkfree Holdings * 700 74
Network Associates * 2,600 69
Electronic Arts * 800 67
Midway Games * 2,739 66
Agile Software * 300 65
Cerner * 3,200 63
USInternetworking * 900 63
Rational Software * 1,200 59
34
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Software.com * 600 $ 57
Mercury Interactive * 500 54
Integrated Systems * 1,600 54
NCR * 1,400 53
Great Plains Software * 700 52
Cacheflow * 400 52
Visio * 1,100 52
Art Technology Group * 400 52
Peregrine Systems * 600 50
Quest Software * 500 50
ISS Group * 700 50
Interwoven * 400 49
Razorfish * 500 48
Intertrust Technologies * 400 47
iXL Enterprises * 800 44
Sterling Commerce * 1,300 44
Hyperion Solutions * 970 42
VA Linux Systems * 200 41
Symantec * 700 41
USWeb * 900 40
Clarify * 300 38
Netzero * 1,400 38
Retek * 500 38
Active Software * 400 37
Mentor Graphics * 2,800 37
Engage Technologies * 600 36
Inet Technologies * 500 35
Bluestone Software * 300 34
F5 Networks * 300 34
Micromuse * 200 34
MetaSolv Software * 400 33
Predictive Systems * 500 33
Silknet Software * 200 33
Akamai Technologies * 100 33
HNC Software * 300 32
SeaChange International * 900 32
Sterling Software * 1,000 32
S1 Corporation * 400 31
LHS Group * 1,200 29
35
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Allaire * 200 $ 29
Momentum Business Applications * 3,746 29
H.T.E. * 4,900 29
Progress Software * 500 28
Policy Management Systems * 1,100 28
Mission Critical Software * 400 28
Open Market * 600 27
National Computer Systems 700 26
SABRE Group Holdings * 500 26
InterWorld * 300 26
Informix * 2,200 25
Ansoft * 4,000 24
Acxiom * 1,000 24
SilverStream Software * 200 24
Clarent * 300 23
National Instruments * 600 23
Quintus * 500 23
Broadbase Software * 200 22
Concord Communications * 500 22
Evans & Sutherland Computer * 1,900 22
Vialink * 600 22
Informatica * 200 21
MicroStrategy (Class A) * 100 21
Packeteer * 300 21
BindView Development * 400 20
Netsolve * 600 19
Wind River Systems * 500 18
Rare Medium Group * 500 17
Lightbridge * 600 17
Unify * 600 17
Accrue Software * 300 16
MapInfo * 400 15
New Era Of Networks * 300 14
SPSS * 500 13
eSoft * 400 12
CFI Proservices * 1,400 11
4Front Technologies * 800 11
Phoenix International * 2,400 10
Norstan * 1,000 6
-------------
19,322
-------------
36
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Electronic Equipment 1.8%
Solectron * 3,920 $ 373
Corning 2,600 335
Level 3 Communications * 3,900 319
PE Biosystems 1,600 192
Agilent Technologies * 2,300 178
Molex 2,600 147
KLA-Tencor * 1,300 145
Dover 2,500 113
KEMET * 2,500 113
Teradyne * 1,600 106
Metromedia Fiber Network * 2,000 96
Jabil Circuit * 1,300 95
C-Cube Microsystems * 1,400 88
Vishay Intertechnology * 2,537 80
Meade Instruments * 2,500 71
Cognex * 1,800 70
Danaher 1,400 68
SCI Systems * 800 66
Thermo Electron * 4,100 61
Sensormatic Electronics * 3,400 59
Eaton 800 58
Johnson Controls 1,000 57
American Tower Systems (Class A) * 1,800 55
AVX 1,100 55
Sanmina * 500 50
Amphenol * 700 47
Andrew * 2,300 43
Waters * 800 42
Ultratech Stepper * 2,600 42
Telecorp PCS * 1,000 38
ACT Manufacturing * 950 36
Kimball International 2,100 35
Cobalt Networks * 300 32
Advanced Energy Industries * 600 30
Optical Coating Laboratory 100 29
Copper Mountain * 600 29
General Cable 3,400 26
JPM Company * 3,100 25
37
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
SPX * 300 $ 24
Wink Communications * 400 24
Varian * 900 20
Tektronix 500 19
X-Rite 3,000 19
EMS Technologies * 1,600 18
Napco Security Systems * 1,800 6
Bioanalytical systems * 1,400 4
Robotic Vision Systems * 400 4
-------------
3,642
-------------
Information Services 4.1%
America Online * 27,000 2,037
Yahoo! * 3,186 1,379
Automatic Data Processing 7,500 404
Electronic Data Systems 5,600 375
First Data 5,000 247
Ariba * 1,200 213
Exodus Communications * 2,200 195
Computer Sciences * 2,000 189
e-Bay * 1,500 188
InfoSpace.com * 800 171
At Home * 3,950 170
Red Hat * 800 169
Internap Network Services * 700 121
Network Solutions (Class A) * 500 109
Lycos * 1,300 103
CareInsite * 1,200 97
priceline.com * 1,800 85
DST Systems * 1,000 76
Convergys * 2,400 74
Sykes Enterprises * 1,600 70
Scient * 800 69
Homestore.com * 900 67
Verticalnet * 400 65
FIserv * 1,650 63
CNET * 1,100 62
Kana Communications * 300 62
Total Systems Services 3,300 54
GoTo.com * 900 53
38
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
PSINet * 800 $ 49
Galileo International 1,600 48
SunGard Data Systems * 2,000 48
Critical Path * 500 47
Verio * 1,000 46
Telescan * 1,700 42
Healtheon * 1,100 41
PurchasePro.com * 300 41
Viant * 400 39
Keane * 1,200 38
Proxicom * 300 37
MindSpring Enterprises * 1,300 34
Ask Jeeves * 300 34
Cognizant Technology Solutions * 300 33
Affiliated Computer Services (Class A) * 700 32
MP3.com * 1,000 32
QRS * 300 32
Shared Medical Systems 600 31
Navisite * 300 30
LookSmart Limited * 1,100 30
Earthlink Network * 700 30
Keynote Systems * 400 29
StarMedia Network * 700 28
CIBER * 1,000 28
US Interactive * 630 27
Go2Net * 300 26
BISYS Group * 400 26
Flycast Communications * 200 26
Breakaway Solutions * 300 22
AppNet Systems * 500 22
Calico Commerce * 400 21
Intervu * 200 21
Perot Systems * 1,100 21
SportsLine USA * 400 20
Loislaw * 500 20
National Information Consortium * 600 19
Interliant * 700 18
Pegasus Systems * 300 18
AnswerThink Consulting Group * 520 18
39
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Pivotal * 400 $ 17
AppliedTheory * 600 17
Technology Solutions * 500 16
Lionbridge Technologies * 800 15
Metro Information Services * 600 14
High Speed Access * 800 14
iVillage * 600 12
-------------
8,276
-------------
Semiconductor Capital Equipment 0.4%
Applied Materials * 4,400 557
Novellus Systems * 900 110
Lam Research * 500 56
Pri Automation * 500 33
Varian Semiconductor Equipment * 900 31
Kulicke & Soffa * 300 13
-------------
800
-------------
Semiconductors 4.0%
Intel 40,145 3,303
Texas Instruments 9,500 920
JDS Uniphase * 2,600 419
Micron Technology * 3,200 249
Analog Devices * 2,200 205
Xilinx * 4,000 182
Broadcom * 600 163
LSI Logic * 2,400 162
Maxim Integrated Products * 3,200 151
Conexant Systems * 2,200 146
Linear Technology 1,800 129
Vitesse Semiconductor * 2,400 126
E Tek Dynamics * 900 121
Altera * 2,400 119
RF Micro Devices * 1,400 96
National Semiconductor * 2,100 90
SDL * 400 87
Atmel * 2,800 83
Arrow Electronics * 3,200 81
Applied Micro Circuits * 600 76
Rainbow Technologies * 2,900 67
QLogic * 400 64
40
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Finisar * 600 54
International Rectifier * 1,900 49
Amkor Technology * 1,600 45
Burr Brown * 1,200 43
Avnet 700 42
Advanced Micro Devices * 1,400 41
Richardson Electronics 5,400 41
Perkinelmer 900 38
Supertex * 1,800 36
DII Group * 500 35
Microchip Technology * 500 34
Cree Research * 400 34
Micro Linear * 3,800 33
Cypress Semiconductor * 1,000 32
Integrated Device Technology * 1,100 32
Semtech * 600 31
DuPont Photomasks * 600 29
Micrel * 500 29
Power Integrations * 500 24
TriQuint Semiconductor * 200 22
Transwitch * 300 22
Maker Communications * 500 21
Fairchild Semiconductor International * 700 21
Rambus * 300 20
JNI * 300 20
Globespan Semiconductor * 300 19
Lattice Semiconductor * 400 19
Cohu 600 19
REMEC * 600 15
Integrated Silicon Solution * 900 15
-------------
7,954
-------------
Total Technology 61,245
-------------
TELECOMMUNICATIONS 6.8%
Wireless Communications 1.0%
Sprint PCS * 4,700 482
Nextel Communications * 4,200 433
ALLTEL 3,300 273
41
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Omnipoint * 1,400 169
Voicestream Wireless * 1,100 156
U. S. Cellular * 1,300 131
Aerial Communications * 2,000 122
Telephone and Data Systems 900 113
Associated Group * 700 64
Powertel * 400 40
Triton PCS Holdings * 600 27
Aether Systems * 300 22
Rural Cellular (Class A) * 200 18
Tritel * 300 9
-------------
2,059
-------------
Telephone 5.8%
SBC Communications 40,597 1,979
AT&T 38,436 1,951
MCI WorldCom * 34,140 1,811
Bell Atlantic 18,700 1,151
BellSouth 22,000 1,030
GTE 11,700 826
Sprint 10,300 693
US West 6,138 442
NTL * 1,250 156
McLeod USA * 2,000 118
Broadwing * 3,048 112
GTS * 2,600 90
Next Level Communications * 1,200 90
Centurytel 1,875 89
NEXTLINK Communications * 1,000 83
Allegiance Telecom * 900 83
Intermedia Communications * 2,100 81
Citizens Utilities * 5,440 77
Winstar Communications * 900 68
Covad Communications Group * 1,200 67
Commonwealth Telephone Enterprises * 1,100 58
Emmis Broadcasting * 3,000 53
Northpoint Comunications * 1,600 38
Rhythms Netconnections * 1,200 37
Viatel * 600 32
Williams Communications Group * 1,100 32
42
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Illuminet Holdings * 500 $ 27
General Communication * 5,400 23
E Spire * 4,000 23
ITC Deltacom * 800 22
Focal Communications * 900 22
Pacific West Telecommunications * 760 20
Time Warner Telecom (Class A) * 400 20
ITXC * 500 17
US LEC * 500 16
Emmis Broadcasting, Rights, 2/12/00 * 60 0
-------------
11,437
-------------
Total Telecommunications 13,496
-------------
TRANSPORTATION 0.8%
Airlines 0.2%
AMR * 1,800 121
Southwest Airlines 6,425 104
Delta 1,700 85
Continental Airlines * 900 40
Alaska Air Group * 1,000 35
UAL * 400 31
Atlas Air * 1,100 30
Mesaba Holdings * 2,550 30
USAir * 700 22
TWA * 3,500 10
-------------
508
-------------
Railroads 0.3%
Burlington Northern Santa Fe 5,500 133
Union Pacific 3,000 131
Kansas City Southern Industries 1,700 127
Norfolk Southern 4,700 96
CSX 2,600 81
Wisconsin Central Transport * 2,000 27
Westinghouse Air Brake 825 15
-------------
610
-------------
Trucking, Shipping, Air Freight 0.3%
FDX * 3,600 147
United Parcel Service 1,300 90
C.H. Robinson Worldwide 1,100 44
43
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Expeditors International of Washington 700 $ 31
U.S. Xpress Enterprises * 3,900 29
Werner Enterprises 2,025 28
M.S. Carriers * 1,100 26
Overseas Shipholding Group 1,600 24
Eagle USA Air Freight * 450 20
Alexander & Baldwin * 800 18
USA Truck * 2,200 17
CNF Transportation 500 17
Circle International Group 600 13
Airbourne Freight 600 13
-------------
517
-------------
Total Transportation 1,635
-------------
UTILIITES 2.0%
Electric Utilities 1.6%
Duke Energy 4,400 221
Southern 7,500 176
AES * 2,300 172
Texas Utilities 3,300 117
Consolidated Edison 2,800 97
Edison International 3,500 92
Dominion Resources 2,300 90
PG&E 4,400 90
FPL Group 2,100 90
Unicom 2,600 87
Public Service Enterprise 2,500 87
PECO Energy 2,200 76
Constellation Energy Group 2,600 75
Entergy 2,800 72
FirstEnergy 3,100 70
American Electric Power 2,100 67
Northeast Utilities * 3,100 64
Central and South West 2,900 58
CINergy 2,400 58
Carolina Power & Light 1,900 58
Montana Power 1,600 58
CMS Energy 1,700 53
44
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Florida Progress 1,200 $ 51
Midamerica Energy Holdings 1,500 51
PP&L Resources 2,200 50
Sempra Energy 2,851 50
Ameren 1,500 49
New Century Energies 1,600 49
DQE 1,400 49
Teco Energy 2,600 48
GPU 1,500 45
DTE Energy 1,400 44
Unisource Energy * 3,900 44
Niagara Mohawk * 3,100 43
Northern States Power 2,200 43
WPS Resources 1,600 40
UNITIL Corp 1,100 39
Calpine * 600 38
DPL 2,100 36
Illinova 1,000 35
IPALCO Enterprises 2,000 34
Nstar 800 32
Allegheny Energy 1,200 32
NiSource 1,800 32
Potomac Electric Power 1,400 32
Western Resources 1,700 29
Pinnacle West Capital 900 28
Alliant 1,000 28
Wisconsin Energy 1,400 27
Energy East 1,200 25
SCANA 900 24
Conectiv 1,300 22
UtiliCorp United 1,100 21
Rochester Gas & Electric 800 16
Sierra Pacific Resources 900 16
-------------
3,230
-------------
Gas Utilities 0.4%
El Paso Energy 3,300 128
Consolidated Natural Gas 1,200 78
MCN 2,300 55
Columbia Gas System 850 54
45
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Marketspan 2,200 51
National Fuel Gas 1,000 46
LG&E Energy 2,301 40
Kinder Morgan 1,900 38
American Water Works 1,800 38
WICOR 1,300 38
Aquarion 650 24
NICOR 700 23
Laclede Gas 1,000 22
Azurix * 2,300 21
Southern Union * 1,046 20
Questar 1,300 19
Eastern Enterprises 300 17
Washington Gas Light 600 17
-------------
729
-------------
Total Utiliites 3,959
-------------
MISCELLANEOUS 0.2%
Reliant Energy 3,800 87
Transocean Sedco Forex 2,575 87
E.piphany * 300 67
Crown Castle International * 1,900 61
Webvan Group * 1,500 24
Santa Fe Snyder * 2,700 22
Be Free * 300 22
Silicon Image * 300 21
Vornado Operating * 3,435 21
Sodexho Marriott Services 1,350 17
Evercel * 666 17
-------------
Total Miscellaneous 446
-------------
Total Common Stocks and Rights (Cost $157,885) 190,556
-------------
46
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Short-Term Investments 4.7%
U.S. Government Obligations 0.2%
U.S. Treasury Bills, 5.50%, 6/22/00 $ 450,000 $ 439
-------------
439
-------------
Money Market Funds 4.5%
Reserve Investment Fund, 6.16% # 9,043,425 9,043
-------------
9,043
-------------
Total Short-Term Investments (Cost $9,482) 9,482
-------------
Total Investments in Securities
100.3% of Net Assets (Cost $167,367) $ 200,038
Futures Contracts
In thousands
Contract Unrealized
Expiration Value Gain (Loss)
---------- ----- -----------
Long, 5 Midcap 400 Stock
Index contracts, $50,000
of U.S. Treasury Bills
pledged as initial margin 3/00 $ 1,123 $ 48
Long, 4 Russell 2000
Stock Index contracts,
$50,000 of U.S. Treasury
Bills pledged as
initial margin 3/00 1,020 77
Long, 18 Standard &
Poor's 500 Stock Index
contracts, $350,000 of
U.S. Treasury Bills
pledged as initial margin 3/00 6,679 204
Net payments (receipts)
of variation margin to date (288)
------------
Variation margin receivable
(payable) on open futures contracts 41
Other Assets Less Liabilities (652)
-------------
47
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
Value
- --------------------------------------------------------------------------------
In thousands
NET ASSETS $ 199,427
--------------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 35
Accumulated net realized gain/loss - net of distributions 361
Net unrealized gain (loss) 33,000
Paid-in-capital applicable to 13,505,699 shares of $0.0001 par
value capital stock outstanding; 1,000,000,000 shares of the
Corporation authorized 166,031
--------------
NET ASSETS $ 199,427
--------------
NET ASSET VALUE PER SHARE $ 14.77
--------------
# Seven-day yield
* Non-income producing
REIT Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
48
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
- -----------------------
STATEMENT OF OPERATIONS Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Year
Ended
12/31/99
Investment Income (Loss)
Income
Dividend $ 1,509
Interest 257
-------------
Total income 1,766
Expenses
Investment management and administrative 512
-------------
Net investment income (loss) 1,254
-------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 1,137
Futures 494
-------------
Net realized gain (loss) 1,631
-------------
Change in net unrealized gain or loss
Securities 26,505
Futures 217
-------------
Change in net unrealized gain or loss 26,722
-------------
Net realized and unrealized gain (loss) 28,353
-------------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 29,607
-------------
The accompanying notes are an integral part of these financial statements.
49
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
- ----------------------------------
STATEMENT OF CHANGES IN NET ASSETS Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Year 1/30/98
Ended Through
12/31/99 12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 1,254 $ 375
Net realized gain (loss) 1,631 110
Change in net unrealized gain or loss 26,722 6,278
----------------------------
Increase (decrease) in net assets from
operations 29,607 6,763
----------------------------
Distributions to shareholders
Net investment income (1,186) (408)
Net realized gain (1,380) -
----------------------------
Decrease in net assets from
distributions (2,566) (408)
----------------------------
Capital share transactions *
Shares sold 142,153 62,656
Distributions reinvested 2,464 395
Shares redeemed (33,469) (8,207)
Redemption fees received 28 11
----------------------------
Increase (decrease) in net assets from
capital share transactions 111,176 54,855
----------------------------
Net Assets
Increase (decrease) during period 138,217 61,210
Beginning of period 61,210 -
----------------------------
End of period $ 199,427 $ 61,210
----------------------------
* Share information
Shares sold 10,836 5,742
Distributions reinvested 182 34
Shares redeemed (2,535) (753)
----------------------------
Increase (decrease) in shares outstanding 8,483 5,023
The accompanying notes are an integral part of these financial statements.
50
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
December 31, 1999
- -----------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Index Trust, Inc. (the corporation) is registered under the
Investment Company Act of 1940. The Total Equity Market Index Fund (the fund), a
diversified, open-end management investment company, is one of the portfolios
established by the corporation and commenced operations on January 30, 1998.
The accompanying financial statements are prepared in accordance with generally
accepted accounting principles for the investment company industry; these
principles may require the use of estimates by fund management.
Valuation Equity securities listed or regularly traded on a securities exchange
are valued at the last quoted sales price on the day the valuations are made. A
security which is listed or traded on more than one exchange is valued at the
quotation on the exchange determined to be the primary market for such security.
Listed securities not traded on a particular day and securities regularly traded
in the over-the-counter market are valued at the mean of the latest bid and
asked prices. Other equity securities are valued at a price within the limits of
the latest bid and asked prices deemed by the Board of Directors, or by persons
delegated by the Board, best to reflect fair value.
Short-term debt securities are valued at amortized cost which, when combined
with accrued interest, approximates fair value.
Investments in mutual funds are valued at the closing net asset value per share
of the mutual fund on the day of valuation. Financial futures contracts are
valued at closing settlement prices.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
Premiums and Discounts Premiums and discounts on debt securities are amortized
for both financial reporting and tax purposes.
Other Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses are
reported on the identified cost basis. Dividend income and distributions to
shareholders are recorded by the fund on the ex-dividend date. Income and
51
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
capital gain distributions are determined in accordance with federal income tax
regulations and may differ from those determined in accordance with generally
accepted accounting principles. Payments ("variation margin") made or received
by the fund to settle the daily fluctuations in the value of 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 December 31, 1999, the fund was a party to futures
contracts, which provide for the future sale by one party and purchase by
another of a specified amount of a specific financial instrument at an agreed
upon price, date, time, and place. Risks arise from possible illiquidity of the
futures market and from movements in security values.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $108,715,000 and $3,923,000, respectively, for the year
ended December 31, 1999.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of its
taxable income.
At December 31, 1999, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled $167,367,000.
Net unrealized gain aggregated $32,671,000 at period end, of which $45,779,000
related to appreciated investments and $13,108,000 to depreciated investments.
52
<PAGE>
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 $106,000 was payable at December 31, 1999. 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 year ended December 31, 1999, totaled $246,000
and are reflected as interest income in the accompanying Statement of
Operations.
53
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
- ---------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Board of Directors of T. Rowe Price Index Trust, Inc. and
Shareholders of T. Rowe Price Total Equity Market Index Fund
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
T. Rowe Price Total Equity Market Index Fund (one of the portfolios comprising
T. Rowe Price Index Trust, Inc., hereafter referred to as the "Fund") at
December 31, 1999, and the results of its operations, the changes in its net
assets and the financial highlights for each of the fiscal periods presented, in
conformity with accounting principles generally accepted in the United States.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States, which require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 1999 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Baltimore, Maryland
January 20, 2000
54
<PAGE>
T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- --------------------------------------------------------------------------------
- -----------------------------------------------------------
TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/99
- --------------------------------------------------------------------------------
We are providing this information as required by the Internal Revenue Code. The
amounts shown may differ from those elsewhere in this report because of
differences between tax and financial reporting requirements.
The fund's distributions to shareholders included:
. $844,000 from short-term capital gains,
. $536,000 from long-term capital gains, subject to the 20% rate gains category.
For corporate shareholders, $1,411,000 of the fund's distributed income and
short-term capital gains qualified for the dividends-received deduction.
55
<PAGE>
For fund and account information Walk-In Investor Centers:
or to conduct transactions, For directions, call 1-800-225-5132
24 hours, 7 days a week or visit our Web site
By touch-tone telephone
Tele*Access 1-800-638-2587 Baltimore Area
By Account Access on the Internet Downtown
www.troweprice.com/access 101 East Lombard Street
Owings Mills
For assistance Three Financial Center
with your existing 4515 Painters Mill Road
fund account, call:
Shareholder Service Center Boston Area
1-800-225-5132 386 Washington Street
Wellesley
To open a brokerage account
or obtain information, call: Colorado Springs
1-800-638-5660 4410 ArrowsWest Drive
Internet address: Los Angeles Area
www.troweprice.com Warner Center
21800 Oxnard Street, Suite 270
Plan Account Lines for retirement Woodland Hills
plan participants:
The appropriate 800 number appears Tampa
on your retirement account statement. 4200 West Cypress Street
10th Floor
T. Rowe Price Associates
100 East Pratt Street Washington, D.C.
Baltimore, Maryland 21202 900 17th Street N.W.
Farragut Square
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.
[LOGO OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor. F23-050 12/31/99
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