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Previous: PRICE T ROWE INDEX TRUST INC, N-30D, 2000-08-17 |
Next: INTERNATIONAL AIRLINE SUPPORT GROUP INC, PRE 14A, 2000-08-17 |
<PAGE>
--------------------------------------------------------------------------------
Semiannual Report - Financial Statements
--------------------------------------------------------------------------------
T. Rowe Price
Equity
Index 500
Fund
-------------
June 30, 2000
-------------
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
--------------------
Financial Highlights For a share outstanding throughout each period
-----------------------------------------------------------------------------------------------------------------------
6 Months Year
Ended Ended
6/30/00 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 39.56 $ 33.38 $ 26.38 $ 20.34 $ 17.21 $ 13.09
Investment activities
Net investment
income (loss) 0.17* 0.34* 0.33* 0.35* 0.38* 0.39*
Net realized and
unrealized gain (loss) (0.38) 6.49 7.10 6.28 3.47 4.43
Total from
investment activities (0.21) 6.83 7.43 6.63 3.85 4.82
Distributions
Net investment income (0.16) (0.34) (0.34) (0.34) (0.38) (0.40)
Net realized gain (0.03) (0.31) (0.09) (0.25) (0.34) (0.30)
Total distributions (0.19) (0.65) (0.43) (0.59) (0.72) (0.70)
NET ASSET VALUE
End of period $ 39.16 $ 39.56 $ 33.38 $ 26.38 $ 20.34 $ 17.21
=====================================================================================
Ratios/Supplemental Data
Total return. (0.54%)* 20.64%* 28.31%* 32.87%* 22.65%* 37.16%*
Ratio of total expenses to
average net assets 0.35%*+ 0.40%* 0.40%* 0.40%* 0.40%* 0.45%*
Ratio of net investment
income (loss) to average
net assets 0.87%*+ 0.98%* 1.17%* 1.49%* 2.05%* 2.54%*
Portfolio turnover rate 10.0%+ 5.2% 4.7% 0.7% 1.3% 1.3%
Net assets, end of period
(in millions) $ 4,555 $ 5,049 $ 3,347 $ 1,908 $ 808 $ 457
</TABLE>
. Total return reflects the rate that an investor would have earned on an
investment in the fund during each period assuming reinvestment of all
distributions and payment of no redemption or account fees.
* Excludes expenses in excess of a 0.45% voluntary expense limitation in effect
through 12/31/95, a 0.40% voluntary expense limitation in effect through
12/31/99, and a 0.35% voluntary expense limitation in effect through 12/31/01.
+ Annualized
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Unaudited June 30, 2000
------------------------
Portfolio of Investments Shares/Par Value
--------------------------------------------------------------------------------
In thousands
COMMON STOCKS 99.6%
BASIC MATERIALS 2.6%
Chemicals 1.4%
DuPont 376,443 $ 16,470
3M 144,164 11,893
Dow Chemical 238,807 7,209
Rohm & Haas 79,528 2,744
PPG Industries 61,898 2,743
Avery Dennison 39,924 2,680
Air Products and Chemicals 83,602 2,576
Union Carbide 48,522 2,402
Praxair 57,947 2,169
Ecolab 47,507 1,856
Sealed Air * 29,949 1,569
Vulcan Materials 35,700 1,524
Eastman Chemical 27,831 1,329
Sherwin-Williams 58,430 1,238
Goodyear Tire & Rubber 56,438 1,129
Ashland 24,942 874
Engelhard 47,376 808
FMC * 11,654 676
Great Lakes Chemical 20,431 643
Hercules 37,886 533
W. R. Grace * 25,634 311
63,376
--------------
Forest and Paper Products 0.7%
Kimberly-Clark 200,238 11,489
International Paper 198,595 5,921
Weyerhaeuser 84,488 3,633
Fort James 79,156 1,831
Georgia-Pacific 61,692 1,619
Willamette Industries 40,455 1,102
Mead 36,717 927
Westvaco 36,432 904
Temple-Inland 20,630 866
Bemis 19,125 643
3
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Boise Cascade 20,231 $ 523
Pactiv * 59,981 472
Louisiana-Pacific 37,125 404
Potlatch 11,247 373
30,707
--------------
Gold 0.1%
Barrick Gold 142,683 2,595
Newmont Mining 59,705 1,291
Placer Dome 117,739 1,126
Homestake Mining 92,316 635
Freeport McMoRan Copper & Gold (Class B) * 57,977 536
6,183
--------------
Metals and Mining 0.4%
Alcoa 313,078 9,079
Alcan Aluminum 79,683 2,470
Phelps Dodge 29,680 1,104
Inco * 69,567 1,070
Nucor 31,701 1,052
Crown Cork & Seal 44,529 668
Allegheny Technologies 34,961 629
USX-U.S. Steel 30,743 571
Ball 11,215 361
Worthington Industries 32,672 343
Bethlehem Steel * 49,196 175
17,522
--------------
Total Basic Materials 117,788
--------------
BUSINESS SERVICES 0.6%
Advertising 0.3%
Omnicom 64,287 5,726
Interpublic Group 108,864 4,681
Young & Rubicam 25,300 1,447
11,854
--------------
Business Services 0.2%
Paychex 132,755 5,575
IMS Health 111,833 2,013
Dun & Bradstreet 57,041 1,633
4
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Ceridian * 51,732 $ 1,245
Quintiles Transnational * 41,800 589
11,055
--------------
Environmental Services 0.1%
Waste Management 225,702 4,288
Allied Waste * 67,000 670
4,958
--------------
Industrial Services 0.0%
Ryder System 21,678 411
411
--------------
Total Business Services 28,278
--------------
CONSUMER DISCRETIONARY 4.5%
Entertainment 1.1%
Viacom (Class B) * 548,464 37,398
Seagram 154,982 8,989
Carnival (Class A) 221,258 4,315
50,702
--------------
Hotels 0.1%
Marriott (Class A) 90,557 3,266
Hilton 134,215 1,258
Harrah's Entertainment * 47,804 1,001
5,525
--------------
Leisure 0.3%
Eastman Kodak 113,279 6,740
Harley-Davidson 108,900 4,193
Mattel 149,317 1,969
Hasbro 70,816 1,067
Brunswick 33,517 555
Polaroid 17,119 309
14,833
--------------
Media 2.2%
Time Warner 473,453 35,982
Disney 750,976 29,147
Comcast (Class A Special) * 328,746 13,325
Clear Channel Communications * 122,507 9,188
Gannett 100,125 5,989
5
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Tribune 106,725 $ 3,735
Meredith 17,986 607
General Motors (Class H) * 2 0
--------
97,973
--------
Publishing 0.3%
McGraw-Hill 70,962 3,832
New York Times (Class A) 62,148 2,455
Dow Jones 32,228 2,361
Knight-Ridder 29,715 1,580
Harcourt General 25,192 1,370
R.R. Donnelley * 43,877 990
Deluxe 27,662 652
American Greetings (Class A) 24,007 456
--------
13,696
--------
Restaurants 0.5%
McDonald's 488,429 16,088
Starbucks * 66,000 2,522
Tricon Global Restaurants * 55,747 1,575
Darden Restaurants 47,203 767
Wendys 41,844 745
--------
21,697
--------
Total Consumer Discretionary 204,426
--------
CONSUMER NONDURABLES 5.6%
Beverages 1.6%
Coca-Cola 894,562 51,381
PepsiCo 524,890 23,325
--------
74,706
--------
Food 1.4%
Unilever 205,112 8,820
Bestfoods 101,088 7,000
Heinz 128,610 5,627
Sysco 119,136 5,019
Campbell 154,159 4,490
Kellogg 144,499 4,299
General Mills 109,978 4,207
Quaker Oats 48,279 3,627
6
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Wrigley 42,185 $ 3,383
ConAgra 175,023 3,336
Nabisco Group Holdings 118,682 3,078
Coca-Cola Enterprises 151,798 2,476
Hershey Foods 49,098 2,381
Archer-Daniels-Midland 215,396 2,114
Supervalu 50,170 956
Owens-Illinois * 52,041 608
--------
61,421
--------
Home Products 1.5%
Procter & Gamble 474,335 27,156
Gillette 381,145 13,316
Colgate-Palmolive 209,990 12,573
Avon 87,838 3,909
Clorox 84,608 3,791
Newell Rubbermaid 102,579 2,641
Ralston Purina 108,572 2,165
Fortune Brands 60,336 1,392
International Flavors & Fragrances 37,757 1,140
Alberto-Culver (Class B) 21,401 654
Tupperware 19,778 435
National Service Industries 14,514 283
--------
69,455
--------
Liquor 0.3%
Anheuser-Busch 165,328 12,348
Brown-Forman (Class B) 25,164 1,353
Coors (Class B) 13,974 845
--------
14,546
--------
Textiles and Apparel 0.3%
Sara Lee 326,041 6,297
NIKE (Class B) 100,308 3,993
V.F 42,282 1,007
Liz Claiborne 21,294 750
Reebok * 21,687 346
Russell 11,098 222
Springs Industries 5,767 186
--------
12,801
--------
7
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Tobacco 0.5%
Philip Morris 829,361 $ 22,030
UST 59,792 878
------------
22,908
------------
Total Consumer Nondurables 255,837
------------
DURABLE GOODS 1.1%
Construction & Real Property 0.1%
Masco 162,454 2,935
Fluor 27,026 855
Centex 21,028 494
Kaufman & Broad 16,657 330
Pulte 15,109 327
Armstrong Holdings 14,226 218
Owens Corning 19,070 176
------------
5,334
------------
Consumer Durables 0.2%
Whirlpool 27,347 1,275
Black & Decker 31,990 1,258
Leggett & Platt 70,200 1,158
Maytag 29,976 1,106
W. W. Grainger 33,829 1,042
------------
5,839
------------
Motor Vehicles & Parts 0.8%
Ford Motor 435,637 18,732
GM 194,980 11,321
Delphi Automotive Systems 202,325 2,946
Johnson Controls 30,664 1,573
Dana 59,649 1,264
PACCAR 28,506 1,131
Navistar * 23,514 731
Cooper Tire & Rubber 25,617 285
------------
37,983
------------
Total Durable Goods 49,156
------------
ENERGY 5.9%
Energy Reserves & Production 4.7%
Exxon Mobil 1,258,782 98,814
8
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
Royal Dutch Petroleum ADR 772,678 $ 47,568
Chevron 236,634 20,070
Enron 264,202 17,041
Williams Companies 155,391 6,478
Phillips Petroleum 91,440 4,635
Burlington Resources 79,261 3,032
Pure Resources 87,053 2,884
Occidental Petroleum 134,195 2,826
Apache 41,131 2,419
Anadarko Petroleum 46,298 2,283
Kerr-McGee 34,776 2,050
Union Pacific Resources 92,857 2,043
Amerada Hess 32,374 1,999
Tosco 51,900 1,469
-------
215,611
-------
Oil Refining 0.6%
Texaco 199,470 10,622
Conoco (Class B) 224,451 5,513
Coastal 77,298 4,705
USX-Marathon 111,550 2,796
Sunoco 32,795 965
------
24,601
------
Oil Service 0.6%
Schlumberger 205,358 15,325
Halliburton 158,449 7,477
Baker Hughes 117,677 3,766
Rowan * 33,696 1,023
McDermott International 21,611 190
-------
27,781
-------
Total Energy 267,993
-------
FINANCIAL 12.8%
Banks 5.9%
Citigroup 1,219,647 73,484
Bank of America 601,420 25,861
Wells Fargo 583,380 22,606
Chase Manhattan 445,848 20,537
Bank of New York 266,037 12,371
9
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
FleetBoston Financial 330,706 $ 11,244
Bank One 413,875 10,993
First Union 354,735 8,802
Firstar 351,597 7,405
Fifth Third Bancorp 111,232 7,039
Mellon Financial 183,968 6,703
J. P. Morgan 60,212 6,631
State Street 57,975 6,149
U.S. Bancorp 271,592 5,228
Northern Trust 80,034 5,205
SunTrust 111,750 5,106
PNC Financial Services Group 105,254 4,934
Wachovia 73,471 3,986
National City 222,070 3,789
BB&T 124,563 2,974
KeyCorp 161,372 2,844
Comerica 56,551 2,538
AmSouth 142,716 2,248
Synovus Financial 100,779 1,776
Charter One Financial 75,628 1,739
Summit Bancorp 63,886 1,573
Regions Financial 78,828 1,564
Union Planters 49,724 1,389
SouthTrust 61,171 1,386
Old Kent Financial 50,195 1,343
Huntington Bancshares 83,517 1,323
-------
270,770
-------
Financial Services 2.3%
American Express 484,218 25,240
Fannie Mae 366,087 19,105
Freddie Mac 248,937 10,082
Marsh & McLennan 96,034 10,030
MBNA 289,007 7,839
Household International 169,642 7,051
Associates First Capital (Class A) 263,748 5,885
Providian Financial 50,858 4,577
Cendant * 254,846 3,568
Capital One Financial 71,689 3,199
Aon 93,469 2,903
10
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
SLM Holding 58,271 $ 2,181
Equifax 51,090 1,341
Countrywide Credit 40,925 1,241
H&R Block 35,616 1,153
--------
105,395
--------
Life & Health Insurance 0.6%
CIGNA 60,267 5,635
American General 89,147 5,438
AFLAC 96,300 4,424
Aetna 53,468 3,432
Lincoln National 69,302 2,504
UNUMProvident 86,537 1,736
Conseco 118,644 1,157
Torchmark 45,625 1,126
--------
25,452
--------
Property & Casualty Insurance 2.1%
American International Group 556,121 65,344
Allstate 279,882 6,227
Hartford Financial Services Group 79,864 4,467
Chubb 62,660 3,854
St. Paul Companies 82,831 2,827
Loews 37,703 2,262
Jefferson Pilot 37,256 2,103
Progressive 26,745 1,979
Cincinnati Financial 60,135 1,892
MBIA 36,714 1,769
MGIC Investment 38,188 1,738
SAFECO 45,245 901
--------
95,363
--------
Securities & Asset Management 1.7%
Morgan Stanley Dean Witter 408,544 34,011
Charles Schwab 491,459 16,525
Merrill Lynch 139,602 16,054
Lehman Brothers 43,266 4,091
Franklin Resources 90,978 2,764
Paine Webber 51,500 2,343
T. Rowe Price Associates 43,800 1,863
Bear Stearns 43,447 1,809
--------
79,460
--------
</TABLE>
11
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Thrift Institutions 0.2%
Washington Mutual 202,979 $ 5,861
Golden West Financial 58,054 2,369
--------
8,230
--------
Total Financial 584,670
--------
HEALTH CARE 12.2%
Drugs 8.4%
Pfizer 2,276,414 109,268
Merck 831,138 63,686
Bristol-Myers Squibb 715,076 41,653
Eli Lilly 406,301 40,579
American Home Products 470,953 27,669
Schering-Plough 529,710 26,750
Amgen * 371,086 26,080
Pharmacia 456,728 23,607
Cardinal Health 100,786 7,458
MedImmune * 72,700 5,378
Allergan 47,928 3,571
Biogen * 54,100 3,488
McKesson HBOC 102,678 2,150
Watson Pharmaceuticals * 34,900 1,876
Sigma Aldrich 36,105 1,057
--------
384,270
--------
Medical Products 3.4%
Johnson & Johnson 501,490 51,089
Tyco International 609,414 28,871
Abbott Laboratories 559,135 24,916
Medtronic 430,358 21,437
Baxter International 104,611 7,355
Guidant * 110,581 5,474
Boston Scientific * 150,963 3,312
Becton, Dickinson 90,445 2,595
ALZA * 36,476 2,157
Bausch & Lomb 21,059 1,629
Biomet 40,892 1,573
St. Jude Medical * 30,167 1,384
</TABLE>
12
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Mallinckrodt 24,368 $ 1,059
C. R. Bard 18,226 877
---------
153,728
---------
Medical Providers & Services 0.4%
HCA - The Healthcare Corporation 202,438 6,149
UnitedHealth Group 60,942 5,226
Tenet Healthcare 112,289 3,032
Wellpoint Health Networks * 22,900 1,659
HealthSouth * 137,679 989
Humana * 57,615 281
Manor Care * 38,957 272
---------
17,608
---------
Total Health Care 555,606
---------
INDUSTRIAL 6.1%
Defense and Aerospace 0.8%
Boeing 327,330 13,686
Honeywell International 285,206 9,608
General Dynamics 72,079 3,766
Lockheed Martin 142,775 3,543
Raytheon (Class B) 122,748 2,363
TRW 43,471 1,885
Northrop Grumman 24,513 1,624
B. F. Goodrich 39,184 1,335
---------
37,810
---------
Heavy Electrical Equipment 4.5%
GE 3,575,716 189,513
Emerson Electric 156,359 9,440
American Power Conversion * 69,200 2,822
Rockwell International 67,625 2,130
Cooper Industries 32,920 1,072
Cummins Engine 15,869 432
Thomas & Betts 20,691 396
---------
205,805
---------
Heavy Machinery 0.1%
Deere 84,040 3,109
---------
3,109
---------
</TABLE>
13
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Industrial Parts 0.7%
United Technologies 171,824 $ 10,116
Illinois Tool Works 108,683 6,195
Caterpillar 128,789 4,363
Textron 52,879 2,872
Ingersoll-Rand 57,779 2,326
Parker Hannifin 41,051 1,406
Genuine Parts 63,862 1,277
ITT Industries 32,048 973
Pall 43,607 807
Stanley Works 32,441 771
Snap-On 20,289 540
Timken 21,367 398
Briggs & Stratton 8,207 281
---------
32,325
---------
Total Industrial 279,049
---------
RETAIL 5.6%
Clothing Stores 0.4%
The Gap 307,364 9,605
The Limited 155,642 3,366
TJX 111,482 2,090
Nordstrom 50,434 1,217
---------
16,278
---------
Department Stores 2.7%
Wal-Mart 1,610,850 92,825
Target 164,508 9,541
Kohl's * 116,922 6,504
Sears 135,785 4,430
May Department Stores 119,881 2,877
Federated Department Stores * 75,017 2,532
J.C. Penney 95,628 1,763
Kmart * 179,656 1,224
Dillards 37,443 459
---------
122,155
---------
Grocery Stores 0.5%
Safeway * 184,215 8,313
Kroger * 300,878 6,638
</TABLE>
14
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Albertson's 151,579 $ 5,040
Winn-Dixie 53,500 766
A&P 14,230 236
---------
20,993
---------
Specialty Retail 2.0%
Home Depot 835,025 41,699
Walgreen 362,689 11,674
Lowes 138,197 5,675
CVS 141,161 5,646
Costco Wholesale * 160,644 5,306
Best Buy * 73,900 4,674
RadioShack 70,120 3,322
Staples * 169,653 2,614
Circuit City Stores 73,302 2,433
Dollar General 117,436 2,290
Bed Bath & Beyond * 50,400 1,825
Tiffany & Company 26,270 1,773
Toys "R" Us * 90,350 1,316
AutoZone * 52,625 1,158
Office Depot * 118,500 741
Rite Aid 93,696 615
Consolidated Stores * 42,235 507
Longs Drug Stores 13,499 293
---------
93,561
---------
Total Retail 252,987
---------
TECHNOLOGY 33.3%
Communications Equipment 4.6%
Nortel Networks 1,069,112 72,967
Lucent Technologies 1,175,251 69,634
Motorola 776,702 22,573
QUALCOMM * 266,000 15,952
ADC Telecommunications * 122,000 10,229
Tellabs * 148,042 10,136
Comverse Technology * 54,800 5,098
Scientific-Atlanta 56,522 4,211
---------
210,800
---------
</TABLE>
15
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Computer Communications Equipment 3.6%
Cisco Systems * 2,514,096 $ 159,724
Cabletron Systems * 64,552 1,630
Adaptec * 38,200 870
-------
162,224
-------
Computer Makers 3.8%
Sun Microsystems * 572,544 52,083
Dell Computer * 929,297 45,855
Hewlett-Packard 362,290 45,241
COMPAQ Computer 610,297 15,601
Gateway 2000 * 113,992 6,469
Apple Computer * 115,330 6,037
-------
171,286
-------
Computer Software 8.2%
Microsoft * 1,903,254 152,202
Oracle * 1,024,332 86,076
IBM 640,864 70,215
VERITAS Software * 140,100 15,827
Siebel Systems * 72,000 11,779
Computer Associates 212,036 10,853
Adobe Systems 43,146 5,605
BMC Software * 88,181 3,216
Mercury Interactive * 28,700 2,778
Sapient * 21,000 2,245
Unisys * 113,062 1,646
PeopleSoft * 95,227 1,592
NCR * 35,300 1,375
Compuware * 128,570 1,330
Sabre Holdings 45,750 1,304
Citrix Systems * 64,400 1,221
Novell * 119,246 1,105
Parametric Technology * 95,888 1,052
Autodesk 21,608 750
-------
372,171
-------
Electronic Equipment 1.8%
Corning 99,432 26,834
Agilent Technologies * 162,065 11,952
Solectron * 213,426 8,937
PE Biosystems 74,284 4,894
</TABLE>
16
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Sanmina * 53,600 $ 4,581
Teradyne * 61,700 4,535
KLA-Tencor * 66,402 3,891
Molex 70,825 3,413
Dover 74,143 3,007
Danaher 51,839 2,563
Eaton 26,127 1,751
Tektronix 17,039 1,261
Millipore 15,827 1,193
Thermo Electron * 55,988 1,179
Andrew * 28,852 969
Crane 24,132 587
-------
81,547
-------
Information Services 0.7%
Automatic Data Processing 227,326 12,176
First Data 150,398 7,464
Electronic Data Systems 170,359 7,027
Computer Sciences * 59,919 4,475
Convergys * 55,000 2,853
-------
33,995
-------
Internet 2.0%
America Online * 829,180 43,739
Yahoo! * 195,500 24,224
Broadcom * 77,450 16,638
3Com * 124,396 7,164
-------
91,765
-------
Miscellaneous Computer Hardware 1.9%
EMC * 784,280 60,341
Network Appliance * 109,800 8,835
Xerox 240,799 4,997
Seagate Technology * 81,028 4,457
Pitney Bowes 95,985 3,839
Lexmark International Group (Class A) * 45,800 3,080
-------
85,549
-------
Semiconductor Capital Equipment 0.6%
Applied Materials * 290,538 26,339
Novellus Systems * 45,200 2,558
-------
28,897
-------
</TABLE>
17
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Semiconductors 6.1%
Intel 1,210,366 $ 161,773
Texas Instruments 590,684 40,573
Micron Technology * 200,264 17,636
Analog Devices * 126,300 9,599
Xilinx * 115,700 9,556
Altera * 71,900 7,327
Linear Technology 112,200 7,170
Maxim Integrated Products * 99,800 6,777
LSI Logic * 110,854 6,000
Advanced Micro Devices * 55,095 4,256
Conexant Systems * 76,200 3,712
National Semiconductor * 61,111 3,468
PerkinElmer 17,592 1,163
----------
279,010
----------
Total Technology 1,517,244
----------
TELECOMMUNICATIONS 6.7%
Telephones 5.8%
SBC Communications 1,229,419 53,172
Bell Atlantic 583,898 28,434
WorldCom * 1,030,124 47,289
AT&T 1,356,851 42,911
BellSouth 678,617 28,926
GTE 365,521 21,814
Sprint 313,996 16,014
U S West 182,050 15,611
Global Crossing Limited * 317,260 8,358
Centurytel 49,950 1,436
----------
263,965
----------
Wireless Telecommunications 0.9%
Sprint PCS * 329,312 19,594
Nextel Communications * 272,926 16,691
ALLTEL 112,727 6,982
----------
43,267
----------
Total Telecommunications 307,232
----------
</TABLE>
18
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
TRANSPORTATION 0.6%
Airlines 0.2%
Southwest Airlines 179,380 $ 3,397
Delta 48,039 2,429
AMR * 53,597 1,417
USAir * 27,219 1,062
----------
8,305
----------
Railroads 0.3%
Burlington Northern Santa Fe 164,505 3,774
Kansas City Southern Industries 40,200 3,565
Union Pacific 90,184 3,354
Norfolk Southern 137,901 2,051
CSX 77,278 1,637
----------
14,381
----------
Trucking, Shipping and Air Freight 0.1%
FedEx * 107,986 4,103
----------
4,103
----------
Total Transportation 26,789
----------
UTILITIES 1.8%
Electrical Utilities 1.6%
Duke Energy 132,262 7,456
AES * 156,602 7,145
Southern 243,222 5,670
Dominion Resources 88,126 3,779
American Electric Power 117,117 3,470
PG&E 139,364 3,432
FPL Group 63,936 3,165
TXU 99,361 2,931
Unicom 71,060 2,749
Public Service Enterprise 78,732 2,726
PECO Energy 67,588 2,725
Edison International 126,868 2,601
Entergy 89,961 2,446
Consolidated Edison 80,200 2,376
FirstEnergy 85,480 1,998
</TABLE>
19
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
CP&L Energy 57,998 $ 1,852
Constellation Energy Group 54,045 1,760
Ameren 49,452 1,669
Florida Progress 35,500 1,664
DTE Energy 52,288 1,598
CINergy 55,953 1,423
Sempra Energy 83,480 1,419
New Century Energies 40,893 1,227
GPU 45,167 1,222
PPL 51,309 1,126
Northern States Power 54,299 1,096
Pinnacle West Capital 30,800 1,043
Niagara Mohawk * 70,033 976
CMS Energy 42,300 936
----------
73,680
----------
Gas Utilities 0.2%
El Paso Energy 81,952 4,174
Columbia Energy Group 28,999 1,903
Eastern Enterprises 9,976 629
NICOR 17,455 569
Peoples Energy 13,423 435
ONEOK 10,775 280
----------
7,990
----------
Total Utilities 81,670
----------
MISCELLANEOUS 0.2%
Transocean Sedco Forex 75,742 4,048
Reliant Energy 105,743 3,126
Visteon * 55,026 667
----------
Total Miscellaneous 7,841
----------
Total Common Stocks (Cost $2,929,770) 4,536,566
----------
Short-Term Investments 1.2%
U.S. Government Obligations 0.1%
U.S. Treasury Bills, 5.56%, 8/31/00 $5,500,000 5,448
----------
5,448
----------
</TABLE>
20
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
--------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Money Market Funds 1.1%
Reserve Investment Fund, 6.68% # 48,758,985 $ 48,759
----------
48,759
----------
Total Short-Term Investments (Cost $54,207) 54,207
----------
Total Investments in Securities
100.8% of Net Assets (Cost $2,983,977) $ 4,590,773
Futures Contracts
In thousands
Contract Unrealized
Expiration Value Gain (Loss)
--------------------------------------
Long, 58 S&P 500 Index contracts,
$3,325,000 of U.S. Treasury Bills
pledged as initial margin 9/00 $ 21,287 $ 195
Net payments (receipts) of variation
margin to date 293
-------
Variation margin receivable
(payable) on open futures contracts 488
Other Assets Less Liabilities (35,801)
------------
NET ASSETS $ 4,555,460
------------
</TABLE>
# Seven-day yield
* Non-income producing
ADR American Depository Receipt
The accompanying notes are an integral part of these financial statements
21
<PAGE>
T. Rowe Price Equity Index 500 Fund
--------------------------------------------------------------------------------
Unaudited June 30, 2000
<TABLE>
<CAPTION>
-----------------------------------
Statement of Assets And Liabilities
--------------------------------------------------------------------------------
<S> <C>
In thousands
Assets
Investments in securities, at value (cost $2,983,977) $4,590,773
Securities lending collateral 49,810
Other assets 213,730
----------
Total assets 4,854,313
----------
Liabilities
Obligation to return securities lending collateral 49,810
Other liabilities 249,043
----------
Total liabilities 298,853
----------
NET ASSETS $4,555,460
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 1,225
Accumulated net realized gain/loss - net of distributions 144,886
Net unrealized gain (loss) 1,606,991
Paid-in-capital applicable to 116,343,911 shares of
$0.01 par value capital stock outstanding;
1,000,000,000 shares of the Corporation authorized 2,802,358
----------
NET ASSETS $4,555,460
----------
NET ASSETS VALUE PER SHARE $ 39.16
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
T. Rowe Price Equity Index 500 Fund
Unaudited
-----------------------
Statement of Operations
--------------------------------------------------------------------------------
In thousands
<TABLE>
<CAPTION>
6 Months
Ended
6/30/2000
<S> <C>
Investment Income (Loss)
Income
Dividend 26,761
Interest $ 1,886
Securities lending 217
---------
Total income 28,864
---------
Expenses
Shareholder servicing 4,911
Investment management 2,748
Prospectus and shareholder reports 250
Custody and accounting 132
Registration 45
Legal and audit 27
Directors 8
Miscellaneous 180
Total expenses 8,301
Expenses paid indirectly (3)
Net expenses 8,298
Net investment income (loss) 20,566
---------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 148,808
Futures (1,925)
Net realized gain (loss) 146,883
Change in net unrealized gain or loss
Securities (206,231)
Futures (2,070)
Change in net unrealized gain or loss (208,301)
Net realized and unrealized gain (loss) (61,418)
----------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ (40,852)
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
T. Rowe Price Equity Index 500 Fund
Unaudited
----------------------------------
Statement of Changes in Net Assets
--------------------------------------------------------------------------------
In thousands
<TABLE>
<CAPTION>
6 Months Year
Ended Ended
6/30/00 12/31/99
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 20,566 $ 42,265
Net realized gain (loss) 146,883 38,883
Change in net unrealized gain or loss (208,301) 734,191
Increase (decrease) in net assets from operations (40,852) 815,339
Distributions to shareholders
Net investment income (19,495) (41,749)
Net realized gain (3,660) (37,895)
Decrease in net assets from distributions (23,155) (79,644)
Capital share transactions *
Shares sold 1,051,461 2,286,358
Distributions reinvested 22,641 77,944
Shares redeemed (1,503,841) (1,398,640)
Redemption fees received 115 241
Increase (decrease) in net assets from capital
share transactions (429,624) 965,903
Net Assets
Increase (decrease) during period (493,631) 1,701,598
Beginning of period 5,049,091 3,347,493
End of period $ 4,555,460 $ 5,049,091
--------------------------
*Share information
Shares sold 27,188 64,085
Distributions reinvested 565 2,133
Shares redeemed (39,036) (38,868)
Increase (decrease) in shares outstanding (11,283) 27,350
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
T. Rowe Price Equity Index 500 Fund
Unaudited June 30, 2000
-----------------------------
Notes to Financial Statements
--------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Equity Market Index Funds, Inc. (the corporation) is
registered under the Investment Company Act of 1940. The Equity Index 500
Fund (the fund), a diversified, open-end management investment company, is
one of the portfolios established by the corporation and commenced
operations on March 30, 1990. The fund seeks to match the performance of
the Standard & Poor's (S&P) 500 Stock Index by investing in all of the
stocks in the S&P 500 in proportion to its weight in the index.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company
industry; these principles may require the use of estimates by fund
management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price on the day the
valuations are made. A security which is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the
primary market for such security. Listed securities not traded on a
particular day and securities regularly traded in the over-the-counter
market are valued at the mean of the latest bid and asked prices. Other
equity securities are valued at a price within the limits of the latest bid
and asked prices deemed by the Board of Directors, or by persons delegated
by the Board, best to reflect fair value.
Short-term debt securities are valued at amortized cost which, when
combined with accrued interest, approximates fair value.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation. Financial futures
contracts are valued at closing settlement prices.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair
value as determined in good faith by or under the supervision of the
officers of the fund, as authorized by the Board of Directors.
Premiums and Discounts Premiums and discounts on debt securities are
amortized for both financial reporting and tax purposes.
Other Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are
25
<PAGE>
reported on the identified cost basis. Dividend income and distributions to
shareholders are recorded by the fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income
tax regulations and may differ from those determined in accordance with
generally accepted accounting principles. Expenses paid indirectly reflect
credits earned on daily uninvested cash balances at the custodian and are
used to reduce the fund's custody charges. 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 Other assets and Other liabilities, respectively, and in Change
in net unrealized gain or loss in the accompanying financial statements.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Futures Contracts At June 30, 2000, the fund was a party to futures
contracts, which provide for the future sale by one party and purchase by
another of a specified amount of a specific financial instrument at an
agreed upon price, date, time, and place. Risks arise from possible
illiquidity of the futures market and from movements in security values.
Securities Lending The fund lends its securities to approved brokers to
earn additional income and receives cash and U.S. government securities as
collateral against the loans. Cash collateral received is invested in a
money market pooled account by the fund's lending agent. Collateral is
maintained over the life of the loan in an amount not less than 100% of the
value of loaned securities. Although risk is mitigated by the collateral,
the fund could experience a delay in recovering its securities and a
possible loss of income or value if the borrower fails to return them. At
June 30, 2000, the value of loaned securities was $52,470,000; aggregate
collateral consisted of $49,810,000 in the securities lending collateral
pool and U.S. government securities valued at $4,399,000.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $234,239,000 and $633,612,000, respectively, for the
six months ended June 30, 2000.
26
<PAGE>
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of
its taxable income.
At June 30, 2000, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled
$2,983,977,000. Net unrealized gain aggregated $1,606,796,000 at period-
end, of which $1,830,991,000 related to appreciated investments and
$224,195,000 to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and the manager
provides for an annual investment management fee, of which $725,000 was
payable at June 30, 2000. The fee is computed daily and paid monthly, and
consists of an individual fund fee equal to 0.15% of average daily net
assets.
Under the terms of the investment management agreement, the manager is
required to bear any expenses through December 31, 2001, which would cause
the fund's ratio of total expenses to average net assets to exceed 0.35%.
Thereafter, through December 31, 2003, the fund is required to reimburse
the manager for these expenses, provided that average net assets have grown
or expenses have declined sufficiently to allow reimbursement without
causing the fund's ratio of total expenses to average net assets to exceed
0.35%. Pursuant to this agreement, $811,000 of management fees were not
accrued by the fund for the six months ended June 30, 2000. Additionally
$1,272,000 of unaccured management fees related to a previous expense
limitation are subject to reimbursement through December 31, 2001.
In addition, the fund has entered into agreements with the manager and two
wholly owned subsidiaries of the manager, pursuant to which the fund
receives certain other services. The manager computes the daily share price
and maintains the financial records of the fund. T. Rowe Price Services,
Inc. is the fund's transfer and dividend disbursing agent and provides
shareholder and administrative services to the fund. T. Rowe Price
Retirement Plan Services, Inc. provides subaccounting and recordkeeping
services for certain retirement accounts invested in the fund. The fund
incurred expenses pursuant to these related party agreements totaling
approximately $4,515,000 for the six months ended June 30, 2000, of which
$1,027,000 was payable at period-end.
27
<PAGE>
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and other
accounts managed by T. Rowe Price and its affiliates and are not available
to the public. The Reserve Funds pay no investment management fees.
Distributions from the Reserve Funds to the fund for the six months ended
June 30, 2000, totaled $1,737,000 and are reflected as interest income in
the accompanying Statement of Operations.
28
<PAGE>
T. Rowe Price Shareholder Services
Investment Services and Information
Knowledgeable Service Representatives
By Phone 1-800-225-5132 Available Monday through Friday from
8 a.m. to 10 p.m. ET and weekends from 8:30 a.m. to 5 p.m. ET.
In Person Available in T. Rowe Price Investor Centers.
Account Services
Checking Available on most fixed-income funds ($500 minimum).
Automatic Investing From your bank account or paycheck.
Automatic Withdrawal Scheduled, automatic redemptions.
Distribution Options Reinvest all, some, or none of your distributions.
Automated 24-Hour Services Including Tele*Access(r) and the T. Rowe Price
Web site on the Internet. Address: www.troweprice.com
Brokerage services*
Individual Investments Stocks, bonds, options, precious metals,
and other securities at a savings over full-service commission rates.**
Investment Information
Combined Statement Overview of all your accounts with T. Rowe Price.
Shareholder Reports Fund managers' reviews of their strategies and results.
T. Rowe Price Report Quarterly investment newsletter discussing
markets and financial strategies.
Performance Update Quarterly review of all T. Rowe Price fund results.
Insights Educational reports on investment strategies and financial
markets.
Investment Guides Asset Mix Worksheet, College Planning Kit, Diversifying
Overseas: A Guide to International Investing, Personal Strategy Planner,
Retirees Financial Guide, and Retirement Planning Kit.
* T. Rowe Price Brokerage is a division of T. Rowe Price Investment
Services, Inc., Member NASD/SIPC.
** Based on a July 2000 survey for representative-assisted stock trades.
Services vary by firm, and commissions may vary depending on size of
order.
29
<PAGE>
T. Rowe Price Mutual Funds
STOCK FUNDS
Domestic
Blue Chip Growth
Capital Appreciation
Capital Opportunity
Diversified Small-Cap Growth
Dividend Growth
Equity Income
Equity Index 500
Extended Equity Market Index
Financial Services
Growth & Income
Growth Stock
Health Sciences
Media & Telecommunications
Mid-Cap Growth
Mid-Cap Value
New America Growth
New Era
New Horizons*
Real Estate
Science & Technology
Small-Cap Stock
Small-Cap Value
Spectrum Growth
Tax-Efficient Growth
Total Equity Market Index
Value
International/Global
Emerging Markets Stock
European Stock
Global Stock
International Discovery*
International Growth & Income
International Stock
Japan
Latin America
New Asia
Spectrum International
BOND FUNDS
Domestic Taxable
Corporate Income
GNMA
High Yield
New Income
Short-Term Bond
Short-Term U.S. Government
Spectrum Income
Summit GNMA
Summit Limited-Term Bond
U.S. Treasury Intermediate
U.S. Treasury Long-Term
Domestic Tax-Free
California Tax-Free Bond
Florida Intermediate Tax-Free
Georgia Tax-Free Bond
Maryland Short-Term
Tax-Free Bond
Maryland Tax-Free Bond
New Jersey Tax-Free Bond
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Free High Yield
Tax-Free Income
Tax-Free Intermediate Bond
Tax-Free Short-Intermediate
Virginia Short-Term
Tax-Free Bond
Virginia Tax-Free Bond
International/Global
Emerging Markets Bond
Global Bond
International Bond
MONEY MATKET FUNDS+
Taxable
Prime Reserve
Summit Cash Reserves
U.S. Treasury Money
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
Balanced
Personal Strategy Balanced
Personal Strategy Growth
Personal Strategy Income
Tax-Efficient Balanced
T. ROWE PRICE NO-LOAD
VARIABLE ANNUITY
Equity Income Portfolio
International Stock Portfolio
Limited-Term Bond Portfolio
Mid-Cap Growth Portfolio
New America Growth Portfolio
Personal Strategy Balanced Portfolio
Prime Reserve Portfolio
* Closed to new investors.
+ Investments in the funds are not insured or guaranteed by the FDIC or any
other government agency. Although the funds seek to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the funds.
Please call for a prospectus, which contains complete information, including
fees and expenses. Read it carefully before investing.
The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security
Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued by
First Security Benefit Life Insurance Company of New York, White Plains, NY. T.
Rowe Price refers to the underlying portfolios' investment managers and the
distributors, T. Rowe Price Investment Services, Inc.; T. Rowe Price Insurance
Agency, Inc.; and T. Rowe Price Insurance Agency of Texas, Inc. The Security
Benefit Group of Companies and the T. Rowe Price companies are not affiliated.
The variable annuity may not be available in all states. The contract has
limitations. Call a representative for costs and complete details of the
coverage.
30
<PAGE>
T. Rowe Price Advisory Services and Retirement Resources
Advisory Services, Retirement Resources
T. Rowe Price is your full-service retirement specialist. We have developed
unique advisory services that can help you meet the most difficult
retirement challenges. Our broad array of retirement plans is suitable for
individuals, the self-employed, small businesses, corporations, and
nonprofit organizations. We also provide recordkeeping, communications, and
investment management services, and our educational materials, self-help
planning guides, and software tools are recognized as among the industry's
best. For information or to request literature, call us at 1-800-638-5660,
or visit our Web site at www.troweprice.com.
Advisory Services
T. Rowe Price Retirement Income ManagerSM helps retirees or those within
two years of retirement determine how much income they can take in
retirement. The program uses extensive statistical analysis and the input
of financial planning professionals to suggest an income plan that best
meets your objectives.
T. Rowe Price Rollover Investment Service offers asset allocation advice to
those planning a major change in their qualified retirement plans, such as
a 401(k) rollover from a previous employer or an IRA transfer.
RETIREMENT RESOURCES AT T. ROWE PRICE
Traditional, Roth, and Rollover IRAs
SEP-IRA and SIMPLE IRA
Profit Sharing
Money Purchase Pension
"Paired" Plans (Money Purchase
Pension and Profit Sharing Plans)
401(k) and 403(b)
457 Deferred Compensation
Planning and Informational Guides
Minimum Required Distributions Guide
Retirement Planning Kit
Retirees Financial Guide
Tax Considerations for Investors
Insights Reports
The Challenge of Preparing for Retirement
Financial Planning After Retirement
The Roth IRA: A Review
Software Packages
T. Rowe Price Retirement Planning 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.
31
<PAGE>
For fund and account information or to conduct transactions, 24 hours, 7 days
a week
By touch-tone telephone
Tele*Access 1-800-638-2587
By Account Access on the Internet
www.troweprice.com/access
For assistance with your existing fund account, call:
Shareholder Service Center
1-800-225-5132
To open a brokerage account or obtain
information, call:
1-800-638-5660
Internet address:
www.troweprice.com
Plan Account Lines for retirement plan participants:
The appropriate 800 number appears on your retirement account statement.
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distribution only to shareholders and to
others who have received a copy of the prospectus appropriate to the fund
or funds covered in this report.
Walk-In Investor Centers:
For directions, call 1-800-225-5132 or visit our Web site.
Baltimore Area
Downtown
101 East Lombard Street
Owings Mills
Three Financial Center
4515 Painters Mill Road
Boston Area
386 Washington Street
Wellesley
Colorado Springs
4410 ArrowsWest Drive
Los Angeles Area
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills
Tampa
4200 West Cypress Street
10th Floor
Washington, D.C.
900 17th Street N.W.
Farragut Square
[LOGO]
T. Rowe Price Investment Services, Inc., Distributor. F50-051 6/30/00>
32
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