|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: UNIVERSAL EXPRESS INC/, 10QSB, 2000-02-22 |
Next: PRICE T ROWE INDEX TRUST INC, N-30D, 2000-02-22 |
<PAGE>
- --------------------------------------------------------------------------------
Annual Report - Financial Statements
- --------------------------------------------------------------------------------
T. ROWE PRICE
EQUITY
INDEX 500
FUND
-----------------
DECEMBER 31, 1999
-----------------
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
- --------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year
Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 33.38 $ 26.38 $ 20.34 $ 17.21 $ 13.09
Investment activities
Net investment income (loss) 0.34* 0.33* 0.35* 0.38* 0.39*
Net realized and
unrealized gain (loss) 6.49 7.10 6.28 3.47 4.43
Total from
investment activities 6.83 7.43 6.63 3.85 4.82
Distributions
Net investment income (0.34) (0.34) (0.34) (0.38) (0.40)
Net realized gain (0.31) (0.09) (0.25) (0.34) (0.30)
Total distributions (0.65) (0.43) (0.59) (0.72) (0.70)
NET ASSET VALUE
--------------------------------------------------------
End of period $ 39.56 $ 33.38 $ 26.38 $ 20.34 $ 17.21
--------------------------------------------------------
Ratios/Supplemental Data
Total return+ 20.64%* 28.31%* 32.87%* 22.65%* 37.16%*
Ratio of total expenses to
average net assets 0.40%* 0.40%* 0.40%* 0.40%* 0.45%*
Ratio of net investment
income (loss) to average
net assets 0.98%* 1.17%* 1.49%* 2.05%* 2.54%*
Portfolio turnover rate 5.2% 4.7% 0.7% 1.3% 1.3%
Net assets, end of period
(in millions) $ 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 and a 0.40% voluntary expense limitation in effect
through 12/31/99
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
December 31, 1999
- -----------------------
STATEMENT OF NET ASSETS Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
COMMON STOCKS 98.9%
BASIC MATERIALS 3.9%
Chemicals 2.2%
DuPont 422,143 $ 27,808
3M 163,064 15,960
Dow Chemical 88,769 11,862
Monsanto 256,007 9,120
Illinois Tool Works 121,183 8,188
PPG Industries 70,098 4,386
Union Carbide 53,722 3,586
Rohm & Haas 87,228 3,549
Avery Dennison 45,524 3,318
Praxair 64,047 3,222
Air Products and Chemicals 92,702 3,111
Kerr-McGee 34,276 2,125
Ecolab 52,507 2,054
Goodyear Tire & Rubber 62,238 1,754
Sealed Air * 33,249 1,723
Vulcan Materials 39,600 1,582
Eastman Chemical 30,831 1,470
Sherwin-Williams 68,530 1,439
Hercules 42,086 1,173
Engelhard 54,976 1,038
Ashland 29,842 983
Great Lakes Chemical 22,631 864
FMC * 13,054 748
W. R. Grace * 28,334 393
--------------
111,456
--------------
Forest and Paper Products 1.0%
Kimberly-Clark 220,638 14,397
International Paper 166,752 9,411
Weyerhaeuser 94,888 6,814
Georgia-Pacific 68,292 3,466
Fort James 90,556 2,479
Champion International 38,738 2,399
3
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Willamette Industries 44,655 $ 2,074
Mead 40,517 1,760
Temple-Inland 22,730 1,499
Westvaco 40,332 1,316
Boise Cascade 22,431 908
Bemis 21,125 737
Pactiv * 66,681 709
Louisiana Pacific 41,225 587
Potlatch 12,447 555
--------------
49,111
--------------
Gold 0.1%
Barrick Gold 156,283 2,764
Newmont Mining 66,105 1,620
Placer Dome 130,439 1,402
Freeport McMoRan Copper & Gold (Class B) * 64,277 1,358
Homestake Mining 102,416 800
--------------
7,944
--------------
Metals and Mining 0.6%
Alcoa 148,743 12,346
Alcan Aluminum 91,683 3,776
Phelps Dodge 32,680 2,194
Nucor 35,001 1,918
Reynolds Metals 24,982 1,914
Inco * 75,467 1,773
Owens-Illinois * 61,841 1,550
USX-U.S. Steel 34,143 1,127
Crown Cork & Seal 49,429 1,106
Allegheny Teledyne 38,461 863
Worthington Industries 36,072 596
Ball 12,415 489
Bethlehem Steel * 54,296 455
--------------
30,107
--------------
Total Basic Materials 198,618
--------------
BUSINESS SERVICES 0.6%
Advertising 0.3%
Omnicom 72,087 7,209
Interpublic Group * 113,164 6,528
--------------
13,737
--------------
4
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Business Services 0.2%
Paychex 98,570 $ 3,940
IMS Health 126,933 3,451
Dun & Bradstreet 65,941 1,945
Ceridian * 57,332 1,236
Quintiles Transnational * 46,300 864
--------------
11,436
--------------
Environmental Services 0.1%
Waste Management 248,102 4,264
Allied Waste * 74,300 655
--------------
4,919
--------------
Industrial Parts 0.0%
Ryder System 27,378 669
--------------
669
--------------
Total Business Services 30,761
--------------
CONSUMER DISCRETIONARY 4.7%
Entertainment 0.6%
Viacom (Class B) * 280,872 16,975
Carnival (Class A) 249,158 11,913
--------------
28,888
--------------
Hotels 0.1%
Marriott (Class A) 99,457 3,139
Hilton 148,515 1,429
Harrah's Entertainment * 52,604 1,391
Mirage Resorts * 79,192 1,213
--------------
7,172
--------------
Leisure 0.3%
Eastman Kodak 129,179 8,558
Mattel 172,817 2,268
Hasbro 77,816 1,483
Brunswick 37,017 824
Polaroid 18,919 356
--------------
13,489
--------------
Media 2.7%
Time Warner 524,053 37,961
Disney 834,376 24,406
5
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
CBS * 308,882 $ 19,749
MediaOne Group * 247,830 19,037
Comcast (Class A Special) 304,746 15,399
Clear Channel Communications * 136,407 12,174
Tribune * 95,112 5,237
Meredith 19,986 833
--------------
134,796
--------------
Publishing 0.5%
Gannett 112,725 9,194
McGraw-Hill 80,062 4,934
New York Times (Class A) 70,448 3,461
Dow Jones 37,328 2,538
Knight-Ridder 32,515 1,935
Times Mirror (Class A) 25,782 1,727
R.R. Donnelley * 52,177 1,295
Harcourt General 27,892 1,123
Deluxe 30,462 836
American Greetings (Class A) 26,507 626
Jostens 13,373 325
--------------
27,994
--------------
Restaurants 0.5%
McDonald's * 547,329 22,064
Tricon Global Restaurants * 61,647 2,381
Wendys 50,544 1,043
Darden Restaurants 52,103 944
--------------
26,432
--------------
Total Consumer Discretionary 238,771
--------------
CONSUMER NONDURABLES 6.5%
Beverages 0.5%
PepsiCo 592,390 20,882
Coca-Cola 170,198 3,425
--------------
24,307
--------------
Food 2.5%
Coca-Cola 1,000,862 58,300
Unilever 230,312 12,538
Campbell 175,359 6,784
6
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Bestfoods 112,088 $ 5,892
Heinz 143,810 5,725
Sysco 134,136 5,307
Kellogg 163,199 5,029
ConAgra 197,523 4,457
General Mills 123,778 4,425
Wrigley 46,885 3,888
Quaker Oats 54,779 3,595
Archer Daniels Midland 246,296 3,002
Hershey Foods 56,198 2,669
RJR Nabisco 131,382 1,396
Supervalu 55,470 1,109
--------------
124,116
--------------
Home Products 2.2%
Procter & Gamble 535,135 58,631
Gillette 439,045 18,083
Colgate-Palmolive 235,390 15,300
Clorox 96,008 4,837
Ralston Purina 130,672 3,643
Avon 105,638 3,486
Newell Rubbermaid 113,279 3,285
Fortune Brands 66,636 2,203
International Flavors & Fragrances 41,757 1,576
Alberto Culver (Class B) 23,601 609
National Service Industries 16,014 473
Tupperware 21,978 372
--------------
112,498
--------------
Liquor 0.5%
Anheuser-Busch 190,128 13,475
Seagram 175,482 7,886
Brown-Forman (Class B) 28,164 1,613
Coors (Class B) * 15,474 812
--------------
23,786
--------------
Textiles and Apparel 0.3%
Sara Lee 364,841 8,049
NIKE (Class B) 113,408 5,621
V. F. 46,782 1,403
Liz Claiborne 25,594 963
7
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Springs Industries 6,467 258
Russell 12,298 206
Reebok * 23,887 196
--------------
16,696
--------------
Tobacco 0.5%
Philip Morris 968,061 22,447
UST 73,392 1,848
--------------
24,295
--------------
Total Consumer Nondurables 325,698
--------------
DURABLE GOODS 1.4%
Construction & Real Property 0.2%
Masco 180,154 4,571
Fluor 30,026 1,378
Centex 23,328 576
Armstrong World 15,726 525
Kaufman & Broad 18,557 449
Owens Corning 21,270 411
Pulte 16,709 376
Fleetwood 13,402 276
--------------
8,562
--------------
Consumer Durables 0.2%
Whirlpool 30,247 1,968
Black & Decker 35,290 1,844
W. W. Grainger 36,929 1,766
Maytag 35,676 1,712
Leggett & Platt 77,800 1,668
--------------
8,958
--------------
Motor Vehicles 1.0%
Ford Motor 489,237 26,144
GM 261,113 18,980
Delphi Automotive Systems 226,625 3,569
Dana 65,849 1,971
PACCAR 31,506 1,395
Navistar * 25,914 1,228
Cooper Tire 28,617 445
--------------
53,732
--------------
Total Durable Goods 71,252
--------------
8
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
ENERGY 5.7%
Energy Reserves & Production 4.4%
Exxon Mobil 1,400,882 $ 112,858
Royal Dutch Petroleum ADR 869,378 52,543
Chevron 264,934 22,950
Atlantic Richfield 130,143 11,257
Phillips Petroleum 103,140 4,848
Unocal * 99,053 3,324
Occidental Petroleum 148,895 3,220
Burlington Resources 87,761 2,902
Amerada Hess 37,174 2,110
Anadarko Petroleum 51,198 1,747
Apache 45,031 1,663
Tosco 60,900 1,656
Union Pacific Resources 102,657 1,309
--------------
222,387
--------------
Oil Refining, Distribution 0.8%
Enron 287,602 12,762
Texaco 223,670 12,148
Conoco (Class B) 252,451 6,280
Williams Companies 174,191 5,324
USX-Marathon 123,450 3,048
Coastal 85,598 3,033
Sunoco 36,295 853
--------------
43,448
--------------
Oil Service 0.5%
Schlumberger 222,958 12,541
Halliburton * 178,449 7,182
Baker Hughes 131,877 2,778
Rowan * 32,696 709
McDermott International 23,911 217
--------------
23,427
--------------
Total Energy 289,262
--------------
FINANCIAL 13.3%
Banks 6.5%
Citigroup 1,367,247 75,968
Bank of America 695,720 34,916
9
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Wells Fargo 667,880 $ 27,007
Chase Manhattan 337,432 26,214
Bank One 470,975 15,101
First Union 398,935 13,090
Fleet Boston Financial 372,106 12,954
Bank of New York 299,137 11,965
Fifth Third Bancorp 124,532 9,134
J. P. Morgan 70,912 8,979
SunTrust 129,850 8,935
FirStar 400,597 8,463
Mellon Financial 208,668 7,108
U.S. Bancorp 295,992 7,048
National City 249,770 5,916
Wachovia 81,171 5,520
PNC Bank 122,654 5,458
Northern Trust 89,934 4,803
State Street 65,075 4,754
KeyCorp 182,572 4,039
BB&T 134,063 3,670
Republic New York 42,522 3,062
AmSouth 157,916 3,050
Comerica 62,651 2,925
SouthTrust 67,571 2,553
Regions Financial 91,528 2,297
Union Planters 57,624 2,273
Synovus Financial 111,679 2,220
Huntington Bancshares 92,317 2,201
Summit Bancorp 70,986 2,174
Old Kent Financial 47,900 1,694
--------------
325,491
--------------
Financial Services 2.6%
American Express * 181,606 30,192
Fannie Mae 414,087 25,855
Freddie Mac 280,937 13,222
Marsh & McLennan 108,234 10,357
MBNA 326,107 8,886
Associates First Capital (Class A) 293,548 8,054
Cendant * 290,446 7,715
10
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Household International 193,342 $ 7,202
Providian Financial 57,458 5,232
Aon 103,369 4,135
Capital One Financial 79,489 3,830
SLM Holding 64,371 2,720
H&R Block 39,416 1,724
Equifax 56,590 1,333
Countrywide Credit 45,325 1,145
--------------
131,602
--------------
Life & Health Insurance 0.6%
American General 100,247 7,606
CIGNA 76,367 6,152
AFLAC 106,900 5,044
Aetna 60,468 3,375
Lincoln National 79,702 3,188
Unumprovident 95,937 3,076
Conseco 131,344 2,348
Torchmark 54,325 1,579
--------------
32,368
--------------
Property & Casualty Insurance 2.0%
American International Group 627,321 67,829
Allstate 326,382 7,833
Hartford Financial Services Group 90,664 4,295
Chubb 70,960 3,996
St. Paul Companies 91,231 3,073
Jefferson Pilot 42,656 2,911
Loews 44,503 2,701
MGIC Investment 43,988 2,648
Progressive 29,945 2,190
MBIA 40,714 2,150
Cincinnati Financial 67,035 2,085
SAFECO 53,945 1,340
--------------
103,051
--------------
Securities & Asset Management 1.4%
Morgan Stanley Dean Witter 227,522 32,479
Charles Schwab 331,906 12,737
Merrill Lynch 149,102 12,450
Lehman Brothers 48,766 4,130
11
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Franklin Resources 103,178 $ 3,308
Paine Webber 59,100 2,294
Bear Stearns 49,647 2,122
T. Rowe Price 48,400 1,785
--------------
71,305
--------------
Thrift Institutions 0.2%
Washington Mutual 234,079 6,086
Golden West Financial 66,854 2,240
--------------
8,326
--------------
Total Financial 672,143
--------------
HEALTH CARE 9.5%
Drugs, Medicine 6.3%
Merck 949,638 63,685
Bristol-Myers Squibb 804,076 51,612
Pfizer 1,567,901 50,859
Eli Lilly 442,801 29,446
Warner-Lambert 347,914 28,507
Schering-Plough 595,010 25,102
Amgen * 412,486 24,762
American Home Products 529,253 20,873
Pharmacia & Upjohn 210,178 9,458
Cardinal Health 112,686 5,395
Allergan 53,028 2,638
McKesson HBOC 113,578 2,563
Watson Pharmaceuticals * 38,600 1,382
Sigma Aldrich 39,705 1,192
--------------
317,474
--------------
Medical Products 2.9%
Johnson & Johnson 563,490 52,475
Tyco International 682,414 26,529
Abbott Laboratories 622,835 22,617
Medtronic 482,958 17,598
Baxter International 117,111 7,356
Guidant * 124,481 5,851
Boston Scientific * 165,463 3,619
Becton, Dickinson 102,445 2,740
12
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Biomet * 45,392 $ 1,814
Bausch & Lomb 23,159 1,585
ALZA * 40,376 1,398
C. R. Bard 20,226 1,072
St. Jude Medical * 33,467 1,027
Mallinkrodt 29,868 950
--------------
146,631
--------------
Medical Providers & Services 0.3%
Columbia/HCA Healthcare 231,038 6,772
United HealthCare 71,142 3,780
Tenet Healthcare * 124,389 2,923
Wellpoint Health Networks * 26,900 1,774
HealthSouth * 165,479 890
Service Corp. International * 109,969 763
Manor Care * 42,957 687
Humana * 64,015 524
--------------
18,113
--------------
Total Health Care 482,218
--------------
INDUSTRIAL 6.3%
Defense and Aerospace 1.0%
Honeywell International 319,406 18,426
Boeing 384,230 15,969
General Dynamics 79,979 4,219
Raytheon (Class B) 135,448 3,598
Lockheed Martin 157,575 3,447
TRW 48,171 2,502
Northrop 28,713 1,552
B. F. Goodrich 43,384 1,193
--------------
50,906
--------------
Heavy Electrical Equipment 4.4%
GE 1,330,172 205,844
Emerson Electric 176,359 10,118
Rockwell International 76,725 3,673
Cooper Industries 39,120 1,582
Cummins Engine 17,469 844
Thomas & Betts 22,891 730
13
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Foster Wheeler 15,897 $ 141
--------------
222,932
--------------
Heavy Machinery 0.1%
Deere 93,740 4,066
NACCO Industries (Class A) 3,774 210
--------------
4,276
--------------
Industrial Parts 0.8%
United Technologies 194,524 12,644
Caterpillar 144,389 6,795
Textron 61,579 4,722
Ingersoll-Rand 66,079 3,639
Parker Hannifin 43,951 2,255
Genuine Parts 70,762 1,756
ITT Industries 35,448 1,185
Pall 51,707 1,115
Stanley Works 35,841 1,080
Snap-On 25,489 677
Crane 26,632 529
Briggs & Stratton 9,107 489
Timken 23,767 486
Milacron 16,797 258
--------------
37,630
--------------
Total Industrial 315,744
--------------
RETAIL 6.6%
Clothing Stores 0.5%
The Gap 347,064 15,965
The Limited 85,721 3,713
TJX 129,682 2,650
Nordstrom 55,734 1,460
--------------
23,788
--------------
Department Stores 3.2%
Wal-Mart 1,803,050 124,636
Dayton Hudson 178,508 13,109
Kohl's * 65,711 4,744
Sears 154,985 4,717
May Department Stores 135,581 4,372
14
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Federated Department Stores * 85,317 $ 4,314
J.C. Penney 105,728 2,108
Kmart * 198,556 1,998
Dillards 41,443 837
--------------
160,835
--------------
Grocery Stores 0.4%
Safeway * 205,715 7,316
Kroger * 337,878 6,377
Albertson's 170,879 5,511
Winn-Dixie 59,200 1,417
A&P 15,730 438
--------------
21,059
--------------
Retailing/Specialty Retailers 2.5%
Home Depot 932,925 63,964
Walgreen 406,489 11,890
Lowes 154,297 9,219
Costco Wholesale * 89,322 8,148
CVS 157,461 6,289
Best Buy * 82,000 4,115
Staples * 188,053 3,890
Tandy 77,820 3,828
Circuit City Stores 81,202 3,659
Dollar General 107,609 2,448
AutoZone * 60,925 1,969
Bed Bath & Beyond * 55,800 1,934
Office Depot * 149,100 1,631
Toys "R" Us * 99,350 1,422
Rite Aid * 103,796 1,161
Consolidated Stores * 46,435 754
Longs Drug Stores 14,999 387
Pep Boys 21,823 199
--------------
126,907
--------------
Total Retail 332,589
--------------
TECHNOLOGY 29.9%
Communications Equipment 5.2%
Lucent Technologies 1,270,151 95,023
15
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Nortel Networks 540,806 $ 54,621
QUALCOMM * 267,100 47,035
Motorola 246,503 36,298
Tellabs * 162,842 10,447
General Instrument * 69,620 5,918
ADC Telecommunications * 60,000 4,352
Comverse Technology * 28,700 4,153
Scientific-Atlanta 30,211 1,681
--------------
259,528
--------------
Computer Communications Equipment 3.0%
Cisco Systems * 1,326,098 142,017
3Com * 145,396 6,829
Adaptec * 41,600 2,073
Cabletron Systems * 73,152 1,902
--------------
152,821
--------------
Computer Makers 3.6%
Dell Computer * 1,029,997 52,498
Sun Microsystems * 632,044 48,924
Hewlett-Packard 412,990 47,055
COMPAQ Computer 688,997 18,646
Gateway 2000 * 126,892 9,144
Apple Computer * 64,715 6,652
Silicon Graphics * 72,884 715
--------------
183,634
--------------
Computer Software 8.7%
Microsoft * 2,091,854 244,158
IBM 732,364 79,095
Oracle * 579,416 64,913
Computer Associates 218,136 15,256
BMC Software * 97,381 7,781
Compuware * 145,670 5,422
Novell * 134,346 5,361
Citrix Systems * 36,300 4,464
Unisys * 123,762 3,952
Adobe Systems 49,646 3,339
Parametric Technology * 108,788 2,941
PeopleSoft * 108,727 2,314
Autodesk 23,008 776
--------------
439,772
--------------
16
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Electronic Equipment 1.1%
Corning 98,632 $ 12,717
Solectron * 118,313 11,255
PE Biosystems 40,942 4,926
Teradyne * 70,100 4,627
KLA-Tencor * 35,601 3,964
Dover 86,443 3,922
Molex 62,700 3,552
Danaher 56,639 2,733
Eaton 28,627 2,079
Johnson Controls 33,964 1,932
Thermo Electron * 62,088 931
Tektronix 18,939 736
Millipore 17,127 662
Andrew * 31,952 604
--------------
54,640
--------------
Information Services 3.1%
America Online * 905,780 68,330
Yahoo! * 106,700 46,171
Automatic Data Processing 253,226 13,642
Electronic Data Systems 194,759 13,037
First Data 173,598 8,560
Computer Sciences * 67,219 6,361
Shared Medical Systems 10,308 525
--------------
156,626
--------------
Miscellaneous Computer Hardware 1.4%
EMC * 412,290 45,043
Xerox 269,899 6,123
Pitney Bowes 107,685 5,202
Network Appliance * 59,700 4,957
Lexmark International (Class A) * 51,900 4,697
Seagate Technology * 85,428 3,978
Ikon Office Solutions 55,983 381
--------------
70,381
--------------
Semiconductor Capital Equipment 0.4%
Applied Materials * 153,319 19,419
--------------
19,419
--------------
Semiconductors 3.4%
Intel 1,354,466 111,447
Texas Instruments 324,442 31,430
17
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Micron Technology * 109,182 $ 8,489
Analog Devices * 70,800 6,584
Xilinx * 127,300 5,788
LSI Logic * 59,077 3,988
National Semiconductor * 67,711 2,899
Advanced Micro Devices * 60,595 1,754
PerkinElmer 19,592 817
--------------
173,196
--------------
Total Technology 1,510,017
--------------
TELECOMMUNICATIONS 7.9%
Telephone 7.0%
SBC Communications 1,382,319 67,388
AT&T 1,294,733 65,708
MCI WorldCom * 1,150,724 61,025
Bell Atlantic 628,298 38,680
BellSouth 762,917 35,714
GTE * 396,121 27,951
Sprint 352,896 23,754
Global Crossing * 311,560 15,568
US West 204,350 14,713
Centurytel 57,450 2,722
--------------
353,223
--------------
Wireless Communications 0.9%
Sprint PCS * 177,706 18,215
Nextel Communications * 147,313 15,187
ALLTEL 127,227 10,520
--------------
43,922
--------------
Total Telecommunications 397,145
--------------
TRANSPORTATION 0.7%
Air Transport 0.2%
AMR * 62,697 4,201
Southwest Airlines 202,380 3,276
Delta 55,939 2,786
USAir * 29,819 956
--------------
11,219
--------------
18
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
Railroad 0.4%
Burlington Northern Santa Fe 188,305 $ 4,566
Union Pacific 99,884 4,358
Kansas City Southern Industries 45,400 3,388
Norfolk Southern 152,701 3,130
CSX 88,878 2,789
--------------
18,231
--------------
Trucking, Shipping and Air Freight 0.1%
FDX * 121,586 4,977
--------------
4,977
--------------
Total Transportation 34,427
--------------
UTILITIES 1.8%
Electric Utilities 1.6%
Duke Energy 148,162 7,427
Southern Company 278,222 6,538
AES * 82,651 6,178
Texas Utilities 112,361 3,996
Edison International 140,068 3,668
PG&E 154,264 3,162
Consolidated Edison 91,100 3,143
Public Service Enterprise 89,532 3,117
FPL Group 72,536 3,105
Dominion Resources 77,048 3,024
Unicom 87,160 2,920
PECO Energy 78,288 2,721
Entergy 98,361 2,533
American Electric Power 77,580 2,492
FirstEnergy 94,580 2,146
Carolina Power & Light 63,298 1,927
DTE Energy 57,888 1,816
Ameren 54,252 1,777
Constellation Energy Group 59,845 1,735
Central and South West 86,129 1,723
Sempra Energy 96,080 1,669
Florida Progress 39,400 1,667
CINergy 65,453 1,579
19
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Shares/Par Value
- --------------------------------------------------------------------------------
In thousands
GPU 49,967 $ 1,496
CMS Energy 46,700 1,456
PP&L Resources 63,209 1,446
New Century Energies 45,393 1,379
Northern States Power 60,399 1,178
Niagara Mohawk * 77,033 1,074
Pinnacle West Capital 34,100 1,042
--------------
79,134
--------------
Gas Utilities 0.2%
El Paso Energy 91,452 3,549
Consolidated Natural Gas 38,313 2,488
Columbia Gas System 33,399 2,113
Eastern Enterprises 10,976 630
NICOR 19,255 626
Peoples Energy 14,923 500
ONEOK 11,975 301
--------------
10,207
--------------
Total Utilities 89,341
--------------
MISCELLANEOUS 0.1%
Miscellaneous 0.1%
Transocean Sedco Forex 81,042 2,730
Reliant Energy 117,943 2,698
--------------
Total Miscellaneous 5,428
--------------
Total Common Stocks (Cost $3,180,387) 4,993,414
--------------
SHORT-TERM INVESTMENTS 1.3%
U.S. Government Obligations 0.1%
U.S. Treasury Bills, 5.145%, 3/30/00 $ 6,500,000 6,417
--------------
6,417
--------------
Money Market Funds 1.2%
Reserve Investment Fund, 6.16% # 59,073,729 59,074
--------------
59,074
--------------
Total Short-Term Investments (Cost $65,491) 65,491
--------------
20
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
Value
- --------------------------------------------------------------------------------
In thousands
Total Investments in Securities
100.2% of Net Assets (Cost $3,245,878) $ 5,058,905
Futures Contracts
In thousands
Contract Unrealized
Expiration Value Gain (Loss)
---------- -------- -----------
Long, 153 Standard & Poor's
500 Stock Index contracts,
$6,500,000 of U.S. Treasury
Bills pledged as initial
margin 3/00 $ 56,771 $ 2,265
Net payments (receipts) of
variation margin to date (2,111)
-----------
Variation margin receivable
(payable) on open futures
contracts 154
Other Assets Less Liabilities (9,968)
-------------
NET ASSETS $ 5,049,091
-------------
Net Assets Consist of:
Accumulated net investment
income - net of distributions $ 154
Accumulated net realized gain/
loss - net of distributions 1,663
Net unrealized gain (loss) 1,815,292
Paid-in-capital applicable to
127,626,615 shares of $0.01
par value capital stock
outstanding; 1,000,000,000
shares of the Corporation
authorized 3,231,982
-------------
NET ASSETS $ 5,049,091
-------------
NET ASSET VALUE PER SHARE $ 39.56
-------------
# 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
- --------------------------------------------------------------------------------
- -----------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
In thousands
Year
Ended
12/31/99
Investment Income (Loss)
Income
Dividend $ 54,618
Interest 4,424
Securities lending 463
-------------
Total income 59,505
-------------
Expenses
Investment management 8,301
Shareholder servicing 7,591
Prospectus and shareholder reports 524
Registration 289
Custody and accounting 255
Legal and audit 17
Directors 15
Miscellaneous 262
-------------
Total expenses 17,254
Expenses paid indirectly (14)
-------------
Net expenses 17,240
-------------
Net investment income (loss) 42,265
-------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 29,125
Futures 9,758
-------------
Net realized gain (loss) 38,883
-------------
Change in net unrealized gain or loss
Securities 734,507
Futures (316)
-------------
Change in net unrealized gain or loss 734,191
-------------
Net realized and unrealized gain (loss) 773,074
-------------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 815,339
=============
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
- ----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
In thousands
Year
Ended
12/31/99 12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 42,265 $ 29,963
Net realized gain (loss) 38,883 63,528
Change in net unrealized gain or loss 734,191 548,331
------------------------------
Increase (decrease) in net assets from
operations 815,339 641,822
------------------------------
Distributions to shareholders
Net investment income (41,749) (30,728)
Net realized gain (37,895) (8,434)
------------------------------
Decrease in net assets from distributions (79,644) (39,162)
------------------------------
Capital share transactions *
Shares sold 2,286,358 1,652,651
Distributions reinvested 77,944 38,253
Shares redeemed (1,398,640) (854,675)
Redemption fees received 241 283
------------------------------
Increase (decrease) in net assets from
capital share transactions 965,903 836,512
------------------------------
Net Assets
Increase (decrease) during period 1,701,598 1,439,172
Beginning of period 3,347,493 1,908,321
------------------------------
End of period $ 5,049,091 $ 3,347,493
==============================
*Share information
Shares sold 64,085 55,811
Distributions reinvested 2,133 1,237
Shares redeemed (38,868) (29,114)
------------------------------
Increase (decrease) in shares outstanding 27,350 27,934
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 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 Equity Index 500 Fund (the fund), a
diversified, open-end management investment company, is one of the
portfolios established by the corporation and commenced operations on March
30, 1990.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company
industry; these principles may require the use of estimates by fund
management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price on the day the
valuations are made. A security which is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the
primary market for such security. Listed securities not traded on a
particular day and securities regularly traded in the over-the-counter
market are valued at the mean of the latest bid and asked prices. Other
equity securities are valued at a price within the limits of the latest bid
and asked prices deemed by the Board of Directors, or by persons delegated
by the Board, best to reflect fair value.
Short-term debt securities are valued at amortized cost which, when
combined with accrued interest, approximates fair value.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of 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
24
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 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 are included
in Change in net unrealized gain or loss in the accompanying financial
statements. Expenses paid indirectly reflect credits earned on daily
uninvested cash balances at the custodian and are used to reduce the fund's
custody charges.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Futures Contracts At 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.
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
December 31, 1999, the value of loaned securities was $131,030,000;
aggregate collateral consisted of $133,222,000 in the securities lending
collateral pool.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $1,123,681,000 and $216,617,000, respectively, for
the year ended December 31, 1999.
25
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of
its taxable income.
In order for the fund's capital accounts and distributions to shareholders
to reflect the tax character of certain transactions, primarily redemptions
in kind, the following reclassifications were made during the year ended
December 31, 1999. The results of operations and net assets were not
affected by the increases/(decreases) to these accounts.
---------------------------------------------------------------------------
Undistributed net realized gain $(11,401,000)
Paid-in-capital 11,401,000
At December 31, 1999, the cost of investments for federal income tax
purposes was substantially the same as for financial reporting and totaled
$3,245,878,000. Net unrealized gain aggregated $1,813,027,000 at period-
end, of which $1,974,199,000 related to appreciated investments and
$161,172,000 to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and T. Rowe Price
Associates, Inc. (the manager) provides for an annual investment management
fee, of which $1,235,000 was payable at December 31, 1999. The fee is
computed daily and paid monthly. Through year end, the fee was equal to
0.20% of the fund's average daily net assets. Effective January 1, 2000,
the fee rate was reduced from 0.20% to 0.15%, by vote of the fund's board
of directors.
Under the terms of the investment management agreement, the manager is
required to bear any expenses through December 31, 1999, which would cause
the fund's ratio of total expenses to average net assets to exceed 0.40%.
Thereafter, through December 31, 2001, the fund is required to reimburse
the manager for these expenses, provided that average net assets have grown
or expenses have declined sufficiently to allow reimbursement without
causing the fund's ratio of total expenses to average net assets to exceed
0.40%. Pursuant to this agreement, $317,000 of management fees were not
accrued by the fund for the year ended December 31, 1999, and $955,000
remains unaccrued from prior periods.
26
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
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 $6,896,000 for the year ended December 31, 1999, of which
$649,000 was payable at period-end.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and other
accounts managed by T. Rowe Price and its affiliates and are not available
to the public. The Reserve Funds pay no investment management fees.
Distributions from the Reserve Funds to the fund for the year ended
December 31, 1999, totaled $4,186,000 and are reflected as interest income
in the accompanying Statement of Operations.
27
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 FUND
- --------------------------------------------------------------------------------
- ---------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Board of Directors of T. Rowe Price Index Trust, Inc. and
Shareholders of T. Rowe Price Equity Index 500 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 Equity Index 500 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
28
<PAGE>
T. ROWE PRICE EQUITY INDEX 500 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:
. $8,641,000 from short-term capital gains,
. $29,254,000 from long-term capital gains, subject to the 20% rate gains
category.
For corporate shareholders, $49,331,000 of the fund's distributed income and
short-term capital gains qualified for the dividends-received deduction.
29
<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 September 1999 survey for representative-assisted stock trades.
Services vary by firm, and commissions may vary depending on size of order.
30
<PAGE>
T. ROWE PRICE MUTUAL FUNDS
- --------------------------------------------------------------------------------
STOCK FUNDS
- -----------
Domestic
Blue Chip Growth
Capital Appreciation
Capital Opportunity
Diversified Small-Cap Growth
Dividend Growth
Equity Income
Equity Index 500
Extended Equity Market Index
Financial Services
Growth & Income
Growth Stock
Health Sciences
Media & Telecommunications
Mid-Cap Growth
Mid-Cap Value
New America Growth
New Era
New Horizons*
Real Estate
Science & Technology
Small-Cap Stock
Small-Cap Value
Spectrum Growth
Tax-Efficient Growth
Total Equity Market Index
Value
International/Global
Emerging Markets Stock
European Stock
Global Stock
International Discovery
International Growth & Income
International Stock
Japan
Latin America
New Asia
Spectrum International
BOND FUNDS
- ----------
Domestic Taxable
Corporate Income
GNMA
High Yield
New Income
Short-Term Bond
Short-Term U.S. Government
Spectrum Income
Summit GNMA
Summit Limited-Term Bond
U.S. Treasury Intermediate
U.S. Treasury Long-Term
Domestic Tax-Free
California Tax-Free Bond
Florida Intermediate Tax-Free
Georgia Tax-Free Bond
Maryland Short-Term
Tax-Free Bond
Maryland Tax-Free Bond
New Jersey Tax-Free Bond
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Free High Yield
Tax-Free Income
Tax-Free Intermediate Bond
Tax-Free Short-Intermediate
Virginia Short-Term
Tax-Free Bond
Virginia Tax-Free Bond
International/Global
Emerging Markets Bond
Global Bond
International Bond
MONEY MARKET FUNDS+
- ------------------
Taxable
Prime Reserve
Summit Cash Reserves
U.S. Treasury Money
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
- -------------------
Balanced
Personal Strategy Balanced
Personal Strategy Growth
Personal Strategy Income
Tax-Efficient Balanced
T. ROWE PRICE NO-LOAD VARIABLE ANNUITY
- --------------------------------------
Equity Income Portfolio
International Stock Portfolio
Limited-Term Bond Portfolio
Mid-Cap Growth Portfolio
New America Growth Portfolio
Personal Strategy Balanced Portfolio
Prime Reserve Portfolio
* Closed to new investors.
+ Investments in the funds are not insured or guaranteed by the FDIC or any
other government agency. Although the funds seek to preserve the value of
your investment at $1.00 per share, it is possible to lose money by investing
in the funds.
Please call for a prospectus. 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.
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 OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor. F50-050 12/31/99
|
|