<PAGE>
Semiannual Report
EQUITY
MARKET
INDEX FUNDS
JUNE 30, 2000
T. ROWE PRICE
<PAGE>
Report Highlights
--------------------------------------------------------------------------------
Equity Market Index Funds
. A volatile equity market produced broadly mixed results during the first
half of 2000.
. After five years of outstanding gains, the Equity Index 500 Fund posted a
modest loss in the first half.
. In keeping with its benchmark, the Total Equity Market Index Fund had a
small negative return for the half year.
. The Extended Equity Market Index Fund enjoyed a slightly positive return in
a difficult period.
. Corporate earnings are strong, but stock valuations remain high and
above-average volatility could continue.
UPDATES AVAILABLE
For updates on T. Rowe Price funds following the end of each calendar quarter,
please see our Web site at www.troweprice.com.
<PAGE>
FELLOW SHAREHOLDERS
The Federal Reserve continued to raise interest rates during the six months
ended June 30, 2000, in an effort to slow a fast-paced economy. After nearly a
year of ignoring the effects of rate hikes, investors finally reacted, selling
off more-speculative technology investments and rotating through the stocks of
companies that appeared to have more solid short-term prospects. The activity
heightened volatility, spurring large single-day gains and losses among stocks
and indices. By the end of the period, the funds' benchmarks had all posted weak
results.
MARKET ENVIRONMENT
The past six months were a roller-coaster ride in the equity markets. The year
started with renewed concerns about the economy overheating, as first-quarter
GDP growth steamed ahead at a 5.4% rate. The Fed indicated that it viewed this
growth as unsustainable and inflationary, and indeed, signs of inflation became
evident in labor costs and basic goods. The central bank responded by raising
the federal funds target rate three times in the first half of 2000 by a total
of 100 basis points (which is equivalent to a full percent), the most recent
move being a 50-basis-point hike on May 16. Since beginning its tightening
program in early 1999, the Fed has raised short-term rates by 175 basis points,
to 6.5%.
With rates rising and signs of inflation still surfacing, investors became
troubled that even more rate hikes might be in store and seemed increasingly
uncomfortable with the high valuations on speculative companies.
Technology-related firms that offered more promise than profits--generally the
market's biggest winners in 1999--sold off sharply in March, April, and May of
2000. The software segment of the tech universe was particularly deflated by
Microsoft's antitrust battles with the Justice Department.
Because so much investor attention has lately been focused on technology-related
industries, the market as a whole weakened in sync with the dramatic tech
sell-off. For example, many banks and other financials sagged as rates rose, and
major retailers struggled as
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WILSHIRE 5000 RETURNS BY SECTOR
Periods Ended 6/30/00 6 Months 12 Months
--------------------------------------------------------------------------------
Basic Materials -21.14% -19.91%
Business Services -7.25 -13.40
Consumer Discretionary -4.04 2.95
Consumer Nondurables -6.77 -13.61
Durable Goods -6.97 -16.19
Energy 12.72 11.35
Financial -1.98 -9.93
Health Care 23.75 18.07
Industrial -2.28 8.59
Miscellaneous 32.84 16.63
Retail -15.00 -8.02
Technology 0.02 40.95
Telecommunications -12.33 -8.23
Transportation -4.53 -17.20
Utilities 8.81 -2.09
investors feared that higher rates would dampen consumer spending. However, the
market's decline didn't last. In the wake of the 50-basis-point hike in May and
tamer economic reports in June, investors grew more confident that the Fed was
nearing the end of its tightening program, and pushed stock prices up again in a
variety of industries.
This time, however, investors were more selective. When tech stocks rebounded
strongly in June, for example, the winners tended to be stable companies with
strong earnings and cash flow, while firms with less attractive prospects
bottomed out. The trend was noticeable in the telecommunications field, as
equipment makers surged on tremendous demand for their products, but service
providers, such as the baby bells, slid as their earnings came under pressure.
Likewise in other areas of the market, investors preferred more moderately
priced stocks with reliable, if not spectacular, earnings growth projections.
For this reason, pharmaceuticals and selected consumer issues did well. The
excitement surrounding the Human Genome Project also increased interest in the
biotechnology sector. Financial services rebounded as the rate environment
stabilized.
While value stocks in general underperformed growth stocks, some lower-priced
issues with positive prospects benefited from renewed investor focus on
valuation. The stock prices of companies in the energy sector, for example,
rallied on high oil prices. Moderately priced insurance stocks also advanced as
a whole.
Major market trends largely canceled one another out, leading to mostly flat
returns. A larger concern for us was the extreme day-to-day
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PORTFOLIO CHARACTERISTICS
Extended
Equity Total Equity Equity
As of 6/30/00 Index 500 Market Index Market Index
--------------------------------------------------------------------------------
Market Cap
(Investment-
Weighted Median) $91.3 billion $45.8 billion $2.6 billion
Earnings Growth
Rate Estimated
Next 5 Years* 14.7% 15.8% 25.0%
P/E Ratio (Based
on Next 12 Months'
Estimated Earnings) 30.0X 33.5X 55.9X
*Forecasts are based on T. Rowe Price research and are in no way an indication
of future investment returns.
volatility within the markets. We have noted in past reports that the number of
days in which the Standard & Poor's 500 Stock Index moves up or down 1% or more
has risen dramatically in recent years. In 1995, only 5% of the trading days
resulted in such a large move; by 1998, that proportion was above 30%, and in
the first half of 2000, it was 42%. It is important to maintain a long-term
perspective when going through times of such extensive daily price fluctuations.
EQUITY INDEX 500 FUND
For the six months ended June 30, 2000, your fund posted a return of -0.54%.
Reflecting a strong rally in 1999, its 12-month return was 6.97%. These outcomes
closely tracked those of the S&P 500, trailing slightly because of the fund's
annual operating and management expenses, which the index does not incur.
----------------------
PERFORMANCE COMPARISON
--------------------------------------------------------------------------------
Periods Ended 6/30/00 6 Months 12 Months
--------------------------------------------------------------------------------
Equity Index 500 Fund -0.54% 6.97%
S&P 500 -0.43 7.24
At 33% of assets (up from 30% in December), technology stocks continued to
dominate the performance of the index and your fund. Technology's spectacular
nosedive in the spring, and its equally stunning late-period rally, certainly
added drama to the period, but ultimately the sector's results were mostly flat.
Internet stocks gave back much of their 1999 gains. Yahoo! and America Online
led the decline with losses of 42.75% and 30.16%, respectively. However, a
select group of the larger, more financially
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sound tech stocks bucked the trend, with semiconductors leading the sector.
Among the top-performing semiconductor holdings were Intel (up 62.55%), Micron
Technology (126.53%), and Advanced Micro Devices (166.95%). Software companies
suffered persistent losses, spurred by the antitrust penalties being proposed
for Microsoft. Not surprisingly, Microsoft was the largest detractor from fund
performance during the period.
Health care stocks performed best of all sectors and added much to performance.
Pharmaceuticals were especially strong, as investors were drawn to their steady
earnings growth and reliable cash flow. Three of the best-performing stocks in
the category were Pfizer, Warner-Lambert (which was ultimately acquired by
Pfizer), and Eli Lilly. These gains were offset by weakness in other sectors.
Telephone utilities were especially weak as they struggled with severe
competitive and pricing pressures. For example, AT&T was off 36.82%.
----------------------
SECTOR DIVERSIFICATION
--------------------------------------------------------------------------------
Percent of Extended
Equities Equity Total Equity Equity
As of 6/30/00 Index 500 Market Index Market Index
--------------------------------------------------------------------------------
Basic Materials 2.6% 2.5% 2.4%
................................................................................
Business Services 0.6 1.5 4.0
................................................................................
Consumer Discretionary 4.5 5.3 7.9
................................................................................
Consumer Nondurables 5.6 4.9 2.3
................................................................................
Durable Goods 1.1 2.1 5.2
................................................................................
Energy 5.9 4.7 3.5
................................................................................
Financial 12.8 12.9 11.2
................................................................................
Health Care 12.2 11.5 9.4
................................................................................
Industrial 6.2 5.3 1.9
................................................................................
Miscellaneous 0.2 0.2 0.4
................................................................................
Retail 5.6 5.1 2.7
................................................................................
Technology 33.4 34.7 39.6
................................................................................
Telecommunications 6.8 6.4 5.2
................................................................................
Transportation 0.6 0.8 1.3
................................................................................
Utilities 1.8 2.1 3.0
................................................................................
Total 100% 100% 100%
Merger activity and market volatility once again produced a significant number
of changes in the S&P 500 during the first half. In the health care field,
Warner-Lambert exited when it was purchased by Pfizer; Pharmacia & Upjohn and
Monsanto both left the index as their merger created a new firm called
Pharmacia. Among energy stocks, Atlantic Richfield was deleted after it was
bought by BP Amoco. A number of cyclical companies, such as Fleetwood
Enterprises and Foster Wheeler, found themselves edged out of the portfolio
after years of underperforming higher-growth stocks.
4
<PAGE>
Despite the overall weakness of technology companies in 2000, a large number
found their way into the index: 15 of the 25 new stocks in the index were tech
companies. Semiconductor stocks are especially well represented now with the
addition of Broadcom, Maxim, Conexant Systems, Linear Technology, and others.
Several software stocks joined the benchmark as well, such as Siebel Systems and
Veritas Software. Two additions from the rapidly growing biotechnology sector
were Biogen and MedImmune.
TOTAL EQUITY MARKET INDEX FUND
For the six and 12 months ended June 30, your fund posted returns of -0.68% and
9.45%, respectively. The fund tracked the Wilshire 5000 Total Market Index
fairly closely.
PERFORMANCE COMPARISON
Periods Ended 6/30/00 6 Months 12 Months
--------------------------------------------------------------------------------
Total Equity Market
Index Fund -0.68% 9.45%
................................................................................
Wilshire 5000
Total Market Index -0.82 9.54
................................................................................
What's true of the performance for the Equity Index 500 Fund is also true for
this fund, since most of the companies in the S&P are in the Wilshire 5000, and
the large companies in both indexes tend to drive performance. Like the S&P 500,
the Wilshire 5000's results were largely mixed. This index's technology holdings
fared a bit worse, because the Wilshire 5000 contains several more-speculative
technology companies that were especially harmed during the spring decline.
Amazon.com, for example, suffered a 52.32% loss on mounting reports that retail
Internet businesses were finding it difficult to turn a profit. CMGI, a venture
capital firm that specializes in technology start-ups, sank by 66.9%.
Not all tech stocks proved problematic, though. As mentioned in the Equity Index
500 report, semiconductor stocks performed especially well, and certain
promising equipment stocks like Internet infrastructure company Juniper Networks
turned in fine performances. This index also benefited more than the S&P from a
modest rally in the broader small-cap market. Leading small-cap performers were
the semiconductor stocks IXYS, Hytek Microsystems, and Elantec Semiconductors.
5
<PAGE>
Assets have grown about 15% during the past six months, the result of new
investments. Higher asset levels make it easier for us to track our index via
our sampling techniques. The portfolio now contains approximately 1,800
securities, compared with about 1,500 six months ago.
EXTENDED EQUITY MARKET INDEX FUND
Your fund posted a return of 0.14% in the first half of 2000, in keeping with
the Wilshire 4500 Index less expenses. The 12-month return of 20.37%, while
quite strong, trailed the Wilshire 4500 by a bit more than expenses due to some
tracking error experienced by the fund in late 1999.
PERFORMANCE COMPARISON
Periods Ended 6/30/00 6 Months 12 Months
--------------------------------------------------------------------------------
Extended Equity Market
Index Fund 0.14% 20.37%
................................................................................
Wilshire 4500 0.42 22.19
................................................................................
Because of the large number of companies in the Wilshire 4500, the fund uses
sampling strategies to match the index, rather than buying every one of its
6,000+ component stocks. When sampling, we build a portfolio that maintains
essentially the same characteristics as the index, including its sector
breakdown, price-to-earnings ratio, and several other factors. During the last
two months of 1999 and first two months of 2000, technology stocks performed
very well, particularly those of young, newly public companies. While we held
many of these types of stocks at year-end, we were a bit underweighted in them
versus older technology companies. This created some underperformance toward the
end of 1999 and very early in 2000. In January, we made an effort to make sure
the fund was exposed to the new stocks to the same extent as the index and, as a
result, tracking error has been reduced for most of 2000.
During the first half of the year, assets rose steadily, and as of June 30 they
were roughly 80% greater than at year-end. Most of the growth was from new
purchases rather than performance. We used the new money to increase the number
of holdings in the portfolio from about 1,900 to roughly 2,700 during the
period. This change helped to minimize tracking error and should allow us to
better track our benchmark in the future.
6
<PAGE>
Trends in our benchmark underscore how dramatically the technology sector has
broadened in recent years, with hundreds of new companies operating in
industries not even imagined decades ago. Despite slightly negative performance
in the first half, the sector remains by far the largest in the Wilshire 4500.
In addition, most of the companies going public even in the tougher initial
public offering market of 2000 were technology companies.
While technology stocks as a group were lackluster, similar to the large-cap
tech stocks discussed in the Equity Index 500 section, performance within the
sector varied. Semiconductor and communications equipment issues did very well,
while Internet and information services stocks did poorly. The market tended to
favor companies that were already making money or at least seemed likely to, and
stocks that had been market darlings despite lacking profits were abandoned. As
noted in the Total Market Index Fund section above, companies like Amazon.com
fell out of favor.
Among other sectors, health care, utility, and energy stocks did well during the
first half of 2000 as well. While many health care stocks advanced,
biotechnology stood out as the prospects for companies involved in genetics
research improved. Among utility stock winners were those with new business
models as deregulation unfolds and those with exciting new technologies for
energy generation. For example, Calpine, a fast-growing independent power
producer, was up a stunning 105.47%, and Dynegy, a leading marketer of energy
products and services, rose 98.91%. Energy stocks advanced as energy prices went
up. Telecommunications stocks and consumer stocks fared poorly.
OUTLOOK
After several years of strong gains among large-cap stocks, we were not
surprised to see the S&P 500 take a breather. In fact, we found it very
encouraging that the rampant speculation that characterized 1999's market cooled
somewhat in the first half. We were also encouraged to see investors turn some
attention to attractive smaller companies that had been forgotten in the rush to
large-caps and Internet start-ups.
While the Fed appears to have been successful in controlling inflation, further
rate hikes are a possibility this year, and continuing economic uncertainty,
along with high prices in some sectors, could exacerbate
7
<PAGE>
market volatility. Yet corporate earnings remain strong throughout the markets
and further gains are possible. We recommend that investors maintain a long-term
perspective.
Respectfully submitted,
/s/ Kristen F. Culp
Kristen F. Culp
Executive Vice President and
Chairman of the Investment Advisory Committee
/s/ Richard T. Whitney
Richard T. Whitney
President
July 20, 2000
8
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T. ROWE PRICE EQUITY MARKET INDEX FUNDS
--------------------------------------------------------------------------------
--------------------------
THE EVOLVING S&P 500 INDEX
--------------------------------------------------------------------------------
Changes in the Index in 2000
Additions Deletions
--------------------------------------------------------------------------------
NCR Republic New York *
Young & Rubicam General Instrument
Harley Davidson Fleetwood Enterprises
Biogen Foster Wheeler
Conexant Systems Consolidated Natural Gas
Sabre Holdings Service Corp. International
Linear Technology Monsanto
Pharmacia Pharmacia & Upjohn
Veritas Software Pep Boys
Altera Atlantic Richfield
Siebel Systems CBS
Sapient Reynolds Metals
Maxim Integrated Products Jostens
American Power Conversion Mirage Resorts
Agilent Technologies NACCO Industries
Starbucks Shared Medical Systems
Convergys Times Mirror
MedImmune Central & South West
Charter One Financial MediaOne Group
Novellus Systems Champion International
Sanmina Warner-Lambert
Tiffany Silicon Graphics
Mercury Interactive Computers Milacron
Visteon Ikon Office Solutions
Broadcom GTE
* Republic New York was deleted on December 31, 1999.
9
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T. ROWE PRICE EQUITY MARKET INDEX FUNDS
--------------------------------------------------------------------------------
--------------------
PORTFOLIO HIGHLIGHTS
--------------------------------------------------------------------------------
TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
6/30/00
Equity Index 500 Fund
--------------------------------------------------------------------------------
GE 4.2%
Intel 3.6
Cisco Systems 3.5
Microsoft 3.3
Pfizer 2.4
--------------------------------------------------------------------------------
Exxon Mobil 2.2
Wal-Mart 2.0
Oracle 1.9
Citigroup 1.6
Nortel Networks 1.6
--------------------------------------------------------------------------------
IBM 1.5
Lucent Technologies 1.5
American International Group 1.4
Merck 1.4
EMC 1.3
--------------------------------------------------------------------------------
SBC Communications 1.2
Sun Microsystems 1.1
Coca-Cola 1.1
Johnson & Johnson 1.1
Royal Dutch Petroleum 1.0
--------------------------------------------------------------------------------
WorldCom 1.0
Dell Computer 1.0
Hewlett-Packard 1.0
America Online 1.0
AT&T 0.9
--------------------------------------------------------------------------------
Total 43.8%
Note: Table excludes reserves.
10
<PAGE>
T. ROWE PRICE EQUITY MARKET INDEX FUNDS
--------------------------------------------------------------------------------
PORTFOLIO HIGHLIGHTS
--------------------------------------------------------------------------------
TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
6/30/00
Total Equity Market Index Fund
--------------------------------------------------------------------------------
GE 3.2%
Cisco Systems 2.7
Intel 2.7
Microsoft 2.6
Pfizer 1.8
--------------------------------------------------------------------------------
Exxon Mobil 1.7
Wal-Mart 1.6
Oracle 1.5
Citigroup 1.2
IBM 1.2
--------------------------------------------------------------------------------
Lucent Technologies 1.2
American International Group 1.1
Merck 1.1
EMC 1.0
SBC Communications 0.9
--------------------------------------------------------------------------------
Sun Microsystems 0.9
Johnson & Johnson 0.9
Coca-Cola 0.9
WorldCom 0.8
Dell Computer 0.8
--------------------------------------------------------------------------------
Hewlett-Packard 0.8
America Online 0.8
AT&T 0.7
Bristol-Myers Squibb 0.7
Home Depot 0.7
--------------------------------------------------------------------------------
Total 33.5%
Note: Table excludes reserves.
11
<PAGE>
T. ROWE PRICE EQUITY MARKET INDEX FUNDS
--------------------------------------------------------------------------------
--------------------
PORTFOLIO HIGHLIGHTS
--------------------------------------------------------------------------------
TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
6/30/00
Extended Equity Market Index Fund
--------------------------------------------------------------------------------
Berkshire Hathaway 2.0%
JDS Uniphase 1.6
Juniper Networks 1.1
Qwest Communications International 0.9
VeriSign 0.8
--------------------------------------------------------------------------------
Level 3 Communications 0.8
Sycamore Networks 0.6
Cox Communications 0.6
Redback Networks 0.6
Immunex 0.6
--------------------------------------------------------------------------------
CIENA 0.6
VoiceStream Wireless 0.5
SDL 0.5
Brocade Communications Systems 0.5
General Motors 0.5
--------------------------------------------------------------------------------
i2 Technologies 0.5
TIBCO Software 0.5
Metromedia Fiber Network 0.5
Ariba 0.4
E-Tek Dynamics 0.4
--------------------------------------------------------------------------------
Exodus Communications 0.4
eBay 0.3
Equitable Resources 0.3
Genentech 0.3
Infinity Broadcasting 0.3
--------------------------------------------------------------------------------
Total 16.1%
Note: Table excludes reserves.
12
<PAGE>
T. ROWE PRICE EQUITY MARKET INDEX FUNDS
--------------------------------------------------------------------------------
PERFORMANCE COMPARISON
These charts show the value of a hypothetical $10,000 investment in each fund
over the past 10 fiscal year periods or since inception (for funds lacking
10-year records). The result is compared with benchmarks, which may include a
broad-based market index and a peer group average or index. Market indexes do
not include expenses, which are deducted from fund returns as well as mutual
fund averages and indexes.
EQUITY INDEX 500 FUND
--------------------------------------------------------------------------------
[GRAPH]
S&P 500 Stock Index Equity Index 500 Fund
Jun-90 10,000 10,000
Jun-91 10,739 10,677
Jun-92 12,180 12,039
Jun-93 13,840 13,586
Jun-94 14,034 13,726
Jun-95 17,694 17,255
Jun-96 22,294 21,681
Jun-97 30,030 29,114
Jun-98 39,088 37,763
Jun-99 47,983 46,260
Jun-00 51,459 49,483
TOTAL EQUITY MARKET INDEX FUND
--------------------------------------------------------------------------------
[GRAPH]
Wilshire 5000 Total Equity
Total Market Index Market Index Fund
1/30/98 10,000 10,000
Jun-98 11,484 11,521
Jun-99 13,734 13,779
Jun-00 15,045 15,081
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T. ROWE PRICE EQUITY MARKET INDEX FUNDS
--------------------------------------------------------------------------------
----------------------
PERFORMANCE COMPARISON
--------------------------------------------------------------------------------
EXTENDED EQUITY MARKET INDEX FUND
[GRAPH]
Wilshire 4500 Index Extended Equity Market Index
1/30/98 10,000 10,000
Jun-98 11,099 11,240
Jun-99 12,271 12,493
Jun-00 14,994 15,038
------------------------------------
AVERAGE ANNUAL COMPOUND TOTAL RETURN
--------------------------------------------------------------------------------
This table shows how each fund would have performed each year if its actual (or
cumulative) returns for the periods shown had been earned at a constant rate.
<TABLE>
<CAPTION>
Since Inception
Periods Ended 6/30/00 1 Year 5 Years 10 Years Inception Date
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Equity Index 500 Fund 6.97% 23.45% 17.34% - -
..................................................................................
Total Equity Market Index Fund 9.45 - - 18.57% 1/30/98
..................................................................................
Extended Equity Market Index Fund 20.37 - - 18.42 1/30/98
</TABLE>
Investment return and principal value represent past performance and will vary.
Shares may be worth more or less at redemption than at original purchase.
14
<PAGE>
T. ROWE PRICE SHAREHOLDER SERVICES
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INVESTMENT SERVICES AND INFORMATION
KNOWLEDGEABLE SERVICE REPRESENTATIVES
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15
<PAGE>
T. ROWE PRICE MUTUAL FUNDS
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STOCK FUNDS
..............................
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Value
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Japan
Latin America
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Spectrum International
BOND FUNDS
..............................
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Corporate Income
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High Yield
New Income
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Tax-Free Bond
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MONEY MARKET FUNDS+
..............................
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Prime Reserve
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Tax-Free
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Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
..............................
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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.
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16
<PAGE>
T. ROWE PRICE ADVISORY SERVICES AND RETIREMENT RESOURCES
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Software Packages
T. Rowe Price Retirement Planning AnalyzerTM 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 AnalyzerTM 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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For fund and account information Walk-In Investor Centers: For
or to conduct transactions, 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.
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T. Rowe Price Investment Services, Inc., Distributor. C50-051 6/30/00
